Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

AMENDMENT NO. 16 TO 

SECOND AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT 

THIS AMENDMENT NO. 16 TO SECOND AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT, dated as of April 28, 2020 (this
“Amendment”), is by and among: 
 (a) RED BIRD RECEIVABLES, LLC, a Delaware limited
liability company formerly known as Red Bird Receivables, Inc., a Delaware corporation (“Borrower”); 

(b) INTERNATIONAL PAPER COMPANY, a New York corporation (“International Paper” and, together with
Borrower, the “Loan Parties” and each, a “Loan Party”), as Servicer; 
 (c)
MIZUHO BANK, LTD. (f/k/a MIZUHO CORPORATE BANK, LTD.) (together with its successors, “Mizuho”), in its capacity as a Lender, and in its capacity as agent to Mizuho (as a Lender) (together with its successors and assigns, the
“Mizuho Agent” or a “Co-Agent”, and, together with Mizuho, the “Mizuho Group”); 

(d) ATLANTIC ASSET SECURITIZATION LLC, a Delaware limited liability company (together with its successors,
“Atlantic” and a “Conduit”), and CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (f/k/a CALYON NEW YORK BRANCH), in its capacity as a Lender, and in its capacity as agent to Atlantic and to itself as a
Lender (together with its successors and assigns, the “Atlantic Agent” or a “Co-Agent”, and, together with Atlantic, the “Atlantic
Group”); 
 (e) MIZUHO BANK, LTD., as administrative agent for the Mizuho Group, the Atlantic Group and the Co-Agents (in such capacity, together with any successors thereto in such capacity, the “Administrative Agent” and together with each of the Co-Agents,
the “Agents”). 
 Capitalized terms used and not otherwise defined herein shall have the meanings attributed thereto in the Credit
Agreement (as defined below). 
 W I T N E S S E T H : 

WHEREAS, the parties hereto are parties to that certain Second Amended and Restated Credit and Security Agreement, dated as of
March 13, 2008, as heretofore amended (and as hereby and hereafter amended, restated or otherwise modified from time to time, the “Credit Agreement”); 

WHEREAS, the Facility Termination Date (as defined in the Credit Agreement as in effect immediately prior to giving effect to
this Amendment) for each of the Groups party to the Credit Agreement is scheduled to occur on March 8, 2021, and each of the Groups desire to extend the Facility Termination Date as set forth herein; 

WHEREAS, in addition, the Loan Parties desire to amend the Credit Agreement as set forth herein; and 

WHEREAS, the Agents and each of the Lenders are willing to agree to such amendments on the terms and subject to the conditions
set forth in this Amendment. 

 NOW, THEREFORE, in consideration of the foregoing premises and the mutual
agreements herein contained and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

1. Amendment. Effective on the date hereof, upon satisfaction of each of the conditions precedent set forth in Section 3 below, the
Credit Agreement is amended to read as set forth in Exhibit A. 
 2. Representations, Warranties and Covenants. 

(i) Borrower hereby represents and warrants to the other parties hereto that the representations and warranties set forth in Section 6.1
of the Credit Agreement as hereby amended are true and correct on and as of the date of this Amendment as though made on and as of such date. 

(ii) Borrower further represents and warrants to the other parties hereto that no event has occurred and is continuing that constitutes an
Amortization Event, and no event has occurred and is continuing that constitutes an Unmatured Amortization Event. 
 3. Conditions
Precedent; Termination of Side Letter. This Amendment shall become effective as of the date first above written upon (a) execution and delivery to the Administrative Agent’s counsel of each of the documents listed on Annex A hereto and
(b) receipt by the Co-Agents of the Amendment and Renewal Fee (as defined in the Co-Agents’ Fee Letter dated as of the date hereof) in immediately available
funds. 
 4. Miscellaneous. 

(a) Agreements Regarding Reporting. The parties hereto agree that each report delivered by the Loan Parties to the Agents pursuant to
the Credit Agreement after the date hereof shall be prepared and presented giving effect to this amendment and the corresponding amendment to the Receivables Sale and Contribution Agreement executed as of the date hereof, even if the period to which
such report relates predates, in whole or in part, the date hereof. 
 (b) CHOICE OF LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW. 

(c) Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same Amendment. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or by
electronic mail in portable document format (pdf) shall be effective as delivery of a manually executed counterpart of this Amendment. 

  
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 (d) Ratification. Except as expressly amended hereby, the Credit Agreement remains
unaltered and in full force and effect and is hereby ratified and confirmed. 
 [Remainder of page intentionally blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed and delivered by their duly authorized officers as of the date hereof. 
  

			
	RED BIRD RECEIVABLES, LLC
		
	By:	 	 /s/ Phillip M. Sisneros

		 	Name: Phillip M. Sisneros
		 	Title: President
	
	INTERNATIONAL PAPER COMPANY, as Servicer
		
	By:	 	 /s/ Errol A. Harris

		 	Name: Errol A. Harris
		 	Title: Vice President and Treasurer

 [Signature Page to Amendment No. 16 to 

Second Amended and Restated Credit and Security Agreement] 

 
			
	ATLANTIC ASSET SECURITIZATION LLC
		
	BY:	 	Credit Agricole Corporate and Investment Bank, as Attorney-in-fact
		
	By:	 	 /s/ Michael Guarda

		 	Name: Michael Guarda
		 	Title: Managing Director
		
	By:	 	 /s/ Kostantina Kourmpetis

		 	Name: Kostantina Kourmpetis
		 	Title: Managing Director
	
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender and as Atlantic Agent
		
	By:	 	 /s/ Michael Guarda

		 	Name: Michael Guarda
		 	Title: Managing Director
		
	By:	 	 /s/ Kostantina Kourmpetis

		 	Name: Kostantina Kourmpetis
		 	Title: Managing Director

 [Signature Page to Amendment No. 16 to 

Second Amended and Restated Credit and Security Agreement] 

 
			
	MIZUHO BANK, LTD., as a Lender and as Mizuho Agent
		
	By:	 	 /s/ Richard A. Burke

		 	Name: Richard A. Burke
		 	Title: Managing Director

 [Signature Page to Amendment No. 16 to 

Second Amended and Restated Credit and Security Agreement] 

 
			
	 MIZUHO BANK, LTD.,
 as
Administrative Agent

		
	By:	 	 /s/ Richard A. Burke

		 	Name: Richard A. Burke
		 	Title: Managing Director

 [Signature Page to Amendment No. 16 to 

Second Amended and Restated Credit and Security Agreement] 

 EXHIBIT A TO AMENDMENT NO. 16 

TO SECOND AMENDED AND RESTATED 

CREDIT AND SECURITY AGREEMENT 

ANNEX A 
 CLOSING
DOCUMENTS 
  

	1.	 Amendment No. 16 to Second Amended and Restated Credit and Security Agreement, duly executed by each of
the parties thereto. 

  

	2.	 Co-Agents’ Fee Letter, dated as of the date hereof, duly executed
by each of the parties thereto. 

  

	3.	 A certificate of Borrower’s Assistant Secretary certifying a copy of its resolutions authorizing its
execution, delivery and performance of the above documents and the names and titles of its authorized officers. 

  

	4.	 A copy of the resolutions and related delegation of International Paper authorizing its execution, delivery and
performance of the above documents. 

  

	5.	 A certificate of International Paper’s financial officer certifying that, as of the closing date, no
Termination Event or Unmatured Termination Event exists and is continuing under the Receivables Sale and Contribution Agreement. 

  

	6.	 A Compliance Certificate in the form of Exhibit V to the Credit Agreement, duly executed by Borrower.

  

	7.	 A favorable opinion of counsel to Borrower and International Paper (including with respect to due
authorization, due execution, enforceability and non-contravention) in form and substance satisfactory to the Administrative Agent. 

 EXHIBIT A TO AMENDMENT NO. 16 

TO SECOND AMENDED AND RESTATED 

CREDIT AND SECURITY AGREEMENT 

 

SECOND AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT 

DATED AS OF MARCH 13, 2008 

AMONG 

RED BIRD RECEIVABLES, LLC, 

AS BORROWER, 

INTERNATIONAL PAPER COMPANY, 

AS SERVICER, 

THE LENDERS FROM TIME TO TIME PARTY HERETO, 

MIZUHO BANK, LTD., 

AS MIZUHO AGENT, 

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, 

AS ATLANTIC AGENT, 

AND 

MIZUHO BANK, LTD., 

AS ADMINISTRATIVE AGENT 

  
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 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	 ARTICLE I. THE CREDIT
	  	 	2	 
	 Section 1.1
	 	The Facility	  	 	2	 
	 Section 1.2
	 	Funding Mechanics; Loans and Liquidity Fundings	  	 	2	 
	 Section 1.3
	 	Interest Rates	  	 	3	 
	 Section 1.4
	 	Payment Dates; Absence of Notes to Evidence Loans	  	 	3	 
	 Section 1.5
	 	Prepayments	  	 	4	 
	 Section 1.6
	 	Distribution of Certain Notices; Notification of Interest Rates	  	 	5	 
		
	 ARTICLE II. BORROWING AND PAYMENT MECHANICS; CERTAIN COMPUTATIONS
	  	 	5	 
	 Section 2.1
	 	Method of Borrowing	  	 	5	 
	 Section 2.2
	 	Selection of CP Tranche Periods and Interest Periods	  	 	5	 
	 Section 2.3
	 	Computation of Concentration Limits and Outstanding Balance	  	 	6	 
	 Section 2.4
	 	Maximum Interest Rate	  	 	6	 
	 Section 2.5
	 	Payments and Computations, Etc.	  	 	7	 
	 Section 2.6
	 	Non-Receipt of Funds by the Co-Agents	  	 	7	 
		
	 ARTICLE III. SETTLEMENTS
	  	 	7	 
	 Section 3.1
	 	Collateral Reporting	  	 	7	 
	 Section 3.2
	 	Turnover of Collections	  	 	7	 
	 Section 3.3
	 	Non-Distribution of Servicer’s Fee	  	 	9	 
	 Section 3.4
	 	Deemed Collections	  	 	9	 
		
	 ARTICLE IV. FEES AND YIELD PROTECTION
	  	 	9	 
	 Section 4.1
	 	Fees	  	 	9	 
	 Section 4.2
	 	Yield Protection	  	 	9	 
	 Section 4.3
	 	Funding Losses	  	 	11	 
		
	 ARTICLE V. CONDITIONS OF ADVANCES
	  	 	12	 
	 Section 5.1
	 	Conditions Precedent to Effectiveness	  	 	12	 
	 Section 5.2
	 	Conditions Precedent to All Advances	  	 	12	 
		
	 ARTICLE VI. REPRESENTATIONS AND WARRANTIES
	  	 	12	 
	 Section 6.1
	 	Representations and Warranties of the Loan Parties	  	 	12	 
		
	 ARTICLE VII. COVENANTS
	  	 	17	 
	 Section 7.1
	 	Affirmative Covenants of the Loan Parties	  	 	17	 
	 Section 7.2
	 	Negative Covenants of the Loan Parties	  	 	24	 
		
	 ARTICLE VIII. ADMINISTRATION AND COLLECTION
	  	 	25	 
	 Section 8.1
	 	Designation of Servicer	  	 	25	 
	 Section 8.2
	 	Duties of Servicer	  	 	27	 
	 Section 8.3
	 	Collection Notices	  	 	28	 
	 Section 8.4
	 	Responsibilities of Borrower	  	 	28	 
	 Section 8.5
	 	Collateral Reports	  	 	28	 
	 Section 8.6
	 	Servicing Fee	  	 	29	 
		
	 ARTICLE IX. AMORTIZATION EVENTS
	  	 	29	 

  
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	 Section 9.1
	 	Amortization Events	  	 	29	 
	 Section 9.2
	 	Remedies	  	 	31	 
		
	 ARTICLE X. INDEMNIFICATION
	  	 	32	 
	 Section 10.1
	 	Indemnities by Borrower and Servicer	  	 	32	 
	 Section 10.2
	 	Increased Cost and Reduced Return	  	 	34	 
	 Section 10.3
	 	Other Costs and Expenses	  	 	35	 
		
	 ARTICLE XI. THE AGENTS
	  	 	36	 
	 Section 11.1
	 	Appointment	  	 	36	 
	 Section 11.2
	 	Delegation of Duties	  	 	37	 
	 Section 11.3
	 	Exculpatory Provisions	  	 	37	 
	 Section 11.4
	 	Reliance by Agents	  	 	37	 
	 Section 11.5
	 	Notice of Amortization Event	  	 	37	 
	 Section 11.6
	 	Non-Reliance on Other Agents and Lenders	  	 	38	 
	 Section 11.7
	 	Indemnification of Agents	  	 	38	 
	 Section 11.8
	 	Agents in their Individual Capacities	  	 	38	 
	 Section 11.9
	 	Conflict Waivers	  	 	39	 
	 Section 11.10
	 	UCC Filings	  	 	39	 
		
	 ARTICLE XII. ASSIGNMENTS; PARTICIPATIONS
	  	 	39	 
	 Section 12.1
	 	Restrictions on Assignments	  	 	39	 
	 Section 12.2
	 	Rights of Assignees and Participants	  	 	40	 
	 Section 12.3
	 	Terms and Evidence of Assignment	  	 	40	 
		
	 ARTICLE XIII. SECURITY INTEREST
	  	 	40	 
	 Section 13.1
	 	Grant of Security Interest	  	 	40	 
	 Section 13.2
	 	Termination after Final Payout Date	  	 	40	 
	 Section 13.3
	 	Release of Certain Charged-Off Receivables	  	 	41	 
		
	 ARTICLE XIV. MISCELLANEOUS
	  	 	41	 
	 Section 14.1
	 	Waivers and Amendments	  	 	41	 
	 Section 14.2
	 	Notices	  	 	41	 
	 Section 14.3
	 	Ratable Payments	  	 	42	 
	 Section 14.4
	 	Protection of Administrative Agent’s Security Interest	  	 	42	 
	 Section 14.5
	 	Confidentiality	  	 	43	 
	 Section 14.6
	 	Bankruptcy Petition	  	 	43	 
	 Section 14.7
	 	Limitation of Liability	  	 	43	 
	 Section 14.8
	 	CHOICE OF LAW	  	 	44	 
	 Section 14.9
	 	CONSENT TO JURISDICTION	  	 	44	 
	 Section 14.10
	 	WAIVER OF JURY TRIAL	  	 	44	 
	 Section 14.11
	 	Integration; Binding Effect; Survival of Terms	  	 	44	 
	 Section 14.12
	 	Counterparts; Severability; Section References	  	 	45	 
	 Section 14.13
	 	Federal Reserve	  	 	45	 
	 Section 14.14
	 	Tax Gross-Up	  	 	45	 
	 Section 14.15
	 	Third Party Beneficiaries	  	 	45	 
	 Section 14.16
	 	Acknowledgment and Consent to Bail-In of EEA Financial Institutions	  	 	45	 
	 Section 14.17
	 	Benchmark Transition Event	  	 	46	 

  
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 EXHIBITS AND SCHEDULES 

 

			
	Exhibit I	  	Definitions
		
	Exhibit II	  	Form of Borrowing Request
		
	Exhibit III	  	Chief Executive Offices of the Loan Parties; Locations of Records; Federal Employer Identification Numbers
		
	Exhibit IV	  	Names of Collection Banks; Collection Accounts
		
	Exhibit V	  	Form of Compliance Certificate
		
	Exhibit VI	  	Form of Monthly Report
		
	Exhibit VII	  	Form of Partial Release and Sale Documents
		
	Exhibit VIII	  	Form of Weekly Report
		
	Exhibit IX	  	Form of Daily Report
		
	Schedule A	  	Maximum Advance Amounts
		
	Schedule B	  	Closing Documents

  
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 SECOND AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT 

THIS SECOND AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT, dated as of March 13, 2008 is entered into by and among:

 (a) RED BIRD RECEIVABLES, LLC, a Delaware limited liability company formerly known as Red Bird Receivables, Inc., a Delaware corporation
(“Borrower”), 
 (b) INTERNATIONAL PAPER COMPANY, a New York corporation (“International
Paper” and, together with Borrower, the “Loan Parties” and each, a “Loan Party”), as Servicer, 

(c) MIZUHO BANK, LTD. (f/k/a MIZUHO CORPORATE BANK, LTD.) (together with its successors, “Mizuho”), in its capacity as
a Lender, and in its capacity as agent to Mizuho (as a Lender) (together with its successors and assigns, the “Mizuho Agent” or a “Co-Agent”, and,
together with Mizuho, the “Mizuho Group”), 
 (d) ATLANTIC ASSET SECURITIZATION LLC, a Delaware limited liability
company (together with its successors, “Atlantic”), and CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (f/k/a CALYON NEW YORK BRANCH) (together with its successors, “CACIB”), in its capacity as a
Lender, and in its capacity as agent to Atlantic and to itself as a Lender (together with its successors and assigns, the “Atlantic Agent” or a “Co-Agent”, and,
together with Atlantic, the “Atlantic Group”), and 
 (e) MIZUHO BANK, LTD., as administrative agent for the Mizuho
Group, the Atlantic Group and the Co-Agents (in such capacity, together with any successors thereto in such capacity, the “Administrative Agent” and together with each of
the Co-Agents, the “Agents”). 
 Unless defined elsewhere herein,
capitalized terms used in this Agreement shall have the meanings assigned to such terms in Exhibit I. 
 PRELIMINARY STATEMENTS

 The Borrower, International Paper, International Paper Financial Services, Inc. (“IPFS”),
the certain lending groups named therein, the Co-Agents named therein and Citicorp North America, Inc., in its capacity as the Administrative Agent thereunder, were parties to that certain Amended and Restated
Credit and Security Agreement dated as of November 17, 2004, as amended from time to time prior to March 13, 2008 (the “Existing Agreement”). 

IPFS assigned all of its rights and responsibilities as Servicer under the Existing Agreement to International Paper, and each
of the Lenders and the Agents party to this Agreement as of March 13, 2008 consented to such assignment. 
 On the terms
and subject to the conditions hereinafter set forth, (i) the Lenders in each Group that are not Conduits shall, at the request of the Borrower, make Loans to Borrower from time to time and (ii) the Lenders in each Group that are Conduits
may, in their absolute and sole discretion, make Loans to Borrower from time to time. 
 Mizuho Bank, Ltd. has been requested
and is willing to act as Administrative Agent on behalf of the Co-Agents and the Groups in accordance with the terms hereof. 

  
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 ARTICLE I. 

THE CREDIT 
 Section 1.1 The
Facility. On the terms and subject to the conditions set forth in this Agreement, Borrower (or the Servicer on Borrower’s behalf) may from time to time during the Revolving Period request Advances by delivering a Borrowing Request to the Co-Agents in accordance with Section 2.1. Upon receipt of a copy of each Borrowing Request from Borrower, each of the Co-Agents shall determine whether any Lenders in its
Group will fund a Loan in an amount equal to such Group’s Stated Percentage (provided that if the Lenders in a Group that are Conduits choose not to fund a Loan, the Lenders in such Group that are not Conduits shall fund such Loan), subject to
Section 1.2(a), of the requested Advance specified in such Borrowing Request, and each Co-Agent will give notice to the Administrative Agent by 10:00 a.m. (New York City time) at least two Business Days
prior to the Borrowing Date specifying whether the Lenders in its Group intend to make such Loan as a CP Rate Loan, a Mizuho Rate Loan, LIBOR Loan or an Alternate Base Rate Loan; provided that (i) at no time may the aggregate
principal amount of the Loans of the Lenders in the Mizuho Group at any one time outstanding exceed the Mizuho Group’s Group Limit; (ii) at no time may the aggregate principal amount of the Loans of the Lenders in the Atlantic Group at any
one time outstanding exceed the Atlantic Group’s Group Limit; (iii) at no time may the aggregate principal amount of the Loans of any Lender at any one time outstanding exceed the Maximum Advance Amount of such Lender; and (iv) at no
time may the Aggregate Principal exceed the lesser of (x) the Aggregate Facility Amount, and (y) the Borrowing Base. 

Section 1.2 Funding Mechanics; Loans and Liquidity Fundings. 

(a) Each Advance hereunder shall consist of Loans made by Lenders within each Group and which (except for any Advance which does not increase
the aggregate principal amount of the Loans outstanding) shall be made in such proportions by each Group based on such Group’s Stated Percentage. Any Advance which does not increase the aggregate principal amount outstanding may be funded
solely by one or more of the Lenders in a single Group. 
 (b) Each Lender funding any portion of an Advance shall wire transfer the
principal amount of its Loan to its applicable Co-Agent in immediately available funds not later than 1:00 p.m. (New York City time) on the applicable Borrowing Date and, subject to its receipt of such Loan
proceeds, such Co-Agent shall wire transfer such funds to the account specified by Borrower in its Borrowing Request not later than 2:00 p.m. (New York City time) on such Borrowing Date. 

(c) While it is the intent of each of the Conduits to fund its respective Loans through the issuance of Promissory Notes, the parties
acknowledge that if any of the Conduits is unable, or reasonably determines that it is undesirable for any reason to issue Promissory Notes to fund or maintain all or any portion of its Loans at a CP Rate, or is unable to repay such Promissory Notes
upon the maturity thereof, such Conduit will avail itself of a Liquidity Funding from a Liquidity Provider under its Liquidity Agreement. The Liquidity Fundings may be Alternate Base Rate Loans or LIBOR Loans, or a combination thereof, selected by
Borrower in accordance with Article II; provided, however, that each Liquidity Funding shall be an Alternate Base Rate Loan at least for the first two (2) Business Days after it is funded. In addition, the parties
acknowledge that most Promissory Notes are issued at a discount and at varying discount rates; accordingly, it may not be possible for all CP Rate Loans to be made in amounts precisely equal to the amounts specified in a Borrowing Request. To the
extent that a Liquidity Funding is made from a Liquidity Provider to a Conduit, regardless of whether a Liquidity Funding constitutes an assignment of a Loan or the sale of one or more participations therein or any other obtaining of funding for all
or any portion of any Loan, each Liquidity Provider participating in a Liquidity Funding shall have the same rights as such Conduit has hereunder with the same force and effect as if such Liquidity Provider had directly made a Loan to Borrower in
the amount of its Liquidity Funding. 

  
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 (d) Nothing herein shall be deemed to commit any Conduit to fund Loans. 

Section 1.3 Interest Rates. 

(a) Each CP Rate Loan shall bear interest on the outstanding principal amount thereof from and including the first day of the CP Tranche Period
applicable thereto selected in accordance with Article II of this Agreement to (but not including) the last day of such CP Tranche Period at the applicable CP Rate. On the 5th Business Day immediately preceding each Monthly Settlement Date, each
Conduit shall calculate the amount of its CP Costs for the applicable Calculation Period and shall notify Borrower of such amount which shall be payable on such Settlement Date. 

(b) Each LIBOR Loan shall bear interest on the outstanding principal amount thereof from and including the first day of the Interest Period
applicable thereto selected in accordance with Article II of this Agreement to (but not including) the last day of such Interest Period at a rate per annum equal to the applicable LIBOR for such Interest Period. 

(c) Each Alternate Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from and including the date
such Loan is made to but excluding the date it is paid at a rate per annum equal to the Alternate Base Rate for such day. Changes in the rate of interest on Alternate Base Rate Loans will take effect simultaneously with each change in the
Alternate Base Rate. 
 (d) Each Mizuho Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from and
including the date such Loan is made to but excluding the date it is paid at a rate per annum equal to the Mizuho Rate for such day. Changes in the rate of interest on Mizuho Rate Loans will take effect simultaneously with each change in the
Mizuho Rate. 
 (e) Notwithstanding anything to the contrary contained in Sections 1.3(a), (b), (c) or (d), upon the occurrence of an
Amortization Event, and during the continuance thereof, all Obligations shall bear interest, payable upon demand, at the Default Rate. 
 (f)
Interest shall be payable for the day a Loan is made but not for the day of any payment on the amount paid if payment is received by each Co-Agent prior to 1:00 p.m. (New York City time) at the place of
payment. If any payment of principal of or interest on a Loan shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall
be included in computing interest in connection with such payment. 
 Section 1.4 Payment Dates; Absence of Notes to Evidence Loans.

 (a) Borrower promises to pay the principal of each CP Rate Loan on the last day of its CP Tranche Period. 

(b) Borrower promises to pay the principal of each LIBOR Loan on the last day of its Interest Period. 

(c) Borrower promises to pay the principal of each Mizuho Rate Loan on the last day of its Interest Period. 

  
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 (d) Borrower promises to pay the principal of each Alternate Base Rate Loan on or before the
earlier to occur of (i) the Facility Termination Date, and (ii) the refinancing of such Loan with a CP Rate Loan, a Mizuho Rate Loan or a LIBOR Loan. 

(e) Each Lender shall maintain (or cause its respective Co-Agent to maintain) in accordance with its
usual practice an account or accounts evidencing the indebtedness of Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to
time hereunder. Upon request of Borrower, such Lender’s Co-Agent or the Administrative Agent, such Lender will confirm the outstanding principal balances of its Loans and the amount of any accrued and
unpaid interest thereon. The entries maintained in the accounts maintained pursuant to this Section shall absent manifest error be correct evidence of the existence and amounts of the Obligations therein recorded; provided,
however, that the failure of any Lender (or Co-Agent) to maintain such accounts or any error therein shall not in any manner affect the obligation of Borrower to repay the Obligations in accordance
with their terms. 
 Section 1.5 Prepayments. Subject, in the case of CP Rate Loans, Mizuho Rate Loans and LIBOR Loans, to the funding
indemnification provisions of Section 4.3: 
 (a) Borrower may from time to time voluntarily prepay, without penalty or premium, all
outstanding Advances, or, in a minimum aggregate amount of $1,000,000 per Group (or a larger integral multiple of $1,000,000 per Group), any portion of the outstanding Advances by giving prior written notice to the
Co-Agents (each, a “Prepayment Notice”) within the Required Notice Period with respect to each Lender’s Loans so prepaid; provided that each such prepayment of
principal complying with the provisions of this Section or otherwise is accompanied by a payment of all accrued and unpaid interest on the amount prepaid, together with all amounts (if any) due under Section 4.3 and any Broken Funding Costs (if
any) due because of such prepayment, and is made between the Groups ratably in accordance with the respective Percentages of such Groups. The Co-Agents agree to use their best efforts to accommodate any
request by Borrower to prepay any portion of the outstanding Advances in any manner other than as required herein to minimize any Broken Funding Costs associated with such prepayment. 

(b) If, on any Business Day, the aggregate outstanding principal amount of the Loans from the Atlantic Group exceeds the Atlantic Group’s
Group Limit, or the aggregate principal amount of the Loans outstanding from Atlantic exceeds the aggregate Liquidity Commitments in favor of Atlantic pursuant to the Atlantic Liquidity Agreement divided by 102%, in either case, Borrower shall
prepay such Loans in an amount sufficient to eliminate such excess, together with accrued and unpaid interest on the amount prepaid, by wire transfer to the Atlantic Agent not later than 1:00 p.m. (New York City time) on the first Business Day
thereafter. 
 (c) If, on any Business Day, the aggregate outstanding principal amount of the Loans from the Mizuho Group exceeds the Mizuho
Group’s Group Limit, Borrower shall prepay such Loans in an amount sufficient to eliminate such excess, together with accrued and unpaid interest on the amount prepaid, by wire transfer to the Mizuho Agent not later than 1:00 p.m.
(New York City time) on the first Business Day thereafter. 
 (d) Without duplication, if, on any Business Day, the aggregate outstanding
principal amount of all Loans exceeds the Borrowing Base, Borrower shall prepay such Loans in an amount sufficient to eliminate such excess, together with accrued and unpaid interest on the amount prepaid, to the
Co-Agents by wire transfer not later than 1:00 p.m. (New York City time) on the first Business Day thereafter, and such prepayment shall be made between the Groups ratably in accordance with the
respective Percentages of such Groups. 

  
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 (e) Upon receipt of any wire transfer pursuant to Section 1.5(a), (b),
(c) or (d), the applicable Co-Agent shall wire transfer to each of its Constituent Lenders their respective shares thereof not later than 1:30 p.m. (New York City time) on the date when received. Any
prepayment required pursuant to Section 1.5(b), (c) or (d) shall be applied first, to the ratable reduction of the applicable Group’s Alternate Base Rate Loans outstanding, second, to the ratable reduction of the applicable
Group’s LIBOR Loans outstanding, and lastly, to the reduction of the applicable Group’s Mizuho Rate Loans and CP Rate Loans selected by Borrower (or the Servicer, on Borrower’s behalf). 

Section 1.6 Distribution of Certain Notices; Notification of Interest Rates. Promptly after receipt thereof, each Co-Agent will notify its Constituents of the contents of each Monthly Report, Borrowing Request, Prepayment Notice, or notice of default received by it from Borrower or the Servicer hereunder. In addition, each of
the Co-Agents shall promptly notify its Constituent Lenders and Borrower of each determination of and change in Interest Rates. 

ARTICLE II. 
 BORROWING AND PAYMENT
MECHANICS; CERTAIN COMPUTATIONS 
 Section 2.1 Method of Borrowing. Borrower (or the Servicer, on Borrower’s behalf) shall give
the Co-Agents irrevocable notice in the form of Exhibit II hereto (each, a “Borrowing Request”) not later than 12:00 p.m. (New York City time) at least four (4) Business Days
before the Borrowing Date of each Advance; provided that if a request has been made pursuant to Section 1.7 of the Receivables Sale and Contribution Agreement and a Monthly Report giving effect to such request has not yet been
delivered to the Co-Agents, the Borrowing Request delivered pursuant to this Section 2.1 shall include a pro forma Monthly Report and an electronic file of the data contained therein, current through the
date of such Borrowing Request, which gives effect to such request. On each Borrowing Date, each applicable Lender that has elected in its sole discretion or that is required pursuant to Section 1.1 to make a Loan or Loans, shall make available
its Loan or Loans in immediately available funds to its Co-Agent by wire transfer of such amount received not later than 1:00 p.m. (New York City time). Subject to its receipt of such wire transfers, each Co-Agent will wire transfer the funds so received from its Constituent Lenders (if any) to Borrower at the account specified in its Borrowing Request not later than 2:00 p.m. (New York City time) on the applicable
Borrowing Date. Unless each of the Co-Agents in its sole discretion shall otherwise agree, not more than two (2) Borrowing Requests shall occur in any calendar month. 

Section 2.2 Selection of CP Tranche Periods and Interest Periods. 

(a) Except upon the occurrence and during the continuance of an Amortization Event and subject to Section 2.2(b) and 2.2(c), Borrower (or
the Servicer, on Borrower’s behalf) in its Borrowing Request may request Interest Periods from time to time to apply to the LIBOR Loans; provided, however, that at any time while any Lender has LIBOR Loans
outstanding, at least one Interest Period of such Lender shall mature on each Monthly Settlement Date. 
 (b) While each of the Co-Agents will use reasonable efforts to accommodate Borrower’s or the Servicer’s requests for Interest Periods for LIBOR Loans except during the continuance of an Amortization Event, each of the Co-Agents shall have the right to subdivide any requested LIBOR Loan into one or more LIBOR Loans with different Interest Periods, or, if the requested period is not feasible, to suggest an alternative Interest
Period. Notwithstanding the foregoing, not less than $1,000,000 (or such lesser amount as agreed by the applicable Lender) of principal may be allocated to any CP Tranche Period of any Conduit or Interest Period of any Loan, and no Alternate Base
Rate Loan may have a principal amount of less than $1,000,000 (or such lesser amount as agreed by the applicable Lender). 

  
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 (c) Borrower (or the Servicer, on Borrower’s behalf) may not request an Interest Period
for a LIBOR Loan unless it shall have given each of the applicable Co-Agent(s) written notice of its desire therefor not later than 1:00 p.m. (New York City time) at least three (3) Business Days prior to
the first day of the desired Interest Period, and, solely in the case of the Atlantic Group, received the Atlantic Agent’s consent to the making of a LIBOR Loan. Accordingly, all Liquidity Fundings shall initially be Alternate Base Rate Loans.

 (d) Unless each of the Co-Agents shall have received written notice by 12:00 p.m. (New York City
time) on the Business Day prior to the last day of a CP Tranche Period that Borrower intends to reduce the aggregate principal amount of the CP Rate Loans outstanding, each of the Co-Agents and the Conduits
shall be entitled to assume that Borrower desires to refinance the principal and interest of each maturing CP Rate Loan on the last day of its CP Tranche Period with new CP Rate Loans having substantially similar CP Tranche Periods;
provided, however, that Borrower shall remain liable to pay in cash any portion of the principal or interest on the maturing CP Rate Loan when due to the extent that the applicable Conduit cannot issue Promissory Notes or
avail itself of a Liquidity Funding, in either case, in the precise amount necessary to refinance the maturing CP Rate Loan and the accrued and unpaid interest thereon. 

(e) Unless each of the Co-Agents shall have received written notice by 1:00 p.m. (New York City time)
on the third (3rd) Business Day prior to the last day of an Interest Period with respect to a LIBOR Loan that Borrower intends to reduce the aggregate principal amount of LIBOR Loans outstanding from any Lender in such
Co-Agent’s Group (or roll over its LIBOR Loans pursuant to Section 2.2(c)), each of the Atlantic Lenders shall be entitled to assume that Borrower desires to refinance its maturing LIBOR Loans on the
last day of such Interest Period with Alternate Base Rate Loans, and each of the Mizuho Lenders shall be entitled to assume that Borrower desires to refinance its maturing LIBOR Loans on the last day of such Interest Period with LIBOR Loans for the
same Interest Period then ending to the extent of the applicable Lenders’ ability to provide the funding without the customary three (3) Business Days notice or, otherwise, with Alternate Base Rate Loans. 

Section 2.3 Computation of Concentration Limits and Outstanding Balance. The Obligor Concentration Limits and the aggregate Outstanding
Balance of Receivables of each Obligor and its Affiliated Obligors (if any) shall be calculated as if each such Obligor and its Affiliated Obligors were one Obligor. 

Section 2.4 Maximum Interest Rate. No provision of this Agreement shall require the payment or permit the collection of interest in
excess of the maximum permitted by applicable law (the “Maximum Rate”). If at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan
under applicable law (collectively the “Charges”), shall exceed the Maximum Rate which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of
interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan
but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such
cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. 

  
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 Section 2.5 Payments and Computations, Etc. 

(a) Payments. All amounts to be paid or deposited by Borrower or the Servicer (on Borrower’s behalf) to any of the Agents or
Lenders (other than amounts payable under Section 4.2) shall be paid by wire transfer of immediately available funds received not later than 1:00 p.m. (New York City time) on the day when due in lawful money of the United States of America to
the applicable Co-Agent at its address specified in Schedule 14.2, and, to the extent such payment is for the account of any Lender, the applicable Co-Agent shall
promptly disburse such funds to the appropriate Lender(s) in its Group. 
 (b) Late Payments. To the extent permitted by law, upon
demand, Borrower or the Servicer (on Borrower’s behalf), as applicable, shall pay to the applicable Co-Agent for the account of each Person in its Group to whom payment of any Obligation is due, interest
on all amounts not paid or deposited by 1:00 p.m. (New York City time) on the date when due (without taking into account any applicable grace period) at the Default Rate. 

(c) Method of Computation. All computations of interest at the Alternate Base Rate or the Default Rate shall be made on the basis of a
year of 365 (or, when appropriate, 366) days for the actual number of days (including the first day but excluding the last day) elapsed. All other computations of interest, and all computations of Servicer’s Fee, any per annum fees
payable under Section 4.1 and any other per annum fees payable by Borrower to the Lenders, the Servicer or any of the Agents under the Loan Documents shall be made on the basis of a year of 360 days for the actual number of days
(including the first day but excluding the last day) elapsed. 
 (d) Avoidance or Rescission of Payments. To the maximum extent
permitted by applicable law, no payment of any Obligation shall be considered to have been paid if at any time such payment is rescinded or must be returned for any reason. 

Section 2.6 Non-Receipt of Funds by the Co-Agents. Unless
a Lender notifies its Co-Agent prior to the date and time on which it is scheduled to fund a Loan that it does not intend to fund such Loan, such Co-Agent may assume
that such funding will be made and may, but shall not be obligated to, make the amount of such Loan available to the intended recipient in reliance upon such assumption. If such Lender has not in fact funded its Loan proceeds to the applicable Co-Agent, the recipient of such payment shall, on demand by such Co-Agent, repay to such Co-Agent the amount so made available together
with interest thereon in respect of each day during the period commencing on the date such amount was so made available by such Co-Agent until the date such Co-Agent
recovers such amount at a rate per annum equal to the Federal Funds Effective Rate for such day. 
 ARTICLE III. 

SETTLEMENTS 
 Section 3.1
Collateral Reporting. The Servicer shall deliver the Monthly Reports, Weekly Reports and Daily Reports when and as required by Section 8.5. At or before 1:00 p.m. (New York City time) on the Business Day before each Settlement Date, each of the
Co-Agents shall notify Borrower and the Servicer of (i) the aggregate principal balance of all Loans that are then outstanding from its Constituents, and (ii) the aggregate amount of all principal,
interest and fees that will be due and payable by Borrower to such Co-Agent for the account of such Co-Agent or its Constituents on such Settlement Date. 

Section 3.2 Turnover of Collections. Without limiting any Agent’s or Lender’s recourse to Borrower for payment of any and all
Obligations: 

  
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 (a) If any Collateral Report reveals that a mandatory prepayment is required under
Section 1.5(b), (c) or (d), not later than the 1:00 p.m. (New York City time) on the next succeeding Settlement Date, the Servicer shall turn over to each applicable Co-Agent, for distribution to its
Constituents, a portion of the Collections equal to the amount of such required mandatory prepayment. 
 (b) If, on any Settlement Date, any
Loans are to be voluntarily prepaid in accordance with Section 1.5(a), or if the aggregate principal amount of the Advances outstanding is to be reduced, the Servicer shall turn over to each of the
Co-Agents, for distribution to its Constituents, a portion of the Collections equal to the Groups’ respective Percentages of the aggregate amount of such voluntary prepayment or reduction and any other
amounts required to be paid in connection with such voluntary prepayment or reduction. 
 (c) In addition to, but without duplication of, the
foregoing, on (i) each Settlement Date, (ii) each Business Day from and after the occurrence of an Amortization Event and during the continuation thereof, and (iii) each other date on which any principal of or interest on any of the
Loans becomes due (whether by acceleration or otherwise) and, in the case of principal, has not been reborrowed pursuant to Section 1.1, the Servicer shall turn over to each of the Co-Agents, for
distribution to their respective Constituents, the Groups’ respective Percentages of a portion of the Collections equal to the aggregate amount of all other Obligations that are due and owing on such date; provided,
however, that prior to the occurrence of an Amortization Event, the Servicer shall not be obligated to turn over Collections to pay Obligations other than principal on Settlement Dates that are not Monthly Settlement Dates. If
the Collections and proceeds of new Loans are insufficient to make all payments required under clauses (a), (b) and (c) and to pay the Servicing Fee and, if applicable, all expenses due and owing to any replacement Servicer under
Section 8.1(d) (all of the foregoing, collectively, the “Required Amounts”) and Borrower has made any Demand Advances, Borrower shall make demand upon International Paper for payment of the Demand Advances in an amount
equal to the lesser of the insufficiency in Required Amounts or the aggregate outstanding principal balance of such Demand Advances (plus any accrued and unpaid interest thereon) and, upon receipt of any such amounts, Borrower shall pay them
to each of the Co-Agents, ratably in accordance with their respective Groups’ Percentages, for distribution in accordance with this Section 3.2. 

(d) If the aggregate amount of Collections and payments on Demand Advances received by the Co-Agents on
any Settlement Date are insufficient to pay all Required Amounts, the aggregate amount received shall be applied to the items specified in the subclauses below, in the order of priority of such subclauses: 

(i) to any accrued and unpaid CP Costs and Interest on the Loans that is then due and owing, including any previously accrued
CP Costs and Interest which was not paid on its applicable due date; 
 (ii) if the Servicer is not Borrower or an Affiliate
thereof, to any accrued and unpaid Servicer’s Fee that is then due and owing to such Servicer, together with any invoiced expenses of the Servicer due and owing pursuant to Section 8.1(d); 

(iii) to the payment of any amounts outstanding under the Fee Letters that are then due and owing; 

(iv) to the payment of the principal of any Loans that are then due and owing; 

(v) to other Obligations that are then due and owing; and 

  
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 (vi) if the Servicer is Borrower, International Paper or one of their
respective Affiliates, to the accrued and unpaid Servicer’s Fee and Supplemental Servicer’s Fee that are then due and owing to such Servicer. 

Section 3.3 Non-Distribution of Servicer’s Fee. Each of the Agents and the other Secured
Parties hereby consents to the retention by the Servicer of a portion of the Collections equal to the Servicer’s Fee so long as the Collections received by the Servicer are sufficient to pay all amounts pursuant to Section 3.2(d) of a
higher priority as specified in such Section. 
 Section 3.4 Deemed Collections. If as of the last day of any Settlement Period: 

(a) the outstanding aggregate balance of the Net Pool Balance as reflected in the preceding Collateral Report (net of any positive adjustments)
has been reduced for any of the following reasons: 
 (i) as a result of any rejected services, any cash discount or any
other adjustment by the Originator or any Affiliate thereof (regardless of whether the same is treated by the Originator or such Affiliate as a write-off), or as a result of any surcharge or other governmental
or regulatory action, or 
 (ii) as a result of any setoff or breach of the underlying agreement in respect of any claim by
the Obligor thereof (whether such claim arises out of the same or a related or an unrelated transaction), or 
 (iii) on
account of the obligation of the Originator or any Affiliate thereof to pay to the related Obligor any rebate or refund, or 

(iv) the Outstanding Balance of any Receivable is less than the amount included in calculating the Net Pool Balance for
purposes of any Collateral Report (for any reason other than such Receivable becoming a Defaulted Receivable), or 
 (b) any of the
representations or warranties of Borrower set forth in Section 6.1(i), (j), (l), (q)(ii), (r), (s) or (t) was not true when made with respect to any Receivable, or any of the representations or warranties of Borrower set forth in
Section 6.1(i) or (j) is no longer true with respect to any Receivable, 
 then, in such event, Borrower shall be deemed to have received a
Collection in an amount equal to (A) the amount of such reduction, cancellation or overstatement, in the case of the preceding clauses (a)(i), (a)(ii), (a)(iii) and (a)(iv), and (B) in the full amount of the Outstanding Balance of such
Receivable in the case of the preceding clause (b). 
 ARTICLE IV. 

FEES AND YIELD PROTECTION 

Section 4.1 Fees. International Paper or Borrower, as applicable, shall pay to each of the Agents and the Lenders certain fees from time
to time in amounts and payable on such dates as are set forth in the Fee Letters. 
 Section 4.2 Yield Protection. 

(a) If any Regulatory Change occurring after the date hereof: 

  
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 (i) shall subject an Affected Party to any Tax (other than Excluded Taxes),
duty or other charge with respect to its Obligations or, as applicable, its Outstanding Advance Amount or its Liquidity Commitment or Liquidity Funding, or shall change the basis of taxation of payments to the Affected Party of any Obligations, owed
to or funded in whole or in part by it or any other amounts due under this Agreement in respect of its Obligations or, as applicable, its Outstanding Advance Amount or its Liquidity Commitment or Liquidity Funding; or 

(ii) shall impose, modify or deem applicable any reserve that was not included in the computation of the applicable Interest
Rate, or any special deposit or similar requirement against assets of any Affected Party, deposits or obligations with or for the account of any Affected Party or with or for the account of any affiliate (or entity deemed by the Federal Reserve
Board to be an affiliate) of any Affected Party, or credit extended by any Affected Party; or 
 (iii) shall affect the
amount of capital required or expected to be maintained by any Affected Party; or 
 (iv) shall impose any other condition
affecting any Obligation owned or funded in whole or in part by any Affected Party, or its rights or obligations, if any, to make Loans or Liquidity Fundings; or 

(v) shall change the rate for, or the manner in which the Federal Deposit Insurance Corporation (or a successor thereto)
assesses deposit insurance premiums or similar charges; 
 and the result of any of the foregoing is or would be: 

(x) to increase the cost to or to impose a cost on (I) an Affected Party funding or making or maintaining (or providing or
agreeing to provide funding for) any Loan, any Liquidity Funding, or any commitment of such Affected Party with respect to any of the foregoing, or (II) any of the Agents for continuing its or Borrower’s relationship with any Affected
Party, in each case, in an amount deemed to be material by such Affected Party, 
 (y) to reduce the amount of any sum
received or receivable by an Affected Party under this Agreement or under the Liquidity Agreement, or 
 (z) to reduce the
rate of return on such Affected Party’s capital as a consequence of its Outstanding Advance Amount, its Liquidity Commitment, Liquidity Funding or the Loans made by it to a level below that which such Affected Party could have achieved but for
the occurrence of such circumstances, 
 then, within thirty days after demand by such Affected Party (which demand shall be made not more than 45 days
after the date on which the Affected Party becomes aware of such Regulatory Change and shall be accompanied by a certificate setting forth, in reasonable detail, the basis of such demand and the methodology for calculating, and the calculation of
the amounts claimed by the Affected Party), Borrower shall pay directly to such Affected Party such additional amount or amounts as will compensate such Affected Party for such actual additional cost, actual increased cost or actual reduction. 

  
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 (b) Each Affected Party will promptly notify Borrower, the Administrative Agent and the
applicable Co-Agent of any event of which it has knowledge (including any future event that, in the judgment of such Affected Party, is reasonably certain to occur) which will entitle such Affected Party to
compensation pursuant to this Section 4.2; provided, however, no failure to give or delay in giving such notification shall adversely affect the rights of any Affected Party to such compensation unless such
notification is given more than 45 days after the Affected Party becomes aware of such Regulatory Change. 
 (c) In determining any amount
provided for or referred to in this Section 4.2, an Affected Party may use any reasonable averaging and attribution methods (consistent with its ordinary business practices) that it (in its reasonable discretion) shall deem applicable. Any
Affected Party when making a claim under this Section 4.2 shall submit to Borrower the above-referenced certificate as to such actual increased cost or actual reduced return (including calculation thereof in reasonable detail), which shall, in
the absence of manifest error, be conclusive and binding upon Borrower. 
 (d) Each of the Lenders agrees, and shall require each Affected
Party to agree that, with reasonable promptness after an officer of such Lender or such Affected Party responsible for administering the Transaction Documents becomes aware that it has become an Affected Party under this Section 4.2, is
entitled to receive payments under this Section 4.2, or is or has become subject to U.S. withholding Taxes payable by any Loan Party in respect of its investment hereunder, it will, to the extent not inconsistent with any internal policy of
such Person or any applicable legal, rating agency or regulatory restriction or directive: (i) use all reasonable efforts to make, fund or maintain its advances or investment hereunder through another branch or office of such Affected Party, or
(ii) take such other reasonable measures, if, as a result thereof, the circumstances which would cause such Person to be an Affected Party under this Section 4.2 would cease to exist, or the additional amounts which would otherwise be
required to be paid to such Person pursuant to this Section 4.2 would be reduced, or such withholding Taxes would be reduced, and if the making, funding or maintaining of such advances or investment through such other office or in accordance
with such other measures, as the case may be, would not otherwise adversely affect such advances or investment or the interests of such Person; provided that such Person will not be obligated to utilize such other lending office
pursuant to this Section 4.2 unless Borrower agrees to pay all incremental expenses incurred by such Person as a result of utilizing such other office as described in clause (i) above. 

(e) If any Lender (other than a Co-Agent) makes a claim for compensation under this Section 4.2,
Borrower may propose an Eligible Assignee to the applicable Co-Agent who is willing to accept an assignment of such Lender’s outstanding Loans, together with each of its other rights and obligations under
the Transaction Documents; provided that any expenses or other amounts which would be owing to such Lender pursuant to any indemnification provision hereof (including, if applicable, Section 4.3) shall be payable by Borrower as if
Borrower had prepaid the Loans of the assigning Lenders rather than such assigning Lenders having assigned their respective interests hereunder. If such proposed Eligible Assignee is acceptable to the applicable
Co-Agent (who shall not unreasonably withhold or delay its approval and shall be deemed to be acting per se reasonably when following the instructions of any rating agency then rating its respective
Conduit’s commercial paper or, as applicable, medium term note program), the claiming Lender will be obligated to assign all of its rights and obligations to such proposed Eligible Assignee within ten (10) Business Days after such Co-Agent gives its consent to such proposed Eligible Assignee. 
 Section 4.3 Funding Losses. In the
event that any Lender or any Funding Source shall actually incur any actual loss or expense (including, without limitation, any actual loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired to make
any Loan or Liquidity Funding) as a result of (a) Borrower’s failure to borrow any Mizuho Rate Loan or 

  
 11 

 
LIBOR Loan on the date specified in any Borrowing Request or repayment of any Mizuho Rate Loan or LIBOR Loan on a date other than the last day of the applicable interest period, or (b) any
event or condition specified in the definition of “Broken Funding Costs,” then, upon written notice from the applicable Co-Agent to the Administrative Agent, Borrower and the Servicer,
Borrower shall pay to the Servicer, and the Servicer shall pay to the applicable Co-Agent for the account of such Lender or Funding Source upon demand, the amount of such actual loss or expense (which shall
include without limitation all Broken Funding Costs). Such written notice (which shall include the methodology for calculating, and the calculation of, the amount of such actual loss or expense, in reasonable detail) shall, in the absence of
manifest error, be conclusive and binding upon Borrower and the Servicer. 
 ARTICLE V. 

CONDITIONS OF ADVANCES 

Section 5.1 Conditions Precedent to Effectiveness. Effectiveness of this Agreement is subject to the conditions precedent that
(a) the Administrative Agent shall have received on or before the date of such Advance those documents listed on Schedule A to the Receivables Sale and Contribution Agreement and those documents listed on Schedule B to this Agreement,
(b) the Rating Agency Condition, if required by any Conduit’s program documents, shall have been satisfied as to each applicable Conduit, (c) the Agents shall have received all fees and expenses required to be paid on such date
pursuant to the terms of this Agreement and the Fee Letters, (d) Borrower shall have converted from a Delaware corporation to a Delaware limited liability company, and (e) all demand advances outstanding under the Existing Agreement to
IPFS shall have been repaid in cash. 
 Section 5.2 Conditions Precedent to All Advances. Each Advance and each rollover or
continuation of any Advance shall be subject to the further conditions precedent that (a) the Servicer shall have delivered to the Agents on or prior to the date thereof, in form and substance satisfactory to the Agents, all Collateral Reports
as and when due under Section 8.5; (b) the Facility Termination Date shall not have occurred; (c) the Agents shall have received such other approvals, opinions or documents as any Agent may reasonably request; and (d) on the date
thereof, the following statements shall be true (and acceptance of the proceeds of such Advance shall be deemed a representation and warranty by Borrower that such statements are then true): 

(i) the representations and warranties set forth in Section 6.1 are true and correct on and as of the date of such Advance
(or such Settlement Date, as the case may be) as though made on and as of such date; 
 (ii) no event has occurred and is
continuing, or would result from such Advance (or the continuation thereof), that will constitute an Amortization Event, and no event has occurred and is continuing, or would result from such Advance (or the continuation thereof), that would
constitute an Unmatured Amortization Event; and 
 (iii) after giving effect to such Advance (or the continuation thereof),
the Aggregate Principal will not exceed the Aggregate Facility Amount. 
 ARTICLE VI. 

REPRESENTATIONS AND WARRANTIES 

Section 6.1 Representations and Warranties of the Loan Parties. Each Loan Party hereby represents and warrants to the Agents and the
Lenders, as to itself, as of the date hereof, as of the date of each Advance and as of each Settlement Date that: 

  
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 (a) Existence and Power. Such Loan Party’s jurisdiction of organization is
correctly set forth in the preamble to this Agreement. Such Loan Party is duly organized under the laws of that jurisdiction and no other state or jurisdiction. Borrower is validly existing and in good standing under the laws of its state of
organization. International Paper is validly existing under the laws of its state of organization. Such Loan Party is duly qualified to do business as a foreign entity, and has and holds all organizational power and all governmental licenses,
authorizations, consents and approvals required to carry on its business in each jurisdiction in which its business is conducted except where the failure to so qualify or so hold could not reasonably be expected to have a Material Adverse Effect.

 (b) Power and Authority; Due Authorization, Execution and Delivery. The execution and delivery by such Loan Party of this Agreement
and each other Transaction Document to which it is a party, and the performance of its obligations hereunder and thereunder and, in the case of Borrower, Borrower’s use of the proceeds of Advances made hereunder, are within such Loan
Party’s limited liability company or corporate powers and authority and have been duly authorized by all necessary limited liability company or corporate action on its part. This Agreement and each other Transaction Document to which such Loan
Party is a party has been duly executed and delivered by such Loan Party. 
 (c) No Conflict. The execution and delivery by such Loan
Party of this Agreement and each other Transaction Document to which it is a party, and the performance of its obligations hereunder and thereunder (i) do not contravene or violate (A) its certificate of formation and operating agreement,
or articles of incorporation and by-laws, as applicable, (B) any law, rule or regulation applicable to it, (C) any restrictions under any agreement, contract or instrument to which it is a party or
by which it or any of its property is bound, or (D) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property, and (ii) do not result in the creation or imposition of any Adverse Claim on assets of
such Loan Party or its Material Subsidiaries (except as created hereunder) except, in the case of clauses (i)(B), (i)(C) and (i)(D) above, where such contravention or violation could not reasonably be expected to have a Material Adverse Effect. No
transaction contemplated hereby requires compliance with any bulk sales act or similar law. 
 (d) Governmental Authorization. No
authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the due execution and delivery by such Loan Party of this Agreement or any other Transaction Document to
which it is a party and the performance of its obligations hereunder and thereunder, other than (i) the filing of the financing statements required hereunder and (ii) those consents which have duly been obtained and are in full force and
effect as of such date. 
 (e) Actions, Suits. There are no actions, suits or proceedings pending, or to the best of such Loan
Party’s knowledge, threatened, against or affecting such Loan Party, or any of its properties, in or before any court, arbitrator or other body, that could reasonably be expected to have a Material Adverse Effect. Such Loan Party is not in
default with respect to any order of any court, arbitrator or governmental body that could reasonably be expected to have a Material Adverse Effect. 

(f) Binding Effect. This Agreement and each other Transaction Document to which such Loan Party is a party constitute the legal, valid
and binding obligations of such Loan Party enforceable against such Loan Party in accordance with their respective terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating
to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 

  
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 (g) Accuracy of Information. 

(i) Collateral Reports and Borrowing Base Recomputations. Each Collateral Report delivered pursuant to Sections 3.1 and
8.5, and each recomputation (if any) of the Borrowing Base delivered pursuant to Section 3.1, was true and accurate in every material respect on the date specified in such report or recomputation. 

(ii) Pre-Closing Collateral Information. All information regarding the
Collateral or any Loan Party furnished by any Loan Party or any of its Affiliates to any of the Agents or Lenders prior to the date of this Agreement was true and accurate in every material respect on the date such information was so furnished
except as otherwise disclosed to the Agents and the Lenders prior to the date hereof and, when taken as a whole together with such subsequent disclosures, did not contain any material misstatement of fact or omit to state a material fact or any fact
necessary to make the statements contained therein not misleading. 
 (iii) Ongoing Collateral Information. All other
information regarding the Collateral not covered by clauses (i) and (ii) above which is hereafter furnished by any Loan Party to any of the Agents or Lenders will be true and accurate in every material respect on the date such information is so
furnished and, when taken as a whole, will not contain any material misstatement of fact or omit to state a material fact or any fact necessary to make the statements contained therein not misleading as of the date when so furnished. 

(iv) Other Information. All other information regarding any Loan Party, its business, operations, financial condition or
prospects furnished by any Loan Party to any of the Agents or Lenders in connection with the Transaction Documents after the date of this Agreement that is not covered by clauses (i), (ii) or (iii) above, will be true and accurate in every
material respect on the date such information is so furnished and, when taken as a whole together with any subsequent updates to such information, will not contain any material misstatement of fact or omit to state a material fact or any fact
necessary to make the statements contained therein not misleading as of the date when furnished or updated. 
 (h) Use of Proceeds. No
proceeds of any Advance hereunder will be used by Borrower (x) to purchase or carry any margin stock as defined in Regulation U promulgated by the Board of Governors of the Federal Reserve System or to advance or provide funds to others for
such purpose or (y)(i) for a purpose that violates: (A) Section 7.2(e) of this Agreement or (B) Regulation T, U or X promulgated by the Board of Governors of the Federal Reserve System from time to time or (ii) to acquire any
security in any transaction which is subject to Section 12, 13 or 14 of the Securities Exchange Act of 1934, as amended. 
 (i) Good
Title. Borrower is the legal and beneficial owner of the Receivables and Related Security with respect thereto (or, to the extent the transactions contemplated by the Receivables Sale and Contribution Agreement are characterized, against the
parties’ express intentions, as other than true sales, possesses a valid and perfected security interest therein), in each case, together with the filing of the financing statements contemplated hereunder, free and clear of any Adverse Claim,
except as created by the Transaction Documents. There have been duly filed all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Borrower’s
ownership interest in each Receivable, its Collections and the Related Security. 

  
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 (j) Perfection. This Agreement, together with the filings of the financing statements
contemplated hereunder, is effective to create a valid and perfected security interest in favor of the Administrative Agent for the benefit of the Secured Parties in the Collateral to secure payment of the Obligations, free and clear of any Adverse
Claim except as created by the Transactions Documents. There have been duly filed all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect the
Administrative Agent’s (on behalf of the Secured Parties) security interest in the Collateral. 
 (k) Places of Business and
Locations of Records. The principal places of business and chief executive office of such Loan Party and the offices where it keeps all of its Records are located at the address(es) listed on Exhibit III or such other locations of which the
Administrative Agent has been notified in accordance with Section 7.2(a) in jurisdictions where all action required by Section 14.4(a) has been taken and completed. Borrower’s Federal Employer Identification Number is correctly set
forth on Exhibit III. 
 (l) Collections. The conditions and requirements set forth in Section 7.1(j) and Section 8.2 have
at all times been satisfied and duly performed. The names, addresses and jurisdictions of organization of all Collection Banks, together with the account numbers of the Collection Accounts of Borrower at each Collection Bank and the post office box
number of each Lock Box, are listed on Exhibit IV, which Exhibit may be updated from time to time by the Borrower by written notice to the Agents to reflect the closure of certain (but not all) Lockboxes and Collection Accounts and the addition of
new Lockboxes and Collections Accounts which are subject to Collection Account Agreements. Borrower has not granted any Person, other than the Administrative Agent as contemplated by this Agreement, dominion and control of any Lock Box or Collection
Account, or the right to take dominion and control of any such Lock Box or Collection Account at a future time or upon the occurrence of a future event. Neither Borrower nor initial Servicer has authorized the deposit into any Collection Account of
any cash, check or other item except proceeds of the Collateral. 
 (m) Material Adverse Effect. (i) The Servicer represents and
warrants that since December 31, 2011 and, for any date this representation and warranty is made or deemed made after delivery of annual audited financial statements pursuant to Section 7.1 hereof, the date of the most recently delivered
annual audited financial statements thereunder, no event has occurred that would have a material adverse effect on the financial condition or operations of the initial Servicer and its Subsidiaries, when taken as a whole, or the ability of the
initial Servicer to perform its obligations under this Agreement, and (ii) Borrower represents and warrants that since the date of this Agreement, no event has occurred that would have a material adverse effect on (A) the financial
condition or operations of Borrower, (B) the ability of Borrower to perform its obligations under the Transaction Documents, or (C) the collectibility of the Receivables generally or any material portion of the Receivables. 

(n) Names. The name in which Borrower has executed this Agreement is identical to the name of Borrower as indicated on the public record
of its state of organization which shows Borrower to have been organized. Since its creation, Borrower has not used any legal names, trade names or assumed names other than the name in which it has executed this Agreement and other than Red Bird
Receivables, Inc. 
 (o) Ownership of Borrower. International Paper owns, directly or indirectly, 100% of the issued and outstanding
membership interests of Borrower, free and clear of any Adverse Claim. Such membership interests are validly issued, fully paid and nonassessable, and there are no options, warrants or other rights to acquire securities of Borrower. 

  
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 (p) Not an Investment Company. Such Loan Party is not an “investment
company” within the meaning of the Investment Company Act of 1940, as amended, or any successor statute. (the “Investment Company Act”). The Borrower is not required to register as an “investment company”
within the meaning of the Investment Company Act. The Borrower is exempt from the registration requirements of the Investment Company Act pursuant to an exemption other than the exemption set forth in Section 3(c)(1) or Section 3(c)(7) of
the Investment Company Act. 
 (q) Compliance with Law. (i) Such Loan Party has complied in all respects with all applicable
laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it is subject, except where the failure to so comply could not reasonably be expected to have a Material Adverse Effect. (ii) Each Receivable, together
with any Contract related thereto, does not contravene any laws, rules or regulations applicable thereto (including, without limitation, laws, rules and regulations relating to truth in lending, fair credit billing, fair credit reporting, equal
credit opportunity, fair debt collection practices and privacy), except where such contravention could not reasonably be expected to have a Material Adverse Effect. 

(r) Compliance with Credit and Collection Policy. Such Loan Party has complied in all material respects with the Credit and Collection
Policy with regard to each Receivable and the related Contract, and has not made any material change to such Credit and Collection Policy, except such material change as to which the Administrative Agent has been notified in accordance with
Section 7.1(a)(vi). 
 (s) Payments to International Paper. With respect to each Receivable transferred to Borrower under the
Receivables Sale and Contribution Agreement, Borrower has given reasonably equivalent value to International Paper in consideration therefor and such transfer was not made for or on account of an antecedent debt. No transfer by International Paper
of any Receivable is or may be voidable under any section of the Bankruptcy Reform Act of 1978 (11 U.S.C. §§ 101 et seq.), as amended. In addition to the foregoing, each of International Paper and the Borrower represents and
warrants as to itself that each remittance of Collections by International Paper to the Borrower under the Receivables Sale and Contribution Agreement will have been (i) in payment of a debt incurred by International Paper in the
ordinary course of business or financial affairs of International Paper and the Borrower and (ii) made in the ordinary course of business or financial affairs of International Paper and the Borrower. Furthermore, the Borrower, the
Administrative Agent and each Lender represents and warrants, as to itself, that each remittance of Collections to the Administrative Agent or the Lenders hereunder will have been (x) in payment of a debt incurred by the Borrower
in the ordinary course of the business or financial affairs of the Borrower and the recipient thereof and (y) made in the ordinary course of the business or financial affairs of the Borrower and the recipient thereof. 

(t) Eligible Receivables. Each Receivable included in the Net Pool Balance as an Eligible Receivable on the date of any Collateral
Report was an Eligible Receivable on such date. 
 (u) Aggregate Advances. Immediately after giving effect to each Advance and each
settlement on any Settlement Date hereunder, the Aggregate Principal is less than or equal to the Aggregate Facility Amount. 
 (v)
Accounting. The manner in which such Loan Party accounts for the transactions contemplated by this Agreement and the Receivables Sale and Contribution Agreement does not jeopardize the true sale analysis. 

(w) Not an EEA Financial Institution. Such Loan Party is not an EEA Financial Institution. 

  
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 ARTICLE VII. 

COVENANTS 
 Section 7.1
Affirmative Covenants of the Loan Parties. Until the Final Payout Date, each Loan Party hereby covenants, as to itself, as set forth below: 

(a) Financial Reporting. Such Loan Party will maintain, for itself and each of its domestic Subsidiaries, a system of accounting
established and administered in accordance with GAAP, and furnish or cause to be furnished to the Co-Agents or, in the case of clauses (i) and (ii) below, make publicly available at no cost to Co-Agents on EDGAR: 
 (i) Annual Reporting. Within 100 days after the close of each
of its respective fiscal years, audited, unqualified financial statements (which shall include balance sheets, statements of income and retained earnings and a statement of cash flows) for International Paper and Borrower for such fiscal year
certified in a manner reasonably acceptable to the Administrative Agent by independent public accountants of recognized national standing. Information required to be delivered pursuant to this Section 7.1(a)(i) shall be deemed to have been
delivered on the date on which the Servicer notifies the Administrative Agent that such information has been posted on the Servicer’s website located at http://www.internationalpaper.com, at www.sec.gov or at another website identified by the
Servicer in a notice to the Administrative Agent and accessible by the Co-Agents and the Lenders without charge. 

(ii) Quarterly Reporting. Within 55 days after the close of the first three (3) quarterly periods of each of its
respective fiscal years, balance sheets of each of International Paper and Borrower as at the close of each such period and statements of income and retained earnings and a statement of cash flows for each such Person for the period from the
beginning of such fiscal year to the end of such quarter, all certified by a senior financial officer of such Person. Information required to be delivered pursuant to this Section 7.1(a)(ii) shall be deemed to have been delivered on the date on
which the Servicer notifies the Administrative Agent that such information has been posted on the Servicer’s website located at http://www.internationalpaper.com, at www.sec.gov or at another website identified by the Servicer in a notice to
the Administrative Agent and accessible by the Co-Agents and the Lenders without charge. 

(iii) Compliance Certificate. Together with the financial statements required hereunder, a compliance certificate in
substantially the form of Exhibit V signed by Borrower’s Authorized Officer and dated the date of such annual financial statement or such quarterly financial statement, as the case may be. 

(iv) S.E.C. Filings. Promptly upon the filing thereof, copies of all registration statements (other than registration
statements filed on Form S-8 and pricing supplements) and reports on form 8-K or successor forms which International Paper or any of its Affiliates files with the
Securities and Exchange Commission. Information required to be delivered pursuant to this Section 7.1(a)(iv) shall be deemed to have been delivered on the date on which the Servicer notifies the Administrative Agent that such information has
been posted on the Servicer’s website located at http://www.internationalpaper.com, at www.sec.gov or at another website identified by the Servicer in a notice to the Administrative Agent and accessible by the
Co-Agents and the Lenders without charge. 

  
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 (v) Copies of Notices. Promptly upon its receipt of any notice,
request for consent, financial statements, certification, report or other material communication under or in connection with any Transaction Document from any Person other than one of the Agents or Lenders, copies of the same. 

(vi) Change in Credit and Collection Policy. At least thirty (30) days prior to the effectiveness of any material
change in or material amendment to the Credit and Collection Policy, a copy of the Credit and Collection Policy then in effect and a notice (A) indicating such change or amendment, and (B) if such proposed change or amendment would be
reasonably likely to adversely affect the collectibility of the Receivables or decrease the credit quality of any newly created Receivables, requesting the Administrative Agent’s consent thereto. 

(vii) Other Information. Promptly, from time to time, (A) such other information, documents, records or data
relating to the Receivables or (B) such other information, documents, records or data relating to the condition or operations, financial or otherwise, of such Loan Party each as the Administrative Agent may from time to time reasonably request
in order to protect the interests of the Agents and the Lenders under or as contemplated by this Agreement. 
 (b) Notices. Such Loan
Party will notify the Administrative Agent in writing of any of the following promptly upon learning of the occurrence thereof with respect to such Loan Party, describing the same and, if applicable, the steps being taken with respect thereto: 

(i) Amortization Events or Unmatured Amortization Events. The occurrence of each Amortization Event and each Unmatured
Amortization Event, by a statement of an Authorized Officer of such Loan Party. 
 (ii) Judgments and Proceedings.
(A) (1) The entry of any judgment or decree against the Servicer or any of its Subsidiaries if the aggregate amount of all judgments and decrees then outstanding against the Servicer and its Subsidiaries exceeds $200,000,000 after deducting
(a) the amount with respect to which the Servicer or any such Subsidiary, as the case may be, is insured and the insurer has not denied coverage, and (b) the amount for which the Servicer or any such Subsidiary is otherwise indemnified if
the terms of such indemnification are satisfactory to the Administrative Agent, and (2) the institution of any litigation, arbitration proceeding or governmental proceeding against the Servicer which, individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect; and (B) the entry of any judgment or decree or the institution of any litigation, arbitration proceeding or governmental proceeding against Borrower. 

(iii) Material Adverse Effect. The occurrence of any event or condition that has had, or could reasonably be expected to
have, a Material Adverse Effect. 
 (iv) Termination Date. The occurrence of the “Termination
Date” under and as defined in the Receivables Sale and Contribution Agreement. 
 (v) Defaults Under Other
Agreements. The occurrence of a default or an amortization event under any other financing arrangements pursuant to which International Paper is a debtor or an obligor and such financing arrangement is in excess of $200,000,000. 

  
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 (vi) Downgrade of International Paper. Any downgrade in the rating of
any Indebtedness of International Paper by S&P or Moody’s, setting forth the Indebtedness affected and the nature of such change. 

(c) Compliance with Laws and Preservation of Legal Existence. Such Loan Party will comply in all respects with all applicable laws,
rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it is subject, except where the failure to so comply could not reasonably be expected to have a Material Adverse Effect. Such Loan Party will preserve and maintain
its legal existence, rights, franchises and privileges in the jurisdiction of its organization, and qualify and remain qualified in good standing as a foreign corporation or limited liability company, as the case may be, in each jurisdiction where
its business is conducted, except where the failure to so preserve and maintain or qualify could not reasonably be expected to have a Material Adverse Effect. 

(d) Audits. Such Loan Party will from time to time during regular business hours as requested by the Administrative Agent upon
reasonable notice (except as provided below) and at the sole cost of such Loan Party, permit the Administrative Agent, or its agents or representatives, and use its best efforts to obtain permission from Cap Gemini-Poland for the Co-Agents or their agents or representatives: (i) to examine and make copies of and abstracts from all Records in the possession or under the control of such Person or Cap Gemini-Poland relating to the
Collateral, including, without limitation, the related Contracts other than those Contracts that are subject to confidentiality agreements for which the Loan Parties have been unable, after diligent efforts, to obtain consent to disclosure, and
(ii) to visit the offices and properties of such Person and Cap Gemini-Poland, for the purpose of examining such materials described in clause (i) above, and to discuss matters relating to such Person’s financial condition or the
Collateral or any Person’s performance under any of the Transaction Documents or any Person’s performance under the Contracts or Cap Gemini-Poland’s performance under the Cap Gemini-Poland Contract and, in each case, with any of the
officers or employees of any Loan Party or Cap Gemini-Poland, as the case may be, having knowledge of such matters (each of the foregoing examinations and visits, a “Review”); provided,
however, that, so long as no Amortization Event or Cap Gemini-Poland Trigger Event has occurred and is continuing, (A) the Loan Parties shall only be responsible for the costs and expenses of one (1) Review in any one
calendar year, and (B) the Administrative Agent will not request more than two (2) Reviews in any one calendar year. 
 (e)
Keeping and Marking of Records and Books. 
 (i) The Servicer will maintain and implement administrative and operating
procedures (including, without limitation, an ability to recreate records evidencing Receivables in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably
necessary or advisable for the collection of all Receivables (including, without limitation, records adequate to permit the immediate identification of each new Receivable and all Collections of and adjustments to each existing Receivable). The
Servicer will give the Administrative Agent notice of any material change in the administrative and operating procedures referred to in the previous sentence. 

(ii) Each of the Loan Parties will: (A) on or prior to the date hereof, mark its master data processing records and other
books and records relating to the Loans with a legend, acceptable to the Administrative Agent, describing the Administrative Agent’s security interest in the Collateral and (B) upon the request of the Administrative Agent following the
occurrence and continuation of an Amortization Event: (x) mark each Contract constituting an instrument, chattel paper or a certificated security (each, as defined in the UCC) with a legend describing the Administrative Agent’s security
interest and (y) deliver to the Administrative Agent all Contracts (including, without limitation, all multiple originals of any such Contract constituting an instrument, a certificated security or chattel paper) relating to the Receivables.

  
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 (f) Compliance with Contracts and Credit and Collection Policy. Each of the Loan
Parties will timely and fully (i) perform and comply with all material provisions, covenants and other promises required to be observed by it under the Contracts related to the Receivables, and (ii) comply in all material respects with the
Credit and Collection Policy in regard to each Receivable and the related Contract. 
 (g) Performance and Enforcement of the Receivables
Sale and Contribution Agreement. Borrower will, and will require International Paper to, perform its respective obligations and undertakings under and pursuant to the Receivables Sale and Contribution Agreement. Borrower will purchase
Receivables thereunder in strict compliance with the terms thereof and will vigorously enforce the rights and remedies accorded to Borrower under the Receivables Sale and Contribution Agreement. Borrower will take all actions necessary to perfect
and enforce its rights and interests (and the rights and interests of the Administrative Agent and the Lenders as assignees of Borrower) under the Receivables Sale and Contribution Agreement as the Administrative Agent may from time to time
reasonably request, including, without limitation, making claims to which it may be entitled under any indemnity, reimbursement or similar provision contained in the Receivables Sale and Contribution Agreement. 

(h) Ownership. Borrower will (or will require International Paper to) take all necessary action to (i) vest legal and equitable
title to the Collateral irrevocably in Borrower, free and clear of any Adverse Claims (other than Adverse Claims in favor of the Administrative Agent, for the benefit of the Secured Parties) including, without limitation, the filing of all financing
statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Borrower’s interest in such Collateral and such other necessary action to perfect, protect or more
fully evidence the interest of Borrower therein as the Administrative Agent may reasonably request, and (ii) establish and maintain, in favor of the Administrative Agent, for the benefit of the Secured Parties, a valid and perfected first
priority security interest in all Collateral, free and clear of any Adverse Claims, including, without limitation, the filing of all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of
all appropriate jurisdictions to perfect the Administrative Agent’s (for the benefit of the Secured Parties) security interest in the Collateral and such other action to perfect, protect or more fully evidence the interest of the Administrative
Agent for the benefit of the Secured Parties as the Administrative Agent may reasonably request. 
 (i) Reliance. Borrower
acknowledges that the Agents and the Lenders are entering into the transactions contemplated by this Agreement in reliance upon Borrower’s identity as a legal entity that is separate from International Paper and its other Affiliates. Therefore,
from and after the date of execution and delivery of this Agreement, Borrower shall take all necessary and reasonable steps, including, without limitation, all steps that any Agent may from time to time reasonably request, to maintain
Borrower’s identity as a separate legal entity and to make it manifest to third parties that Borrower is an entity with assets and liabilities distinct from those of International Paper and any Affiliates thereof (other than Borrower) and not
just a division of International Paper or any such other Affiliate. Without limiting the generality of the foregoing and in addition to the other covenants set forth herein, Borrower will: 

(i) conduct its own business in its own name and require that all full-time employees of Borrower, if any, identify themselves
as such and not as employees of International Paper or any of its other Affiliates (including, without limitation, by means of providing appropriate employees with business or identification cards identifying such employees as Borrower’s
employees); 

  
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 (ii) compensate all consultants, independent contractors and agents
directly, from Borrower’s own funds, for services provided to Borrower by such consultants, independent contractors and agents and, to the extent any employee, consultant or agent of Borrower is also an employee, consultant or agent of
International Paper or any of its other Affiliates, allocate the compensation of such employee, consultant or agent between Borrower and International Paper or such other Affiliate, as applicable, on a basis that reflects the services rendered to
Borrower and International Paper or such other Affiliate, as applicable; 
 (iii) clearly identify its offices (by signage or
otherwise) as its offices and, to the extent that Borrower and any of its affiliates occupy any premises in the same location, allocate fairly, appropriately and nonarbitrarily any rent and overhead expenses among and between such entities with the
result that each entity bears its fair share of all such rent and expenses; 
 (iv) (A) have a separate telephone
number, which will be answered only in its name and (B) separate stationery in its own name; 
 (v) conduct all
transactions with International Paper and its other Affiliates (including, without limitation, acceptance of any delegation of International Paper’s obligations hereunder as Servicer) strictly on an
arm’s-length basis, allocate all overhead expenses (including, without limitation, telephone and other utility charges) for items shared between Borrower and International Paper and such other Affiliates
on the basis of actual use to the extent practicable and, to the extent such allocation is not practicable, on a basis reasonably related to actual use; 

(vi) at all times have a board of managers consisting of three members, at least one member of which is an Independent Manager;

 (vii) observe all limited liability company formalities as a distinct entity, and ensure that all limited liability
company actions relating to (A) the selection, maintenance or replacement of the Independent Manager , (B) the dissolution or liquidation of Borrower or (C) the initiation of, participation in, acquiescence in or consent to any bankruptcy,
insolvency, reorganization or similar proceeding involving Borrower, are duly authorized by unanimous vote of its Board of Managers (including the Independent Manager); 

(viii) maintain Borrower’s books and records separate from those of International Paper and any other Affiliate thereof
and otherwise readily identifiable as its own assets rather than assets of International Paper or any other Affiliate thereof; 

(ix) prepare its financial statements separately from those of International Paper and insure that any consolidated financial
statements of International Paper or any other Affiliate thereof that include Borrower and that are filed with the Securities and Exchange Commission or any other governmental agency have notes clearly stating that Borrower is a separate legal
entity and that its assets will be available first and foremost to satisfy the claims of the creditors of Borrower; 

  
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 (x) except as herein specifically otherwise provided, maintain the funds or
other assets of Borrower separate from, and not commingled with, those of International Paper or any other Affiliate thereof and only maintain bank accounts or other depository accounts to which Borrower alone is the account party, into which
Borrower alone makes deposits and from which Borrower alone (or the Administrative Agent hereunder) has the power to make withdrawals; 

(xi) pay all of Borrower’s operating expenses from Borrower’s own assets (except for certain payments by
International Paper or other Persons pursuant to allocation arrangements that comply with the requirements of this Section 7.1(i)); 

(xii) operate its business and activities such that: it does not engage in any business or activity of any kind, or enter into
any transaction or indenture, mortgage, instrument, agreement, contract, lease or other undertaking, other than the transactions contemplated and authorized by this Agreement and the Receivables Sale and Contribution Agreement; and does not create,
incur, guarantee, assume or suffer to exist any indebtedness or other liabilities, whether direct or contingent, other than (1) as a result of the endorsement of negotiable instruments for deposit or collection or similar transactions in the
ordinary course of business, (2) the incurrence of obligations under this Agreement, (3) the incurrence of obligations, as expressly contemplated in the Receivables Sale and Contribution Agreement, to make payment to International Paper
for the purchase of Receivables thereunder, and (4) the incurrence of operating expenses in the ordinary course of business of the type otherwise contemplated by this Agreement; 

(xiii) maintain its certificate of formation and operating agreement in conformity with this Agreement, such that (A) it
does not amend, restate, supplement or otherwise modify its certificate of formation and operating agreement in any respect that would impair its ability to comply with the terms or provisions of any of the Transaction Documents, including, without
limitation, this Section 7.l(i); and (B) at all times that this Agreement is in effect, provides for not less than ten (10) Business Days’ prior written notice to the Co-Agents of the
proposed replacement or appointment of any manager that is to serve as an Independent Manager for purposes of this Agreement and the condition precedent to giving effect to such replacement or appointment that each of the Co-Agents shall have determined in its reasonable judgment that the designated Person satisfies the criteria set forth in the definition herein of “Independent Manager” (it being understood that each of
the Co-Agents shall use commercially reasonable efforts to respond in writing to any such notice not more than ten (10) Business Days after its actual receipt thereof and, in the case of any negative
response, to specify the reason(s) therefor; provided, however, that in the event that any Co-Agent fails to respond in ten (10) Business Days after its actual receipt of such
notice, such Co-Agent shall be given a second notice of the proposed new Independent Manager and an additional five (5) Business Days to respond, and if such
Co-Agent fails to respond in such additional five (5) Business Days after its actual receipt of such second notice, such Co-Agent shall be deemed to have confirmed
that the designated Person satisfies the criteria set forth in the definition herein of “Independent Manager”); 

(xiv) maintain the effectiveness of the Receivables Sale and Contribution Agreement, and continue to perform under the
Receivables Sale and Contribution Agreement, such that it does not amend, restate, supplement, cancel, terminate or otherwise modify the Receivables Sale and Contribution Agreement, or give any consent, waiver, directive or approval thereunder or
waive any default, action, omission or breach under the Receivables Sale and Contribution Agreement or otherwise grant any indulgence thereunder, without (in each case) the prior written consent of the Administrative Agent, and, solely with regard
to Section 1.8 of the Receivables Sale and Contribution Agreement, the consent of the Administrative Agent and each Co-Agent; 

  
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 (xv) maintain its limited liability company separateness such that it does
not merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions, and except as otherwise contemplated herein) all or substantially all of its assets (whether now
owned or hereafter acquired) to, or acquire all or substantially all of the assets of, any Person, nor at any time create, have, acquire, maintain or hold any interest in any Subsidiary. 

(xvi) maintain at all times the Required Capital Amount (as defined in the Receivables Sale and Contribution Agreement) and
refrain from making any dividend, distribution, redemption of membership interests or payment of any subordinated indebtedness which would cause the Required Capital Amount to cease to be so maintained; and 

(xvii) take such other actions as are necessary on its part to ensure that the facts and assumptions set forth in the opinion
issued by Alston & Bird LLP as counsel for Borrower, in connection with the closing or initial Advance under this Agreement and relating to substantive consolidation issues, and in the certificates accompanying such opinion, remain true and
correct in all material respects at all times. 
 (j) Collections. Each of the Loan Parties will cause (1) all proceeds from all
Lock Boxes to be directly deposited by a Collection Bank into a Collection Account and (2) each Lock Box and Collection Account to be subject at all times to a Collection Account Agreement that is in full force and effect. In the event any
payments relating to the Collateral are remitted directly to Borrower or any Affiliate of Borrower, Borrower will remit (or will cause all such payments to be remitted) directly to a Collection Bank and deposited into a Collection Account within two
(2) Business Days following receipt thereof, and, at all times prior to such remittance, Borrower will itself hold or, if applicable, will cause such payments to be held in trust for the exclusive benefit of the Administrative Agent and the
Lenders. Borrower will maintain exclusive ownership, dominion and control (subject to the terms of this Agreement) of each Lock Box and Collection Account and shall not grant the right to take dominion and control of any Lock Box or Collection
Account at a future time or upon the occurrence of a future event to any Person, except to the Administrative Agent as contemplated by this Agreement. 

(k) Taxes. The Borrower will file all tax returns and reports required by law to be filed by it and International Paper will file all
material tax returns and reports required by law to be filed by it, and each of the Borrower and International Paper will promptly pay all taxes and governmental charges at any time owing, except any such taxes which are not yet delinquent or are
being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on its books. Borrower will pay when due any taxes payable in connection with the Receivables,
exclusive of taxes on or measured by income or gross receipts of any Agent or any Lender. 
 (l) Payment to International
Paper. With respect to any Receivable purchased by Borrower from International Paper, such sale shall be effected under, and in strict compliance with the terms of (including any grace periods contained therein), the Receivables Sale and
Contribution Agreement, including, without limitation, the terms relating to the amount and timing of payments to be made to International Paper in respect of the purchase price for such Receivable. 

  
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 Section 7.2 Negative Covenants of the Loan Parties. Until the Final Payout Date, each
Loan Party hereby covenants, as to itself, that: 
 (a) Name Change, Offices and Records. No Loan Party will change its name, identity
or structure (within the meaning of any applicable enactment of the UCC), change its state of organization, or change any office where Records are kept unless it shall have: (i) given the Administrative Agent at least ten (10) Business
Days’ prior written notice thereof and (ii) delivered to the Administrative Agent all financing statements, instruments and other documents reasonably and promptly requested by the Administrative Agent in connection with such change or
relocation. 
 (b) Change in Payment Instructions to Obligors. Except as may be required by the Administrative Agent pursuant to
Section 8.2(b), Borrower and the Servicer will not add or terminate any bank as a Collection Bank, or make any change in the instructions to Obligors regarding payments to be made to any Lock Box or Collection Account, unless the Administrative
Agent shall have received, at least ten (10) days before the proposed effective date therefor, (i) written notice of such addition, termination or change and (ii) with respect to the addition of a Collection Bank or a Collection
Account or Lock Box, an executed Collection Account Agreement with respect to the new Collection Account or Lock Box; provided, however, that the Servicer may make changes in instructions to Obligors without any prior
notice regarding payments if such new instructions require such Obligor to make payments to another existing Collection Account. 
 (c)
Modifications to Contracts and Credit and Collection Policy. Such Loan Party will not make any change to the Credit and Collection Policy that could adversely affect the collectibility of the Receivables or decrease the credit quality of any
newly created Receivables. Except as provided in Section 8.2(d), the Servicer will not extend, amend or otherwise modify the terms of any Receivable or any Contract related thereto other than in accordance with the Credit and Collection Policy.

 (d) Sales, Liens. Except as otherwise contemplated by the Transaction Documents, Borrower will not sell, assign (by operation of
law or otherwise) or otherwise dispose of, or grant any option with respect to, or create or suffer to exist any Adverse Claim upon (including, without limitation, the filing of any financing statement) or with respect to, any of the Collateral, or
assign any right to receive income with respect thereto (other than, in each case, the creation of a security interest therein in favor of the Administrative Agent as provided for herein), and Borrower will defend the right, title and interest of
the Secured Parties in, to and under any of the foregoing property, against all claims of third parties claiming through or under Borrower or International Paper. 

(e) Use of Proceeds. Borrower will not use the proceeds of the Advances for any purpose other than (i) paying for Receivables and
Related Security under and in accordance with the Receivables Sale and Contribution Agreement, including without limitation, making payments on the Subordinated Note to the extent permitted thereunder and under the Receivables Sale and Contribution
Agreement, (ii) making Demand Advances to International Paper at any time prior to the Facility Termination Date while it is acting as Servicer and no Amortization Event or Unmatured Amortization Event exists and is continuing,
(iii) paying its ordinary and necessary operating expenses when and as due, and (iv) making Restricted Junior Payments to the extent permitted under this Agreement. 

(f) Termination Date Determination. Borrower will not designate the Termination Date (as defined in the Receivables Sale and
Contribution Agreement), or send any written notice to International Paper in respect thereof, without the prior written consent of the Co-Agents, except with respect to the occurrence of such Termination Date
arising pursuant to Section 5.1(d) of the Receivables Sale and Contribution Agreement. 

  
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 (g) Restricted Junior Payments. Borrower will not make any Restricted Junior Payment
if after giving effect thereto, Borrower’s Net Worth (as defined in the Receivables Sale and Contribution Agreement) would be less than the Required Capital Amount (as defined in the Receivables Sale and Contribution Agreement). 

(h) Borrower Indebtedness. Borrower will not incur or permit to exist any Indebtedness or liability on account of deposits except:
(i) the Obligations, (ii) the Subordinated Loans, and (iii) other current accounts payable arising in the ordinary course of business and not overdue. 

(i) Prohibition on Additional Negative Pledges. No Loan Party will enter into or assume any agreement (other than this Agreement and the
other Transaction Documents) prohibiting the creation or assumption of any Adverse Claim upon the Collateral except as contemplated by the Transaction Documents, or otherwise prohibiting or restricting any transaction contemplated hereby or by the
other Transaction Documents, and no Loan Party will enter into or assume any agreement creating any Adverse Claim upon the Subordinated Notes. 

ARTICLE VIII. 
 ADMINISTRATION AND
COLLECTION 
 Section 8.1 Designation of Servicer. 

(a) The servicing, administration and collection of the Receivables shall be conducted by such Person (the “Servicer”)
so designated from time to time in accordance with this Section 8.1. International Paper is hereby designated as, and hereby agrees to perform the duties and obligations of, the Servicer pursuant to the terms of this Agreement. The
Administrative Agent shall upon the direction of the Majority Co-Agents at any time following the occurrence and continuation of an Amortization Event designate as Servicer any Person to succeed International
Paper or any successor Servicer provided that the Rating Agency Condition is satisfied. 
 (b) Without the prior written
consent of the Agents, International Paper shall not be permitted to delegate any of its duties or responsibilities as Servicer to any Person other than (i) Borrower, (ii) with respect to certain Defaulted Receivables, outside collection
agencies in accordance with its customary practices, and (iii) solely to the extent and on the conditions provided in Section 8.1(d), Cap Gemini-Poland. Neither Cap Gemini-Poland nor Borrower shall be permitted to further delegate to any
other Person any of the duties or responsibilities of the Servicer delegated to it by International Paper. If at any time the Administrative Agent shall designate as Servicer any Person other than International Paper, all duties and responsibilities
theretofore delegated by International Paper to Cap Gemini-Poland or Borrower may, at the discretion of the Administrative Agent, be terminated forthwith on notice given by the Administrative Agent to International Paper, Cap Gemini-Poland and
Borrower. 
 (c) Notwithstanding the foregoing subsection (b): (i) International Paper shall be and remain primarily liable to the Agents and
the Lenders for the full and prompt performance of all duties and responsibilities of the Servicer hereunder and (ii) the Agents and the Lenders shall be entitled to deal exclusively with International Paper in matters relating to the discharge
by the Servicer of its duties and responsibilities hereunder. The Agents and the Lenders shall not be required to give notice, demand or other communication to any Person other than International Paper in order for communication to the Servicer and
its sub-servicer or other delegate with respect thereto to be accomplished. International Paper, at all times that it is the Servicer, shall be responsible for providing any
sub-servicer or other delegate of the Servicer with any notice given to the Servicer under this Agreement. 

  
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 (d) International Paper may delegate its cash application, collection and posting
responsibilities with respect to Collections which are listed under the sub-heading “Basic Activities” in Section C to Schedule 1A of Change Order 9 and Section A of Schedule 1B of Change Order 12 to
the Cap Gemini-Poland Contract (collectively, the “Services”) to Cap Gemini-Poland so long as: 
 (i)
International Paper notifies the Agents in writing of the date on which International Paper ceases to perform in Memphis, Tennessee, the application and posting Services and the collection Services (each such date, a “Go-Live Date”), 
 (ii) within 45 days after each of the Go-Live Date for the application and posting Services and the Go-Live Date for the collection Services, International Paper tests (to the Agents’ satisfaction and in the
presence of an independent accounting firm of nationally recognized standing) International Paper’s ability to completely re-assume the delegated responsibilities within 24 hours after the occurrence of a
Cap Gemini-Poland Trigger Event that is not waived (the “Clawback Test”), 
 (iii) all Lock Boxes and
Collection Accounts remain in the United States of America, 
 (iv) International Paper continues to maintain the database
into which Cap Gemini-Poland is posting cash Collections on computers in the United States which are owned or leased by International Paper and under International Paper’s (or one of its domestic Affiliates’) control, 

(v) Cap Gemini-Poland does not become a creditor of the Borrower, 

(vi) there is no increase in the overall cost of servicing the Receivables as a result of such delegation, and 

(vii) copies of all change orders and other amendments or supplements to the Cap Gemini-Poland Contract that relate in any
manner to (A) the Receivables and Collections, (B) the Services, and/or (C) any Person’s rights to terminate the Services, are provided to the Agents prior to the effective date thereof and without the Agents’ prior written
consent, there is no Change Order or other amendment or supplement to the Cap Gemini-Poland Contract now or hereafter executed by any Affiliate of International Paper that seeks to alter the Services being performed with respect to the Receivables
or the locations where the cash application, collection and posting Services are performed as set forth on Schedule 17 to the Cap Gemini-Poland Contract. 

In addition, upon the occurrence of a Cap Gemini-Poland Trigger Event, within 15 Business Days after receipt of written instructions from one
or more of the Agents requiring termination of the delegation of all or any portion of the Services, International Paper shall cease delegating the specified portion of the Services and re-assume performance
thereof in Memphis, Tennessee or such other location to be determined by International Paper. In addition, following the occurrence of a Cap Gemini-Poland Trigger Event that is not waived by the Agents within 15 Business Days after the occurrence
thereof, the Agents shall be entitled to conduct a Review pursuant to Section 7.1(d) to determine whether the Servicer has completely re-assumed all duties previously delegated to Cap
Gemini-Poland pursuant to this Section that are requested by the Agents to be re-assumed. 

  
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 Section 8.2 Duties of Servicer. 

(a) The Servicer shall take or cause to be taken all such actions as may be necessary or advisable to collect each Receivable from time to
time, all in accordance with applicable laws, rules and regulations, with reasonable care and diligence, and in accordance with the Credit and Collection Policy. 

(b) The Servicer will instruct all Obligors to pay all Collections directly to a Lock Box or Collection Account. The Servicer shall effect a
Collection Account Agreement in form reasonably acceptable to the Administrative Agent with each bank party to a Collection Account at any time. In the case of any remittances received in any Lock Box or Collection Account that shall have been
identified, to the satisfaction of the Servicer, to not constitute Collections or other proceeds of the Receivables or the Related Security, the Servicer shall promptly remit such items to the Person identified to it as being the owner of such
remittances. From and after the date the Administrative Agent delivers to any Collection Bank a Collection Notice pursuant to Section 8.3, the Administrative Agent may request that the Servicer, and the Servicer thereupon promptly shall
instruct all Obligors with respect to the Receivables, to remit all payments thereon to a new depositary account specified by the Administrative Agent and, at all times thereafter, Borrower and the Servicer shall not deposit or otherwise credit, and
shall not permit any other Person to deposit or otherwise credit to such new depositary account any cash or payment item other than Collections. 

(c) The Servicer shall administer the Collections in accordance with the procedures described herein and in Article II. The Servicer shall set
aside and hold in trust for the account of Borrower and the Lenders their respective shares of the Collections in accordance with Article II. The Servicer shall, upon the request of the Administrative Agent, segregate, in a manner acceptable to the
Administrative Agent, all cash, checks and other instruments received by it from time to time constituting Collections from the general funds of the Servicer or Borrower prior to the remittance thereof in accordance with Article II. If the Servicer
shall be required to segregate Collections pursuant to the preceding sentence, the Servicer shall segregate and deposit with a bank designated by the Administrative Agent such allocable share of Collections of Receivables set aside for the Lenders
on the first Business Day following receipt by the Servicer of such Collections, duly endorsed or with duly executed instruments of transfer. 

(d) The Servicer may, in accordance with the Credit and Collection Policy, extend the maturity of any Receivable or adjust the Outstanding
Balance of any Receivable as the Servicer determines to be appropriate to maximize Collections thereof; provided, however, that such extension or adjustment shall not alter the status of such Receivable as a Delinquent
Receivable or Defaulted Receivable or limit the rights of the Administrative Agent or the Lenders under this Agreement. Notwithstanding anything to the contrary contained herein, upon the occurrence and during the continuance of an Amortization
Event the Administrative Agent shall have the absolute and unlimited right to direct the Servicer to commence or settle any legal action with respect to any Receivable or to foreclose upon or repossess any Related Security. 

(e) The Servicer shall hold in trust for Borrower and the Lenders all Records that (i) evidence or relate to the Receivables, the related
Contracts and Related Security or (ii) are otherwise necessary or desirable to collect the Receivables and shall, as soon as practicable after the occurrence and during the continuance of an Amortization Event and upon demand of the
Administrative Agent, deliver or make available to the Administrative Agent all such Records, at a place selected by the Administrative Agent. The Servicer shall, as soon as practicable following receipt thereof turn over to Borrower any cash
collections or other cash proceeds received with respect to Indebtedness not constituting Receivables. The Servicer shall, from time to time at the request of any Lender, furnish to the Lenders (promptly after any such request) a calculation of the
amounts set aside for the Lenders pursuant to Article II. 

  
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 (f) Any payment by an Obligor in respect of any indebtedness owed by it to International
Paper or Borrower shall, except as otherwise specified by such Obligor or otherwise required by contract or law and unless otherwise instructed by the Administrative Agent, be applied as a Collection of any Receivable of such Obligor (starting with
the oldest such Receivable) to the extent of any amounts then due and payable thereunder before being applied to any other receivable or other obligation of such Obligor. 

Section 8.3 Collection Notices. The Administrative Agent is authorized at any time after the occurrence and continuation of an
Amortization Event to date and to deliver to the Collection Banks the Collection Notices. Borrower hereby transfers, to the fullest extent permitted by applicable law, to the Administrative Agent for the benefit of the Lenders, effective when the
Administrative Agent delivers such notice, the exclusive ownership and control of each Lock Box and the Collection Accounts. In case any authorized signatory of Borrower whose signature appears on a Collection Account Agreement shall cease to have
such authority before the delivery of such notice, such Collection Notice shall nevertheless be valid as if such authority had remained in force. Borrower hereby irrevocably constitutes and appoints the Administrative Agent with full power of
substitution, as Borrower’s true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of Borrower and in the name of
Borrower or in its own name and without limiting the generality of the foregoing, grants to Administrative Agent the power and right, on behalf of Borrower, without notice or assent by Borrower to (i) at any time after delivery of the
Collection Notices, endorse Borrower’s name on checks and other instruments representing Collections, (ii) at any time after the occurrence and continuation of an Amortization Event, enforce the Receivables, the related Contracts and the
Related Security, and (iii) at any time after the occurrence and continuation of an Amortization Event, take such action as shall be necessary or desirable to cause all cash, checks and other instruments constituting Collections of Receivables
to come into the possession of the Administrative Agent rather than Borrower. 
 Section 8.4 Responsibilities of Borrower. Anything
herein to the contrary notwithstanding, the exercise by the Administrative Agent and the Lenders of their rights hereunder shall not release the Originator or Borrower from any of their duties or obligations with respect to any Receivables or under
the related Contracts. The Lenders shall have no obligation or liability with respect to any Receivables or related Contracts, nor shall any of them be obligated to perform the obligations of Borrower. 

Section 8.5 Collateral Reports. The Servicer shall prepare and forward to the Co-Agents
(i) on each Monthly Reporting Date, a Monthly Report and an electronic file of the data contained therein, (ii) on each Weekly Reporting Date while any Loans are outstanding, a Weekly Report and an electronic file of the data contained
therein, (iii) on each Daily Reporting Date while any Loans are outstanding, a Daily Report and an electronic file of the data contained therein, and (iv) upon five (5) Business Day’s notice by Administrative Agent and in no
event not more than once every six (6) months, a listing by Obligor (such Obligors to be limited to those with payables in excess of $250,000) of all Receivables together with an aging of such Receivables; provided, however, that
if (a) an Amortization Event shall exist and be continuing or (b) International Paper’s long term senior debt rating from either or both of S&P or Moody’s shall cease to be investment grade, at such times as the
Administrative Agent shall request, the Servicer agrees to prepare and forward to the Co-Agents a listing by Obligor of all Receivables together with an aging of such Receivables. 

  
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 Section 8.6 Servicing Fee. As compensation for the Servicer’s servicing activities
on their behalf, the Borrower hereby agrees to pay the Servicer the Servicing Fee, which fee shall be paid in arrears on the 2nd Business Day after each Monthly Reporting Date, and the parties hereby agree that such fee shall be paid out of
Collections in accordance with Section 3.2. The Servicer shall be solely responsible for paying any and all fees and expenses of Cap Gemini-Poland when and as due under the terms of the Cap Gemini-Poland Contract. 

ARTICLE IX. 
 AMORTIZATION EVENTS

 Section 9.1 Amortization Events. The occurrence of any one or more of the following events shall constitute an
“Amortization Event:” 
 (a) Any Loan Party shall fail to make any payment or deposit: (i) of principal when
required to be made by it under the Transaction Documents; provided, however, that in the event such payment or deposit of principal is required because Aggregate Principal is discovered to exceed the
Borrowing Base after delivery of a recomputation of the Borrowing Base pursuant to Section 3.1, such failure to pay or deposit principal when due shall not constitute an Amortization Event unless and until such failure continues for one
(1) Business Day; or (ii) of any other Obligation or amount not covered by clause (i) when required to be made by it under the Transaction Documents and such failure continues for three (3) consecutive Business Days. 

(b) Any representation, warranty, certification or statement made by International Paper or any Loan Party in any Transaction Document to which
it is a party or in any other document delivered pursuant thereto shall prove to have been incorrect in any material respect when made or deemed made; provided that the materiality threshold in the foregoing clause shall not be applicable with
respect to any representation or warranty which itself is subject to a materiality threshold. 
 (c) (i) Borrower shall appoint any
Person to serve as an additional or replacement Independent Manager without first having given the written notice required under Section 7.l(i)(xiii) to the Co-Agents and obtained the Co-Agents’ written confirmation of such Person’s independence as required in such Section; or (ii) any Loan Party shall fail to perform or observe any covenant contained in Section 7.2 or 8.5
when due. 
 (d) (i) Any Loan Party shall fail to perform or observe any covenant or agreement contained in Section 7.1(a)(i),
(ii), (iii) (iv), (v) or (vii)(B), Section 7.1(b)(vi), Section 7.1(f)(i), Section 7.1(i)(ii), (iii), (iv)(A) or (xvii) or Section 7.1(k), and such failure shall continue for thirty (30) consecutive days, or
(ii) the Servicer shall fail to completely re-assume any and all duties delegated to Cap Gemini-Poland if required pursuant to clause (vi) of Section 8.1(d) within 24 hours after termination
under such clause (vi), or (iii) except as provided in any other subsection or clause of this Section 9.1, any Loan Party shall fail to perform or observe any other covenant or agreement contained in any of the Transaction Documents and
such failure shall continue for ten (10) consecutive Business Days. 
 (e) Failure of Borrower to pay any Indebtedness (other than the
Obligations) when due or the default by Borrower in the performance of any term, provision or condition contained in any agreement under which any such Indebtedness was created or is governed, the effect of which is to cause, or to permit the holder
or holders of such Indebtedness to cause, such Indebtedness to become due prior to its stated maturity; or any such Indebtedness of Borrower shall be declared to be due and payable or required to be prepaid (other than by a regularly scheduled
payment) prior to the date of maturity thereof. 

  
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 (f) (i) Failure of International Paper or any of its Material Subsidiaries other than
Borrower to pay Indebtedness in excess of $200,000,000 in aggregate principal amount (hereinafter, “Material Indebtedness”) when due; or the default by International Paper or any of its Material Subsidiaries other than
Borrower in the performance of any term, provision or condition contained in any agreement under which any Material Indebtedness was created or is governed, if the effect of such event is to cause, or to permit the holder or holders of such Material
Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice or lapse of time if required, such Material Indebtedness to become due prior to its stated maturity (an
“Acceleration”), and such time shall have lapsed and, if any notice (a “Default Notice) shall be required to commence a grace period or declare the occurrence of any event of default before notice of Acceleration may be
delivered, such Default Notice shall have been given; or (ii) any Material Indebtedness of International Paper or any of its Material Subsidiaries other than Borrower shall be declared to be due and payable or required to be prepaid (other than
by a regularly scheduled payment) prior to the date of maturity thereof. 
 (g) An Event of Bankruptcy shall occur with respect to any Loan
Party or any Material Subsidiary of International Paper. 
 (h) As at the end of any Calculation Period: 

(i) the three-month rolling average Past Due Ratio shall exceed 1.75%; 

(ii) the three-month rolling average Default Ratio shall exceed 1.50%, or 

(iii) the three-month rolling average Dilution Ratio shall exceed 8.25%. 

(i) A Change of Control shall occur. 

(j) One or more final judgments for the payment of money in an aggregate amount of $12,299 or more shall be entered against Borrower on claims
not covered by insurance or as to which the insurance carrier has denied its responsibility, and such judgment shall continue unsatisfied and in effect for thirty (30) consecutive days without a stay of execution or (ii) one or more final
judgments for the payment of money in an amount in excess of $200,000,000, individually or in the aggregate, shall be entered against International Paper or any of its Material Subsidiaries (other than Borrower) on claims not covered by insurance or
as to which the insurance carrier has denied its responsibility, and such judgment shall continue unsatisfied and in effect for sixty (60) consecutive days without a stay of execution. 

(k) The “Termination Date” under and as defined in the Receivables Sale and Contribution Agreement shall occur or
International Paper shall for any reason cease to transfer, or cease to have the legal capacity to transfer, or otherwise be incapable of transferring Receivables under the Receivables Sale and Contribution Agreement. 

(l) This Agreement shall terminate in whole or in part (except in accordance with its terms), or shall cease to be effective or to be the
legally valid, binding and enforceable obligation of Borrower, or any Obligor shall directly or indirectly contest in any manner such effectiveness, validity, binding nature or enforceability, or the Administrative Agent for the benefit of the
Lenders shall cease to have a valid and perfected first priority security interest in the Collateral. 
 (m) On any Settlement Date, after
giving effect to the turnover of Collections by the Servicer on such date and the application thereof to the Obligations in accordance with this Agreement, (i) the Aggregate Principal shall exceed the Aggregate Facility Amount or (ii) the
Net Pool Balance shall be less than the sum of (A) the Aggregate Principal plus (B) the Required Reserve. 

  
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 (n) (i) International Paper’s ratio of Total Debt to Total Capital shall exceed
0.60 to 1.00, or (ii) International Paper’s Consolidated Net Worth is less than nine billion dollars ($9,000,000,000). 
 (o) The
Internal Revenue Service shall file notice of a lien pursuant to Section 6323 of the Tax Code with regard to any of the Collateral and such lien shall not have been released within ten (10) days, or the PBGC shall file notice of a lien
pursuant to Section 4068 of ERISA with regard to any of the Collateral and such lien shall not have been released within ten (10) days. 

(p) Any Plan of any Loan Party or any of its ERISA Affiliates: 

(i) shall fail to be funded in accordance with the minimum funding standard required by applicable law, the terms of such Plan,
Section 412 of the Tax Code or Section 302 of ERISA for any plan year or a waiver of such standard is sought or granted with respect to such Plan under applicable law, the terms of such Plan or Section 412 of the Tax Code or
Section 303 of ERISA; or 
 (ii) is being, or has been, terminated or the subject of termination proceedings under
applicable law or the terms of such Plan; or 
 (iii) shall require any Loan Party or any of its ERISA Affiliates to provide
security under applicable law, the terms of such Plan, Section 401 or 412 of the Tax Code or Section 306 or 307 of ERISA; or 

(iv) results in a liability to any Loan Party or any of its ERISA Affiliates under applicable law, the terms of such Plan, or
Title IV ERISA, 
 and, in each case, there shall result from any such failure, waiver, termination or other event a liability to the PBGC or a Plan that
would have a Material Adverse Effect that is not remedied within ten (10) days of the creation of such liability. 
 (q) Any downgrade
of the long term senior unsecured debt rating of International Paper to or below “B+” by S&P or “B1” by Moody’s. 

(r) The occurrence under the 5-Year Credit Agreement, dated as of December 12, 2016, among
International Paper, the lenders party thereto from time to time party and J.P. Morgan Chase Bank N.A., as administrative agent (as amended, supplemented or otherwise modified from time to time, the “IP Credit Agreement”), of
the Commitment Termination Date (as defined in the IP Credit Agreement), or the voluntary termination of the Commitments (as defined in the IP Credit Agreement) by International Paper, prior to the Facility Termination Date, unless Mizuho is
replaced as Administrative Agent, Mizuho Agent and a Lender hereunder within thirty (30) days of the occurrence of such Commitment Termination Date or the date of termination of such Commitments. 

Section 9.2 Remedies. Upon the occurrence and during the continuation of an Amortization Event, the Administrative Agent may, or upon the
direction of the Majority Co-Agents shall, take any of the following actions: (i) replace the Person then acting as Servicer if the Administrative Agent has not already done so, (ii) declare the
Amortization Date to have occurred, whereupon the Amortization Date shall forthwith occur and the Lenders’ commitments hereunder shall immediately terminate, all without demand, protest or further notice of any kind, all of which are hereby
expressly waived by each Loan Party; provided, however, that upon the occurrence of an Event of Bankruptcy with respect to any Loan Party, the Amortization Date shall automatically occur, without

  
 31 

 
demand, protest or any notice of any kind, all of which are hereby expressly waived by each Loan Party, (iii) deliver the Collection Notices to the Collection Banks, (iv) exercise all
rights and remedies of a secured party upon default under the UCC and other applicable laws, and (v) notify Obligors of the Administrative Agent’s security interest in the Receivables and other Collateral. The aforementioned rights and
remedies shall be without limitation, and shall be in addition to all other rights and remedies of the Administrative Agent and the Lenders otherwise available under any other provision of this Agreement, by operation of law, at equity or otherwise,
all of which are hereby expressly preserved, including, without limitation, all rights and remedies provided under the UCC, all of which rights shall be cumulative. 

ARTICLE X. 
 INDEMNIFICATION 

Section 10.1 Indemnities by Borrower and Servicer. Without limiting any other rights that the any such Person may have hereunder or under
applicable law and subject to the last sentence of this Section 10.1: 
 (A) Borrower hereby agrees to indemnify (and pay upon demand
to) each of the Affected Parties, each of their respective Affiliates, and each of the respective assigns, officers, directors, agents and employees of the foregoing (each, an “Indemnified Party”) from and against any and all
damages, losses, claims, taxes, liabilities, penalties, costs, expenses and for all other amounts payable, including reasonable attorneys’ fees (which attorneys may be employees of any Agent or Lender) and disbursements (all of the foregoing
being collectively referred to as “Indemnified Amounts”) awarded against or incurred by any of them directly or indirectly arising out of or as a result of the execution, delivery, performance,
non-performance, enforcement, non-enforcement of, or other condition or circumstance whatsoever with respect to, this Agreement or any of the Transaction Documents
including without limitation (i) any fees and expenses of attorneys and other advisers and (ii) any Taxes (other than Excluded Taxes): (I) which may be asserted or imposed in respect of the Loans or the receipt of Collections or other
proceeds with respect to the Loans or any Related Security, (II) which may arise by reason of the Loans or ownership or the sale or other disposition thereof, or any other interest in the Loans or in any Related Security, or (III) which
may arise otherwise by reason of the execution, delivery, performance, non-performance, enforcement or non-enforcement of, or other condition or circumstance whatsoever
with respect to the Loans, the Related Security, this Agreement or any Transaction Document, except that, notwithstanding the foregoing parenthetical exclusion relating to Excluded Taxes, in the event that the Obligations
of Borrower hereunder are for any reason determined not to be treated as indebtedness of Borrower for income or franchise tax purposes, Borrower shall indemnify each Indemnified Party in respect of such additional amounts in respect of such Taxes as
may be described in clauses (I), (II) or (III), with such amounts being calculated on an after-tax basis, as are imposed on or incurred by an Indemnified Party to the extent that such Taxes would not have been
imposed or incurred (or would not have been imposed or incurred at the same time) had the Obligations of Borrower hereunder or the acquisition, either directly or indirectly, by a Conduit of an interest in the Receivables, been treated as
indebtedness for such income or franchise tax purposes, as applicable and 
 (B) the Servicer hereby agrees to indemnify (and pay upon demand
to) each Indemnified Party for Indemnified Amounts awarded against or incurred by any of them arising directly or indirectly out of the Servicer’s activities as Servicer hereunder, 

excluding, however, in all of the foregoing instances under the preceding clauses (A) and (B), Indemnified Amounts to the
extent such Indemnified Amounts resulted from gross negligence or willful misconduct on the part of the Indemnified Party seeking indemnification. 

  
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 Without limiting the generality of the foregoing indemnification, Borrower shall indemnify the Indemnified
Parties for Indemnified Amounts (including, without limitation, losses in respect of uncollectible receivables, regardless of whether reimbursement therefor would constitute recourse to Borrower or the Servicer) relating to or resulting from: 

(i) any representation or warranty made by Borrower or International Paper (or any officers of any such Person) under or in
connection with this Agreement, any other Transaction Document or any other information or report delivered by any such Person pursuant hereto or thereto, which shall have been false or incorrect when made or deemed made; 

(ii) the failure by Borrower or International Paper to comply with any applicable law, rule or regulation with respect to any
Receivable or Contract related thereto, or the nonconformity of any Receivable or Contract included therein with any such applicable law, rule or regulation or any failure of International Paper to keep or perform any of its obligations, express or
implied, with respect to any Contract; 
 (iii) any failure of Borrower or International Paper to perform its duties,
covenants or other obligations in accordance with the provisions of any Transaction Document to which it is a party; 
 (iv)
any products liability, personal injury or damage suit, or other similar claim arising out of or in connection with merchandise, insurance or services that are the subject of any Contract or any Receivable; 

(v) any dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor) of the Obligor to the payment of
any Receivable (including, without limitation, a defense based on such Receivable or the related Contract not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim
resulting from the sale of the merchandise or service related to such Receivable or the furnishing or failure to furnish such merchandise or services; 

(vi) the commingling of Collections of Receivables at any time with other funds; 

(vii) any investigation, litigation or proceeding related to or arising from any Transaction Document, the transactions
contemplated hereby, the use of the proceeds of any Advance, the Collateral or any other investigation, litigation or proceeding relating to Borrower or International Paper in which any Indemnified Party becomes involved as a result of any of the
transactions contemplated hereby; 
 (viii) any inability to litigate any claim against any Obligor in respect of any
Receivable as a result of such Obligor being immune from civil and commercial law and suit on the grounds of sovereignty or otherwise from any legal action, suit or proceeding; 

(ix) the occurrence and continuation of any Amortization Event; 

(x) any failure of Borrower to acquire and maintain legal and equitable title to, and ownership of any of the Collateral, free
and clear of any Adverse Claim (other than as created hereunder); or any failure of Borrower to give reasonably equivalent value in consideration of the transfer by International Paper of any Receivable, or any attempt by any Person to void such
transfer under statutory provisions or common law or equitable action; 

  
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 (xi) any failure to vest and maintain vested in the Administrative Agent for
the benefit of the Secured Parties, or to transfer to the Administrative Agent for the benefit of the Secured Parties, a valid first priority perfected security interest in the Collateral, free and clear of any Adverse Claim (except as created by
the Transaction Documents); 
 (xii) the failure to have filed, or any delay in filing, financing statements or other similar
instruments or documents under the UCC of any applicable jurisdiction or other applicable laws with respect to any Collateral, and the proceeds thereof, whether at the time of any Advance or at any subsequent time; 

(xiii) any action or omission by Borrower or International Paper which reduces or impairs the rights of the Administrative
Agent or the Lenders with respect to any Collateral or the value of any Collateral; 
 (xiv) any attempt by any Person to
void any Advance or the Administrative Agent’s security interest in the Collateral held on behalf of the Secured Parties under statutory provisions or common law or equitable action; 

(xv) the failure of any Receivable included in the calculation of the Net Pool Balance as an Eligible Receivable to be an
Eligible Receivable at the time so included; and 
 (xvi) any breach by the Originator of any confidentiality clause in any
Contract governing a Receivable except for a Receivable that, prior to the assertion of such breach, had already become a Defaulted Receivable. 

Notwithstanding the foregoing, (A) the foregoing indemnification contained in this Section 10.1 is not intended to, and shall not, constitute a
guarantee of collectibility or payment of the Receivables; and (B) nothing in this Section 10.1 shall require Borrower to indemnify the Indemnified Parties for Receivables which are not collected, not paid or otherwise uncollectible on
account of the insolvency, bankruptcy, credit-worthiness or financial inability to pay of the applicable Obligor. 
 Section 10.2
Increased Cost and Reduced Return. 
 (a) If after the date hereof, any Funding Source shall be charged any fee, expense or increased cost on
account of the adoption of any applicable law, rule or regulation (including any applicable law, rule or regulation regarding capital adequacy and including any rules or regulations issued under or implementing any existing law) or any
change therein, or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance with any
request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency, including any request or directive relating to a Funding Source’s calculations of regulatory capital requirements
(a “Regulatory Change”): (i) that subjects any Funding Source to any charge or withholding on or with respect to any Funding Agreement or a Funding Source’s obligations under a Funding Agreement, or on or with respect to
the Receivables, or changes the basis of taxation of payments to any Funding Source of any amounts payable under any Funding Agreement (except for changes in the rate of tax on the overall net income of a Funding Source or Excluded Taxes) or
(ii) that imposes, modifies or deems applicable any reserve, 

  
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assessment, insurance charge, special deposit, increase in capital or similar requirement against assets of, deposits with or for the account of a Funding Source, or credit extended by a Funding
Source pursuant to a Funding Agreement or (iii) that imposes any other condition the result of which is to increase the cost to a Funding Source of performing its obligations under a Funding Agreement, or to reduce the rate of return on
a Funding Source’s capital as a consequence of its obligations under a Funding Agreement, or to reduce the amount of any sum received or receivable by a Funding Source under a Funding Agreement or to require any payment calculated by reference
to the amount of interests or loans held or interest received by it (each such Funding Source that suffers any event described in any of the preceding clauses (i)-(iii), an “Affected Entity”), then, upon
written demand by the applicable Co-Agent upon the Borrower (with a copy to the Administrative Agent and Servicer), the Borrower shall pay to the Administrative Agent, for the benefit of the relevant Affected
Entity, such amounts charged to such Affected Entity or such amounts to otherwise compensate such Affected Entity for such increased cost or such reduction; provided, however, that in the case of a
Regulatory Change resulting in an increase in the regulatory capital required to be maintained by any Affected Entity, the Borrower shall not be liable to compensate such Affected Entity for such increase for any period prior to the 61st day following written notification thereof from the applicable Co-Agent to the Borrower (with a copy to the Administrative Agent and the Servicer). 

(b) If Affected Entities from less than all of the Groups request compensation under Section 10.2(a), the Borrower
shall have the right to (i) replace the claiming Group by requiring all of its Constituents to assign all or any portion of their Outstanding Advance Amount, Maximum Advance Amount, Group Limit and outstanding Obligations, as applicable, by
entering into written assignments with one or more Eligible Assignees identified by the Borrower, and (ii) without regard to any other provision of this Agreement requiring payments to be made or Maximum Advance Amounts to be reduced ratably
amongst the Groups, to pay in full all remaining Obligations (if any) owing to such Group and terminate the remaining portion (if any) of such Group’s Maximum Advance Amount and Group Limit. Each assignment pursuant to clause (i) above to
an Eligible Assignee (which may include a Constituent of another Co-Agent) shall become effective on the date specified therein subject to receipt of payment in full on such date for all Obligations owing to
the Group being replaced, and the Group being replaced agrees to make the requested assignments; provided that (A) any expenses or other amounts which would be owing to such Group pursuant to any indemnification
provision hereof (including, without limitation, Section 4.3) shall be payable by the Borrower as if the Borrower had prepaid the Loans of the assigning Group rather than the members of such Group having assigned their respective interests
hereunder, and (B) if the Administrative Agent is an Affiliate of the members of any Group that is being replaced, the Borrower shall appoint a successor Administrative Agent from the Eligible Assignees or remaining Groups. To the extent that
replacement of the Administrative Agent or any partial reduction of the Aggregate Advance Amount resulting from the foregoing assignments or prepayments requires amendments (rather than assignments) of this Agreement or any of the Transaction
Documents, each of the parties hereto agrees to cooperate with the preparation and execution of such amendments. 
 Section 10.3 Other
Costs and Expenses. 
 (a) Initial Expenses Borrower shall pay to the Agents and the Conduits, on demand, all Arrangement Fees
outlined in the Fee Letters, travel expenses actually incurred in connection with the Agents’ pre-closing due diligence visit, the fees of Protiviti (or other agreed-upon auditor), and the legal fees
payable to Latham & Watkins, LLP pursuant to a separate agreement (whether such fees are incurred before or after the closing). 

(b) Subsequent Costs. Borrower shall also pay to the Administrative Agent, on demand, all reasonable costs and expenses actually
incurred by the Administrative Agent in connection with matters contemplated hereby to occur post-closing and any post-closing documents to be delivered hereunder, including without limitation, the costs of the Administrative Agent’s auditors
auditing the 

  
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books, records and procedures of Borrower, the reasonable fees and out-of-pocket expenses of outside legal counsel
for the Administrative Agent actually incurred (but no payment shall be due for such counsel who are employees of the Conduits, the Co-Agents or the Administrative Agent) with respect to the Transaction
Documents, any amendments thereto and the transactions contemplated thereby, any fees of rating agencies associated with reviewing the Transaction Documents and providing rating confirmations, or other confirmation related to the rating, of each
Conduit’s commercial paper in connection herewith or therewith and with respect to advising the Agents and the Lenders as to their respective rights and remedies under the Transaction Documents. Furthermore, following the occurrence of an
Amortization Event, Borrower shall pay to the applicable Agent, on demand, any and all reasonable costs and expenses of the Agents and the Lenders (including reasonable counsel fees and expenses) actually incurred in connection with the enforcement
of the Transaction Documents and in connection with any restructuring or workout of this Agreement or the administration of the Transaction Documents. 

ARTICLE XI. 
 THE AGENTS 

Section 11.1 Appointment. 

(a) Each member of the Mizuho Group hereby irrevocably designates and appoints Mizuho Bank, Ltd., as Mizuho Agent hereunder
and under the other Transaction Documents to which the Mizuho Agent is a party, and authorizes the Mizuho Agent to take such action on its behalf under the provisions of the Transaction Documents and to exercise such powers and perform such
duties as are expressly delegated to the Mizuho Agent by the terms of the Transaction Documents, together with such other powers as are reasonably incidental thereto. Each member of the Atlantic Group hereby irrevocably designates and appoints
Credit Agricole Corporate and Investment Bank, as Atlantic Agent hereunder and under the other Transaction Documents to which the Atlantic Agent is a party, and authorizes the Atlantic Agent to take such action on its behalf under the provisions of
the Transaction Documents and to exercise such powers and perform such duties as are expressly delegated to the Atlantic Agent by the terms of the Transaction Documents, together with such other powers as are reasonably incidental thereto. Each of
the Lenders and the Co-Agents hereby irrevocably designates and appoints Mizuho Bank, Ltd. as Administrative Agent hereunder and under the Transaction Documents to which the Administrative Agent is a party,
and authorizes the Administrative Agent to take such action on its behalf under the provisions of the Transaction Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of
the Transaction Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, none of the Agents shall have any duties or responsibilities, except those
expressly set forth in the Transaction Documents to which it is a party, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of such Agent shall be read
into any Transaction Document or otherwise exist against such Agent. 
 (b) The provisions of this Article XI are solely for the benefit of
the Agents and the Lenders, and neither of the Loan Parties shall have any rights as a third-party beneficiary or otherwise under any of the provisions of this Article XI, except that this Article XI shall not affect any obligations which any of the
Agents or Lenders may have to either of the Loan Parties under the other provisions of this Agreement. 
 (c) In performing its functions and
duties hereunder, (i) each Co-Agent shall act solely as the agent of its Constituents and does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for
either of the Loan Parties or any of their respective successors and assigns and (ii) the Administrative Agent shall act solely as the agent of the Secured Parties and does not assume nor shall be deemed to have assumed any obligation or
relationship of trust or agency with or for either of the Loan Parties or any of their respective successors and assigns. 

  
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 Section 11.2 Delegation of Duties. Each of the Agents may execute any of its duties
under the Transaction Documents to which it is a party by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters
pertaining to such duties. None of the Agents shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable
care. 
 Section 11.3 Exculpatory Provisions. None of the Agents nor any of its directors, officers, agents or employees shall be
(i) liable for any action lawfully taken or omitted to be taken by it or them or any Person described in Section 11.2 under or in connection with this Agreement (except for its, their or such Person’s own bad faith, gross negligence
or willful misconduct), or (ii) responsible in any manner to any of the Lenders or other Agents for any recitals, statements, representations or warranties made by Borrower contained in this Agreement or in any certificate, report, statement or
other document referred to or provided for in, or received under or in connection with, this Agreement or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other document furnished in
connection herewith, or for any failure of either of the Loan Parties to perform its respective obligations hereunder, or for the satisfaction of any condition specified in Article V, except receipt of items required to be delivered to such Agent.
None of the Agents shall be under any obligation to any other Agent or any Lender to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to inspect the
properties, books or records of the Loan Parties. This Section 11.3 is intended solely to govern the relationship between the Agents, on the one hand, and the Lenders, on the other. 

Section 11.4 Reliance by Agents. 

(a) Each of the Agents shall in all cases be entitled to rely, and shall be fully protected in relying, upon any note, writing, resolution,
notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the
proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Loan Parties), independent accountants and other experts selected by such Agent. Each of the Agents shall in all cases be fully
justified in failing or refusing to take any action under this Agreement or any other document furnished in connection herewith unless it shall first receive such advice or concurrence of such of its Lenders as it shall determine to be appropriate
under the relevant circumstances, or it shall first be indemnified to its satisfaction by its Lenders against any and all liability, cost and expense which may be incurred by it by reason of taking or continuing to take any such action. 

(b) Any action taken by any of the Agents in accordance with Section 11.4(a) shall be binding upon all of the Agents and the Lenders. 

Section 11.5 Notice of Amortization Event. None of the Agents shall be deemed to have knowledge or notice of the occurrence of any
Amortization Event or Unmatured Amortization Event unless such Agent has received notice from another Agent, a Lender or a Loan Party referring to this Agreement, stating that an Amortization Event or Unmatured Amortization Event has occurred
hereunder and describing such Amortization Event or Unmatured Amortization Event. In the event that any of the Agents receives such a notice, it shall promptly give notice thereof to the Lenders and the other Agents. The Administrative Agent shall
take such action with respect to such Amortization Event or Unmatured Amortization Event as shall be directed by either of the Co-Agents provided that the Administrative Agent is indemnified to
its satisfaction by such Co-Agent against any and all liability, cost and expense which may be incurred by it by reason of taking any such action. 

  
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 Section 11.6 Non-Reliance on Other Agents and
Lenders. Each of the Lenders expressly acknowledges that none of the Agents, nor any of the Agents’ respective officers, directors, employees, agents,
attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by any of the Agents hereafter taken, including, without limitation, any
review of the affairs of the Loan Parties, shall be deemed to constitute any representation or warranty by such Agent. Each of the Lenders also represents and warrants to the Agents and the other Lenders that it has, independently and without
reliance upon any such Person (or any of their Affiliates) and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, prospects, financial and other
conditions and creditworthiness of the Loan Parties and made its own decision to enter into this Agreement. Each of the Lenders also represents that it will, independently and without reliance upon the Agents or any other Lender, and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement, and to make such investigation as it deems necessary to
inform itself as to the business, operations, property, prospects, financial and other condition and creditworthiness of the Loan Parties. The Agents, the Lenders and their respective Affiliates, shall have no duty or responsibility to provide any
party to this Agreement with any credit or other information concerning the business, operations, property, prospects, financial and other condition or creditworthiness of the Loan Parties which may come into the possession of such Person or any of
its respective officers, directors, employees, agents, attorneys-in-fact or affiliates, except that each of the Agents shall promptly distribute to the other Agents and
the Lenders, copies of financial and other information expressly provided to it by either of the Loan Parties pursuant to this Agreement. 

Section 11.7 Indemnification of Agents. Each Co-Agent agrees to indemnify (a) the
Administrative Agent, and (b) the officers, directors, employees, representatives and agents of the Administrative Agent (to the extent not reimbursed by the Loan Parties and without limiting the obligation of the Loan Parties to do so),
ratably in accordance with their respective Stated Percentages, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever
(including, without limitation, the reasonable fees and disbursements of counsel for the Administrative Agent or such Person in connection with any investigative, administrative or judicial proceeding commenced or threatened, whether or not the
Administrative Agent or such Person shall be designated a party thereto) that may at any time be imposed on, incurred by or asserted against the Administrative Agent or such Person as a result of, or arising out of, or in any way related to or by
reason of, any of the transactions contemplated hereunder or the execution, delivery or performance of this Agreement or any other document furnished in connection herewith (but excluding any such liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements resulting solely from the bad faith, gross negligence or willful misconduct of the Administrative Agent or such Person as finally determined by a court of competent
jurisdiction). 
 Section 11.8 Agents in their Individual Capacities. Each of the Agents in its individual capacity and its affiliates
may make loans to, accept deposits from and generally engage in any kind of business with the Loan Parties and their Affiliates as though such Agent were not an Agent hereunder. With respect to its Loans, if any, pursuant to this Agreement, each of
the Agents shall have the same rights and powers under this Agreement as any Lender and may exercise the same as though it were not an Agent, and the terms “Lender” and “Lenders” shall include each of the Agents in their
individual capacities. 

  
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 Section 11.9 Conflict Waivers. CACIB acts, or may in the future act: (i) as
administrator of Atlantic, (ii) to provide credit or liquidity enhancement for the timely payment for Atlantic’s Commercial Paper (including, without limitation, as a Liquidity Provider to Atlantic) and (iii) to provide other services
from time to time for Atlantic (collectively, the “CACIB Roles”). Without limiting the generality of Sections 11.1 and 11.8, each of the Agents and Atlantic hereby acknowledges and consents to any and all CACIB Roles and
agrees that in connection with any CACIB Role, CACIB may take, or refrain from taking, any action which it, in its discretion, deems appropriate, including, without limitation, in its role as administrator of Atlantic, the giving of notice to the
applicable Liquidity Providers of Atlantic of a mandatory purchase pursuant to the Atlantic Liquidity Agreement. 
 Section 11.10 UCC
Filings. Each of the Secured Parties hereby expressly recognizes and agrees that the Administrative Agent may be listed as the assignee or secured party of record on the various UCC filings required to be made under the Transaction Documents in
order to perfect their respective interests in the Collateral, that such listing shall be for administrative convenience only in creating a record or nominee holder to take certain actions hereunder on behalf of the Secured Parties and that such
listing will not affect in any way the status of the Secured Parties as the true parties in interest with respect to the Collateral. In addition, such listing shall impose no duties on the Administrative Agent other than those expressly and
specifically undertaken in accordance with this Article XI. 
 ARTICLE XII. 

ASSIGNMENTS; PARTICIPATIONS 

Section 12.1 Restrictions on Assignments. 

(a) Except to the extent permitted by the Transaction Documents, no Loan Party may assign its rights, or delegate its duties hereunder or any
interest herein without the prior written consent of each of the Agents and, if required by any Conduit, satisfaction of the Rating Agency Condition. 

(b) Each of the Conduits may, at any time, assign all or any portion of any of its Loans, or sell participations therein, to any Lenders in its
Group (or to its Co-Agent for the ratable benefit of the Lenders in its Group which are not Conduits) or to any of its Liquidity Providers or to any other multi-seller commercial paper conduit administered by
the same Co-Agent or one of its Affiliates provided such conduit issues commercial paper which is rated as least as high as the assigning Conduit’s. 

(c) In addition to, and not in limitation of, assignments and participations described in Section 12.1(b): 

(i) each of the Lenders may assign all or any portion of its Loans and, if applicable, its Maximum Advance Amount, to any
Eligible Assignee with the prior written consent of (A) Borrower and (B) such Lender’s applicable Co-Agent, which consent shall not be unreasonably withheld or delayed; provided,
however, that no such consent shall be required if such Eligible Assignee is already a Lender party to this Agreement or an affiliate of such Lender; and 

(ii) each of the Lenders may, without the prior written consent of Borrower or any of the Agents, sell participations in all or
any portion of their respective rights and obligations in, to and under the Transaction Documents and the Obligations to any bank or other financial entity (each, a “Participant”) in accordance with Sections 12.2 and 14.5.

  
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 (d) Nothing herein shall limit the ability of any Conduit to grant a security interest in
its rights and interests (including, without limitation, rights to payment of Loans) under this Agreement to the program collateral agent for such Conduit’s Promissory Note program or a Liquidity Provider to such Conduit. 

Section 12.2 Rights of Assignees and Participants. 

(a) Upon the assignment by a Lender in accordance with Section 1.2(c), 10.2(b) or 12.l(b) or (c), the Eligible Assignee(s) receiving such
assignment shall have all of the rights of such Lender with respect to the Transaction Documents and the Obligations (or such portion thereof as has been assigned). 

(b) In no event will the sale of any participation interest in any Lender’s or any Eligible Assignee’s rights under the Transaction
Documents or in the Obligations relieve the seller of such participation interest of its obligations, if any, hereunder or, if applicable, under the Liquidity Agreement to which it is a party and such seller shall remain solely responsible for the
performance of its obligations hereunder and thereunder. No Participant shall have any right to restrict the approval of or to approve any amendment, modification or waiver to the provisions hereof except to the extent any such amendment,
modification or waiver reduces the amount of Advances or the interest rate or fees payable with respect to such Advances; provided, however, that to the extent that any Liquidity Funding is deemed to be the
sale of a participation, the foregoing limitation on Participants’ voting rights shall not apply to any Liquidity Provider participating in such Liquidity Funding. 

Section 12.3 Terms and Evidence of Assignment. Any assignment to any Eligible Assignee(s) pursuant to Section 1.2(c), 4.2(e),
12.1(b) or 12.1(c) shall be upon such terms and conditions as the assigning Lender and the applicable Co-Agent, on the one hand, and the Eligible Assignee, on the other, may mutually agree, and shall be
evidenced by such instrument(s) or document(s) as may be satisfactory to such Lender, the applicable Co-Agent and the Eligible Assignee(s). Any assignment made in accordance with the terms of this Article XII
shall relieve the assigning Lender of its obligations, if any, under this Agreement to the extent assigned. 
 ARTICLE XIII. 

SECURITY INTEREST 

Section 13.1 Grant of Security Interest. To secure the due and punctual payment of the Obligations, whether now or hereafter existing,
due or to become due, direct or indirect, or absolute or contingent, including, without limitation, all Indemnified Amounts, in each case pro rata according to the respective amounts thereof, Borrower hereby grants to the Administrative Agent, for
the benefit of the Secured Parties, a security interest in, all of Borrower’s right, title and interest, whether now owned and existing or hereafter arising in and to all of the Receivables, the Related Security, the Collections and all
proceeds of the foregoing (collectively, the “Collateral”). 
 Section 13.2 Termination after Final Payout
Date. Each of the Secured Parties hereby authorizes the Administrative Agent, and the Administrative Agent hereby agrees, promptly after the Final Payout Date to execute and deliver to Borrower such UCC termination statements as may be necessary to
terminate the Administrative Agent’s security interest in and Lien upon the Collateral, all at Borrower’s expense. Upon the Final Payout Date, all right, title and interest of the Administrative Agent and the other Secured Parties in and
to the Collateral shall terminate. 

  
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 Section 13.3 Release of Certain Charged-Off
Receivables. From time to time, the Borrower may request that the Agents and the Lenders release their security interest in specific Receivables that have been fully charged-off (and all related Collections
thereof and Records) in order to permit their sale to International Paper on an arms’-length basis by delivering a written request to the Agents accompanied by a list of the specific Receivables involved, including related dollar amounts, sales
prices and purchasers, not less than 5 Business Days prior to the proposed third party sale. Provided that no Amortization Event or Unmatured Amortization Event then exists or would result from such sale, each of the
Co-Agents and the Lenders hereby authorizes the Administrative Agent, and the Administrative Agent hereby agrees, to execute a specific release in substantially the form of the first document included in
Exhibit VII hereto, and the Borrower hereby agrees to execute a sale and assignment of such specific Receivables in substantially the form of the second document included in Exhibit VII hereto. 

ARTICLE XIV. 
 MISCELLANEOUS 

Section 14.1 Waivers and Amendments. No amendment or waiver of any provision of this Agreement nor consent to any departure by any Loan
Party therefrom shall in any event be effective unless the same shall be in writing and signed by each of the Loan Parties and the Agents, and any such waiver or consent shall be effective only in the specific instance and for the specific purpose
for which given; provided, however, that: 
 (a) before any Co-Agent
enters into such an amendment or grants such a waiver or consent that is deemed to be material by S&P and/or Moody’s, if required by its Conduit’s program documents, the Rating Agency Condition must be satisfied with respect to such
Conduit, and 
 (b) without the prior written consent of all of its Constituents, no Co-Agent will
amend, modify or waive any provision of this Agreement which would (i) reduce the amount of any principal or interest that is payable on account of Loans made by the Lenders in its Group or delay any scheduled date for payment thereof;
(ii) decrease the Required Reserve, decrease the spread included in any Interest Rate or change the Servicing Fee; (iii) modify this Section 14.1; (iv) modify any yield protection or indemnity provision which expressly inures to
the benefit of Liquidity Providers and/or assignees or Participants of such Co-Agent’s Lenders or (v) adversely impact the right of its related Liquidity Provider without the consent of such
Liquidity Provider. 
 Section 14.2 Notices. Except as provided in this Section 14.2, all communications and notices provided for
hereunder shall be in writing (including bank wire, telecopy or electronic facsimile transmission or similar writing) and shall be given to the other parties hereto at their respective addresses or telecopy numbers set forth on the signature pages
hereof or at such other address or telecopy number as such Person may hereafter specify for the purpose of notice to each of the other parties hereto. Each such notice or other communication shall be effective (i) if given by telecopy, upon the
receipt thereof, (ii) if given by mail, three (3) Business Days after the time such communication is deposited in the mail with first class postage prepaid or (iii) if given by any other means, when received at the address specified
in this Section 14.2. Borrower hereby authorizes each of the Co-Agents to effect Advances and Interest Period and Interest Rate selections based on telephonic notices made by any Person whom such Co-Agent in good faith believes to be acting on behalf of Borrower. Borrower agrees to deliver promptly to the Co-Agents a written confirmation of each telephonic notice
signed by an authorized officer of Borrower; provided, however, the absence of such confirmation shall not affect the validity of such notice. If the written confirmation differs from the action taken by the Co-Agents, the records of the Co-Agents shall govern absent manifest error. 

  
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 Section 14.3 Ratable Payments. If any Lender, whether by setoff or otherwise, has
payment made to it with respect to any portion of the Obligations owing to such Lender (other than payments received pursuant to Section 10.2 or 10.3) in a greater proportion than that received by any other Lender entitled to receive a ratable
share of such Obligations, such Lender agrees, promptly upon demand, to purchase for cash without recourse or warranty a portion of such Obligations held by the other Lenders so that after such purchase each Lender will hold its ratable proportion
of such Obligations; provided that if all or any portion of such excess amount is thereafter recovered from such Lender, such purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest. 

Section 14.4 Protection of Administrative Agent’s Security Interest. 

(a) Borrower agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents, and take all
actions, that may be necessary or desirable, to perfect, protect or more fully evidence the Administrative Agent’s security interest in the Collateral, or to enable the Administrative Agent or the Lenders to exercise and enforce their rights
and remedies hereunder. At any time after the occurrence and continuation of an Amortization Event, the Administrative Agent may, or the Administrative Agent may direct Borrower or the Servicer to, notify the Obligors of Receivables, at
Borrower’s expense, of the ownership or security interests of the Lenders under this Agreement and may also direct that payments of all amounts due or that become due under any or all Receivables be made directly to the Administrative Agent or
its designee. Borrower or the Servicer (as applicable) shall, at any Lender’s request, withhold the identity of such Lender in any such notification. 

(b) If any Loan Party fails to perform any of its obligations hereunder, the Administrative Agent or any Lender may (but shall not be required
to) perform, or cause performance of, such obligations, and the Administrative Agent’s or such Lender’s reasonable costs and expenses incurred in connection therewith shall be payable by Borrower as provided in Section 10.3. Each Loan
Party irrevocably authorizes the Administrative Agent at any time and from time to time in the sole discretion of the Administrative Agent, and appoints the Administrative Agent as its
attorney-in-fact, to act on behalf of such Loan Party (i) to execute on behalf of Borrower as debtor and to file financing statements necessary or desirable in the
Administrative Agent’s sole discretion to perfect and to maintain the perfection and priority of the interest of the Lenders in the Receivables (including, without limitation, financing statements naming the Borrower as debtor that describe the
collateral as “all assets whether now existing or hereafter arising” or “all personal property now owned or hereafter acquired” or words of similar effect) and (ii) to file a carbon, photographic or other reproduction of
this Agreement or any financing statement with respect to the Receivables as a financing statement in such offices as the Administrative Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority
of the Administrative Agent’s security interest in the Collateral, for the benefit of the Secured Parties. This appointment is coupled with an interest and is irrevocable. Each of the Loan Parties (A) hereby authorizes the Administrative
Agent to file financing statements and other filing or recording documents with respect to the Receivables and Related Security (including any amendments thereto, or continuation or termination statements thereof), without the signature or other
authorization of such Loan Party, in such form and in such offices as the Administrative Agent reasonably determines appropriate to perfect or maintain the perfection of the security interest of the Administrative Agent hereunder,
(B) acknowledges and agrees that it is not authorized to, and will not, file financing statements or other filing or recording documents with respect to the Receivables or Related Security (including any amendments thereto, or continuation or
termination statements thereof), without the express prior written approval by the Administrative Agent, consenting to the form and substance of such filing or recording document, and approves, authorizes and ratifies any filings or recordings made
by or on behalf of the Administrative Agent in connection with the perfection of the security interests in favor of Borrower or the Administrative Agent. 

  
 42 

 Section 14.5 Confidentiality. 

(a) Each Loan Party and each Lender shall maintain and shall cause each of its employees and officers to maintain the confidentiality of this
Agreement, the Fee Letters and the other confidential or proprietary information that are clearly marked as being confidential and/or proprietary with respect to any Agent or any Conduit and their respective businesses obtained by it or them in
connection with the structuring, negotiating and execution of the transactions contemplated herein, except that such Loan Party and such Lender and its officers and employees may disclose such information to such Loan Party’s and such
Lender’s external accountants and attorneys and as required by any applicable law or order of any judicial or administrative proceeding. 

(b) Anything herein to the contrary notwithstanding, each Loan Party hereby consents to the disclosure of any nonpublic information with
respect to it (i) to any Agent, the Lenders or any Funding Source by each other, (ii) to any prospective or actual assignee or Participant of any of them or any program collateral agent for any Conduit’s Promissory Note program,
(iii) to any rating agency or to any Promissory Note dealer, (iv) to any provider of a surety, guaranty or credit or liquidity enhancement to any Conduit or any entity organized for the purpose of purchasing, or making loans secured by,
financial assets for which CACIB or Mizuho or any of their respective Affiliates acts as the administrative agent (each of the foregoing, an “Enhancer”), and (v) to any officers, directors, employees, outside
accountants, advisors and attorneys of any of the foregoing, provided that each such Person is informed of the confidential nature of such information and (except in the case of a Person described in clause (iii) above) agrees to
maintain the confidential nature of such information. In addition, the Lenders, the Liquidity Providers, the Agents and the Enhancers may disclose any such nonpublic information pursuant to any law, rule, regulation, direction, request or order of
any judicial, administrative or regulatory authority or proceedings (whether or not having the force or effect of law). 
 (c)
Notwithstanding any other provision in this Agreement, each of the Agents and the Lenders hereby confirms that each of the Loan Parties, the Originators and their respective representatives shall not be limited from disclosing the U.S. tax treatment
or U.S. tax structure of the transactions evidenced hereby. 
 Section 14.6 Bankruptcy Petition. To the fullest extent permitted by
applicable law, each of the Loan Parties, Agents and Lenders hereby covenants and agrees that, prior to the date that is one year and one day after the payment in full of all outstanding senior indebtedness of any of the Conduits, it will not
institute against, or join any other Person in instituting against, any of the Conduits any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state
of the United States. 
 Section 14.7 Limitation of Liability. Except with respect to any claim arising out of the willful misconduct
or gross negligence of any Agent, any Lender or Global Securitization Services, LLC, no claim may be made by any Loan Party or any other Person against any such Person or any of its respective Affiliates, directors, officers, employees, attorneys or
agents for any special, indirect, consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Agreement, or any act, omission or
event occurring in connection therewith; and each Loan Party hereby waives, releases, and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favor. 

  
 43 

 Notwithstanding anything in this Agreement to the contrary, no Conduit shall have any
obligation to pay any amount required to be paid by it hereunder in excess of any amount available to such Conduit after paying or making provision for the payment of its Commercial Paper. All payment obligations of each of the Conduits hereunder
are contingent on the availability of funds in excess of the amounts necessary to pay its respective Commercial Paper; and each of the other parties hereto agrees that it will not have a claim under Section 101(5) of the Bankruptcy Code if and
to the extent that any such payment obligation owed to it by a Conduit exceeds the amount available to such Conduit, after paying or making provision for the payment of its Commercial Paper. 

Section 14.8 CHOICE OF LAW. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW (EXCEPT IN THE CASE OF THE OTHER TRANSACTION DOCUMENTS, TO THE EXTENT OTHERWISE EXPRESSLY STATED
THEREIN) AND EXCEPT TO THE EXTENT THAT THE PERFECTION OF THE OWNERSHIP INTEREST OF BORROWER OR THE SECURITY INTEREST OF THE ADMINISTRATIVE AGENT, FOR THE BENEFIT OF THE SECURED PARTIES, IN ANY OF THE COLLATERAL IS GOVERNED BY THE LAWS OF A
JURISDICTION OTHER THAN THE STATE OF NEW YORK. 
 Section 14.9 CONSENT TO JURISDICTION. EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY
SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT, THE OTHER TRANSACTION DOCUMENTS OR ANY DOCUMENT EXECUTED BY SUCH PERSON PURSUANT TO THIS AGREEMENT, AND EACH SUCH PARTY HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY
SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF ANY
AGENT OR ANY LENDER TO BRING PROCEEDINGS AGAINST ANY LOAN PARTY IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY ANY LOAN PARTY AGAINST ANY AGENT OR ANY LENDER OR ANY AFFILIATE OF ANY AGENT OR ANY LENDER INVOLVING, DIRECTLY OR
INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY SUCH LOAN PARTY PURSUANT TO THIS AGREEMENT SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK. 

Section 14.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR
INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT, ANY DOCUMENT EXECUTED BY ANY LOAN PARTY PURSUANT TO THIS AGREEMENT OR THE RELATIONSHIP ESTABLISHED
HEREUNDER OR THEREUNDER. 
 Section 14.11 Integration; Binding Effect; Survival of Terms. 

(a) This Agreement and each other Transaction Document contain the final and complete integration of all prior expressions by the parties
hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings. 

  
 44 

 (b) This Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and permitted assigns (including any trustee in bankruptcy). This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms and shall remain in full force and
effect until terminated in accordance with its terms; provided, however, that the rights and remedies with respect to (i) any breach of any representation and warranty made by any Loan Party pursuant to Article VI,
(ii) the indemnification and payment provisions of Article X, and Sections 14.5, 14.6, 14.7, 14.14 and 14.15 shall be continuing and shall survive any termination of this Agreement. 

Section 14.12 Counterparts; Severability; Section References. This Agreement may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same Agreement. Delivery of an executed counterpart of a signature
page to this Agreement by telecopier shall be effective as delivery of a manually executed counterpart of a signature page to this Agreement. Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. Unless otherwise expressly indicated, all references herein to “Article,” “Section,” “Schedule” or
“Exhibit” shall mean articles and sections of, and schedules and exhibits to, this Agreement. 
 Section 14.13
Federal Reserve. Notwithstanding any other provision of this Agreement to the contrary, any Lender or Liquidity Provider may at any time pledge or grant a security interest in all or any portion of its rights (including, without limitation, rights
to payment of principal and interest) under this Agreement to secure obligations of such Lender or Liquidity Provider to a Federal Reserve Bank located in the United States of America, without notice to or consent of the Borrower, the Administrative
Agent or any Co-Agent; provided that no such pledge or grant of a security interest shall release a Lender or Liquidity Provider from any of its obligations hereunder or substitute any such pledgee or grantee
for such Lender as a party hereto. 
 Section 14.14 Tax Gross-Up. All payments to be made by
Borrower hereunder shall be made without setoff, counterclaim or other defense and free and clear of any deduction or withholding. If Borrower is required by law to make any deduction or withholding from any payment on account of any Tax (other than
an Excluded Tax), the sum due from it in respect of such payment shall be increased to the extent necessary to ensure that, after the making of such deduction or withholding, the intended recipient receives a net sum equal to the sum which it would
have received had no deduction or withholding been made. 
 Section 14.15 Third Party Beneficiaries. Each of the Liquidity Providers
shall be third party beneficiaries of the provisions of this Agreement applicable to Liquidity Providers. 
 Section 14.16
Acknowledgment and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Transaction Document or in any other agreement, arrangement or understanding among any such
parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Transaction Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA
Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 
 (e) the application of any Write-Down and
Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

  
 45 

 (f) the effects of any Bail-In Action on any such
liability, including, if applicable: 
 (i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such
liability under this Agreement or any other Transaction Document; or 
 (c) the variation of the terms of such liability in connection with
the exercise of the write-down and conversion powers of any EEA Resolution Authority. 
 Section 14.17 Benchmark Transition Event. 

(a) Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Transaction Document, upon the occurrence of
a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace LIBOR with a Benchmark Replacement. Any such amendment
with respect to a Benchmark Transition Event will become effective at 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Lenders and the Borrower so long as the
Administrative Agent has not received, by such time, written notice of objection to such amendment from the Co-Agents. Any such amendment with respect to an Early Opt-in
Election will become effective on the date that the Co-Agents have delivered to the Administrative Agent written notice that such Co-Agents accept such amendment. No replacement of LIBOR with a Benchmark Replacement pursuant to this
Section 14.17 will occur prior to the applicable Benchmark Transition Start Date. 
 (b) Benchmark Replacement Conforming
Changes. In connection with the implementation of a Benchmark Replacement, the Administrative Agent, with the consent of the Borrower (not to be unreasonably withheld, delayed or conditioned), will have the right to make Benchmark Replacement
Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further
action or consent of any other party to this Agreement. 
 (c) Notices; Standards for Decisions and Determinations. The Administrative
Agent will promptly notify the Borrower and the Co-Agents of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its
related Benchmark Replacement Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the commencement or
conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent, the Borrower or the Co-Agents pursuant to this Section 14.17,
including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will
be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 14.17. 

  
 46 

 (d) Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of
the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a LIBOR Loan of, conversion to or continuation of LIBOR Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing
that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Alternate Base Rate Loans. During any Benchmark Unavailability Period, the component of Alternate Base Rate based upon LIBOR will
not be used in any determination of Alternate Base Rate. 
 (e) Certain Defined Terms. 

“Benchmark Replacement” means the sum of: (a) the alternate benchmark rate (which may include Term SOFR)
that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or
(ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to LIBOR for U.S. dollar-denominated syndicated credit facilities and (b) the Benchmark Replacement Adjustment; provided
that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement. 

“Benchmark Replacement Adjustment” means, with respect to any replacement of LIBOR with an Unadjusted Benchmark
Replacement for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the
Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of LIBOR with the applicable Unadjusted
Benchmark Replacement by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of LIBOR
with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such time. 

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical,
administrative or operational changes (including changes to the definition of “Alternate Base Rate,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest and other
administrative matters) that the Administrative Agent, in consultation with the Borrower, decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the
Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent, in consultation with the Borrower, decides that adoption of any portion of such market practice is not administratively feasible or if
the Administrative Agent, in consultation with the Borrower, determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the Administrative Agent, in consultation with the
Borrower, decides is reasonably necessary in connection with the administration of this Agreement). 
 “Benchmark Replacement
Date” means the earlier to occur of the following events with respect to LIBOR: 
 (1) in the case of clause
(1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of LIBOR
permanently or indefinitely ceases to provide LIBOR; or 
 (2) in the case of clause (3) of the definition of “Benchmark Transition
Event,” the date of the public statement or publication of information referenced therein. 

  
 47 

 “Benchmark Transition Event” means the occurrence of one or
more of the following events with respect to LIBOR: 
 (1) a public statement or publication of information by or on behalf of the
administrator of LIBOR announcing that such administrator has ceased or will cease to provide LIBOR, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will
continue to provide LIBOR; 
 (2) a public statement or publication of information by the regulatory supervisor for the administrator of
LIBOR, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for LIBOR, a resolution authority with jurisdiction over the administrator for LIBOR or a court or an entity with similar insolvency or
resolution authority over the administrator for LIBOR, which states that the administrator of LIBOR has ceased or will cease to provide LIBOR permanently or indefinitely, provided that, at the time of such statement or publication, there is
no successor administrator that will continue to provide LIBOR; or 
 (3) a public statement or publication of information by the regulatory
supervisor for the administrator of LIBOR announcing that LIBOR is no longer representative. 
 “Benchmark Transition Start
Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of
information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or
publication, the date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Required Lenders, as applicable, by notice to
the Borrower, the Administrative Agent (in the case of such notice by the Required Lenders) and the Co-Agents. 
 “Benchmark
Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to LIBOR and solely to the extent that LIBOR has not been replaced with a Benchmark
Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced LIBOR for all purposes hereunder in accordance with the Section titled “Effect of
Benchmark Transition Event” and (y) ending at the time that a Benchmark Replacement has replaced LIBOR for all purposes hereunder pursuant to the Section titled “Effect of Benchmark Transition Event.” 

“Early Opt-in Election” means the occurrence of: 

(1) (i) a determination by the Administrative Agent, (ii) a notification by the Borrower to the Administrative Agent that the Borrower and
the Co-Agents have determined or (iii) a notification by the Co-Agents to the Administrative Agent (with a copy to the Borrower) that the CoAgents have determined, in each case, that U.S. dollar-denominated syndicated credit facilities being
executed at such time, or that include language similar to that contained in this Section 14.17, are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace LIBOR, and 

(2) (i) the election by the Administrative Agent, (ii) the election by the Borrower and the Co-Agents or (iii) the election by the
Required Lenders, in each case, to declare that an Early Opt-in Election has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the Borrower and the
Co-Agents, by the Borrower of written notice of such election to the Administrative Agent or by the Co-Agents of written notice of such election to the Administrative Agent. 

  
 48 

 “Federal Reserve Bank of New York’s Website” means the
website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source. 
 “Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any
successor thereto. 
 “SOFR” with respect to any day means the secured overnight financing rate published for
such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website. 

“Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the
Relevant Governmental Body. 
 “Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding
the Benchmark Replacement Adjustment. 
 <signature pages follow> 

  
 49 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed and delivered by their duly authorized officers as of the date hereof. 
  

							
	RED BIRD RECEIVABLES, LLC
		
	By:	 	  

		 	Name:	 	David E. Arick
		 	Title:	 	President
			
		 	Address:	 	6400 Poplar Avenue
		 		 	Memphis, Tennessee 38197
		 		 	Attn:	 	David E. Arick
		 		 		 	President
		 		 	Phone:	 	901/419-3977
		 		 	Fax:	 	901/419-4539

 
									
	INTERNATIONAL PAPER COMPANY, AS SERVICER
		
	By:	 	  

		 	Name:	 	Errol A. Harris
		 	Title:	 	Vice President & Treasurer
			
		 	Address:	 	6400 Poplar Avenue
		 		 	Memphis, Tennessee 38197
		 		 	Attn: Errol A. Harris
		 		 	V.P. & Treasurer
		 		 	Phone:	 		 	901/419-4740
		 		 	Fax:	 	901/419-4539

 
					
	ATLANTIC ASSET SECURITIZATION LLC
	BY:	 	Credit Agricole Corporate and Investment Bank, as Attorney-in-fact
		
	By:	 	  

	Name:	 		 	
	Title:	 		 	
		
	By:	 	  

	Name:	 		 	
	Title:	 		 	
		
	Address:	 	
	c/o Credit Agricole Corporate and Investment Bank 1301 Avenue of the Americas
	New York, NY 10019
	Attention:	 		 	David R. Nunez
	Tel No.:	 		 	(212) 261-3807
	Email:	 		 	david.nunez@ca-cib.com
	
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender and as Atlantic Agent
		
	By:	 	  

	Name:	 	    	 	
	Title:	 		 	
		
	By:	 	  

	Name:	 		 	
	Title:	 		 	
		
	Address:	 	
	1301 Avenue of the Americas
	New York, NY 10019
	Attention:	 	David R. Nunez
	Tel No.:	 		 	(212) 261-3807
	Email:	 		 	david.nunez@ca-cib.com

 
					
	MIZUHO BANK, LTD., as a Lender and as Mizuho Agent
		
	By:	 	  

	Name:	 		 	
	Title:	 		 	
		
	Address:	 	
	Americas Financial Products Division
	 Securitization & Structured Finance

1251 Avenue of the Americas, 32nd Floor

	New York, NY 10020
	Attention:	 	David Krafchik
	Tel No.:	 	  	 	(212) 282-4998
	Fax No.:	 	(212) 282-4105

 
					
	MIZUHO BANK, LTD., as Administrative Agent
		
	By:	 	  

	Name:	 		 	
	Title:	 		 	
			
	Address:	 		 	
	Americas Financial Products Division
	 Securitization & Structured Finance

1251 Avenue of the Americas, 32nd Floor

	New York, NY 10020
	Attention:	 	David Krafchik
	Tel No.:	 		 	(212) 282-4998
	Fax No.:	 	  	 	(212) 282-4105

 EXHIBIT I 

DEFINITIONS 
 As
used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 

“Actual Setoff Reserve Amount” means, on any date of determination, the amount of payables equal to the
lesser of (a) the actual payables or (b) the amount of the Obligor’s balance, owing from the Originator to Obligors during the one (1) month ending on or prior to the date of computation. 

“Adjusted Dilution Ratio” means, at any time, the rolling average of the Dilution Ratio for the 12 Calculation Periods
then most recently ended. 
 “Administrative Agent” has the meaning set forth in the preamble to this Agreement.

 “Administrative Agent’s Fee Letter” means that certain Administrative Agent’s Fee Letter
dated as of December 15, 2014, by and among the Administrative Agent, International Paper and Borrower, as the same may be amended, restated or otherwise modified from time to time. 

“Advance” means a borrowing hereunder consisting of the aggregate amount of the several Loans made on
the same Borrowing Date. 
 “Adverse Claim” means a lien, security interest, charge or encumbrance, or other right
or claim in, of or on any Person’s assets or properties in favor of any other Person. 
 “Affected
Entity” has the meaning set forth in Section 10.2(a). 
 “Affected
Party” means each of the Lenders, the Liquidity Providers and the Agents. 
 “Affiliate” means, with
respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with, such Person or any Subsidiary of such Person. A Person shall be deemed to control another Person if the
controlling Person owns 10% or more of any class of voting securities of the controlled Person or possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether through
ownership of equity, by contract or otherwise. 
 “Agents” means the Administrative Agent and Co-Agents. 
 “Aggregate Facility Amount” means, on any date of determination, the
aggregate Group Limits of all Groups. 
 “Aggregate Principal” means, on any date of determination, the aggregate
outstanding principal amount of all Advances outstanding on such date. 
 “Agreement” means this Second Amended and
Restated Credit and Security Agreement, as it may be amended or modified and in effect from time to time. 
 “Alternate Base
Rate” means for any day, the rate per annum equal to the greatest as of such day of (i) the sum of the Prime Rate plus 100 basis points per annum, (ii) the sum of the Federal Funds Effective Rate plus 150 basis points per
annum, or (iii) LIBOR for a one-month Interest Period on such day. For purposes of determining the Alternate Base Rate for any day, changes in the Prime Rate, the Federal Funds Effective Rate or LIBOR
shall be effective on the date of each such change. 
  

 “Alternate Base Rate Loan” means a Loan which bears interest at the
Alternate Base Rate or the Default Rate. 
 “Amortization Date” means the earliest to occur of (i) the day on
which any of the conditions precedent set forth in Section 5.2 are not satisfied, (ii) the Business Day immediately prior to the occurrence of an Event of Bankruptcy with respect to any Loan Party, (iii) the Business Day specified in
a written notice from the Administrative Agent following the occurrence and during the continuance of any other Amortization Event, and (iv) the date which is 15 Business Days after the Administrative Agent’s receipt of written notice from
Borrower that it wishes to terminate the facility evidenced by this Agreement. 
 “Amortization Event” has the
meaning specified in Article IX. 
 “Article” means an article of this Agreement unless another document is
specifically referenced. 
 “Atlantic” has the meaning set forth in the preamble to this Agreement.

 “Atlantic Agent” has the meaning set forth in the preamble to this Agreement. 

“Atlantic Group” has the meaning set forth in the preamble to this Agreement. 

“Atlantic Liquidity Agreement” means, collectively, any liquidity agreement pursuant to which one or
more Liquidity Providers named therein provides liquidity to Atlantic and any related asset purchase agreement, as each may be amended, restated, supplemented, replaced or otherwise modified from time to time. 

“Authorized Officer” means, with respect to any Person, its president, company controller, treasurer or chief
financial officer. 
 “Bail-In Action” means the exercise of any Write-Down
and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU
Bail-In Legislation Schedule. 
 “Borrower” has the meaning set forth in the
preamble to this Agreement. 
 “Borrowing Base” means, on any date of determination, the Net Pool Balance as of the
last day of the period covered by the most recent Collateral Report, minus the Required Reserve as of the last day of the period covered by the most recent Collateral Report, and minus Dilution that has occurred since the most recent Cut-Off Date to the extent that such Dilution exceed the Dilution Reserve (it being understood and agreed that each reference to “the most recent Collateral Report” used in this definition shall mean
(i) the most recent Daily Report, if Daily Reports are then being delivered pursuant to Section 8.5, (ii) the most recent Weekly Report, if Weekly Reports are then being delivered pursuant to Section 8.5, or (iii) if neither
(i) nor (ii) are applicable, the most recent Monthly Report). 

  
 Exhibit I - 2 

 “Borrowing Date” means a Business Day on which an
Advance is made hereunder. 
 “Borrowing Request” has the meaning set forth in Section 2.1. 

“Broken Funding Costs” means, for any CP Rate Loan which: (a) has its principal reduced without compliance by
Borrower with the notice requirements hereunder or (b) is not prepaid in the amount specified in a Prepayment Notice on the date specified therein or (c) is assigned or otherwise transferred by the applicable Conduit to its respective
Liquidity Providers under its respective Liquidity Agreement or terminated prior to the date on which it was originally scheduled to end, an amount equal to the excess, if any, of (A) the CP Costs that would have accrued during the remainder of
the applicable commercial paper tranche periods determined by the applicable Co-Agent, to relate to such Loan subsequent to the date of such reduction, assignment or termination (or in respect of clause
(b) above, the date such prepayment was designated to occur pursuant to the applicable Prepayment Notice) of the principal of such CP Rate Loan if such reduction, assignment or termination had not occurred or such Prepayment Notice had not been
delivered, over (B) the sum of (x) to the extent all or a portion of such principal is allocated to another CP Rate Loan, the amount of CP Costs actually accrued during the remainder of such period on such principal for the new Loan, and
(y) to the extent such principal is not allocated to another CP Rate Loan, the income, if any, actually received during the remainder of such period by the holder of such Loan from investing the portion of such principal not so allocated. 

“Business Day” means any day on which banks are not authorized or required to close in New York, New York, and The
Depository Trust Company of New York is open for business, and, if the applicable Business Day relates to any computation or payment to be made with respect to LIBOR, any day on which dealings in dollar deposits are carried on in the London
interbank market. 
 “CACIB” has the meaning set forth in the preamble to this Agreement. 

“Calculation Period” means a calendar month. 

“Cap Gemini-Poland” means Capgemini Polska Sp.z o.o. 

“Cap Gemini-Poland Contract” means that certain Financial Accounting Business Process Outsourcing Agreement dated
17 December, 1999 by and between Cap Gemini-Poland and International Paper (Europe) S.A., as amended, supplemented and otherwise modified from time to time, including, without limitation, by Change Order No. 9 dated December 19, 2002.

 “Cap Gemini-Poland Trigger Event” means: 

(i) either International Paper or Borrower suffers an Event of Bankruptcy after the first
Go-Live Date and the Administrative Agent notifies International Paper Investment Corporation to cause International Paper (Europe) S.A to terminate all or any portion of the Services (as defined in
Section 8.1(d) hereof), 
 (ii) the occurrence of any one or more of the following events after the first calendar month
after the Go-Live Date with respect to the application and posting Services: (a) in any period of 12 consecutive calendar months, there is any cash at the end of any three full months which has not been
applied to specific invoices; or (b) Cap Gemini-Poland fails to apply at least 95% of all cash Collections received in any full month to the correct invoices, 

  
 Exhibit I - 3 

 (iii) the occurrence of any one or more of the following events after the
first calendar month after the Go-Live Date with respect to the collection Services: (a) the three-month moving average of the “Past Due Ratio” as defined and evaluated in Schedule 18A to Change
Order 12 to the Cap Gemini-Poland Contract as in effect on December 3, 2003 shall exceed 1.75% for any two consecutive months or for any three months in any 12-month period, (b) the three-month
moving average of the “Dilution Ratio” as defined and evaluated in Schedule 18A to Change Order 21 to the Cap Gemini-Poland Contract as in effect on November 20, 2006 shall exceed 6.25% for any two consecutive months or for any three
months in any 12-month period, or (c) the three-month moving average of the “Default Ratio” as defined and evaluated in Schedule 18A to Change Order 12 to the Cap Gemini-Poland Contract as in
effect on December 3, 2003 shall exceed 1.25% for any two consecutive months or for any three months in any 12-month period. 

The effective date of trigger (ii)(c) above will commence two consecutive full calendar months after the applicable Go-Live Date. 
 “Capital Lease Obligations” means, as to any
Person, the obligations of such Person to pay rent or other amounts under a lease of (or other agreement conveying the right to use) real and/or personal property which obligations are required to be classified and accounted for as a capital lease
on a balance sheet of such Person under GAAP (including Statement of Financial Accounting Standard No. 13 of the Financial Accounting Standards Board) and, for purposes of this Agreement, the amount of such obligations shall be the capitalized
amount thereof, determined in accordance with GAAP (including such Statement No. 13). 
 “Cash Discount” means
a cash discount as described in Section 3.4(a)(i). 
 “Cash Discount Reserve” means, at any time, such balance
of all reserve accounts that any Loan Party establishes to reserve for Cash Discounts earned by all Obligors. 
 “Change of
Control” means (a) the acquisition by any Person, or two or more Persons acting in concert, of beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission
under the Securities Exchange Act of 1934) of more than 50% of the outstanding shares of voting stock of International Paper, (b) any “Change of Control Triggering Event” (as defined in the Supplemental Indenture dated as of
August 11, 2016 between International Paper and The Bank of the New York Mellon Trust Company, N.A. (as successor to The Bank of New York Mellon (formerly known as The Bank of New York)), as trustee, as such Supplemental Indenture is in effect
on such date), or (c) International Paper fails to own, directly or indirectly, 100% of the outstanding membership interests of Borrower. 

“Co-Agents’ Fee Letter” means that certain Co-Agents’ Fee Letter, dated as of April 28, 2020, by and among the Co-Agents and Borrower, as the same may be amended, restated or otherwise modified from time to
time. 
 “Collateral” has the meaning set forth in Section 13.1. 

“Collateral Report” means a Monthly Report, a Weekly Report or a Daily Report. 

“Collection Account” means each concentration account, depositary account, lock box account or similar account in
which any Collections are collected or deposited and which is listed on Exhibit IV. 

  
 Exhibit I - 4 

 “Collection Account Agreement” means an agreement in a form
reasonably acceptable to the Administrative Agent among International Paper, Borrower, the Administrative Agent and a Collection Bank, perfecting the Administrative Agent’s security interest therein. 

“Collection Bank” means, at any time, any of the banks holding one or more Collection Accounts. 

“Collection Notice” means a notice, in substantially the form attached to a Collection Account Agreement from the
Administrative Agent to a Collection Bank advising the Collection Bank to cease taking instructions with respect to the subject Collection Account(s) from the Borrower or International Paper. 

“Collections” means, with respect to any Receivable, all cash collections and other cash proceeds in respect of such
Receivable, including, without limitation, all Finance Charges or other related amounts accruing in respect thereof and all cash proceeds of Related Security with respect to such Receivable. 

“Commercial Paper” means promissory notes of a Conduit with maturities of less than 397 days issued by such Conduit in
the commercial paper market. 
 “Conduits” means each Lender that is a commercial paper conduit. 

“Consolidated Net Worth” means, as at any time, the sum of the following for International Paper
and its Consolidated Subsidiaries determined on a consolidated basis (without duplication) in accordance with GAAP: (a) the amount of capital stock; plus (b) the amount of surplus and retained earnings (or, in the case of a surplus
or retained earnings deficit, minus the amount of such deficit); minus (c) the cost of treasury shares; provided, however, the foregoing calculation shall not take into account any impairment of
goodwill arising under FASB 142. 
 “Consolidated Subsidiary” means, as to any Person, each Subsidiary
of such Person (whether now existing or hereafter created or acquired) the financial statements of which shall be (or should have been) consolidated with the financial statements of such Person in accordance with GAAP. 

“Constituent” means, as to any Group or any Co-Agent of a Group, any member of
such Group or such Co-Agent’s Group from time to time a party hereto, and when used as an adjective, “Constituent” shall have a correlative meaning. 

“Contract” means, with respect to any Receivable, any and all instruments, agreements, invoices or other writings
pursuant to which such Receivable arises or which evidences such Receivable. 
 “Cost of Funds” means the percentage
rate per annum which represents a Lender’s actual cost of funding a Loan for the Interest Period, as determined by such Lender in its sole discretion from time to time. 

“CP Costs” means: 

(a) for each of the Conduits for each day, the sum of (i) discount or interest accrued on Commercial Paper for such Conduit on such day,
plus (ii) any and all accrued commissions in respect of placement agents and dealers, and issuing and paying agent fees incurred, in respect of such Commercial Paper for such day, plus (iii) other costs associated with funding small or odd-lot amounts with respect to all receivable purchase or financing facilities which are funded by Commercial Paper for 

  
 Exhibit I - 5 

 
such day, minus (iv) any accrual of income net of expenses received on such day from investment of collections received under all receivable purchase or financing facilities funded
substantially with Commercial Paper, minus (v) any payment received on such day net of expenses in respect of Broken Funding Costs (or similar costs) related to the prepayment of any investment of such Conduit, as applicable, pursuant to the
terms of any receivable purchase or financing facilities funded substantially with Commercial Paper. In addition to the foregoing costs, if Borrower shall request any Advance from any of the Conduits during any period of time determined by the
applicable Co-Agent to such Conduit in its sole discretion to result in incrementally higher CP Costs applicable to such Advance, the principal associated with any such Advance shall, during such period, be
deemed to be funded by such Conduit in a special pool (which may include capital associated with other receivable purchase or financing facilities) for purposes of determining such additional CP Costs applicable only to such special pool and charged
each day during such period against such principal. 
 “CP Rate” means, with respect to each of the
Conduits for any CP Tranche Period, the per annum interest rate that, when applied to the outstanding principal balance of such Conduits’ CP Rate Loans for the actual number of days elapsed in such CP Tranche Period, would result in an
amount of accrued interest equivalent to such Conduits’ CP Costs for such CP Tranche Period plus 115 basis points. 

“CP Rate Loan” means a Loan made by any of the Conduits which bears interest at a CP Rate. 

“CP Tranche Period” means, with respect to the Conduits, a Calculation Period;
provided, however, (x) that in the case of any CP Tranche Period for any Loan which commences before the Amortization Date and would otherwise end on a date occurring after the Amortization Date, such Interest
Period shall end on the Amortization Date and (y) in the case of any CP Tranche Period for any Loan which commences before the Facility Termination Date and which would otherwise end on a date occurring after the Facility Termination Date, such
CP Tranche Period shall end on the Facility Termination Date. 
 “Credit and Collection Policy” means
Borrower’s credit and collection policies and practices relating to Contracts and Receivables existing on the date hereof and summarized in Exhibit V to the Receivables Sale and Contribution Agreement, as modified from time to time in
accordance with this Agreement. 
 “Credit and Rebill” means any reduction to the Outstanding Balance
of a Receivable which is re-documented by a new invoice for the same product and the same Obligor (unless such new invoice is issued on the same date as the original invoice). For purposes of
measuring Dilution, if the Servicer is able to net the two invoices, a Credit and Rebill may be valued at the mount by which the original invoice exceeds the new invoice; otherwise, it shall be valued at the entire amount of the original invoice.

 “Cut-Off Date” means the last day of a Calculation Period. 

“Daily Report” means a report, in substantially the form of Exhibit IX hereto (appropriately completed),
furnished by the Servicer to the Administrative Agent pursuant to Section 8.5. 
 “Daily Reporting Date”
means each Business Day during the Daily Reporting Period (or if any such day is not a Business Day, the next succeeding Business Day thereafter). 

  
 Exhibit I - 6 

 “Daily Reporting Period” means the period beginning on
the first Business Day after the current published rating by S&P or Moody’s of International Paper’s long-term senior unsecured non-credit-enhanced debt is less than BB from S&P or is less
than Ba2 from Moody’s. 
 “Days Sales Outstanding” means, as of any day, an amount equal to the product of
(x) 91, multiplied by (y) the amount obtained by dividing (i) the aggregate Outstanding Balance of Receivables minus the aggregate amount of Suspense Accounts, in each case, as of the most recent
Cut-Off Date, by (ii) the aggregate amount of Receivables created during the three (3) Calculation Periods including and immediately preceding such Cut-Off
Date. 
 “Deemed Collections” means Collections deemed received by Borrower under Section 3.4(a).

 “Default Horizon Ratio” means, as of any Cut-Off Date, the ratio
(expressed as a decimal) computed by dividing (i) the sum of (a) the aggregate sales generated by the Originator with respect to Receivables during the six (6) Calculation Periods ending on such
Cut-Off Date plus (b) if Days Sales Outstanding is greater than or equal to 60 days, but less than 90 days, the aggregate sales generated by the Originator with respect to Receivables during the 7th preceding Calculation Period and if Days Sale Outstanding is greater than or equal to 90 days, the aggregate sales generated by the Originator with respect to Receivables during the 7th and 8th preceding Calculation Periods, by (ii) the Net Pool Balance as of such Cut-Off Date. 

“Default Rate” means a rate per annum equal to the sum of (i) the Alternate Base Rate plus (ii) 2.00%, changing
when and as the Alternate Base Rate changes. 
 “Default Ratio” means, as of any
Cut-Off Date, the ratio (expressed as a percentage) computed by dividing (x) the total amount of Pool Receivables which became either (i) Defaulted Receivables or (ii) Suspense Accounts as to
which any payment or part thereof remains unpaid for 150 days or more but less than 180 days from the original due date for such payment, and in each of the foregoing clauses, during the Calculation Period that includes such Cut-Off Date, by (y) the aggregate sales generated by the Originator with respect to Pool Receivables during the Calculation Period occurring six (6) months prior to the Calculation Period ending on such Cut-Off Date. 
 “Defaulted Receivable” means a Receivable (other than Suspense
Accounts): (i) as to which the Obligor thereof has suffered an Event of Bankruptcy; (ii) which, consistent with the Credit and Collection Policy, would be written off Borrower’s books as uncollectible; or (iii) as to which any
payment, or part thereof, remains unpaid for 150 days or more from the original due date for such payment. 
 “Delinquent
Receivable” means a Receivable (other than Suspense Accounts) as to which any payment, or part thereof, remains unpaid for 120-149 days from the original due date for such payment. 

“Demand Advance” means an advance made by Borrower to International Paper at any time while it is acting
as the Servicer on any day prior to the Facility Termination Date on which no Amortization Event or Unmatured Amortization Event exists and is continuing, which advance (a) is payable upon demand, (b) is not evidenced by an instrument,
chattel paper or a certificated security (unless such instrument, chattel paper or certificated security is pledged and delivered to the Administrative Agent, together with all necessary indorsement), (c) bears interest at a market rate determined
by Borrower and the Servicer from time to time, (d) is not subordinated to any other Indebtedness or obligation of the Servicer, and (e) may not be offset by International Paper against amounts due and owing from Borrower to it under the
Subordinated Note. 

  
 Exhibit I - 7 

 “Dilution” means the amount of any reduction or cancellation of the
Outstanding Balance of a Receivable (other than Suspense Accounts) as described in Section 3.4(a) and including Credit and Rebills, provided that Dilution does not include Cash Discounts or Volume Rebates. 

“Dilution Horizon Ratio” means, as of any Cut-off Date, a ratio (expressed as
a decimal), computed by dividing (i) the sum of (a) the aggregate sales generated by the Originator during the most recent Calculation Period and (b) 0.5 times the aggregate sales generated by the Originator during the second most recent
Calculation Period, by (ii) the Net Pool Balance as of such Cut-Off Date. 

“Dilution Ratio” means, as of any Cut-Off Date, a ratio (expressed as a
percentage), computed by dividing (i) the total amount of decreases in Outstanding Balances of Pool Receivables due to Dilutions during the Calculation Period ending on such Cut-Off Date, by (ii) the
aggregate sales generated by the Originator with respect to Pool Receivables during the Calculation Period two Calculation Periods prior to the Calculation Period ending on such Cut-Off Date. 

“Dilution Reserve” means, for any Calculation Period, the product (expressed as a percentage) of: 

(a) the sum of (i) 2.5 times the Adjusted Dilution Ratio as of the immediately preceding Cut-Off
Date, plus (ii) the Dilution Volatility Component as of the immediately preceding Cut-Off Date, times 

(b) the Dilution Horizon Ratio as of the immediately preceding Cut-Off Date. 

“Dilution Volatility Component” means the product (expressed as a percentage) of (i) the difference between
(a) the highest three (3)-month rolling average Dilution Ratio over the past 12 Calculation Periods and (b) the Adjusted Dilution Ratio, and (ii) a fraction, the numerator of which is equal to the amount calculated in (i)(a) of this
definition and the denominator of which is equal to the amount calculated in (i)(b) of this definition. 
 “EEA Financial
Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country
which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this
definition and is subject to consolidated supervision with its parent. 
 “EEA Member Country” means any of the
member states of the European Union, Iceland, Lichtenstein and Norway. 
 “EEA Resolution Authority” means any
public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

  
 Exhibit I - 8 

 “Eligible Assignee” means: 

(a) for any of the Conduits, (i) any bankruptcy-remote commercial paper conduit whose Commercial Paper is rated at least “A-1” by S&P and “P-1” by Moody’s, (ii) any Lender or (iii) any Liquidity Provider to such
Conduit, or 
 (b) for all Lenders, (i) any commercial bank having combined capital and surplus of at least $250,000,000 with a rating
of its (or its parent holding company’s) short-term securities equal to or higher than (A) “A-1” by S&P and (B)
“P-1” by Moody’s , or (ii) any affiliate of such Lender. 

“Eligible Institution” means as depository institution organized under the laws of the United States of
America or any state thereof or the District of Columbia (or any domestic branch of a foreign bank authorized under any such laws), (a) whose senior long-term unsecured debt obligations are rated at least A-
or better by S&P and A3 or better by Moody’s, and (b) which is subject to regulation regarding fiduciary funds on deposit substantially similar to 12 C.F.R. Section 9.10(b), if applicable, and (c) which has combined capital
and surplus of at least $100,000,000. 
 “Eligible Receivable” means, at any time, a Receivable: 

(i) the Obligor of which (a) if a natural person, is a resident of the United States or, if a corporation or other
business organization, is organized under the laws of the United States or any political subdivision thereof and has its chief executive office in the United States; (b) is not an Affiliate of any of the parties hereto; and (c) is not a
government or a governmental subdivision or agency, 
 (ii) which is not a Defaulted Receivable, 

(iii) which was not a Delinquent Receivable on the date on which it was acquired by Borrower, 

(iv) which (A) has been billed and by its terms is due and payable within 91 days of the original billing date
therefor and has not had its payment terms extended more than once, (B) has not been transferred, in whole or in part, to notes receivable, and (C) is not owing from an Obligor that has had all or any portion of the Receivables owing from
it transferred to notes receivable, 
 (v) which is an “account” or “chattel paper” (other than
“electronic chattel paper”), each within the meaning of Article 9 of the UCC of all applicable jurisdictions, 

(vi) which is denominated and payable only in United States dollars in the United States, 

(vii) which arises under a Contract, which, together with such Receivable, is in full force and effect and constitutes the
legal, valid and binding obligation of the related Obligor enforceable against such Obligor in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating
to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law), 

(viii) which arises under a Contract which does not require the Obligor under such Contract to consent to the transfer, sale,
pledge or assignment of the rights and duties of the Originator or any of its assignees under such Contract, 

  
 Exhibit I - 9 

 (ix) which arises under a Contract that contains an obligation to pay a
specified sum of money, contingent only upon the sale of goods or the provision of services by the Originator, 
 (x) which
is not a credit card receivable, 
 (xi) which was generated in the ordinary course of the Originator’s business, 

(xii) which arises solely from the sale of goods or the provision of services to the related Obligor by the Originator, and not
by any other Person (in whole or in part), 
 (xiii) which is not subject to any dispute, counterclaim, right of rescission, set-off, counterclaim or any other defense (including defenses arising out of violations of usury laws) of the applicable Obligor against the Originator or any of its Affiliates or any other Adverse Claim, and the
Obligor thereon holds no right as against the Originator to cause the Originator to repurchase the goods or merchandise the sale of which shall have given rise to such Receivable (except with respect to sale discounts effected pursuant to the
Contract, or defective goods returned in accordance with the terms of the Contract); provided, however, that if such dispute, offset, counterclaim or defense affects only a portion of the Outstanding Balance of such
Receivable, then such Receivable may be deemed an Eligible Receivable to the extent of the portion of such Outstanding Balance which is not so affected, and provided, further, that Receivables of any Obligor which has any
accounts payable by the Originator or by a wholly-owned Subsidiary of the Originator (thus giving rise to a potential offset against such Receivables) may be treated as Eligible Receivables to the extent that the Obligor of such Receivables has
agreed pursuant to a written agreement in form and substance satisfactory to the Administrative Agent, that such Receivables shall not be subject to such offset, 

(xiv) as to which the Originator has satisfied and fully performed all obligations on its part with respect to such Receivable
required to be fulfilled by it, and no further action is required to be performed by any Person with respect thereto other than payment thereon by the applicable Obligor, 

(xv) as to which each of the representations and warranties contained in Sections 6.1(i), (j), (l), (q)(ii), (r) or (s) is
true and correct, 
 (xvi) all right, title and interest to and in which has been validly transferred to Borrower under and
in accordance with the Receivables Sale and Contribution Agreement, 
 (xvii) which is not a Suspense Account, 

(xviii) the Obligor of which is not a Specified Obligor, and 

(xix) which is not a payment on account (other than, for the avoidance of doubt, prepaid amounts). 

“Eligible Receivables Net Balance” means, at any time, the aggregate Outstanding Balance of all Eligible Receivables
at such time reduced by (i) the Cash Discount Reserve at such time, (ii) the Volume Rebate Reserve at such time, and (iii) the Payable Setoff Reserve at such time. 

  
 Exhibit I - 10 

 “ERISA” means the Employee Retirement Income Security Act of 1974,
as amended from time to time, and any rule or regulation issued thereunder. 
 “ERISA Affiliate” means any trade or
business (whether or not incorporated) under common control with International Paper within the meaning of Section 414(b) or (c) of the Tax Code (and Sections 414(m) and (o) of the Tax Code for purposes of provisions relating to
Section 412 of the Tax Code). 
 “EU Bail-In Legislation Schedule”
means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Event of Bankruptcy” shall be deemed to have occurred with respect to a Person if either: 

(a) a case or other proceeding shall be commenced, without the application or consent of such Person, in any court, seeking the liquidation,
reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or all or
substantially all of its assets, or any similar action with respect to such Person under any law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, and such case or proceeding shall continue
undismissed, or unstayed and in effect, for a period of 60 consecutive days; or an order for relief in respect of such Person shall be entered in an involuntary case under the federal bankruptcy laws or other similar laws now or hereafter in effect;
or 
 (b) such Person shall commence a voluntary case or other proceeding under any applicable bankruptcy, insolvency, reorganization, debt
arrangement, dissolution or other similar law now or hereafter in effect, or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee (other than a trustee under a deed of trust, indenture or similar
instrument), custodian, sequestrator (or other similar official) for, such Person or for any substantial part of its property, or shall make any general assignment for the benefit of creditors, or shall be adjudicated insolvent, or admit in writing
its inability to pay its debts generally as they become due, or, if a corporation or similar entity, its board of directors shall vote to implement any of the foregoing. 

“Excluded Taxes” means, with respect to a Indemnified Party, Taxes which are (a) both (i) imposed by the
jurisdiction in which such Indemnified Party is organized or by any other taxing authority of a United States jurisdiction as a result of such Indemnified Party doing business or maintaining an office in such jurisdiction (other than any such taxes
that the Indemnified Party establishes would not have been imposed but for (A) such Indemnified Party having executed, or enforced, a Transaction Document or (B) any of the transactions contemplated herein or in the other Transaction
Documents) and also (ii) imposed on, based on or measured by net pre-tax income, capital or net worth of such Indemnified Party (other than Taxes that are, or are in the nature of, sales, use, rental,
property or value added or similar taxes) or (b) any Tax, assignment or other governmental charge attributable to and which would not have been imposed but for the failure of a Indemnified Party to deliver to Borrower the Prescribed Forms
properly completed and duly executed by such Indemnified Party establishing such party’s exemption from, or eligibility for, a reduced rate of any such tax or assessment. 

“Existing Agreement” has the meaning set forth in the Preliminary Statements. 

“Extrapolated Setoff Reserve Amount” means the product of (a) the IP Top 30 Payable Percentage times (b) the
aggregate Outstanding Balance of all Receivables (other than Suspense Accounts). 

  
 Exhibit I - 11 

 “Facility Termination Date” means the earliest of
(a) April 27, 2022, (b) the Amortization Date, and (c) the date the Maximum Advance Amounts of all Lenders are reduced to zero. 

“Federal Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as amended and any
successor statute thereto. 
 “Federal Funds Effective Rate” means, for any period, a fluctuating interest rate
per annum for each day during such period equal to (a) the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or,
if such day is not a Business Day, for the preceding Business Day) by the Federal Reserve Bank of New York in the Composite Closing Quotations for U.S. Government Securities; or (b) if such rate is not so published for any day which is a
Business Day, the average of the quotations at approximately 11:30 a.m. (New York time) for such day on such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it. 

“Fee Letters” means, collectively, the Administrative Agent’s Fee Letter and the
Co-Agents’ Fee Letter. 
 “Final Payout Date” means the date on which
all Obligations have been paid in full and the Agreement has been terminated. 
 “Finance Charges” means, with
respect to a Contract, any finance, interest, late payment charges or similar charges owing by an Obligor pursuant to such Contract. 

“Funding Agreement” means (i) this Agreement, (ii) the Liquidity Agreements and (iii) any other
agreement or instrument executed by any Funding Source with or for the benefit of any Conduit. 
 “Funding Source”
means (i) any Lender, (ii) any Liquidity Provider, (iii) any insurance company, bank or other funding entity providing liquidity, credit enhancement or back-up purchase support or facilities to
any Conduit, including, without limitation, such Conduit’s Participants, if any, or (iv) any holding company of any of the foregoing. 

“GAAP” means generally accepted accounting principles as currently in effect in the United States of America. 

“Group” means the Atlantic Group, or the Mizuho Group, as the case may be. 

“Group Limit” means, as to each Group, the aggregate amount of the Maximum Advance Amounts of the
Lenders in such Group. 
 “Guarantee” means a guarantee, an endorsement, a contingent agreement to
purchase or to furnish funds for the payment or maintenance of, or otherwise to be or become contingently liable under or with respect to, the Indebtedness, other obligations, net worth, working capital or earnings of any Person, or a guarantee of
the payment of dividends or other distributions upon the stock of any corporation, or an agreement to purchase, sell or lease (as lessee or lessor) property, products, materials, supplies or services primarily for the purpose of enabling a debtor to
make payment of his, her or its obligations or an agreement to assure a creditor against loss, and including causing a bank to open a letter of credit for the benefit of another Person, but excluding endorsements for collection or deposit in the
ordinary course of business. The terms “Guarantee” and “Guaranteed” used as a verb shall have a correlative meaning. 

  
 Exhibit I - 12 

 “Indebtedness” means, as to any Person: (a) indebtedness
created, issued or incurred by such Person for borrowed money (whether by loan or the issuance and sale of debt securities); (b) obligations of such Person to pay the deferred purchase or acquisition price of property or services, other than
trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred, in the ordinary course of business so long as such trade accounts payable are payable within 90 days of the date the respective goods are delivered or the
respective services are rendered; (c) indebtedness of others secured by an Adverse Claim on the property of such Person, whether or not the respective indebtedness so secured has been assumed by such Person; (d) obligations of such Person
in respect of letters of credit or similar instruments issued or accepted by banks and other financial institutions for the account of such Person; (e) Capital Lease Obligations of such Person; and (f) Indebtedness of others Guaranteed by
such Person. Notwithstanding anything herein to the contrary, and solely for purposes of calculating the ratio of Total Debt to Total Capital set forth in Section 9.1(n)(i), “Indebtedness” shall exclude all Nonrecourse
Financial Liabilities of Special Purpose Entities as defined in International Paper’s financial statements delivered pursuant to Section 7.1(a). 

“Indemnified Amounts” has the meaning set forth in Section 10.1. 

“Indemnified Party” has the meaning set forth in Section 10.1. 

“Independent Manager” means a member of the board of managers of Borrower who (a) is not at such time, and has
not been at any time during the preceding five (5) years: (i) a customer, advisor, supplier, director, officer, employee or affiliate of International Paper or any of its Subsidiaries or Affiliates other than Borrower (International Paper and
such Subsidiaries and Affiliates other than Borrower being hereinafter referred to as the “Corporate Group”), (ii) the owner (whether direct, indirect or beneficial) at the time of such individual’s appointment as an
Independent Manager or at any time thereafter while serving as an Independent Manager, of any of the outstanding membership interests of Borrower or any of its Affiliates (provided that indirect ownership of Borrower or of any Affiliate by
any person through a mutual fund or similar diversified investment pool shall not disqualify such person from being an Independent Manager unless such person maintains direct or indirect control of the investment decisions of such mutual fund or
similar diversified investment pool), (iii) a person related to any person referred to in clauses (i) and (ii); or (iv) a trustee, conservator or receiver for any member of the Corporate Group; and (b) has (i) prior experience as an
independent director or independent manager for an entity whose charter documents required the unanimous consent of all independent directors or independent managers thereof, as applicable, before such entity could consent to the institution of
bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy and (ii) at least three years of employment experience with one or more entities that
provide, in the ordinary course of their respective business, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities. 

“Interest” means, for each respective Interest Period relating to Loans of each Lender, an amount equal to the product
of the applicable Interest Rate for each Loan multiplied by the principal of such Loan for each day elapsed during such Interest Period, annualized on a 360 day basis. 

“Interest Period” means, with respect to any Loan held by a Lender which is not a CP Rate Loan: 

(a) if Interest for such Loan is calculated on the basis of LIBOR, a period of one, two, three or six months, or such other period as may be
mutually agreeable to the applicable Co-Agent and Borrower, commencing on a Business Day selected by Borrower or the Administrative Agent pursuant to this Agreement. Such Interest Period shall end on the day
in the applicable succeeding calendar month which corresponds numerically to the beginning day of such Interest Period, provided, however, that if there is no such numerically corresponding day in such succeeding month,
such Interest Period shall end on the last Business Day of such succeeding month; 

  
 Exhibit I - 13 

 (b) if Interest for such Loan is calculated on the basis of the Mizuho Rate, a period
commencing on a Business Day selected by Borrower and agreed to by the Administrative Agent, provided that no such period shall exceed one month; or 

(c) if Interest for such Loan is calculated on the basis of the Alternate Base Rate, a period commencing on a Business Day selected by Borrower
and agreed to by the Administrative Agent, provided that no such period shall exceed one month. 
 If any Interest Period referred to in
clause (a), (b) or (c) would end on a day which is not a Business Day, such Interest Period shall end on the next succeeding Business Day, provided, however, that in the case of any such Interest Period referred
to in clause (a), if such next succeeding Business Day falls in a new month, such Interest Period shall end on the immediately preceding Business Day. In the case of any Interest Period for any Loan which commences before the Amortization Date and
would otherwise end on a date occurring after the Amortization Date, such Interest Period shall end on the Amortization Date. In the case of any Interest Period for any Loan which would otherwise end on a date occurring after the Facility
Termination Date, such Interest Period shall end on the Facility Termination Date. The duration of each Interest Period which commences after the Amortization Date shall be of such duration as selected by the Administrative Agent. 

“Interest Rate” means, with respect to each Loan of the Lenders which is not a CP Rate Loan or Mizuho Rate Loan,
LIBOR, the Alternate Base Rate or the Default Rate, as applicable. 
 “Interest Reserve” means, for any Calculation
Period, the product (expressed as a percentage) of (i) 1.5, times (ii) LIBOR for a one-month Interest Period as of the immediately preceding Cut-Off Date,
times (iii) a fraction, the numerator of which is the product of the highest Days Sales Outstanding for the most recent 12 Calculation Periods multiplied by 2, and the denominator of which is 360. 

“International Paper” has the meaning set forth in the preamble to this Agreement. 

“Investment Company Act” has the meaning set forth in Section 6.1(p). 

“IP Top 30 Payable Percentage” means the ratio (expressed as a percentage) of (a) the aggregate amount of
payables as to each individual Obligor, not to exceed such Obligor’s Receivable Outstanding Balance owing to the Top 30 Obligors during the one month ending on or prior to the date of computation, to (b) the aggregate Outstanding Balance
of all Receivables (other than Suspense Accounts) owing from the Top 30 Obligors as of the last day of such month. 
 “IPCO
Credit Event” means the long-term unsecured debt rating of International Paper is downgraded below BBB- by S&P or below Baa3 by Moody’s or either such rating is revoked. 

“Lenders” means, collectively, each member of a Group (other than a Co-Agent
in its capacity as such) and their respective successors and permitted assigns. 
 “LIBOR” means with respect to any
applicable Loan advanced by a Lender, for any Interest Period, the rate per annum equal to the sum of (i) (a) the rate per annum determined on the basis of the offered rate for deposits in U.S. dollars of amounts equal or comparable to the
principal amount of the related Loan offered for a term comparable to such Interest Period, which rates appear on a 

  
 Exhibit I - 14 

 
Bloomberg L.P. terminal, displayed under the address “US0001M <Index> Q <Go>” effective as of 11:00 A.M., London time, two Business Days prior to the first day of
such Interest Period, provided that if no such offered rates appear on such page, LIBOR for such Interest Period will be the arithmetic average (rounded upwards, if necessary, to the next higher 1/100th of 1%) of rates quoted by not
less than two major banks in New York, New York, selected by the Administrative Agent, at approximately 10:00 a.m. (New York time), two Business Days prior to the first day of such Interest Period, for deposits in U.S. dollars offered by leading
European banks for a period comparable to such Interest Period in an amount comparable to the principal amount of such Loan, divided by (b) one minus the maximum aggregate reserve requirement (including all basic, supplemental, marginal
or other reserves) which is imposed against the Administrative Agent in respect of Eurocurrency liabilities, as defined in Regulation D of the Board of Governors of the Federal Reserve System as in effect from time to time (expressed as a decimal),
applicable to such Interest Period, plus (ii) (x) if there exists any Loans outstanding to Borrower from the Atlantic Group that are Loans other than CP Rate Loans, 165 basis points and (y) otherwise, 115 basis points. LIBOR shall be
rounded, if necessary, to the next higher 1/16 of 1%. 
 “LIBOR Loan” means a Loan which bears
interest at LIBOR. 
 “Liquidity Agreements” means the Atlantic Liquidity Agreement. 

“Liquidity Commitment” means, as to each Liquidity Provider under each Liquidity Agreement, the
commitment of such Liquidity Provider pursuant to such Liquidity Agreement. 
 “Liquidity Funding”
means, with respect to any Loan made by a Conduit, any purchase by a Liquidity Provider to such Conduit pursuant to its Liquidity Commitment of all or any portion of, or any undivided interest in, such Loan of such Conduit (or a loan made by
such Liquidity Provider pursuant to its Liquidity Commitment in the amount equal to all or any portion of such Loan of such Conduit). 

“Liquidity Provider” means, as to each Liquidity Agreement, each liquidity provider thereunder from time to time. 

“Loan” means any loan made by a Lender to Borrower pursuant to this Agreement. Each Loan made by a
Conduit shall either be a CP Rate Loan or, in the case of any Loan made by a Conduit which is the subject of a Liquidity Funding, an Alternate Base Rate Loan or a LIBOR Loan, selected in accordance with the terms of this Agreement. Each Loan made by
a Lender which is not a Conduit shall either be an Alternate Base Rate Loan, a Mizuho Rate Loan or a LIBOR Loan, selected in accordance with the terms of this Agreement. 

“Loan Parties” has the meaning set forth in the preamble to this Agreement. 

“Lock Box” means each locked postal box with respect to which a bank who has executed a Collection Account Agreement
has been granted exclusive access for the purpose of retrieving and processing payments made on the Receivables and which is listed on Exhibit IV. 

“Loss Reserve” means, for any Calculation Period, the product (expressed as a percentage) of (a) 2.5,
times (b) the highest three-month rolling average Default Ratio during the 12 Calculation Periods ending on the immediately preceding Cut-Off Date, times (c) the Default Horizon Ratio
as of the immediately preceding Cut-Off Date. 
 “Majority
Co-Agents” means, (a) at any time while Loans are outstanding, those Co-Agents representing Groups whose combined Loans outstanding are equal to at
least fifty percent (50%) of the aggregate principal amount of all Loans outstanding and (b) at any time while no Loans are outstanding, those Co-Agents representing Groups with Group Limits equal to at
least fifty percent (50%) of the Aggregate Advances. 

  
 Exhibit I - 15 

 “Material Adverse Effect” means, with respect to any Loan Party, a
material adverse effect on (i) the financial condition or operations of any Loan Party and its Material Subsidiaries taken as a whole, (ii) the ability of such Loan Party to perform its obligations under this Agreement, (iii) the
legality, validity or enforceability of this Agreement or any other Transaction Document to which it is a party, (iv) the Administrative Agent’s security interest, for the benefit of the Secured Parties, in the Receivables generally or in
any material portion of the Receivables, the Related Security or the Collections with respect thereto, or (v) the collectibility of the Receivables generally or of any material portion of the Receivables. 

“Material Subsidiary” means any Subsidiary of International Paper (other than any Special Purpose Entity, or
equivalent term, as defined in International Paper’s financial statements most recently delivered pursuant to Section 7.1(a)(i) or (ii)) (i) which, as of the most recent fiscal quarter of International Paper, for the period of four
consecutive fiscal quarters then ended, for which financial statements have been delivered pursuant to Section 7.1(a)(i) or (ii), contributed greater than ten percent (10%) of consolidated revenues for such period or (ii) which contributed
greater than ten percent (10%) of Total Assets as of the end of any such fiscal quarter; provided that, if the aggregate amount of consolidated revenues or Total Assets attributable to all Subsidiaries that are not Material
Subsidiaries exceeds twenty percent (20%) of consolidated revenues for any such period or twenty percent (20%) of Total Assets as of the end of any such fiscal quarter, International Paper (or, in the event International Paper has failed to do so
within ten days after delivery of the most recent financial statements pursuant to Section 7.1(a)(i) or (ii), the Administrative Agent) shall designate sufficient Subsidiaries as “Material Subsidiaries” to eliminate such excess, and
such designated Subsidiaries shall for all purposes of this Agreement constitute Material Subsidiaries until, with respect to any such Subsidiary that is designated a “Material Subsidiary” solely by operation of this proviso and is not
otherwise a Material Subsidiary, (x) (i) such Subsidiary no longer needs to constitute a “Material Subsidiary” in order for the requirements in this proviso to be satisfied or (ii) the circumstances described in this proviso are
no longer applicable and (y) International Paper shall have notified the Administrative Agent of the foregoing.. 
 “Maximum
Advance Amount” means, as of any date of determination, for each Lender, the amount set forth opposite such Lender’s name under the heading “Maximum Advance Amount” on Schedule A to this Agreement. 

“Mizuho” has the meaning set forth in the preamble to this Agreement. 

“Mizuho Group” has the meaning set forth in the preamble to this Agreement. 

“Mizuho Rate” means the lesser of (a) the Mizuho Group’s Cost of Funds and (b) the Atlantic
Group’s CP Rate. 
 “Mizuho Rate Loan” means a Loan made by the Mizuho Group which bears interest
at the Mizuho Rate. 
 “Monthly Report” means a report, in substantially the form of Exhibit IX hereto
(appropriately completed), furnished by the Servicer to the Administrative Agent pursuant to Section 8.5. 

  
 Exhibit I - 16 

 “Monthly Reporting Date” means the 15th day of each
month after the date of this Agreement (or if any such day is not a Business Day, the next succeeding Business Day thereafter) or such other days of each month as the Administrative Agent shall request in connection with Section 8.5 hereof.

 “Monthly Settlement Date” means the second Business Day after each Monthly Reporting Date. 

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

“Net Pool Balance” means, at any time, the Eligible Receivables Net Balance minus (a) the aggregate
amount, if any, by which the Outstanding Balance of all Eligible Receivables of each Obligor and its Affiliates (reduced by the amount of any outstanding Cash Discounts, outstanding Volume Rebates and outstanding payables that the Servicer
has determined at such time relate to or are owed to such Obligor and its Affiliates) exceeds the Obligor Concentration Limit for such Obligor and its Affiliates and minus (b) unapplied cash and other offsets applicable to
the Eligible Receivables. 
 “Obligations” means, at any time, any and all obligations of either of the Loan Parties
to any of the Secured Parties arising under or in connection with the Transaction Documents, whether now existing or hereafter arising, due or accrued, absolute or contingent, including, without limitation, obligations in respect of Aggregate
Principal, CP Costs, Interest, fees under the Fee Letters, Broken Funding Costs and Indemnified Amounts. 

“Obligor” means a Person obligated to make payments pursuant to a Contract. 

“Obligor Concentration Limit” means, at any time, in relation to any single Obligor and its Affiliates (if any), an
amount equal to (A) the Eligible Receivables Net Balance at such time, multiplied by (B) the percentage set forth in the table below under the heading “Allowable % of Eligible Receivables Net Balance” for the applicable row for
such Obligor and its Affiliates (if any), where such applicable row is determined as follows for Obligors who have short term unsecured debt ratings currently assigned to them by S&P and Moody’s (or in the absence thereof, the equivalent
long term unsecured senior debt ratings): 
  

									
	 Short-Term S&P

Rating
	  	 Long-Term S&P

Rating
	  	 Short-Term

Moody’s Rating
	  	 Long-Term

Moody’s Rating
	  	 Allowable % of

Eligible
 Receivables Net
Balance

	 A-1+
	  	AAA	  	P-1	  	Aaa	  	10%
	 A-1
	  	AA+, AA, AA- or A+	  	P-1	  	Aa1, Aa2, Aa3 or A1	  	8%
	 A-2
	  	A, A- or BBB+	  	P-2	  	A2, A3 or Baa1	  	6%
	 A-3
	  	BBB or BBB-	  	P-3	  	Baa2 or Baa3	  	5%
	 Below A-3 or Not Rated by
either S&P or Moody’s
	  	Below BBB- or Not Rated by either S&P or Moody’s	  	Below P-3 or Not Rated by either S&P or Moody’s	  	Below Baa3 or Not Rated by either S&P or Moody’s	  	3%

  
 Exhibit I - 17 

 ; provided, however, that (i) if any Obligor
has a split rating, the applicable row for such Obligor for the determination of the Obligor Concentration Limit will be the row associated with the lower of the two ratings, (ii) if any Obligor is not rated by either S&P or Moody’s,
the applicable row for such Obligor for the determination of the Obligor Concentration Limit shall be the one set forth in the last line of the table above, and (iii) subject to satisfaction of the Rating Agency Condition and/or an increase in
the percentage set forth in clause (a)(i) of the definition of “Required Reserve,” upon Borrower’s request from time to time, the Co-Agents may agree to a higher “Allowable %
of Eligible Receivables Net Balance” for a particular Obligor and its Affiliates (each such higher percentage, a “Special Concentration Limit”), it being understood that any Special Concentration Limit may be cancelled
by any Agent upon not less than five (5) Business Days’ written notice to the Loan Parties. 

“Originator” means International Paper in its capacity as seller and contributor under the Receivables Sale and
Contribution Agreement. 
 “Outstanding Advance Amount” means, on any date of determination as to any Lender, the
aggregate amount of outstanding Loans by such Lender hereunder. 
 “Outstanding Balance” of any Receivable at any
time means the then outstanding principal balance thereof. 
 “Participant” has the meaning specified
in Section 12.1(c)(ii). 
 “Past Due Ratio” means, at any time, a percentage equal to (i) the aggregate
Outstanding Balance of all Pool Receivables (other than Suspense Accounts) that remain unpaid for 90-119 days from the original due date for such payment at such time divided by (ii) the aggregate
Outstanding Balance of all Pool Receivables (other than Suspense Accounts) at such time. 
 “Payable Setoff
Reserve” means an amount equal to the sum of (a) 1.00% of the aggregate Outstanding Balance of all Receivables (other than Suspense Accounts) plus (b) at any time while (A) no IPCO Credit Event exists and is
continuing, the Borrower’s choice of either (i) the Extrapolated Setoff Reserve Amount or (ii) the Actual Setoff Reserve Amount, or (B) an IPCO Credit Event exists and is continuing, the Borrower’s choice of either (i) 1.25
times the Extrapolated Setoff Reserve Amount, or (ii) the Actual Setoff Reserve Amount. For the avoidance of doubt, clause (a) is included in lieu of including accruals in the determination of “payables” when calculating the
Actual Setoff Reserve Amount and the Extrapolated Setoff Reserve Amount. 
 “PBGC” means the Pension Benefit
Guaranty Corporation, or any successor thereto. 
 “Pension Plan” means a pension plan (as defined in
Section 3(2) of ERISA) subject to Title IV of ERISA which International Paper sponsors or maintains, or to which it makes, is making, or is obligated to make contributions, or in the case of a multiple employer plan (as described in
Section 4064(a) of ERISA) has made contributions at any time during the immediately preceding five plan years. 

“Percentage” means, for each Group on any date of determination on which any Loans are outstanding, the ratio of the
aggregate outstanding principal amount of the Loans of such Group’s Constituents to the Aggregate Principal on such date. 

  
 Exhibit I - 18 

 “Person” means an individual, partnership, corporation (including a
business trust), limited liability company, joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof. 

“Plan” means an employee benefit plan (as defined in Section 3(3) of ERISA) which International Paper or any of
its ERISA Affiliates sponsors or maintains or to which International Paper or any of its ERISA Affiliates makes, is making, or is obligated to make contributions and includes any Pension Plan, other than a Plan maintained outside the United States
primarily for the benefit of Persons who are not U.S. residents. 
 “Pool Receivable” means any
Receivable other than a Receivable owing from a Specified Obligor. 
 “Prescribed Forms” means such duly
executed form(s) or statement(s), and in such number of copies, which may, from time to time, be prescribed by law and which, pursuant to applicable provisions of (a) an income tax treaty between the United States and the country of residence
of the Indemnified Party providing the form(s) or statement(s), (b) the Tax Code or (c) any applicable rule or regulation under the Tax Code, required and permitted by law to be provided by the Indemnified Party, as exhibits, to Borrower in
order to permit Borrower to make payments hereunder for the account of such Indemnified Party free of deduction or withholding for income or similar taxes. 

“Prime Rate” means a rate per annum equal to the prime rate of interest announced from time to time by Mizuho
Bank, Ltd. (which is not necessarily the lowest rate charged to any customer), changing when and as said prime rate changes. 

“Principal” of any Loan means the original amount advanced to the Borrower by a Lender pursuant to this Agreement, in
each case reduced from time to time by Collections distributed on account of such Principal pursuant to Article III; provided that if such Principal shall have been reduced by any distribution and thereafter all or a portion of such
distribution is rescinded or must otherwise be returned for any reason, such Principal shall be increased by the amount of such rescinded or returned distribution, as though it had not been made. 

“Promissory Notes” means with respect to any Conduit, Commercial Paper and other promissory notes issued by such
Conduit. 
 “Rating Agency Condition” means that (i) if required, a Conduit has received written notice from
S&P and Moody’s that the closing of this transaction will not result in a withdrawal or downgrade of the then current rating of its Promissory Notes and (ii) if required, each of the Conduits has received written notice from S&P
and Moody’s that any material amendment, change or a waiver will not result in a withdrawal or downgrade of the then current ratings on such Conduit’s Promissory Notes. 

“Receivable” has the meaning set forth in the Receivables Sale and Contribution Agreement. 

“Receivables Sale and Contribution Agreement” means that certain Receivables Sale and Contribution
Agreement dated as of March 13, 2008 by and between the Originator and the Borrower, as the same may be amended, restated or otherwise modified from time to time in accordance with the terms thereof and hereof. 

“Records” means, with respect to any Receivable, all Contracts and other documents, books, records and other
information (including, without limitation, computer programs, tapes, disks, punch cards, data processing software and related property and rights) relating to such Receivable, any Related Security therefor and the related Obligor. 

  
 Exhibit I - 19 

 “Regulatory Change” has the meaning set forth in Section 10.2.

 “Related Security” means, with respect to any Receivable: 

(i) all of Borrower’s interest in the inventory and goods (including returned or repossessed inventory or goods), if any,
the sale of which by the Originator gave rise to such Receivable, and all insurance contracts with respect thereto, 
 (ii)
all other security interests or liens and property subject thereto from time to time, if any, purporting to secure payment of such Receivable, whether pursuant to the Contract related to such Receivable or otherwise, together with all financing
statements and security agreements describing any collateral securing such Receivable, 
 (iii) all guaranties, letters of
credit, insurance and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Receivable whether pursuant to the Contract related to such Receivable or otherwise, 

(iv) all service contracts and other contracts and agreements associated with such Receivable, 

(v) all Records related to such Receivable, 

(vi) all of Borrower’s right, title and interest in, to and under the Receivables Sale and Contribution Agreements in
respect of such Receivable, 
 (vii) all of Borrower’s right, title and interest in and to the Demand Advances, and 

(viii) all proceeds of any of the foregoing. 

“Required Notice Period” means, for any Lender, the number of days required notice set forth below opposite the
applicable prepayment of the outstanding principal balance of such Lender’s Loans: 
  

			
	Amount of Principal Prepayment	  	Required Notice Period
	 less than 50% of such Lender’s Group Limit
	  	 2 Business Days

	 greater than or equal to

 
 50% of such Lender’s Group Limit
	  	 5 Business Days

 “Required Reserve” means, on any day during a Calculation Period, the
product of (a) the aggregate of (x) the greater of (i) the Reserve Floor or (ii) the sum of (A) the Loss Reserve and (B) the greater of (1) 7.5% or (2) the Dilution
Reserve, (y) the Servicing Reserve and (z) the Interest Reserve, times (b) the Net Pool Balance as of the Cut-Off Date immediately preceding such Calculation Period. 

  
 Exhibit I - 20 

 “Reserve Floor” means, for any Calculation Period, the
sum (expressed as a percentage) of (a) 15.0%, plus (b) the product of the Adjusted Dilution Ratio and the Dilution Horizon Ratio, in each case, as of the immediately preceding Cut-Off
Date. 
 “Restricted Junior Payment” means (i) any dividend or other distribution, direct or indirect, on
account of any membership interest of Borrower now or hereafter outstanding, except a dividend or distribution payable solely in membership interests of Borrower of the same or a junior class, (ii) any redemption, retirement, sinking fund or
similar payment, purchase or other acquisition for value, direct or indirect, of any membership interest of Borrower now or hereafter outstanding, (iii) any payment or prepayment of principal of, premium, if any, or interest, fees or other
charges on or with respect to, and any redemption, purchase, retirement, defeasance, sinking fund or similar payment and any claim for rescission with respect to the Subordinated Loans (as defined in the Receivables Sale and Contribution Agreement),
(iv) any payment made to redeem, purchase, repurchase or retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire membership interest of any class of Borrower now or hereafter outstanding, and (v) any
payment of management fees by Borrower (except for reasonable management fees to International Paper or its Affiliates in reimbursement of actual management services performed). 

“Revolving Period” means the period from and including the date hereof to but excluding the Facility
Termination Date. 
 “S&P” means Standard and Poor’s Ratings Services, a division of The McGraw Hill
Companies, Inc. 
 “Secured Parties” means each Indemnified Party. 

“Servicer” means at any time the Person (which may be the Administrative Agent) then authorized pursuant to Article
VIII to service, administer and collect Receivables. 
 “Servicing Fee” means, for each day in a Calculation Period:

 (a) an amount equal to (i) the Servicing Fee Rate (or, at any time while International Paper or one of its Affiliates is the
Servicer, such lesser percentage as may be agreed between Borrower and the Servicer on an arms’ length basis based on then prevailing market terms for similar services), times (ii) the aggregate Outstanding Balance of all
Receivables at the close of business on the Cut-Off Date immediately preceding such Calculation Period, times (iii) 1/360; or 

(b) on and after the Servicer’s reasonable request made at any time when International Paper or one of its Affiliates is no longer acting
as Servicer hereunder, an alternative amount specified by the successor Servicer not exceeding (i) 110% of such Servicer’s reasonable costs and expenses of performing its obligations under this Agreement during the preceding Calculation Period,
divided by (ii) the number of days in the current Calculation Period. 
 “Servicing Fee
Rate” means 1.0% per annum or such higher percentage as may be necessary to cover Cap Gemini-Poland’s actual costs of servicing the Receivables. 

“Servicing Reserve” means, for any Calculation Period, the product (expressed as a percentage) of (a) the
Servicing Fee Rate, times (b) a fraction, the numerator of which is the highest Days Sales Outstanding for the most recent 12 Calculation Periods multiplied by 2, and the denominator of which is 360. 

  
 Exhibit I - 21 

 “Settlement Date” means (A) each Monthly Settlement Date,
(B) the second Business Day after each Weekly Reporting Date, (C) the second Business Day after each Daily Reporting Date, and (D) the last day of the relevant Interest Period in respect of each Loan made by a Conduit which is the
subject of a Liquidity Funding. 
 “Settlement Period” means (A) in respect of each Loan of a Conduit, the
immediately preceding Calculation Period (or, during the Weekly Reporting Period, the calendar week then most recently ended (or, during the Weekly Reporting Period that is also a Daily Reporting Period, the immediately preceding Business Day) and
(B) in respect of each Loan made by a Conduit which is the subject of a Liquidity Funding, the entire Interest Period of such Loan (or, during the Weekly Reporting Period, the calendar week then most recently ended) (or, during the Weekly
Reporting Period that is also a Daily Reporting Period, the immediately preceding Business Day)). 
 “Specified
Obligor” means any of (a) Office Depot Inc. (b) NE OPCO INC. (formerly known as National Envelope), (c) Cenveo, Inc, (d) Corrugated Supplies Company LLC and its Affiliates, Ruscorr, LLC and CSC-Indiana, LLC, and all Obligors specified on Schedule C to the Receivables Sale and Contribution Agreement as such Schedule C may be amended, modified or supplemented in accordance with the terms of the
Receivables Sale and Contribution Agreement. 
 “Stated Percentage” means, for each Group on any date
of determination, the ratio of such Group’s Group Limit to the aggregate Group Limits of all Groups. 

“Subsidiary” of a Person means (i) any corporation more than 50% of the outstanding securities having ordinary
voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (ii) any partnership, association, limited
liability company, joint venture or similar business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. 

“Suspense Account” means any Receivable other than a Defaulted Receivable, (i) as to which the Obligor thereof
has suffered an Event of Bankruptcy, (ii) which, consistent with the Credit and Collection Policy, would be written off Borrower’s books as uncollectible, or (iii) which the Originator tracks separately from other Receivables. 

“Tax” or “Taxes” means all license and registration fees and all income, gross receipts,
rental, franchise, excise, occupational, capital, value added, sales, use, ad valorem (real and personal), property (real and personal) and excise taxes, fees, levies, imposts, charges or withholdings of any nature whatsoever, together with any
assessments, penalties, fines, additions to tax and interest thereon, by any federal, state or local government or taxing authority in the United States or by any foreign government, foreign governmental subdivision or other foreign or international
taxing authority. 
 “Tax Code” means the Internal Revenue Code of 1986, as the same may be amended
from time to time. 
 “Termination Date” has the meaning set forth in the Receivables Sale and Contribution
Agreement. 

  
 Exhibit I - 22 

 “Top 30 Obligors” means, on any date of determination, the 30
Obligors with the highest aggregate amount of Receivables (other than Suspense Accounts) generated during the one (1) month ending on or prior to the date of computation. 

“Total Assets” means, at any time, the total assets of International Paper and its Consolidated Subsidiaries at
such time determined on a consolidated basis (without duplication) in accordance with GAAP. 
 “Total Capital”
means, at any date, Consolidated Net Worth plus Total Debt each determined as of such date. 
 “Total
Debt” means, at any time, the aggregate outstanding principal amount of all Indebtedness of International Paper and its Consolidated Subsidiaries at such time determined on a consolidated basis (without duplication) in
accordance with GAAP. 
 “Transaction Documents” means, collectively, this Agreement, each Borrowing Request, the
Receivables Sale and Contribution Agreement, each Collection Account Agreement, the Fee Letters, the Subordinated Note (as defined in the Receivables Sale and Contribution Agreement), the Liquidity Agreements and all other instruments,
documents and agreements executed and delivered in connection herewith. 
 “UCC” means the Uniform Commercial Code
as from time to time in effect in the specified jurisdiction. 
 “Unmatured Amortization Event” means an event
which, with the passage of time or the giving of notice, or both, would constitute an Amortization Event. 
 “Volume
Rebate” means a rebate or refund as described in Section 3.4(a)(iii). 
 “Volume Rebate Reserve”
means, at any time, such balance of all reserve accounts that any Loan Party establishes for Volume Rebates earned by all Obligors. 

“Weekly Report” means a report, in substantially the form of Exhibit VIII hereto (appropriately
completed), furnished by the Servicer to the Administrative Agent pursuant to Section 8.5. 
 “Weekly Reporting
Date” means Wednesday of each week during the Weekly Reporting Period (or if any such day is not a Business Day, the next succeeding Business Day thereafter). 

“Weekly Reporting Period” means the period beginning on the first week after the current published
rating by S&P or Moody’s of International Paper’s long-term senior unsecured non-credit-enhanced debt is less than BBB- from S&P or is less than Baa3
from Moody’s. 
 “Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the
write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in
the EU Bail-In Legislation Schedule. 
 All accounting terms not specifically defined herein
shall be construed in accordance with GAAP. All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9. 

  
 Exhibit I - 23 

 For the avoidance of doubt, “during the continuance
of an Amortization Event” means that an Amortization Event has occurred and has not been waived. 
  

  
 Exhibit I - 24 

 EXHIBIT II 

FORM OF BORROWING REQUEST 

— 
 RED BIRD
RECEIVABLES, LLC 
 BORROWING REQUEST 

For Borrowing on __________________ 

Credit Agricole Corporate and Investment Bank, as Atlantic Agent 

c/o Credit Agricole Corporate and Investment Bank 
 1301 Avenue of
the Americas 
 New York, NY 10019 
 Attention: Deric Bradford,
Fax No.: (917) 849-5584 
 and 

Mizuho Bank, Ltd., as Mizuho Agent 
 Americas Financial Products
Division 
 Securitization & Structured Finance 
 1251
Avenue of the Americas, 32nd Floor 
 New York, NY 10020 

Attention: David Krafchik, Fax No. (212) 282-4105 

Ladies and Gentlemen: 
 Reference is made to the
Second Amended and Restated Credit and Security Agreement dated as of March 13, 2008 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”) among Red Bird Receivables, LLC (the
“Borrower”), International Paper Company, as Servicer, the Lenders and Co-Agents, from time to time party thereto, and Mizuho Bank, Ltd., as Administrative Agent. Capitalized terms
defined in the Credit Agreement are used herein with the same meanings. 
 1. The Borrower hereby certifies, represents and warrants to the
Agents and the Lenders that on and as of the Borrowing Date (as hereinafter defined): 
 (a) all applicable conditions precedent set forth in
Article V of the Credit Agreement have been satisfied; 
 (b) each of its representations and warranties contained in
Section 6.1 of the Credit Agreement will be true and correct, in all material respects, as if made on and as of the Borrowing Date; 

(c) no event will have occurred and is continuing, or would result from the requested Advance, that constitutes an Amortization Event or
Unmatured Amortization Event; 
 (d) the Termination Date has not occurred; and 

 (e) after giving effect to the Loans comprising the Advance requested below, (i) the
aggregate principal amount of the Loans of the Lenders in the Mizuho Group at any one time outstanding will not exceed the Mizuho Group’s Group Limit; (ii) the aggregate principal amount of the Loans of the Lenders in the Atlantic Group at
any one time outstanding will not exceed the Atlantic Group’s Group Limit; (iii) the aggregate principal amount of the Loans of any Lender at any one time outstanding will not exceed the Maximum Advance Amount of such Lender; and
(iv) the Aggregate Principal will not exceed the lesser of (x) the Aggregate Facility Amount, and (y) the Borrowing Base. 

2. The Borrower hereby requests that the Lenders in each Group make an Advance on ___________, _____ (the “Borrowing
Date”) as follows: 
 (a) Aggregate Amount of Advance: $_____________ calculated as: 

Rollover Amount:      _________________ 

Reduction Amount:    _________________ 

New Loan Amount:    _________________ 

Total Advance:            _________________ 

1. Atlantic Group’s Share of
Advance:               $___________ 
 2. Mizuho Group’s
Share of Advance:                $___________ 
 (b) Interest
Rate Requested: CP Rate for the Atlantic Group; Mizuho Rate for the Mizuho Group. 
 3. Please disburse the proceeds of the Loans as follows:

 (i) Atlantic Group: [Wire transfer $________ to account no. ________ at ___________ Bank, in [city, state], ABA No.
__________, Reference: ________]; 
 (ii) Mizuho Group: [Wire transfer $________ to account no. ________ at ___________ Bank,
in [city, state], ABA No. __________, Reference: ________]; 

 IN WITNESS WHEREOF, the Borrower has caused this Borrowing Request to be
executed and delivered as of this ____ day of ___________, _____. 
  

			
	RED BIRD RECEIVABLES, LLC,
	AS BORROWER
		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT III 

CHIEF EXECUTIVE OFFICES OF THE LOAN PARTIES; LOCATIONS OF RECORDS; 

FEDERAL EMPLOYER IDENTIFICATION NUMBERS; 

ORGANIZATIONAL IDENTIFICATION NUMBERS 

International Paper Company 
 Principal Places
of Business:     6400 Poplar Avenue, Memphis, TN 38197 
 Locations of Records:
               6400 Poplar Avenue, Memphis, TN 38197 
 Red Bird
Receivables, LLC 
 Principal Places of Business:     6400 Poplar Avenue, Memphis, TN 38197 

Locations of Records:                6400 Poplar Avenue, Memphis, TN 38197

 Federal Employer 
 Identification Number 

of Red Bird Receivables, LLC: 26-2180174 

Legal, Trade and Assumed Names 
 of Red Bird
Receivables, LLC: Red Bird Receivables, LLC 
 (f/k/a Red Bird Receivables, Inc.) 

 EXHIBIT IV 

NAMES OF COLLECTION BANKS; LOCK BOXES & COLLECTION ACCOUNTS 

Lock boxes; Collection Accounts; Collection Banks 

DOMESTIC 
  

									
	 Collection Bank
	  	 Account
	  	 Lockbox
	  	 Notes
	  	 Lockbox Site

					
	 JPMorgan
 1 Chase Manhattan Plaza

New York, NY 10081
	  	0361046451	  	N/A	  	Domestic EFT Receivables	  	
					
	 PNC Bank
 2 Tower Center Boulevard

East Brunswick, NJ 08816
	  	1014314152	  	 676565
 644095

910780
 771689

532629
	  	 Domestic
 Receivables
	  	 Dallas
 Pittsburgh

LA
 Chicago

Atlanta

 EXHIBIT V 

FORM OF COMPLIANCE CERTIFICATE 
  

	To:	 Credit Agricole Corporate and Investment Bank, as Atlantic Agent 

Mizuho Bank, Ltd., as Mizuho Agent 

Mizuho Bank, Ltd., as Administrative Agent 

This Compliance Certificate is furnished pursuant to that certain Second Amended and Restated Credit and Security Agreement dated as of
March 13, 2008 among Red Bird Receivables, LLC (the “Borrower”), International Paper Company, as Servicer, the Lenders and Co-Agents from time to time party thereto, and Mizuho
Bank, Ltd., as Administrative Agent (as amended, restated or otherwise modified from time to time, the “Agreement”). Capitalized terms used and not otherwise defined herein are used with the meanings attributed thereto in the
Agreement. 
 THE UNDERSIGNED HEREBY CERTIFIES THAT: 

1. I am the duly elected _________________ of Borrower. 

2. I have reviewed the terms of the Agreement and I have made, or have caused to be made under my supervision, a detailed review of the
transactions and conditions of Borrower and its Subsidiaries during the accounting period covered by the attached financial statements. 
 3.
The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or event which constitutes an Amortization Event or Unmatured Amortization Event, as each such term is defined under the
Agreement, during or at the end of the accounting period covered by the attached financial statements or as of the date of this Certificate[, except as set forth in paragraph 4 below]. 

[4. Described below are the exceptions, if any, to paragraph 3 by listing, in detail, the nature of the condition or event, the period during
which it has existed and the action which Borrower has taken, is taking, or proposes to take with respect to each such condition or event: ____________________] 

The foregoing certifications and the financial statements delivered with this Certificate in support hereof, are made and delivered as of
______________, 20__. 
  

			
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT VI 

FORM OF MONTHLY REPORT 

[attached] 

 EXHIBIT VII 

FORM OF PARTIAL RELEASE AND SALE DOCUMENTS 

— 
 ADMINISTRATIVE
AGENT’S RELEASE OF CERTAIN RECEIVABLE ASSETS 
 FOR GOOD AND VALUABLE CONSIDERATION, the receipt and
sufficiency of which are hereby acknowledged, the Administrative Agent (hereinafter defined) under that certain Second Amended and Restated Credit and Security Agreement, dated as of March 13, 2008, as amended (the
“CSA”), by and among (a) RED BIRD RECEIVABLES, LLC, a Delaware limited liability company (“Borrower”), (b) INTERNATIONAL PAPER COMPANY, a New York corporation (“International
Paper”), as Servicer, (c) THE LENDERS AND CO-AGENTS FROM TIME TO TIME PARTY THERETO and (d) MIZUHO BANK, LTD., as Administrative Agent (in such capacity, together with its successors in
such capacity, the “Administrative Agent” does hereby irrevocably release all right, title and interest in and to, and liens and security interests upon, the following personal property: 

All existing and future Receivables as to which ___________ (or one of its Affiliates) is the Obligor, the Related Security associated
directly with such Receivables (except to the extent such Related Security includes Records related to other Receivables), and all Collections on and other proceeds of the foregoing (collectively, the “Specified
Receivables”). 
 Capitalized terms used herein are used with the meanings attributed thereto in the CSA. 

Further, notwithstanding any provision of the CSA to the contrary, the Administrative Agent, on behalf of the Agents and the Lenders, hereby
consents to (a) the sale by the Borrower of any Specified Receivables owned by the Borrower to International Paper for an aggregate sum of $__________, and (b) the sale by International Paper to __________________
(“Purchaser”), for an aggregate sum of $________. 
 This release is executed by the Administrative Agent on behalf
of the Agents and the Lenders party to the CSA, without representation or warranty of any kind, express or implied, except that the Administrative Agent has not granted any right, title or interest in, or lien upon, the Specified Receivables to any
other Person. 
 IN WITNESS WHEREOF, the undersigned has executed this instrument as of _____________, 200_.

  

			
	MIZUHO BANK, LTD., AS ADMINISTRATIVE AGENT
		
	By:	 	  

		 	Title:

 Attachment: Exhibit A 

 SALE OF CERTAIN RECEIVABLE ASSETS 

IN CONSIDERATION OF THE PAYMENT OF $_________, the receipt and sufficiency of which are hereby acknowledged,
RED BIRD RECEIVABLES, LLC, a Delaware limited liability company (“Red Bird”), hereby sells, assigns, transfers and conveys, to INTERNATIONAL PAPER COMPANY, a New York corporation (“International
Paper”), all right, title and interest in and to the trade accounts receivable as to which _______________ (or one of its Affiliates) is the account debtor that is listed on Exhibit A attached hereto and made a part hereof, together
with all records related thereto and all proceeds of the foregoing (collectively, the “Specified Receivables”), without representation or warranty of any kind, express or implied. 

It is Red Bird’s intention that the conveyance of the Specified Receivables made hereunder shall constitute a true sale, which sale is
absolute and irrevocable and provides International Paper with the full benefits of ownership of the Specified Receivables. 
 IN
WITNESS WHEREOF, Red Bird has caused this instrument to be duly executed and delivered on _____________, 20__. 
  

			
	RED BIRD RECEIVABLES, LLC
		
	 By:
	 	
              
                   

	 Name:
	 	
	 Title:
	 	

  

			
	 Agreed to and accepted:
  

	INTERNATIONAL PAPER COMPANY
		
	By:	 	
                     
    

	Name:	 	
	Title:	 	
	
	Attachment: Exhibit A

 EXHIBIT VIII 

FORM OF WEEKLY REPORT 

SEE ATTACHED. 

 EXHIBIT IX 

FORM OF DAILY REPORT 

SEE ATTACHED. 

 SCHEDULE A 

MAXIMUM ADVANCE AMOUNTS 
  

					
	 LENDER
	  	MAXIMUM ADVANCE
AMOUNT	 
	 Atlantic Group
	  	$	275,000,000	 
	 Mizuho Group
	  	$	275,000,000	 
	 TOTAL
	  	$	550,000,000	 

 SCHEDULE B 

DOCUMENTS TO BE DELIVERED TO THE ADMINISTRATIVE AGENT 

ON OR PRIOR TO THE DATE OF THIS AGREEMENT 
  

	1.	 Amendment No. 4 to Amended and Restated Credit and Security Agreement dated as of March 13, 2008,
duly executed by each of the parties thereto. 

  

	2.	 Receivables Sale and Contribution Agreement dated as of March 13, 2008 (the “Receivables Sale
and Contribution Agreement”) by and between International Paper Company (“IPCO”) and Red Bird Receivables, LLC (“SPV” and, together with IPCO, the “Loan Parties”),
duly executed by the parties thereto. 

  

	3.	 Copy of the Credit and Collection Policy. 

 

	4.	 Subordinated Note, executed by SPV in favor of IPCO. 

 

	5.	 Second Amended and Restated Credit and Security Agreement, duly executed by each of the parties thereto.

  

	6.	 Executed [New/Amendments to/Amendments and Restatements of] Collection Account Agreements for each [new] Lock
Box and Collection Account. 

  

	7.	 Amended and Restated CAFCO Fee Letter. 

 

	8.	 Certified Articles of Incorporation for IPCO from the State of New York. 

 

	9.	 Certificate of Conversion and Certificate of Formation for SPV from the State of Delaware.

  

	10.	 Good standing certificates (a) for IPCO, from the States of New York and Tennessee, and
(b) post-closing, for SPV from the State of Delaware. 

  

	11.	 A certificate of each Loan Party’s [Assistant] Secretary certifying: 

(a) A copy of the Resolutions of the Board of Directors (or comparable body) of such Loan Party, authorizing its execution, delivery and
performance of the Transaction Documents to which it is a party; 
 (b) A copy of the Organizational Documents of such Loan Party (also
certified, to the extent that such documents are filed with any governmental authority, by the Secretary of State of the jurisdiction of organization of such Loan Party on or within thirty (30) days prior to closing); 

(c) Good Standing Certificates for such Loan Party issued by the Secretaries of State of its state of organization and, if required, the
jurisdiction where it maintains its chief executive office; and 
 (d) The names and signatures of the officers authorized on its behalf to
execute the Transaction Documents to which it is a party. 
  

	12.	 A Certificate of IPCO’s financial officer certifying that, as of the closing date, no Termination Event or
Unmatured Termination Event exists and is continuing under the Receivables Sale and Contribution Agreement. 

	13.	 A Compliance Certificate in the form of Exhibit V to the Second Amended and Restated Credit and Security
Agreement, duly executed by the SPV. 

  

	14.	 A Monthly Report as at January 31, 2008. 

 

	15.	 Pre-filing state and federal tax lien, judgment lien and UCC lien
searches against IPCO from the State of New York and state and federal tax and judgment lien searches against IPCO in the relevant filing offices in the State of Tennessee. Pre-filing state and federal tax
lien, judgment lien and UCC lien searches against SPV from the State of Delaware. 

  

	16.	 UCC-1 naming IPCO as debtor/seller, the Administrative Agent as total
assignee of secured party/buyer, and SPV, as assignor/original secured party/buyer, reasonably describing the Receivables and Related Security being conveyed under the Receivables Sale and Contribution Agreement, in form suitable for filing in New
York. 

  

	17.	 “All assets” UCC-1 naming SPV as debtor, and the
Administrative Agent as secured party, in form suitable for filing in Delaware. 

  

	18.	 UCC termination statements, if any, necessary to release all security interests and other rights of any Person
in the Receivables, Contracts or Related Security previously granted by IPCO or SPV in favor of anyone other than the Administrative Agent. 

  

	19.	 A “true sale” opinion and a “substantive consolidation” opinion
of counsel for IPCO with respect to the transactions contemplated by the Receivables Contribution and Sale Agreement. 

  

	20.	 A favorable opinion of legal counsel for the Loan Parties licensed to give opinions under New York law
reasonably acceptable to the Administrative Agent as to the following: 

 (a) IPCO is a corporation validly existing, and
in good standing under the laws of the state of New York. SPV is a limited liability company validly existing, and in good standing under the laws of the state of Delaware. 

(b) Each of the Loan Parties has all requisite authority to conduct its business in each jurisdiction where failure to be so qualified would
have a material adverse effect on such Loan Party’s business. 
 (c) The execution and delivery by such Loan Party of the Transaction
Document to which it is a party and its performance of its obligations thereunder have been duly authorized by all necessary organizational action and proceedings on the part of such Loan Party and will not: 

(i) require any action by or in respect of, or filing with, any governmental body, agency or official (other than the filing of
UCC financing statements); 
 (ii) contravene, or constitute a default under, any provision of applicable law or regulation
or of its Organizational Documents or of any material agreement, judgment, injunction, order, decree or other instrument binding upon such Loan Party; or 

(iii) result in the creation or imposition of any Adverse Claim on assets of such Loan Party or any of its Subsidiaries (except
as contemplated by the Transaction Documents). 

 (d) Each of the Transaction Documents to which such Loan Party is a party has been duly
executed and delivered by such Loan Party and constitutes the legally valid, and binding obligation of such Loan Party enforceable in accordance with its terms, except to the extent the enforcement thereof may be limited by bankruptcy, insolvency or
similar laws affecting the enforcement of creditors’ rights generally and subject also to the availability of equitable remedies if equitable remedies are sought. 

(e) In the event that the Receivables Sale and Contribution Agreement is held to create a transfer for security purposes rather than a true
sale or other outright assignment, the provisions of the Receivables Sale and Contribution Agreement are effective to create valid security interests in favor of SPV in all of IPCO’s right, title and interest in and to the Receivables and
Related Security described therein which constitute “accounts,” “chattel paper” or “general intangibles” (each as defined in the UCC) (collectively, the “Opinion Collateral”), as security for the
payment of a loan deemed to have been made by SPV to IPCO in an amount equal to the Purchase Price (as defined therein) of the Receivables (as defined therein), together with all other obligations of SPV thereunder. The provisions of the Second
Amended and Restated Credit and Security Agreement are effective to create valid security interests in favor of the Administrative Agent in all of SPV’s right, title and interest in and to the Opinion Collateral to secure payment of the
Obligations. 
 (f) Each of the UCC-1 Financing Statement naming either of the Loan Parties as
debtor, and the Administrative Agent, as secured party or total assignee of secured party/buyer is in appropriate form for filing in the filing office noted on the face thereof. Upon filing of such UCC-1
Financing Statements in such filing offices and payment of the required filing fees, the security interests of or assigned to the Administrative Agent in the Opinion Collateral will be perfected. 

(g) Based solely on our review of the [describe UCC Search Reports], and assuming (i) the filing of the Financing Statements and payment
of the required filing fees in accordance with paragraph (f) and (ii) the absence of any intervening filings between the date and time of the Search Reports and the date and time of the filing of the Financing Statements, the security interests
of the Administrative Agent in the Opinion Collateral are prior to any security interest granted in the Opinion Collateral (x) by IPCO, the priority of which is determined solely by the filing of a financing statement in the office of the
Secretary of State of the State of New York, and (y) by SPV, the priority of which is determined solely by the filing of a financing statement in the office of the Secretary of State of the State of Delaware. 

(h) Such Loan Party is not an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 

 

	21.	 Executed copies of (i) all consents from and authorizations by any Persons and (ii) all waivers and
amendments to existing credit facilities, that are necessary in connection with the Transaction Documents, if any. 

  

	22.	 Amended and Restated Letter Agreement by and between the Agents and Cap Gemini Ernst & Young Polska
Sp. Z.o.o.EX-10.1

 Exhibit 10.1 

Execution Version 
 THIRD
AMENDMENT TO CREDIT AGREEMENT 
 AND FIRST AMENDMENT TO COLLATERAL AGREEMENT 

This Third Amendment to Credit Agreement and First Amendment to Collateral Agreement (this “Amendment”), dated as of
April 23, 2020, is entered into by and among ANAPLAN, INC. (the “Borrower”), each Lender (as defined in the Credit Agreement referred to below), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, with respect
to the following: 
 A. The above mentioned parties have previously entered into (i) that certain Credit Agreement, dated as of
April 30, 2018 (as amended, restated or otherwise modified and in effect immediately prior to the date hereof, the “Credit Agreement”) and (ii) that certain Collateral Agreement, dated as of April 30, 2018 (as
amended, restated or otherwise modified and in effect immediately prior to the date hereof, the “Collateral Agreement”). Capitalized terms are used in this Amendment as defined in the Credit Agreement or the Collateral Agreement, as
applicable, unless otherwise defined herein. 
 B. The Borrower has requested certain amendments to the Credit Agreement and the
Collateral Agreement, and the Administrative Agent and each Lender are willing to grant such request on the terms and subject to the conditions set forth in this Amendment. 

NOW, THEREFORE, in consideration of the foregoing and the terms and conditions hereof, the parties hereto agree as follows: 

1. Effectiveness. The provisions of Section 2 of this Amendment shall not be effective until the
Third Amendment Effective Date (as defined in Section 4 below). 
 2. Amendments. On the terms and
subject to the conditions set forth herein: 
 (a) Credit Agreement. The Credit Agreement shall be amended as set forth
in Annex A hereto (stricken text shall be deleted from the Credit Agreement (indicated textually in the same manner as the following example: stricken text) and double-underlined text shall be added to the
Credit Agreement (indicated textually in the same manner as the following examples: double-underlined
text or double-underlined text). 
 (b) Schedules to Credit
Agreement. The Schedules to the Credit Agreement are each hereby amended and restated in their entirety with the Schedules attached hereto as Annex B. 

(c) Exhibits to Credit Agreement. Exhibit F (Form of Officer’s Compliance Certificate) to the Credit Agreement is hereby amended
and restated in its entirety with the Form of Officer’s Compliance Certificate attached hereto as Annex C. 
 (d) Collateral
Agreement. The definition of “Excluded Deposit Account” in Section 1.2 of the Collateral Agreement shall be amended and restated in its entirety as follows: 

 “Excluded Deposit Account” means (a) any Deposit
Account maintained by a Grantor solely for the purpose of funding payroll, payroll taxes and other compensation and benefits to employees, (b) zero balance accounts maintained by a Grantor, (c) so long as (i) no Default or Event of
Default has occurred and is continuing and (ii) the Credit Parties maintain treasury management arrangements with Bank of America, N.A. and are required to maintain Deposit Accounts with Bank of America in connection therewith, such Deposit
Accounts so maintained with Bank of America, N.A. or one of its Affiliates, or (d) so long as no Default or Event of Default has occurred and is continuing, any Deposit Account established by a Grantor with amounts on deposit that, when
aggregated with the amounts on deposit in all other Deposit Accounts maintained by all Grantors for which Control Agreements have not been obtained (other than those specified in clauses (a) and (b)), do not exceed $500,000 at any time.

 3. Representations and Warranties. In order to induce the Lenders and the Administrative Agent to enter into this Amendment
and to amend the Credit Agreement and the Collateral Agreement in the manner provided herein, the Borrower represents and warrants to the Administrative Agent and each Lender that (a) the representations and warranties set forth in Article VI
of the Credit Agreement (as amended by this Amendment) and in each of the other Loan Documents, are true and correct in all material respects (except to the extent any such representation and warranty is qualified by materiality or reference to
Material Adverse Effect, in which case, such representation and warranty shall be true and correct in all respects after giving effect to any such qualification) as of the Third Amendment Effective Date (except to the extent that such
representations and warranties expressly relate to an earlier date), and as if each reference in said Article VI and the other Loan Documents to “this Agreement” and “the Loan Documents” included a reference to this Amendment and
(b) no Default or Event of Default has occurred and is continuing. 
 4. Conditions Precedent. The effectiveness of the
provisions of Section 2 of this Amendment is conditioned upon, and such provisions shall not be effective until, satisfaction of each of the conditions set forth on Schedule I hereto (the date such conditions are
satisfied being the “Third Amendment Effective Date”). 
 5. Reaffirmation. Except as amended by the terms
herein, the Credit Agreement, the Collateral Agreement and each other Loan Document, and all guarantees, pledges, grants, security interests and other agreements thereunder, remain in full force and effect and are hereby ratified and reaffirmed by
the Borrower and the Guarantor. This Amendment shall not be a novation. This Amendment shall not release, limit nor impair in any way any security interests or liens (or the priority thereof) held by Administrative Agent for the benefit of the
Lenders against any assets of Borrower or any Guarantor, arising under any Security Document or any other Loan Document. This Amendment contains the entire agreement of the parties hereto and supersedes any and all prior agreements or understandings
between the parties, written or oral, respecting the subject matter hereof. If there is any conflict between the terms and provisions of this Amendment and the terms and provisions of the Credit Agreement, the Collateral Agreement or any other Loan
Document, the terms and provisions of this Amendment shall govern. 

  
 2 

 6. Counterparts. This Amendment may be executed in several counterparts as
deemed necessary or convenient, each of which, when so executed, shall be deemed an original, provided that all such counterparts shall be regarded as one and the same document, and either party to this Amendment may execute this Amendment by
executing a counterpart of such agreement. Transmission by facsimile (or by email of a PDF or similar electronic image file) of an executed counterpart of this Amendment shall be deemed to constitute due and sufficient delivery of such counterpart.

 7. Governing Law. This Amendment shall be governed by, construed and enforced in accordance with, the law of the State of
New York. 
 8. Attorneys’ Fees and Other Costs. The Borrower acknowledges and agrees that all reasonable costs and out-of-pocket expenses of the Administrative Agent (including, without limitation, all reasonable costs and expenses of outside counsel to the Administrative Agent) incurred
in connection with this Amendment will be paid in accordance with Section 11.3 of the Credit Agreement. 
 9.
Miscellaneous. 
 (a) References. 

(i) Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “hereof’, “herein”, or words of like import, and each reference to the Credit Agreement in any other related document, including any Loan Documents, shall mean and be a reference to the Credit Agreement, as
amended hereby. 
 (ii) The execution and delivery of this Amendment and performance of the Credit Agreement (as amended by
the Amendment) shall not, except as expressly provided herein, constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders under, the Credit Agreement or any of the other
Loan Documents. 
 (iii) If there is any conflict between the terms and provisions of this Amendment and the terms and
provisions of the Credit Agreement or any other Loan Document, the terms and provisions of this Amendment shall govern. 
 (b) Loan
Documents. This Amendment is a Loan Document as defined in the Credit Agreement, and the provisions of the Credit Agreement generally applicable to Loan Documents are applicable hereto and incorporated herein by this reference. 

(c) Successors and Assigns. This Amendment shall be binding upon each of the parties hereto and their respective permitted successors
and assigns. 

  
 3 

 (d) Incorporated Sections. The provisions of Sections 11.2, 11.3, 11.5, 11.6, 11.10,
11.13, 11.15 and 11.16 of the Credit Agreement pertaining to, inter alia, amendments, waiver, expenses, indemnity, governing law, consent to jurisdiction, waiver of jury trial, confidentiality, survival, severability, counterparts and
integration are hereby incorporated by reference herein, mutatis mutandis. 
 [Remainder of this page intentionally left blank.]

  
 4 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the date
first above written. 
  

			
	ANAPLAN, INC.
		
	By:	 	/s/ David H. Morton, Jr.
	Name:	 	David H. Morton, Jr.
	Title:	 	Chief Financial Officer

 [Signature Page to Third Amendment] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as Administrative Agent and a Lender
		
	By:	 	/s/ Alicia Kachmarik
	Name:	 	Alicia Kachmarik
	Title:	 	Director

 [Signature Page to Third Amendment] 

 Conformed through Amendment Letter Agreement, dated as of September 27, 2018
and, 
 Amendment to Credit Agreement, dated as of October 3,
2019 and 
 Third
Amendment, dated as of April 23, 2020 
 ANNEX A 

AMENDED CREDIT AGREEMENT REDLINE 

Published CUSIP Number:                03272HAA5 

Revolving Credit CUSIP Number:    03272HAB3 
  

 
 $40,000,000 

$60,000,000 

CREDIT AGREEMENT 
 dated as
of April 30, 2018, 
 by and among 

ANAPLAN, INC., 
 as
Borrower, 
 the Lenders referred to herein, 

as Lenders, 
 WELLS FARGO BANK,
NATIONAL ASSOCIATION, 
 as Administrative Agent and Issuing Lender 

and 
 COMERICA
BANK, 
 as Issuing Lender 

WELLS FARGO SECURITIES, LLC, 

as Sole Lead Arranger and Sole Bookrunner 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I     DEFINITIONS
	  	 	1	 
			
	 SECTION 1.1
	  	Definitions	  	 	1	 
			
	 SECTION 1.2
	  	Other Definitions and Provisions	  	 	26	 
			
	 SECTION 1.3
	  	Accounting Terms	  	 	27	 
			
	 SECTION 1.4
	  	UCC Terms	  	 	27	 
			
	 SECTION 1.5
	  	Rounding	  	 	27	 
			
	 SECTION 1.6
	  	References to Agreement and Laws	  	 	27	 
			
	 SECTION 1.7
	  	Times of Day	  	 	28	 
			
	 SECTION 1.8
	  	Letter of Credit Amounts	  	 	28	 
			
	 SECTION 1.9
	  	Guarantees/Earn-Outs	  	 	28	 
			
	 SECTION 1.10
	  	Covenant Compliance Generally	  	 	2828	 
			
	 SECTION 1.11
	  	Rates	  	 	28	 
			
	 SECTION 1.12
	  	Divisions	  	 	28	 
		
	 ARTICLE II     REVOLVING CREDIT FACILITY
	  	 	28	 
			
	 SECTION 2.1
	  	Revolving Credit Loans	  	 	28	 
			
	 SECTION 2.2
	  	Reserves	  	 	29	 
			
	 SECTION 2.3
	  	Procedure for Advances of Revolving Credit Loans	  	 	29	 
			
	 SECTION 2.4
	  	Repayment and Prepayment of Revolving Credit	  	 	29	 
			
	 SECTION 2.5
	  	Permanent Reduction of the Revolving Credit Commitment	  	 	30	 
			
	 SECTION 2.6
	  	Termination of Revolving Credit Facility	  	 	31	 
			
	 SECTION 2.7
	  	Borrowing Base	  	 	31	 
		
	 ARTICLE III     LETTER OF CREDIT FACILITY
	  	 	31	 
			
	 SECTION 3.1
	  	L/C Facility	  	 	31	 
			
	 SECTION 3.2
	  	Procedure for Issuance of Letters of Credit	  	 	32	 
			
	 SECTION 3.3
	  	Commissions and Other Charges	  	 	32	 
			
	 SECTION 3.4
	  	L/C Participations	  	 	33	 
			
	 SECTION 3.5
	  	Reimbursement Obligation of the Borrower	  	 	34	 
			
	 SECTION 3.6
	  	Obligations Absolute	  	 	34	 
			
	 SECTION 3.7
	  	Effect of Letter of Credit Application	  	 	35	 
			
	 SECTION 3.8
	  	Resignation of Issuing Lenders	  	 	35	 
			
	 SECTION 3.9
	  	Reporting of Letter of Credit Information and L/C Commitment	  	 	35	 
			
	 SECTION 3.10
	  	Cash Collateral for Extended Letters of Credit	  	 	35	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
		
	 ARTICLE IV    GENERAL LOAN PROVISIONS
	  	 	37	 
			
	 SECTION 4.1
	  	Interest	  	 	37	 
			
	 SECTION 4.2
	  	Fees	  	 	38	 
			
	 SECTION 4.3
	  	Manner of Payment	  	 	39	 
			
	 SECTION 4.4
	  	Evidence of Indebtedness	  	 	39	 
			
	 SECTION 4.5
	  	Sharing of Payments by Lenders	  	 	40	 
			
	 SECTION 4.6
	  	Administrative Agent’s Clawback	  	 	40	 
			
	 SECTION 4.7
	  	Illegality	  	 	41	 
			
	 SECTION 4.8
	  	Increased Costs	  	 	42	 
			
	 SECTION 4.9
	  	Taxes	  	 	43	 
			
	 SECTION 4.10
	  	Mitigation Obligations; Replacement of Lenders	  	 	46	 
			
	 SECTION 4.11
	  	Incremental Revolving Credit Increases	  	 	47	 
			
	 SECTION 4.12
	  	Cash Collateral	  	 	49	 
			
	 SECTION 4.13
	  	Defaulting Lenders	  	 	50	 
		
	 ARTICLE V    CONDITIONS OF CLOSING AND BORROWING
	  	 	52	 
			
	 SECTION 5.1
	  	Conditions to Closing and Initial Extensions of Credit	  	 	52	 
			
	 SECTION 5.2
	  	Conditions to All Extensions of Credit	  	 	56	 
		
	 ARTICLE VI    REPRESENTATIONS AND WARRANTIES OF THE CREDIT
PARTIES
	  	 	56	 
			
	 SECTION 6.1
	  	Organization; Power; Qualification	  	 	57	 
			
	 SECTION 6.2
	  	Ownership	  	 	57	 
			
	 SECTION 6.3
	  	Authorization; Enforceability	  	 	57	 
			
	 SECTION 6.4
	  	Compliance of Agreement, Loan Documents and Borrowing with Laws, Etc.	  	 	57	 
			
	 SECTION 6.5
	  	Compliance with Law; Governmental Approvals	  	 	58	 
			
	 SECTION 6.6
	  	Tax Returns and Payments	  	 	58	 
			
	 SECTION 6.7
	  	Intellectual Property Matters	  	 	58	 
			
	 SECTION 6.8
	  	Environmental Matters	  	 	58	 
			
	 SECTION 6.9
	  	Employee Benefit Matters	  	 	5959	 
			
	 SECTION 6.10
	  	Margin Stock	  	 	60	 
			
	 SECTION 6.11
	  	Government Regulation	  	 	60	 
			
	 SECTION 6.12
	  	Material Contracts	  	 	60	 
			
	 SECTION 6.13
	  	Employee Relations	  	 	61	 
			
	 SECTION 6.14
	  	Burdensome Provisions	  	 	61	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 SECTION 6.15
	  	Financial Statements	  	 	61	 
			
	 SECTION 6.16
	  	No Material Adverse Change	  	 	61	 
			
	 SECTION 6.17
	  	Solvency	  	 	61	 
			
	 SECTION 6.18
	  	Title to Properties	  	 	61	 
			
	 SECTION 6.19
	  	Litigation	  	 	62	 
			
	 SECTION 6.20
	  	Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions	  	 	62	 
			
	 SECTION 6.21
	  	Absence of Defaults	  	 	62	 
			
	 SECTION 6.22
	  	Senior Indebtedness Status	  	 	62	 
			
	 SECTION 6.23
	  	Disclosure	  	 	63	 
		
	 ARTICLE VII     AFFIRMATIVE COVENANTS
	  	 	63	 
			
	 SECTION 7.1
	  	Financial Statements and Budgets	  	 	63	 
			
	 SECTION 7.2
	  	Certificates; Other Reports	  	 	64	 
			
	 SECTION 7.3
	  	Notice of Litigation and Other Matters	  	 	65	 
			
	 SECTION 7.4
	  	Preservation of Corporate Existence and Related Matters	  	 	66	 
			
	 SECTION 7.5
	  	Maintenance of Property and Licenses	  	 	66	 
			
	 SECTION 7.6
	  	Insurance	  	 	67	 
			
	 SECTION 7.7
	  	Accounting Methods and Financial Records	  	 	67	 
			
	 SECTION 7.8
	  	Payment of Taxes and Other Obligations	  	 	67	 
			
	 SECTION 7.9
	  	Compliance with Laws and Approvals	  	 	67	 
			
	 SECTION 7.10
	  	Environmental Laws	  	 	67	 
			
	 SECTION 7.11
	  	Compliance with ERISA	  	 	67	 
			
	 SECTION 7.12
	  	Compliance with Material Contracts	  	 	68	 
			
	 SECTION 7.13
	  	Visits and Inspections	  	 	68	 
			
	 SECTION 7.14
	  	Additional Subsidiaries	  	 	68	 
			
	 SECTION 7.15
	  	Maintenance of Accounts	  	 	69	 
			
	 SECTION 7.16
	  	Use of Proceeds	  	 	69	 
			
	 SECTION 7.17
	  	Compliance with Anti-Corruption Laws; Beneficial Ownership Regulation, Anti-Money Laundering Laws and Sanctions	  	 	70	 
			
	 SECTION 7.18
	  	Further Assurances	  	 	70	 
			
	 SECTION 7.19
	  	Post-Closing Post-Third Amendment Effective Date Covenants	  	 	6970	 
		
	 ARTICLE VIII    NEGATIVE COVENANTS
	  	 	70	 
			
	 SECTION 8.1
	  	Indebtedness	  	 	71	 

  
 iii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 SECTION 8.2
	  	Liens	  	 	72	 
			
	 SECTION 8.3
	  	Investments	  	 	74	 
			
	 SECTION 8.4
	  	Fundamental Changes	  	 	75	 
			
	 SECTION 8.5
	  	Asset Dispositions	  	 	76	 
			
	 SECTION 8.6
	  	Restricted Payments	  	 	77	 
			
	 SECTION 8.7
	  	Transactions with Affiliates	  	 	77	 
			
	 SECTION 8.8
	  	Accounting Changes; Organizational Documents	  	 	78	 
			
	 SECTION 8.9
	  	Payments and Modifications of Subordinated Indebtedness	  	 	78	 
			
	 SECTION 8.10
	  	No Further Negative Pledges; Restrictive Agreements	  	 	78	 
			
	 SECTION 8.11
	  	Nature of Business	  	 	79	 
			
	 SECTION 8.12
	  	Sale Leasebacks	  	 	79	 
			
	 SECTION 8.13
	  	Financial Covenants	  	 	79	 
			
	 SECTION 8.14
	  	Disposal of Subsidiary Interests	  	 	80	 
		
	 ARTICLE IX    DEFAULT AND REMEDIES
	  	 	80	 
			
	 SECTION 9.1
	  	Events of Default	  	 	80	 
			
	 SECTION 9.2
	  	Remedies	  	 	82	 
			
	 SECTION 9.3
	  	Rights and Remedies Cumulative; Non-Waiver; etc	  	 	83	 
			
	 SECTION 9.4
	  	Crediting of Payments and Proceeds	  	 	8283	 
			
	 SECTION 9.5
	  	Administrative Agent May File Proofs of Claim	  	 	84	 
			
	 SECTION 9.6
	  	Credit Bidding	  	 	84	 
			
	 SECTION 9.7
	  	Lender Action	  	 	85	 
		
	 ARTICLE X    THE ADMINISTRATIVE AGENT
	  	 	85	 
			
	 SECTION 10.1
	  	Appointment and Authority	  	 	85	 
			
	 SECTION 10.2
	  	Rights as a Lender	  	 	86	 
			
	 SECTION 10.3
	  	Exculpatory Provisions	  	 	86	 
			
	 SECTION 10.4
	  	Reliance by the Administrative Agent	  	 	87	 
			
	 SECTION 10.5
	  	Delegation of Duties	  	 	8687	 
			
	 SECTION 10.6
	  	Resignation of Administrative Agent	  	 	87	 
			
	 SECTION 10.7
	  	Non-Reliance on Administrative Agent and Other Lenders	  	 	88	 
			
	 SECTION 10.8
	  	No Other Duties, Etc.	  	 	89	 
			
	 SECTION 10.9
	  	Collateral and Guaranty Matters	  	 	89	 
			
	 SECTION 10.10
	  	Secured Hedge Agreements and Secured Cash Management Agreements	  	 	90	 

  
 iv 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
		
	 ARTICLE XI    MISCELLANEOUS
	  	 	8990	 
			
	 SECTION 11.1
	  	Notices	  	 	8990	 
			
	 SECTION 11.2
	  	Amendments, Waivers and Consents	  	 	92	 
			
	 SECTION 11.3
	  	Expenses; Indemnity	  	 	94	 
			
	 SECTION 11.4
	  	Right of Setoff	  	 	96	 
			
	 SECTION 11.5
	  	Governing Law; Jurisdiction, Etc.	  	 	96	 
			
	 SECTION 11.6
	  	Waiver of Jury Trial	  	 	97	 
			
	 SECTION 11.7
	  	Reversal of Payments	  	 	97	 
			
	 SECTION 11.8
	  	Injunctive Relief	  	 	98	 
			
	 SECTION 11.9
	  	Successors and Assigns; Participations	  	 	98	 
			
	 SECTION 11.10
	  	Treatment of Certain Information; Confidentiality	  	 	102	 
			
	 SECTION 11.11
	  	Performance of Duties	  	 	103	 
			
	 SECTION 11.12
	  	All Powers Coupled with Interest	  	 	103	 
			
	 SECTION 11.13
	  	Survival	  	 	103	 
			
	 SECTION 11.14
	  	Titles and Captions	  	 	103	 
			
	 SECTION 11.15
	  	Severability of Provisions	  	 	103	 
			
	 SECTION 11.16
	  	Counterparts; Integration; Effectiveness; Electronic Execution	  	 	104	 
			
	 SECTION 11.17
	  	Term of Agreement	  	 	104	 
			
	 SECTION 11.18
	  	USA PATRIOT Act; Anti-Money Laundering Laws	  	 	103104	 
			
	 SECTION 11.19
	  	Independent Effect of Covenants	  	 	104	 
			
	 SECTION 11.20
	  	No Advisory or Fiduciary Responsibility	  	 	104	 
			
	 SECTION 11.21
	  	Inconsistencies with Other Documents	  	 	104105	 
			
	 SECTION 11.22
	  	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	105	 
			
	 SECTION 11.23
	  	Certain ERISA Matters	  	 	106	 
			
	 SECTION 11.24
	  	Acknowledgement Regarding any Supported QFCs	  	 	108	 

  
 v 

					
	 EXHIBITS
	 	 	  	 
	Exhibit A	 	-	  	Form of Revolving Credit Note
	Exhibit B	 	-	  	Form of Notice of Borrowing
	Exhibit C	 	-	  	Form of Notice of Account Designation
	Exhibit D	 	-	  	Form of Notice of Prepayment
	Exhibit E	 	-	  	Borrowing Base Certificate
	Exhibit F	 	-	  	Form of Officer’s Compliance Certificate
	Exhibit G	 	-	  	Form of Assignment and Assumption
	Exhibit H	 	-	  	Form of Guaranty Agreement
	Exhibit I-1	 	-	  	Form of U.S. Tax Compliance Certificate (Non-Partnership Foreign Lenders)
	Exhibit I-2	 	-	  	Form of U.S. Tax Compliance Certificate (Non-Partnership Foreign Participants)
	Exhibit I-3	 	-	  	Form of U.S. Tax Compliance Certificate (Foreign Participant Partnerships)
	Exhibit I-4	 	-	  	Form of U.S. Tax Compliance Certificate (Foreign Lender Partnerships)
	
	SCHEDULES
	Schedule 1.1(a)	 	-	  	Existing Comerica Letters of Credit
	Schedule 1.1(b)	 		  	Revolving Credit Commitments and Revolving Credit Commitment Percentages
	Schedule 6.1	 	-	  	Jurisdictions of Organization and Qualification
	Schedule 6.2	 	-	  	Subsidiaries and Capitalization
	Schedule 6.6	 	-	  	Tax Matters
	Schedule 6.9	 	-	  	ERISA Plans
	Schedule 6.12	 	-	  	Material Contracts
	Schedule 6.13	 	-	  	Labor and Collective Bargaining Agreements
	Schedule 6.18	 	-	  	Real Property
	Schedule 6.19	 	-	  	Litigation
	Schedule 7.19	 	-	  	Post-Closing Post-Third Amendment Effective Date Covenants
	Schedule 8.1	 	-	  	Existing Indebtedness
	Schedule 8.2	 	-	  	Existing Liens
	Schedule 8.3	 	-	  	Existing Loans, Advances and Investments
	Schedule 8.7	 	-	  	Transactions with Affiliates

  
 vi 

 CREDIT AGREEMENT, dated as of April 30, 2018, by and among ANAPLAN, INC., a Delaware
corporation, as Borrower, the lenders who are party to this Agreement and the lenders who may become a party to this Agreement pursuant to the terms hereof, as Lenders, and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as
Administrative Agent for the Lenders. 
 STATEMENT OF PURPOSE 

The Borrower has requested, and subject to the terms and conditions set forth in this Agreement, the Administrative Agent and the Lenders have
agreed to extend, certain credit facilities to the Borrower. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by the parties hereto, such parties hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.1
Definitions. The following terms when used in this Agreement shall have the meanings assigned to them below: 

“Acquisition” means any transaction, or any series of related transactions, consummated on or after the date of this
Agreement, by which any Credit Party or any of its Subsidiaries (a) acquires any business or all or substantially all of the assets of any Person, or division thereof, whether through purchase of assets, merger or otherwise or (b) directly
or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes) of the securities of a corporation which have ordinary voting power for the election of members of the
board of directors or the equivalent governing body (other than securities having such power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding ownership interests of a partnership or
limited liability company. 
 “Administrative Agent” means Wells Fargo, in its capacity as Administrative Agent hereunder,
and any successor thereto appointed pursuant to Section 10.6. 
 “Administrative Agent’s
Office” means the office of the Administrative Agent specified in or determined in accordance with the provisions of Section 11.1(c). 

“Administrative Questionnaire” means an administrative questionnaire in a form supplied by the Administrative Agent. 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Agent Parties” has
the meaning assigned thereto in Section 11.1(e). 
 “Agreement” means this Credit Agreement. 

“Anaplan UK” means Anaplan Limited, a company incorporated in England and Wales. 

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or its
Subsidiaries from time to time concerning or relating to bribery or corruption, including, without limitation, the United States Foreign Corrupt Practices Act of 1977 and the rules and regulations thereunder and the U.K. Bribery Act 2010 and the
rules and regulations thereunder. 

 “Anti-Money Laundering Laws” means any and all laws, statutes, regulations
or obligatory government orders, decrees, ordinances or rules applicable to a Credit Party, its Subsidiaries or Affiliates related to terrorism financing or money laundering, including any applicable provision of the Patriot Act and The Currency and
Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act,” 31 U.S.C. §§ 5311-5330 and 12U.S.C. §§ 1818(s), 1820(b) and 1951-1959). 

“Applicable Law” means all applicable provisions of constitutions, laws, statutes, ordinances, rules, treaties, regulations,
permits, licenses, approvals, interpretations and orders of Governmental Authorities and all orders and decrees of all courts and arbitrators. 

“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. 
 “Arranger” means Wells Fargo
Securities, LLC, in its capacity as sole lead arranger and sole bookrunner. 
 “AQR Ratio” means,
on any date of determination, the ratio of (a) cash, Cash Equivalents and net accounts receivable of the Borrower and its Subsidiaries to (b) the sum of, without duplication, (i) Current Liabilities (excluding any deferred revenues of
Borrower and its Subsidiaries otherwise included in Current Liabilities) and (ii) the aggregate outstanding amount of the Revolving Credit Loans. 

“Assets” means, on any date of determination, the total assets of the Borrower and its Subsidiaries determined on a
Consolidated basis in accordance with GAAP. 
 “Asset Disposition” means the sale, transfer, license, lease or other
disposition of any Property (including any disposition of Equity Interests) by any Credit Party or any Subsidiary thereof, and any issuance of Equity Interests by any Subsidiary of the Borrower to any Person that is not a Credit Party or any
Subsidiary thereof. The term “Asset Disposition” shall not include (a) the sale of inventory in the ordinary course of business, (b) the transfer of assets to the Borrower or any Subsidiary Guarantor pursuant to any other
transaction permitted pursuant to Section 8.4, (c) the write-off, discount, sale or other disposition of defaulted or past-due receivables and
similar obligations in the ordinary course of business and not undertaken as part of an accounts receivable financing transaction, (d) the disposition of any Hedge Agreement, (e) dispositions of Investments in cash and Cash Equivalents,
(f) the transfer by any Credit Party of its assets to any other Credit Party, (g) the transfer by any Non-Guarantor Subsidiary of its assets to any Credit Party (provided that in connection with any
new transfer, such Credit Party shall not pay more than an amount equal to the fair market value of such assets as determined in good faith at the time of such transfer) and (h) the transfer by any
Non-Guarantor Subsidiary of its assets to any other Non-Guarantor Subsidiary. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the
consent of any party whose consent is required by Section 11.9), and accepted by the Administrative Agent, in substantially the form attached as Exhibit G or any other form
approved by the Administrative Agent. 
 “Attributable Indebtedness” means, on any date of determination, (a) in
respect of any Capital Lease Obligation of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease, the
capitalized amount or principal amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a Capital Lease
Obligation. 

  
 2 

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

“Bail-In Legislation” means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule. 
 “Bankruptcy Code” means 11 U.S.C. §§ 101 et seq. 

“Base Rate” means, at any time, the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and
(c) One Month LIBOR plus 1%; each change in the Base Rate shall take effect simultaneously with the corresponding change or changes in the Prime Rate, the Federal Funds Rate or One Month LIBOR (provided that clause
(c) shall not be applicable during any period in which One Month LIBOR is unavailable or unascertainable). 
 “Base Rate
Loan” means any Revolving Credit Loan bearing interest at a rate based upon the Base Rate as provided in Section 4.1(a). 

“Beneficial Ownership Certification” means a certification regarding
beneficial ownership as required by the Beneficial Ownership Regulation. 

“Beneficial Ownership Regulation” means 31 CFR § 1010.230. 

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of
ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the
assets of any such “employee benefit plan” or “plan”. 

“Billings” means, on any date of determination, aggregate revenue of the
Borrower and its Subsidiaries plus or minus any change in deferred revenue (adding any increase or subtracting any decrease), determined on a Consolidated basis in accordance with GAAP in each case, for the most recently ended twelve consecutive
month period for which financial statements have been delivered pursuant to Section 7.1(a) or 7.1(b). 

“Borrower” means Anaplan, Inc., a Delaware corporation. 

“Borrowing Base” means, as determined from time to time by the Administrative Agent, based on a review of collateral reports,
Borrowing Base Certificates and other documents the Administrative Agent may request from time to time, an amount equal to the sum of: 
 (a)
seventy-five percent (75%) of the Eligible Accounts Receivable; plus  
 (b) the aggregate amount of reserves, if any,
established by the Administrative Agent under Section 2.2; 

  
 3 

 provided that (x) in calculating the Borrowing Base on any date of determination, Eligible
Accounts Receivable of the Credit Parties that are Foreign Subsidiaries shall be limited to (and in no event shall exceed) 40% of the Borrowing Base and (y) the Administrative Agent may, from time to time (but not more than twice in any twelve
month period), based on a review of collateral reports, Borrowing Base Certificates and other documents the Administrative Agent may request from time to time, adjust the advance rate percentage set forth above in its reasonable discretion with
notice to the Borrower. 
 “Borrowing Base Certificate” means a certificate substantially in the form of Exhibit
E. 
 “Business Day” means for all purposes other than as set forth in clause (b) below, any day
other than a Saturday, Sunday or legal holiday on which banks in New York, New York, are open for the conduct of their commercial banking business. 

“Capital Expenditures” means, with respect to the Borrower and its Subsidiaries on a Consolidated basis, for any period,
(a) the additions to property, plant and equipment and other capital expenditures that are (or would be) set forth in a consolidated statement of cash flows of such Person for such period prepared in accordance with GAAP and (b) Capital
Lease Obligations during such period, but excluding expenditures for the restoration, repair or replacement of any fixed or capital asset which was destroyed or damaged, in whole or in part, to the extent financed by the proceeds of an insurance
policy maintained by such Person. 
 “Capital Lease Obligations” of any Person means the obligations of such Person to pay
rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of
such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 

“Cash Collateralize” means, to pledge and deposit with, or deliver to the Administrative Agent, or directly to the applicable
Issuing Lender (with notice thereof to the Administrative Agent), for the benefit of one or more of the Issuing Lenders or the Lenders, as collateral for L/C Obligations or obligations of the Lenders to fund participations in respect of L/C
Obligations, cash or deposit account balances or, if the Administrative Agent and the applicable Issuing Lender shall agree, in their sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to
the Administrative Agent and such Issuing Lender. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. 

“Cash Collateralized Letter of Credit” has the meaning assigned thereto in Section 3.10(d). 

“Cash Equivalents” means, collectively, (a) marketable direct obligations issued or unconditionally guaranteed by the
United States or any agency thereof maturing within one hundred twenty (120) days from the date of acquisition thereof, (b) commercial paper maturing no more than one hundred twenty (120) days from the date of creation thereof and
currently having the highest rating obtainable from either S&P or Moody’s, (c) certificates of deposit maturing no more than one hundred twenty (120) days from the date of creation thereof issued by commercial banks incorporated
under the laws of the United States, each having combined capital, surplus and undivided profits of not less than $500,000,000 and having a rating of “A” or better by a nationally recognized rating agency; provided that the
aggregate amount invested in such certificates of deposit shall not at any time exceed $5,000,000 for any one such certificate of deposit and $10,000,000 for any one such bank, or (d) time deposits maturing no more than thirty (30) days
from the date of creation thereof with commercial banks or savings banks or savings and loan associations each having membership either in the FDIC or the deposits of which are insured by the FDIC and in amounts not exceeding the maximum amounts of
insurance thereunder. 

  
 4 

 “Cash Management Agreement” means any agreement to provide cash management
services, including treasury, depository, overdraft, credit or debit card (including non-card electronic payables and purchasing cards), electronic funds transfer and other cash management arrangements. 

“Cash Management Bank” means any Person that, (a) at the time it enters into a Cash Management Agreement with a Credit
Party, is a Lender, an Affiliate of a Lender, the Administrative Agent or an Affiliate of the Administrative Agent, or (b) at the time it (or its Affiliate) becomes a Lender or the Administrative Agent (including on the Closing Date), is a
party to a Cash Management Agreement with a Credit Party, in each case in its capacity as a party to such Cash Management Agreement. 

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

(a) the Borrower shall fail to own one hundred percent (100%) of the Equity Interests of any Credit Party (other than the Borrower); or 

(b) (i) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, 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, except that a “person” or “group” shall be deemed to have “beneficial ownership” of all
Equity Interests that such “person” or “group” has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of more
than forty-nine percent (49%) of the Equity Interests of the Borrower entitled to vote in the election of members of the board of directors (or equivalent governing body) of the Borrower or (ii) a majority of the members of the board of
directors (or other equivalent governing body) of Borrower shall not constitute Continuing Directors. 
 “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, implemented or issued. 

“Closing Date” means the date of this Agreement. 

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

“Collateral” means the collateral security for the Secured Obligations pledged or granted pursuant to the Security Documents
(for the avoidance of doubt, excluding in all cases, the Excluded Assets (as defined in the Collateral Agreement). 
 “Collateral
Agreement” means the collateral agreement of even date herewith executed by the Credit Parties in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, which shall be in form and substance acceptable to the
Administrative Agent. 

  
 5 

 “Comerica Letters of
Credit” means the letters of credit identified on Schedule 1.1(a), in each case, as in effect on and as of the Third Amendment Effective Date. 

“Commitment Fee” has the meaning assigned thereto in Section 4.2(a). 

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

“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” means, when used with reference to financial statements
or financial statement items of any Person, such statements or items on a consolidated basis in accordance with applicable principles of consolidation under GAAP. 

“Continuing Directors” means the directors (or equivalent governing body) of the Borrower on the Closing Date and each other
director (or equivalent) of the Borrower, if, in each case, such other Person’s nomination for election to the board of directors (or equivalent governing body) of the Borrower is approved by at least 51% of the then Continuing Directors. 

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

“Credit Facility” means, collectively, the Revolving Credit Facility and the L/C Facility. 

“Credit Parties” means, collectively, the Borrower and the Subsidiary Guarantors. For the avoidance of doubt, Anaplan
UK shall not be a Credit Party until the post-closing covenants with respect to Anaplan UK referred to in Schedule 7.19 have been satisfied. 

“Current Liabilities” means scheduled payments of debt due within the next twelve
(12) months (excluding any outstanding borrowing under revolving lines of credit), accounts payable and accrued expenses of Borrower and its Subsidiaries, determined on a Consolidated basis in accordance with GAAP. 

“Debt Issuance” means the issuance of any Indebtedness for borrowed money by any Credit Party or any of its Subsidiaries.

 “Debtor Relief Laws” means the Bankruptcy Code of the United States of America, 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 any of the events specified in Section 9.1 which with the passage of
time, the giving of notice or both, would constitute an Event of Default. 
 “Defaulting Lender” means, subject to
Section 4.13(b), any Lender that (a) has failed to (i) fund all or any portion of the Revolving Credit Loans required to be funded by it hereunder within two Business Days of the date such Revolving Credit Loans
or participations 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, any Issuing Lender or any other Lender any
other amount 

  
 6 

 
required to be paid by it hereunder (including in respect of its participation in Letters of Credit) within two Business Days of the date when due, (b) has notified the Borrower, the
Administrative Agent or any Issuing 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 Revolving Credit 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, (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 FDIC or any other state or federal regulatory authority acting in such a capacity or
(iii) become the subject of a Bail-In Action; 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 4.13(b)) upon delivery of written notice of such determination to the Borrower, each Issuing Lender and each Lender. 

“Disqualified Equity Interests” means any Equity Interests that, by their terms (or by the terms of any security or other
Equity Interest into which they are convertible or for which they are exchangeable) or upon the happening of any event or condition, (a) mature or are 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 Revolving Credit Loans and all other Obligations that are accrued and payable and the termination of the Revolving Credit Commitment), (b) are redeemable at the option of the holder thereof (other than solely for Qualified Equity
Interests) (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 Revolving Credit
Loans and all other Obligations that are accrued and payable and the termination of the Revolving Credit Commitment), in whole or in part, (c) provide for the scheduled payment of dividends in cash or (d) are or become 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 Credit Maturity Date; provided that if such Equity Interests
are issued pursuant to a plan for the benefit of the Borrower or its Subsidiaries or by any such plan to such officers or employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because they may be required to be
repurchased by the Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations. 

“Dollars” or “$” means, unless otherwise qualified, dollars in lawful currency of the United States. 

“Domestic Subsidiary” means any Subsidiary organized under the laws of any political subdivision of the United States. 

  
 7 

 “EEA Financial Institution” means (a) any credit institution or
investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of
this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

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

“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any credit institution or investment firm established in any EEA Member Country. 

“Eligible Accounts Receivable” means, as of any date of determination, the Credit Parties’ trade accounts which are
created in the ordinary course of the Borrower’s business and upon which the right to receive payment is absolute and not contingent upon the fulfillment of any condition whatsoever; provided that in no event shall “Eligible Accounts
Receivable” include: 
 (i) any account that is outstanding more than one hundred twenty (120) days past the invoice date for such
account; 
 (ii) any account for which there exists any right of setoff, defense or discount or for which any defense or counterclaims have
been asserted, other than (A) discounts allowed in the ordinary course of business to promote prompt payment, (B) adjustments and compromises in the ordinary course of business which do not, whether considered individually or in the
aggregate, materially diminish the aggregate amount of accounts receivable in existence at the time of any such adjustment or compromise and (C) without duplication of the discounts, adjustments and compromises described in clauses (A) and
(B), returns, rebates, discounts, credits or allowances not exceeding, in the aggregate for all Eligible Accounts Receivable for any three (3) month period, five percent (5%) of the gross sales of the Credit Parties and their Subsidiaries for
such three (3) month period; 
 (iii) any account which represents an obligation of a Governmental Authority (except accounts which
represent obligations of the United States government for which the assignment provisions of the Federal Assignment of Claims Act have been complied with to the Administrative Agent’s satisfaction); 

(iv) any account which arises from the sale or lease to, or performance of services for, or represents an obligation of, an employee,
Affiliate or Subsidiary of the Borrower; 
 (v) that portion of any account which represents interim or progress billings or retention
rights on the part of the account debtor; 
 (vi) any account which represents an obligation of any account debtor when twenty percent (20%)
(or, if approved by the Administrative Agent in its sole discretion on an account debtor by account debtor basis, up to thirty-five percent (35%)) or more of the Borrower’s accounts from such account debtor are outstanding more than one hundred
twenty (120) days past the invoice dates of such accounts; 
 (vii) that portion of any account from an account debtor which represents
the amount by which the Borrower’s total accounts from such account debtor exceeds twenty-five percent (25%) of the Borrowers’ total accounts, except as approved by the Administrative Agent in writing in its sole discretion; 

  
 8 

 (viii) bill and hold (deferred shipment) or consignment sales; 

(ix) any account from an account debtor which is: (A) insolvent, (B) the debtor in any bankruptcy, insolvency, arrangement,
reorganization, receivership or similar proceedings under any federal or state law, (C) negotiating, or has called a meeting of its creditors for purposes of negotiating, a compromise of its debts or (D) has a credit rating unacceptable to
the Administrative Agent in its reasonable discretion; 
 (x) any account in which any other Person (other than the Administrative Agent)
has a Lien, other than a Permitted Lien; and 
 (xi) any account deemed ineligible by the Administrative Agent, when the Administrative
Agent in its reasonable discretion with notice to the Borrower deems (x) the creditworthiness or financial condition of the account debtor, (y) the industry in which the account debtor is engaged or (z) the country of origin of any
account debtor, to be unsatisfactory. 
 Notwithstanding anything herein to the contrary, all of the foregoing shall be determined by the
Administrative Agent upon receipt and review of all collateral reports required hereunder, and such other documents and collateral information as Administrative Agent may from time to time require. If after receipt and review of such collateral
reports and exams, the Administrative Agent reasonably concludes that Borrower has included in the Borrowing Base accounts which are not in fact Eligible Accounts Receivable, the Administrative Agent may reduce the Borrowing Base accordingly. 

“Eligible Assignee” means any Person that meets the requirements to be an assignee under
Section 11.9(b)(iii), (v) and (vi) (subject to such consents, if any, as may be required under Section 11.9(b)(iii)). 

“Employee Benefit Plan” means (a) any employee benefit plan within the meaning of Section 3(3) of ERISA that is
maintained for employees of any Credit Party or any ERISA Affiliate or (b) any Pension Plan or Multiemployer Plan that has at any time within the preceding seven (7) years been maintained, funded or administered for the employees of any
Credit Party or any current or former ERISA Affiliate. 
 “Environmental Claims” means any and all administrative,
regulatory or judicial actions, suits, demands, demand letters, claims, liens, accusations, allegations, notices of noncompliance or violation, investigations (other than internal reports prepared by any Person in the ordinary course of business and
not in response to any third party action or request of any kind) or proceedings relating in any way to any actual or alleged violation of or liability under any Environmental Law or relating to any permit issued, or any approval given, under any
such Environmental Law, including, without limitation, any and all claims by Governmental Authorities for enforcement, cleanup, removal, response, remedial or other actions or damages, contribution, indemnification, cost recovery, compensation or
injunctive relief resulting from Hazardous Materials or arising from alleged injury or threat of injury to public health or the environment. 

“Environmental Laws” means any and all federal, foreign, state, provincial and local laws, statutes, ordinances, codes,
rules, standards and regulations, permits, licenses, approvals, interpretations and orders of courts or Governmental Authorities, relating to the protection of public health or the environment, including, but not limited to, requirements pertaining
to the manufacture, processing, distribution, use, treatment, storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation of Hazardous Materials. 

  
 9 

 “Equity Interests” means (a) in the case of a corporation, capital
stock, (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (c) in the case of a partnership, partnership interests (whether
general or limited), (d) in the case of a limited liability company, membership interests, (e) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of
assets of, the issuing Person and (f) any and all warrants, rights or options to purchase any of the foregoing. 

“ERISA” means the Employee Retirement Income Security Act of 1974, and the rules and regulations thereunder. 

“ERISA Affiliate” means any Person who together with any Credit Party or any of its Subsidiaries is treated as a single
employer within the meaning of Section 414(b), (c), (m) or (o) of the Code or Section 4001(b) of ERISA. 
 “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor thereto), as in effect from time to
time. 
 “Eurodollar Reserve Percentage” means, for any day, the percentage which is in effect for such day as prescribed
by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including, without limitation, any basic, supplemental or emergency reserves) in respect of eurocurrency liabilities or any
similar category of liabilities for a member bank of the Federal Reserve System in New York City. 
 “Event of Default”
means any of the events specified in Section 9.1; provided that any requirement for passage of time, giving of notice, or any other condition, has been satisfied. 

“Exchange Act” means the Securities Exchange Act of 1934 (15 U.S.C. § 77 et seq.). 

“Excluded Subsidiaries” means (a) those Subsidiaries the Borrower may from time to time, at its option, designate in
writing to the Administrative Agent that, individually or in the aggregate, represent less than 5% of Assets, (b) any Subsidiary that is prohibited by Applicable Law from becoming a Subsidiary Guarantor (but only for so long as such prohibition
is applicable), (c) Foreign Subsidiaries (other than Anaplan UK) to the extent that and for so long as the guaranty of such Foreign Subsidiary would have adverse tax consequences for the Borrower or any other Credit Party and (d) any other
Subsidiary with respect to which, in the reasonable judgment of the Administrative Agent and the Borrower, the burden or cost or other consequences of providing a guaranty shall be excessive in view of the benefits to be obtained by the Lenders
therefrom. 
 “Excluded Swap Obligation” means, with respect to any Credit Party, any Swap Obligation if, and to the extent
that, all or a portion of the liability of such Credit Party for or the guarantee of such Credit Party of, or the grant by such Credit Party of a security interest to secure, such Swap Obligation (or any liability or guarantee thereof) is or becomes
illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Credit Party’s failure for any reason to
constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the liability for or the guarantee of such Credit Party or the grant of such security interest becomes
effective with respect to such Swap Obligation (such determination being made after giving effect to any applicable keepwell, support or other agreement for the benefit of the applicable Credit Party, including under the keepwell provisions in the
Guaranty Agreement). If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such guarantee or security
interest is or becomes illegal for the reasons identified in the immediately preceding sentence of this definition. 

  
 10 

 “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, United States federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Revolving Credit Loan or
Revolving Credit Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Revolving Credit Loan or Revolving Credit Commitment (other than pursuant to an assignment request by the Borrower under
Section 4.10(b)) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 4.9, 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 4.9(g) and (d) any United States federal withholding Taxes imposed under FATCA. 

“Existing Letters of Credit” means those letters of credit existing on the Closing Date and
identified on Schedule 1.1(a). 

“Existing Credit Agreement” shall mean this Agreement, as amended restated
or otherwise modified and in effect immediately prior to the Third Amendment Effective Date. 
 “Extended Letter of
Credit” has the meaning assigned thereto in Section 3.1(b). 
 “Extensions of Credit”
means, as to any Lender at any time, (a) an amount equal to the sum of (i) the aggregate principal amount of all Revolving Credit Loans made by such Lender then outstanding and (ii) such Lender’s Revolving Credit Commitment
Percentage of the L/C Obligations then outstanding, or (b) the making of any Revolving Credit Loan or participation in any Letter of Credit by such Lender, as the context requires. 

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

“FDIC” means the Federal Deposit Insurance Corporation. 

“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal
funds transactions with members of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day, provided that if such rate is not so published for any day which is a Business
Day, the Federal Funds Rate for such day shall be the average of the quotation for such day on such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by the Administrative Agent.
Notwithstanding the foregoing, if the Federal Funds Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Fee Letter” means any letter between the Borrower and any Issuing Lender (other than Wells Fargo) relating to certain fees
payable to such Issuing Lender in its capacity as such. 
 “Fiscal Year” means the fiscal year of the Borrower and its
Subsidiaries ending on January 31. 

  
 11 

 “First Tier Foreign Subsidiary” means any Foreign Subsidiary that is a
“controlled foreign corporation” within the meaning of Section 957 of the Code and the Equity Interests of which are owned directly by any Credit Party. 

“Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the
Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. 

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

“Foreign Pledge Agreement” means, with respect to any First Tier Foreign Subsidiary, a pledge agreement, share charge, deed
of charge or other similar agreement or instrument, executed by the Borrower or Domestic Subsidiary that owns any Equity Securities of such First Tier Foreign Subsidiary (and by such First Tier Foreign Subsidiary, if applicable), in form and
substance reasonably satisfactory to the Administrative Agent. 
 “Fronting Exposure” means, at any time there is a
Defaulting Lender, with respect to any Issuing Lender, such Defaulting Lender’s Revolving Credit Commitment Percentage of the outstanding L/C Obligations with respect to Letters of Credit issued by such Issuing Lender, other than such L/C
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. 

“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, bonds and similar extensions of credit in the ordinary course of its activities. 

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of
the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. 

“Governmental Approvals” means all authorizations, consents, approvals, permits, licenses and exemptions of, and all
registrations and filings with or issued by, any Governmental Authorities. 
 “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, 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). 

“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the
guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the
guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the
payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other
financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, (d) as an account party in respect of any letter of credit or letter of guaranty issued to
support such Indebtedness or obligation or (e) for the purpose of assuming 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 (whether in whole or in part). 

  
 12 

 “Guaranty Agreement” means the unconditional guaranty agreement in
substantially the form of Exhibit H executed by the Borrower and the Subsidiary Guarantors in favor of the Administrative Agent, for the ratable benefit and the Secured Parties. 

“Hazardous Materials” means any substances or materials (a) which are or become defined as hazardous wastes, hazardous
substances, pollutants, contaminants, chemical substances or mixtures or toxic substances under any Environmental Law, (b) which are toxic, explosive, corrosive, flammable, infectious, radioactive, carcinogenic, mutagenic or otherwise harmful
to public health or the environment and are or become regulated by any Governmental Authority, (c) the presence of which require investigation or remediation under any Environmental Law or common law, (d) the discharge or emission or
release of which requires a permit or license under any Environmental Law or other Governmental Approval, (e) which are deemed by a Governmental Authority to constitute a nuisance or a trespass which pose a health or safety hazard to Persons or
neighboring properties, or (f) which contain, without limitation, asbestos, polychlorinated biphenyls, urea formaldehyde foam insulation, petroleum hydrocarbons, petroleum derived substances or waste, crude oil, nuclear fuel, natural gas or
synthetic gas. 
 “Hedge 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, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or
any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all
transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign
Exchange Master Agreement, or any other master agreement. 
 “Hedge Bank” means any Person that, (a) at the time it
enters into a Hedge Agreement with a Credit Party permitted under Article VIII, is a Lender, an Affiliate of a Lender, the Administrative Agent or an Affiliate of the Administrative Agent or (b) at the time it (or its Affiliate) becomes
a Lender or the Administrative Agent (including on the Closing Date), is a party to a Hedge Agreement with a Credit Party, in each case in its capacity as a party to such Hedge Agreement. 

“Hedge Termination Value” means, in respect of any one or more Hedge Agreements, after taking into account the effect of any
legally enforceable netting agreement relating to such Hedge Agreements, (a) for any date on or after the date such Hedge 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 Hedge Agreements, as
determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Hedge Agreements (which may include a Lender or any Affiliate of a Lender). 

“Increased Amount Date” has the meaning assigned thereto in Section 4.11(a). 

  
 13 

 “Incremental Facilities Limit” means $20,000,000 less the
total aggregate initial principal amount (as of the date of incurrence thereof) of all previously incurred unfunded Incremental Revolving Credit Commitments and Incremental Revolving Credit Increases.  

“Incremental Lender” has the meaning assigned thereto in Section 4.11(a). 

“Incremental Revolving Credit Commitment” has the meaning assigned thereto in Section 4.12(a). 

“Incremental Revolving Credit Increase” has the meaning assigned thereto in Section 4.11(a). 

“Indebtedness” means, with respect to any Person at any date and without duplication, the sum of the following: 

(a) all liabilities, obligations and indebtedness for borrowed money including, but not limited to, obligations evidenced by bonds, debentures,
notes or other similar instruments of any such Person; 
 (b) all obligations to pay the deferred purchase price of property or services of
any such Person (including, without limitation, all payment obligations under non-competition, earn-out or similar agreements), except trade payables arising in the
ordinary course of business not more than ninety (90) days past due, or that are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided for on the books
of such Person; 
 (c) the Attributable Indebtedness of such Person with respect to such Person’s Capital Lease Obligations and
Synthetic Leases (regardless of whether accounted for as indebtedness under GAAP); 
 (d) all obligations of such Person under conditional
sale or other title retention agreements relating to property purchased by such Person to the extent of the value of such property (other than customary reservations or retentions of title under agreements with suppliers entered into in the ordinary
course of business); 
 (e) all Indebtedness of any other Person secured by a Lien on any asset owned or being purchased by such Person
(including indebtedness arising under conditional sales or other title retention agreements except trade payables arising in the ordinary course of business), whether or not such indebtedness shall have been assumed by such Person or is limited in
recourse; 
 (f) all obligations, contingent or otherwise, of any such Person relative to the face amount of letters of credit, whether or
not drawn, including, without limitation, any Reimbursement Obligation, and banker’s acceptances issued for the account of any such Person; 

(g) all obligations of any such Person in respect of Disqualified Equity Interests; 

(h) all net obligations of such Person under any Hedge Agreements; and 

(i) all Guarantees of any such Person with respect to any of the foregoing. 

For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint
venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. In
respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the amount of such Indebtedness as of any date of determination will be the lesser of (x) the fair market value of such assets as of such date
and (y) the amount of such Indebtedness as of such date. 

  
 14 

 The amount of any net obligation under any Hedge Agreement on any date shall be deemed to be
the Hedge Termination Value thereof as of such date. 
 “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 Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Indemnitee” has the meaning assigned thereto in Section 11.3(b). 

“Information” has the meaning assigned thereto in Section 11.10. 

“Initial Issuing
LendersLender” means (a) Wells Fargo and (b) Comerica Bank. 

“Insurance and Condemnation Event” means the receipt by any Credit Party or any of its Subsidiaries of any cash insurance
proceeds or condemnation award payable by reason of theft, loss, physical destruction or damage, taking or similar event with respect to any of their respective Property. 

“Intangibles” means the aggregate goodwill, trademarks, patents, organizational expense and other similar intangible items of
the Borrower and its Subsidiaries determined in accordance with GAAP. 
 “Intellectual Property” has the meaning assigned
thereto in the Collateral Agreement. 
 “Interstate Commerce Act” means the body of law commonly known as the Interstate
Commerce Act (49 U.S.C. App. § 1 et seq.). 
 “Investment” means, with respect to any Person, that such Person
(a) purchases, owns, invests in or otherwise acquires (in one transaction or a series of transactions), directly or indirectly, any Equity Interests, interests in any partnership or joint venture (including, without limitation, the creation or
capitalization of any Subsidiary), evidence of Indebtedness or other obligation or security, substantially all or a portion of the business or assets of any other Person or any other investment or interest whatsoever in any other Person,
(b) makes any Acquisition or (c) makes or permits to exist, directly or indirectly, any loans, advances or extensions of credit to, or any investment in cash or by delivery of Property in, any Person. 

“Investment Company Act” means the Investment Company Act of 1940 (15 U.S.C. § 80(a)(1), et seq.). 

“IRS” means the United States Internal Revenue Service. 

“ISP98” means the International Standby Practices (1998 Revision, effective January 1, 1999), International Chamber of
Commerce Publication No. 590. 
 “Issuing Lender” means (i) the Initial Issuing Lenders
Lender and (ii) any other Revolving Credit Lender to the extent it has agreed in its sole discretion to act as an “Issuing Lender” hereunder and that has been approved in
writing by the Borrower and the Administrative Agent (such approval by the Administrative Agent not to be unreasonably delayed or withheld) as an “Issuing Lender” hereunder, in each case in its capacity as issuer of any Letter of Credit.

  
 15 

 “L/C Commitment” means, as to any Issuing Lender, the obligation of such
Issuing Lender to issue standby Letters of Credit for the account of the Borrower from time to time in an aggregate amount equal to (a) for each of the Initial Issuing Lenders
(i) Lender, $10,000,000 minus (ii) the aggregate face amount of Letters of Credit (including the Existing Letters of Credit) issued by the
other Initial Issuing Lender and (b) for any other Issuing Lender becoming an Issuing Lender after the Closing Date, such amount as separately agreed to in a written agreement between the Borrower and such Issuing Lender (which such
agreement shall be promptly delivered to the Administrative Agent upon execution), in each case of clauses (a) and (b) above, any such amount may be changed after the Closing Date in a written agreement between the Borrower and such Issuing
Lender (which such agreement shall be promptly delivered to the Administrative Agent upon execution); provided that the L/C Commitment with respect to any Person that ceases to be an Issuing Lender for any reason pursuant to the terms hereof
shall be $0 (subject to the Letters of Credit of such Person remaining outstanding in accordance with the provisions hereof). “L/C Facility” means the letter of credit facility established pursuant to Article III. 

“L/C Obligations” means at any time, an amount equal to the sum of (a) the aggregate undrawn and unexpired amount of the
then outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit which have not then been reimbursed pursuant to Section 3.5. 

“L/C Participants” means, with respect to any Letter of Credit, the collective reference to all the Revolving Credit Lenders
other than the applicable Issuing Lender. 
 “L/C Sublimit” means the lesser of (a) $10,000,000 and (b) the
Revolving Credit Commitment. 
 “Lender” means each Person executing this Agreement as a Lender on the Closing Date and any
other Person that shall have become a party to this Agreement as a Lender pursuant to an Assignment and Assumption or pursuant to Section 4.11, other than any Person that ceases to be a party hereto as a Lender pursuant to
an Assignment and Assumption. 
 “Lender Joinder Agreement” means a joinder agreement in form and substance reasonably
satisfactory to the Administrative Agent delivered in connection with Section 4.11. 
 “Lending
Office” means, with respect to any Lender, the office of such Lender maintaining such Lender’s Extensions of Credit. 

“Letter of Credit Application” means an application requesting such Issuing Lender to issue a Letter of Credit and a
reimbursement agreement, in each case in the form specified by the applicable Issuing Lender from time to time. 
 “Letters of
Credit” means the collective reference to letters of credit issued pursuant to Section 3.1 and the Existing Letters of Credit. 

“Liabilities” means, on any date of determination, the total liabilities of the Borrower and its Subsidiaries determined on a
consolidated basis in accordance with GAAP. 
 “Lien” means, with respect to any asset, any mortgage, leasehold mortgage,
lien, pledge, charge, security interest, hypothecation or encumbrance of any kind in respect of such asset. For the purposes of this Agreement, a Person shall be deemed to own subject to a Lien any asset which it has acquired or holds subject to the
interest of a vendor or lessor under any conditional sale agreement, Capital Lease Obligation or other title retention agreement relating to such asset. 

  
 16 

 “Loan Documents” means, collectively, this Agreement, each Revolving Credit
Note, the Letter of Credit Applications, the Security Documents, the Guaranty Agreement, the Fee Letters and each other document, instrument, certificate and agreement executed and delivered by the Credit Parties or any of their respective
Subsidiaries in favor of or provided to the Administrative Agent or any Secured Party in connection with this Agreement or otherwise referred to herein or contemplated hereby (excluding any Secured Hedge Agreement and any Secured Cash Management
Agreement). 
 “London Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks
in the London interbank Eurodollar market. 
 “Material Adverse Effect” means, with respect to the Borrower and its
Subsidiaries, (a) a material adverse change in, or a material adverse effect on, the operations, business, assets, properties, liabilities (actual or contingent) or financial condition of the Borrower and its Subsidiaries taken as a whole
, (b) a material impairment of the ability of the Credit Parties to perform their obligations under the Loan Documents taken as a whole, (c) a material impairment of the rights and remedies of the Administrative Agent or any Lender under
any Loan Document or (d) a material adverse effect upon the legality, validity, binding effect or enforceability against any Credit Party of any Loan Document to which it is a party. 

“Material Contract” means any written contract or agreement of any Credit Party the breach,
non-performance, cancellation or failure to renew will have a Material Adverse Effect. 

“Minimum Collateral Amount” means, at any time, (a) with respect to Cash Collateral consisting of cash or deposit
account balances provided to reduce or eliminate Fronting Exposure during the existence of a Defaulting Lender, an amount equal to 105% of the Fronting Exposure of the Issuing Lenders with respect to Letters of Credit issued and outstanding at such
time, (b) with respect to Cash Collateral consisting of cash or deposit account balances provided in accordance with the provisions of Section 9.2(b), an amount equal to 105% of the outstanding amount of all L/C
Obligations and (c) otherwise, an amount determined by the Administrative Agent and each of the applicable Issuing Lenders that is entitled to Cash Collateral hereunder at such time in their sole discretion. 

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

“Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which any
Credit Party or any ERISA Affiliate is making, or is accruing an obligation to make, or has accrued an obligation to make contributions within the preceding seven (7) years. 

“Non-Consenting Lender” means any Lender that does not approve any consent, waiver,
amendment, modification or termination that (a) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 11.2 and (b) has been approved by the Required Lenders. 

“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting
Lender at such time. 
 “Non-Guarantor Subsidiary” means any Subsidiary of the
Borrower that is not a Subsidiary Guarantor. 
 “Notice of Account Designation” has the meaning assigned thereto in
Section 2.3(b). 
 “Notice of Borrowing” has the meaning assigned thereto in
Section 2.3(a). 
 “Notice of Prepayment” has the meaning assigned thereto in
Section 2.4(c). 

  
 17 

 “Obligations” means, in each case, whether now in existence or hereafter
arising: (a) the principal of and interest on (including interest accruing after the filing of any bankruptcy or similar petition) the Revolving Credit Loans, (b) the L/C Obligations and (c) all other fees and commissions (including
attorneys’ fees), charges, indebtedness, loans, liabilities, financial accommodations, obligations, covenants and duties owing by the Credit Parties to the Lenders, the Issuing Lenders or the Administrative Agent, in each case under any Loan
Document, with respect to any Revolving Credit Loan or Letter of Credit of every kind, nature and description, direct or indirect, absolute or contingent, due or to become due, contractual or tortious, liquidated or unliquidated, and whether or not
evidenced by any note and including interest and fees that accrue after the commencement by or against any Credit Party of any proceeding under any Debtor Relief Laws, naming such Person as the debtor in such proceeding, regardless of whether such
interest and fees are allowed claims in such proceeding. 
 “OFAC” means the U.S. Department of the Treasury’s Office
of Foreign Assets Control. 
 “Officer’s Compliance Certificate” means a certificate of the chief executive officer,
chief financial officer, chief accounting officer, treasurer or controller of the Borrower substantially in the form attached as Exhibit F. 

“One Month LIBOR” means, for any interest rate calculation with respect to a Base Rate Loan, the rate of interest per annum
determined on the basis of the rate for deposits in Dollars for an term of one month (commencing on the date of determination of such interest rate) as published by the ICE Benchmark Administration Limited, a United Kingdom company, or a comparable
or successor quoting service approved by the Administrative Agent, at approximately 11:00 a.m. (London time) on such date of determination, or, if such date is not a London Banking Day, then the immediately preceding London Banking Day. If, for any
reason, such rate is not so published then “One Month LIBOR” for such Base Rate Loan shall be determined by the Administrative Agent to be the arithmetic average of the rate per annum at which deposits in Dollars would be offered by first
class banks in the London interbank market to the Administrative Agent at approximately 11:00 a.m. (London time) on such date of determination for a period equal to one month commencing on such date of determination. Each calculation by the
Administrative Agent of One Month LIBOR shall be conclusive and binding for all purposes, absent manifest error. Notwithstanding the foregoing, in no event shall One Month LIBOR be less than 0%. 

“Operating Lease” means, as to any Person as determined in accordance with GAAP, any lease of Property (whether real,
personal or mixed) by such Person as lessee which is not a capital lease. 
 “Other Connection Taxes” means, with respect
to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed
its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Revolving Credit Loan or Loan
Document). 
 “Other Taxes” means all present or future stamp, court, documentary, intangible, recording, filing or similar
Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such
Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 4.10). 

“Participant” has the meaning assigned thereto in Section 11.9(d). 

“Participant Register” has the meaning assigned thereto in Section 11.9(d). 

  
 18 

 “PATRIOT Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)). 
 “PBGC” means the Pension Benefit
Guaranty Corporation or any successor agency. 
 “Pension Plan” means any Employee Benefit Plan, other than a Multiemployer
Plan, which is subject to the provisions of Title IV of ERISA or Section 412 of the Code and which (a) is maintained, funded or administered for the employees of any Credit Party or any ERISA Affiliate or (b) has at any time within
the preceding seven (7) years been maintained, funded or administered for the employees of any Credit Party or any current or former ERISA Affiliates. 

“Permitted Acquisition” means any Acquisition that meets all of the following requirements: 

(a) no less than fifteen (15) Business Days prior to the proposed closing date of such Acquisition (or such shorter period as may be
agreed to by the Administrative Agent), the Borrower shall have delivered written notice of such Acquisition to the Administrative Agent and the Lenders, which notice shall include the proposed closing date of such Acquisition; 

(b) the board of directors or other similar governing body of the Person to be acquired shall have approved such Acquisition (and, if
requested, the Administrative Agent shall have received evidence, in form and substance reasonably satisfactory to the Administrative Agent, of such approval); 

(c) the Person or business to be acquired shall be in a line of business permitted pursuant to Section 8.11 or, in
the case of an Acquisition of assets, the assets acquired are useful in the business of the Borrower and its Subsidiaries as conducted immediately prior to such Acquisition; 

(d) if such Acquisition is a merger or consolidation, the Borrower or a Subsidiary Guarantor shall be the surviving Person and no Change in
Control shall have been effected thereby; 
 (e) no later than five (5) Business Days prior to the proposed closing date of such
Acquisition (or such shorter period as may be agreed to by the Administrative Agent), the Borrower shall have delivered to the Administrative Agent (i) an Officer’s Compliance Certificate for the most recent fiscal quarter end preceding
such Acquisition for which financial statements are available demonstrating, in form and substance reasonably satisfactory to the Administrative Agent, that the Borrower is in compliance (as of the closing date of the Acquisition) on a pro forma
basis with each covenant contained in Section 8.13 and (ii) calculations in a form reasonably satisfactory to the Administrative Agent demonstrating projected compliance for the immediately succeeding four
(4) fiscal quarters with the financial covenants set forth in Section 8.13; 
 (f) no later than five
(5) Business Days prior to the proposed closing date of such Acquisition (or such shorter period as may be agreed to by the Administrative Agent) the Borrower, to the extent requested by the Administrative Agent, shall have delivered to the
Administrative Agent promptly upon the finalization thereof copies of substantially final Permitted Acquisition Documents, which shall be in form and substance reasonably satisfactory to the Administrative Agent, which shall be in form and substance
reasonably satisfactory to the Administrative Agent; 
 (g) before and after giving effect to such Acquisition, the Borrower and its
Subsidiaries shall have no less than $50,000,000 in unrestricted Cash and Cash Equivalents; 
 (h) no Default or Event of Default shall have
occurred and be continuing both before and after giving effect to such Acquisition and any Indebtedness incurred in connection therewith; 

  
 19 

 (i) the Borrower shall have obtained the prior written consent of the Administrative Agent
and the Required Lenders prior to the consummation of such Acquisition if the Permitted Acquisition Consideration for such Acquisition, when taken together with the Permitted Acquisition Consideration for all other Acquisitions (or series of related
Acquisitions) consummated after October 3, 2019, exceeds $50,000,000 in the aggregate; and 
 (j) the Borrower shall have
(i) delivered to the Administrative Agent a certificate of a Responsible Officer certifying that all of the requirements set forth above have been satisfied or will be satisfied on or prior to the consummation of such purchase or other
Acquisition and (ii) provided such other documents and other information as may be reasonably requested by the Administrative Agent or the Required Lenders (through the Administrative Agent) in connection with such purchase or other
Acquisition. 
 “Permitted Acquisition Consideration” means the aggregate amount of the cash and debt assumed purchase
price (excluding any consideration paid solely in Equity Interest in Borrower), including, but not limited to, any assumed debt, earn-outs (valued at the maximum amount payable thereunder), deferred payments, to be paid on a singular basis in
connection with any applicable Permitted Acquisition as set forth in the applicable Permitted Acquisition Documents executed by the Borrower or any of its Subsidiaries in order to consummate the applicable Permitted Acquisition. 

“Permitted Acquisition Diligence Information” means with respect to any applicable Acquisition, to the extent applicable, all
material financial information, all material contracts, all material customer lists, all material supply agreements, and all other material information, in each case, reasonably requested to be delivered to the Administrative Agent in connection
with such Acquisition (except to the extent that any such information is (a) subject to any confidentiality agreement, unless mutually agreeable arrangements can be made to preserve such information as confidential, (b) classified or
(c) subject to any attorney-client privilege). 
 “Permitted Acquisition Documents” means with respect to any
Acquisition proposed by the Borrower or any Subsidiary Guarantor, final copies or substantially final drafts if not executed at the required time of delivery of the purchase agreement, sale agreement, merger agreement or other agreement evidencing
such Acquisition, including, without limitation, all legal opinions and each other document executed, delivered, contemplated by or prepared in connection therewith and any amendment, modification or supplement to any of the foregoing. 

“Permitted Liens” means the Liens permitted pursuant to Section 8.2. 

“Permitted Refinancing” means, with respect to any Person, any Indebtedness issued in exchange for (or the net proceeds of
which are used to refinance) the Indebtedness being refinanced (or previous refinancings thereof constituting a Permitted Refinancing); provided that (a) the principal amount (or accreted value, if applicable) of such Permitted Refinancing does
not exceed the principal amount (or accreted value, if applicable or in the case of any revolving loan facility, the maximum revolving loan commitment thereunder) of the Indebtedness so refinanced (plus unpaid accrued interest and premiums thereon
and underwriting discounts, defeasance costs, fees, commissions and expenses), (b) the weighted average life to maturity of such Permitted Refinancing is greater than or equal to the weighted average life to maturity of the indebtedness being
refinanced (c) such Permitted Refinancing shall not require any scheduled principal payments due prior to the Revolving Credit Maturity Date in excess of, or prior to, the scheduled principal payments due prior to the Revolving Credit Maturity
Date for the Indebtedness being refinanced, (d) if the Indebtedness being refinanced is subordinated in right of payment to the Obligations, such Permitted Refinancing shall be subordinated in right of payment to the Obligations on terms at
least as favorable to the Lenders as those contained in the documentation governing the Indebtedness being 

  
 20 

 
refinanced, (e) no Permitted Refinancing shall have direct or indirect obligors who were not also obligors of the Indebtedness being refinanced, or greater guarantees or security, than the
Indebtedness being refinanced, (f) such Permitted Refinancing shall be otherwise on terms not materially less favorable to the Lenders than those contained in the documentation governing the Indebtedness being refinanced, including with respect
to financial and other covenants and events of default and (g) at the time of the incurrence of such Permitted Refinancing, no Default or Event of Default shall have occurred and be continuing. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Platform” means Debt Domain, Intralinks, SyndTrak or a
substantially similar electronic transmission system. 
 “Prime Rate” means, at any time, the rate of interest per annum
publicly announced from time to time by the Administrative Agent as its prime rate. Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such prime rate occurs. The parties hereto acknowledge that
the rate announced publicly by the Administrative Agent as its prime rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks. 

“Property” means any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether
tangible or intangible, including, without limitation, Equity Interests. 
 “PTE” means a prohibited transaction class
exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time. 
 “Qualified Equity
Interests” means any Equity Interests that are not Disqualified Equity Interests. 
 “Qualifying IPO” means the
issuance by Borrower of its common Equity Interests in an underwritten primary public offering pursuant to an effective registration statement filed with the SEC in accordance with the Securities Act. 

“Recipient” means (a) the Administrative Agent, (b) any Lender and (c) any Issuing Lender, as applicable. 

“Register” has the meaning assigned thereto in Section 11.9(c). 

“Reimbursement Obligation” means the obligation of the Borrower to reimburse any Issuing Lender pursuant to
Section 3.5 for amounts drawn under Letters of Credit issued by such Issuing Lender. 
 “Reinstated Letter
of Credit” has the meaning assigned thereto in Section 3.10(e). 
 “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. 

“Removal Effective Date” has the meaning assigned thereto in Section 10.6(b). 

“Required Lenders” means, at any date, any combination of Revolving Credit Lenders holding more than fifty percent (50%) of
the sum of the aggregate amount of the Revolving Credit Commitment or, if the Revolving Credit Commitment has been terminated, any combination of Revolving Credit Lenders holding more than fifty percent (50%) of the aggregate Extensions of Credit
under the Credit Facility; 

  
 21 

 
provided that the Revolving Credit Commitment of, and the portion of the Extensions of Credit under the Credit Facility, as applicable, held or deemed held by, any Defaulting Lender shall
be excluded for purposes of making a determination of Required Lenders. Notwithstanding the foregoing, “Required Lenders” shall comprise no fewer than three Lenders that are not Affiliates of one another, unless (a) all
Lenders that are not Defaulting Lenders are Affiliates of one another or (b) there are two or fewer Lenders that are not Defaulting Lenders, at such time. 

“Resignation Effective Date” has the meaning assigned thereto in Section 10.6(a). 

“Responsible Officer” means, as to any Person, the chief executive officer, president, chief financial officer, director,
chief accounting officer, controller, treasurer or assistant treasurer of such Person or any other officer of such Person designated in writing by the Borrower and reasonably acceptable to the Administrative Agent; provided that, to the
extent requested thereby, the Administrative Agent shall have received a certificate of such Person certifying as to the incumbency and genuineness of the signature of each such officer. Any document delivered hereunder or under any other Loan
Document that is signed by a Responsible Officer of a Person shall be conclusively presumed to have been authorized by all necessary corporate, limited liability company, partnership and/or other action on the part of such Person and such
Responsible Officer shall be conclusively presumed to have acted on behalf of such Person. 
 “Restricted Payment” means
any dividend on, or the making of any payment or other distribution on account of, or the purchase, redemption, retirement or other acquisition (directly or indirectly) of, or the setting apart assets for a sinking or other analogous fund for the
purchase, redemption, retirement or other acquisition of, any class of Equity Interests of any Credit Party or any Subsidiary thereof, or the making of any distribution of cash, property or assets to the holders of any Equity Interests of any Credit
Party or any Subsidiary thereof on account of such Equity Interests. 
 “Revolving Credit Commitment” means (a) as to
any Revolving Credit Lender, the obligation of such Revolving Credit Lender to make Revolving Credit Loans to, and to purchase participations in L/C Obligations for the account of, the Borrower hereunder in an aggregate principal amount at any time
outstanding not to exceed the amount set forth opposite such Revolving Credit Lender’s name on the Register, as such amount may be modified at any time or from time to time pursuant to the terms hereof (including, without limitation,
Section 4.11) and (b) as to all Revolving Credit Lenders, the aggregate commitment of all Revolving Credit Lenders to make Revolving Credit Loans, as such amount may be modified at any time or from time to time
pursuant to the terms hereof (including, without limitation, Section 4.11). The aggregate Revolving Credit Commitment of all the Revolving Credit Lenders on the Closing
Third Amendment Effective Date shall be $40,000,00060,000,000. The initial Revolving Credit Commitment
of each Revolving Credit Lender is set forth opposite the name of such Lender on Schedule 1.1(b). 

“Revolving Credit Commitment Percentage” means, with respect to any Revolving Credit Lender at any time, the percentage of
the total Revolving Credit Commitments of all the Revolving Credit Lenders represented by such Revolving Credit Lender’s Revolving Credit Commitment. If the Revolving Credit Commitments have terminated or expired, the Revolving Credit
Commitment Percentages shall be determined based upon the Revolving Credit Commitments most recently in effect, giving effect to any assignments. The Revolving Credit Commitment Percentage of each Revolving Credit Lender on the Closing Date is set
forth opposite the name of such Lender on Schedule 1.1(b). 
 “Revolving Credit Exposure” means, as to any Revolving
Credit Lender at any time, the aggregate principal amount at such time of its outstanding Revolving Credit Loans and such Revolving Credit Lender’s participation in L/C Obligations at such time. 

  
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 “Revolving Credit Facility” means the revolving credit facility established
pursuant to Article II (including any increase in such revolving credit facility established pursuant to Section 4.11). 

“Revolving Credit Lenders” means, collectively, all of the Lenders with a Revolving Credit Commitment. 

“Revolving Credit Loan” means any revolving loan made to the Borrower pursuant to Section 2.1, and
all such revolving loans collectively as the context requires. 
 “Revolving Credit Maturity Date” means the earliest to
occur of (a) April 3023, 2020 2022, (b) the date of termination of the entire
Revolving Credit Commitment by the Borrower pursuant to Section 2.5, and (c) the date of termination of the Revolving Credit Commitment pursuant to Section 9.2(a). 

“Revolving Credit Note” means a promissory note made by the Borrower in favor of a Revolving Credit Lender evidencing the
Revolving Credit Loans made by such Revolving Credit Lender, substantially in the form attached as Exhibit A, and any substitutes therefor, and any replacements, restatements, renewals or extension thereof, in whole or in part. 

“Revolving Credit Outstandings” means the sum of (a) with respect to Revolving Credit Loans on any date, the
aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Revolving Credit Loans occurring on such date; plus (b) with respect to any L/C Obligations on any date, the aggregate
outstanding amount thereof on such date after giving effect to any Extensions of Credit occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements of
outstanding unpaid drawings under any Letters of Credit or any reductions in the maximum amount available for drawing under Letters of Credit taking effect on such date. 

“Revolving Extensions of Credit” means (a) any Revolving Credit Loan then outstanding or (b) any Letter of Credit
then outstanding. 
 “S&P” means Standard & Poor’s Financial Services LLC, a part of McGraw-Hill
Financial and any successor thereto. 
 “Sanctions” means any and all economic or financial sanctions, sectoral sanctions,
secondary sanctions, trade embargoes and anti-terrorism laws, including but not limited to those imposed, administered or enforced from time to time by the U.S. government (including those administered by OFAC or the U.S. Department of State), the
United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority with jurisdiction over any Lender, the Borrower or any of its Subsidiaries or Affiliates. 

“Sanctioned Country” means at any time, a country or territory which is itself the subject or target of any Sanctions
(including, as of the Closing Date, Cuba, Iran, North Korea, Sudan, Syria and Crimea). 
 “Sanctioned Person” means, at any
time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC (including, without limitation, OFAC’s Specially Designated Nationals and Blocked Persons List and OFAC’s Consolidated Non-SDN List), the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority, (b) any Person operating, organized or
resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in clauses (a) and (b), including a Person that is deemed by OFAC to be a Sanctions target based on the ownership of such legal
entity by Sanctioned Peron(s). 

  
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 “Secured Cash Management Agreement” means any Cash Management Agreement
between or among any Credit Party and any Cash Management Bank. 
 “Secured Hedge Agreement” means any Hedge Agreement
between or among any Credit Party and any Hedge Bank. 
 “Secured Obligations” means, collectively, (a) the
Obligations and (b) all existing or future payment and other obligations owing by any Credit Party under (i) any Secured Hedge Agreement and (ii) any Secured Cash Management Agreement; provided that the “Secured
Obligations” of a Credit Party shall exclude any Excluded Swap Obligations with respect to such Credit Party. 
 “Secured
Parties” means, collectively, the Administrative Agent, the Lenders, the Issuing Lenders, the Hedge Banks, the Cash Management Banks, each co-agent or sub-agent
appointed by the Administrative Agent from time to time pursuant to Section 10.5, any other holder from time to time of any of any Secured Obligations and, in each case, their respective successors and permitted assigns.

 “Securities Act” means the Securities Act of 1933 (15 U.S.C. § 77 et seq.). 

“Security Documents” means the collective reference to the Collateral Agreement, each Foreign Pledge Agreement, the UK
Debenture and each other pledge agreement or security agreement from time to time delivered in accordance with Section 7.14, and each other agreement or writing pursuant to which any Credit Party pledges or grants a
security interest in any Property or assets securing the Secured Obligations. 
 “Solvent” and “Solvency”
mean, with respect to any Person on any date of determination, that on such date (a) the fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) 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, (c) such Person does not intend to, and
does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature, (d) such Person is not engaged in business or a transaction, and is not about to engage in business or
a transaction, for which such Person’s property would constitute an unreasonably small capital, and (e) such Person is able to pay its debts and liabilities, contingent obligations and other commitments as they mature in the ordinary
course of business. The amount of contingent liabilities at any time shall be computed as the amount that, in the 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. 
 “Subordinated Indebtedness” means the collective reference to any Indebtedness incurred by
the Borrower or any of its Subsidiaries that is subordinated in right and time of payment to the Obligations on terms and conditions reasonably satisfactory to the Administrative Agent. 

“Subsidiary” means as to any Person, any corporation, partnership, limited liability company or other entity of which more
than fifty percent (50%) of the outstanding Equity Interests having ordinary voting power to elect a majority of the board of directors (or equivalent governing body) or other managers of such corporation, partnership, limited liability company or
other entity is at the time owned by (directly or indirectly) or the management is otherwise controlled by (directly or indirectly) such Person (irrespective of whether, at the time, Equity Interests of any other class or classes of such
corporation, partnership, limited liability company or other entity shall have or might have voting power by reason of the happening of any contingency). Unless otherwise qualified, references to “Subsidiary” or “Subsidiaries”
herein shall refer to those of the Borrower. 

  
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 “Subsidiary Guarantors” means, collectively, all direct and indirect
Subsidiaries of the Borrower (other than Excluded Subsidiaries) in existence on the Closing Date or which become a party to the Guaranty Agreement pursuant to Section 7.14. 

“Swap Obligation” means, with respect to any Credit Party, 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. 
 “Synthetic
Lease” means any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product where such transaction is
considered borrowed money indebtedness for tax purposes but is classified as an Operating Lease in accordance with GAAP. 

“Tangible Net Worth” means Assets, excluding Intangibles, minus Liabilities. 

“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, fines, additions to tax or penalties applicable thereto. 

“Termination Event” means the occurrence of any of the following which, individually or in the aggregate, has resulted or
could reasonably be expected to result in liability of the Borrower in an aggregate amount in excess of the Threshold Amount: (a) a “Reportable Event” described in Section 4043 of ERISA for which the thirty (30) day notice
requirement has not been waived by the PBGC, or (b) the withdrawal of any Credit Party or any ERISA Affiliate from a Pension Plan during a plan year in which it was a “substantial employer” as defined in Section 4001(a)(2) of
ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA, or (c) the termination of a Pension Plan, the filing of a notice of intent to terminate a Pension Plan or the treatment of a Pension
Plan amendment as a termination, under Section 4041 of ERISA, if the plan assets are not sufficient to pay all plan liabilities, or (d) the institution of proceedings to terminate, or the appointment of a trustee with respect to, any
Pension Plan by the PBGC, or (e) any other event or condition which would constitute grounds under Section 4042(a) of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan, or (f) the imposition
of a Lien pursuant to Section 430(k) of the Code or Section 303 of ERISA, or (g) the determination that any Pension Plan or Multiemployer Plan is considered an at-risk plan or plan in endangered
or critical status with the meaning of Sections 430, 431 or 432 of the Code or Sections 303, 304 or 305 of ERISA or (h) the partial or complete withdrawal of any Credit Party or any ERISA Affiliate from a Multiemployer Plan if withdrawal
liability is asserted by such plan, or (i) any event or condition which results in the reorganization or insolvency of a Multiemployer Plan under Sections 4241 or 4245 of ERISA, or (j) any event or condition which results in the
termination of a Multiemployer Plan under Section 4041A of ERISA or the institution by PBGC of proceedings to terminate a Multiemployer Plan under Section 4042 of ERISA, or (k) the imposition of any liability under Title IV of ERISA,
other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Credit Party or any ERISA Affiliate. 

“Threshold Amount” means $7,500,000. 

“Third Amendment Effective Date” means April 23, 2020. 

“Total Credit Exposure” means, as to any Lender at any time, the unused Revolving Credit Commitment and Revolving Credit
Exposure of such Lender at such time. 
 “Trade Date” has the meaning assigned thereto in
Section 11.9(b)(i). 

  
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 “Transaction Costs” means all transaction fees, charges and other amounts
related to the Transactions and any Permitted Acquisitions (including, without limitation, any financing fees, merger and acquisition fees, legal fees and expenses, due diligence fees or any other fees and expenses in connection therewith), in each
case to the extent paid within six (6) months of the closing of the Credit Facility or such Permitted Acquisition, as applicable, and approved by the Administrative Agent in its reasonable discretion. 

“Transactions” means, collectively, (a) the repayment in full of certain existing Indebtedness of the Borrower,
(b) the initial Extensions of Credit and (c) the payment of the Transaction Costs incurred in connection with the foregoing. 

“UCC” means the Uniform Commercial Code as in effect in the State of New York, as amended or modified from time to time,
unless the context suggests the application of the Uniform Commercial Code of a different state. 
 “UK Debenture” means
the debenture granted by Anaplan UK in favor of the Administrative Agent, in form and substance reasonably satisfactory to the Administrative Agent. 

“United States” means the United States of America. 

“U.S. Borrower” means any Borrower that is a U.S. Person. 

“U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.

 “U.S. Tax Compliance Certificate” has the meaning assigned thereto in Section 4.9(g). 

“Wells Fargo” means Wells Fargo Bank, National Association, a national banking association. 

“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 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. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 
 SECTION 1.2 Other Definitions and Provisions. With reference to
this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: (a) the definitions of terms herein shall apply equally to the singular and plural forms of the terms defined, (b) whenever the
context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms, (c) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”, (d) the word “will” shall be construed to have the same meaning and effect as the word “shall”, (e) any reference herein to any Person shall be construed to include such Person’s successors and
assigns, (f) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (g) all
references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (h) the words “asset” and “property” shall be construed
to have 

  
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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, (i) the term
“documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form and (j) 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”. 
 SECTION 1.3 Accounting Terms. 

(a) All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data
(including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with GAAP, applied on a consistent basis, as in effect from time to time and in a manner consistent
with that used in preparing the audited financial statements required by Section 7.1(a), except as otherwise specifically prescribed herein. Notwithstanding the foregoing, 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. 
 (b) If at any time any change
in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in
good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall
continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably
requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. 

SECTION 1.4 UCC Terms. Terms defined in the UCC in effect on the Closing Date and not otherwise defined herein shall, unless the
context otherwise indicates, have the meanings provided by those definitions. Subject to the foregoing, the term “UCC” refers, as of any date of determination, to the UCC then in effect. 

SECTION 1.5 Rounding. Any financial ratios required to be maintained pursuant to this Agreement shall be calculated by dividing the
appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio or percentage is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 
 SECTION 1.6 References to Agreement and Laws. Unless
otherwise expressly provided herein, (a) any definition or reference to formation documents, governing documents, agreements (including the Loan Documents) and other contractual documents or instruments shall be deemed to include all subsequent
amendments, restatements, extensions, supplements and other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other modifications are not prohibited by any Loan Document; and (b) any
definition or reference to any Applicable Law, including, without limitation, Anti-Corruption Laws, Anti-Money Laundering Laws, the Bankruptcy Code, the Code, the Commodity Exchange Act, ERISA, the Exchange Act, the PATRIOT Act, the Securities Act,
the UCC, the Investment Company Act, the Interstate Commerce Act, the Trading with the Enemy Act of the United States or any of the foreign assets control regulations of the United States Treasury Department, shall include all statutory and
regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Applicable Law. 

  
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 SECTION 1.7 Times of Day. Unless otherwise specified, all references herein to times
of day shall be references to Pacific time (daylight or standard, as applicable). 
 SECTION 1.8 Letter of Credit Amounts. Unless
otherwise specified, all references herein to the amount of a Letter of Credit at any time shall be deemed to mean the maximum face amount of such Letter of Credit after giving effect to all increases thereof contemplated by such Letter of Credit or
the Letter of Credit Application therefor (at the time specified therefor in such applicable Letter of Credit or Letter of Credit Application and as such amount may be reduced by (a) any permanent reduction of such Letter of Credit or
(b) any amount which is drawn, reimbursed and no longer available under such Letter of Credit). 
 SECTION 1.9
Guarantees/Earn-Outs. Unless otherwise specified, (a) the amount of any Guarantee shall be the lesser of the amount of the obligations guaranteed and still outstanding and the maximum amount for which the guaranteeing Person may be
liable pursuant to the terms of the instrument embodying such Guarantee and (b) the amount of any earn-out or similar obligation shall be the amount of such obligation as reflected on the balance sheet of
such Person in accordance with GAAP. 
 SECTION 1.10 Covenant Compliance Generally. For purposes of determining compliance under
Sections 8.1, 8.2, 8.3, 8.5 and 8.6, any amount in a currency other than Dollars will be converted to Dollars in a manner consistent with that used in calculating consolidated net income in the most recent annual
financial statements of the Borrower and its Subsidiaries delivered pursuant to Section 7.1(a). Notwithstanding the foregoing, for purposes of determining compliance with Sections 8.1, 8.2 and 8.3, with
respect to any amount of Indebtedness or Investment in a currency other than Dollars, no breach of any basket contained in such sections shall be deemed to have occurred solely as a result of changes in rates of exchange occurring after the time
such Indebtedness or Investment is incurred; provided that for the avoidance of doubt, the foregoing provisions of this Section 1.10 shall otherwise apply to such Sections, including with respect to determining
whether any Indebtedness or Investment may be incurred at any time under such Sections. 
 SECTION 1.11 Rates. The Administrative
Agent does not warrant or accept responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to the rates in the definition of “One Month LIBOR”. 

SECTION 1.12 Divisions. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware
law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been
transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at
such time 
 ARTICLE II 

REVOLVING CREDIT FACILITY 

SECTION 2.1 Revolving Credit Loans. Subject to the terms and conditions of this Agreement and the other Loan Documents, and in reliance
upon the representations and warranties set forth in this Agreement and the other Loan Documents, each Revolving Credit Lender severally agrees to make Revolving Credit Loans in Dollars to the Borrower from time to time from the Closing Date to, but
not including, the Revolving Credit Maturity Date as requested by the Borrower in accordance with the terms of Section 2.3; provided, that (a) the Revolving Credit Outstandings shall not exceed the lesser
(i) the 

  
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Borrowing Base at such time and (ii) the Revolving Credit Commitment and (b) the Revolving Credit Exposure of any Revolving Credit Lender shall not at any time exceed such Revolving
Credit Lender’s Revolving Credit Commitment. Each Revolving Credit Loan by a Revolving Credit Lender shall be in a principal amount equal to such Revolving Credit Lender’s Revolving Credit Commitment Percentage of the aggregate principal
amount of Revolving Credit Loans requested on such occasion. Subject to the terms and conditions hereof, the Borrower may borrow, repay and reborrow Revolving Credit Loans hereunder until the Revolving Credit Maturity Date. 

SECTION 2.2 Reserves. Notwithstanding anything to the contrary in the Loan Documents, the Administrative Agent shall have the right to
establish reserves in such amounts, and with respect to such matters, as the Administrative Agent in its reasonable discretion shall deem necessary or appropriate with respect to (i) sums that the Borrower is required to pay (such as taxes,
assessments, insurance premiums, or, in the case of leased assets, rents or other amounts payable under such leases) and has failed to pay under any Section of this Agreement or any other Loan Document, and (ii) amounts owing by the Borrower to
any Person to the extent secured by a Lien on, or trust over, any of the Collateral, which Lien or trust, in the discretion of the Administrative Agent likely would have a priority superior to the Administrative Agent’s Liens (such as Liens or
trusts in favor of landlords, warehousemen, carriers, mechanics, materialmen, laborers, or suppliers, or Liens or trusts for ad valorem, excise, sales, or other taxes where given priority under applicable law) in and to such item of the Collateral.

 SECTION 2.3 Procedure for Advances of Revolving Credit Loans. 

(a) Requests for Borrowing. The Borrower shall give the Administrative Agent irrevocable prior written notice substantially in the form
of Exhibit B (a “Notice of Borrowing”) not later than 11:00 a.m. on the same Business Day as each Base Rate Loan of its intention to borrow, specifying (A) the date of such
borrowing, which shall be a Business Day and (B) the amount of such borrowing, which shall be in an aggregate principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof. A Notice of Borrowing received after 11:00 a.m.
shall be deemed received on the next Business Day. The Administrative Agent shall promptly notify the Revolving Credit Lenders of each Notice of Borrowing. 

(b) Disbursement of Revolving Credit. Not later than 1:00 p.m. on the proposed borrowing date, each Revolving Credit Lender will
make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, such Revolving Credit Lender’s Revolving Credit Commitment
Percentage of the Revolving Credit Loans to be made on such borrowing date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of each borrowing requested pursuant to this
Section 2.3 in immediately available funds by crediting or wiring such proceeds to the deposit account of the Borrower identified in the most recent notice substantially in the form attached as
Exhibit C (a “Notice of Account Designation”) delivered by the Borrower to the Administrative Agent or as may be otherwise agreed upon by the Borrower and the Administrative Agent from
time to time. Subject to Section 4.6 hereof, the Administrative Agent shall not be obligated to disburse the portion of the proceeds of any Revolving Credit Loan requested pursuant to this
Section 2.3 to the extent that any Revolving Credit Lender has not made available to the Administrative Agent its Revolving Credit Commitment Percentage of such Revolving Credit Loan. 

SECTION 2.4 Repayment and Prepayment of Revolving Credit. 

(a) Repayment on Termination Date. The Borrower hereby agrees to repay the outstanding principal amount of all Revolving Credit Loans
in full on the Revolving Credit Maturity Date, together with all accrued but unpaid interest thereon. 

  
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 (b) Mandatory Prepayments. If at any time, the Revolving Credit Outstandings exceed
the lesser of (i) the Borrowing Base at such time and (ii) the Revolving Credit Commitment, the Borrower agrees to repay immediately, by payment to the Administrative Agent for the account of the Revolving Credit Lenders, Extensions of
Credit in an amount equal to such excess with each such repayment applied first, to the principal amount of outstanding Revolving Credit Loans and second, with respect to any Letters of Credit then outstanding, a payment of Cash
Collateral into a Cash Collateral account opened by the Administrative Agent, for the benefit of the Revolving Credit Lenders, in an amount equal to such excess (such Cash Collateral to be applied in accordance with
Section 9.2(b)). 
 (c) Optional Prepayments. The Borrower may at any time and from time to time prepay
Revolving Credit Loans, in whole or in part, without premium or penalty, with irrevocable prior written notice to the Administrative Agent substantially in the form attached as Exhibit D (a “Notice of Prepayment”)
given not later than 11:00 a.m. on the same Business Day as each Base Rate Loan, specifying the date and amount of prepayment. Upon receipt of such notice, the Administrative Agent shall promptly notify each Revolving Credit Lender. If any such
notice is given, the amount specified in such notice shall be due and payable on the date set forth in such notice. Partial prepayments shall be in an aggregate amount of $1,000,000 or a whole multiple of $500,000 in excess thereof. A Notice of
Prepayment received after 11:00 a.m. shall be deemed received on the next Business Day. Notwithstanding the foregoing, any Notice of a Prepayment delivered in connection with any refinancing of all of the Credit Facility with the proceeds of such
refinancing or of any incurrence of Indebtedness or the occurrence of some other identifiable event or condition, may be, if expressly so stated to be, contingent upon the consummation of such refinancing or incurrence or occurrence of such other
identifiable event or condition and may be revoked by the Borrower in the event such contingency is not met. 
 (d) Hedge Agreements.
No repayment or prepayment of the Revolving Credit Loans pursuant to this Section 2.4 shall affect any of the Borrower’s obligations under any Hedge Agreement entered into with respect to the Revolving Credit Loans.

 SECTION 2.5 Permanent Reduction of the Revolving Credit Commitment. 

(a) Voluntary Reduction. The Borrower shall have the right at any time and from time to time, upon at least five (5) Business Days
prior irrevocable written notice to the Administrative Agent, to permanently reduce, without premium or penalty, (i) the entire Revolving Credit Commitment at any time or (ii) portions of the Revolving Credit Commitment, from time to time,
in an aggregate principal amount not less than $1,000,000 or any whole multiple of $500,000 in excess thereof. Any reduction of the Revolving Credit Commitment shall be applied to the Revolving Credit Commitment of each Revolving Credit Lender
according to its Revolving Credit Commitment Percentage. All Commitment Fees accrued until the effective date of any termination of the Revolving Credit Commitment shall be paid on the effective date of such termination. Notwithstanding the
foregoing, any notice to reduce the Revolving Credit Commitment delivered in connection with any refinancing of all of the Credit Facility with the proceeds of such refinancing or of any incurrence of Indebtedness or the occurrence of some other
identifiable event or condition, may be, if expressly so stated to be, contingent upon the consummation of such refinancing or incurrence or occurrence of such identifiable event or condition and may be revoked by the Borrower in the event such
contingency is not met. 
 (b) Corresponding Payment. Each permanent reduction permitted pursuant to this
Section 2.5 shall be accompanied by a payment of principal sufficient to reduce the aggregate outstanding Revolving Credit Loans and L/C Obligations, as applicable, after such reduction to the lesser of (x) the
Borrowing Base at such time and (y) the Revolving Credit Commitment as so reduced, and if the aggregate amount of all outstanding Letters of Credit exceeds the Revolving Credit Commitment as so reduced, the Borrower shall be required to deposit
Cash Collateral in a Cash Collateral account opened by the Administrative 

  
 30 

 
Agent in an amount equal to such excess. Such Cash Collateral shall be applied in accordance with Section 9.2(b). Any reduction of the Revolving Credit Commitment to
zero shall be accompanied by payment of all outstanding Revolving Credit Loans (and furnishing of Cash Collateral satisfactory to the Administrative Agent for all L/C Obligations) and shall result in the termination of the Revolving Credit
Commitment and the Revolving Credit Facility. 
 SECTION 2.6 Termination of Revolving Credit Facility. The Revolving Credit Facility
and the Revolving Credit Commitments shall terminate on the Revolving Credit Maturity Date. 
 SECTION 2.7 Borrowing Base. The
Borrower’s calculation of the Borrowing Base reflected in each Borrowing Base Certificate delivered pursuant to this Agreement shall be subject to the review and approval of the Administrative Agent. 

ARTICLE III 
 LETTER OF CREDIT
FACILITY 
 SECTION 3.1 L/C Facility. 

(a) Availability. Subject to the terms and conditions hereof, in reliance on the agreements of the Revolving Credit Lenders set forth
in Section 3.4(a), (i) Comerica Bank, as Issuing Lender, may (but shall not be required to) and (ii) each other the Issuing Lender hereby
agrees to, issue standby Letters of Credit in an aggregate amount not to exceed its L/C Commitment for the account of the Borrower. Letters of Credit may be issued
on any Business Day from the Closing Date to, but not including the thirtieth (30th) Business Day prior to the Revolving Credit Maturity Date in such form as may be approved from time to time by
the applicable Issuing Lender; provided, that no Issuing Lender shall issue any Letter of Credit if, after giving effect to such issuance, (x) the L/C Obligations would exceed the lesser of (1) the Borrowing Base at such time and
(2) the L/C Sublimit or (y) the Revolving Credit Outstandings would exceed the Revolving Credit Commitment. 
 (b) Terms of
Letters of Credit. Each Letter of Credit shall (i) be denominated in Dollars in a minimum amount of $250,000 (or such lesser amount as agreed to by the applicable Issuing Lender and the Administrative Agent), (ii) expire on a date no
more than twelve (12) months after the date of issuance or last renewal of such Letter of Credit (subject to automatic renewal for additional one (1) year periods (but not to a date later than the date set forth below) pursuant to the
terms of the Letter of Credit Application or other documentation acceptable to the applicable Issuing Lender), which date shall be no later than the fifth (5th) Business Day prior to the Revolving Credit Maturity Date; provided that any
Letter of Credit may expire after such date (each such Letter of Credit, an “Extended Letter of Credit”) with the consent of the applicable Issuing Lender and subject to the requirements of Section 3.10,
and (iii) be subject to the ISP98 as set forth in the Letter of Credit Application or as determined by the applicable Issuing Lender and, to the extent not inconsistent therewith, the laws of the State of New York. No Issuing Lender
shall at any time be obligated to issue any Letter of Credit hereunder if (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing Lender from issuing such
Letter of Credit, or any Applicable Law applicable to such Issuing Lender or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Issuing Lender shall prohibit, or request that
such Issuing Lender refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuing Lender with respect to letters of credit generally or such Letter of Credit in particular any
restriction or reserve or capital requirement (for which such Issuing Lender is not otherwise compensated) not in effect on the Closing Date, or any unreimbursed loss, cost or expense that was not applicable, in effect or known to such

  
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Issuing Lender as of the Closing Date and that such Issuing Lender in good faith deems material to it, (B) the conditions set forth in Section 5.2 are not
satisfied, (C) the issuance of such Letter of Credit would violate one or more policies of such Issuing Lender applicable to letters of credit generally or (D) the beneficiary of such Letter of Credit is a Sanctioned Person. References
herein to “issue” and derivations thereof with respect to Letters of Credit shall also include extensions or modifications of any outstanding Letters of Credit, unless the context otherwise requires. As of the Closing Date, each of
the Existing Letters of Credit shall constitute, for all purposes of this Agreement and the other Loan Documents, a Letter of Credit issued and outstanding hereunder.  

(c) Defaulting Lenders. Notwithstanding anything to the contrary contained in this Agreement, Article III shall be subject to
the terms and conditions of Section 4.12 and Section 4.13. 
 SECTION 3.2 Procedure
for Issuance of Letters of Credit. The Borrower may from time to time request that any Issuing Lender issue a Letter of Credit by delivering to such Issuing Lender at its applicable office (with a copy to the Administrative Agent at the
Administrative Agent’s Office) a Letter of Credit Application therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents and other papers and information as such Issuing Lender or the Administrative
Agent may request. Upon receipt of any Letter of Credit Application, the applicable Issuing Lender shall, process such Letter of Credit Application and the certificates, documents and other papers and information delivered to it in connection
therewith in accordance with its customary procedures and shall, subject to Section 3.1 and Article V, promptly issue the Letter of Credit requested thereby (but in no event shall such Issuing Lender be required to
issue any Letter of Credit earlier than three (3) Business Days after its receipt of the Letter of Credit Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original
of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such Issuing Lender and the Borrower. The applicable Issuing Lender shall promptly furnish to the Borrower and the Administrative Agent a copy of such Letter of
Credit and the Administrative Agent shall promptly notify each Revolving Credit Lender of the issuance and upon request by any Lender, furnish to such Revolving Credit Lender a copy of such Letter of Credit and the amount of such Revolving Credit
Lender’s participation therein. 
 SECTION 3.3 Commissions and Other Charges. 

(a) Letter of Credit Commissions. Subject to Section 4.13(a)(iii)(B), the Borrower shall pay to the
Administrative Agent, for the account of the applicable Issuing Lender and the L/C Participants, a letter of credit commission with respect to each Letter of Credit issued on or after the Closing Date in the amount equal to the daily amount
available to be drawn under such standby Letters of Credit times 1.25%. Such commission shall be payable quarterly in arrears on the last Business Day of each calendar quarter, on the Revolving Credit Maturity Date and thereafter on demand of the
Administrative Agent. The Administrative Agent shall, promptly following its receipt thereof, distribute to the applicable Issuing Lender and the L/C Participants all commissions received pursuant to this Section 3.3 in
accordance with their respective Revolving Credit Commitment Percentages. 
 (b) Issuance Fee. In addition to the foregoing
commission, the Borrower shall pay directly to the applicable Issuing Lender, for its own account, an issuance fee with respect to each Letter of Credit issued on or after the Closing Date issued by such Issuing Lender in an amount equal to
(i) for any Letter of Credit issued by Wells Fargo, 12.5 basis points multiplied by the face amount of such Letter of Credit and (ii) for any other Issuing Lender, as set forth in the fee letter agreement executed by such Issuing Lender.
Such issuance fee shall be payable quarterly in arrears on the last Business Day of each calendar quarter commencing with the first such date to occur after the issuance of such Letter of Credit, on the Revolving Credit Maturity Date and thereafter
on demand of the applicable Issuing Lender. 

  
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 (c) Other Fees, Costs, Charges and Expenses. In addition to the foregoing fees and
commissions, the Borrower shall pay or reimburse each Issuing Lender for such normal and customary fees, costs, charges and expenses as are incurred or charged by such Issuing Lender in issuing, effecting payment under, amending or otherwise
administering any Letter of Credit issued by it. 
 SECTION 3.4 L/C Participations. 

(a) Each Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Participant, and, to induce each Issuing Lender to issue
Letters of Credit hereunder, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from each Issuing Lender, on the terms and conditions hereinafter stated, for such L/C Participant’s own account and
risk an undivided interest equal to such L/C Participant’s Revolving Credit Commitment Percentage in each Issuing Lender’s obligations and rights under and in respect of each Letter of Credit issued by it hereunder and the amount of each
draft paid by such Issuing Lender thereunder. Each L/C Participant unconditionally and irrevocably agrees with each Issuing Lender that, if a draft is paid under any Letter of Credit issued by such Issuing Lender for which such Issuing Lender is not
reimbursed in full by the Borrower through a Revolving Credit Loan or otherwise in accordance with the terms of this Agreement, such L/C Participant shall pay to such Issuing Lender upon demand at such Issuing Lender’s address for notices
specified herein an amount equal to such L/C Participant’s Revolving Credit Commitment Percentage of the amount of such draft, or any part thereof, which is not so reimbursed. 

(b) Upon becoming aware of any amount required to be paid by any L/C Participant to any Issuing Lender pursuant to
Section 3.4(a) in respect of any unreimbursed portion of any payment made by such Issuing Lender under any Letter of Credit, issued by it, such Issuing Lender shall notify the Administrative Agent of such unreimbursed
amount and the Administrative Agent shall notify each L/C Participant (with a copy to the applicable Issuing Lender) of the amount and due date of such required payment and such L/C Participant shall pay to the Administrative Agent (which, in turn
shall pay such Issuing Lender) the amount specified on the applicable due date. If any such amount is paid to such Issuing Lender after the date such payment is due, such L/C Participant shall pay to such Issuing Lender on demand, in addition to
such amount, the product of (i) such amount, times (ii) the daily average Federal Funds Rate as determined by the Administrative Agent during the period from and including the date such payment is due to the date on which such
payment is immediately available to such Issuing Lender, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. A certificate of such Issuing Lender with
respect to any amounts owing under this Section 3.4 shall be conclusive in the absence of manifest error. With respect to payment to such Issuing Lender of the unreimbursed amounts described in this
Section 3.4, if the L/C Participants receive notice that any such payment is due (A) prior to 1:00 p.m. on any Business Day, such payment shall be due that Business Day, and (B) after 1:00 p.m. on any Business
Day, such payment shall be due on the following Business Day. 
 (c) Whenever, at any time after any Issuing Lender has made payment under
any Letter of Credit issued by it and has received from any L/C Participant its Revolving Credit Commitment Percentage of such payment in accordance with this Section 3.4, such Issuing Lender receives any payment related to
such Letter of Credit (whether directly from the Borrower or otherwise), or any payment of interest on account thereof, such Issuing Lender will distribute to such L/C Participant its pro rata share thereof; provided, that in
the event that any such payment received by such Issuing Lender shall be required to be returned by such Issuing Lender, such L/C Participant shall return to such Issuing Lender the portion thereof previously distributed by such Issuing Lender to
it. 

  
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 (d) Each L/C Participant’s obligation to make the Revolving Credit Loans referred to in
Section 3.4(b) and to purchase participating interests pursuant to Section 3.4(a) shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff,
counterclaim, recoupment, defense or other right that such Revolving Credit Lender or the Borrower may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default
or an Event of Default or the failure to satisfy any of the other conditions specified in Article V, (iii) any adverse change in the condition (financial or otherwise) of the Borrower, (iv) any breach of this Agreement or any other
Loan Document by the Borrower, any other Credit Party or any other Revolving Credit Lender or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 

SECTION 3.5 Reimbursement Obligation of the Borrower. In the event of any drawing under any Letter of Credit, the Borrower agrees to
reimburse (either with the proceeds of a Revolving Credit Loan as provided for in this Section 3.5 or with funds from other sources), in same day funds, the applicable Issuing Lender on each date on which such Issuing
Lender notifies the Borrower of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such
Issuing Lender in connection with such payment. Unless the Borrower shall immediately notify such Issuing Lender that the Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, the Borrower shall be deemed to
have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan as a Base Rate Loan on the applicable repayment date in the amount of (i) such draft so paid and
(ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan as a Base Rate Loan in such amount,
the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in
accordance with this Section 3.5 to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and shall not be affected by any circumstance whatsoever, including,
without limitation, non-satisfaction of the conditions set forth in Section 2.3(a) or Article V and without regard to the Borrowing Base requirements. If the Borrower has
elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, or if the amount of such drawing is not fully refunded through a Base Rate Loan as provided above, the
unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or
otherwise) until payment in full. 
 SECTION 3.6 Obligations Absolute. The Borrower’s obligations under this
Article III (including, without limitation, the Reimbursement Obligation) shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment which the
Borrower may have or have had against the applicable Issuing Lender or any beneficiary of a Letter of Credit or any other Person. The Borrower also agrees that the applicable Issuing Lender and the L/C Participants shall not be responsible for, and
the Borrower’s Reimbursement Obligation under Section 3.5 shall not be affected by, among other things, the validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact
prove to be invalid, fraudulent or forged, or any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be transferred or any claims whatsoever of the Borrower against
any beneficiary of such Letter of Credit or any such transferee. No Issuing Lender shall be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with
any Letter of Credit issued by it, except for errors or omissions caused by such Issuing Lender’s gross negligence or willful misconduct, as determined by a court of competent jurisdiction by final nonappealable judgment. The Borrower agrees
that any action taken or omitted by any Issuing Lender under or in connection with any Letter of Credit issued by it or the related drafts or documents, if done in the absence of gross negligence or willful misconduct shall be binding on the
Borrower and shall not result in any liability of such Issuing Lender or any L/C Participant to the 

  
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Borrower. The responsibility of any Issuing Lender to the Borrower in connection with any draft presented for payment under any Letter of Credit issued to it shall, in addition to any payment
obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment substantially conforms to the requirements
under such Letter of Credit. 
 SECTION 3.7 Effect of Letter of Credit Application. To the extent that any provision of any Letter of
Credit Application related to any Letter of Credit is inconsistent with the provisions of this Article III, the provisions of this Article III shall apply. 

SECTION 3.8 Resignation of Issuing Lenders. 

(a) Any Lender may at any time resign from its role as an Issuing Lender hereunder upon not less than thirty (30) days prior notice to
the Borrower and the Administrative Agent (or such shorter period of time as may be acceptable to the Borrower and the Administrative Agent). 

(b) Any resigning Issuing Lender shall retain all the rights, powers, privileges and duties of an Issuing Lender hereunder with respect to all
Letters of Credit issued by it that are outstanding as of the effective date of its resignation as an Issuing Lender and all L/C Obligations with respect thereto (including, without limitation, the right to require the Revolving Credit Lenders to
take such actions as are required under Section 3.4). Without limiting the foregoing, upon the resignation of a Lender as an Issuing Lender hereunder, the Borrower may, or at the request of such resigned Issuing Lender the
Borrower shall, use commercially reasonable efforts to, arrange for one or more of the other Issuing Lenders to issue Letters of Credit hereunder in substitution for the Letters of Credit, if any, issued by such resigned Issuing Lender and
outstanding at the time of such resignation, or make other arrangements satisfactory to the resigned Issuing Lender to effectively cause another Issuing Lender to assume the obligations of the resigned Issuing Lender with respect to any such Letters
of Credit. 
 SECTION 3.9 Reporting of Letter of Credit Information and L/C Commitment. At any time that there is an Issuing Lender
that is not also the financial institution acting as Administrative Agent, then (a) on the last Business Day of each calendar month, (b) on each date that a Letter of Credit is amended, terminated or otherwise expires, (c) on each
date that a Letter of Credit is issued or the expiry date of a Letter of Credit is extended, and (d) upon the request of the Administrative Agent, each Issuing Lender (or, in the case of clauses (b), (c) or (d) of this
Section 3.9, the applicable Issuing Lender) shall deliver to the Administrative Agent a report setting forth in form and detail reasonably satisfactory to the Administrative Agent information (including, without limitation,
any reimbursement, Cash Collateral, or termination in respect of Letters of Credit issued by such Issuing Lender) with respect to each Letter of Credit issued by such Issuing Lender that is outstanding hereunder. In addition, each Issuing Lender
shall provide notice to the Administrative Agent of its L/C Commitment, or any change thereto, promptly upon it becoming an Issuing Lender or making any change to its L/C Commitment. No failure on the part of any Issuing Lender to provide such
information pursuant to this Section 3.9 shall limit the obligations of the Borrower or any Revolving Credit Lender hereunder with respect to its reimbursement and participation obligations hereunder. 

SECTION 3.10 Cash Collateral for Extended Letters of Credit. 

(a) Cash Collateralization. The Borrower shall provide Cash Collateral to each applicable Issuing Lender with respect to each Extended
Letter of Credit issued by such Issuing Lender (in an amount equal to 105% of the maximum face amount of each Extended Letter of Credit, calculated in accordance with Section 1.8) by a date that is no later than 10 days
prior to the Revolving Credit Maturity Date by depositing such amount in immediately available funds, in Dollars, into a cash collateral account maintained 

  
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at the applicable Issuing Lender and shall enter into a customary cash collateral agreement in form and substance satisfactory to such Issuing Lender and such other documentation as such Issuing
Lender or the Administrative Agent may reasonably request; provided that if the Borrower fails to provide Cash Collateral with respect to any such Extended Letter of Credit by such time, such event shall be treated as a drawing under such
Extended Letter of Credit in an amount equal to 105% of the maximum face amount of each such Letter of Credit, calculated in accordance with Section 1.8, which shall be reimbursed (or participations therein funded) in
accordance with this Article III, with the proceeds of Revolving Credit Loans (or funded participations) being utilized to provide Cash Collateral for such Letter of Credit (provided that for purposes of determining the usage of the Revolving
Credit Commitment any such Extended Letter of Credit that has been, or will concurrently be, Cash Collateralized with proceeds of a Revolving Credit Loan, the portion of such Extended Letter of Credit that has been (or will concurrently be) so Cash
Collateralized will not be deemed to be utilization of the Revolving Credit Commitment). 
 (b) Grant of Security Interest. The
Borrower, and to the extent provided by the L/C Participants, each of such L/C Participants, hereby grants to the applicable Issuing Lender of each Extended Letter of Credit, and agrees to maintain, a first priority security interest in, all Cash
Collateral required to be provided by this Section 3.10 as security for such Issuing Lender’s obligation to fund draws under such Extended Letters of Credit, to be applied pursuant to subsection (c) below. If at
any time the applicable Issuing Lender determines that the Cash Collateral is subject to any right or claim of any Person other than such Issuing Lender as herein provided, or that the total amount of such Cash Collateral is less than the amount
required pursuant to subsection (a) above, the Borrower will, promptly upon demand by such Issuing Lender, pay or provide to such Issuing Lender additional Cash Collateral in an amount sufficient to eliminate such deficiency. 

(c) Application. Notwithstanding anything to the contrary contained in this Agreement or any other Loan Document, Cash Collateral
provided under this Section 3.10 in respect of Extended Letters of Credit shall be applied to reimburse the applicable Issuing Lender for all drawings made under such Extended Letters of Credit and any and all fees,
expenses and charges incurred in connection therewith, prior to any other application of such property as may otherwise be provided for herein. 

(d) Cash Collateralized Letters of Credit. Subject to clause (e) below, if the Borrower has fully Cash Collateralized the
applicable Issuing Lender with respect to any Extended Letter of Credit issued by such Issuing Lender in accordance with subsections (a) through (c) above and the Borrower and the applicable Issuing Lender have made arrangements between them
with respect to the pricing and fees associated therewith (each such Extended Letter of Credit, a “Cash Collateralized Letter of Credit”), then after the date of notice to the Administrative Agent thereof by the applicable Issuing
Lender and for so long as such Cash Collateral remains in place (i) such Cash Collateralized Letter of Credit shall cease to be a “Letter of Credit” hereunder, (ii) such Cash Collateralized Letter of Credit shall not constitute
utilization of the Revolving Credit Commitment, (iii) no Revolving Credit Lender shall have any further obligation to fund participations or Revolving Credit Loans to reimburse any drawing under any such Cash Collateralized Letter of Credit,
(iv) no Letter of Credit commissions under Section 3.3(a) shall be due or payable to the Revolving Credit Lenders, or any of them, hereunder with respect to such Cash Collateralized Letter of Credit, and (v) any
fronting fee, issuance fee or other fee with respect to such Cash Collateralized Letter of Credit shall be as agreed separately between the Borrower and such Issuing Lender. 

(e) Reinstatement. The Borrower and each Revolving Credit Lender agree that, if any payment or deposit made by the Borrower or any
other Person applied to the Cash Collateral required under this Section 3.10 is at any time avoided, annulled, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be
refunded or repaid, or is repaid in whole or in part pursuant to a good faith settlement of a pending or threatened avoidance claim, or the proceeds of any such Cash Collateral are required to be refunded by the applicable Issuing Lender to the
Borrower or any Revolving 

  
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Credit Lender or its respective estate, trustee, receiver or any other Person, under any Applicable Law or equitable cause, then, to the extent of such payment or repayment, (i) the
applicable Extended Letter of Credit shall automatically be a “Letter of Credit” hereunder in a face amount equal to such payment or repayment (each such Letter of Credit, a “Reinstated Letter of Credit”), (ii) such
Reinstated Letter of Credit shall no longer be deemed to be Cash Collateralized hereunder and shall constitute a utilization of the Revolving Credit Commitment, (iii) each Revolving Credit Lender shall be obligated to fund participations or
Revolving Credit Loans to reimburse any drawing under such Reinstated Letter of Credit, (iv) Letter of Credit commissions under Section 3.3(a) shall accrue and be due and payable to the Revolving Credit Lenders with
respect to such Reinstated Letter of Credit and (v) the Borrower’s and each Revolving Credit Lender’s liability hereunder (and any Guarantee, Lien or Collateral guaranteeing or securing such liability) shall be and remain in full
force and effect, as fully as if such payment or deposit had never been made, and, if prior thereto, this Agreement shall have been canceled, terminated, paid in full or otherwise extinguished (and if any Guarantee, Lien or Collateral guaranteeing
or securing such Borrower’s or such Revolving Credit Lender’s) liability hereunder shall have been released or terminated by virtue of such cancellation, termination, payment or extinguishment, the provisions of this Article III and
all other rights and duties of the applicable Issuing Lender, the L/C Participants and the Credit Parties with respect to such Reinstated Letter of Credit (and any Guarantee, Lien or Collateral guaranteeing or securing such liability) shall be
reinstated in full force and effect, and such prior cancellation, termination, payment or extinguishment shall not diminish, release, discharge, impair or otherwise affect the obligations of such Persons in respect of such Reinstated Letter of
Credit (and any Guarantee, Lien or Collateral guaranteeing or securing such obligation). 
 (f) Survival. With respect to any
Extended Letter of Credit, each party’s obligations under this Article III and all other rights and duties of the applicable Issuing Lender of such Extended Letter of Credit, the L/C Participants and the Credit Parties with respect to
such Extended Letter of Credit shall survive the resignation or replacement of the applicable Issuing Lender or any assignment of rights by the applicable Issuing Lender, the termination of the Revolving Credit Commitment and the repayment,
satisfaction or discharge of the Obligations. 
 ARTICLE IV 

GENERAL LOAN PROVISIONS 
 SECTION
4.1 Interest. 
 (a) Interest Rate. Subject to the provisions of this Section 4.1 Revolving Credit
Loans shall bear interest at the Base Rate minus 0.50%. For the avoidance of doubt, the interest rate in effect under the Existing Credit Agreement
immediately prior to the Third Amendment Effective Date shall be applicable to all interest accruing prior to the Third Amendment Effective Date. 

(b) Default Rate. Subject to Section 9.3, (i) immediately upon the occurrence and during the continuance
of an Event of Default under Section 9.1(a), (b), (i) or (j), or (ii) at the election of the Required Lenders (or the Administrative Agent at the direction of the Required Lenders), upon the
occurrence and during the continuance of any other Event of Default, (A) the Borrower shall no longer have the option to request Letters of Credit, (B) all outstanding Base Rate Loans and other Obligations arising hereunder or under any
other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate then applicable to Base Rate Loans or such other Obligations arising hereunder or under any other Loan Document and (C) all accrued and
unpaid interest shall be due and payable on demand of the Administrative Agent. Interest shall continue to accrue on the Obligations after the filing by or against the Borrower of any petition seeking any relief in bankruptcy or under any Debtor
Relief Law. 

  
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 (c) Interest Payment and Computation. Interest on each Base Rate Loan shall be due
and payable in arrears on the last Business Day of each calendar month commencing July 31, 2018. All computations of interest for Base Rate Loans when the Base Rate is determined by the Prime Rate shall be made on the basis of a year of 365 or
366 days, as the case may be, and actual days elapsed. All other computations of fees and interest provided hereunder shall be made on the basis of a 360-day year and actual days elapsed (which results in more
fees or interest, as applicable, being paid than if computed on the basis of a 365/366-day year). 

(d) Maximum Rate. In no contingency or event whatsoever shall the aggregate of all amounts deemed interest under this Agreement charged
or collected pursuant to the terms of this Agreement exceed the highest rate permissible under any Applicable Law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that such a court
determines that the Lenders have charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted by Applicable Law and the Lenders shall at
the Administrative Agent’s option (i) promptly refund to the Borrower any interest received by the Lenders in excess of the maximum lawful rate or (ii) apply such excess to the principal balance of the Obligations. It is the intent
hereof that the Borrower not pay or contract to pay, and that neither the Administrative Agent nor any Lender receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by the
Borrower under Applicable Law. 
 SECTION 4.2 Fees. 

(a) Commitment Fee. Commencing on the Closing Third Amendment
Effective Date, subject to Section 4.13(a)(iii)(A), the Borrower shall pay to the Administrative Agent, for the account of the Revolving Credit Lenders, a non-refundable
commitment fee (the “Commitment Fee”) at a rate per annum equal to 0.200.35% on the average daily unused portion of the Revolving Credit Commitment
of the Revolving Credit Lenders (other than the Defaulting Lenders, if any); provided, that the Commitment Fee for any quarter shall be waived if within five days after the end of such quarter the Borrower has provided a certificate of a
Responsible Officer of the Borrower (together with reasonable supporting documentation) that (i) for the calendar quarter ending June 30, 2018, the Borrower has on June 30, 2018, at least $25,000,000 in deposit accounts with
Administrative Agent and the Lenders (with no less than (x) $15,000,000 in deposit the Borrower’s average daily balance
(inclusive of all cash, Cash Equivalents and marketable securities) in all deposit and securities accounts held by Wells Fargo or
one of its Affiliates (so long as Wells Fargo is a Lender hereunder and (y) $10,000,000 in deposit accounts held by Comerica Bank so long as Comerica Bank is a Lender hereunder)) and (y) for each other calendar quarter, the
Borrower’s average daily balance in all deposit accounts held by the Administrative Agent and any Lender for such quarter exceeds $25,000,000 (with an average daily balance of no less than (x) $15,000,000 in deposit accounts held by Wells Fargo
so long as Wells Fargo is a Lender hereunder and (y) $10,000,000 in deposit accounts held by Comerica Bank so long as Comerica Bank is a Lender hereunder)for such quarter exceeds
$100,000,000. For clarity, the outstanding undrawn amount of all Letters of Credit shall be deemed usage for the purposes of calculating the Commitment Fee. The accrued Commitment Fee as of the last Business Day of each calendar quarter during
the term of this Agreement (commencing June 30, 2018 2020 and ending on the date upon which all Obligations (other than contingent indemnification obligations not then
due) arising under the Revolving Credit Facility shall have been indefeasibly and irrevocably paid and satisfied in full, all Letters of Credit have been terminated or expired (or been Cash Collateralized) and the Revolving Credit Commitment has
been terminated) shall be payable on the date fifteen (15) calendar days after the end of such quarter. The Commitment Fee shall be distributed by the Administrative Agent to the Revolving Credit Lenders (other than any Defaulting Lender)
pro rata in accordance with such Revolving Credit Lenders’ respective Revolving Credit Commitment Percentages. For the avoidance of doubt, the Commitment Fee (as such term is
defined in the Existing Credit Agreement) in effect under the Existing Credit Agreement immediately prior to the Third Amendment Effective Date shall be applicable to the Commitment Fee accruing prior to the Third Amendment Effective Date. 

  
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 (b) Upfront Fee. The Borrower agrees to pay on the Closing
Third Amendment Effective Date to each Lender party to this Agreement as a Lender on the Closing Third
Amendment Effective Date, through the Administrative Agent, as fee compensation for such Lender’s Revolving Credit Commitment on the Closing Third Amendment Effective
Date (whether funded or unfunded on such date), an upfront fee in an amount equal to 0.25% of the stated principal amount of such Lender’s Revolving Credit Commitment on the Closing
Third Amendment Effective Date. Such upfront fee will be in all respects fully earned, due and payable on the Closing
Third Amendment Effective Date and non-refundable and non-creditable thereafter. 

(c) Other Fees. The Borrower shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts and
at the times so specified. 
 SECTION 4.3 Manner of Payment. Each payment by the Borrower on account of the principal of or interest
on the Revolving Credit Loans or of any fee, commission or other amounts (including the Reimbursement Obligation) payable to the Lenders under this Agreement shall be made not later than 1:00 p.m. on the date specified for payment under this
Agreement to the Administrative Agent at the Administrative Agent’s Office for the account of the Lenders entitled to such payment in Dollars, in immediately available funds and shall be made without any setoff, counterclaim or deduction
whatsoever. Any payment received after such time but before 2:00 p.m. on such day shall be deemed a payment on such date for the purposes of Section 9.1, but for all other purposes shall be deemed to have been made on the
next succeeding Business Day. Any payment received after 2:00 p.m. shall be deemed to have been made on the next succeeding Business Day for all purposes. Upon receipt by the Administrative Agent of each such payment, the Administrative Agent shall
distribute to each such Lender at its address for notices set forth herein its Revolving Credit Commitment Percentage in respect of the relevant Credit Facility (or other applicable share as provided herein) of such payment and shall wire advice of
the amount of such credit to each Lender. Each payment to the Administrative Agent of any Issuing Lender’s fees or L/C Participants’ commissions shall be made in like manner, but for the account of such Issuing Lender or the L/C
Participants, as the case may be. Each payment to the Administrative Agent of Administrative Agent’s fees or expenses shall be made for the account of the Administrative Agent and any amount payable to any Lender under 5.10, 5.11
or 12.3 shall be paid to the Administrative Agent for the account of the applicable Lender. Subject to the definition of Interest Period, if any payment under this Agreement shall be specified to be made upon a day which is not a Business
Day, it shall be made on the next succeeding day which is a Business Day and such extension of time shall in such case be included in computing any interest if payable along with such payment. Notwithstanding the foregoing, if there exists a
Defaulting Lender each payment by the Borrower to such Defaulting Lender hereunder shall be applied in accordance with Section 4.13(a)(ii). 

SECTION 4.4 Evidence of Indebtedness. 

(a) Extensions of Credit. The Extensions of Credit made by each Lender and each Issuing Lender shall be evidenced by one or more
accounts or records maintained by such Lender or such Issuing Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender or the applicable Issuing Lender
shall be conclusive absent manifest error of the amount of the Extensions of Credit made by the Lenders or such Issuing Lender to the Borrower and its Subsidiaries and the interest and payments thereon. Any failure to so record or any error in doing
so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender or any Issuing
Lender and the accounts and records of 

  
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the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made
through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Revolving Credit Note which shall evidence such Lender’s Revolving Credit Loans in addition to such accounts or
records. Each Lender may attach schedules to its Revolving Credit Notes and endorse thereon the date, amount and maturity of its Revolving Credit Loans and payments with respect thereto. 

(b) Participations. In addition to the accounts and records referred to in subsection (a), each Revolving Credit Lender and the
Administrative Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Revolving Credit Lender of participations in Letters of Credit. In the event of any conflict between the
accounts and records maintained by the Administrative Agent and the accounts and records of any Revolving Credit Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.

 SECTION 4.5 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 Revolving Credit Loans or other obligations hereunder resulting in such Lender’s receiving payment of a proportion of the aggregate amount of its Revolving Credit Loans and
accrued interest thereon or other such obligations (other than pursuant to Sections 4.11, 4.12 or 11.3) 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 Revolving Credit 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 Revolving Credit 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 paragraph 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) the application of Cash Collateral provided for in Section 3.10 or
Section 4.12 or (C) any payment obtained by a Lender as consideration for the assignment of, or sale of, a participation in any of its Revolving Credit Loans or participations in Letters of Credit to any assignee or
participant). 
 Each Credit Party consents to the foregoing and agrees, to the extent it may effectively do so under Applicable Law, that any Lender
acquiring a participation pursuant to the foregoing arrangements may exercise against each Credit Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of each Credit Party in
the amount of such participation. 
 SECTION 4.6 Administrative Agent’s Clawback. 

(a) Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender
not later than 12:00 noon on the date of any proposed 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 2.3(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 

  
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severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to
the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the daily average Federal Funds 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. 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 Revolving Credit 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. 
 (b) 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 an Issuing Lender 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 Lender, 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 Lender, as the case maybe, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed
to such Lender or Issuing Lender, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate
determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 
 (c) Nature of Obligations
of Lenders. The obligations of the Lenders under this Agreement to make the Revolving Credit Loans, to issue or participate in Letters of Credit and to make payments under this Section, Section 4.9(e),
Section 11.3(c) or Section 11.7, as applicable, are several and are not joint or joint and several. The failure of any Lender to make available its Revolving Credit Commitment Percentage of any
Revolving Credit Loan requested by the Borrower shall not relieve it or any other Lender of its obligation, if any, hereunder to make its Revolving Credit Commitment Percentage of such Revolving Credit Loan available on the borrowing date, but no
Lender shall be responsible for the failure of any other Lender to make its Revolving Credit Commitment Percentage of such Revolving Credit Loan available on the borrowing date. 

SECTION 4.7 Illegality. If, in any applicable jurisdiction, the Administrative Agent, any Issuer Lender or any Lender determines that
any Applicable Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for the Administrative Agent, any Issuer Lender or any Lender to (i) perform any of its obligations hereunder or under any other Loan
Document, (ii) to fund or maintain its participation in any Revolving Credit Loan or (iii) issue, make, maintain, fund or charge interest or fees with respect to any Extension of Credit such Person shall promptly notify the Administrative
Agent, then, upon the Administrative Agent notifying the Borrower, and until such notice by such Person is revoked, any obligation of such Person to issue, make, maintain, fund or charge interest or fees with respect to any such Extension of Credit
shall be suspended, and to the extent required by Applicable Law, cancelled. Upon receipt of such notice, the Credit Parties shall, (A) repay that Person’s participation in the Revolving Credit Loans or other applicable Obligations on the
last day of the Interest Period for each Revolving Credit Loan or other Obligation occurring after the Administrative Agent has notified the Borrower or, if earlier, the date specified by such Person in the notice delivered to the Administrative
Agent (being no earlier than the last day of any applicable grace period permitted by Applicable Law) and (B) take all reasonable actions requested by such Person to mitigate or avoid such illegality. 

  
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 SECTION 4.8 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 advances, loans or other credit extended or participated in by, any Lender or any Issuing Lender; 

(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 any Issuing Lender or the London interbank market any other condition, cost or
expense (other than Taxes) affecting this Agreement 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, such Issuing Lender or such other Recipient of making, converting to, continuing or maintaining any Revolving Credit Loan (or of maintaining its obligation to make any such Revolving Credit Loan), or to increase the
cost to such Lender, such Issuing Lender 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, such Issuing Lender or such other Recipient hereunder (whether of principal, interest or any other amount) then, upon written request of such Lender, such Issuing Lender or other Recipient, the Borrower
shall promptly pay to any such Lender, such Issuing Lender or other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, such Issuing Lender or other Recipient, as the case may be, for such additional
costs incurred or reduction suffered. 
 (b) Capital Requirements. If any Lender or any Issuing Lender determines that any Change in
Law affecting such Lender or such Issuing Lender or any Lending Office of such Lender or such Lender’s or such Issuing 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 or such Issuing Lender’s capital or on the capital of such Lender’s or such Issuing Lender’s holding company, if any, as a consequence of this Agreement, the Revolving Credit Commitment of such
Lender or the Revolving Credit Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Lender, to a level below that which such Lender or such Issuing Lender or such Lender’s
or such Issuing Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such Issuing Lender’s policies and the policies of such Lender’s or such Issuing Lender’s
holding company with respect to capital adequacy and liquidity), then from time to time upon written request of such Lender or such Issuing Lender the Borrower shall promptly pay to such Lender or such Issuing Lender, as the case may be, such
additional amount or amounts as will compensate such Lender or such Issuing Lender or such Lender’s or such Issuing Lender’s holding company for any such reduction suffered. 

  
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 (c) Certificates for Reimbursement. A certificate of a Lender, or an Issuing Lender
or such other Recipient setting forth the amount or amounts necessary to compensate such Lender or such Issuing Lender, such other Recipient or any of their respective holding companies, as the case may be, as specified in paragraph (a) or (b)
of this Section 4.8 and delivered to the Borrower, shall be conclusive absent manifest error. The Borrower shall pay such Lender or such Issuing Lender or such other Recipient, as the case may be, the amount shown as due on
any such certificate within ten (10) days after receipt thereof. 
 (d) Delay in Requests. Failure or delay on the part of any
Lender or any Issuing Lender or such other Recipient to demand compensation pursuant to this Section 4.8 shall not constitute a waiver of such Lender’s or such Issuing Lender’s or such other Recipient’s right
to demand such compensation; provided that the Borrower shall not be required to compensate any Lender or an Issuing Lender or any other Recipient pursuant to this Section 4.8 for any increased costs incurred or
reductions suffered more than nine (9) months prior to the date that such Lender or such Issuing Lender or such other Recipient, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions,
and of such Lender’s or such Issuing Lender’s or such other Recipient’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 nine-month
period referred to above shall be extended to include the period of retroactive effect thereof). 
 SECTION 4.9 Taxes. 

(a) Defined Terms. For purposes of this
Section 4.104.9, the term “Lender” includes any Issuing Lender and the term “Applicable Law” includes FATCA. 

(b) Payments Free of Taxes. Any and all payments by or on account of any obligation of any Credit Party under any Loan Document shall
be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from
any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance
with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the 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 4.9), 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)
Indemnification by the Credit Parties. The Credit Parties shall jointly and severally indemnify each Recipient, within ten (10) 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 4.9) 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 such payment or liability delivered to the Borrower by a
Recipient (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Recipient, shall be conclusive absent manifest error. 

(e) Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten (10) 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 

  
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attributable to such Lender’s failure to comply with the provisions of Section 11.9(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 Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes
were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each
Lender hereby authorizes the Administrative Agent to setoff and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any
amount due to the Administrative Agent under this paragraph (e). 
 (f) Evidence of Payments. As soon as practicable after any
payment of Taxes by any Credit Party to a Governmental Authority pursuant to this Section 4.9, 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 the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(g) Status of Lenders. 

(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower
or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any 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
Section 4.9(g)(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: 
 (A) Any Lender that is a U.S. Person shall deliver to the Borrower and the
Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from United States 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: 

  
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 (1) in the case of a Foreign Lender claiming the benefits of an income tax
treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN-E establishing an
exemption from, or reduction of, United States federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN-E establishing an exemption from, or reduction of, United States federal withholding Tax pursuant to the “business profits” or “other income”
article of such tax treaty; 
 (2) executed copies of IRS Form W-8ECI; 

(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of
the Code, (x) a certificate substantially in the form of Exhibit I-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the
Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax
Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN-E; or 

(4) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form
W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN-E, a U.S. Tax Compliance
Certificate substantially in the form of Exhibit I-2 or Exhibit I-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 I-4 on behalf of each such direct and indirect partner; 

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

(D) if a payment made to a Lender under any Loan Document would be subject to United States federal withholding Tax imposed by
FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the
Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any
amendments made to FATCA after the date of this Agreement. 

  
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 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. 

(h) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a
refund of any Taxes as to which it has been indemnified pursuant to this Section 4.9 (including by the payment of additional amounts pursuant to this Section 4.9), 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 4.9 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying
party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (h) (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 (h), in no event will the indemnified party be required to pay any amount to an indemnifying
party pursuant to this paragraph (h) 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. 

(i) Survival. Each party’s obligations under this Section 4.9 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 Revolving Credit Commitment and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

SECTION 4.10 Mitigation Obligations; Replacement of Lenders. 

(a) Designation of a Different Lending Office. If any Lender requests compensation under Section 4.8, or
requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 4.9, then such Lender shall, at the request of the
Borrower, use reasonable efforts to designate a different Lending Office for funding or booking its Revolving Credit Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the
judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 4.8 or Section 4.9, as the case may be, in the future and
(ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any
such designation or assignment. 
 (b) Replacement of Lenders. If any Lender requests compensation under
Section 4.8, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 4.9,
and, in each case, such Lender has declined or is unable to designate a different Lending Office in accordance with Section 4.10(a), or if any Lender is a Defaulting Lender or a
Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign

  
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and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 11.9), all of its interests, rights
(other than its existing rights to payments pursuant to Section 4.8 or Section 4.9) and obligations under this Agreement and the related Loan 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 11.9; 

(ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Revolving Credit Loans and
funded participations in Letters of Credit, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents from the assignee (to the extent of such outstanding principal and accrued 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 4.8 or payments required to be made pursuant to Section 4.9, 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 assignment resulting from a Lender becoming a Non-Consenting
Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent. 
 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. 

(c) Selection of Lending Office. Subject to Section 4.10(a), each Lender may make any Revolving Credit Loan
to the Borrower through any Lending Office, provided that the exercise of this option shall not affect the obligations of the Borrower to repay the Revolving Credit Loan in accordance with the terms of this Agreement or otherwise alter the rights of
the parties hereto. 
 SECTION 4.11 Incremental Revolving Credit Increases. 

(a) At any time, the Borrower may by written notice to the Administrative Agent elect to request the establishment of one or more increases in
the Revolving Credit Commitments (any such increase, an “Incremental Revolving Credit Commitment”) to make revolving credit loans under the Revolving Credit Facility (any such increase, an “Incremental Revolving Credit
Increase”); provided that (1) the total aggregate initial principal amount (as of the date of incurrence thereof) of such requested Incremental Revolving Credit Commitment and Incremental Revolving Credit Increase shall not
exceed the Incremental Facilities Limit, (2) there shall not be more than two Incremental Revolving Credit Increases during the term of this Agreement, (3) the total aggregate amount for each Incremental Revolving Credit Commitment (and
the Incremental Revolving Credit Increase made thereunder) shall not be less than a minimum principal amount of $5,000,000 or, if less, the remaining amount permitted pursuant to the foregoing clause (1) and (4) any Incremental Revolving Credit
Increase shall be subject to the Administrative Agent’s written consent, in its sole and absolute discretion (which consent may be withheld for any reason). Each such notice shall specify the date (each, an “Increased Amount
Date”) on which the Borrower proposes that any Incremental Revolving Credit Commitment shall be effective, which shall be a date not less than ten (10) Business Days after the date on which such notice is delivered to Administrative

  
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Agent (or such later date as may be approved by the Administrative Agent). The Borrower may invite any Lender, any Affiliate of any Lender and/or any Approved Fund, and/or any other Person who
would be an Eligible Assignee, to provide an Incremental Revolving Credit Commitment (any such Person, an “Incremental Lender”). Any proposed Incremental Lender offered or approached to provide all or a portion of any Incremental
Revolving Credit Commitment may elect or decline, in its sole discretion, to provide such Incremental Revolving Credit Commitment or any portion thereof. Any Incremental Revolving Credit Commitment shall become effective as of such Increased Amount
Date; provided that each of the following conditions has been satisfied or waived as of such Increased Amount Date: 

(A) no Default or Event of Default shall exist on such Increased Amount Date immediately prior to or after giving effect to
(1) any Incremental Revolving Credit Commitment, (2) the making of any Incremental Revolving Credit Increase pursuant thereto and (3) any Permitted Acquisition or Investment consummated in connection therewith; 

(B) the Administrative Agent and the Lenders shall have received from the Borrower an Officer’s Compliance Certificate
demonstrating, in form and substance reasonably satisfactory to the Administrative Agent, that the (1) Borrower is in compliance with the financial covenants set forth in Section 8.13 based on the financial
statements most recently delivered pursuant to Section 7.1(a) or 7.1(b), as applicable, both before and after giving effect (on a pro forma basis) to (x) any Incremental Revolving Credit Commitment, (y) the
making of any Incremental Revolving Credit Increase pursuant thereto (with any Incremental Revolving Credit Commitment and the Revolving Credit Commitment being deemed to be fully funded) and (z) any Permitted Acquisition and Investment
consummated in connection therewith; 
 (C) each of the representations and warranties contained in Article VI shall
be true and correct in all material respects, except to the extent any such representation and warranty is qualified by materiality or reference to Material Adverse Effect, in which case, such representation and warranty shall be true, correct and
complete in all respects, on such Increased Amount Date with the same effect as if made on and as of such date (except for any such representation and warranty that by its terms is made only as of an earlier date, which representation and warranty
shall remain true and correct as of such earlier date); 
 (D) the proceeds of any Incremental Revolving Credit Increases
shall be used for general corporate purposes of the Borrower and its Subsidiaries (including Permitted Acquisitions); 
 (E)
each Incremental Revolving Credit Commitment (and the Incremental Revolving Credit Increases made thereunder) shall constitute Obligations of the Borrower and shall be secured and guaranteed with the other Extensions of Credit on a pari passu basis;

 (F) in the case of each Incremental Revolving Credit Increase (the terms of which shall be set forth in the relevant
Lender Joinder Agreement): 
 (x) such Incremental Revolving Credit Increase shall mature on the Revolving Credit Maturity
Date, shall bear interest and be entitled to fees, in each case at the rate applicable to the Revolving Credit Loans, and shall be subject to the same terms and conditions as the Revolving Credit Loans; 

  
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 (y) the outstanding Revolving Credit Loans and Revolving Credit Commitment
Percentages of L/C Obligations will be reallocated by the Administrative Agent on the applicable Increased Amount Date among the Revolving Credit Lenders (including the Incremental Lenders providing such Incremental Revolving Credit Increase) in
accordance with their revised Revolving Credit Commitment Percentages (and the Revolving Credit Lenders (including the Incremental Lenders providing such Incremental Revolving Credit Increase) agree to make all payments and adjustments necessary to
effect such reallocation); and 
 (z) all of the other terms and conditions applicable to such Incremental Revolving Credit
Increase shall be identical to the terms and conditions applicable to the Revolving Credit Facility; 
 (G) any Incremental
Lender with an Incremental Revolving Credit Increase shall be entitled to the same voting rights as the existing Revolving Credit Lenders under the Revolving Credit Facility and any Extensions of Credit made in connection with each Incremental
Revolving Credit Increase shall receive proceeds of prepayments on the same basis as the other Revolving Credit Loans made hereunder; 

(H) such Incremental Revolving Credit Commitments shall be effected pursuant to one or more Lender Joinder Agreements executed
and delivered by the Borrower, the Administrative Agent and the applicable Incremental Lenders (which Lender Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as
may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provisions of this Section 4.11); and 

(I) the Borrower shall deliver or cause to be delivered any customary legal opinions or other documents (including, without
limitation, a resolution duly adopted by the board of directors (or equivalent governing body) of each Credit Party authorizing such Incremental Revolving Credit Increase) and other instruments and documents of the type required by
Section 7.14, as may be reasonably requested by Administrative Agent in connection with any such transaction. 
 (b) The
Incremental Lenders shall be included in any determination of the Required Lenders and, unless otherwise agreed, the Incremental Lenders will not constitute a separate voting class for any purposes under this Agreement. 

(c) On any Increased Amount Date on which any Incremental Revolving Credit Increase becomes effective, subject to the foregoing terms and
conditions, each Incremental Lender with an Incremental Revolving Credit Commitment shall become a Revolving Credit Lender hereunder with respect to such Incremental Revolving Credit Commitment. 

SECTION 4.12 Cash Collateral. At any time that there shall exist a Defaulting Lender, within one Business Day following the written
request of the Administrative Agent or any Issuing Lender (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize the Fronting Exposure of such Issuing Lender with respect to such Defaulting Lender (determined after giving
effect to Section 4.13(a)(iv) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount. 

  
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 (a) 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 each Issuing Lender, and agrees to maintain, a first priority security interest in all such Cash Collateral as security for the Defaulting
Lender’s obligation to fund participations in respect of L/C Obligations, to be applied pursuant to subsection (b) below. If at any time the applicable Issuing Lender determines that the Cash Collateral is subject to any right or claim of
any Person other than the Administrative Agent and each Issuing Lender as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, 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). 

(b) Application. Notwithstanding anything to the contrary contained in this Agreement or any other Loan Document, Cash Collateral
provided under this Section 4.12 or Section 4.13 in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of
L/C 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. 
 (c) Termination of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce the Fronting
Exposure of any Issuing Lender shall no longer be required to be held as Cash Collateral pursuant to this Section 4.12 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 Lenders that there exists excess Cash Collateral; provided that, subject to Section 4.13,
the Person providing Cash Collateral and the Issuing Lenders may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations; and provided further that to the extent that such Cash
Collateral was provided by the Borrower, such Cash Collateral shall remain subject to the security interest granted pursuant to the Loan Documents. 

SECTION 4.13 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 the definition of Required Lenders and Section 11.2. 

(ii) Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the
Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article IX or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to
Section 11.4 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent
hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Issuing Lenders; third, to Cash Collateralize the Fronting Exposure of the Issuing Lenders with respect to such
Defaulting Lender in accordance with Section 4.12; fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Revolving Credit Loan or funded participation in
respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a
deposit account and 

  
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released pro rata in order to (A) satisfy such Defaulting Lender’s potential future funding obligations with respect to Revolving Credit Loans and funded participations
under this Agreement and (B) Cash Collateralize the Issuing Lenders’ future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with
Section 4.12; sixth, to the payment of any amounts owing to the Lenders or the Issuing Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender or any Issuing Lender against
such Defaulting Lender as a result of such 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 such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as
otherwise directed by a court of competent jurisdiction; provided that if (1) such payment is a payment of the principal amount of any Revolving Credit Loans or funded participations in Letters of Credit in respect of which such
Defaulting Lender has not fully funded its appropriate share, and (2) such Revolving Credit Loans were made or the related Letters of Credit were issued 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 Revolving Credit Loans of, and funded participations in Letters of Credit owed to, all Non-Defaulting Lenders on a pro rata
basis prior to being applied to the payment of any Revolving Credit Loans of, or funded participations in Letters of Credit owed to, such Defaulting Lender until such time as all Revolving Credit Loans and funded and unfunded participations in L/C
Obligations are held by the Lenders pro rata in accordance with the Revolving Credit Commitments under the applicable Credit Facility without giving effect to Section 4.13(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 4.13(a)(ii) shall be deemed paid to and
redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 
 (iii) Certain Fees. 

(A) No Defaulting Lender shall 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 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 commissions pursuant to
Section 3.3 for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Revolving Credit Commitment Percentage of the stated amount of Letters of Credit for which it has provided Cash
Collateral pursuant to Section 4.12. 
 (C) With respect to any Commitment Fee, or letter of credit
commission not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrower shall (1) pay to each Non-Defaulting Lender that portion of any such fee otherwise
payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in L/C Obligations that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (2)
pay to each applicable Issuing Lender the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Lender’s Fronting Exposure to such Defaulting Lender, and (3) not be required to pay the
remaining amount of any such fee. 

  
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 (iv) Reallocation of Participations to Reduce Fronting Exposure. All
or any part of such Defaulting Lender’s participation in L/C Obligations shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Revolving Credit Commitment Percentages
(calculated without regard to such Defaulting Lender’s Revolving Credit Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving Credit Exposure of any
Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Credit Commitment. Subject to Section 11.22, 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. 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, Cash Collateralize the Issuing Lenders’ Fronting Exposure in accordance with the procedures set forth in
Section 4.12. 
 (b) Defaulting Lender Cure. If the Borrower, the Administrative Agent and the Issuing
Lenders 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), such Lender will, to the extent applicable, purchase at par that portion of outstanding Revolving Credit Loans of the other Lenders or take such other actions as the Administrative Agent
may determine to be necessary to cause the Revolving Credit Loans and funded and unfunded participations in Letters of Credit to be held pro rata by the Lenders in accordance with the Revolving Credit Commitment (without giving effect
to Section 4.13(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. 
 ARTICLE V 

CONDITIONS OF CLOSING AND BORROWING 

SECTION 5.1 Conditions to Closing and Initial Extensions of Credit. The obligation of the Lenders to close this Agreement and to make
the initial Revolving Credit Loans or issue or participate in the initial Letter of Credit, if any, is subject to the satisfaction of each of the following conditions: 

(a) Executed Loan Documents. This Agreement, a Revolving Credit Note in favor of each Revolving Credit Lender requesting a Revolving
Credit Note and the Security Documents, together with any other applicable Loan Documents, shall have been duly authorized, executed and delivered to the Administrative Agent by the parties thereto, shall be in full force and effect and no Default
or Event of Default shall exist hereunder or thereunder. 
 (b) Closing Certificates; Etc. The Administrative Agent shall have
received each of the following in form and substance reasonably satisfactory to the Administrative Agent: 
 (i)
Officer’s Certificate. A certificate from a Responsible Officer of the Borrower to the effect that (A) all representations and warranties of the Credit Parties contained in this Agreement and the other Loan Documents are true,
correct and complete in all material respects 

  
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(except to the extent any such representation and warranty is qualified by materiality or reference to Material Adverse Effect, in which case, such representation and warranty shall be true,
correct and complete in all respects); (B) none of the Credit Parties is in violation of any of the covenants contained in this Agreement and the other Loan Documents; (C) after giving effect to the Transactions, no Default or Event of
Default has occurred and is continuing; (D) since January 31, 2017, no event has occurred or condition arisen, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect; and
(E) each of the Credit Parties, as applicable, has satisfied each of the conditions set forth in Section 5.1 and Section 5.2. 

(ii) Certificate of Secretary of each Credit Party. A certificate of a Responsible Officer of each Credit Party
certifying as to the incumbency and genuineness of the signature of each officer of such Credit Party executing Loan Documents to which it is a party and certifying that attached thereto is a true, correct and complete copy of (A) the articles
or certificate of incorporation or formation (or equivalent), as applicable, of such Credit Party and all amendments thereto, certified as of a recent date by the appropriate Governmental Authority in its jurisdiction of incorporation, organization
or formation (or equivalent), as applicable, (B) the bylaws or other governing document of such Credit Party as in effect on the Closing Date, (C) resolutions duly adopted by the board of directors (or other governing body) of such Credit
Party authorizing and approving the transactions contemplated hereunder and the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party, and to the extent necessary, amending the by-laws or articles of association (as applicable) to give effect to the transactions contemplated hereunder and the execution, delivery and performance of this Agreement and the other Loan Documents, or any other
such resolution required by the Administrative Agent in its reasonable discretion and (D) each certificate required to be delivered pursuant to Section 5.1(b)(iii). 

(iii) Certificates of Good Standing. Certificates as of a recent date of the good standing of each Credit Party under
the laws of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable, and, to the extent requested by the Administrative Agent, each other jurisdiction where such Credit Party is qualified to do business. 

(iv) Borrowing Base Certificate. A Borrowing Base Certificate which calculates the Borrowing Base as of the Closing
Date, certified by the Borrower’s controller or such Person’s designee attesting that the Borrowing Base set forth therein has been calculated in accordance with the definition of “Borrowing Base” set forth in
Section 1.01. 
 (v) Opinions of Counsel. Opinions of counsel to the Credit Parties
addressed to the Administrative Agent and the Lenders with respect to the Credit Parties, the Loan Documents and such other matters as the Administrative Agent shall request (which such opinions shall expressly permit reliance by permitted
successors and assigns of the Administrative Agent and the Lenders). 
 (c) Personal Property Collateral. 

(i) Filings and Recordings. The Administrative Agent shall have received all filings and recordations that are necessary
to perfect the security interests of the Administrative Agent, on behalf of the Secured Parties, in the Collateral and the Administrative Agent shall have received evidence reasonably satisfactory to the Administrative Agent that upon such filings
and recordations such security interests constitute valid and perfected first priority Liens thereon (subject to Permitted Liens). 

  
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 (ii) Pledged Collateral. The Administrative Agent shall have received
(A) original stock certificates or other certificates evidencing the certificated Equity Interests pledged pursuant to the Security Documents, together with an undated stock power for each such certificate duly executed in blank by the
registered owner thereof and (B) each original promissory note pledged pursuant to the Security Documents together with an undated allonge for each such promissory note duly executed in blank by the holder thereof. 

(iii) Lien Search. The Administrative Agent shall have received the results of a Lien search (including a search as to
judgments, pending litigation, bankruptcy, tax and intellectual property matters), in form and substance reasonably satisfactory thereto, made against the Credit Parties under the Uniform Commercial Code (or applicable judicial docket) as in effect
in each jurisdiction in which filings or recordations under the Uniform Commercial Code should be made to evidence or perfect security interests in all assets of such Credit Party, indicating among other things that the assets of each such Credit
Party are free and clear of any Lien (except for Permitted Liens). 
 (iv) Property and Liability Insurance. The
Administrative Agent shall have received, in each case in form and substance reasonably satisfactory to the Administrative Agent, evidence of property, business interruption and liability insurance covering each Credit Party (with appropriate
endorsements naming the Administrative Agent as lender’s loss payee on all policies for property hazard insurance and as additional insured on all policies for liability insurance). 

(v) Other Collateral Documentation. The Administrative Agent shall have received any documents required by the terms of
the Security Documents to evidence its security interest in the Collateral. 
 (d) Consents; Defaults. 

(i) Governmental and Third Party Approvals. The Credit Parties shall have received all material governmental,
shareholder and third party consents and approvals necessary (or any other material consents as determined in the reasonable discretion of the Administrative Agent) in connection with the transactions contemplated by this Agreement and the other
Loan Documents and all applicable waiting periods shall have expired without any action being taken by any Person that could reasonably be expected to restrain, prevent or impose any material adverse conditions on any of the Credit Parties or such
other transactions or that could seek or threaten any of the foregoing, and no law or regulation shall be applicable which in the reasonable judgment of the Administrative Agent could reasonably be expected to have such effect. 

(e) Financial Matters. 

(i) Financial Statements. The Administrative Agent shall have received (A) the audited Consolidated balance sheet
of the Borrower and its Subsidiaries as of January 31, 2015, January 31, 2016 and January 31, 2017 and the related audited statements of income and retained earnings and cash flows for the Fiscal Year then ended and (B) unaudited
Consolidated balance sheet of the Borrower and its Subsidiaries as of January 31, 2018 and related unaudited interim statements of income and retained earnings and cash flows. 

(ii) Financial Projections. The Administrative Agent shall have received pro forma Consolidated financial
statements for the Borrower and its Subsidiaries, and projections prepared by management of the Borrower, of balance sheets, income statements and cash flow statements on a quarterly basis for the first year following the Closing Date and on an
annual basis for each year thereafter during the term of the Credit Facility. 

  
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 (iii) Financial Condition/Solvency Certificate. The Borrower shall
have delivered to the Administrative Agent a certificate, in form and substance satisfactory to the Administrative Agent, and certified as accurate by the chief financial officer or chief accounting officer of the Borrower, that (A) after
giving effect to the Transactions, each Credit Party and each Subsidiary thereof is each Solvent and (B) attached thereto are calculations evidencing compliance on a pro forma basis after giving effect to the Transactions with the covenants
contained in Section 8.13. 
 (iv) Payment at Closing. The Borrower shall have paid or made
arrangements to pay contemporaneously with closing (A) to the Administrative Agent, the Arranger and the Lenders the fees set forth or referenced in Section 4.2 and any other accrued and unpaid fees or commissions due
hereunder, (B) all fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent accrued and unpaid prior to or on the Closing Date, plus such additional
amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not
thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent) and (C) to any other Person such amount as may be due thereto in connection with the transactions contemplated hereby, including all taxes, fees
and other charges in connection with the execution, delivery, recording, filing and registration of any of the Loan Documents. 
 (f)
Miscellaneous. 
 (i) Notice of Account Designation. The Administrative Agent shall have received a Notice of
Account Designation specifying the account or accounts to which the proceeds of any Revolving Credit Loans made on or after the Closing Date are to be disbursed. 

(ii) [Reserved]. 

(iii) Existing Indebtedness. All existing Indebtedness of the Borrower and its Subsidiaries (excluding Indebtedness
permitted pursuant to Section 6.1) shall be repaid in full, all commitments (if any) in respect thereof shall have been terminated and all guarantees therefor and security therefor shall be released, and the Administrative
Agent shall have received pay-off letters in form and substance satisfactory to it evidencing such repayment, termination and release. 

(iv) PATRIOT Act, etc. The Borrower and each of the Subsidiary Guarantors shall have provided to the Administrative
Agent and the Lenders the documentation and other information requested by the Administrative Agent at least ten (10) Business Days prior to the Closing Date in order to comply with requirements of any Anti-Money Laundering Laws, including,
without limitation, the PATRIOT Act and any applicable “know your customer” rules and regulations. 
 (v) Other
Documents. All opinions, certificates and other instruments and all proceedings in connection with the transactions contemplated by this Agreement shall be reasonably satisfactory in form and substance to the Administrative Agent. The
Administrative Agent shall have received copies of all other documents, certificates and instruments reasonably requested thereby, with respect to the transactions contemplated by this Agreement. 

  
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 Without limiting the generality of the provisions of Section 10.3(c), for purposes
of determining compliance with the conditions specified in this Section 5.1, the Administrative Agent and each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to 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. 
 SECTION 5.2 Conditions to All Extensions of Credit. The obligations of the Lenders to make
or participate in any Revolving Credit Loan (including the initial Revolving Credit Loans) Revolving Credit Loan and/or any Issuing Lender to issue or extend any Letter of Credit are subject to the satisfaction of the following conditions precedent
on the relevant borrowing, issuance or extension date: 
 (a) Continuation of Representations and Warranties. The representations and
warranties contained in this Agreement and the other Loan Documents shall be true and correct in all material respects, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such
representation and warranty shall be true and correct in all respects, on and as of such borrowing, issuance or extension date with the same effect as if made on and as of such date (except for any such representation and warranty that by its terms
is made only as of an earlier date, which representation and warranty shall remain true and correct in all material respects as of such earlier date, except for any representation and warranty that is qualified by materiality or reference to
Material Adverse Effect, which such representation and warranty shall be true and correct in all respects as of such earlier date). 
 (b)
No Existing Default. No Default or Event of Default shall have occurred and be continuing (i) on the borrowing date with respect to such Revolving Credit Loan or after giving effect to the Revolving Credit Loans to be made on such date
or (ii) on the issuance or extension date with respect to such Letter of Credit or after giving effect to the issuance or extension of such Letter of Credit on such date. 

(c) Notices. The Administrative Agent shall have received a Notice of
Borrowing, or Letter of Credit Application, as applicable, from the Borrower in accordance with Section 2.3(a) or
Section 3.2, as applicable. 
 (d) New Letters of Credit. So long as any Lender is a Defaulting Lender, the
Issuing Lenders 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. 

(e) Borrowing Base Certificate. The Administrative Agent shall have received, at least five (5) Business Days prior to each
extension of credit, an updated Borrowing Base Certificate. 
 ARTICLE VI 

REPRESENTATIONS AND WARRANTIES OF THE CREDIT PARTIES 

To induce the Administrative Agent and Lenders to enter into this Agreement and to induce the Lenders to make Extensions of Credit, the Credit
Parties hereby represent and warrant to the Administrative Agent and the Lenders both before and after giving effect to the transactions contemplated hereunder, which representations and warranties shall be deemed made on the Closing
Third Amendment Effective Date and as otherwise set forth in Section 5.2, that: 

  
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 SECTION 6.1 Organization; Power; Qualification. Each Credit Party and each Subsidiary
thereof (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation, (b) has the power and authority to own its Properties and to carry on its business as now being and
hereafter proposed to be conducted and (c) is duly qualified and authorized to do business in each jurisdiction in which the character of its Properties or the nature of its business requires such qualification and authorization except in
jurisdictions where the failure to be so qualified or in good standing could not reasonably be expected to result in a Material Adverse Effect. The jurisdictions in which each Credit Party and each Subsidiary thereof are organized and qualified to
do business as of the Closing Third Amendment Effective Date are described on Schedule 6.1. No Credit Party nor any Subsidiary thereof is an EEA Financial
Institution. 
 SECTION 6.2 Ownership. Each Subsidiary of each Credit Party as of the Closing
Third Amendment Effective Date is listed on Schedule6.2Schedule 6.2. As of the
Closing Third Amendment Effective Date, the capitalization of each Credit Party and its Subsidiaries consists of the number of shares, authorized, issued and outstanding,
of such classes and series, with or without par value, described on Schedule 6.2. All outstanding shares have been duly authorized and validly issued and are fully paid and nonassessable and not subject to any preemptive or similar rights,
except as described in Schedule 6.2. As of the Closing Third Amendment Effective Date, there are no outstanding stock purchase warrants, subscriptions, options,
securities, instruments or other rights of any type or nature whatsoever, which are convertible into, exchangeable for or otherwise provide for or require the issuance of Equity Interests of any Credit Party or any Subsidiary thereof, except as
described on Schedule 6.2. 
 SECTION 6.3 Authorization; Enforceability. Each Credit Party and each Subsidiary thereof has the
right, power and authority and has taken all necessary corporate and other action to authorize the execution, delivery and performance of this Agreement and each of the other Loan Documents to which it is a party in accordance with their respective
terms. This Agreement and each of the other Loan Documents have been duly executed and delivered by the duly authorized officers of each Credit Party and each Subsidiary thereof that is a party thereto, and each such document constitutes the legal,
valid and binding obligation of each Credit Party and each Subsidiary thereof that is a party thereto, enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or
similar state or federal Debtor Relief Laws from time to time in effect which affect the enforcement of creditors’ rights in general and the availability of equitable remedies. 

SECTION 6.4 Compliance of Agreement, Loan Documents and Borrowing with Laws, Etc. The execution, delivery and performance by each
Credit Party and each Subsidiary thereof of the Loan Documents to which each such Person is a party, in accordance with their respective terms, the Extensions of Credit hereunder and the transactions contemplated hereby or thereby do not and will
not, by the passage of time, the giving of notice or otherwise, (a) require any Governmental Approval or violate any Applicable Law relating to any Credit Party or any Subsidiary thereof where the failure to obtain such Governmental Approval or
such violation could reasonably be expected to have a Material Adverse Effect, (b) conflict with, result in a breach of or constitute a default under the articles of incorporation, bylaws or other organizational documents of any Credit Party or
any Subsidiary thereof, (c) conflict with, result in a breach of or constitute a default under any indenture, agreement or other instrument to which such Person is a party or by which any of its properties may be bound or any Governmental
Approval relating to such Person, which could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (d) result in or require the creation or imposition of any Lien upon or with respect to any property now
owned or hereafter acquired by such Person other than Permitted Liens or (e) require any consent or authorization of, filing with, or other act in respect of, an arbitrator or Governmental Authority and no consent of any other Person is
required in connection with the execution, delivery, performance, validity or enforceability of this Agreement other than (i) consents, authorizations, filings or other acts or consents for which the failure to obtain or make could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect and (ii) consents or filings under the UCC. 

  
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 SECTION 6.5 Compliance with Law; Governmental Approvals. Each Credit Party and each
Subsidiary thereof (a) has all Governmental Approvals required by any Applicable Law for it to conduct its business, each of which is in full force and effect, is final and not subject to review on appeal and is not the subject of any pending
or, to its knowledge, threatened attack by direct or collateral proceeding, (b) is in compliance with each Governmental Approval applicable to it and in compliance with all other Applicable Laws relating to it or any of its respective
properties and (c) has timely filed all material reports, documents and other materials required to be filed by it under all Applicable Laws with any Governmental Authority and has retained all material records and documents required to be
retained by it under Applicable Law, except in each case of clauses (a), (b) or (c) where the failure to have, comply or file could not reasonably be expected to have a Material Adverse Effect. 

SECTION 6.6 Tax Returns and Payments. Each Credit Party and each Subsidiary thereof has duly filed or caused to be filed all federal,
state, local and other tax returns required by Applicable Law to be filed, and has paid, or made adequate provision for the payment of, all federal, state, local and other taxes, assessments and governmental charges or levies upon it and its
property, income, profits and assets which are due and payable (other than any amount the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been
provided for on the books of the relevant Credit Party). Such returns accurately reflect in all material respects all liability for taxes of any Credit Party or any Subsidiary thereof for the periods covered thereby. As of the Closing
Third Amendment Effective Date, except as set forth on Schedule 6.6, there is no ongoing audit or examination or, to the knowledge of each of the Credit
Parties and each Subsidiary thereof, other investigation by any Governmental Authority of the tax liability of any Credit Party or any Subsidiary thereof. No Governmental Authority has asserted any Lien or other claim against any Credit Party or any
Subsidiary thereof with respect to unpaid taxes which has not been discharged or resolved (other than (a) any amount the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves
in conformity with GAAP have been provided for on the books of the relevant Credit Party and (b) Permitted Liens). The charges, accruals and reserves on the books of each Credit Party and each Subsidiary thereof in respect of federal, state,
local and other taxes for all Fiscal Years and portions thereof since the organization of any Credit Party or any Subsidiary thereof are in the judgment of the Borrower adequate, and the Borrower does not anticipate any additional taxes or
assessments for any of such years. 
 SECTION 6.7 Intellectual Property Matters. Each Credit Party and each Subsidiary thereof owns
or possesses rights to use all material Intellectual Property. No event has occurred which permits, or after notice or lapse of time or both would permit, the revocation or termination of any such rights, and no Credit Party nor any Subsidiary
thereof is liable to any Person for infringement under Applicable Law with respect to any such rights as a result of its business operations. 

SECTION 6.8 Environmental Matters. 

(a) The properties owned, leased or operated by each Credit Party and each Subsidiary thereof now or in the past do not contain, and to their
knowledge have not previously contained, any Hazardous Materials in amounts or concentrations which constitute or constituted a violation of applicable Environmental Laws; 

(b) To its knowledge, each Credit Party and each Subsidiary thereof and such properties and all operations conducted in connection therewith
are in compliance, and have been in compliance, with all applicable Environmental Laws, and there is no contamination at, under or about such properties or such operations which could interfere with the continued operation of such properties or
impair the fair saleable value thereof; 

  
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 (c) No Credit Party nor any Subsidiary thereof has received any notice of violation, alleged
violation, non-compliance, liability or potential liability regarding environmental matters, Hazardous Materials, or compliance with Environmental Laws that, if adversely determined, could reasonably be
expected, individually or in the aggregate, to have a Material Adverse Effect, nor does any Credit Party or any Subsidiary thereof have knowledge or reason to believe that any such notice will be received or is being threatened; 

(d) To its knowledge, Hazardous Materials have not been transported or disposed of to or from the properties owned, leased or operated by any
Credit Party or any Subsidiary thereof in violation of, or in a manner or to a location which could give rise to liability under, Environmental Laws, nor have any Hazardous Materials been generated, treated, stored or disposed of at, on or under any
of such properties in violation of, or in a manner that could give rise to liability under, any applicable Environmental Laws; 
 (e) No
judicial proceedings or governmental or administrative action is pending, or, to the knowledge of the Borrower, threatened, under any Environmental Law to which any Credit Party or any Subsidiary thereof is or will be named as a potentially
responsible party, nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any applicable Environmental Law with respect to any
Credit Party, any Subsidiary thereof, with respect to any real property owned, leased or operated by any Credit Party or any Subsidiary thereof or operations conducted in connection therewith that could reasonably be expected, individually or in the
aggregate, to have a Material Adverse Effect; and 
 (f) There has been no release, or to its knowledge, threat of release, of Hazardous
Materials at or from properties owned, leased or operated by any Credit Party or any Subsidiary, now or in the past, in violation of or in amounts or in a manner that could give rise to liability under applicable Environmental Laws that could
reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 
 SECTION 6.9 Employee Benefit Matters.

 (a) As of the Closing Third Amendment Effective Date, no
Credit Party nor any ERISA Affiliate maintains or contributes to, or has any obligation under, any Employee Benefit Plans other than those identified on Schedule 6.9; 

(b) Each Credit Party and each ERISA Affiliate is in compliance with all applicable provisions of ERISA, the Code and the regulations and
published interpretations thereunder with respect to all Employee Benefit Plans except for any required amendments for which the remedial amendment period as defined in Section 401(b) of the Code has not yet expired and except where a failure
to so comply could not reasonably be expected to have a Material Adverse Effect. Each Employee Benefit Plan that is intended to be qualified under Section 401(a) of the Code has been determined by the IRS to be so qualified, and each trust
related to such plan has been determined to be exempt under Section 501(a) of the Code except for such plans that have not yet received determination letters but for which the remedial amendment period for submitting a determination letter has
not yet expired. No liability has been incurred by any Credit Party or any ERISA Affiliate which remains unsatisfied for any taxes or penalties assessed with respect to any Employee Benefit Plan or any Multiemployer Plan except for a liability that
could not reasonably be expected to have a Material Adverse Effect; 
 (c) As of the Closing
Third Amendment Effective Date, no Pension Plan has been terminated, nor has any Pension Plan become subject to funding based benefit restrictions under Section 436 of the
Code, nor has any funding waiver from the IRS been received or requested with respect to any Pension Plan, nor has any Credit Party or any ERISA Affiliate failed to make any contributions or to pay any amounts due and owing as required by Sections
412 or 430 of the Code, Section 302 of ERISA or the terms of any Pension Plan on or prior to the due dates of such contributions under Sections 412 or 430 of the Code or Section 302 of ERISA, nor has there been any event requiring any
disclosure under Section 4041(c)(3)(C) or 4063(a) of ERISA with respect to any Pension Plan; 

  
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 (d) Except where the failure of any of the following representations to be correct could not
reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, no Credit Party nor any ERISA Affiliate has: (i) engaged in a nonexempt prohibited transaction described in Section 406 of the ERISA or
Section 4975 of the Code, (ii) incurred any liability to the PBGC which remains outstanding other than the payment of premiums and there are no premium payments which are due and unpaid, (iii) failed to make a required contribution or
payment to a Multiemployer Plan, or (iv) failed to make a required installment or other required payment under Sections 412 or 430 of the Code; 

(e) No Termination Event has occurred or is reasonably expected to occur; 

(f) Except where the failure of any of the following representations to be correct could not reasonably be expected, individually or in the
aggregate, to have a Material Adverse Effect, no proceeding, claim (other than a benefits claim in the ordinary course of business), lawsuit and/or investigation is existing or, to its knowledge, threatened concerning or involving (i) any
employee welfare benefit plan (as defined in Section 3(1) of ERISA) currently maintained or contributed to by any Credit Party or any ERISA Affiliate, (ii) any Pension Plan or (iii) any Multiemployer Plan. 

(g) No Credit Party nor any Subsidiary thereof is a party to any contract, agreement or arrangement that could, solely as a result of the
delivery of this Agreement or the consummation of transactions contemplated hereby, result in the payment of any “excess parachute payment” within the meaning of Section 280G of the Code. 

SECTION 6.10 Margin Stock. No Credit Party nor any Subsidiary thereof is engaged principally or as one of its activities in the
business of extending credit for the purpose of “purchasing” or “carrying” any “margin stock” (as each such term is defined or used, directly or indirectly, in Regulation U of the Board of Governors of the Federal
Reserve System). No part of the proceeds of any of the Revolving Credit Loans or Letters of Credit will be used for purchasing or carrying margin stock or for any purpose which violates, or which would be inconsistent with, the provisions of
Regulation T, U or X of such Board of Governors. Following the application of the proceeds of each Extension of Credit, not more than twenty-five percent (25%) of the value of the assets (either of the Borrower only or of the Borrower and its
Subsidiaries on a Consolidated basis) subject to the provisions of Section 8.2 or Section 8.5 or subject to any restriction contained in any agreement or instrument between the Borrower and any
Lender or any Affiliate of any Lender relating to Indebtedness in excess of the Threshold Amount will be “margin stock”. 

SECTION 6.11 Government Regulation. No Credit Party nor any Subsidiary thereof is an “investment company” or a company
“controlled” by an “investment company” (as each such term is defined or used in the Investment Company Act) and no Credit Party nor any Subsidiary thereof is, or after giving effect to any Extension of Credit will be, subject to
regulation under the Interstate Commerce Act, or any other Applicable Law which limits its ability to incur or consummate the transactions contemplated hereby. 

SECTION 6.12 Material Contracts. Schedule 6.12 sets forth a complete and accurate list of all Material Contracts of each Credit
Party and each Subsidiary thereof in effect as of the Closing Third Amendment Effective Date. Other than as set forth in Schedule 6.12, as of the Closing
Third Amendment Effective Date, each such Material Contract is, and after giving effect to the consummation of the transactions contemplated by the Loan Documents will be, in full
force and effect in accordance with the terms thereof. To the extent requested by the Administrative Agent, each Credit Party and each Subsidiary 

  
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thereof has delivered to the Administrative Agent a true and complete copy of each Material Contract required to be listed on Schedule 6.12 or any other Schedule hereto. As of the
Closing Third Amendment Effective Date, no Credit Party nor any Subsidiary thereof (nor, to its knowledge, any other party thereto) is in breach of or in default under any
Material Contract in any material respect. 
 SECTION 6.13 Employee Relations. As of the Closing
Third Amendment Effective Date, no Credit Party nor any Subsidiary thereof is party to any collective bargaining agreement, nor has any labor union been recognized as the
representative of its employees except as set forth on Schedule 6.13. The Borrower knows of no pending, threatened or contemplated strikes, work stoppage or other collective labor disputes involving its employees or those of its Subsidiaries
that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 SECTION 6.14 Burdensome
Provisions. The Credit Parties and their respective Subsidiaries do not presently anticipate that future expenditures needed to meet the provisions of any statutes, orders, rules or regulations of a Governmental Authority will be so burdensome
as to have a Material Adverse Effect. No Subsidiary is party to any agreement or instrument or otherwise subject to any restriction or encumbrance that restricts or limits its ability to make dividend payments or other distributions in respect of
its Equity Interests to the Borrower or any Subsidiary or to transfer any of its assets or properties to the Borrower or any other Subsidiary in each case other than existing under or by reason of the Loan Documents or Applicable Law. 

SECTION 6.15 Financial Statements. The audited and unaudited financial statements delivered pursuant to
Section 5.1(e)(i) are complete and correct and fairly present on a Consolidated basis the assets, liabilities and financial position of the Borrower and its Subsidiaries as at such dates, and the
results of the operations and changes of financial position for the periods then ended (other than customary year-end adjustments for unaudited financial statements and the absence of footnotes from unaudited
financial statements). All such financial statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP. Such financial statements show all material indebtedness and other material liabilities, direct or
contingent, of the Borrower and its Subsidiaries as of the date thereof, including material liabilities for taxes, material commitments, and Indebtedness, in each case, to the extent required to be disclosed under GAAP. The projections delivered
pursuant to Section 6.1(e)(ii5.1(e)(ii) were prepared in good faith on the basis of the assumptions stated therein, which assumptions are believed to be
reasonable in light of then existing conditions (it being recognized by the Lenders that projections are not to be viewed as facts and that the actual results during the period or periods covered by such projections may vary from such projections).

 SECTION 6.16 No Material Adverse Change. Since January 31,
20172020, there has been no Material Adverse Effect or event, condition or contingency that could reasonably be expected to have a Material Adverse Effect. 

SECTION 6.17 Solvency. Each Credit Party and each Subsidiary thereof is Solvent. 

SECTION 6.18 Title to Properties. As of the Closing Third
Amendment Effective Date, the real property listed on Schedule 6.18 constitutes all of the real property that is owned, leased, subleased or used by any Credit Party or any of its Subsidiaries. Each Credit Party and each Subsidiary
thereof has such title to the real property owned or leased by it as is necessary or desirable to the conduct of its business and valid and legal title to all of its personal property and assets, except those which have been disposed of by the
Credit Parties and their Subsidiaries subsequent to such date which dispositions have been in the ordinary course of business or as otherwise expressly permitted hereunder. 

  
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 SECTION 6.19 Litigation. Except for matters existing on the Closing
Third Amendment Effective Date and set forth on Schedule 6.19, there are no actions, suits or proceedings pending nor, to its knowledge, threatened against or in any
other way relating adversely to or affecting any Credit Party or any Subsidiary thereof or any of their respective properties in any court or before any arbitrator of any kind or before or by any Governmental Authority that could reasonably be
expected to have a Material Adverse Effect. 
 SECTION 6.20 Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions. 

(a) None of (i) the Borrower, any Subsidiary, any of their respective directors, officers, or, to the knowledge of the Borrower or such
Subsidiary, any of their respective employees or Affiliates, or (ii) to the knowledge of the Borrower, any agent or representative of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the Credit
Facility, (A) is a Sanctioned Person or currently the subject or target of any Sanctions, (B) is controlled by or is acting on behalf of a Sanctioned Person, (C) has its assets located in a Sanctioned Country, (D) is under
administrative, civil or criminal investigation for an alleged violation of, or received notice from or made a voluntary disclosure to any governmental entity regarding a possible violation of, Anti-Corruption Laws, Anti-Money Laundering Laws or
Sanctions by a governmental authority that enforces Sanctions or any Anti-Corruption Laws or Anti-Money Laundering Laws, or (E) directly or indirectly derives revenues from investments in, or transactions with, Sanctioned Persons. 

(b) Each of the Borrower and its Subsidiaries has implemented and maintains in effect policies and procedures designed to ensure compliance by
the Borrower and its Subsidiaries and their respective directors, officers, employees, agents and Affiliates with all Anti-Corruption Laws, Anti-Money Laundering Laws and applicable Sanctions. 

(c) Each of the Borrower and its Subsidiaries, each director, officer, and to the knowledge of Borrower, employee, agent and Affiliate of
Borrower and each such Subsidiary, is in compliance with all Anti-Corruption Laws, Anti-Money Laundering Laws in all material respects and applicable Sanctions. 

(d) No proceeds of any Extension of Credit have been used, directly or indirectly, by the Borrower, any of its Subsidiaries or any of its or
their respective directors, officers, employees and agents in violation of Section 7.16(c). 
 SECTION 6.21
Absence of Defaults. No event has occurred or is continuing (a) which constitutes a Default or an Event of Default, or (b) which constitutes, or which with the passage of time or giving of notice or both would constitute, a default
or event of default by any Credit Party or any Subsidiary thereof under (i) any Material Contract or (ii) any judgment, decree or order to which any Credit Party or any Subsidiary thereof is a party or by which any Credit Party or any
Subsidiary thereof or any of their respective properties may be bound or which would require any Credit Party or any Subsidiary thereof to make any payment thereunder prior to the scheduled maturity date therefor that, in any case under this
clause (ii), could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 SECTION 6.22
Senior Indebtedness Status. The Obligations of each Credit Party and each Subsidiary thereof under this Agreement and each of the other Loan Documents ranks and shall continue to rank at least senior in priority of payment to all Subordinated
Indebtedness and all senior unsecured Indebtedness of each such Person and is designated as “Senior Indebtedness” under all instruments and documents, now or in the future, relating to all Subordinated Indebtedness and all senior unsecured
Indebtedness of such Person. 

  
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 SECTION 6.23 Disclosure. The Borrower and/or its Subsidiaries have disclosed to the
Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions to which any Credit Party and any Subsidiary thereof are subject, and all other matters known to them, that, individually or in the aggregate, could
reasonably be expected to result in a Material Adverse Effect. No financial statement, material report, material certificate or other material information furnished (whether in writing or orally) by or on behalf of any Credit Party or any Subsidiary
thereof to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished), taken together as
a whole, contains any untrue statement of a material fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect
to projected financial information, estimated financial information and other projected or estimated information, such information was prepared in good faith based upon assumptions believed to be reasonable at the time (it being recognized by the
Lenders that projections are not to be viewed as facts and that the actual results during the period or periods covered by such projections may vary from such projections). The calculation of the Borrowing Base as set forth in each Borrowing Base
Certificate is true and correct in all material respects. 
 ARTICLE VII 

AFFIRMATIVE COVENANTS 
 Until all
of the Obligations (other than contingent indemnification obligations not then due) have been paid and satisfied in full in cash, all Letters of Credit have been terminated or expired (or been Cash Collateralized) and the Revolving Credit Commitment
terminated, each Credit Party will, and will cause each of its Subsidiaries to: 
 SECTION 7.1 Financial Statements and Budgets.
Deliver to the Administrative Agent, in form and detail satisfactory to the Administrative Agent (which shall promptly make such information available to the Lenders in accordance with its customary practice): 

(a) Annual Financial Statements. As soon as practicable and in any event within one hundred twenty (120) days after the end of each
Fiscal Year (commencing with the Fiscal Year ended January 31, 2018), an audited Consolidated balance sheet of the Borrower and its Subsidiaries as of the close of such Fiscal Year and audited Consolidated statements of income, retained
earnings and cash flows including the notes thereto, all in reasonable detail setting forth in comparative form the corresponding figures as of the end of and for the preceding Fiscal Year and prepared in accordance with GAAP and, if applicable,
containing disclosure of the effect on the financial position or results of operations of any change in the application of accounting principles and practices during the year. Such annual financial statements shall be audited by an independent
certified public accounting firm of recognized national standing acceptable to the Administrative Agent, and accompanied by a report and opinion thereon by such certified public accountants prepared in accordance with generally accepted auditing
standards that is not subject to any “going concern” or similar qualification or exception or any qualification as to the scope of such audit or with respect to accounting principles followed by the Borrower or any of its Subsidiaries not
in accordance with GAAP. 
 (b) Interim Financial Statements. As soon as practicable and in any event within thirty (30) days
after the end of (x) each fiscal quarter of each Fiscal Year and (y) each calendar month (only if any Revolving Credit Loans were outstanding at any time during such month), an unaudited Consolidated balance sheet of the Borrower and its
Subsidiaries as of the close of such fiscal quarter or month, as applicable, and unaudited Consolidated statements of income, retained earnings and cash flows, all in reasonable detail setting forth in comparative form the corresponding figures as
of the end of and for the 

  
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corresponding period in the preceding Fiscal Year and prepared by the Borrower in accordance with GAAP and, if applicable, containing disclosure of the effect on the financial position or results
of operations of any change in the application of accounting principles and practices during the period, and certified by the chief financial officer or chief accounting officer of the Borrower to present fairly in all material respects the
financial condition of the Borrower and its Subsidiaries on a Consolidated basis as of their respective dates and the results of operations of the Borrower and its Subsidiaries for the respective periods then ended, subject to normal year-end adjustments and the absence of footnotes. 
 (c) Annual Business Plan and Budget. As soon
as practicable and in any event within sixty (60) days after the end of each Fiscal Year, a business plan and operating and capital budget of the Borrower and its Subsidiaries for the ensuing four (4) fiscal quarters, such plan to be
prepared in accordance with GAAP and to include, on a quarterly basis, the following: a quarterly operating and capital budget, a projected income statement, statement of cash flows and balance sheet, calculations demonstrating projected compliance
with the financial covenants set forth in Section 8.13 and a report containing management’s discussion and analysis of such budget with a reasonable disclosure of the key assumptions and drivers with respect to such
budget, accompanied by a certificate from a Responsible Officer of the Borrower to the effect that such budget contains good faith estimates (utilizing assumptions believed to be reasonable at the time of delivery of such budget) of the financial
condition and operations of the Borrower and its Subsidiaries for such period. 
 SECTION 7.2 Certificates; Other Reports. Deliver to
the Administrative Agent (which shall promptly make such information available to the Lenders in accordance with its customary practice): 

(a) at each time financial statements are delivered pursuant to Sections 7.1(a) or (b) and at such other times as the
Administrative Agent shall reasonably request, a duly completed Officer’s Compliance Certificate signed by the chief executive officer, chief financial officer, chief accounting officer, treasurer or controller of the Borrower; 

(b) as soon as available and in no event later than thirty (30) days after the last day of (x) each fiscal quarter of each Fiscal
Year and (y) with respect to the deliverables described in clauses (i) and (ii) below only, each calendar month (only if any Revolving Credit Loans were outstanding at any time during such month), a Borrowing Base Certificate as of the
last day of such fiscal quarter or month, as applicable, setting forth availability under the Revolving Credit Facility, together with (i) an accounts receivable and accounts payable agings by invoice date, in form and detail reasonably
satisfactory to the Administrative Agent, (ii) a certification from the Borrower’s controller or such Person’s designee attesting that the Borrowing Base set forth therein has been calculated in accordance with the definition of
“Borrowing Base” set forth in Section 1.01 and (iii) a recurring revenue report, including detailed information on new bookings and customer churn, which report shall in any event include reconciliation of
beginning period total annual contract value to ending period total annual contract value, including new annual contract value, upsell annual contract value, renewed annual contract value, and churned annual contract value, as well as reconciliation
of beginning period customer count and ending period customer count, including new customer additions and customer churn; 
 (c) promptly
upon receipt thereof, copies of all reports, if any, submitted to any Credit Party, any Subsidiary thereof or any of their respective boards of directors by their respective independent public accountants in connection with their auditing function,
including, without limitation, any management report and any management responses thereto; 
 (d) promptly after the furnishing thereof,
copies of any statement or report furnished to any holder of Indebtedness of any Credit Party or any Subsidiary thereof in excess of the Threshold Amount pursuant to the terms of any indenture, loan or credit or similar agreement; 

  
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 (e) promptly after the assertion or occurrence thereof, notice of any action or proceeding
against or of any noncompliance by any Credit Party or any Subsidiary thereof with any Environmental Law that could (i) reasonably be expected to have a Material Adverse Effect or (ii) cause any owned real property to be subject to any
restrictions on ownership, occupancy, use or transferability under any Environmental Law; 
 (f) promptly upon the request thereof, such
other information and documentation required by bank regulatory authorities under applicable Anti-Money Laundering Laws (including, without limitation, any applicable “know your customer” rules and regulations and the PATRIOT Act), as from
time to time reasonably requested by the Administrative Agent or any Lender; and 
 (g) such other information regarding the operations,
business affairs and financial condition of any Credit Party or any Subsidiary thereof as the Administrative Agent or any Lender may reasonably request. 

Documents required to be delivered pursuant to Section 7.1(a) or (b) may be delivered electronically and if so
delivered, shall be deemed to have been delivered on the date on which (i) the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website address listed in
Section 11.1; or (ii) such documents are posted on the Borrower’s behalf on an Internet or intranet 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). Notwithstanding anything contained herein, in every instance the Borrower shall be required to provide paper copies of the Officer’s Compliance Certificates required by
Section 7.2 to the Administrative Agent. Except for such Officer’s Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to
above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

 The Borrower hereby acknowledges that the Administrative Agent and/or the Arranger will make available to the Lenders and the Issuing Lenders materials
and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on the Platform . 

SECTION 7.3 Notice of Litigation and Other Matters. Promptly (but in no event later than ten (10) days after any Responsible
Officer of any Credit Party obtains knowledge thereof) notify the Administrative Agent in writing of (which shall promptly make such information available to the Lenders in accordance with its customary practice): 

(a) the occurrence of any Default or Event of Default; 

(b) the commencement of all proceedings and investigations by or before any Governmental Authority and all actions and proceedings in any
court or before any arbitrator against or involving any Credit Party or any Subsidiary thereof or any of their respective properties, assets or businesses in each case that if adversely determined could reasonably be expected to result in a Material
Adverse Effect; 
 (c) any notice of any violation received by any Credit Party or any Subsidiary thereof from any Governmental Authority
including, without limitation, any notice of violation of Environmental Laws which in any such case could reasonably be expected to have a Material Adverse Effect; 

(d) any labor controversy that has resulted in, or threatens to result in, a strike or other work action against any Credit Party or any
Subsidiary thereof; 

  
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 (e) any attachment, judgment, lien, levy or order exceeding the Threshold Amount that may be
assessed against or threatened against any Credit Party or any Subsidiary thereof; 
 (f) any event which constitutes or which with the
passage of time or giving of notice or both would constitute a default or event of default under any Material Contract to which the Borrower or any of its Subsidiaries is a party or by which the Borrower or any Subsidiary thereof or any of their
respective properties may be bound which could reasonably be expected to have a Material Adverse Effect; 
 (g) (i) any unfavorable
determination letter from the IRS regarding the qualification of an Employee Benefit Plan under Section 401(a) of the Code (along with a copy thereof), (ii) all notices received by any Credit Party or any ERISA Affiliate of the PBGC’s
intent to terminate any Pension Plan or to have a trustee appointed to administer any Pension Plan, (iii) all notices received by any Credit Party or any ERISA Affiliate from a Multiemployer Plan sponsor concerning the imposition or amount of
withdrawal liability pursuant to Section 4202 of ERISA and (iv) the Borrower obtaining knowledge or reason to know that any Credit Party or any ERISA Affiliate has filed or intends to file a notice of intent to terminate any Pension Plan
under a distress termination within the meaning of Section 4041(c) of ERISA; and 
 (h) any event which makes any of the
representations set forth in Article VI that is subject to materiality or Material Adverse Effect qualifications inaccurate in any respect or any event which makes any of the representations set forth in Article VI that is not subject
to materiality or Material Adverse Effect qualifications inaccurate in any material respect. 
 Each notice pursuant to
Section 7.3 shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with
respect thereto. Each notice pursuant to Section 7.3(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached. 

SECTION 7.4 Preservation of Corporate Existence and Related Matters. Except as permitted by Section 8.4,
preserve and maintain its separate corporate existence or equivalent form and all rights, franchises, licenses and privileges necessary to the conduct of its business, and qualify and remain qualified as a foreign corporation or other entity and
authorized to do business in each jurisdiction in which the failure to so qualify could reasonably be expected to have a Material Adverse Effect. 

SECTION 7.5 Maintenance of Property and Licenses. 

(a) In addition to the requirements of any of the Security Documents, protect and preserve all Properties necessary in and material to its
business, including copyrights, patents, trade names, service marks and trademarks; maintain in good working order and condition, ordinary wear and tear excepted, all buildings, equipment and other tangible real and personal property; and from time
to time make or cause to be made all repairs, renewals and replacements thereof and additions to such Property necessary for the conduct of its business, so that the business carried on in connection therewith may be conducted in a commercially
reasonable manner, in each case except as such action or inaction could not reasonably be expected to result in a Material Adverse Effect. 

(b) Maintain, in full force and effect in all material respects, each and every license, permit, certification, qualification, approval or
franchise issued by any Governmental Authority required for each of them to conduct their respective businesses as presently conducted, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

  
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 SECTION 7.6 Insurance. Maintain insurance with financially sound and reputable
insurance companies against at least such risks and in at least such amounts as are customarily maintained by similar businesses and as may be required by Applicable Law (including, without limitation, hazard and business interruption insurance).
All such insurance shall, (a) provide that no cancellation or material modification thereof shall be effective until at least 30 days after receipt by the Administrative Agent of written notice thereof, (b) name the Administrative Agent as
an additional insured party thereunder and (c) in the case of each casualty insurance policy, name the Administrative Agent as lender’s loss payee or mortgagee, as applicable. On the Closing Date and from time to time thereafter, deliver
to the Administrative Agent upon its request information in reasonable detail as to the insurance then in effect, stating the names of the insurance companies, the amounts and rates of the insurance, the dates of the expiration thereof and the
properties and risks covered thereby. 
 SECTION 7.7 Accounting Methods and Financial Records. Maintain a system of accounting, and
keep proper books, records and accounts (which shall be accurate and complete in all material respects) as may be required or as may be necessary to permit the preparation of financial statements in accordance with GAAP and in compliance with the
regulations of any Governmental Authority having jurisdiction over it or any of its Properties. 
 SECTION 7.8 Payment of Taxes and Other
Obligations. Pay and perform (a) all taxes, assessments and other governmental charges that may be levied or assessed upon it or any of its Property and (b) all other Indebtedness, obligations and liabilities in accordance with
customary trade practices; provided, that the Borrower or such Subsidiary may contest any item described in clause (a) of this Section 7.8 in good faith so long as adequate reserves are maintained with respect
thereto in accordance with GAAP. 
 SECTION 7.9 Compliance with Laws and Approvals. Observe and remain in compliance in all material
respects with all Applicable Laws and maintain in full force and effect all Governmental Approvals, in each case applicable to the conduct of its business except where the failure to do so could not reasonably be expected to have a Material Adverse
Effect. 
 SECTION 7.10 Environmental Laws. In addition to and without limiting the generality of
Section 7.9, (a) comply with, and ensure such compliance by all tenants and subtenants with all applicable Environmental Laws and obtain and comply with and maintain, and ensure that all tenants and subtenants, if any,
obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws and (b) conduct and complete all investigations, studies, sampling and testing, and all
remedial, removal and other actions required under Environmental Laws, and promptly comply with all lawful orders and directives of any Governmental Authority regarding Environmental Laws. 

SECTION 7.11 Compliance with ERISA. In addition to and without limiting the generality of Section 7.9,
(a) except where the failure to so comply could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) comply with applicable provisions of ERISA, the Code and the regulations and published
interpretations thereunder with respect to all Employee Benefit Plans, (ii) not take any action or fail to take action the result of which could reasonably be expected to result in a liability to the PBGC or to a Multiemployer Plan,
(iii) not participate in any prohibited transaction that could result in any civil penalty under ERISA or tax under the Code and (iv) operate each Employee Benefit Plan in such a manner that will not incur any tax liability under
Section 4980B of the Code or any liability to any qualified beneficiary as defined in Section 4980B of the Code and (b) furnish to the Administrative Agent upon the Administrative Agent’s request such additional information about
any Employee Benefit Plan as may be reasonably requested by the Administrative Agent. 

  
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 SECTION 7.12 Compliance with Material Contracts. Comply in all respects with, and
maintain in full force and effect, each Material Contract, except as could not reasonably be expected to have a Material Adverse Effect. 

SECTION 7.13 Visits and Inspections. 

(a) Permit representatives of the Administrative Agent (accompanied by any Lender), from time to time upon prior reasonable notice and at such
times during normal business hours, all at the expense of the Borrower, to visit and inspect its properties; inspect, audit and make extracts from its books, records and files, including, but not limited to, management letters prepared by
independent accountants; and discuss with its principal officers, and its independent accountants, its business, assets, liabilities, financial condition, results of operations and business prospects; provided that excluding any such visits
and inspections during the continuation of an Event of Default, the Administrative Agent shall not exercise such rights more often than two (2) times during any calendar year at the Borrower’s expense; provided further that upon the
occurrence and during the continuance of an Event of Default, the Administrative Agent or any Lender may do any of the foregoing at the expense of the Borrower at any time without advance notice. 

(b) Within thirty sixty
(3060) days after the Closing Third Amendment Effective Date, deliver to the
Administrative Agent an independent third party collateral exam of all of the Credit Parties’ accounts receivable that is used in calculation of the Borrowing Base and related report setting forth results of the same, in form and substance
satisfactory to the Administrative Agent. 
 (c) At the Administrative Agent’s request, engage, at the Borrower’s expense, an
independent third party collateral exam of all of the Credit Parties’ accounts receivable that is used in calculation of the Borrowing Base and deliver a report in form and substance satisfactory to the Administrative Agent setting forth
results of the same; provided that so long as no Default has occurred and is continuing, requests under this Section 7.13(c) shall not be made more than once in any twelve month period. 

SECTION 7.14 Additional Subsidiaries. 

(a) Additional Domestic Subsidiaries. Promptly notify the Administrative Agent of the creation or acquisition of any Domestic
Subsidiary and, within thirty (30) days after such creation or acquisition, as such time period may be extended by the Administrative Agent in its sole discretion, cause such Domestic Subsidiary (other than any Excluded Subsidiary) to
(i) become a Subsidiary Guarantor by delivering to the Administrative Agent a duly executed supplement to the Guaranty Agreement or such other document as the Administrative Agent shall deem appropriate for such purpose, (ii) grant a
security interest in all Collateral (subject to the exceptions specified in the Collateral Agreement) owned by such Domestic Subsidiary by delivering to the Administrative Agent a duly executed supplement to each applicable Security Document or such
other document as the Administrative Agent shall deem appropriate for such purpose and comply with the terms of each applicable Security Document, (iii) deliver to the Administrative Agent such opinions, documents and certificates referred to
in Section 5.1 as may be reasonably requested by the Administrative Agent, (iv) if such Equity Interests are certificated, deliver to the Administrative Agent such original certificated Equity Interests or other
certificates and stock or other transfer powers evidencing the Equity Interests of such Person, (v) deliver to the Administrative Agent such updated Schedules to the Loan Documents as requested by the Administrative Agent with respect to such
Domestic Subsidiary, and (vi) deliver to the Administrative Agent such other documents as may be reasonably requested by the Administrative Agent, all in form, content and scope reasonably satisfactory to the Administrative Agent. 

  
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 (b) Additional Foreign Subsidiaries. Notify the Administrative Agent promptly after
any Person becomes a First Tier Foreign Subsidiary, and at the request of the Administrative Agent, promptly thereafter (and, in any event, within forty five (45) days after such request, as such time period may be extended by the
Administrative Agent in its sole discretion), cause (i) the applicable Credit Party to deliver to the Administrative Agent a Foreign Pledge Agreement pledging sixty-five percent (65%) of the total outstanding voting Equity Interests (and one
hundred percent (100%) of the non-voting Equity Interests) of any such new First Tier Foreign Subsidiary and a consent thereto executed by such new First Tier Foreign Subsidiary (including, without limitation,
if applicable, original certificated Equity Interests (or the equivalent thereof pursuant to the Applicable Laws and practices of any relevant foreign jurisdiction) evidencing the Equity Interests of such new First Tier Foreign Subsidiary, together
with an appropriate undated stock or other transfer power for each certificate duly executed in blank by the registered owner thereof), (ii) such Person to deliver to the Administrative Agent such opinions, documents and certificates referred
to in Section 6.1 as may be reasonably requested by the Administrative Agent, (iii) such Person to deliver to the Administrative Agent such updated Schedules to the Loan Documents as requested by the Administrative
Agent with regard to such Person and (iv) such Person to deliver to the Administrative Agent such other documents as may be reasonably requested by the Administrative Agent, all in form, content and scope reasonably satisfactory to the
Administrative Agent. Notwithstanding the foregoing, the foregoing provisions shall not apply to the Borrower’s covenants with respect to Anaplan UK set forth in Section 7.19. 

(c) Merger Subsidiaries. Notwithstanding the foregoing, to the extent any new Subsidiary is created solely for the purpose of
consummating a merger transaction pursuant to a Permitted Acquisition, and such new Subsidiary at no time holds any assets or liabilities other than any merger consideration contributed to it contemporaneously with the closing of such merger
transaction, such new Subsidiary shall not be required to take the actions set forth in Section 7.14(a) or (b), as applicable, until the consummation of such Permitted Acquisition (at which time, the surviving entity
of the respective merger transaction shall be required to so comply with Section 7.14(a) or (b), as applicable, within ten (10) Business Days of the consummation of such Permitted Acquisition, as such time
period may be extended by the Administrative Agent in its sole discretion). 
 (d) Exclusions. The provisions of this
Section 7.14 shall not apply to Excluded Assets (as defined in the Collateral Agreement) or any assets as to which the Administrative Agent and the Borrower shall reasonably determine that the costs and burdens of obtaining
a security interest therein or perfection thereof outweigh the value of the security afforded thereby.  
 SECTION 7.15
Maintenance of Accounts. Within 90 days after the Closing Date (as such period may be extended by the Administrative Agent in its sole discretion), (i) maintain the Administrative Agent
At all times the Borrower shall maintain (i) Wells Fargo or one of its Affiliates as its principal depository bank (including business, cash management, operating and
administrative deposit accounts) and (ii) maintain not less than 6680% of all cash balances of the Credit Parties with Wells Fargo, Comerica
Bank and their respective AffiliatesBorrower with Wells Fargo and its Affiliates. For clarity, any cash used to collateralize the Comerica Letters of Credit (if any) shall be excluded
for the purposes of determining compliance with the requirement set forth in the preceding clause (ii). 
 SECTION 7.16 Use of
Proceeds. 
 (a) The Borrower shall use the proceeds of the Extensions of Credit (i) to finance Capital Expenditures, (ii) pay
fees, commissions and expenses in connection with the Transactions, and (iii) for working capital and general corporate purposes of the Borrower and its Subsidiaries. 

(b) The Borrower shall use the proceeds of any Incremental Revolving Credit Increase as permitted pursuant to
Section 4.11, as applicable. 

  
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 (c) The Borrower will not request any Extension of Credit, and the Borrower shall not use,
and shall ensure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Extension of Credit, directly or indirectly, (i) in furtherance of an offer, payment, promise to
pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or
with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto. 

SECTION 7.17 Compliance with Anti-Corruption Laws; Beneficial Ownership
Regulation, Anti-Money Laundering Laws and Sanctions. The Borrower will (a) maintain in effect and enforce policies and procedures designed to ensure compliance by the
Borrower, its Subsidiaries and their respective directors, officers, employees and agents with all Anti-Corruption Laws, Anti-Money Laundering Laws and applicable Sanctions, (b) notify the
Administrative Agent and each Lender that previously received a Beneficial Ownership Certification (or a certification that the Borrower qualifies for an express exclusion to the “legal entity customer” definition under the Beneficial
Ownership Regulation) of any change in the information provided in the Beneficial Ownership Certification that would result in a change to the list of beneficial owners identified therein (or, if applicable, the Borrower ceasing to fall within an
express exclusion to the definition of “legal entity customer” under the Beneficial Ownership Regulation) and (c) promptly upon the reasonable request of the Administrative Agent or any Lender, provide the Administrative Agent or
directly to such Lender, as the case may be, any information or documentation requested by it for purposes of complying with the Beneficial Ownership Regulation. 

SECTION 7.18 Further Assurances. Execute any and all further documents, financing statements, agreements and instruments, and take all
such further actions (including the filing and recording of financing statements and other documents), which may be required under any Applicable Law, or which the Administrative Agent or the Required Lenders may reasonably request, to effectuate
the transactions contemplated by the Loan Documents or to grant, preserve, protect or perfect the Liens created or intended to be created by the Security Documents or the validity or priority of any such Lien, all at the expense of the Credit
Parties. The Borrower also agrees to provide to the Administrative Agent, from time to time upon the reasonable request by the Administrative Agent, evidence reasonably satisfactory to the Administrative Agent as to the perfection and priority
of the Liens created or intended to be created by the Security Documents. 
 SECTION 7.19 Post-Closing
Post-Third Amendment Effective Date Covenants. No later than the dates set forth on Schedule 7.19 (as such date may be extended by the Administrative Agent in
its sole discretion) the Borrower will cause the actions set forth on such schedule to be taken. The parties acknowledge and agree that notwithstanding anything herein to the contrary, all
conditions (including the conditions precedent set forth in the Third Amendment to Credit Agreement and First Amendment to Collateral Agreement dated as of April 23, 2020),
representations, warranties and covenants of the Loan Documents with respect to the taking of such actions are qualified by the noncompletion of such actions until such time as they are completed or required to be completed in accordance with this
Section 7.19. 
 ARTICLE VIII 

NEGATIVE COVENANTS 
 Until all of
the Obligations (other than contingent, indemnification obligations not then due) have been paid and satisfied in full in cash, all Letters of Credit have been terminated or expired (or been Cash Collateralized) and the Revolving Credit Commitment
terminated, the Credit Parties will not, and will not permit any of their respective Subsidiaries to. 

  
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 SECTION 8.1 Indebtedness. Create, incur, assume or suffer to exist any Indebtedness
except: 
 (a) the Obligations; 

(b) Indebtedness (i) owing under Hedge Agreements entered into in the ordinary course of business and not for speculative purposes and
(ii) owing under Secured Cash Management Agreements; 
 (c) Indebtedness existing on the Closing
Third Amendment Effective Date and listed on Schedule 8.1 and Permitted Refinancings thereof; 

(d) Capital Lease Obligations and Indebtedness incurred in connection with purchase money Indebtedness in an aggregate amount not to exceed
$30,000,000 $40,000,000 at any time outstanding; 
 (e)
[Reserved]; 
 (e)
Indebtedness under any Comerica Letter of Credit until the expiration date thereof; 

(f) Guarantees with respect to Indebtedness permitted to be incurred by Credit Parties pursuant to this Section 8.1;

 (g) unsecured intercompany Indebtedness: 

(i) owed by any Credit Party to another Credit Party; 

(ii) owed by any Credit Party to any Non-Guarantor Subsidiary (provided
that such Indebtedness shall be subordinated to the Obligations in a manner reasonably 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 to the extent permitted pursuant to Section 8.3(a)(vi); 

(h) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or other similar instrument drawn
against insufficient funds in the ordinary course of business; 
 (i) Subordinated Indebtedness of the Borrower and its Subsidiaries;
provided, that in the case of each incurrence of such Subordinated Indebtedness, (i) no Default or Event of Default shall have occurred and be continuing or would be caused by the incurrence of such Subordinated Indebtedness and
(ii) the Administrative Agent shall have received satisfactory written evidence that the Borrower would be in compliance with the financial covenants set forth in Section 8.13 on a pro forma basis after giving effect
to the issuance of any such Subordinated Indebtedness; 
 (j) In addition to all other Indebtedness permitted hereunder (including pursuant
to Section 8.1(d) above), additional Indebtedness of Foreign Subsidiaries that are not Credit Parties in an aggregate principal amount not to exceed $2,000,000 at any time outstanding;

 (k) Indebtedness under performance bonds, surety bonds, release, appeal and similar bonds, statutory obligations or with respect to
workers’ compensation claims, in each case incurred in the ordinary course of business, and reimbursement obligations in respect of any of the foregoing; and 

  
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 (l) Indebtedness of any Credit Party or any Subsidiary thereof not otherwise permitted
pursuant to this Section 8.1 in an aggregate principal amount not to exceed the Threshold Amount at any time outstanding. 

SECTION 8.2 Liens. Create, incur, assume or suffer to exist, any Lien on or with respect to any of its Property, whether now owned or
hereafter acquired, except: 
 (a) Liens created pursuant to the Loan Documents (including, without limitation, Liens in favor of the Issuing
Lenders on Cash Collateral granted pursuant to the Loan Documents); 
 (b) Liens in existence on the Closing
Third Amendment Effective Date and described on Schedule 8.2, and the replacement, renewal or extension thereof (including Liens incurred, assumed or suffered to exist in
connection with any Permitted Refinancing of such Indebtedness pursuant to Section 8.1(c) (solely to the extent that such Liens were in existence on the Closing Date and described on Schedule 8.2)); provided
that the scope of any such Lien shall not be increased, or otherwise expanded, to cover any additional property or type of asset, as applicable, beyond that in existence on the Closing Date, except for products and proceeds of the foregoing; 

(c) Liens for taxes, assessments and other governmental charges or levies (excluding any Lien imposed pursuant to any of the provisions of
ERISA or Environmental Laws) (i) not yet due or as to which the period of grace (not to exceed thirty (30) days), if any, related thereto has not expired or (ii) which are being contested in good faith and by appropriate proceedings
if adequate reserves are maintained to the extent required by GAAP; 
 (d) the claims of materialmen, mechanics, carriers, warehousemen,
processors or landlords for labor, materials, supplies or rentals incurred in the ordinary course of business, which (i) are not overdue for a period of more than thirty (30) days, or if more than thirty (30) days overdue, no action
has been taken to enforce such Liens and such Liens are being contested in good faith and by appropriate proceedings if adequate reserves are maintained to the extent required by GAAP and (ii) do not, individually or in the aggregate,
materially impair the use thereof in the operation of the business of the Borrower or any of its Subsidiaries; 
 (e) deposits or pledges
made in the ordinary course of business in connection with, or to secure payment of, obligations under workers’ compensation, unemployment insurance and other types of social security or similar legislation, or to secure the performance of
bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety bonds (other than bonds related to judgments or litigation), performance bonds and other obligations of a like nature incurred in the ordinary course of
business, in each case, so long as no foreclosure sale or similar proceeding has been commenced with respect to any portion of the Collateral on account thereof; 

(f) encumbrances in the nature of zoning restrictions, easements and rights or restrictions of record on the use of real property, which in
the aggregate are not substantial in amount and which do not, in any case, detract from the value of such property or impair the use thereof in the ordinary conduct of business; 

(g) Liens arising from the filing of precautionary UCC financing statements relating solely to personal property leased pursuant to operating
leases entered into in the ordinary course of business of the Borrower and its Subsidiaries; 

  
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 (h) Liens securing Indebtedness permitted under Section 8.1(d);
provided that (i) such Liens shall be created substantially simultaneously with the acquisition, repair, construction, improvement or lease, as applicable, of the related Property, (ii) such Liens do not at any time encumber any
property other than the Property financed or improved by such Indebtedness, (iii) the amount of Indebtedness secured thereby is not increased and (iv) the principal amount of Indebtedness secured by any such Lien shall at no time exceed
one hundred percent (100%) of the original price for the purchase, repair, construction, improvement or lease amount (as applicable) of such Property at the time of purchase, repair, construction, improvement or lease (as applicable); 

(i) Liens securing judgments for the payment of money not constituting an Event of Default under Section 9.1(m) or
securing appeal or other surety bonds relating to such judgments; 
 (j) (i) Liens on Property (i) of any Subsidiary which are in
existence at the time that such Subsidiary is acquired pursuant to a Permitted Acquisition and (ii) of the Borrower or any of its Subsidiaries existing at the time such tangible property or tangible assets are purchased or otherwise acquired by
the Borrower or such Subsidiary thereof pursuant to a transaction permitted pursuant to this Agreement; provided that, with respect to each of the foregoing clauses (i) and (ii), (A) such Liens are not incurred in connection with,
or in anticipation of, such Permitted Acquisition, purchase or other acquisition, (B) such Liens are applicable only to specific Property, (C) such Liens are not “blanket” or all asset Liens and (D) such Liens do not attach
to any other Property of the Borrower or any of its Subsidiaries; 
 (k) Liens on assets of Foreign Subsidiaries that are not Credit
Parties; provided that (i) such Liens do not extend to, or encumber, assets that constitute Collateral or the Equity Interests of the Borrower, and (ii) such Liens extending to the assets of any Foreign Subsidiary secure only
Indebtedness incurred by such Foreign Subsidiary pursuant to Section 8.1(c), (e) or (j); 
 (l)
(i) Liens of a collecting bank arising in the ordinary course of business under Section 4-210 of the Uniform Commercial Code in effect in the relevant jurisdiction and (ii) Liens of any
depositary bank in connection with statutory, common law and contractual rights of setoff and recoupment with respect to any deposit account of the Borrower or any Subsidiary thereof; 

(m) (i) contractual or statutory Liens of landlords to the extent relating to the property and assets relating to any lease agreements
with such landlord, and (ii) contractual Liens of suppliers (including sellers of goods) or customers granted in the ordinary course of business to the extent limited to the property or assets relating to such contract; 

(n) 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 which do not (i) interfere in any material respect with the business of the Borrower or its Subsidiaries or materially detract from the value of the relevant assets of the Borrower or its
Subsidiaries or (ii) secure any Indebtedness; and 
 (o)
Cash collateral securing any obligations under Indebtedness contemplated by Section 8.1(e); and 

(p) (o)Liens not otherwise permitted hereunder on assets securing
Indebtedness or other obligations in the aggregate principal amount not to exceed the Threshold Amount at any time outstanding; 
 provided that that
in no event shall any Credit Party or any Subsidiary thereof create, incur, assume or suffer to exist, any Lien on or with respect to such Credit Party’s or Subsidiary’s ownership or rights to use any Intellectual Property other than (x) non-exclusive licenses of patents, trademarks, copyrights, and other intellectual property rights in the ordinary course of business, (y) Permitted Liens under Section 8.2(h)
to the extent the applicable Lien encumbers “imbedded software” in the equipment or similar rights or licenses in Intellectual Property, (y) exclusive licenses in foreign jurisdictions of trademarks, copyrights, and other intellectual
property rights in a manner consistent with past practice and (z) Permitted Liens under Section 8.2(c) that are “blanket” or all assets Liens. 

  
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 SECTION 8.3 Investments. Make any Investment, except: 

(a) (i) Investments existing on the Closing Date in Subsidiaries existing on the Closing Date; 

(ii) Investments existing on the Closing Date (other than Investments in Subsidiaries existing on the Closing Date) and
described on Schedule 8.3; 
 (iii) Investments made after the Closing Date by any Credit Party in any other
Credit Party; 
 (iv) Investments made after the Closing Date by any Non-Guarantor
Subsidiary in any other Non-Guarantor Subsidiary; 
 (v) Investments made after the
Closing Date by any Non-Guarantor Subsidiary in any Credit Party; and 
 (vi)
Investments made after the Closing Date by any Credit Party in any Non-Guarantor Subsidiary to fund the operations of such Non-Guarantor Subsidiary in the ordinary
course of business provided that, at the time of such Investment, (i) no Default or Event of Default then exists hereunder and (ii) Borrower is in proforma compliance with the financial covenants and ratios set forth in Section 8.13
hereof;; 
 (b) Investments in cash and Cash Equivalents; 

(c) Investments by the Borrower or any of its Subsidiaries consisting of Capital Expenditures permitted by this Agreement; 

(d) deposits made in the ordinary course of business to secure the performance of leases or other obligations as permitted by
Section 8.2; 
 (e) Hedge Agreements permitted pursuant to Section 8.1; 

(f) purchases of assets in the ordinary course of business; 

(g) Investments by the Borrower or any Subsidiary thereof in the form of Permitted Acquisitions to the extent that any Person or
Property acquired in such Acquisition becomes a part of the Borrower or a Subsidiary Guarantor or becomes (whether or not such Person is a Wholly-Owned Subsidiary) a Subsidiary Guarantor in the manner contemplated by
Section 7.14; 
 (h) Investments in the form of loans and advances to officers, directors and employees in the
ordinary course of business in an aggregate amount not to exceed at any time outstanding $2,500,000 (determined without regard to any write-downs or write-offs of such loans or advances); 

(i) Investments in the form of Restricted Payments permitted pursuant to Section 8.6; 

(j) Guarantees permitted pursuant to Section 8.1; 

  
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 (k) Investments in joint ventures; provided, that the aggregate amount of all such
Investments shall not at any time exceed $5,000,000; and 
 (l) Investments not otherwise permitted pursuant to this
Section 8.3 in an aggregate amount not to exceed the Threshold Amount at any time outstanding; provided that, immediately before and immediately after giving pro forma effect to any such Investments and any
Indebtedness incurred in connection therewith, no Default or Event of Default shall have occurred and be continuing. 
 For purposes of determining the
amount of any Investment outstanding for purposes of this Section 8.3, such amount shall be deemed to be the amount of such Investment when made, purchased or acquired (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). 

SECTION 8.4 Fundamental Changes. Merge, consolidate or enter into any similar combination with, or enter into any Asset Disposition of
all or substantially all of its assets (whether in a single transaction or a series of transactions) with, any other Person or liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution)
except: 
 (a) (i) any Wholly-Owned Subsidiary of the Borrower may be merged, amalgamated or consolidated with or into the Borrower
(provided that the Borrower shall be the continuing or surviving entity) or (ii) any Wholly-Owned Subsidiary of the Borrower may be merged, amalgamated or consolidated with or into any Subsidiary Guarantor (provided that the
Subsidiary Guarantor shall be the continuing or surviving entity or simultaneously with such transaction, the continuing or surviving entity shall become a Subsidiary Guarantor and the Borrower shall comply with
Section 7.14 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 Subsidiary Guarantor; 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; 
 (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) Asset Dispositions permitted by
Section 8.5 (other than clause (b) thereof); 
 (f) 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, without limitation, any Permitted Acquisition permitted pursuant to
Section 8.3(g)); provided that in the case of any merger involving a Wholly-Owned Subsidiary that is a Domestic Subsidiary, (i) a Subsidiary Guarantor shall be the continuing or surviving entity or
(ii) simultaneously with such transaction, the continuing or surviving entity shall become a Subsidiary Guarantor and the Borrower shall comply with Section 7.14 in connection therewith; 

  
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 (g) any Person may merge into the Borrower or any of its Wholly-Owned Subsidiaries in
connection with a Permitted Acquisition permitted pursuant to Section 8.3(g); provided that (i) in the case of a merger involving the Borrower or a Subsidiary Guarantor, the continuing or surviving Person shall
be the Borrower or such Subsidiary Guarantor and (ii) the continuing or surviving Person shall be the Borrower or a Wholly-Owned Subsidiary of the Borrower; and 

(h) Borrower may consummate a recapitalization or reclassification of its Equity Interests in connection with a Qualifying IPO. 

SECTION 8.5 Asset Dispositions. Make any Asset Disposition except: 

(a) the sale of inventory in the ordinary course of business; 

(b) the transfer of assets to the Borrower or any Subsidiary Guarantor pursuant to any other transaction permitted pursuant to
Section 8.4; 
 (c) the write-off, discount, sale or other disposition of
defaulted or past-due receivables and similar obligations in the ordinary course of business and not undertaken as part of an accounts receivable financing transaction; 

(d) the disposition of any Hedge Agreement; 

(e) dispositions of Investments in cash and Cash Equivalents; 

(f) the transfer by any Credit Party of its assets to any other Credit Party; 

(g) the transfer by any Non-Guarantor Subsidiary of its assets to any Credit Party (provided
that in connection with any new transfer, such Credit Party shall not pay more than an amount equal to the fair value of such assets as determined in good faith at the time of such transfer); 

(h) the transfer by any Non-Guarantor Subsidiary of its assets to any other Non-Guarantor Subsidiary; 
 (i) the sale of obsolete, worn-out or
surplus assets no longer used or usable in the business of the Borrower or any of its Subsidiaries; 
 (j)
non-exclusive licenses and sublicenses of intellectual property rights in the ordinary course of business not interfering, individually or in the aggregate, in any material respect with the conduct of the
business of the Borrower and its Subsidiaries; 
 (k) leases, subleases, licenses or sublicenses of real or personal property granted by the
Borrower or any of its Subsidiaries to others in the ordinary course of business not detracting from the value of such real or personal property or interfering in any material respect with the business of the Borrower or any of its Subsidiaries;

 (l) Asset Dispositions in connection with Insurance and Condemnation Events; and 

(m) Asset Dispositions not otherwise permitted pursuant to this Section 8.5; provided that (i) at the
time of such Asset Disposition, no Default or Event of Default shall exist or would result from such Asset Disposition and (ii) such Asset Disposition is made for fair market value and the consideration received shall be no less than 75% in
cash. 

  
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 SECTION 8.6 Restricted Payments. Declare or pay any Restricted Payments;
provided that: 
 (a) so long as no Default or Event of Default has occurred and is continuing or would result therefrom, the
Borrower or any of its Subsidiaries may pay dividends in shares of its own Qualified Equity Interests; 
 (b) any Subsidiary of the
Borrower may pay cash dividends to the Borrower or any Subsidiary Guarantor; 
 (c) (i) any
Non-Guarantor Subsidiary that is a Domestic Subsidiary may make Restricted Payments to any other Non-Guarantor Subsidiary that is a Domestic Subsidiary (and, if
applicable, to other holders of its outstanding Equity Interests on a ratable basis) and (ii) any Non-Guarantor Subsidiary that is a Foreign Subsidiary may make Restricted Payments to any other Non-Guarantor Subsidiary (and, if applicable, to other holders of its outstanding Equity Interests on a ratable basis); and 

(d) the Borrower may make Restricted Payments on its Equity Interests (i) in an aggregate amount not to exceed $5,000,000 in any Fiscal
Year to repurchase, redeem or otherwise acquire Equity Interests of the Borrower from present or former officers, employees or directors (and their beneficiaries) in connection with the death, disability or termination of employment of any such
officer, employee or director and (ii) in an aggregate amount not to exceed $5,000,000 in any Fiscal Year to repurchase, redeem or otherwise acquire Equity Interests of the Borrower from present or former employees (but excluding officers and
executives), pursuant to the Borrower’s ordinary course bonus and incentive compensation plans; provided that, in each case, all the following conditions shall be met as of the date of such repurchase: (A) such repurchase does not
and will not result in a violation of any of the regulations of the Federal Reserve Board, including Regulations T, U and X, (B) the actions of the Borrower in connection with any such Restricted Payment and any and all transactions entered
into or consummated by the Borrower in connection with such Restricted Payment (including the purchase of the Equity Interests of the Borrower) will be and have been consummated in accordance with Applicable Law (including the General Corporation
Law of the State of Delaware and federal securities laws) and (C) no Default or Event of Default has occurred and is continuing or would result therefrom. 

SECTION 8.7 Transactions with Affiliates. Directly or indirectly enter into any transaction, including, without limitation, any
purchase, sale, lease or exchange of Property, the rendering of any service or the payment of any management, advisory or similar fees, with (a) any officer, director, holder of any Equity Interests in, or other Affiliate of, the Borrower or
any of its Subsidiaries or (b) any Affiliate of any such officer, director or holder, other than: 
 (i) transactions
permitted by Sections 8.1, 8.3, 8.4, 8.5, and 8.6; 
 (ii) transactions existing on the
Closing Date and described on Schedule 8.7; 
 (iii) transactions among Credit Parties not prohibited hereunder; 

(iv) other transactions in the ordinary course of business on terms as favorable as would be obtained by it on a comparable arm’s-length transaction with an independent, unrelated third party as determined in good faith by the board of directors (or equivalent governing body) of the Borrower; 

  
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 (v) employment and severance arrangements (including equity incentive plans
and employee benefit plans and arrangements) with their respective officers and employees in the ordinary course of business; and 

(vi) payment of customary fees and reasonable out of pocket costs to, and indemnities for the benefit of, directors, officers
and employees of the Borrower and its Subsidiaries in the ordinary course of business to the extent attributable to the ownership or operation of the Borrower and its Subsidiaries. 

SECTION 8.8 Accounting Changes; Organizational Documents. 

(a) Change its Fiscal Year end, or make (without the consent of the Administrative Agent) any material change in its accounting treatment and
reporting practices except as required by GAAP. 
 (b) Amend, modify or change its articles of incorporation (or corporate charter or other
similar organizational documents) or amend, modify or change its bylaws (or other similar documents) in any manner materially adverse to the rights or interests of the Administrative Agent or the Lenders. 

SECTION 8.9 Payments and Modifications of Subordinated Indebtedness. 

(a) Amend, modify, waive or supplement (or permit the modification, amendment, waiver or supplement of) any of the terms or provisions of any
Subordinated Indebtedness in any respect which would materially and adversely affect the rights or interests of the Administrative Agent and Lenders hereunder or would violate the subordination terms thereof. 

(b) Cancel, forgive, make any payment or prepayment on, or redeem or acquire for value (including, without limitation, (x) by way of
depositing with any trustee with respect thereto money or securities before due for the purpose of paying when due and (y) at the maturity thereof) any Subordinated Indebtedness, except: 

(i) refinancings, refundings, renewals, extensions or exchange of any Subordinated Indebtedness permitted by
Section 8.1(c), (g)(ii), (i) or (l), and by any subordination provisions applicable thereto; 

(ii) payments and prepayments of any Subordinated Indebtedness made solely with the proceeds of Qualified Equity Interests; and

 (iii) the payment of interest, expenses and indemnities in respect of Subordinated Indebtedness incurred under
Section 9.1(c), (g)(ii), (i) or (l) (other than any such payments prohibited by any subordination provisions applicable thereto). 

SECTION 8.10 No Further Negative Pledges; Restrictive Agreements. 

(a) Enter into, assume or be subject to any agreement prohibiting or otherwise restricting the creation or assumption of any Lien upon its
properties or assets, whether now owned or hereafter acquired, or requiring the grant of any security for such obligation if security is given for some other obligation, except (i) pursuant to this Agreement and the other Loan Documents,
(ii) pursuant to any document or instrument governing Indebtedness incurred pursuant to Section 8.1(d) (provided that any such restriction contained therein relates only to the asset or assets financed thereby),
(iii) customary restrictions contained in the organizational documents of any Non-Guarantor Subsidiary as of the Closing Date and (iv) customary restrictions in connection with any Permitted Lien or
any document or instrument governing any Permitted 

  
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Lien (provided that any such restriction contained therein relates only to the asset or assets subject to such Permitted Lien); provided that in no event shall any of the documents
or instruments referred to in the preceding clauses (ii)-(iv) prohibit or restrict the creation or assumption of any Lien upon any Credit Party’s or Subsidiary’s ownership or rights to use any franchises, licenses, copyrights, copyright
applications, patents, patent rights or licenses, patent applications, trademarks, trademark rights, service mark, service mark rights, trade names, trade name rights, copyrights and other rights with respect to the foregoing. 

(b) Create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Credit
Party or any Subsidiary thereof to (i) pay dividends or make any other distributions to any Credit Party or any Subsidiary on its Equity Interests or with respect to any other interest or participation in, or measured by, its profits,
(ii) pay any Indebtedness or other obligation owed to any Credit Party or (iii) make loans or advances to any Credit Party, except in each case for such encumbrances or restrictions existing under or by reason of (A) this Agreement
and the other Loan Documents and (B) Applicable Law. 
 (c) Create or otherwise cause or suffer to exist or become effective any
consensual encumbrance or restriction on the ability of any Credit Party or any Subsidiary thereof to (i) sell, lease or transfer any of its properties or assets to any Credit Party or (ii) act as a Credit Party pursuant to the Loan
Documents or any renewals, refinancings, exchanges, refundings or extension thereof, except in each case for such encumbrances or restrictions existing under or by reason of (A) this Agreement and the other Loan Documents, (B) Applicable
Law, (C) any document or instrument governing Indebtedness incurred pursuant to Section 8.1(d) (provided that any such restriction contained therein relates only to the asset or assets acquired in connection
therewith), (D) any Permitted Lien or any document or instrument governing any Permitted Lien (provided that any such restriction contained therein relates only to the asset or assets subject to such Permitted Lien), (E) obligations
that are binding on a Subsidiary at the time such Subsidiary first becomes a Subsidiary of the Borrower, so long as such obligations are not entered into in contemplation of such Person becoming a Subsidiary, (F) customary restrictions
contained in an agreement related to the sale of Property (to the extent such sale is permitted pursuant to Section 8.5) that limit the transfer of such Property pending the consummation of such sale, (G) customary
restrictions in leases, subleases, licenses and sublicenses or asset sale agreements otherwise permitted by this Agreement so long as such restrictions relate only to the assets subject thereto and (H) customary provisions restricting
assignment of any agreement entered into in the ordinary course of business. 
 SECTION 8.11 Nature of Business. Engage in any
business other than the business conducted by the Borrower and its Subsidiaries as of the Closing Date and business activities reasonably related or ancillary thereto or that are reasonable extensions thereof. 

SECTION 8.12 Sale Leasebacks. Directly or indirectly become or remain liable as lessee or as guarantor or other surety with respect to
any lease, whether an operating lease or a capital lease, of any Property (whether real, personal or mixed), whether now owned or hereafter acquired, (a) which any Credit Party or any Subsidiary thereof has sold or transferred or is to sell or
transfer to a Person which is not another Credit Party or Subsidiary of a Credit Party or (b) which any Credit Party or any Subsidiary of a Credit Party intends to use for substantially the same purpose as any other Property that has been sold
or is to be sold or transferred by such Credit Party or such Subsidiary to another Person which is not another Credit Party or Subsidiary of a Credit Party in connection with such lease. 

SECTION 8.13 Financial Covenants. 

(a) Minimum AQR Ratio. At any time, permit the AQR Ratio
Permit Billings as of the last day of any fiscal quarter to be less than 1.50 to 1.00$350,000,000. 

  
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 (b) Minimum Tangible Net Worth. At any time, permit
Permit Tangible Net Worth as of the last day of any fiscal quarter to be less than one Dollar
($1.00)(i) for any fiscal quarter ending on or prior to January 31, 2021, $150,000,000 and (ii) for any fiscal quarter ending thereafter, $125,000,000. 

SECTION 8.14 Disposal of Subsidiary Interests. Permit any Domestic Subsidiary to be a
non-Wholly-Owned Subsidiary except as a result of or in connection with a dissolution, merger, amalgamation, consolidation or disposition permitted by Section 8.4 or 8.5. 

ARTICLE IX 
 DEFAULT AND REMEDIES

 SECTION 9.1 Events of Default. Each of the following shall constitute an Event of Default: 

(a) Default in Payment of Principal of Revolving Credit Loans and Reimbursement Obligations. The Borrower shall default in any payment
of principal of any Revolving Credit Loan or Reimbursement Obligation when and as due (whether at maturity, by reason of acceleration or otherwise) or fail to provide Cash Collateral pursuant to Section 2.5(b),
Section 3.10, Section 4.12 or Section 4.13(a)(v). 
 (b)
Other Payment Default. The Borrower shall default in the payment when and as due (whether at maturity, by reason of acceleration or otherwise) of interest on any Revolving Credit Loan or Reimbursement Obligation or the payment of any other
Obligation, and such default shall continue for a period of three (3) Business Days. 
 (c) Misrepresentation. Any
representation, warranty, certification or statement of fact made or deemed made by or on behalf of any Credit Party or any Subsidiary thereof in this Agreement, in any other Loan Document, or in any document delivered in connection herewith or
therewith that is subject to materiality or Material Adverse Effect qualifications, shall be incorrect or misleading in any respect when made or deemed made or any representation, warranty, certification or statement of fact made or deemed made by
or on behalf of any Credit Party or any Subsidiary thereof in this Agreement, any other Loan Document, or in any document delivered in connection herewith or therewith that is not subject to materiality or Material Adverse Effect qualifications,
shall be incorrect or misleading in any material respect when made or deemed made. 
 (d) Default in Performance of Certain
Covenants. Any Credit Party or any Subsidiary thereof (i) shall default in the performance or observance of any covenant or agreement contained in Sections 7.13 (a), 7.14, 7.15, 7.16, 7.17, or
Article VIII or (ii) shall fail to deliver any report, statement or notice required pursuant to Sections 7.1, 7.2 (a), 7.3 (a) or 7.13 (b) within three (3) Business Days of when due thereunder. 

(e) Default in Performance of Other Covenants and Conditions. Any Credit Party or any Subsidiary thereof shall default in the
performance or observance of any term, covenant, condition or agreement contained in this Agreement (other than as specifically provided for in this Section 9.1) or any other Loan Document and such default shall continue
for a period of thirty (30) days after the earlier of (i) the Administrative Agent’s delivery of written notice thereof to the Borrower and (ii) a Responsible Officer of any Credit Party having obtained knowledge thereof. 

(f) Indebtedness Cross-Default. Any Credit Party or any Subsidiary thereof shall (i) default in the payment of any
Indebtedness (other than the Revolving Credit Loans or any Reimbursement Obligation) the aggregate principal amount (including undrawn committed or available amounts), or with respect to any Hedge Agreement, the Hedge Termination Value, of which is
in excess of the Threshold 

  
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Amount, in either case beyond the period of grace if any, provided in the instrument or agreement under which such Indebtedness was created, or (ii) default in the observance or performance
of any other agreement or condition relating to any Indebtedness (other than the Revolving Credit Loans or any Reimbursement Obligation) the aggregate principal amount (including undrawn committed or available amounts), or with respect to any Hedge
Agreement, the Hedge Termination Value, of which is in excess of the Threshold Amount or contained in any instrument or agreement evidencing, securing or relating thereto or any other event shall occur or condition exist, the effect of which default
or other event or condition is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, with the giving of notice and/or lapse of time, if required, any such Indebtedness
to (A) become due, or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity (any applicable grace period
having expired) or (B) be cash collateralized. 
 (g) [Reserved]. 

(h) Change in Control. Any Change in Control shall occur. 

(i) Voluntary Bankruptcy Proceeding. Any Credit Party or any Subsidiary thereof shall (i) commence a voluntary case under any
Debtor Relief Laws, (ii) file a petition seeking to take advantage of any Debtor Relief Laws, (iii) consent to or fail to contest in a timely and appropriate manner any petition filed against it in an involuntary case under any Debtor
Relief Laws, (iv) apply for or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its
property, domestic or foreign, (v) admit in writing its inability to pay its debts as they become due, (vi) make a general assignment for the benefit of creditors, or (vii) take any corporate action for the purpose of authorizing any
of the foregoing. 
 (j) Involuntary Bankruptcy Proceeding. A case or other proceeding shall be commenced against any Credit Party or
any Subsidiary thereof in any court of competent jurisdiction seeking (i) relief under any Debtor Relief Laws, or (ii) the appointment of a trustee, receiver, custodian, liquidator or the like for any Credit Party or any Subsidiary thereof
or for all or any substantial part of their respective assets, domestic or foreign, and such case or proceeding shall continue without dismissal or stay for a period of sixty (60) consecutive days, or an order granting the relief requested in
such case or proceeding (including, but not limited to, an order for relief under such federal bankruptcy laws) shall be entered. 
 (k)
Failure of Agreements. Any provision of this Agreement or any provision of any other Loan Document shall for any reason cease to be valid and binding on any Credit Party or any Subsidiary thereof party thereto or any such Person shall so
state in writing, or any Loan Document shall for any reason cease to create a valid and perfected first priority Lien (subject to Permitted Liens) on, or security interest in, any of the Collateral purported to be covered thereby, in each case other
than in accordance with the express terms hereof or thereof. 
 (l) ERISA Events. The occurrence of any of the following events:
(i) any Credit Party or any ERISA Affiliate fails to make full payment when due of all amounts which, under the provisions of any Pension Plan or Sections 412 or 430 of the Code, any Credit Party or any ERISA Affiliate is required to pay as
contributions thereto and such unpaid amounts are in excess of the Threshold Amount, (ii) a Termination Event or (iii) any Credit Party or any ERISA Affiliate as employers under one or more Multiemployer Plans makes a complete or partial
withdrawal from any such Multiemployer Plan and the plan sponsor of such Multiemployer Plans notifies such withdrawing employer that such employer has incurred a withdrawal liability requiring payments in an amount exceeding the Threshold Amount.

  
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 (m) Judgment. One or more judgments, orders or decrees shall be entered against any
Credit Party or any Subsidiary thereof by any court and continues without having been discharged, vacated or stayed for a period of thirty (30) consecutive days after the entry thereof and such judgments, orders or decrees are either
(i) for the payment of money, individually or in the aggregate (not paid or fully covered by insurance as to which the relevant insurance company has acknowledged coverage), equal to or in excess of the Threshold Amount or (ii) for
injunctive relief and could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 
 (n)
Subordination Terms. (i) Any of the Secured Obligations for any reason shall cease to be “senior debt,” “senior indebtedness,” “designated senior debt” or “senior secured financing” (or any
comparable term) under, and as defined in, the documentation governing any Subordinated Indebtedness that is subordinated (in terms of payment or lien priority) to the Secured Obligations, (ii) the subordination provisions set forth in the
documentation for any Subordinated Indebtedness that is subordinated (in terms of payment or lien priority) to the Secured Obligations shall, in whole or in part, cease to be effective or cease to be legally valid, binding and enforceable against
the holders of any Subordinated Indebtedness, if applicable, or (iii) any Credit Party or any Subsidiary of any Credit Party, shall assert any of the foregoing in writing. 

SECTION 9.2 Remedies. Upon the occurrence and during the continuance of an Event of Default, with the consent of the Required Lenders,
the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower: 
 (a)
Acceleration; Termination of Credit Facility. Terminate the Revolving Credit Commitment and declare the principal of and interest on the Revolving Credit Loans and the Reimbursement Obligations at the time outstanding, and all other amounts
owed to the Lenders and to the Administrative Agent under this Agreement or any of the other Loan Documents and all other Obligations, to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment,
demand, protest or other notice of any kind, all of which are expressly waived by each Credit Party, anything in this Agreement or the other Loan Documents to the contrary notwithstanding, and terminate the Credit Facility and any right of the
Borrower to request borrowings or Letters of Credit thereunder; provided, that upon the occurrence of an Event of Default specified in Section 9.1(i) or (j), the Credit Facility shall be automatically
terminated and all Obligations shall automatically become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by each Credit Party, anything in this Agreement or in any other Loan
Document to the contrary notwithstanding. 
 (b) Letters of Credit. With respect to all Letters of Credit with respect to which
presentment for honor shall not have occurred at the time of an acceleration pursuant to the preceding paragraph, demand that the Borrower deposit in a Cash Collateral account opened by the Administrative Agent an amount equal to the Minimum
Collateral Amount. Amounts held in such Cash Collateral account shall be applied by the Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall have
expired or been fully drawn upon, if any, shall be applied to repay the other Secured Obligations in accordance with Section 9.3. After all such Letters of Credit shall have expired or been fully drawn upon, the
Reimbursement Obligation shall have been satisfied and all other Secured Obligations shall have been paid in full, the balance, if any, in such Cash Collateral account shall be returned to the Borrower. 

(c) General Remedies. Exercise on behalf of the Secured Parties all of its other rights and remedies under this Agreement, the other
Loan Documents and Applicable Law, in order to satisfy all of the Secured Obligations. 

  
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 SECTION 9.3 Rights and Remedies Cumulative;
Non-Waiver; etc. 
 (a) The enumeration of the rights and remedies of the Administrative Agent
and the Lenders set forth in this Agreement is not intended to be exhaustive and the exercise by the Administrative Agent and the Lenders of any right or remedy shall not preclude the exercise of any other rights or remedies, all of which shall be
cumulative, and shall be in addition to any other right or remedy given hereunder or under the other Loan Documents or that may now or hereafter exist at law or in equity or by suit or otherwise. No delay or failure to take action on the part of the
Administrative Agent or any Lender in exercising any right, power or privilege shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the
exercise of any other right, power or privilege or shall be construed to be a waiver of any Event of Default. No course of dealing between the Borrower, the Administrative Agent and the Lenders or their respective agents or employees shall be
effective to change, modify or discharge any provision of this Agreement or any of the other Loan Documents or to constitute a waiver of any Event of Default. 

(b) Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies
hereunder and under the other Loan Documents against the Credit Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the
Administrative Agent in accordance with Section 9.2 for the benefit of all the Lenders and the Issuing Lenders; provided that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its
own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) any Issuing Lender from exercising the rights and remedies that inure to its benefit
(solely in its capacity as an Issuing Lender) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 11.4 (subject to the terms of
Section 4.5), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Credit Party under any Debtor Relief Law; and
provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative
Agent pursuant to Section 9.2 and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 4.5, any Lender may, with the
consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders. 
 SECTION 9.4
Crediting of Payments and Proceeds. In the event that the Obligations have been accelerated pursuant to Section 9.2 or the Administrative Agent or any Lender has exercised any remedy set forth in this Agreement or
any other Loan Document, all payments received on account of the Secured Obligations and all net proceeds from the enforcement of the Secured Obligations shall, subject to the provisions of Sections 3.10, 4.12 and 4.13, be
applied by the Administrative Agent as follows: 
 First, to payment of that portion of the Secured Obligations constituting fees,
indemnities, expenses and other amounts, including attorney fees, payable to the Administrative Agent in its capacity as such; 

Second, to payment of that portion of the Secured Obligations constituting fees (other than Commitment Fees and Letter of Credit fees
payable to the Revolving Credit Lenders), indemnities and other amounts (other than principal and interest) payable to the Lenders and the Issuing Lenders under the Loan Documents, including attorney fees, ratably among the Lenders and the Issuing
Lenders in proportion to the respective amounts described in this clause Second payable to them; 
 Third, to payment of that
portion of the Secured Obligations constituting accrued and unpaid Commitment Fees, Letter of Credit fees payable to the Revolving Credit Lenders and interest on the Revolving Credit Loans and Reimbursement Obligations, ratably among the Lenders and
the Issuing Lenders in proportion to the respective amounts described in this clause Third payable to them; 

  
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 Fourth, to payment of that portion of the Secured Obligations constituting unpaid
principal of the Revolving Credit Loans, Reimbursement Obligations and payment obligations then owing under Secured Hedge Agreements and Secured Cash Management Agreements, ratably among the Lenders, the Issuing Lenders, the Hedge Banks and the Cash
Management Banks in proportion to the respective amounts described in this clause Fourth payable to them; 
 Fifth, to the
Administrative Agent for the account of the Issuing Lenders, to Cash Collateralize any L/C Obligations then outstanding; and 
 Last,
the balance, if any, after all of the Secured Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Applicable Law. 

Notwithstanding the foregoing, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements shall be
excluded from the application described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge
Bank, as the case may be. Each Cash Management Bank or Hedge 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
the Administrative Agent pursuant to the terms of Article X for itself and its Affiliates as if a “Lender” party hereto. 

SECTION 9.5 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 Revolving Credit Loan or L/C 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 Revolving Credit Loans, L/C
Obligations and all other Secured 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 Lenders and the Administrative Agent (including any
claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the Issuing Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the Issuing Lenders and the
Administrative Agent under Sections 3.3, 4.2 and 11.3) 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 Lender and each Issuing Lender 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 Lenders, 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 Sections 3.3, 4.2 and 11.3. 

SECTION 9.6 Credit Bidding. The Administrative Agent, on behalf of itself and the Secured Parties, shall have the right, exercisable at
the discretion of the Required Lenders, to credit bid and purchase for the benefit of the Administrative Agent and the Secured Parties all or any portion of Collateral at any 

  
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sale thereof conducted by the Administrative Agent under the provisions of the UCC, including pursuant to Sections 9-610 or
9-620 of the UCC, at any sale thereof conducted under the provisions of the United States Bankruptcy Code, including Section 363 thereof, or a sale under a plan of reorganization, or at any other sale or
foreclosure conducted by the Administrative Agent (whether by judicial action or otherwise) in accordance with Applicable Law. Such credit bid or purchase may be completed through one or more acquisition vehicles formed by the Administrative Agent
to make such credit bid or purchase and, in connection therewith, the Administrative Agent is authorized, on behalf of itself and the other Secured Parties, to adopt documents providing for the governance of the acquisition vehicle or vehicles, and
assign the applicable Secured Obligations to any such acquisition vehicle in exchange for Equity Interests and/or debt issued by the applicable acquisition vehicle (which shall be deemed to be held for the ratable account of the applicable Secured
Parties on the basis of the Secured Obligations so assigned by each Secured Party); provided that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or Equity
Interests thereof, shall be governed, directly or indirectly, by the vote of the Required Lenders, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in
Section 11.2. 
 SECTION 9.7 Lender Action. Each Lender hereby agrees, on behalf of itself and each of its
Affiliates that is a Secured Party, that, except as otherwise provided in any Loan Document or with the written consent of the Administrative Agent and the Required Lenders, it will not take any enforcement action, accelerate obligations under any
of the Loan Documents, or exercise any right that it might otherwise have under Applicable Law to credit bid at foreclosure sales, UCC sales or other similar dispositions of Collateral. 

ARTICLE X 
 THE ADMINISTRATIVE
AGENT 
 SECTION 10.1 Appointment and Authority. 

(a) Each of the Lenders and each Issuing Lender hereby irrevocably appoints Wells Fargo to act on its behalf as the Administrative Agent
hereunder and under the other Loan 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. Except as provided in Sections 10.6 and 10.9, the provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Lenders, and
neither the Borrower nor any Subsidiary thereof 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 Loan Documents (or any other
similar term) with reference to the Administrative 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. 
 (b) The Administrative Agent shall
also act as the “collateral agent” under the Loan Documents, and each of the Lenders (including in its capacity as a potential Hedge Bank or Cash Management Bank) and the Issuing Lenders hereby irrevocably appoints and authorizes
the Administrative Agent to act as the agent of such Lender and such Issuing Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Credit Parties to secure any of the Secured Obligations,
together with such powers and discretion as are reasonably incidental thereto (including, without limitation, to enter into additional Loan Documents or supplements to existing Loan Documents on behalf of the Secured Parties). In this connection,
the Administrative Agent, as “collateral agent” and any co-agents, sub-agents and
attorneys-in-fact appointed by the Administrative Agent pursuant to this 

  
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Article X for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Security Documents, or for exercising any rights and remedies
thereunder at the direction of the Administrative Agent, shall be entitled to the benefits of all provisions of Articles X and XI (including Section 11.3, as though such
co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under
the Loan Documents) as if set forth in full herein with respect thereto. 
 SECTION 10.2 Rights as a Lender. The Person serving as
the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders”
shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative 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 or other Affiliate thereof as if such Person were not the Administrative Agent
hereunder and without any duty to account therefor to the Lenders. 
 SECTION 10.3 Exculpatory Provisions. 

(a) The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents,
and its duties hereunder and thereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent: 

(i) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has
occurred and is continuing; 
 (ii) shall not 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 Loan Documents that the Administrative 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 Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the
Administrative Agent to liability or that is contrary to any Loan 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 not,
except as expressly set forth herein and in the other Loan 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 Subsidiaries or Affiliates that is
communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity. 
 (b) The
Administrative Agent shall not 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 the Administrative
Agent shall believe in good faith shall be necessary, under the circumstances as provided in Section 11.2 and Section 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 nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until notice describing such Default or Event
of Default is given to the Administrative Agent by the Borrower, a Lender or an Issuing Lender. 

  
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 (c) The Administrative Agent shall not be responsible for or have any duty to ascertain or
inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in
connection herewith or therewith (including, without limitation, any report provided to it by an Issuing Lender pursuant to Section 3.9), (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 or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument
or document, (v) the satisfaction of any condition set forth in Article V or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent or (vi) the utilization of any
Issuing Lender’s L/C Commitment (it being understood and agreed that each Issuing Lender shall monitor compliance with its own L/C Commitment without any further action by the Administrative Agent). 

SECTION 10.4 Reliance by the Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any
liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (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. The Administrative 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 Revolving Credit 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 an Issuing Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender or such Issuing Lender unless the Administrative Agent shall have received notice to the contrary from such Lender
or such Issuing Lender prior to the making of such Revolving Credit Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), 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. The Administrative Agent may perform any and all of its duties and exercise its rights and powers
hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such
sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of
the Credit Facility as well as activities as Administrative Agent. The Administrative Agent shall not 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 nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents. 

SECTION 10.6 Resignation of Administrative Agent. 

(a) The Administrative Agent may at any time give notice of its resignation to the Lenders, the Issuing Lenders 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 successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative 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 Administrative Agent may (but shall not be obligated to), on behalf of the Lenders and the Issuing Lenders,

  
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appoint a successor Administrative Agent meeting the qualifications set forth above; provided that in no event shall any such successor Administrative Agent be a Defaulting Lender. 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 Administrative 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 Administrative 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 30 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), (i) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held
by the Administrative Agent on behalf of the Lenders or the Issuing Lenders under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative
Agent is appointed) and (ii) except for any indemnity payments 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 each Issuing Lender directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative
Agent 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 (other than any rights to indemnity payments owed to the retiring or removed
Administrative Agent), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents. The fees payable by the Borrower to a successor Administrative Agent
shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the
provisions of this Article and Section 11.3 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related
Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as Administrative Agent. 

(d) Any resignation by, or removal of, Wells Fargo as Administrative Agent pursuant to this Section 10.6 shall also
constitute its resignation as an Issuing Lender. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and
duties of the retiring Issuing Lender, if in its sole discretion it elects to, (ii) the retiring Issuing Lender shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents, and (iii) the successor
Issuing Lender, if in its sole discretion it elects to, shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring Issuing
Lender to effectively assume the obligations of the retiring Issuing Lender with respect to such Letters of Credit. 
 SECTION 10.7 Non-Reliance on Administrative Agent and Other Lenders. Each Lender and each Issuing Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any
of their 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 Lender and each Issuing Lender also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other Lender or any of their 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 Loan Document or any related agreement or any document furnished hereunder or thereunder. 

  
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 SECTION 10.8 No Other Duties, Etc. Anything herein to the contrary notwithstanding,
none of the syndication agents, documentation agents, co-agents, arrangers or bookrunners listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the
other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or an Issuing Lender hereunder. 

SECTION 10.9 Collateral and Guaranty Matters. 

(a) Each of the Lenders (including in its or any of its Affiliate’s capacities as a potential Hedge Bank or Cash Management Bank)
irrevocably authorize the Administrative Agent, at its option and in its discretion: 
 (i) to release any Lien on any
Collateral granted to or held by the Administrative Agent, for the ratable benefit of the Secured Parties, under any Loan Document (A) upon the termination of the Revolving Credit Commitment and payment in full of all Secured Obligations (other
than (1) contingent indemnification obligations and (2) obligations and liabilities under Secured Cash Management Agreements or Secured Hedge Agreements as to which arrangements satisfactory to the applicable Cash Management Bank or Hedge
Bank shall have been made) and the expiration or termination of all Letters of Credit (other than Letters of Credit which have been Cash Collateralized or as to which other arrangements satisfactory to the Administrative Agent and the applicable
Issuing Lender shall have been made), (B) 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 to a Person other than a Credit Party permitted under the Loan
Documents, or (C) if approved, authorized or ratified in writing in accordance with Section 11.2; 

(ii) to subordinate any Lien on any Collateral granted to or held by the Administrative Agent under any Loan Document to the
holder of any Lien permitted pursuant to Section 8.2(h); and 
 (iii) to release any Subsidiary
Guarantor from its obligations under any Loan Documents if such Person ceases to be a Subsidiary as a result of a transaction permitted under the Loan Documents. 

Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release or
subordinate its interest in particular types or items of property, or to release any Subsidiary Guarantor from its obligations under the Guaranty Agreement pursuant to this Section 10.9. In each case as specified in this
Section 10.9, the Administrative Agent will, at the Borrower’s expense, execute and deliver to the applicable Credit Party such documents as such Credit Party may reasonably request to evidence the release of such item
of Collateral from the assignment and security interest granted under the Security Documents or to subordinate its interest in such item, or to release such Subsidiary Guarantor from its obligations under the Guaranty Agreement, in each case in
accordance with the terms of the Loan Documents and this Section 10.9. In the case of any such sale, transfer or disposal of any property constituting Collateral in a transaction constituting an Asset Disposition permitted
pursuant to Section 8.5 to a Person other than a Credit Party, the Liens created by any of the Security Documents on such property shall be automatically released without need for further action by any person. 

  
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 (b) The Administrative Agent shall not 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 Lien thereon, or any certificate prepared by any Credit Party in
connection therewith, nor shall the Administrative Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral. 

(c) Notwithstanding anything in this Section 10.9 or any other Loan Document to the contrary, in no event shall any
Cash Collateral provided with respect to any Extended Letter of Credit be released without the prior written consent of the applicable Issuing Lender of such Extended Letter of Credit. 

SECTION 10.10 Secured Hedge Agreements and Secured Cash Management Agreements. No Cash Management Bank or Hedge Bank that obtains the
benefits of Section 9.4 or any Collateral by virtue of the provisions hereof or of any Security Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any
other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents.
Notwithstanding any other provision of this Article X to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Cash Management
Agreements and Secured Hedge Agreements unless the Administrative Agent has received written notice of such Secured Cash Management Agreements and Secured Hedge Agreements, together with such supporting documentation as the Administrative Agent may
request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. 
 ARTICLE XI 

MISCELLANEOUS 
 SECTION 11.1
Notices. 
 (a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by
telephone (and except as provided in paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent
by facsimile as follows: 
 If to the Borrower: 

Anaplan, Inc. 
 50 Hawthorne
Street 
 San Francisco, CA 

Attention of: Michelle Greer 

Facsimile No.: 415-202-6481 

E-mail: michelle.greer@anaplan.com 

If to Wells Fargo as 

Administrative 
 Agent: 

Wells Fargo Bank, National Association 

MAC D1109-019 

1525 West W.T. Harris Blvd. 

  
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Charlotte, NC 28262 
 Attention of: Syndication Agency Services 

Telephone No.: (704) 590-2706 

Facsimile No.: (844) 879-5899 

With copies to: 
 Wells Fargo
Bank, National Association 
 121 South 333 Market Street,
3rd 15th Floor 

San JoseFrancisco, CA
9511394105 
 Attention of: Stephen
CordaniKim Crosslin 
 Telephone No.:
(408628) 288-2510 260-3474 
 E-mail:
stephen.cordani@wellsfargo.comkim.crosslin@wellsfargo.com 
 If
to any Lender: 
 To the address of such Lender set forth on the Register with respect to deliveries of notices and other documentation that
may contain material non-public information. 
 Notices sent by hand or overnight courier service, or mailed by
certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have
been given at the opening of business on the next business day for the recipient). Notices delivered through electronic communications to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

 (b) Electronic Communications. Notices and other communications to the Lenders and the Issuing Lenders 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 any Issuing Lender pursuant to Article II or III if such Lender or such Issuing Lender, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by
electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that
approval of such procedures may be limited to particular notices or communications. Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address
shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other
written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as
described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other
communication is not sent during the normal business hours of the recipient, such notice, email or other communication shall be deemed to have been sent at the opening of business on the next business day for the recipient. 

(c) Administrative Agent’s Office. The Administrative Agent hereby designates its office located at the address set forth above,
or any subsequent office which shall have been specified for such purpose by written notice to the Borrower and Lenders, as the Administrative Agent’s Office referred to herein, to which payments due are to be made and at which Revolving Credit
Loans will be disbursed and Letters of Credit requested. 

  
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 (d) Change of Address, Etc. Each of the Borrower, the Administrative Agent or any
Issuing Lender may change its address or facsimile number for notices and other communications hereunder by notice to the other parties hereto. Any Lender may change its address or facsimile number for notices and other communications hereunder by
notice to the Borrower, the Administrative Agent and each Issuing Lender. 
 (e) Platform. 

(i) Each Credit Party agrees that the Administrative Agent may, but shall not be obligated to, make the Borrower Materials
available to the Issuing Lenders and the other Lenders by posting the Borrower Materials on the Platform. 
 (ii) The
Platform is provided “as is” and “as available.” The Agent Parties (as defined below) do not warrant the accuracy or completeness of the Borrower Materials or the adequacy of the Platform, and expressly disclaim liability for
errors or omissions in the Borrower Materials. No warranty of any kind, express, implied or statutory, including, without limitation, 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 Borrower Materials or the Platform. In no event shall the Administrative
Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to any Credit Party, any Lender or any other Person or entity for losses, claims, damages, liabilities or expenses of any kind (whether in
tort, contract or otherwise) arising out of any Credit Party’s or the Administrative Agent’s transmission of communications through the Internet (including, without limitation, the Platform), except to the extent that such losses, claims,
damages, liabilities or expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided that in no event shall any
Agent Party have any liability to any Credit Party, any Lender, any Issuing Lender or any other Person for indirect, special, incidental, consequential or punitive damages, losses or expenses (as opposed to actual damages, losses or expenses). 

SECTION 11.2 Amendments, Waivers and Consents. Except as set forth below or as specifically provided in any Loan Document, any term,
covenant, agreement or condition of this Agreement or any of the other Loan Documents may be amended or waived by the Lenders, and any consent given by the Lenders, if, but only if, such amendment, waiver or consent is in writing signed by the
Required Lenders (or by the Administrative Agent with the consent of the Required Lenders) and delivered to the Administrative Agent and, in the case of an amendment, signed by the Borrower; provided, that no amendment, waiver or consent
shall: 
 (a) without the prior written consent of the Required Lenders, amend, modify or waive
(i) Section 5.2 or any other provision of this Agreement if the effect of such amendment, modification or waiver is to require the Revolving Credit Lenders (pursuant to, in the case of any such amendment to a provision
hereof other than Section 5.2, any substantially concurrent request by the Borrower for a borrowing of Revolving Credit Loans or issuance of Letters of Credit) to make Revolving Credit Loans when such Revolving Credit
Lenders would not otherwise be required to do so or (ii) the amount of the L/C Sublimit; 
 (b) increase or extend the Revolving Credit
Commitment of any Lender (or reinstate any Revolving Credit Commitment terminated pursuant to Section 9.2) or increase the amount of Revolving Credit Loans of any Lender, in any case, without the written consent of such
Lender; 

  
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 (c) waive, extend or postpone any date fixed by this Agreement or any other Loan Document
for any payment of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender directly and adversely affected thereby; 

(d) reduce the principal of, or the rate of interest specified herein on, the Revolving Credit Loans or any Reimbursement Obligation, or
(subject to clauses (iv) and (viii) of the proviso set forth in the paragraph below) any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender directly and adversely affected
thereby; provided that only the consent of the Required Lenders shall be necessary (i) to waive any obligation of the Borrower to pay interest at the rate set forth in Section 4.1(b) during the continuance of an
Event of Default or (ii) 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 the Revolving Credit Loans or any L/C Obligation or to reduce
any fee payable hereunder; 
 (e) change Section 4.5 or Section 9.4 in a manner that
would alter the pro rata sharing of payments or order of application required thereby without the written consent of each Lender directly and adversely affected thereby; 

(f) change any provision of this Section 11.2 or amend the definition of “Required Lenders” or any
other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender directly and
adversely affected thereby; or 
 (g) consent to the assignment or transfer by any Credit Party of such Credit Party’s rights and
obligations under any Loan Document to which it is a party (except as permitted pursuant to Section 8.4), in each case, without the written consent of each Lender; or 

(h) release (i) all of the Subsidiary Guarantors or (iii) Subsidiary Guarantors comprising substantially all of the credit
support for the Secured Obligations, in any case, from the Guaranty Agreement (other than as authorized in Section 10.9), without the written consent of each Lender; or 

(i) release all or substantially all of the Collateral or release any Security Document (other than as authorized in
Section 10.9 or as otherwise specifically permitted or contemplated in this Agreement or the applicable Security Document) without the written consent of each Lender; 

provided further, that (i) no amendment, waiver or consent shall, unless in writing and signed by each affected Issuing Lender in addition
to the Lenders required above, affect the rights or duties of such Issuing Lender under this Agreement (including, without limitation, Section 10.9(c)) or any Letter of Credit Application relating to any Letter of Credit
issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this
Agreement or any other Loan Document or modify Section 11.23 hereof; (iii) each Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto, (iv) each
Letter of Credit Application and each cash collateral agreement or other document entered into in connection with an Extended Letter of Credit may be amended, or rights or privileges thereunder waived, in a writing executed only by the
parties thereto; provided that a copy of such amended Letter of Credit Application, cash collateral agreement or other document, as the case may be, shall be promptly delivered to the Administrative Agent upon such amendment or waiver
and (v) the Administrative Agent and the Borrower shall be permitted to amend any provision of the Loan Documents (and such amendment shall become effective without any further action or consent of any other party to any Loan Document) if the
Administrative Agent and the 

  
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Borrower shall have jointly identified an obvious error or any error, ambiguity, defect or inconsistency or omission of a technical or immaterial nature in any such provision . Notwithstanding
anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that (A) the Revolving Credit Commitment of such Lender may not be increased or extended
without the consent of such Lender, and (B) any amendment, waiver, or consent hereunder which requires the consent of all Lenders or each affected Lender that by its terms disproportionately and adversely affects any such Defaulting Lender
relative to other affected Lenders shall require the consent of such Defaulting Lender. 
 Notwithstanding anything in this Agreement to the contrary, each
Lender hereby irrevocably authorizes the Administrative Agent on its behalf, and without further consent of any Lender (but with the consent of the Borrower and the Administrative Agent), to (x) amend and restate this Agreement if, upon giving
effect to such amendment and restatement, such Lender shall no longer be a party to this Agreement (as so amended and restated), the Revolving Credit Commitment of such Lender shall have terminated, such Lender shall have no other commitment or
other obligation hereunder and shall have been paid in full all principal, interest and other amounts owing to it or accrued for its account under this Agreement and (y) enter into amendments or modifications to this Agreement (including,
without limitation, amendments to this Section 11.2) or any of the other Loan Documents or to enter into additional Loan Documents as the Administrative Agent reasonably deems appropriate in order to effectuate the terms of
Section 4.11 (including, without limitation, as applicable, (1) to permit the Incremental Revolving Credit Increases to share ratably in the benefits of this Agreement and the other Loan Documents and (2) to
include the Incremental Revolving Credit Increase or outstanding Incremental Revolving Credit Increase in any determination of (i) Required Lenders or (ii) similar required lender terms applicable thereto); provided that no
amendment or modification shall result in any increase in the amount of any Lender’s Revolving Credit Commitment or any increase in any Lender’s Revolving Credit Commitment Percentage, in each case, without the written consent of such
affected Lender. 
 SECTION 11.3 Expenses; Indemnity. 

(a) Costs and Expenses. The Borrower and any other Credit Party, jointly and severally, shall pay (i) all reasonable out of pocket
expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent), in connection with the syndication of the Credit Facility, the preparation,
negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall
be consummated), (ii) all reasonable out of pocket expenses incurred by any Issuing Lender in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out of
pocket expenses incurred by the Administrative Agent, any Lender or any Issuing Lender (including the fees, charges and disbursements of any counsel for the Administrative Agent, any Lender or any Issuing Lender), in connection with the enforcement
or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section 11.3, or (B) in connection with the Revolving Credit 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 Revolving Credit Loans or Letters of Credit. 

(b) Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent (and any
sub-agent thereof), each Lender and each Issuing Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each
Indemnitee harmless from, and shall pay or reimburse any such Indemnitee for, any and all losses, claims (including, without limitation, any Environmental Claims), penalties, damages, liabilities and related expenses (including the fees, charges and
disbursements of any counsel for any Indemnitee), incurred by any 

  
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Indemnitee or asserted against any Indemnitee by any Person (including the Borrower or any other Credit Party), arising out of, in connection with, or as a result of (i) the execution or
delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions
contemplated hereby or thereby (including, without limitation, the Transactions), (ii) any Revolving Credit Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by any Issuing Lender to honor a
demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or
from any property owned or operated by any Credit Party or any Subsidiary thereof, or any Environmental Claim related in any way to any Credit Party or any Subsidiary, (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 any Credit Party or any Subsidiary thereof, and regardless of whether any Indemnitee is a party thereto, or
(v) any claim (including, without limitation, any Environmental Claims), investigation, litigation or other proceeding (whether or not the Administrative Agent or any Lender is a party thereto) and the prosecution and defense thereof, arising
out of or in any way connected with the Revolving Credit Loans, this Agreement, any other Loan Document, or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby, including without
limitation, reasonable attorneys and consultant’s fees, provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (A) are determined
by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (B) result from a claim brought by any Credit Party or any Subsidiary thereof
against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if such Credit Party or such Subsidiary has obtained a final and nonappealable judgment in its favor on such claim as
determined by a court of competent jurisdiction. This Section 11.3(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 Borrower for any
reason fails to indefeasibly pay any amount required under clause (a) or (b) of this Section 11.3 to be paid by it to the Administrative Agent (or any sub-agent thereof),
any Issuing Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), such Issuing Lender or such Related Party, as the case
may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share of the Total Credit Exposure at such time, or if the Total
Credit Exposure has been reduced to zero, then based on such Lender’s share of the Total Credit Exposure immediately prior to such reduction) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such
Lender); 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) or such Issuing Lender 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) or such Issuing Lender in connection with such capacity. The obligations of the Lenders under this clause (c) are subject to the provisions of Section 4.6. 

(d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by Applicable Law, the Borrower and each other Credit Party
shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result
of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Revolving Credit Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred
to in clause (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in
connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby. 

  
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 (e) Payments. All amounts due under this Section 11.3 shall
be payable promptly after demand therefor. 
 (f) Survival. Each party’s obligations under this
Section 11.3 shall survive the termination of the Loan Documents and payment of the obligations hereunder. 

SECTION 11.4 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, each Issuing Lender 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 setoff 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, such Issuing Lender 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 Loan Document to such Lender, such Issuing Lender or any of their respective Affiliates, irrespective of whether or not such Lender,
such Issuing Lender or any such Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower or such Credit Party may be contingent or unmatured or are owed to a branch or office
of such Lender, such Issuing Lender or such Affiliate different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender or any Affiliate thereof shall
exercise any such right of setoff, (x) all amounts so setoff shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 4.13 and, pending such
payment, shall be segregated by such Defaulting Lender or Affiliate of a Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Lenders and the Lenders, and (y) the Defaulting
Lender or its Affiliate shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Secured Obligations owing to such Defaulting Lender or any of its Affiliates as to which such right of setoff was exercised.
The rights of each Lender, each Issuing Lender and their respective Affiliates under this Section 11.4 are in addition to other rights and remedies (including other rights of setoff) that such Lender, such Issuing Lender or
their respective Affiliates may have. Each Lender and such Issuing Lender agree to notify the Borrower and the Administrative Agent promptly 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 11.5 Governing Law; Jurisdiction, Etc. 

(a) Governing Law. This Agreement and the other Loan Documents and any claim, controversy, dispute or cause of action (whether in
contract or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be
governed by, and construed in accordance with, the law of the State of New York. 
 (b) Submission to Jurisdiction. The Borrower and
each other Credit Party irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the
Administrative Agent, any Lender, any Issuing Lender, or any Related Party of the foregoing in any way relating to this Agreement or any other Loan Document or the transactions relating hereto or thereto, in any forum other than the courts of the
State of New York sitting in New York County, and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the
exclusive jurisdiction of such courts and agrees that 

  
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all claims in respect of any such action, litigation 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, litigation 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 Loan Document shall affect any right that the Administrative Agent, any Lender or any Issuing Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other
Loan Document against the Borrower or any other Credit Party or its properties in the courts of any jurisdiction. 
 (c) Waiver of
Venue. The Borrower and each other Credit Party 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 Loan Document in any court referred to in paragraph (b) of this Section 11.5. 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 11.6 Waiver of Jury Trial. 

(a) 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 LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER 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 LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 11.7 Reversal of Payments. To the extent any Credit Party makes a payment or payments to the Administrative Agent for the
ratable benefit of any of the Secured Parties or to any Secured Party directly or the Administrative Agent or any Secured Party receives any payment or proceeds of the Collateral or any Secured Party exercises its right of setoff, which payments or
proceeds (including any proceeds of such 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, other Applicable Law or equitable cause, then, to the extent of such payment or proceeds repaid, the Secured Obligations or part thereof intended to be satisfied shall be revived and continued in full force and effect as if such payment or
proceeds had not been received by the Administrative Agent, and each Lender and each Issuing Lender severally agrees to pay to the Administrative Agent upon demand its applicable ratable share (without duplication) of any amount so recovered from or
repaid by the Administrative Agent plus interest thereon at a per annum rate equal to the Federal Funds Rate from the date of such demand to the date such payment is made to the Administrative Agent. 

  
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 SECTION 11.8 Injunctive Relief. The Borrower recognizes that, in the event the
Borrower fails to perform, observe or discharge any of its obligations or liabilities under this Agreement, any remedy of law may prove to be inadequate relief to the Lenders. Therefore, the Borrower agrees that the Lenders, at the Lenders’
option, shall be entitled to temporary and permanent injunctive relief in any such case without the necessity of proving actual damages. 

SECTION 11.9 Successors and Assigns; Participations. 

(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 paragraph (b) of this Section, (ii) by way
of participation in accordance with the provisions of paragraph (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of paragraph (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 paragraph (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or
claim under or by reason of this Agreement. 
 (b) Assignments by Lenders. Any Lender may at any time assign to one or more assignees
all or a portion of its rights and obligations under this Agreement (including all or a portion of its Revolving Credit Commitment and the Revolving Credit Loans at the time owing to it); provided that, in each case with respect to any Credit
Facility, 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 Revolving Credit Commitment
and/or the Revolving Credit Loans at the time owing to it or contemporaneous assignments to related Approved Funds (determined after giving effect to such assignments) that equal at least the amount specified in paragraph (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 

(B) in any case not described in paragraph (b)(i)(A) of this Section, the aggregate amount of the Revolving Credit
Commitment (which for this purpose includes Revolving Credit Loans outstanding thereunder) or, if the Revolving Credit Commitment is not then in effect, the principal outstanding balance of the Revolving Credit Loans of the assigning Lender subject
to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, 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 has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed);
provided that the Borrower shall be deemed to have given its consent five (5) Business Days after the date written notice thereof has been delivered by the assigning Lender (through the Administrative Agent) unless such consent is
expressly refused by the Borrower prior to such fifth (5th) Business Day; 

  
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 (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 Credit Loan or the Revolving Credit Commitment assigned; 

(iii) Required Consents. No consent shall be required for any assignment except to the extent required by
paragraph (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 has 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 5 Business Days after having received written 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 with a Revolving Credit Commitment, an Affiliate of such Lender or an Approved Fund with respect to such Lender; and 

(C) the consents of the Issuing Lenders (such consent not to be unreasonably withheld or delayed) shall be required if such
assignment is to a Person that is not a Lender with a Revolving Credit Commitment, an Affiliate of such Lender or an Approved Fund with respect to such Lender. 

(iv) Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an
Assignment and Assumption, together with a processing and recordation fee of $3,500 for each assignment; provided that (A) only one such fee will be payable in connection with simultaneous assignments to two or more related Approved
Funds by a Lender and (B) the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an
Administrative Questionnaire. 
 (v) No Assignment to Certain Persons. No such assignment shall be made to
(A) the Borrower or any of its Subsidiaries or Affiliates or (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). 
 (vi) No Assignment to Natural Persons. No such assignment shall be made to a natural Person (or a holding
company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person). 
 (vii)
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, 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 Revolving Credit Loans previously requested, but not funded by, the
Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the Issuing

  
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Lenders and each other Lender hereunder (and interest accrued thereon), and (B) acquire (and fund as appropriate) its full pro rata share of all Revolving Credit Loans and
participations in Letters of Credit in accordance with its Revolving Credit 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. 

(viii) Opinion. If requested by any proposed assignee, the Borrower agrees that it shall deliver or cause to be
delivered, for the benefit of such assignee, either (x) a customary legal opinion with respect to authority of the Borrower to enter into this Agreement and the other Loan Documents or (y) a reliance letter with respect to such legal
opinion delivered on the Closing Date. 
 Subject to acceptance and recording thereof by the Administrative Agent pursuant to paragraph (c) of this
Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and
obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an
Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 4.8, 4.9 and
11.3 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise 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. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this
paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (d) of this Section (other than a purported assignment to a natural Person or the
Borrower or any of the Borrower’s Subsidiaries or Affiliates, which shall be null and void). 
 (c) Register. The Administrative
Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices in Charlotte, North Carolina, a copy of each Assignment and Assumption and each Lender
Joinder Agreement delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Revolving Credit Commitment of, and principal amounts of (and stated interest on) the Revolving Credit Loans 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 (but only to the extent of entries in the Register
that are applicable to such Lender), at any reasonable time and from time to time upon reasonable prior notice. 
 (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, (or a holding company, investment vehicle or trust
for, or owned and operated for the primary benefit of, a natural Person, or the Borrower or any of the Borrower’s Subsidiaries or Affiliates) (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 Credit Commitment and/or the Revolving Credit 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 Borrower, the Administrative Agent, the Issuing Lenders and the other Lenders shall continue to deal solely
and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 11.3(c) with
respect to any payments made by such Lender to its Participant(s). 

  
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 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 Section 11.2(b), (c), (d) or (e) that directly and adversely affects such Participant.
The Borrower agrees that each Participant shall be entitled to the benefits of Sections 4.8 and 4.9 (subject to the requirements and limitations therein, including the requirements under Section 4.9 (g) (it
being understood that the documentation required under Section 4.9(g) 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 Section 4.10 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 4.8 or 4.9, 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 Section 4.10(b) with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of
Section 11.4 as though it were a Lender; provided that such Participant agrees to be subject to Section 4.5 and Section 11.4 as though it were a Lender. 

Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent
of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts of (and stated interest on) each Participant’s interest in the Revolving Credit Loans or other obligations under the Loan
Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a
Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit
or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such
Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 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 to secure obligations of such Lender, including without limitation 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. 

(f) Cashless Settlement. Notwithstanding anything to the contrary contained in this Agreement, any Lender may exchange, continue or
rollover all or a portion of its Revolving Credit Loans in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the
Borrower, the Administrative Agent and such Lender. 

  
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 SECTION 11.10 Treatment of Certain Information; Confidentiality. Each of the
Administrative Agent, the Lenders and the Issuing 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 and its Affiliates’
respective Related Parties in connection with the Credit Facility, this Agreement, the transactions contemplated hereby or in connection with marketing of services by such Affiliate or Related Party to the Borrower or any of its Subsidiaries (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, or required to be
disclosed to, any regulatory or similar 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) or in accordance with
the Administrative Agent’s, the Issuing Lender’s or any Lender’s regulatory compliance policy if the Administrative Agent, an Issuing Lender or such Lender, as applicable, deems such disclosure to be necessary for the mitigation of
claims by those authorities against the Administrative Agent, such Issuing Lender or such Lender, as applicable, or any of its Related Parties (in which case, the Administrative Agent, such Issuing Lender or such Lender, as applicable, shall use
commercially reasonable efforts to, except with respect to any audit or examination conducted by bank accountants or any governmental bank regulatory authority exercising examination or regulatory authority, promptly notify the Borrower, in advance,
to the extent practicable and otherwise permitted by Applicable Law), (c) as to the extent required by Applicable Laws or regulations or in any legal, judicial, administrative proceeding or other compulsory process, (d) to any other party
hereto, (e) in connection with the exercise of any remedies under this Agreement, under any other Loan Document or under any Secured Hedge Agreement or Secured Cash Management Agreement, or any action or proceeding relating to this Agreement,
any other Loan Document or any Secured Hedge Agreement or Secured Cash Management Agreement, or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this
Section 11.10, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement, (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 and its obligations, this Agreement or payments hereunder, (iii) to an investor or prospective investor in an
Approved Fund that also agrees that Information shall be used solely for the purpose of evaluating an investment in such Approved Fund, (iv) to a trustee, collateral manager, servicer, backup servicer, noteholder or secured party in an Approved
Fund in connection with the administration, servicing and reporting on the assets serving as collateral for an Approved Fund, or (v) to a nationally recognized rating agency that requires access to information regarding the Borrower and its
Subsidiaries, the Revolving Credit Loans and the Loan Documents in connection with ratings issued with respect to an Approved Fund, (g) on a confidential basis to (i) any rating agency in connection with rating the Borrower or its
Subsidiaries or the Credit Facility or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Credit Facility, (h) with the consent of the Borrower,
(i) deal terms and other information customarily reported to Thomson Reuters, other bank market data collectors and similar service providers to the lending industry and service providers to the Administrative Agent and the Lenders in
connection with the administration of the Loan Documents, (j) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section 11.10 or (ii) becomes available
to the Administrative Agent, any Lender, any Issuing Lender or any of their respective Affiliates from a third party that is not, to such Person’s knowledge, subject to confidentiality obligations to the Borrower, (k) to the extent that
such information is independently developed by such Person, or (l) for purposes of establishing a “due diligence” defense. For purposes of this Section 11.10, “Information” means all
information received from any Credit Party or any Subsidiary thereof relating to any Credit Party or any Subsidiary thereof or any of their respective businesses, other than any such information that is available to the Administrative Agent, any
Lender or any Issuing Lender on a nonconfidential basis prior to disclosure by any Credit Party or any Subsidiary thereof; provided that, in the case of information received from a Credit Party or any Subsidiary thereof after the date hereof,
such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of 

  
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Information as provided in this Section 11.10 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. For the sake of clarity, Borrower may publicly disclose this Agreement or any Loan Document in each case to the extent required by
Applicable Law in connection with a Qualifying IPO, any securities law filing requirements or otherwise as required by Applicable Law. 

SECTION 11.11 Performance of Duties. Each of the Credit Party’s obligations under this Agreement and each of the other Loan
Documents shall be performed by such Credit Party at its sole cost and expense. 
 SECTION 11.12 All Powers Coupled with Interest.
All powers of attorney and other authorizations granted to the Lenders, the Administrative Agent and any Persons designated by the Administrative Agent or any Lender pursuant to any provisions of this Agreement or any of the other Loan Documents
shall be deemed coupled with an interest and shall be irrevocable so long as any of the Obligations remain unpaid or unsatisfied, the Revolving Credit Commitment remains in effect or any Credit Facility has not been terminated. 

SECTION 11.13 Survival. 

(a) All representations and warranties set forth in Article VI and all representations and warranties contained in any certificate, or
any of the Loan Documents (including, but not limited to, any such representation or warranty made in or in connection with any amendment thereto) shall constitute representations and warranties made under this Agreement. All representations and
warranties made under this Agreement shall be made or deemed to be made at and as of the Closing Date (except those that are expressly made as of a specific date), shall survive the Closing Date and shall not be waived by the execution and delivery
of this Agreement, any investigation made by or on behalf of the Lenders or any borrowing hereunder. 
 (b) Notwithstanding any termination
of this Agreement, the indemnities to which the Administrative Agent and the Lenders are entitled under the provisions of this Article XI and any other provision of this Agreement and the other Loan Documents shall continue in full force and
effect and shall protect the Administrative Agent and the Lenders against events arising after such termination as well as before. 

SECTION 11.14 Titles and Captions. Titles and captions of Articles, Sections and subsections in, and the table of contents of, this
Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement. 
 SECTION 11.15 Severability of
Provisions. Any provision of this Agreement or any other Loan Document which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without
invalidating the remainder of such provision or the remaining provisions hereof or thereof or affecting the validity or enforceability of such provision in any other jurisdiction. In the event that any provision is held to be so prohibited or
unenforceable in any jurisdiction, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such provision to preserve the original intent thereof in such jurisdiction (subject to the approval of the Required
Lenders). 

  
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 SECTION 11.16 Counterparts; Integration; Effectiveness; Electronic Execution. 

(a) 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 and the other Loan Documents, and any separate letter agreements with respect to fees
payable to the Administrative Agent, the Issuing Lenders and/or the Arranger, 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 5.1, 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 in electronic (i.e., “pdf” or
“tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement. 
 (b) Electronic Execution
of Assignments. The words “execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures 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 Law, 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 11.17 Term of Agreement. This Agreement shall remain in effect from the Closing Date through and including the date upon which
all Obligations (other than contingent indemnification obligations not then due) arising hereunder or under any other Loan Document shall have been indefeasibly and irrevocably paid and satisfied in full, all Letters of Credit have been terminated
or expired (or been Cash Collateralized) or otherwise satisfied in a manner acceptable to the Issuing Lender) and the Revolving Credit Commitment has been terminated. No termination of this Agreement shall affect the rights and obligations of the
parties hereto arising prior to such termination or in respect of any provision of this Agreement which survives such termination. 

SECTION 11.18 USA PATRIOT Act; Anti-Money Laundering Laws. The Administrative Agent and each Lender hereby notifies the Borrower that
pursuant to the requirements of the PATRIOT Act or any other Anti-Money Laundering Laws, each of them is required to obtain, verify and record information that identifies each Credit Party, which information includes the name and address of each
Credit Party and other information that will allow such Lender to identify each Credit Party in accordance with the PATRIOT Act or such Anti-Money Laundering Laws. 

SECTION 11.19 Independent Effect of Covenants. The Borrower expressly acknowledges and agrees that each covenant contained in
Articles VII or VIII hereof shall be given independent effect. Accordingly, the Borrower shall not engage in any transaction or other act otherwise permitted under any covenant contained in Articles VII or VIII, if before
or after giving effect to such transaction or act, the Borrower shall or would be in breach of any other covenant contained in Articles VII or VIII. 

SECTION 11.20 No Advisory or Fiduciary Responsibility. 

(a) In connection with all aspects of each transaction contemplated hereby, each Credit Party acknowledges and agrees, and acknowledges its
Affiliates’ understanding, that (i) the facilities provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other
Loan Document) are an arm’s-length commercial transaction between the Borrower and its Affiliates, on the one hand, and the Administrative Agent, the Arrangers and the Lenders, on the other hand, and the
Borrower is capable of evaluating and 

  
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understanding and understands and accepts the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver or other
modification hereof or thereof), (ii) in connection with the process leading to such transaction, each of the Administrative Agent, the Arrangers and the Lenders is and has been acting solely as a principal and is not the financial advisor, agent or
fiduciary, for the Borrower or any of its Affiliates, stockholders, creditors or employees or any other Person, (iii) none of the Administrative Agent, the Arrangers or the Lenders has assumed or will assume an advisory, agency or fiduciary
responsibility in favor of the Borrower with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Loan Document
(irrespective of whether any Arranger or Lender has advised or is currently advising the Borrower or any of its Affiliates on other matters) and none of the Administrative Agent, the Arrangers or the Lenders has any obligation to the Borrower or any
of its Affiliates with respect to the financing transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents, (iv) the Arrangers and the Lenders and their respective Affiliates may be
engaged in a broad range of transactions that involve interests that differ from, and may conflict with, those of the Borrower and its Affiliates, and none of the Administrative Agent, the Arrangers or the Lenders has any obligation to disclose any
of such interests by virtue of any advisory, agency or fiduciary relationship and (v) the Administrative Agent, the Arrangers and the Lenders have not provided and will not provide any legal, accounting, regulatory or tax advice with respect to
any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other Loan Document) and the Credit Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent
they have deemed appropriate. 
 (b) Each Credit Party acknowledges and agrees that each Lender, the Arrangers and any Affiliate thereof may
lend money to, invest in, and generally engage in any kind of business with, any of the Borrower, any Affiliate thereof or any other person or entity that may do business with or own securities of any of the foregoing, all as if such Lender,
Arranger or Affiliate thereof were not a Lender or Arranger or an Affiliate thereof (or an agent or any other person with any similar role under the Credit Facility) and without any duty to account therefor to any other Lender, the Arrangers, the
Borrower or any Affiliate of the foregoing. Each Lender, the Arrangers and any Affiliate thereof may accept fees and other consideration from the Borrower or any Affiliate thereof for services in connection with this Agreement, the Credit
Facility or otherwise without having to account for the same to any other Lender, the Arrangers, the Borrower or any Affiliate of the foregoing. 

SECTION 11.21 Inconsistencies with Other Documents. In the event there is a conflict or inconsistency between this Agreement and any
other Loan Document, the terms of this Agreement shall control; provided that any provision of the Security 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. 

SECTION 11.22 Acknowledgement and Consent to Bail-In of EEA Financial Institutions.
Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan
Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may
be payable to it by any party hereto that is an EEA Financial Institution; and 

  
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 (b) the effects of any Bail-In Action on any such
liability, including, if applicable: 
 (i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such
liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in
connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. 
 SECTION 11.23 Certain ERISA
Matters. 
 (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and
(y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the Arranger and their respective Affiliates, and not, for the
avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that at least one of the following is and will be true: 

(i) such Lender is not using “plan assets” (within the meaning of 29 CFR §
2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Revolving Credit Loans, the Letters of Credit or the Revolving Credit Commitment; 

(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a
class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions
involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect
to such Lender’s entrance into, participation in, administration of and performance of the Revolving Credit Loans, the Letters of Credit, the Revolving Credit Commitment and this Agreement; 

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning
of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Revolving Credit Loans,
the Letters of Credit, the Revolving Credit Commitment and this Agreement, (C) the entrance into, participation in, administration of and performance of the Revolving Credit Loans, the Letters of Credit, the Revolving Credit Commitment and this
Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of
subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Revolving Credit Loans, the Letters of
Credit, the Revolving Credit Commitment and this Agreement; or 
 (iv) such other representation, warranty and covenant as
may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender. 

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

(i) none of the Administrative Agent, the Arranger nor any of their respective Affiliates is a fiduciary with respect to the
assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto); 

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

(iv) the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in,
administration of and performance of the Revolving Credit Loans, the Letters of Credit, the Revolving Credit Commitment and this Agreement is a fiduciary under ERISA or the Code, or both, with respect to the Revolving Credit Loans, the Letters of
Credit, the Revolving Credit Commitment and this Agreement and is responsible for exercising independent judgment in evaluating the transactions hereunder, and 

(v) no fee or other compensation is being paid directly to the Administrative Agent, the Arranger or their respective
Affiliates for investment advice (as opposed to other services) in connection with the Revolving Credit Loans, the Letters of Credit, the Revolving Credit Commitment or this Agreement. 

(c) The Administrative Agent and the Arranger hereby informs the Lenders that each such Person is not undertaking to provide impartial
investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof
(i) may receive interest or other payments with respect to the Revolving Credit Loans, the Letters of Credit, the Revolving Credit Commitment and this Agreement, (ii) may recognize a gain if it extended the Revolving Credit Loans, the
Letters of Credit or the Revolving Credit Commitment for an amount less than the amount being paid for 

  
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an interest in the Revolving Credit Loans, the Letters of Credit or the Revolving Credit Commitment by such Lender or (iii) may receive fees or other payments in connection with the
transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent
fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or
fees similar to the foregoing. 
 SECTION 11.24 Acknowledgement Regarding any Supported QFCs. To the extent that the Loan Documents
provide support, through a guarantee or otherwise, for Hedge Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported QFC”), the parties
acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with
the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported
QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): 

(a) In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing
such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such
interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special
Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such
Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. 

(b) As used in this Section 11.24, the following terms have the following meanings: 

“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party. 
 “Covered Entity” means any of the following: (i) a “covered
entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a
“covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). 
 “Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 

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

  
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 (c) Each Loan Document is hereby amended to incorporate by reference the provisions of this
Section 11.24, mutatis mutandis. 
 [Signature pages to follow] 

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

			
	ANAPLAN, INC., as Borrower

 
			
		
	By:	 	 

 
			
	Name:	 	 
	Title:	 	 

 
			
	AGENTS AND LENDERS:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent, Issuing Lender and Lender

 
			
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:

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