Document:

Document

Exhibit 10.1
Execution Version

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of July 17, 2020 is among GROUPON, INC., as Borrower (the “Borrower”), GROUPON GOODS, INC. (the “Existing Guarantor” and, together with the Borrower, the “Existing Loan Parties”), the Subsidiaries of the Borrower listed on Schedule I hereto (the “New Loan Parties” and the New Loan Parties, together with the Existing Loan Parties, the “Loan Parties”), the Lenders party hereto, and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”).

RECITALS:

WHEREAS, the Borrower, the Administrative Agent, and the Lenders party thereto are party to that certain Second Amended and Restated Credit Agreement dated as of May 14, 2019 (the “Credit Agreement”, and the Credit Agreement, as amended by this Amendment, the “Amended Credit Agreement”); 

WHEREAS, (i) the Borrower has requested certain amendments be made to the Credit Agreement and (ii) the Lenders party hereto (which, for the avoidance of doubt, constitute the Required Lenders under the Credit Agreement) are willing to amend the Credit Agreement pursuant to Section 9.02 thereof on the terms and conditions set forth herein; and

WHEREAS, as a condition to entering into the Amendment, the Lenders are requiring that the New Loan Parties become Guarantors under the Guaranty and Grantors (as defined in the Security Agreement (as defined below)) under the Security Agreement on the First Amendment Effective Date.

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

SECTION 1 DEFINITIONS.  Capitalized terms used but not defined herein shall have the meanings specified in the Amended Credit Agreement.
SECTION 2 Amendment.  Subject to the satisfaction of the conditions precedent set forth in Section 3 hereof the Credit Agreement (including the schedules and exhibits thereto) is amended in its entirety to read as set forth on Exhibit A hereto;
SECTION 3 Effectiveness.  This Amendment shall become effective on the date (the “First Amendment Effective Date”) on which each of the following conditions are satisfied :
(i)The Administrative Agent (or its counsel) shall have received a counterpart of this Amendment signed on behalf of each party hereto.
(ii)The Administrative Agent shall have received a supplement to the Guaranty (the “Guaranty Supplement”) substantially in the form attached thereto as Exhibit A  executed by each New Loan Party in order to become a Guarantor under the Guaranty. 

(iii)The Administrative Agent shall have received a duly executed copy of the Third Amended and Restated Pledge and Security Agreement, dated as of the date hereof (the “Security Agreement”), among the Borrower, the Grantors (as defined therein) party thereto and the Administrative Agent, (ii) the certificates representing any certificated Equity Interests pledged by the New Loan Parties pursuant to the Security Agreement, together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof, (iii) each promissory note (if any) pledged to the Administrative Agent by the New Loan Parties pursuant to Security Agreement endorsed (without recourse) in blank (or accompanied by an executed transfer form in blank) by the pledgor thereof and (iv) each document (including any Uniform Commercial Code financing statement) required by the Security Agreement or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a perfected Lien on the Collateral described therein, shall be in proper form for filing, registration or recordation.
(iv)The Administrative Agent shall have received a certificate of each of the Borrower and Groupon Goods, Inc., executed by its Responsible Officer, which shall certify (i)  the resolutions of its Board of Directors, authorizing the execution and delivery of this Amendment and performance of the Amended Credit Agreement and/or any other Loan Document to which it is a party; and (ii)  that neither the Borrower nor Groupon Goods, Inc.’s charter, articles or certificate of organization or incorporation or other applicable constitutional documents have been amended, supplemented or otherwise modified since May 14, 2019 or, if so, attaching true, complete and correct copies of any such amendment, supplement or modification.
(v)The Administrative Agent shall have received a certificate of each New Loan Party executed by its Responsible Officer, which shall (A) certify the resolutions of its Board of Directors, members or other body authorizing the execution, delivery and performance of the Loan Documents to which it is a party, (B) identify by name and title and bear the signatures of any officers of such New Loan Party authorized to sign the Loan Documents to which it is a party, and (C) contain appropriate attachments, including the charter, articles or certificate of organization or incorporation of each New Loan Party, certified by the relevant authority of the jurisdiction of organization of such New Loan Party and a true and correct copy of its bylaws or operating, management or partnership agreement, or other organizational or governing documents, and (iii) deliver a long form good standing certificate, to the extent applicable for each New Loan Party from its jurisdiction of organization.

(vi)The Administrative Agent shall have received the results of a recent lien search in the jurisdiction of organization of each Loan Party and each jurisdiction where assets of such Loan Parties are located, and such search shall reveal no Liens (other than Permitted Liens) on any of the assets of such Loan Parties.
(vii)The Administrative Agent shall have received a favorable written opinion of Simpson Thacher & Bartlett LLP, counsel for the Loan Parties, covering the Guaranty Supplement and the Security Agreement.  The Loan Parties hereby request such counsel to deliver such opinion.
(viii)After giving effect to any prepayments on the date hereof, the Revolving Exposure shall be not more than $225,000,000.
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(ix)The Administrative Agent shall have received all (i) fees required to be paid on the First Amendment Effective Date pursuant to a separately agreed fee letter and (ii) all reasonable and documented fees and expenses of the Administrative Agent, in connection herewith, required to be paid or reimbursed under Section 9.03 of the Amended Credit Agreement (including attorney’s fees), in each case, for which invoices have been presented at least two (2) Business Days prior to the First Amendment Effective Date. 
SECTION 4 Post-Closing Covenants AND CONSENTS.  
(i)On or before the date that is 60 days after the First Amendment Effective Date (or such longer period as the Administrative Agent shall reasonably agree), the Loan Parties (including the New Loan Parties) shall have used commercially reasonable efforts to enter into (i) a Deposit Account Control Agreement (as defined in the Security Agreement) among such Loan Party, the Administrative Agent and each institution maintaining a Deposit Account (as defined under the Security Agreement) listed on Schedule II hereto, and (ii) a control agreement with respect to all Pledged Collateral (as defined in the Security Agreement) held by a securities intermediary listed on Schedule II among such Loan Party, the securities intermediary and the Administrative Agent, in each case that is reasonably satisfactory to the Borrower and the Administrative Agent; provided that, if the Loan Parties do not, after using commercially reasonable efforts, deliver a Deposit Account Control Agreement within 60 days (or such longer period as the Administrative Agent shall reasonably agree) after the First Amendment Effective Date with respect to a Deposit Account listed on Schedule II hereto as required by clause (i) above, the Loan Parties shall, within an additional 30 days following such 60 day period (or such longer period as the Administrative Agent shall reasonably agree), move the contents of such Deposit Account to an account maintained by JPMorgan Chase Bank, N.A. that is subject to a Deposit Account Control Agreement.
(ii)On or before the date that is 90 days after the First Amendment Effective Date (or such longer period as the Administrative Agent shall reasonably agree), the Borrower shall take all actions and deliver each document set forth on Schedule III hereto.
(iii)On or before the date that is 30 days after the First Amendment Effective Date (or such longer period as the Administrative Agent shall reasonably Agree) a favorable Virginia law written opinion of local counsel to Groupon Merchant Services, LLC, covering the Guaranty Supplement and the Security Agreement, in form and substance reasonably satisfactory to the Administrative Agent.
(iv)On or before the date that is 90 days after the First Amendment Effective Date (or such longer period as the Administrative Agent shall reasonably agree), the Borrower shall cause Groupon Holdings B.V. to (i) become a Guarantor and to grant Liens to the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, in substantially all of its assets pursuant to Dutch law documents in form and substance reasonably satisfactory to the Administrative Agent and (ii) execute and deliver, or cause to be executed and delivered, to the Administrative Agent such documents, agreements and instruments, including a power of attorney (or similar agreement) providing for the ability to register and record assignments against intellectual property, and will take or cause to be taken such further actions (including the filing and recording of registration, mortgages, deeds of trust and other documents and 
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certificates and opinion letters), which may be required by law or which the Administrative Agent may reasonably request in connection with the requirements of clause (i) hereof.
SECTION 5 Representations and Warranties. After giving effect to this Amendment, the following statements by the Borrower shall be true and correct (and the Borrower, by its execution of this Amendment, hereby represents and warrants to the Administrative Agent and the Lenders that such statements shall be true and correct as at such times):
(i)the representations and warranties of the Loan Parties set forth in the Loan Documents shall be true and correct in all material respects with the same effect as though made on and as of the date hereof (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date, and that any representation or warranty which is subject to any materiality qualifier shall be required to be true and correct in all respects); and
(ii)no Default shall have occurred and be continuing.
SECTION 6 Miscellaneous.
a.Ratifications. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Credit Agreement and except as expressly modified and superseded by this Amendment, the terms and provisions of the Credit Agreement and the other Loan Documents are ratified and confirmed and shall continue in full force and effect. The Borrower, the Administrative Agent and the Lenders agree that the Amended Credit Agreement and the other Loan Documents shall continue to be legal, valid, binding and enforceable in accordance with its terms (subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law). For all matters arising prior to the effective date of this Amendment, the Credit Agreement (as unmodified by this Amendment) shall control.
b.Lender Consent’s.  The Lenders party hereto hereby consent and authorize the Administrative Agent to negotiate and enter into, on behalf of the Lenders, (i) each security agreement and related document governed by the laws of Luxembourg and Ireland set forth on Schedule III hereto and (ii) each amendment and joinder to the Guaranty set forth on Schedule III hereto, which amends the Guaranty to add such concepts as would be customary to facilitate the joinder of Subsidiaries incorporated in Luxembourg and Ireland thereto, including but not limited to financial assistance, fraudulent conveyance, preference, fincapitalization, capital preservation and such similar laws or regulations.
c.Authorization; Validity.  The execution, delivery and performance by the Borrower of this Amendment have been duly authorized by all necessary corporate and, if required, stockholder action.  This Amendment has been duly executed and delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
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d.Government Approval, Regulation, etc.  The execution, delivery and performance by the Borrower of this Amendment (a) does not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect and except for filings necessary to perfect Liens created pursuant to the Amended Security Agreement, and (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Borrower or any of its Restricted Subsidiaries or any order of any Governmental Authority.
e.Entire Agreement. This Amendment and the Amended Credit Agreement, together with the Loan Documents (collectively, the “Relevant Documents”), set forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter. No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such promise, condition, representation or warranty. Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to the other in relation to the subject matter hereof or thereof. None of the terms or conditions of this Amendment may be changed, modified, waived or canceled orally or otherwise, except in writing.
f.Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by telecopy, facsimile or other electronic transmission (including .PDF) shall be effective as delivery of a manually executed counterpart of this Amendment.
g.Governing Law. This Amendment shall be construed in accordance with and governed by the law of the State of New York. 
h.. Incorporation of Credit Agreement Provisions.  The provisions of Section 9.07 (Severability) and Section 9.10 (Waiver of Jury Trial) of the Credit Agreement are incorporated by reference as if fully set forth herein, mutatis mutandis.
i.References. All references in any of the Loan Documents to the “Agreement” or the “Credit Agreement” shall mean the Credit Agreement or Amended Credit Agreement, as applicable.
j.Headings. The headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment.
k.Successors and Assigns. This Amendment is binding upon and shall inure to the benefit of the Administrative Agent, the Lenders, the Borrower, and their respective successors and assigns as provided in the Amended Credit Agreement.
l.Loan Document.  The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a 
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waiver of any provision of any of the Loan Documents. This Amendment shall for all purposes constitute a Loan Document.
[Signature Pages Follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first above written.
									
		GROUPON, INC.	
			
			
			
		By:	/s/ Melissa Thomas
			Name: Melissa ThomasTitle:   Chief Financial Officer

									
		GROUPON GOODS, INC.	
			
			
			
		By:	/s/ Melissa Thomas
			Name: Melissa ThomasTitle:   President

									
		GI International Holdings, Inc.	
			
			
			
		By:	/s/ Melissa Thomas
			Name: Melissa ThomasTitle:   President

									
		Groupon Merchant Services, LLC	
			
			
			
		By:	/s/ Melissa Thomas
			Name: Melissa Thomas
Title:   Senior Vice President, Secretary and Treasurer

									
		LIVINGSOCIAL, LLC	
			
		By: Groupon, Inc., its sole member	
		

	
		By:	/s/ Melissa Thomas
			Name: Melissa ThomasTitle:   Chief Financial Officer

[Signature Page to First Amendment to Credit Agreement]

									
		JPMORGAN CHASE BANK, N.A., individually and as Administrative Agent	
			
			
			
		By:	/s/ Min Park
			Name: Min ParkTitle: Executive Director

[Signature Page to First Amendment to Credit Agreement]

						
		JPMORGAN CHASE BANK, N.A., as a Lender

		

		By: /s/ Min Park                                             

		Name: Min Park
Title: Executive Director

		
		
		
		

						
		BANK OF THE WEST, as a Lender

		

		By: /s/ Scott Marshall                                             

		Name: Scott Marshall
Title: Vice President

[Signature Page to First Amendment to Credit Agreement]

						
		MORGAN STANLEY BANK, N.A., as a Lender

		

		By: /s/ Phillip Magdaleno                                             

		Name: Phillip Magdaleno
Title: Authorized Signatory

[Signature Page to First Amendment to Credit Agreement]

						
		BANK OF AMERICA, N.A., as a Lender

		

		By: /s/ A. Quinn Richardson                                             

		Name: A. Quinn Richardson
Title: Senior Vice President

		
		
		
		
		BANK OF AMERICA, N.A. (acting through its Canada branch), as a Lender
		

		By: /s/ Medina Sales de Andrade                                             

		Name: Medina Sales de Andrade
Title:   Vice President

						
		BMO HARRIS BANK N.A., as a Lender

		

		By: /s/ Joseph Jacob                                             

		Name: Joseph Jacob
Title: Senior Vice President

						
		FIFTH THIRD BANK, National Association, as a Lender

		

		By: /s/ Marisa Lake                                             

		Name: Marisa Lake
Title: Assistant Vice President

						
		WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender

		

		By: /s/ Alicia Kachmarik                                             

		Name: Alicia Kachmarik
Title:   Director

						
		CITIZENS BANK, N.A., as a Lender

		

		By: /s/ Megan Livingston                                             

		Name: Megan Livingston
Title:  SVP

						
		SILICON VALLEY BANK, as a Lender

		

		By: /s/ John Ryan                                             

		Name: John Ryan
Title: Vice President

[Signature Page to First Amendment to Credit Agreement]

SCHEDULE I

NEW LOAN PARTIES
															
	Entity Name	Jurisdiction of Organization	Entity Type	Percent Owned	Owner
	GI International Holdings, Inc.	USA - Delaware	Corporation	100%	Groupon, Inc.
	Groupon Merchant Services, LLC	USA - Virginia	LLC	100%	LivingSocial, LLC
	LivingSocial, LLC	USA - Delaware	LLC	100%	Groupon, Inc.

SCHEDULE II

DEPOSIT ACCOUNTS AND SECURITIES ACCOUNTS

[SEE ATTACHED]

SCHEDULE III

Groupon International Limited (the “Irish Company”)
						
		Document

		Joinder and Amendment to the Guaranty

		Irish law Irish Debenture over the assets of the Irish Company (the “Irish Debenture”).

		Perfection steps under the Irish Debenture will include:

a.delivery by the Irish Company of notices of security assignment over material (i) bank accounts, (ii) contracts, (iii) leases and (iv) insurances to the relevant counterparties by the Irish Company;
b.filing by lender counsel of a Form C1 at the Irish Companies Registration Office in respect of the Irish Company’s entry into the Irish Debenture (within 21 days of completion); and
c.filing by lender counsel of a s1001 notice at the Office of the Irish Revenue Commissioners in respect of the Irish Company’s entry into the Irish Debenture (within 21 days of completion).

		Corporate certificate making certain confirmations about the Irish Company.

		Board resolutions of the board of directors of the Irish Company passed at a meeting of the board. 

		Legal opinion of Arthur Cox as Irish Company’s Irish counsel on the capacity and authority of the Irish Company to enter into the documents to which it is a party.

		Legal opinion of the lender’s Irish counsel on the enforceability of the Irish law documents.

		Execution and delivery of a power of attorney (or similar agreement) under US and Irish law providing for the ability to register intellectual property.

Document List – GI Luxembourg S.à r.l. (the “Luxembourg Company”)

						
		Document

		Joinder and Amendment to the Guaranty 

		Luxembourg law pledge over shares of the Luxembourg Company (“Luxembourg Share Pledge”)

		Perfection steps of the Luxembourg Share Pledge will include:

3.1.the pledgor shall register the pledge in the shareholders’ register of the Luxembourg Company in the name of the pledgee on a same day basis;

3.2.the pledgor shall provide to the pledgee a copy of the shareholders’ register of the Luxembourg Company evidencing such registration on the date of execution of the Luxembourg Share Pledge certified by a representative of the Luxembourg Company

		Luxembourg law pledge over receivables of the Luxembourg Company (“Luxembourg Receivables Pledge”)

		Perfection step of the Receivables Pledge will include:

5.1.each debtor acknowledges the pledge constituted by the Receivables Pledge by countersigning the Receivables Pledges

		Board resolutions of the board of managers of the Luxembourg Company passed at a meeting of the board. 

		Formalities certificate to be signed by a manager of the Luxembourg Company which will confirm that all documents (including at least its constitutional document, a certificate of non-registration of a judicial decision (certificat de non-inscription d’une décision judiciaire), An extract issued by the Luxembourg Trade and Companies Register, a domiciliation certificate ) attached to such certificate are correct, complete and in full force and effect  

		Legal opinion of Elvinger Hoss Prussen as Luxembourg Company’s Luxembourg counsel on the capacity and authority of the Luxembourg Company to enter into the documents to which it is a party.

		Legal opinion of the lender’s Luxembourg counsel on the enforceability of the Luxembourg law documents.

EXHIBIT A

[SEE ATTACHED]

Exhibit A to First Amendment to Credit Agreement

SECOND AMENDED AND RESTATED CREDIT AGREEMENTdated as ofMay 14, 2019amongGROUPON, INC., as BorrowerThe Lenders Party Hereto,MORGAN STANLEY SENIOR FUNDING, INC.andBANK OF THE WEST,as Co-Syndication AgentsandJPMORGAN CHASE BANK, N.A.,as Administrative AgentandBANK OF AMERICA, N.A.,BMO HARRIS BANK N.A.,
FIFTH THIRD BANK, NATIONAL ASSOCIATION
WELLS FARGO BANK, NATIONAL ASSOCIATION,and
CITIZENS BANK, N.A.as Co-Documentation Agents

and
JPMORGAN CHASE BANK, N.A.,MORGAN STANLEY SENIOR FUNDING, INC.andBANK OF THE WEST, as  Joint Bookrunners and Joint Lead Arrangers

Table of Contents

Page

ARTICLE I Definitions 1
SECTION 1.01 Defined Terms 1
SECTION 1.02 Classification of Loans and Borrowings 36
SECTION 1.03 Terms Generally 36
SECTION 1.04 Accounting Terms; GAAP 36
SECTION 1.05 Interest Rates; LIBOR Notification 37
SECTION 1.06 Pro Forma Basis 38
SECTION 1.07   Rounding 38
SECTION 1.08 Change of Currency 38
SECTION 1.09 Additional Available Currencies 39
SECTION 1.10 Allocation of Loans and Percentages at the Effective Time 39
ARTICLE II The Credits 40
SECTION 2.01 Commitments 40
SECTION 2.02 Loans and Borrowings 40
SECTION 2.03 Requests for Revolving Borrowings 41
SECTION 2.04 Effect of Incomplete Borrowing Notice 42
SECTION 2.05 Swingline Loans 42
SECTION 2.06 Letters of Credit 43
SECTION 2.07 Funding of Borrowings 49
SECTION 2.08 Interest Elections 50
SECTION 2.09 Termination and Reduction of Commitments 52
SECTION 2.10 Repayment of Loans; Evidence of Debt 52
SECTION 2.11 Prepayment of Loans 53
SECTION 2.12 Fees 54
SECTION 2.13 Interest 55
SECTION 2.14 Alternate Rate of Interest; Illegality 56
SECTION 2.15 Increased Costs 58
SECTION 2.16 Break Funding Payments 59
SECTION 2.17 Payments Free of Taxes 60
SECTION 2.18 Payments Generally; Pro Rata Treatment; Sharing of Set-offs 64

Table of Contents
(continued)
Page

SECTION 2.19 Mitigation Obligations; Replacement of Lenders 67
SECTION 2.20 Defaulting Lenders 68
SECTION 2.21 Returned Payments 70
SECTION 2.22 Banking Services and Swap Agreements 70
SECTION 2.23 Increase in Revolving Commitment 71
SECTION 2.24 Request for New Term Facility 72
SECTION 2.25 Exchange Rates 74
SECTION 2.26 Currency Exchange Fluctuations 74
ARTICLE III Representations and Warranties 74
SECTION 3.01 Organization; Powers 74
SECTION 3.02 Authorization; Enforceability 74
SECTION 3.03 Governmental Approvals; No Conflicts 74
SECTION 3.04 Financial Condition; No Material Adverse Change 75
SECTION 3.05 Properties 75
SECTION 3.06 Litigation and Environmental Matters 76
SECTION 3.07 Compliance with Laws and Agreements 76
SECTION 3.08 Investment Company Status 76
SECTION 3.09 Taxes 76
SECTION 3.10 ERISA 76
SECTION 3.11 Disclosure 77
SECTION 3.12 Insurance 77
SECTION 3.13 Capitalization and Subsidiaries 77
SECTION 3.14 Security Interest in Collateral 78
SECTION 3.15 Federal Reserve Regulations 78
SECTION 3.16 No Burdensome Restrictions 78
SECTION 3.17 Anti-Corruption and Anti-Money Laundering Laws; and Sanctions 78
SECTION 3.18 Solvency 78
SECTION 3.19 Labor Matters 79
SECTION 3.20 EEA Financial Institutions 79
ARTICLE IV Conditions 79
SECTION 4.01 Effective Date 79

Table of Contents
(continued)
Page

SECTION 4.02 Each Credit Event 81
ARTICLE V Affirmative Covenants 81
SECTION 5.01 Financial Statements; Other Information 82
SECTION 5.02 Notices of Material Events 83
SECTION 5.03 Existence; Conduct of Business 84
SECTION 5.04 Payment of Obligations 84
SECTION 5.05 Maintenance of Properties; Insurance 84
SECTION 5.06 Books and Records; Inspection Rights 84
SECTION 5.07 Compliance with Laws 85
SECTION 5.08 Use of Proceeds and Letters of Credit 85
SECTION 5.09 Additional Collateral; Further Assurances 85
ARTICLE VI Negative Covenants 85
SECTION 6.01 Indebtedness 86
SECTION 6.02 Liens 87
SECTION 6.03 Fundamental Changes 89
SECTION 6.04 Investments, Loans, Advances, Guarantees and Acquisitions 89
SECTION 6.05 Swap Agreements 91
SECTION 6.06 Restricted Payments 91
SECTION 6.07 Transactions with Affiliates 92
SECTION 6.08 Restrictive Agreements 92
SECTION 6.09 Asset Sales 93
SECTION 6.10 Sale and Leaseback Transactions 94
SECTION 6.11 Financial Covenants 94
SECTION 6.12 Designation of Unrestricted Subsidiaries 95
SECTION 6.13 Fiscal Year 95
SECTION 6.14 Anti-Corruption Laws; and Sanctions 95
ARTICLE VII Events of Default 96
ARTICLE VIII The Administrative Agent 98
SECTION 8.01 Authorization and Action 99
SECTION 8.02 Administrative Agent’s Reliance, Indemnification, Etc 99

Table of Contents
(continued)
Page

SECTION 8.03 The Administrative Agent Individually 100
SECTION 8.04 Successor Administrative Agent 100
SECTION 8.05 Acknowledgements of Lenders and Issuing Banks 101
SECTION 8.06 Collateral Matters 103
SECTION 8.07 Credit Bidding 104
SECTION 8.08 Certain ERISA Matters 105
ARTICLE IX Miscellaneous 106
SECTION 9.01 Notices 106
SECTION 9.02 Waivers; Amendments 109
SECTION 9.03 Expenses; Indemnity; Damage Waiver 111
SECTION 9.04 Successors and Assigns 113
SECTION 9.05 Survival 117
SECTION 9.06 Counterparts; Integration; Effectiveness; Electronic Execution 117
SECTION 9.07 Severability 118
SECTION 9.08 Right of Setoff 118
SECTION 9.09 Governing Law; Jurisdiction; Consent to Service of Process 118
SECTION 9.10 WAIVER OF JURY TRIAL 119
SECTION 9.11 Headings 119
SECTION 9.12 Confidentiality 119
SECTION 9.13 Material Non-Public Information 120
SECTION 9.14 Interest Rate Limitation 121
SECTION 9.15 Several Obligations; Nonreliance; Violation of Law 121
SECTION 9.16 No Advisory or Fiduciary Responsibility 121
SECTION 9.17 Conversion of Currencies 122
SECTION 9.18 USA PATRIOT Act 122
SECTION 9.19 Acknowledgement and Consent to Bail-In of EEA Financial Institutions 122
SECTION 9.20 Acknowledgement Regarding Any Supported QFCs 123

SCHEDULES:
Schedule 1.01 ‒ Existing Letters of Credit 
Schedule 2.01 ‒ Commitments 
Schedule 2.13 -  Pricing Grid
Schedule 3.05 ‒ Real Property
Schedule 3.06 ‒ Disclosed Matters 
Schedule 3.12 ‒ Insurance
Schedule 3.13 ‒ Capitalization
Schedule 3.14 – UCC Filing Jurisdictions 
Schedule 6.01 ‒ Existing Indebtedness 
Schedule 6.02 ‒ Existing Liens
Schedule 6.04 ‒ Existing Investments 
Schedule 6.08 ‒ Existing Restrictions

EXHIBITS:
Exhibit A ‒ Form of Assignment and Assumption 
Exhibit B ‒ Form of Guaranty
Exhibit C-1 ‒ U.S. Tax Certificate (For Non-U.S. Lenders that are not Partnerships for U.S. Federal Income Tax Purposes)
Exhibit C-2 ‒ U.S. Tax Certificate (For Non-U.S. Lenders that are Partnerships for U.S. Federal Income Tax Purposes)
Exhibit C-3 ‒ U.S. Tax Certificate (For Non-U.S. Participants that are not Partnerships for U.S. Federal Income Tax Purposes)
Exhibit C-4 ‒ U.S. Tax Certificate (For Non-U.S. Participants that are Partnerships for U.S. Federal Income Tax Purposes)
Exhibit D – Form of Security Agreement

SECOND AMENDED AND RESTATED CREDIT AGREEMENT
This SECOND AMENDED AND RESTATED CREDIT AGREEMENT dated as of May 14, 2019 (this “Agreement”) is among GROUPON, INC., a Delaware corporation (the “Borrower”), each financial institution that from time to time becomes a party hereto as a lender (each a “Lender”) and JPMORGAN CHASE BANK, N.A. (in its individual capacity, “JPMorgan”), as administrative agent for the Lenders.
WHEREAS, the Borrower, various financial institutions and JPMorgan, as administrative agent, are parties to an Amended and Restated Credit Agreement dated as of June 29, 2016 (as amended, the “Existing Credit Agreement”);
WHEREAS, the parties hereto have agreed to amend and restate the Existing Credit Agreement pursuant to this Agreement; and
WHEREAS, the parties hereto intend that this Agreement and the documents executed in connection herewith not effect a novation of the obligations of the Borrower under the Existing Credit Agreement, but merely a restatement of and, where applicable, an amendment to the terms governing such obligations;
NOW, THEREFORE, in consideration of the mutual agreements contained herein and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows:
ARTICLE I.Definitions
SECTION i..  Defined Terms.  As used in this Agreement, the following terms have the meanings specified below:
“ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bear interest at a rate determined by reference to the Alternate Base Rate.
“Account” has the meaning assigned to such term in the Security Agreement.
“Accrued Merchant and Supplier Payables” means, for any period, the amount set forth on the consolidated balance sheet of the Borrower as “accrued merchant and supplier payables” determined on a consolidated basis in accordance with GAAP.
“Acquisition” means any transaction, or any series of related transactions, consummated on or after the Effective Date, by which the Borrower or any Restricted Subsidiary (a) acquires any going concern business or all or substantially all of the assets of any Person, 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 Equity Interests of a Person which has ordinary voting power for the election of directors or other similar management personnel of a Person (other than Equity Interests having such power only by reason of the happening of a contingency) or a majority of the outstanding Equity Interests of a Person.
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“Adjusted LIBO Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.
“Administrative Agent” means JPMorgan in its capacity as administrative agent for the Lenders hereunder.
“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.
“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.
“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.
“Agent Party” has the meaning assigned to it in Section 9.01(d).
“Agreement” has the meaning assigned to it in the Preamble.
“Agreement Currency” has the meaning assigned to it in Section 9.17(b).
“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1%, and (c) the Adjusted LIBO Rate for a one-month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that, the Adjusted LIBO Rate for any day shall be based on the LIBO Rate at approximately 11:00 a.m. London time on such day, subject to the interest rate floors set forth therein.  Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.14 hereof, then the Alternate Base Rate shall be the greater of clause (a) and (b) above and shall be determined without reference to clause (c) above.
“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.
“Applicable Creditor” has the meaning assigned to it in Section 9.17(b).
“Applicable Percentage” means, with respect to any Lender, the percentage of the total Commitments represented by such Lender’s Commitment; provided that in the case of Section 2.20 when a Defaulting Lender shall exist, “Applicable Percentage” shall mean the percentage of the total Commitments (disregarding any Defaulting Lender’s Commitment) represented by such Lender’s Commitment.  If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments and to any Lender’s status as a Defaulting Lender at the time of determination.
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“Applicable Rate” means, at any time, the then-applicable percentage per annum determined pursuant to Schedule 2.13.
“Approved Electronic Platform” has the meaning assigned to it in Section 9.01(d).
“Approved Fund” has the meaning assigned to it in Section 9.04(b).
“Asset Sale Prepayment Event” means any event described in Section 6.09(e)(i) or Section 6.09(h).
“Assignment and Assumption” means an assignment and assumption agreement entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent.
“Australian Bank Bill Swap Rate” means, with respect to any Australian Borrowing for any Interest Period, (a) a rate determined to be the arithmetical average buying rate (rounded upwards, if necessary, to the next higher 1/100 of 1%) displayed on the Australian Financial Markets Association BBSW Page (or, if such page is not available, such successor page or other source as the Administrative Agent may reasonably select) at or about 10:10 a.m. (Melbourne time) two Business Days before the first day of such Interest Period for a period equal to such Interest Period or (b) if the rate described in clause (a) cannot be determined, the arithmetical average of the rates of interest per annum (rounded upwards, if necessary, to the next higher 1/100 of 1%) of the buying rates for bills of exchange that have a term equivalent to such Interest Period and are accepted by a Lender as quoted to the Administrative Agent (in its individual capacity) at or about 10:10 a.m. (Melbourne time) two Business Days before the first day of such Interest Period. 
“Australian Borrowing” refers to a Borrowing denominated in Australian Dollars.
“Australian Dollars” and the symbol “A$” each means lawful currency of Australia.
“Australian Loan” means any Loan that bears interest at or by reference to the Australian Bank Bill Swap Rate.
“Available Currency” means Euros, British Pounds Sterling, Canadian Dollars, Australian Dollars, Yen and any other currency (other than Dollars) that is requested by the Borrower and approved in accordance with Section 1.09, and to the extent applicable, the Issuing Banks.
“Availability Period” means the period from and including the Effective Date to but excluding the earlier of the Maturity Date and the date of termination of the Commitments. 
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.
“Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom,  Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, 
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regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).
“Banking Services” means each and any of the following bank services provided to any Loan Party by any Lender or any of its Affiliates: (a) credit cards for commercial customers (including, without limitation, “commercial credit cards” and purchasing cards), (b) stored value cards, (c) merchant processing services, (d) treasury management services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, overdrafts and interstate depository network services) and (e) foreign currency exchange.
“Banking Services Obligations” means any and all obligations of the Loan Parties and their Subsidiaries, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor) in connection with Banking Services.
“Bankruptcy Event” means, with respect to any Person, when such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof,  unless such ownership interest results in or provides such Person with immunity from the jurisdiction of courts within the U.S. or from the enforcement of judgments or writs of attachment on its assets or permits such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.
“Beneficial Ownership Certification” means a certification regarding beneficial ownership or control as required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.
“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code to which Section 4975 of the Code applies, and (c) any Person whose assets include (for purposes of the Plan Asset Regulations or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.
“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.
“Board” means the Board of Governors of the Federal Reserve System of the U.S.
“Borrower” has the meaning assigned to it in the Preamble.
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“Borrowing” means (a) Revolving Loans in the same currency of the same Type, made, converted or continued on the same date and, in the case of Fixed Rate Loans, as to which a single Interest Period is in effect or (b) a Swingline Loan.
“Borrowing Request” means a request by the Borrower for a Revolving Borrowing in accordance with Section 2.03.
“British Pounds Sterling” means the lawful currency of the United Kingdom.
“Burdensome Restrictions” means any consensual encumbrance or restriction of the type described in clause (a) or (b) of Section 6.08.
“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed, and:
(a) if such day relates to any interest rate setting for a Eurocurrency Loan denominated in Dollars or British Pounds Sterling or any dealings in Dollars or British Pounds Sterling to be carried out pursuant to this Agreement, means a day on which dealings in Dollars or British Pounds Sterling, as applicable, are carried on in the London interbank market; 
(b) if such day relates to any interest rate setting for a Eurocurrency Loan denominated in Euro or any dealings in Euro to be carried out pursuant to this Agreement, means a TARGET Day; 
(c)   if such day relates to the making of a Loan denominated in Canadian Dollars, means a day on which commercial banks are open for business in Toronto, Ontario; 
(d)  if such day relates to the making of a Loan denominated in Australian Dollars, means a day on which commercial banks are open for business in Melbourne, Australia;
(e) if such day relates to an interest rate setting for a Loan denominated in a currency other than Dollars, Canadian Dollars, British Pounds Sterling or Euro, means any such day on which dealings in deposits in the relevant currency are conducted by and between banks in the London or other applicable offshore interbank market for such currency; and
(f) if such day relates to the making of a Loan denominated in a currency other than Dollars, Canadian Dollars, British Pounds Sterling or Euro (but not an interest rate setting), means any such day on which banks are open for foreign exchange business in the principal financial center of the country of such currency.
“Canadian Dollars” and the symbol “Cdn. $” each means lawful money of Canada.
“Canadian Prime” means, for any day, the rate determined by the Administrative Agent to be the higher of (i) the rate equal to the PRIMCAN Index rate that appears on the Bloomberg screen at 10:15 a.m. Toronto time on such day (or, in the event that the PRIMCAN Index is not published by Bloomberg, any other information services that publishes such index from time to time, as selected by the Administrative Agent in its reasonable discretion) and (ii) the average rate for 30 day Canadian Dollar bankers’ acceptances that appears on the Reuters Screen CDOR Page (or, in the event such rate does not appear on such page or screen, on any successor or substitute page or screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to 
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time, as selected by the Administrative Agent in its reasonable discretion) at 10:15 a.m. Toronto time on such day, plus 1.0% per annum; provided, that if any the above rates shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. Any change in the Canadian Prime Rate due to a change in the PRIMCAN Index or the CDOR Rate shall be effective from and including the effective date of such change in the PRIMCAN Index or CDOR Rate, respectively.
“Canadian Prime Rate” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bear interest at a rate determined by reference to Canadian Prime.
“Capital Expenditures” means, without duplication, any expenditure or commitment to expend money for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries prepared in accordance with GAAP.
 “Capped-Call Transactions” means one or more call options referencing the Borrower’s capital stock entered into in connection with the issuance by the Borrower of any convertible note, including but not limited to the Convertible Notes (or, in each case, any replacement thereof) with a strike or exercise price (howsoever defined) initially equal to the conversion or exchange price (howsoever defined) of such convertible notes (or replacements thereof),  and limiting the amount deliverable upon exercise thereof based on a cap or upper strike price (howsoever defined). 
“Casualty Prepayment Event” means any event described in Section 6.09(f).
“CDOR” means, with respect to any CDOR Rate Borrowing for any Interest Period, the Canadian deposit offered rate which, in turn means on any day the average rate for the relevant interest period for Canadian Dollar bankers’ acceptances that appears on the Reuters Screen CDOR Page (or, in the event such rate does not appear on such page or screen, on any successor or substitute page or screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time, as selected by the Administrative Agent in its reasonable discretion) at 10:15 a.m. Toronto time on such day and, if such day is not a Business Day, then on the immediately preceding Business Day (as adjusted by the Administrative Agent after 10:00 a.m. Toronto time to reflect any error in the posted rate of interest or in the posted average annual rate of interest); provided, that if CDOR shall be less than zero, CDOR shall be deemed to be zero for purposes of this Agreement.
“CDOR Rate” when used in reference to any Loan or Borrowing, refers to whether such Loan is, or the Loans comprising such Borrowing are, bearing interest at a rate determined by reference to CDOR.
“Change in Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof) other than the Permitted Holders, of Equity Interests representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding common stock; or (b) occupation of a majority of the seats (other than vacant seats) on the board of directors of the Borrower by Persons who were neither (i) nominated or approved by the board of directors of the Borrower nor (ii) appointed by directors so nominated or approved.
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“Change in Law” means the occurrence after the date of this Agreement (or, with respect to any Lender, such later date on which such Lender becomes a party to 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 or application thereof by any Governmental Authority or (c) compliance by any Lender or any Issuing Bank (or, for purposes of Section 2.15(b), by any lending office of such Lender or by such Lender’s or such Issuing Bank’s holding company, if any) with any request, guideline, requirement or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements or directives thereunder or issued in connection therewith or in the implementation thereof, and (y) all requests, rules, guidelines, requirements or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the U.S. or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, issued or implemented.
“Class” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans, New Term Loans or Swingline Loans.
“Collateral” means any and all property owned, leased or operated by any Loan Party, now existing or hereafter acquired, upon which a security interest or Lien in favor of the Administrative Agent, on behalf of itself and the Secured Parties, to secure the Secured Obligations is purported to be granted.
“Collateral Documents” means, collectively, the Security Agreement and any other agreement, instrument or document executed in connection with this Agreement that purports to grant a Lien to secure the payment of the Secured Obligations.
“Code” means the Internal Revenue Code of 1986, as amended.
“Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.09, (b) increased from time to time pursuant to Section 2.23 and (c) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04.  The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable.  The aggregate amount of the Lenders’ Commitments as of the First Amendment Effective Date is $225,000,000.
“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.).
“Communications” has the meaning assigned to it in Section 9.01(d).
“Computation Period” means, as at any date of determination, the most recently completed period of four consecutive fiscal quarters of the Borrower ending on or prior to such date of determination for which financial statements have been (or were required to be) delivered to the Administrative Agent pursuant to Section 5.01(a) or Section 5.01(b), as applicable; provided that for purposes of determining an amount of any item included EBITDA for purposes of calculating the 
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financial covenants set forth in Section 6.11(a), (b) and (e), (a) for the first fiscal quarter end date to occur after the Adjusted Suspension Period End Date (as defined below), EBITDA for the Computation Period then ending shall equal the EBITDA for such fiscal quarter multiplied by four; (b) for the second fiscal quarter end date to occur after the Adjusted Suspension Period End Date, EBITDA for the Computation Period then ending shall equal the sum of the EBITDA for such fiscal quarter plus the EBITDA of the prior fiscal quarter multiplied by two; and (c) for the third fiscal quarter end date to occur after the Adjusted Suspension Period End Date, EBITDA for the Computation Period then ending shall equal the sum of the EBITDA for such fiscal quarter plus the EBITDA of each of the prior two fiscal quarters multiplied by 4/3.  For purposes of this definition, (i) if the Suspension Period End Date is prior to June 30, 2021, the “Adjusted Suspension Period End Date” shall mean the Suspension Period End Date and (ii) if the Suspension Period End Date is on June 30, 2021, the “Adjusted Suspension Period End Date” shall mean June 29, 2021.
“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 Total Assets” means the consolidated total assets of the Borrower and its Subsidiaries (based upon and as of the date of delivery of the most recent consolidated financial statements of the Borrower furnished pursuant to Section 3.04(a) or Section 5.01(a) or Section 5.01(b), as applicable).
“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.
“Convertible Note Hedge Transactions” means one or more call options referencing the Borrower’s capital stock in connection with the issuance by the Borrower of any convertible note, including but not limited to the Convertible Notes (or, in each case, any replacement thereof) with a strike or exercise price (howsoever defined) initially equal to the conversion or exchange price (howsoever defined) of such convertible notes (or any replacements thereof).
“Convertible Notes” means the $250,000,000 Convertible Notes issued by the Borrower in 2016 and due 2022.
 “Covenant Holiday” has the meaning assigned to it in Section 6.11(b).
“Credit Party” means the Administrative Agent, any Issuing Bank, the Swingline Lender or any other Lender.
“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.
“Defaulting Lender” means any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has 
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made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a Loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of (i) a Bankruptcy Event or (ii) a Bail-In Action.
“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. 
“Disclosed Matters” means the actions, suits and proceedings and the environmental matters disclosed in Schedule 3.06.
“Dividing Person” has the meaning assigned to such term in the definition of “Division.”
“Division” means the division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two or more Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may not survive.
“Division Successor” means any Person that, upon the consummation of a Division of a Dividing Person, holds all or any portion of the assets, liabilities and/or obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person which retains any of its assets, liabilities and/or obligations after a Division shall be deemed a Division Successor upon the occurrence of such Division.
“Dollar Equivalent” means, at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount denominated in any Available Currency, the equivalent amount thereof in Dollars as determined by the Administrative Agent or the Issuing Bank, as the case may be, at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of Dollars with such Available Currency.
“Dollars” or “$” refers to lawful money of the U.S.
“Domestic Foreign Holding Company” means, as to any Person, any Domestic Subsidiary of such Person that has no material assets other than the equity or intercompany debt of one or more Foreign Subsidiaries.
“Domestic Subsidiary” means a Subsidiary that is not a Foreign Subsidiary.
“EBITDA” means, for any period, Net Income for such period plus (a) without duplication and to the extent deducted in determining Net Income for such period, the sum of (i) Interest Expense for such period, (ii) income tax expense for such period, (iii) all amounts attributable to depreciation and 
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amortization expense for such period, (iv) any extraordinary non-cash charges for such period, (v) any other non-cash charges or items (to the extent that any such non-cash charges represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA in such future period to such extent) as determined in accordance with GAAP for such period, (vi) unusual, non-recurring or restructuring charges and expenses for losses that are covered by insurance or indemnification, (vii) other restructuring charges and expenses, including non-recurring severance, restructuring, integration or similar charges incurred during the applicable period in respect of restructurings, plant closings, headcount reductions or other similar actions, including relocation costs, business process optimizations, integration costs, signing costs, retention or completion bonuses, employee replacement costs, transition costs, costs related to opening, closure and/or consolidation of facilities, and severance charges in respect of employee terminations, (viii) “run rate” cost savings, operating expense reductions, operational improvements and synergies from Permitted Acquisitions (including Subject Acquisitions) and from any restructuring, cost saving or similar initiative (net of actual amounts realized) reasonably identifiable and factually supportable (in the good faith determination of the Borrower and subject to certification by a Responsible Officer of the Borrower), in each case to the extent the Borrower in good faith reasonably expects to realize such “run rate” cost savings, operating expense reductions or operational improvements within 18 months of such event, (ix) transaction costs or expenses in connection with Permitted Acquisitions, dispositions, Permitted Investments, the incurrence of Indebtedness or the issuance of Equity Interests (in each case whether or not consummated), (x) stock compensation expense and non-cash equity linked expense, (xi) foreign exchange losses (provided that the amount of addbacks in clause (vi), (vii) and (viii) above (A) shall, during the entirety of the Suspension Period, be limited to cash restructuring charges not to exceed $60,000,000 in the aggregate and (B) after the Suspension Period End Date, shall not exceed the greater of (x) $60,000,000 and (y) 20% of EBITDA in the aggregate in any Computation Period (prior to giving effect to such adjustments) and minus (b) without duplication and to the extent included in Net Income, (i) [reserved], (ii) any extraordinary gains and any non-cash items of income for such period (to the extent that any such non-cash gains represent the reversal of an accrual or reserve for potential cash items in any future period, the cash disbursement or expense in respect thereof in such future period shall be added to Consolidated EBITDA in such future period to such extent) and (iii) foreign exchange gains, all calculated for the Borrower and its Restricted Subsidiaries on a consolidated basis in a manner consistent with the Borrower’s financial statements filed with the SEC. 
“EBITDAR” means, for any period, the sum of (a) EBITDA for such period plus (b) rental expense for such period.
“ECP” means an “eligible contract participant” as defined in Section 1(a)(18) of the Commodity Exchange Act or any regulations promulgated thereunder and the applicable rules issued by the Commodity Futures Trading Commission and/or the SEC.
“EEA Financial Institution” means (a) any institution 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 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.
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“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02).
“Effective Time” has the meaning assigned to such term in Section 4.01.
“Electronic Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record.
“Electronic System” means any electronic system, including e-mail, e-fax, web portal access for the Borrower and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent and/or any Issuing Bank and any of its respective Related Parties or any other Person, providing for access to data protected by passcodes or other security system.
“EMU Legislation” means the legislative measures of the European Council for the introduction of, changeover to or operation of a single or unified European currency.
“Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management, release or threatened release of any Hazardous Material or to health and safety matters.
“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.
“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest.
“ERISA” means the Employee Retirement Income Security Act of 1974.
“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.
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“ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(e) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition upon the Borrower or any of its ERISA Affiliates of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.
“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.
“Euro” means lawful currency of the Participating Member States introduced in accordance with the EMU Legislation.
“Eurocurrency”, when used in reference to any Loan or Borrowing, refers to whether such Loan is, or the Loans comprising such Borrowing are, bearing interest at a rate determined by reference to the Adjusted LIBO Rate.
“Eurodollar” when used in reference to any Loan or Borrowing, refers to a Eurocurrency Loan or a Borrowing denominated in Dollars.
“Event of Default” has the meaning assigned to such term in Article VII.
“Excess Liquidity” shall mean Liquidity in excess of the amount necessary to comply with Section 6.11(d).
“Exchange Act” means the Securities Exchange Act of 1934, and any successor statute. 
“Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an ECP at the time the Guarantee of such Guarantor or the grant of such security interest becomes or would become effective with respect to such Swap Obligation.  If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal.
“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 
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by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. Federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan, Letter of Credit or Commitment pursuant to a law in effect on (i) the date on which such Lender acquires such interest in the Loan, Letter of Credit or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.19(b)), (ii) the Effective Date or (iii) the date on which such Lender changes its lending office, except in the case of clauses (i) and (iii) to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan, Letter of Credit or Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.17(f) and (d) any Taxes imposed under FATCA.
“Existing Credit Agreement” has the meaning assigned to it in the Recitals.
“Existing Letters of Credit” means the letters of credit listed on Schedule 1.01.
“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code and any law or official agreement implementing an official governmental agreement with respect thereto.
“Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions (as determined in such manner as  the NYFRB shall set forth on its public website from time to time) and published on the next succeeding Business Day by the NYFRB as the federal funds effective rate, provided that, if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.
“Finance Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement, subject to Section 1.04(b) herein 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 or finance 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.
“Financial Officer” means the chief financial officer, principal accounting officer, treasurer, assistant treasurer or controller of the Borrower.
“First Amendment” means the First Amendment to this Agreement, dated as of July 17, 2020, by and among the Borrower, Groupon Goods, Inc., the New Loan Parties (as defined therein), the Lenders party thereto and the Administrative Agent.
“First Amendment Effective Date” means July 17, 2020.
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“Fixed Charges” means, for any period, without duplication, cash Interest Expense, plus rent expense, plus scheduled principal payments actually made on any New Term Loans, all calculated for the Borrower and its Restricted Subsidiaries on a consolidated basis in accordance with GAAP.
“Fixed Charge Coverage Ratio” means, for any period, the ratio of (a) EBITDAR minus Capital Expenditures (including capitalized software costs) paid in cash for such period minus income tax expense for such period, to (b) Fixed Charges, all calculated for the Borrower and its Restricted Subsidiaries on a consolidated basis in accordance with GAAP. 
“Fixed Rate Loan” means a Eurocurrency Loan, a CDOR Rate Loan or an Australian Loan.
“Fixed Rate Spread” means, as applicable to any Loan, the LIBO Rate, CDOR or the Australian Bank Bill Swap Rate.
“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 each Subsidiary that is (i) organized under the laws of any jurisdiction other than the United States or any state thereof or the District of Columbia (or, for the avoidance of doubt, organized in or under the laws of any U.S. possession or territory) or (ii) a Domestic Foreign Holding Company. 
“Funded Indebtedness” means, at any date, the aggregate principal amount of all Indebtedness (excluding earn-out obligations that are not yet due and payable (or are not reasonably expected to become due and payable within 12 months of such date of determination)).
“Funded Indebtedness to EBITDA Ratio” means, at any date, the ratio of (a) Funded Indebtedness for such date to (b) EBITDA for the Computation Period ended on or most recently prior to such date.
“GAAP” means generally accepted accounting principles in the U.S. subject to the terms of Section 1.04.
“Governmental Authority” means the government of the U.S., any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.
“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of 
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credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business.
“Guarantor” means each Restricted Subsidiary of the Borrower that has executed a counterpart to the Guaranty. 
“Guaranty” means that certain Second Amended and Restated Guaranty (including any and all supplements, amendments or other modifications thereto), dated as of the date hereof, executed by certain Restricted Subsidiaries of the Borrower in favor of the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, substantially in the form attached as Exhibit B. 
“Hazardous Materials”  means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.
“Impacted Interest Period” has the meaning assigned to it in the definition of “LIBO Rate”.
“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services, including any earn-out obligations that are due and payable (or are reasonably expected to become due and payable within 12 months of such date of determination) (excluding current accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Finance Lease Obligations of such Person, (i) all Swap Agreement Obligations of such Person to the extent of net payment obligations of such Person in respect of such Swap Agreement Obligations, valued at an amount, if any, that would be payable by such Person or any of its Subsidiaries to its counterparty under the applicable Swap Agreement in accordance with its terms as if such Swap Agreement was being terminated early on the applicable date of determination, (j) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit or bank guarantees and (k) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances.  The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. Notwithstanding anything in this Agreement to the contrary, for purposes of calculating the financial covenants hereunder, the amount of the “Indebtedness” attributable to the  Convertible Notes shall be deemed to be the actual principal amount outstanding with respect thereto. For purposes of calculating any Indebtedness of any Person hereunder on any date of determination, the “principal amount” of the obligations of the Borrower or any Restricted Subsidiary in respect of any Swap Agreement or cash pooling arrangement on such date shall be the maximum aggregate amount (after giving effect to any netting agreements or similar arrangements) that the Borrower or such 
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Restricted Subsidiary would be required to pay if such Swap Agreement or pooling arrangement, as applicable, were terminated on 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 Loan Party under any Loan Document and (b) to the extent not otherwise described in clause (a) hereof, Other Taxes.
“Ineligible Institution” has the meaning assigned to it in Section 9.04(b).
“Information Memorandum” means the Confidential Information Memorandum dated April, 2019 relating to the Borrower and the Transactions.
“Interest Election Request” means a request by the Borrower to convert or continue a Revolving Borrowing in accordance with Section 2.08.
“Interest Expense” means, with reference to any period, total interest expense (including that attributable to Finance Lease Obligations) of the Borrower and its Restricted Subsidiaries for such period with respect to all outstanding Indebtedness of the Borrower and its Restricted Subsidiaries (including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptances and net costs under Swap Agreements in respect of interest rates, to the extent such net costs are treated as interest expense for such period in accordance with GAAP), calculated for the Borrower and its Restricted Subsidiaries on a consolidated basis for such period in accordance with GAAP.
“Interest Payment Date” means (a) with respect to any ABR Loan (other than a Swingline Loan) and Canadian Prime Rate Loan, the last day of each March, June, September and December, (b) with respect to any Fixed Rate Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Fixed Rate Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period and (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid.
“Interest Period” means with respect to any Fixed Rate Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one week, one, two, three or six months (or, with the consent of each Lender, twelve months) thereafter, as the Borrower may elect; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period pertaining to a Fixed Rate Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period.  For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.
“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBO Screen Rate (for the longest period for 
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which the LIBO Screen Rate is available) that is shorter than the Impacted Interest Period; and (b) the LIBO Screen Rate for the shortest period (for which that Screen Rate is available) that exceeds the Impacted Interest Period, in each case, at such time.
“Investments” means an advance, loan, extension of credit (by way of guaranty or otherwise, but excluding trade debt incurred in the ordinary course of business) or capital contribution to, or purchase any Equity Interests, bonds, notes, loans, debentures or other debt securities of, or any assets constituting a business unit of, or any other similar investment in, any Person. For purposes of valuing any Investment hereunder, such Investment shall be valued at the initial amount thereof, without giving effect to any write-downs or write-offs thereof or any revaluation for currency fluctuations after the date any such Investment is made, but giving effect to any net reduction in such Investment resulting from any repurchase, repayment or redemption of such Investment, proceeds realized on the sale of such Investment and amounts received representing any dividend, any return of capital or principal or other cash returns on investment.
“IRS” means the United States Internal Revenue Service.
“Issuing Bank” means (a) JPMorgan, (b) Bank of the West, (c) Morgan Stanley Senior Funding, Inc., (d) any other Lender that, with the written consent of the Borrower and the Administrative Agent, has agreed to be the issuer of one or more Letters of Credit, and (e) their respective successors in such capacity as provided in Section 2.06(i).  Any Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate.
“Issuing Bank Sublimit” means, as of the Effective Date, with respect to any Issuing Bank, (i) $15,000,000, in the case of each of JPMorgan, Bank of the West and Morgan Stanley Senior Funding, Inc. and (ii) such amount as shall be designated to the Administrative Agent and the Borrower in writing by such Issuing Bank; provided that any Issuing Bank shall be permitted at any time to increase or reduce its Issuing Bank Sublimit upon providing five days’ prior written notice thereof to the Administrative Agent and the Borrower so long as, after giving effect to any increase, the aggregate Issuing Bank Sublimit does not exceed the Letter of Credit Sublimit; provided, further that any decrease in the Issuing Bank Sublimit of any Issuing Bank to an amount less than such Issuing Bank’s Issuing Bank Sublimit as of the Effective Date (or such later date as such Person shall have initially become an Issuing Bank hereunder), shall require the prior written consent of the Borrower, the Administrative Agent and such Issuing Bank.
“JPMorgan” has the meaning assigned to it in the Preamble.
“Judgment Currency” has the meaning assigned to it in Section 9.17(b).
“LC Disbursement” means a payment made by the applicable Issuing Bank pursuant to a Letter of Credit.
“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the aggregate Dollar Equivalent amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time.  The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time.
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“Lender Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.
“Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to Section 2.23 or an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.  Unless the context otherwise requires, the term “Lenders” includes the Swingline Lender and the Issuing Banks.
“Letter of Credit” has the meaning assigned to it in Section 2.06(a).
“Letter of Credit Sublimit” means $75,000,000.
“LIBO Rate” means, (a) with respect to any Eurocurrency Loan in a currency other than Euros for any Interest Period or for any ABR Borrowing, the LIBO Screen Rate at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period and (b) with respect to any Eurocurrency Borrowing in Euros and for any Interest Period, the LIBO Screen Rate at approximately 11:00 a.m., Brussels time two TARGET Days prior to the commencement of such Interest Period; provided that, if the LIBO Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”), then the LIBO Rate shall be the Interpolated Rate, subject to Section 2.14 in the event that the Administrative Agent shall conclude that it shall not be possible to determine such Interpolated Rate (which conclusion shall be conclusive and binding absent manifest error). 
“LIBO Screen Rate” means, for any day and time, (a) with respect to any Eurocurrency Borrowing in any currency other than Euros for any Interest Period or for any ABR Borrowing, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for Dollars) for a period equal in length to such Interest Period as displayed on such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion) and (b) with respect to any Eurocurrency Borrowing in Euros and for any Interest Period, the euro interbank offered rate administered by the European Money Markets Institute (or any other Person which takes over the administration of that rate) for the relevant period displayed (before any correction, recalculation or republication by the administrator) on page EURIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters (or, if such page or service ceases to be available, the Administrative Agent may specify another page or service displaying the relevant rate after consultation with the Borrower); provided that, in each case, if the LIBO Screen Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.
“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities.
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“Liquidity” means at any time (i) Unrestricted Cash plus (ii) the amount by which the total Commitments exceed the Revolving Credit Exposure; provided the amount creditable under clause (ii) hereof shall be subject to pro forma compliance with Section 6.11(b) (which pro forma calculation under Section 6.11(b) shall add as Indebtedness only the amount required to be credited under clause (ii) hereof in the calculation thereof).
“Loan Documents” means this Agreement, including without limitation, schedules and exhibits hereto) and any agreements entered into in connection therewith by the Borrower or any Loan Party with or in favor of the Administrative Agent and/or the Lenders, including any promissory note, the Guaranty, the Collateral Documents and amendments, modifications or supplements thereto or waivers thereof.
“Loan Parties” means the Borrower and each Guarantor.
“Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement.
“Material Adverse Effect” means a material adverse effect on (a) the business, assets, property or condition (financial or otherwise) of the Borrower and its Restricted Subsidiaries, taken as a whole, (b) the ability of any Loan Party to perform any of its payment or other material obligations under this Agreement or any other Loan Documents to which it is a party, (c) the Collateral, or the Administrative Agent’s Liens (on behalf of itself and the other Secured Parties) on the Collateral or the priority of such Liens, or (d) the rights of or benefits available to the Administrative Agent, the Issuing Banks or the Lenders under the Loan Documents; provided that, solely with respect to any representation and warranty required to be made (x) under Section 4.02(a) in respect of the representation and warranty set forth in Section 3.04(b) in connection with any Borrowing and any issuance, amendment, renewal or extension of a Letter of Credit or (y) under Section 4(a) of the First Amendment in respect of the representation and warranty set forth in Section 3.04(b), during the Suspension Period, events and circumstances related to, resulting from, or in connection with, the COVID-19 pandemic that are reasonably foreseeable based upon either (x) any written disclosure that has been provided by the Borrower to the Lenders on or prior to the First Amendment Effective Date (including, without limitation, the Lender Presentation, dated as of July 1, 2020, and the other projections, models and related assumptions posted to electronic data sites by the Administrative Agent in connection with the transactions contemplated by the First Amendment) or (y) disclosure set forth in the Borrower’s periodic and current reports and other filings made with the SEC on or prior to the First Amendment Effective Date, shall not constitute, result in or otherwise be deemed to have, a Material Adverse Effect.
“Material Indebtedness” means Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or more Swap Agreements, of any one or more of the Borrower and its Restricted Subsidiaries in an aggregate principal amount exceeding $50,000,000.  
“Material Subsidiary” means (a) a Domestic Subsidiary of the Borrower that has total assets in excess of 10.0% of consolidated total assets of the Borrower and its Domestic Subsidiaries or contributed greater than 10.0% of the consolidated revenue of the Borrower and its Domestic Subsidiaries (based upon and as of the date of delivery of the most recent consolidated financial statements of the Borrower furnished pursuant to Section 3.04(a) or Section 5.01(a) or Section 5.01(b), as applicable); or (b) any Domestic Subsidiary that directly owns Equity Interests in any other Material Subsidiary; provided that the total assets or consolidated revenue of all the Domestic Subsidiaries that are not Material Subsidiaries shall not exceed 10% of the consolidated total assets or consolidated 
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revenue, as the case may be, of the Borrower and its Domestic Subsidiaries (tested as of the last day of the Computation Period most recently ended prior to the date of delivery of the most recent consolidated financial statements of the Borrower furnished pursuant to Section 3.04(a) or Section 5.01(a) or Section 5.01(b), as applicable). 
“Maturity Date” means the earlier of (a)  May 14, 2024 and (b) 91 days prior to the scheduled maturity date of the Convertible Notes unless with respect to clause (b):
(i) prior to the date required in clause (b) of this definition, the Convertible Notes are redeemed in full or refinanced in full with indebtedness permitted under Section 6.01 with a scheduled maturity date not earlier than 91 days after the Maturity Date in clause (a) or 
(ii) the Borrower maintains until redemption in full (in each case tested as of the last day of each calendar month) (x) Excess Liquidity in amount sufficient to effect a redemption in full of the Convertible Notes and (y) Unrestricted Cash in an amount such that, after giving effect to a redemption in full of the Convertible Notes, the Borrower would have Unrestricted Cash in excess of $250,000,000.
“Moody’s” means Moody’s Investors Service, Inc.
“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.
“Net Income” means, for any period, the consolidated net income (or loss) determined for the Borrower and its Restricted Subsidiaries, on a consolidated basis in accordance with GAAP; provided that there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary or is merged into or consolidated with the Borrower or any of its Restricted Subsidiaries, and (b) the income (or deficit) of any Person (other than a Restricted Subsidiary) in which the Borrower or any of its Restricted Subsidiaries has an ownership interest, except to the extent that any such income is actually received by the Borrower or such Restricted Subsidiary in the form of dividends or similar distributions.
“Net Proceeds” means, with respect to any Asset Sale Prepayment Event or Casualty Prepayment Event, (a) the gross cash proceeds received in respect of such event (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or earn-out obligations, if applicable, but excluding any interest payments), and with respect to any Casualty Prepayment Event, any cash insurance proceeds, eminent domain awards or condemnation awards in respect of such event, but only as and when received, minus (b) the sum of (i) all reasonable fees and out-of-pocket expenses (including attorney’s fees, investment banking fees, survey costs, title insurance premiums and search and recording charges, transfer taxes, deed or mortgage recording taxes and other customary expenses and brokerage, consultant and other customary fees or commissions) paid to third parties (other than Affiliates) in connection with such Prepayment Event, (ii) the amount of all payments (including principal, premium, penalty, interest or other amounts) required to be made as a result of such event to repay any Indebtedness (other than the Loans) secured by a Lien on such asset or otherwise subject to mandatory prepayment or redemption as a result of such event, (iii) (A) the amount of all taxes paid (or reasonably estimated to be payable) (including withholding taxes imposed on the repatriation of any such Net Proceeds) and (B) the amount of any reserves established in accordance with GAAP against any liabilities (other than any amounts deducted pursuant to clause (A) above) (x) associated with the assets that are the subject of such Prepayment Event and (y) retained by the Borrower or any of the Restricted Subsidiaries, including any 
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pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction; provided that the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Proceeds of such Prepayment Event occurring on the date of such reduction; and (iv) in the case of any Asset Sale Prepayment Event or Casualty Prepayment Event by any non-Wholly Owned Restricted Subsidiary, the pro rata portion of the net cash proceeds thereof (calculated without regard to this clause (iv)) attributable to minority interests and not available for distribution to or for the account of the Borrower or a Wholly Owned Restricted Subsidiary as a result thereof and (v) any amounts funded into escrow established pursuant to the documents evidencing any such Asset Sale Prepayment Event to secure any indemnification obligations or adjustments to the purchase price associated with any such Asset Sale Prepayment Event until such amounts are released to the Borrower or a Restricted Subsidiary).
“New Term Facility” has the meaning assigned to such term in Section 2.24. 
“New Term Loan” has the meaning assigned to such term in Section 2.24.
“Non-Consenting Lender” has the meaning assigned to such term in Section 9.02(d).
“Non-Dollar LC” means a Letter of Credit issued in an Available Currency.
“NYFRB” means the Federal Reserve Bank of New York.
“NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received to the Administrative Agent from a Federal funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all LC Exposure, all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations and indebtedness (including interest and fees accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), obligations and liabilities of any of the Borrower and its Restricted Subsidiaries to any of the Lenders, the Administrative Agent, any Issuing Bank or any indemnified party, individually or collectively, existing on the Effective Date or arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, arising or incurred under this Agreement or any of the other Loan Documents or in respect of any of the Loans made or reimbursement or other obligations incurred or any of the Letters of Credit or other instruments at any time evidencing any thereof.
“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 Taxes (other than connections arising primarily from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest 
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under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan, Letter of Credit  or Loan Document).
“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19).
“Overnight Bank Funding Rate” means, for any day, (a) with respect to any amount denominated in Dollars, the rate comprised of both overnight federal funds and overnight Eurodollar borrowings by U.S.-managed banking offices of depository institutions (as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time) and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after such date as the NYFRB shall commence to publish such composite rate), (b) with respect to any amount denominated in Australian Dollars, the Australian Bank Bill Swap Rate for an Interest Period of one month, and (c) with respect to any amount denominated in any other currency, the rate of interest per annum at which overnight deposits in such currency, in an amount approximately equal to the amount with respect to which such rate is being determined, would be offered for such day by the Administrative Agent or the applicable Issuing Lender (whichever is to be the recipient of the amount on which interest is being paid) in the applicable interbank market for such currency to major banks in such interbank market.  The Overnight Bank Funding Rate for any day that is not a Business Day shall be the Overnight Bank Funding Rate for the preceding Business Day
“Participant” has the meaning assigned to such term in Section 9.04(c).
“Participant Register” has the meaning assigned to such term in Section 9.04(c).
“Participating Member State” means each state so described in any EMU Legislation.
“Parties” means the Borrower or any of its Affiliates.
“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.
“Permitted Acquisition” means any Acquisition by the Borrower or any Restricted Subsidiary in a transaction that satisfies each of the following requirements:
(a) the proposed Acquisition is not effected through a tender offer or similar solicitation that has not been approved prior to such acquisition by the board of directors (or similar governing body) of the Acquisition target;
(b) the business acquired in connection with such Acquisition is engaged in any line of business in which the Loan Parties are engaged on the Effective Date or any business activities or having personnel that are similar, related (to be construed broadly to include all forms of e-commerce, customer relationship management and technologies that complement these businesses), or otherwise complementary thereto;
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(c) both before and after giving effect to such Acquisition and the Loans (if any) requested to be made in connection therewith, each of the representations and warranties in the Loan Documents is true and correct in all material respects (except (i) any such representation or warranty which relates to a specified prior date, in which case such representation or warranty shall be true and correct in all material respects as of such prior date and (ii) that any representation or warranty which is already qualified as to materiality or by reference to Material Adverse Effect shall be true and correct in all respects) and no Default exists, will exist, or would result therefrom;
(d) if the Purchase Price for an Acquisition is $100,000,000 or more, not less than five Business Days prior to such Acquisition, or such shorter period as the Administrative Agent may consent to, the Borrower has provided the Administrative Agent (i) notice of such Acquisition and (ii) to the extent available, the Acquisition target’s historical financial statements;
(e) if such Acquisition is structured as a merger, then (i) if the Borrower is involved in such merger, the Borrower shall be the surviving entity; and (ii) if any other Loan Party is involved in such merger (and the foregoing clause (i) does not apply), a Loan Party shall be the surviving entity or the surviving entity shall, in connection with such merger, execute a counterpart to the Guaranty;
(f) except with respect to any individual Acquisition in which the Purchase Price is less than $125,000,000, the Borrower shall have delivered to the Administrative Agent, (i) at least 10 Business Days prior to such Acquisition, or such shorter period as the Administrative Agent may consent to, a notice of such Acquisition and (ii) at least two Business Days prior to such Acquisition (or such later date as the Administrative Agent may agree), a certificate of a Financial Officer of the Borrower demonstrating, to the satisfaction of the Administrative Agent, pro forma compliance with Section 6.11, both before and after (in each case looking back four complete fiscal quarters) giving effect to such Acquisition and giving effect to any Covenant Holiday then in effect or elected by the Borrower in connection with such Acquisition; and
(g) the Borrower shall be in compliance in all material respects with Section 5.09.
“Permitted Encumbrances” means:
(a) Liens imposed by law for Taxes that are not yet due or are being contested in compliance with Section 5.04;
(b) other statutory Liens, including Liens of carriers, warehousemen, mechanics, materialmen, repairmen, workmen, suppliers and construction and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or are being contested in compliance with Section 5.04;
(c) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations;
(d) deposits to secure the performance of bids, trade contracts, government contracts, leases, statutory or regulatory obligations, surety and appeal bonds, performance and return of money bonds, utility payments and other obligations of a like nature, in each case in the ordinary course of business;
(e) judgment liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VII;
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(f) easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially adversely affect the use of such property for its present purposes; 
(g)  Liens solely on cash earnest money deposits, escrow arrangements or similar arrangements made by the Borrower or any Restricted Subsidiary in connection with any letter of intent or purchase agreement for any acquisition or other transaction permitted hereunder;
(h) any interest or title of a lessor under any lease entered into by the Borrower or any Restricted Subsidiary in the ordinary course of its business and covering only the assets so leased; 
(i) Liens with respect to leases, licenses, sublicenses or subleases granted to others that do not interfere in any material respect with the businesses of the Borrower or any of its Restricted Subsidiaries; and 
(j) Liens arising from precautionary UCC financing statement filings regarding operating leases permitted hereunder; 
provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness.
“Permitted Holders” means (i) Eric Lefkofsky, (ii) his spouse, (iii) any descendants of Eric Lefkofsky and (iv) any estate, trust, legal guardianship, custodianship, partnership, corporation, company, limited liability company, unincorporated association or other estate planning vehicle controlled by or of which substantially all of the beneficiaries are any of the foregoing or controlled by any of the foregoing. 
“Permitted Investments” means:
(a) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the U.S. (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the U.S.), Canada, Japan or any member of the European Union or any other government approved by the Administrative Agent (such approval not to be unreasonably withheld), in each case maturing within one year from the date of acquisition thereof;
(b) Investments in commercial paper maturing within 270 days from the date of acquisition thereof and having, at such date of acquisition, the highest credit rating obtainable from S&P or from Moody’s;
(c) Investments in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any office of any commercial bank organized under the laws of the U.S. or any State thereof or other jurisdictions approved by the Administrative Agent which has a combined capital and surplus and undivided profits of not less than $500,000,000;
(d) fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; and
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(e) money market funds that (i) comply with the criteria set forth in Securities and Exchange Commission Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000.
“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.
“Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.
“Plan Asset Regulations” means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA.
“Pledged Stock” means the shares of capital stock and other Equity Interests owned by any Loan Party and listed on Exhibit E of the Security Agreement and any other Equity Interests obtained in the future by such Loan Party that are required to be pledged pursuant to Section 5.09 and the certificates representing all such Equity Interests.
“Prepayment Event” means either an Asset Sale Prepayment Event or a Casualty Prepayment Event, as applicable.
“Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.
“Projections” has the meaning assigned to such term in Section 5.01(e).
“Purchase Price” means the total consideration and other amounts payable in connection with any Permitted Acquisition, including, without limitation, any portion of the consideration payable in cash (net of any cash and cash equivalents acquired and retained by the Borrower or a Subsidiary in connection with such Permitted Acquisition) and all Indebtedness incurred or assumed in connection with such Permitted Acquisition.
“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).
“Qualifying Bank” means a financial institution that is recognized as a bank by the banking laws in force in its country of incorporation and that exercises in such jurisdiction as its main purpose a true banking activity, having bank personnel, premises, communications devices of its own and the authority of decision-making in accordance with the explanatory notes of the Swiss Federal Tax Administration No. S-02.128 (1.2000), S-02.122.1 (4.1999) and S-02.123 (9.1986).
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“Recipient” means (a) the Administrative Agent, (b) any Lender and (c) any Issuing Bank, as applicable.
“Register” has the meaning assigned to such term in Section 9.04(b).
 “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, partners, members, trustees, managers, employees, agents, representatives and advisors of such Person and such Person’s Affiliates.
“Report” means reports prepared by the Administrative Agent or another Person showing the results of appraisals, field examinations or audits pertaining to the Borrower’s assets from information furnished by or on behalf of the Borrower, after the Administrative Agent has exercised its rights of inspection pursuant to this Agreement, which Reports may be distributed to the Lenders by the Administrative Agent.
“Required Lenders” means, at any time, Lenders having Revolving Credit Exposures and unused Commitments and, if applicable, New Term Loans representing more than 50% of the sum of the total Revolving Credit Exposures and unused Commitments and, if applicable, New Term Loans at such time; provided that for the purpose of determining the Required Lenders needed for any waiver, amendment, modification or consent, any Lender that is a Defaulting Lender shall be disregarded.
“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.
“Responsible Officer” means the President, a Vice President, Secretary, Assistant Secretary or a Financial Officer of the Borrower.
“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in the Borrower or any Restricted Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests in the Borrower or any option, warrant or other right to acquire any such Equity Interests in the Borrower.
“Restricted Subsidiary” means any Subsidiary other than an Unrestricted Subsidiary.
“Revaluation Date” means:
(a) for purposes of determining whether there is availability for the Borrower to request, continue or convert any Loan, the date such Loan is to be made, continued or converted;
(b) for purposes of determining whether there is availability for the Borrower to request, extend or increase the face amount of any Letter of Credit, the date such Letter of Credit is to be issued, extended or increased;
(c) for purposes of determining (i) the amount of the unused portion of the Commitment under Section 2.12(a), and (ii) the letter of credit fee and the fronting fee under Section 2.12(b), each of (v) the date of an issuance, extension, expiration, termination or change in the face amount of a Non-Dollar LC, (w) the date of any payment by the Issuing Bank in respect of a drawing under a Non-Dollar 
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LC, (x) the last Business Day of each calendar month, (y) each day on which the Commitment is reduced and (z) the Maturity Date;
(d) for purposes of determining the amount of cash collateral required by any Person under this Agreement, each of (i) the date of the deposit of such cash collateral, (ii) the date of an extension, expiration, termination or change in the face amount of a Non-Dollar LC, (iii) the date of any payment by the Issuing Bank in respect of a drawing under a Non-Dollar LC, (iv) the last day of each calendar month and (v) any other date specified by the applicable Issuing Bank; and
(e) for purposes of determining the Revolving Credit Exposure under Section 2.26, the last Business Day of any calendar month or any other Business Day specified by the Administrative Agent or the Required Lenders.
“Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Revolving Loans and its LC Exposure and Swingline Exposure at such time.
“Revolving Loan” means a Loan made pursuant to Section 2.03.
“S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business.
“Sale and Leaseback Transaction” has the meaning assigned to such term in Section 6.10.
“Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the time of this Agreement, Crimea, Cuba, Iran, North Korea and Syria).
“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations Security Council, the European Union or any EU member state, Her Majesty’s Treasury of the United Kingdom 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.
“Sanctions” means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom, the Swiss State Secretariat for Economic Affairs (“SECO”) or other relevant sanctions authority.
“SEC” means the Securities and Exchange Commission of the United States of America.
“Second Lien Indebtedness” means Indebtedness that (a) has no scheduled payments of principal prior to the date that is 91 days after the scheduled Maturity Date, other than customary prepayments, repurchases, redemptions, defeasances, acquisitions or satisfactions and discharges, or offers to prepay, reduce, redeem, repurchase, defease, acquire or satisfy and discharge, in each case upon, a change of control, asset sale event or casualty, eminent domain or condemnation event, or on 
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account of the accumulation of excess cash flow and customary acceleration rights upon an event of default, (b) is not secured by any assets not constituting Collateral, (c) the Liens on such assets shall have a priority ranking that is expressly junior to the Liens securing the Secured Obligations, which Lien subordination shall be reflected in a customary intercreditor agreement in form and substance reasonably acceptable to the Borrower and the Administrative Agent, (d) is not guaranteed by any subsidiaries of the Borrower that do not guarantee the Secured Obligations and (e) except for any of the following that are applicable only to periods following the Maturity Date, the covenants, events of default, and other terms for such Indebtedness (excluding, for the avoidance of doubt, interest rates (including through fixed interest rates), interest rate margins, rate floors, fees, subject to clause (a) above, maturity, funding discounts, original issue discounts, currency denomination and optional redemption or prepayment terms and premiums), when taken as a whole, are either (A) reasonably satisfactory to the Administrative Agent or (B) not materially more restrictive on the Borrower and its Restricted Subsidiaries than the terms of this Agreement, when taken as a whole.
“Secured Obligations” means all Obligations, together with all (i) Banking Services Obligations and (ii) Swap Agreement Obligations owing to one or more Lenders or their respective Affiliates; provided, however, that the definition of “Secured Obligations” shall not create any Guarantee by any Guarantor of (or grant of security interest by any Guarantor to support, as applicable) any Excluded Swap Obligations of such Guarantor for purposes of determining any obligations of any Guarantor.
“Secured Parties” means (a) the Lenders, (b) the Administrative Agent, (c) each Issuing Bank, (d) each provider of Banking Services, to the extent the Banking Services Obligations in respect thereof constitute Secured Obligations, (e) each counterparty to any Swap Agreement, to the extent the obligations thereunder constitute Secured Obligations, (f) the beneficiaries of each indemnification obligation undertaken by any Loan Party under any Loan Document and (g) the successors and assigns of each of the foregoing.
“Security Agreement” means that certain Second Amended and Restated Pledge and Security Agreement (including any and all supplements, amendments or other modifications thereto), dated as of the date hereof, among the Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, substantially in the form attached as Exhibit D, and any other pledge or security agreement entered into after the date of this Agreement by any other Loan Party (as required by this Agreement or any other Loan Document) or any other Person for the benefit of the Administrative Agent and the other Secured Parties.
“Senior Secured Indebtedness” means, at any date, the aggregate principal amount of all Indebtedness of the Borrower and its Restricted Subsidiaries other than unsecured Indebtedness.
“Solvent” means, when used with respect to the Borrower and its Restricted Subsidiaries (on a consolidated basis), that at the time of determination:
(i) the fair value of their consolidated assets (both at fair valuation and at present fair saleable value) is equal to or in excess of the total amount of their consolidated liabilities, including without limitation contingent liabilities; 
(ii) they are then able and presently have a reasonable basis to expect to be able to pay their consolidated debts as they become absolute and matured; and
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(iii) they shall not have unreasonably small capital with which to carry on their business consistent with past practices as of the Effective Date.
With respect to contingent liabilities (such as litigation, guarantees and pension plan liabilities), such liabilities shall be computed at the amount which, in light of all the facts and circumstances existing at the time, represent the amount which would reasonably be expected to become an actual or matured liability.
“Spot Rate” for a currency means the rate determined by the Administrative Agent to be the rate quoted by JPMorgan as the spot rate for the purchase by such Person of such currency with another currency through its principal foreign exchange trading office at approximately 11:00 a.m. (local time) on the date two Business Days prior to the date as of which the foreign exchange computation is made.
“Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D of the Board).  Such reserve percentage shall include those imposed pursuant to Regulation D.  Eurocurrency Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under Regulation D or any comparable regulation.  The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.
“subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, Controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.
“Subsidiary” means any subsidiary of the Borrower; provided that the term “Subsidiary” shall not include any subsidiary of the Borrower that is a subsidiary solely because it is a Variable Interest Entity.
“Suspension Period” means the period from the First Amendment Effective Date until the Suspension Period End Date.
“Suspension Period End Date” means the earlier of (a) June 30, 2021 and (b) the date specified by the Borrower as the “Suspension Period End Date” in an irrevocable certificate of the chief financial officer of the Borrower to the Administrative Agent.
“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for 
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payments only on account of services provided by current or former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a Swap Agreement.
“Swap Agreement Obligations” means any and all obligations of the Loan Parties and their Subsidiaries, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any and all Swap Agreements permitted hereunder with a Lender or an Affiliate of a Lender, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any such Swap Agreement transaction .
“Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act or any rules or regulations promulgated thereunder.
“Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time.  The Swingline Exposure of any Lender at any time shall be its Applicable Percentage of the total Swingline Exposure at such time.
“Swingline Lender” means JPMorgan, in its capacity as lender of Swingline Loans hereunder. Any consent required of the Administrative Agent or the Issuing Banks shall be deemed to be required of the Swingline Lender and any consent given by JPMorgan in its capacity as Administrative Agent or an Issuing Bank shall be deemed given by JPMorgan in its capacity as Swingline Lender as well.
“Swingline Loan” means a Loan made pursuant to Section 2.05.
“TARGET Day” means any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) payment system (or, if such payment system ceases to be operative, such other payment system (if any) determined by the Administrative Agent, in its reasonable discretion, to be a suitable replacement) is open for the settlement of payments in Euro.
“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
 “Transactions” means the execution, delivery and performance by the Borrower of this Agreement and the other Loan Documents, the borrowing of Loans and other credit extensions, the use of the proceeds thereof and the issuance of Letters of Credit hereunder.
“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate, the Alternate Base Rate, the CDOR Rate, Canadian Prime or the Australian Bank Bill Swap Rate.
“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York or in any other state, the laws of which are required to be applied in connection with the issue of perfection of security interests.
 “Unrestricted Cash” means all cash and cash equivalents of the Borrower and its Restricted Subsidiaries at such time that are not subject to any pledge, Lien or control agreement (excluding Liens 
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in favor of the Administrative Agent for the benefit of the Secured Parties and Liens permitted under clause (f) of Section 6.02 or clause (a) of the definition of “Permitted Encumbrances”).  For the avoidance of doubt, the amount of cash and cash equivalents that shall cease to qualify as “Unrestricted Cash” shall not be more than the maximum amount of the obligations to which such Lien relates.
“UK Financial Institutions” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.
“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution. 
“Unrestricted Subsidiary” means at any time (a) any Subsidiary of the Borrower designated by the Borrower as an Unrestricted Subsidiary pursuant to Section 6.12 subsequent to the Effective Date and (b) any Subsidiary of an Unrestricted Subsidiary. 
“U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code.
“U.S.” means the United States of America.
“U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3).
“Variable Interest Entity” means any corporation, partnership, limited partnership, limited liability company, limited liability partnership or other entity that is consolidated under GAAP because the Borrower or a Restricted Subsidiary is considered the primary beneficiary of such entity in accordance with GAAP.  For the avoidance of doubt, Groupon Live, LLC shall constitute a Variable Interest Entity for the purposes of this definition.
“Warrant Transactions” means one or more call options referencing the Borrower’s capital stock written by the Borrower substantially contemporaneously with the purchase by the Borrower of Convertible Note Hedge Transactions and having an initial strike or exercise price (howsoever defined) greater than the strike or exercise price (howsoever defined) of such Convertible Note Hedge Transactions.
“Wholly Owned Restricted Subsidiary” means a Restricted Subsidiary of a Person, all of the outstanding capital stock of which (other than (x) any director’s qualifying shares and (y) shares issued to other Persons to the extent required by applicable law) are owned by such Person and/or by one or more wholly-owned Subsidiaries of such Person.
“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.
“Withholding Agent” means each Loan Party and the Administrative Agent.
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“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom,  any powers of the applicable Resolution Authority  under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution  or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.
“Yen” and “¥” mean the lawful currency of Japan.
SECTION ii..  Classification of Loans and Borrowings.  For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”).  Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving Borrowing”).
SECTION iii..  Terms Generally.  The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.  The word “law” shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply) and all judgments, orders and decrees of all Governmental Authorities.  The word “will” shall be construed to have the same meaning and effect as the word “shall”.  Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (b) any definition of or reference to any statute, rule or regulation shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws), (c) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any restrictions on assignments set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof, (d) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (e) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (f) any reference in any definition to the phrase “at any time” or “for any period” shall refer to the same time or period for all calculations or determinations within such definition, and (g) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.
SECTION iv..  Accounting Terms; GAAP.  
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(1)Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.  Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made without giving effect to (i) any election under Financial Accounting Standards Board Accounting Standards Codification 825-10-25 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein and (ii) any treatment of Indebtedness in respect of convertible debt instruments under Financial Accounting Standards Board Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein.
(2)Notwithstanding anything to the contrary contained in Section 1.04(a) or in the definition of “Finance Lease Obligations,” any obligations relating to a lease that is accounted for by Borrower or any of its Subsidiaries as an operating lease in accordance with GAAP (as in effect on the Effective Date (including the adoption of Financial Accounting Standards Board Accounting Standards Codification 842) shall not constitute Indebtedness of Borrower or such Subsidiary and all calculations and deliverables under this Agreement or any other Loan Document shall be made or delivered, as applicable, in accordance with the foregoing.
SECTION v..  Interest Rates; LIBOR Notification
.  The interest rate on Eurocurrency Loans is determined by reference to the LIBO Rate, which is derived from the London interbank offered rate. The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on Eurocurrency Loans. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of the London interbank offered rate. In the event that the London interbank offered rate is no longer available or in certain other circumstances as set forth in Section 2.14(b) of this Agreement, such Section 2.14(b) provides a mechanism for determining an alternative rate of interest. The Administrative Agent will notify the Borrower, pursuant to Section 2.14, in advance of any change to the reference rate upon which the interest rate on Eurocurrency Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of “LIBO Rate” 
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or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 2.14(b), will be similar to, or produce the same value or economic equivalence of, the LIBO Rate or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability.
SECTION vi..  Pro Forma Basis.  All pro forma computations required to be made hereunder giving effect to any material disposition, Permitted Acquisition, designation or issuance, incurrence or assumption of Indebtedness shall be calculated after giving pro forma effect thereto immediately after giving effect to such Permitted Acquisition, material disposition, designation or issuance, incurrence or assumption of Indebtedness (and to any other such transaction consummated since the first day of the period for which such pro forma computation is being made and on or prior to the date of such computation) as if such transaction had occurred on the first day of the Computation Period.  If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any agreement in connection with any Swap Agreement applicable to such Indebtedness).
SECTION vii..  Rounding
. Any financial ratios required to be maintained by any Loan Party 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 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 viii..  Change of Currency.
(1)Each obligation of the Borrower to make a payment denominated in the national currency unit of any member state of the European Union that adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euro at the time of such adoption (in accordance with the EMU Legislation).  If, in relation to the currency of any such member state, the basis of accrual of interest expressed in this Agreement in respect of that currency shall be inconsistent with any convention or practice in the London interbank market for the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on which such member state adopts the Euro as its lawful currency; provided that if any Loan in the currency of such member state is outstanding immediately prior to such date, such replacement shall take effect, with respect to such Loan, at the end of the then current Interest Period.
(2)Each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time specify in writing to the Borrower to be appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions or practices relating to the Euro.
(3)Each provision of this Agreement also shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time specify in writing to the Borrower to be appropriate to reflect a change in currency of any other country and any relevant market conventions or practices relating to the change in currency.  
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SECTION ix..  Additional Available Currencies.  The Borrower may from time to time request that Eurocurrency Loans be made in a currency other than those specifically listed in the definition of “Available Currency;” provided that such requested currency is a lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars.  In the case of any such request with respect to the making of Eurocurrency Loans, such request shall be subject to the approval of the Administrative Agent and the Lenders.  The Administrative Agent shall promptly notify each Lender thereof.  Each Lender shall, not later than five Business Days after receipt of such notice, advise the Administrative Agent in writing whether it consents, in its sole discretion, to the making of Eurocurrency Loans in such requested currency (and if a Lender fails to respond within such time period, such Lender shall be deemed to have refused to permit Eurocurrency Loans to be made in such requested currency).  If the Administrative Agent and all the Lenders consent to making Eurocurrency Loans in such requested currency, the Administrative Agent shall so notify the Borrower and such currency shall thereupon be deemed to be an Available Currency hereunder for purposes of any Borrowings of Eurocurrency Loans.  The Administrative Agent shall promptly notify the Borrower and the Lenders of the disposition of any request for an additional currency under this Section 1.09 and the Lenders of the disposition of any request for an additional currency under this Section 1.09.
SECTION x..  Allocation of Loans and Percentages at the Effective Time.
(1)The Borrower and each Lender agree that, effective at the Effective Time, (i) this Agreement shall amend and restate in its entirety the Existing Credit Agreement and (ii) the outstanding Loans thereunder (and the participations in Letters of Credit and Swingline Loans thereunder), shall be allocated among the Lenders in accordance with their respective Applicable Percentages.
(2)To facilitate the allocation described in clause (a), at the Effective Time, (i) all “Revolving Loans” under the Existing Credit Agreement (“Existing Loans”) shall be deemed to be Revolving Loans hereunder, (ii) each Lender which is a party to the Existing Credit Agreement (an “Existing Lender”) shall transfer to the Administrative Agent an amount equal to the excess, if any, of such Lender’s pro rata share (according to its Applicable Percentage) of the outstanding Revolving Loans hereunder (including any Revolving Loans made at the Effective Time) over the amount of all of such Lender’s Existing Loans, (iii) each Lender which is not a party to the Existing Credit Agreement shall transfer to the Administrative Agent an amount equal to such Lender’s pro rata share (according to its Applicable Percentage) of the outstanding Revolving Loans hereunder (including any Revolving Loans made at the Effective Time), (iv) the Administrative Agent shall apply the funds received from the Lenders pursuant to clauses (ii) and (iii), first, on behalf of the Lenders (pro rata according to the amount of the applicable Existing Loans each is required to purchase to achieve the allocation described in clause (a)), to purchase from each Existing Lender which has Existing Loans in excess of such Lender’s pro rata share (according to its Applicable Percentage) of the outstanding Revolving Loans hereunder (including any Revolving Loans made at the Effective Time), a portion of such Existing Loans equal to such excess, second, to pay to each Existing Lender all interest, fees and other amounts (including amounts payable pursuant to Section 2.16 of the Existing Credit Agreement, assuming for such purpose that the Existing Loans were prepaid rather than allocated at the Effective Time) owed to such Existing Lender under the Existing Credit Agreement (whether or not otherwise then due) and, third, as the Borrower shall direct, and (v) all Revolving Loans shall commence new Interest Periods in accordance with elections made by the Borrower at least three Business Days prior to the date of the Effective Time pursuant to the procedures applicable to conversions and continuations set forth in Section 2.08 (all as if the Existing Loans were continued or converted at the Effective Time).  To the 
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extent the Borrower fails to make a timely election pursuant to clause (v) of the preceding sentence with respect to any Revolving Loans, such Loans shall be ABR Loans.
ARTICLE II.The Credits
SECTION i..  Commitments.  Subject to the terms and conditions set forth herein, each Lender severally agrees to make Revolving Loans in Dollars or any Available Currency to the Borrower from time to time during the Availability Period in an aggregate principal amount that will not result in (a) such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment or (b) the sum of the total Revolving Credit Exposures exceeding the total Commitments.  Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans.
SECTION ii..Loans and Borrowings.    Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans of the same Type and in the same currency made by the Lenders ratably in accordance with their respective Commitments.  The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required.
(1)Subject to Section 2.14, each Revolving Borrowing shall be comprised entirely of ABR Loans, Canadian Prime Rate Loans, CDOR Rate Loans, Australian Loans or Eurocurrency Loans as the Borrower may request in accordance herewith.  Revolving Loans denominated in Dollars may be ABR Loans or Eurodollar Loans, Revolving Loans denominated in Canadian Dollars may be Canadian Prime Rate Loans or CDOR Rate Loans, Revolving Loans denominated in Australian Dollars shall be Australian Loans and Revolving Loans denominated in any other Available Currency shall be Eurocurrency Loans, as further provided herein.  Each Swingline Loan shall be an ABR Loan.  Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the provisions of Sections 2.13, 2.14, 2.15, 2.16, 2.19 and 2.20 shall apply to such Affiliate to the same extent as to such Lender); provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.
(2)At the commencement of each Interest Period for (i) any Eurocurrency Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of 1,000,000 units of the applicable currency and not less than the Dollar Equivalent of $1,000,000, (ii) any CDOR Rate Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of Cdn. $1,000,000 and not less than Cdn. $1,000,000, (iii) any Australian  Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of A$1,000,000 and not less than A$1,000,000.  At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $500,000 and at time that each Canadian Prime Rate Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of Cdn. $100,000 and not less than Cdn. $500,000; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e).  Each Swingline Loan shall be in an amount that is an integral multiple of $500,000.  Borrowings of more than 
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one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of 10 Fixed Rate Borrowings outstanding.
(3)Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Eurodollar Borrowing or CDOR Rate Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.
SECTION iii..  Requests for Revolving Borrowings.  To request a Borrowing, the Borrower shall notify the Administrative Agent of such request either in writing (delivered by hand or fax) by delivering a Borrowing Request signed by a Responsible Officer of the Borrower or through Electronic System, if arrangements for doing so have been approved by the Administrative Agent, (a) in the case of a Eurodollar Borrowing, not later than 3:00 p.m., New York City time, three Business Days before the date of the proposed Borrowing (or such later date as the Administrative Agent may agree in the case of a Eurodollar Borrowing to be made on the Effective Date), (b) in the case of an ABR Borrowing, not later than 12:00 p.m., New York City time, on the date of the proposed Borrowing, (c) in the case of a Eurocurrency Borrowing in an Available Currency or an Australian Borrowing, not later than 3:00 p.m., New York City time four Business Days before the date of the proposed Borrowing, (d) in the case of a CDOR Rate Borrowing, not later than 3:00 p.m., New York City time two Business Days before the date of the proposed Borrowing and (e) in the case of an Canadian Prime Rate Borrowing, not later than 12:00 p.m., New York City time, one Business Day before the date of the proposed Borrowing; provided that any such notice of an ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e) may be given not later than 10:00 a.m., New York City time, on the date of the proposed Borrowing.  Each such Borrowing Request shall be irrevocable. Each such Borrowing Request shall specify the following information in compliance with Section 2.02:
(a)the aggregate amount and the currency of the requested Borrowing;
(b)the date of such Borrowing, which shall be a Business Day;
(c)whether such Borrowing is to be an ABR Borrowing, a Canadian Prime Rate Borrowing or a Fixed Rate Borrowing;
(d)in the case of a Fixed Rate Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and
(e)the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.07.
SECTION iv..  Effect of Incomplete Borrowing Notice.  If no election as to the Type of Revolving Borrowing is specified, then the requested Revolving Borrowing (i) if in Dollars, shall be an ABR Borrowing and if in Canadian Dollars, shall be a Canadian Prime Rate Borrowing.  If no Interest Period is specified with respect to any requested Fixed Rate Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.  Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.
SECTION v..  Swingline Loans.    Subject to the terms and conditions set forth herein, the Swingline Lender may, in its sole discretion, make Swingline Loans in Dollars to the Borrower from time to time during the Availability Period, in an aggregate principal amount at any time outstanding that will not result in 
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(i) the aggregate principal amount of outstanding Swingline Loans exceeding $40,000,000 (ii) the Swingline Lender’s Revolving Credit Exposure exceeding the amount of its Commitment, or (iii) the sum of the total Revolving Credit Exposures exceeding the total Commitments; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan.  Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans.
(1)To request a Swingline Loan, the Borrower shall notify the Administrative Agent of such request by fax or through Electronic System, if arrangements for doing so have been approved by the Administrative Agent, not later than 3:00 p.m., New York City time, on the day of a proposed Swingline Loan.  Each such notice shall be in a form approved by the Administrative Agent, shall be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of the requested Swingline Loan.  The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Borrower.  The Swingline Lender shall make each Swingline Loan available to the Borrower to the extent the Swingline Lender elects to make such Swingline Loan, by means of a credit to the general deposit account of the Borrower with the Swingline Lender (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e), by remittance to the applicable Issuing Bank) by 5:00 p.m., New York City time, on the requested date of such Swingline Loan. 
(2)The Swingline Lender may by written notice given to the Administrative Agent not later than 10:00 a.m., New York City time, on any Business Day require the Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans outstanding.  Such notice shall specify the aggregate amount of Swingline Loans in which Lenders will participate.  Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Lender, specifying in such notice such Lender’s Applicable Percentage of such Swingline Loan or Loans.  Each Lender hereby absolutely and unconditionally agrees, promptly upon receipt of such notice from the Administrative Agent (and in any event, if such notice is received by 11:00 a.m., New York time, on a Business Day no later than 4:00 p.m., New York time on such Business Day and if received after 11:00 a.m., New York time, “on a Business Day” shall mean no later than 9:00 a.m. New York time on the immediately succeeding Business Day), to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender’s Applicable Percentage of such Swingline Loan or Loans.  Each Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this clause (c) is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.  Each Lender shall comply with its obligation under this clause (c) by wire transfer of immediately available funds, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Lenders.  The Administrative Agent shall notify the Borrower of any participations in any Swingline Loan acquired pursuant to this clause (c), and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender.  Any amounts received by the Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall have made their payments pursuant to this clause (c) and to the Swingline Lender, as their interests may 
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appear; provided that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the Borrower for any reason.  The purchase of participations in a Swingline Loan pursuant to this clause (c) shall not relieve the Borrower of any default in the payment thereof.
SECTION vi..  Letters of Credit.    General.  Subject to the terms and conditions set forth herein, the Borrower may request the issuance of bank guarantees or standby or commercial letters of credit hereunder (collectively with the Existing Letters of Credit, each a “Letter of Credit”) in Dollars and Available Currencies as the applicant thereof may request for the support of its or its Restricted Subsidiaries’ obligations, in a form reasonably acceptable to the Administrative Agent and the applicable Issuing Bank, at any time and from time to time during the Availability Period.  Notwithstanding anything herein to the contrary, no Issuing Bank shall have any obligation hereunder to issue, and shall not issue, any Letter of Credit (i) the proceeds of which would be made available to any Person (A) to fund any activity or business of or with any Sanctioned Person, or in any country or territory that, at the time of such funding, is the subject of any Sanctions or (B) in any manner that would result in a violation of any Sanctions by any party to this Agreement, (ii) if any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing Bank from issuing such Letter of Credit, or any Change in Law relating to any Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuing Bank shall prohibit, or request that a Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuing Bank with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Bank is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon any Issuing Bank any unreimbursed loss, cost or expense which was not applicable on the Effective Date and which such Issuing Bank in good faith deems material to it, or (iii) if the issuance of such Letter of Credit would violate one or more policies of the applicable Issuing Bank applicable to bank guarantees and letters of credit generally.  Notwithstanding the foregoing, neither Morgan Stanley Senior Funding, Inc. nor any of its Affiliates shall have any obligation to issue bank guarantees or commercial letters of credit under this Agreement.
(1)Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions.  To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or fax (or transmit through Electronic System, if arrangements for doing so have been approved by the applicable Issuing Bank) to the applicable Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension, but in any event no less than three Business Days) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with clause (c) of this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit.  If requested by the applicable Issuing Bank, the Borrower also shall submit a letter of credit application on the applicable Issuing Bank’s standard form in connection with any request for a Letter of Credit.  A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the aggregate LC Exposure shall not exceed the Letter of Credit Sublimit, (ii) no Revolving Lender’s Revolving Credit Exposure shall exceed the amount of its Commitment and (iii) the sum of the total Revolving Credit Exposures shall not exceed 
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the aggregate amount of the Commitments. Notwithstanding the foregoing or anything to the contrary contained herein, no Issuing Bank shall be obligated to issue or modify any Letter of Credit if, immediately after giving effect thereto, the outstanding LC Exposure in respect of all Letters of Credit issued by such Person and its Affiliates would exceed such Issuing Bank’s Issuing Bank Sublimit. Without limiting the foregoing and without affecting the limitations contained herein, it is understood and agreed that the Borrower may from time to time request that an Issuing Bank issue Letters of Credit in excess of its individual Issuing Bank Sublimit in effect at the time of such request, and each Issuing Bank agrees to consider any such request in good faith. Any Letter of Credit so issued by an Issuing Bank in excess of its individual Issuing Bank Sublimit then in effect shall nonetheless constitute a Letter of Credit for all purposes of the Credit Agreement, and shall not affect the Issuing Bank Sublimit of any other Issuing Bank, subject to the limitations on the aggregate LC Exposure set forth in clause (i) of this Section 2.06(b).
(2)Expiration Date.  Each Letter of Credit shall expire (or be subject to termination or non-renewal by notice from the applicable Issuing Bank to the beneficiary thereof) at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and (ii) the date that is five Business Days prior to the Maturity Date; provided that (w) subject to the following clauses (x) and (y), any Letter of Credit with a one-year term may provide for the renewal thereof for additional one-year periods; (x) an Issuing Bank may, upon request by the Borrower and with the approval of the Administrative Agent, issue Letters of Credit that extend (or pursuant to the preceding clause (w) may extend) beyond the date referred to in clause (i) or (ii), as applicable, above (but not beyond the first anniversary of the Revolving Credit Maturity Date); and (iii) not later than the tenth Business Day prior to the scheduled Revolving Credit Maturity Date, the Borrower shall cash collateralize all LC Exposure arising under any Letter of Credit that expires after the scheduled Maturity Date.
(3)Participations.  By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the applicable Issuing Bank or the Lenders, such Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit.  In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the applicable Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by such Issuing Bank and not reimbursed by the Borrower on the date due as provided in clause (e) of this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason.  Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this clause (d) in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.
(4)Reimbursement.  If the applicable Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 3:00 p.m., New York City time, on the Business Day immediately following the day that the Borrower receives such notice; provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in 
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accordance with Section 2.03 or 2.05 that such payment be financed with an ABR Revolving Borrowing or Swingline Loan in a Dollar Equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing or Swingline Loan.  In the case of a Non-Dollar LC, the Borrower shall reimburse such LC Disbursement in the currency of such Non-Dollar LC.  If the Borrower fails to make such payment when due then (x) in the case of Non-Dollar LCs, such reimbursement obligation shall automatically be re-denominated into Dollars in the amount necessary to permit the Administrative Agent, in accordance with its normal banking procedures, to purchase on such date the amount of the Available Currency then due (determined by reference to the Spot Rate and including all transaction costs and expenses) to pay in full such reimbursement obligation in the Available Currency and (y) in the case of all Letters of Credit, the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Lender’s Applicable Percentage thereof.  Promptly following receipt of such notice, each Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the Lenders.  Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this clause (e), the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that Lenders have made payments pursuant to this clause (e) to reimburse such Issuing Bank, then to such Lenders and such Issuing Bank as their interests may appear.  Any payment made by a Lender pursuant to this clause (e) to reimburse an applicable Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
(5)Obligations Absolute.  The Borrower’s obligation to reimburse LC Disbursements as provided in clause (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein or herein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) any payment by an applicable Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder.  Neither the Administrative Agent, the Lenders nor the Issuing Banks, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the applicable Issuing Bank; provided that the foregoing shall not be construed to excuse such Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by such Issuing Bank’s failure to exercise care when determining 
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whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.  The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of the applicable Issuing Bank (as finally determined by a court of competent jurisdiction), such Issuing Bank shall be deemed to have exercised care in each such determination.  In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the applicable Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.
(6)Disbursement Procedures.  Each applicable Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit.  Each applicable Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by facsimile) of such demand for payment and whether such Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse such Issuing Bank and the Lenders with respect to any such LC Disbursement.
(7)Interim Interest.  If an applicable Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the reimbursement is due and payable at the rate per annum then applicable to ABR Revolving Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to clause (e) of this Section, then Section 2.13(c) shall apply.  Interest accrued pursuant to this clause (h) shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to clause (e) of this Section to reimburse such Issuing Bank shall be for the account of such Lender to the extent of such payment.
(8)Replacement of an Issuing Bank.  
(a)An Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank.  The Administrative Agent shall notify the Lenders of any such replacement of an Issuing Bank.  At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b).  From and after the effective date of any such replacement, (x) the successor Issuing Bank shall have all the rights and obligations of the applicable Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (y) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require.  After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.
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(b)Subject to the appointment and acceptance of a successor Issuing Bank, the Issuing Bank may resign as an Issuing Bank at any time upon thirty days’ prior written notice to the Administrative Agent, the Borrower and the Lenders, in which case, such Issuing Bank shall be replaced in accordance with Section 2.06(i)(i) above.
(9)Cash Collateralization.  If any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Lenders with LC Exposure representing greater than 50% of the total LC Exposure) demanding the deposit of cash collateral pursuant to this clause (j), the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders, an amount in cash equal to 103% of the amount of the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in clause (h) or (i) of Article VII.  Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement.  The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account and the Borrower hereby grants the Administrative Agent a security interest in such account and all assets on deposit or credited thereto.  Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest.  Interest or profits, if any, on such investments shall accumulate in such account.  Moneys in such account shall be applied by the Administrative Agent to reimburse the applicable Issuing Banks for LC Disbursements for which they have not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure representing greater than 50% of the total LC Exposure), be applied to satisfy other obligations of the Borrower under this Agreement.  If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of Default have been cured or waived.  For purposes of Non-Dollar LCs, such cash collateral shall be in the currency in which such Non-Dollar LCs are denominated; provided that if the applicable Issuing Lender agrees otherwise (such agreement not to be unreasonably withheld) such Person may deposit and maintain such cash collateral in Dollars, in which case such cash collateral shall be the Dollar Equivalent of such Non-Dollar LC.  
(10)Issuing Bank Reports to the Administrative Agent.  Unless otherwise agreed by the Administrative Agent, each Issuing Bank shall, in addition to its notification obligations set forth elsewhere in this Section, report in writing to the Administrative Agent (i) periodic activity (for such period or recurrent periods as shall be requested by the Administrative Agent) in respect of Letters of Credit issued by such Issuing Bank, including all issuances, extensions, amendments and renewals, all expirations and cancelations and all disbursements and reimbursements, (ii) reasonably prior to the time that such Issuing Bank issues, amends, renews or extends any Letter of Credit, the date of such issuance, amendment, renewal or extension, and the stated amount of the Letters of Credit issued, amended, renewed or extended by it and outstanding after giving effect to such issuance, amendment, renewal or extension (and whether the amounts thereof shall have changed), (iii) on each Business Day on which such Issuing Bank makes any LC Disbursement, the date and amount of such LC Disbursement, (iv) on any Business Day on which the Borrower fails to reimburse an LC Disbursement required to be 
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reimbursed to such Issuing Bank on such day, the date of such failure and the amount of such LC Disbursement, and (v) on any other Business Day, such other information as the Administrative Agent shall reasonably request as to the Letters of Credit issued by such Issuing Bank.
(11)LC Exposure Determination.  For all purposes of this Agreement, the amount of a Letter of Credit shall be the Dollar Equivalent of the stated amount of such Letter of Credit at such time; provided that with respect to any Letter of Credit that, by its terms or the terms of any document related thereto, provides for one or more automatic increases in the stated amount thereof shall be deemed to be the Dollar Equivalent of the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at the time of determination.
(12)Letters of Credit Issued for Account of Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder supports any obligations of, or is for the account of, a Restricted Subsidiary, or states that a Restricted Subsidiary is the “account party,” “applicant,” “customer,” “instructing party,” or the like of or for such Letter of Credit, and without derogating from any rights of the applicable Issuing Bank (whether arising by contract, at law, in equity or otherwise) against such Restricted Subsidiary in respect of such Letter of Credit, the Borrower (i) shall reimburse, indemnify and compensate the applicable Issuing Bank hereunder for such Letter of Credit (including to reimburse any and all drawings thereunder) as if such Letter of Credit had been issued solely for the account of the Borrower and (ii) irrevocably waives any and all defenses that might otherwise be available to it as a guarantor or surety of any or all of the obligations of such Restricted Subsidiary in respect of such Letter of Credit. The Borrower hereby acknowledges that the issuance of such Letters of Credit for its Restricted Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the businesses of such Restricted Subsidiaries.
SECTION vii..  Funding of Borrowings.    Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof solely by wire transfer of immediately available funds by 3:00 p.m., New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders; provided that Swingline Loans shall be made as provided in Section 2.05.  The Administrative Agent will make such Loans available to the Borrower by promptly crediting the funds so received in the aforesaid account of the Administrative Agent to an account of the Borrower maintained with the Administrative Agent in New York City or such other account of the Borrower designated by the Borrower in the applicable Borrowing Request; provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted by the Administrative Agent to the applicable Issuing Bank.
(1)Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with clause (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans.  If 
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such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.
SECTION viii..  nterest Elections.    Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Fixed Rate Borrowing, shall have an initial Interest Period as specified in such Borrowing Request.  Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Fixed Rate Borrowing, may elect Interest Periods therefor, all as provided in this Section.  The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing.  This Section shall not apply to Swingline Borrowings, which may not be converted or continued.
(1)To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election either in writing (delivered by hand or fax) by delivering an Interest Election Request signed by a Responsible Officer or through Electronic System, if arrangements for doing so have been approved by the Administrative Agent, by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election.  Each such Interest Election Request shall be irrevocable.
(2)Each Interest Election Request (including requests submitted through Electronic System) shall specify the following information in compliance with Section 2.02:
(a)the Borrowing and currency to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);
(b)the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;
(c)whether the resulting Borrowing is to be an ABR Borrowing, a Canadian Prime Rate Borrowing or a Fixed Rate Borrowing; and
(d)if the resulting Borrowing is a Fixed Rate Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”.
If any such Interest Election Request requests a Fixed Rate Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.
(3)Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.
(4)If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, (i) in the case of a Eurodollar Borrowing, at the end of such 
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Interest Period such Borrowing shall be converted to an ABR Borrowing and (ii) in any other case, at the end of such Interest Period such Borrowing shall be continued for a one-month Interest Period effective on the last day of such expiring Interest Period.  
(5)If the Borrower fails to deliver a timely Interest Election Request with respect to an Australian Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be continued for a one-month Interest Period effective on the last day of such expiring Interest Period.
(6)If the Borrower fails to deliver a timely Interest Election Request with respect to a CDOR Rate Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to a Canadian Prime Rate Borrowing.
(7)Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing in Dollars may be converted to or continued as a Eurodollar Borrowing, (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto, (iii) no outstanding Borrowing in Canadian Dollars may be converted to or continued as a CDOR Rate Borrowing, (iv) unless repaid, each Canadian Borrowing shall be converted to an Canadian Prime Rate Borrowing at the end of the Interest Period applicable thereto, (v) no Loans denominated in Australian Dollars may be continued, other than for an Interest Period of one month, and (d) no Loans denominated in any other Available Currency may be continued, other than for an Interest Period of one month.
(8)If (i) the Loans become due and payable pursuant to Article VII or (ii) an Event of Default has occurred and has been continuing for 30 consecutive days, then the Administrative Agent or the Required Lenders may require, by notice to the Borrower, that all outstanding Loans in Available Currencies be redenominated into Dollars in the amount of the Dollar Equivalent thereof on the last day of the then current Interest Period with respect thereto (unless repaid on or prior to such date).
SECTION ix..  Termination and Reduction of Commitments.    Unless previously terminated, the Commitments shall terminate on the Maturity Date.
(1)The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is not less than $1,000,000 and integral multiples thereof and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.11, the sum of the Revolving Credit Exposures would exceed the total Commitments.
(2)The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under clause (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof.  Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof.  Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective 
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date) if such condition is not satisfied.  Any termination or reduction of the Commitments shall be permanent.  Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.
SECTION x..  Repayment of Loans; Evidence of Debt.    The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date and (ii) to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Maturity Date and the first date after such Swingline Loan is made that is the 15th or last day of a calendar month and is at least two Business Days after such Swingline Loan is made; provided that on each date that a Revolving Borrowing is made, the Borrower shall repay all Swingline Loans then outstanding.
(1)Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.
(2)The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof.
(3)The entries made in the accounts maintained pursuant to clause (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement.
(4)Any Lender may request that Loans made by it be evidenced by a promissory note.  In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent.  Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns).
SECTION xi..  Prepayment of Loans.  
(1)The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with clause (b) of this Section.
(2)In the event and on such occasion that the sum of the total Revolving Credit Exposure exceeds the total Commitments, the Borrower shall prepay the Revolving Loans and/or Swingline Loans (or, if no such Borrowings are outstanding, provide cash collateral in respect of any LC Exposure in accordance with Section 2.06(j)) in an amount equal to such excess. 
(3)Solely during the Suspension Period, on each occasion that a Prepayment Event occurs, the Borrower shall, not later than 3 Business Days after the receipt of Net Proceeds from such 
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Prepayment Event, prepay (but without any corresponding reduction in Commitments) a principal amount of the Revolving Loans and/or Swingline Loans in an amount equal to the lesser of 100% of such Net Proceeds and the aggregate principal amount of such Loans then outstanding; provided, however, that no such pre-payment shall be required unless and until such time as the aggregate amount of Net Proceeds exceeds $15,000,000 in the aggregate for all such Prepayment Events in any fiscal year, at which time only the amount in excess of $15,000,000 shall be required to be used to so prepay.
(4)The Borrower shall notify the Administrative  Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by telephone (confirmed by facsimile) or through Electronic System, if arrangements for doing so have been approved by the Administrative Agent,  of any prepayment hereunder (i) in the case of prepayment of a Eurocurrency Borrowing, an Australian Borrowing or a CDOR Rate Borrowing not later than 3:00 p.m., New York City time, one Business Day before the date of prepayment, (ii) in the case of prepayment of an ABR Revolving Borrowing, a Canadian Prime Rate or a Swingline Loan, not later than 3:00 p.m., New York City time, on the date of prepayment.  Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09.  Promptly following receipt of any such notice relating to a Revolving Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof.  Each partial prepayment of any Revolving Borrowing shall be in an amount that would be permitted in the case of an advance of a Revolving Borrowing of the same Type as provided in Section 2.02.  Each prepayment of a Revolving Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing.  Prepayments shall be accompanied by accrued interest to the extent required by Section 2.13.
SECTION xii..  Fees.    The Borrower agrees to pay to the Administrative Agent a commitment fee for the account of each Revolving Lender, which shall accrue at the Applicable Rate on the daily amount of the undrawn portion of the Commitment of such Lender during the period from and including the Effective Date to but excluding the date on which the Lenders’ Commitments terminate.  Accrued commitment fees shall be payable in arrears on the last day of March, June, September and December of each year and on the date on which the Commitments terminate, commencing on the first such date to occur after the date hereof.  All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). It is understood and agreed that any Lender’s Swingline Exposure shall not be deemed to be a component of the Revolving Credit Exposure for purposes of calculating the commitment fee.
(1)The Borrower agrees to pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to Fixed Rate Loans on the average daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) to each applicable Issuing Bank a fronting fee, which shall accrue at the rate of 0.125% per annum on the average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure, as well as such Issuing Bank’s standard fees with respect to 
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the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder.  Participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable on the third Business Day following such last day, commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand.  Any other fees payable to an Issuing Bank pursuant to this clause (b) shall be payable within 10 days after demand.  All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).
(2)The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent.
(3)All fees payable hereunder shall be paid in Dollars and on the dates due, in immediately available funds, to the Administrative Agent (or to the applicable Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees, to the Lenders.  Fees paid shall not be refundable under any circumstances.
SECTION xiii..  Interest.    The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Rate as set forth in such definition corresponding to the “ABR Spread”.
(1)The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate as set forth in such definition corresponding to the “Fixed Rate Spread”.
(2)The Loans comprising each Canadian Prime Rate Borrowing shall bear interest at Canadian Prime plus the Applicable Rate as set forth in such definition corresponding to the “Canadian Prime Spread”.
(3)The Loans comprising each CDOR Rate Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate for Fixed Rate Loans.
(4)The Loans comprising each Australian Borrowing shall bear interest at the Australian Bank Bill Swap Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate as set forth in such definition corresponding to the “Fixed Rate Spread”.
(5)Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the  rate otherwise applicable to such Loan as provided in clauses (a) through (c) of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in clause (a) of this Section.
(6)Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Revolving Loans, upon termination of the Commitments; provided that (i) interest accrued pursuant to clause (f) of this Section shall be payable on demand, (ii) in the event of 
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any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan or Canadian Prime Rate Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan or CDOR Rate Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(7)All interest hereunder shall be computed on the basis of a year of 360 days, except that (i) interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year) and (ii) all computations of interest for Eurocurrency Loans denominated in British Pounds Sterling and for Loans denominated in Canadian Dollars or Australian Dollars shall be made on the basis of a year of 365 days and the actual number of days elapsed, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day).  The applicable Alternate Base Rate, Adjusted LIBO Rate, LIBO Rate, Australian Bank Bill Swap Rate, Canadian Prime and CDOR Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 
(8)For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest or fees to which the rates of interest or fees provided in this Agreement and the other Loan Documents ( and stated herein of therein, as applicable, to be computed on the basis of 360 days or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of dates in the applicable calendar year and divided by 360 or such other period of time, respectively.
SECTION xiv..  Alternate Rate of Interest; Illegality.  
(1)If prior to the commencement of any Interest Period for a Fixed Rate Borrowing:
(a)the Administrative Agent determines (which determination shall be conclusive absent manifest error) (x) in the case of Eurocurrency Loans, CDOR Rate Loans or Australian Loans, that deposits in the Applicable Currency (in the applicable amounts) are not being offered to it in the relevant interbank market for such Interest Period or (y) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate, the LIBO Rate, CDOR Rate or Australian Bank Bill Swap Rate, as applicable, for such Interest Period; or
(b)the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate, the LIBO Rate, CDOR Rate or Australian Bank Bill Swap Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period; 
then the Administrative Agent shall give notice thereof to the Borrower and the Lenders through Electronic System as provided in Section 9.01 as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (A) no Lender shall be under any obligation to make Fixed Rate Loans in the applicable currency; (B) if the relevant Interest Period was for Eurodollar Loans (1) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a 
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Eurodollar Borrowing shall be ineffective and any such Eurodollar Borrowing shall be repaid or converted into an ABR Borrowing on the last day of the then current Interest Period applicable thereto, and (2) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing; (C) if the relevant Interest Period was for CDOR Rate Loans (1) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a CDOR Rate Borrowing shall be ineffective and any such CDOR Rate Borrowing shall be repaid or converted into a Canadian  Prime Rate Borrowing on the last day of the then current Interest Period applicable thereto, and (2) if any Borrowing Request requests a CDOR Rate Borrowing, such Borrowing shall be made as a Canadian Prime Rate Borrowing and; (D) if the relevant Interest Period was for Loans denominated in any currency other than Dollars or Canadian Dollars, then such Loans shall not be made or, if such Loans are outstanding, such Loans shall be prepaid on the day that would have been the first day of such Interest Period.
(2)If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in clause (a)(i) have arisen with respect to Eurocurrency Loans and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in clause (a)(i) with respect to Eurocurrency Loans have not arisen but either (w) the supervisor for the administrator of the LIBO Screen Rate has made a public statement that the administrator of the LIBO Screen Rate is insolvent (and there is no successor administrator that will continue publication of the LIBO Screen Rate), (x) the administrator of the LIBO Screen Rate has made a public statement identifying a specific date after which the LIBO Screen Rate will permanently or indefinitely cease to be published by it (and there is no successor administrator that will continue publication of the LIBO Screen Rate), (y) the supervisor for the administrator of the LIBO Screen Rate has made a public statement identifying a specific date after which the LIBO Screen Rate will permanently or indefinitely cease to be published or (z) the supervisor for the administrator of the LIBO Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Screen Rate may no longer be used for determining interest rates for loans, then the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest to the LIBO Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable (but, for the avoidance of doubt, such related changes shall not include a reduction of the Applicable Rate). Notwithstanding anything to the contrary in Section 9.02, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment. Until an alternate rate of interest shall be determined in accordance with this clause (b) (but, in the case of the circumstances described in clause (ii)(w), clause (ii)(x) or clause (ii)(y) of the first sentence of this Section 2.13(b), only to the extent the LIBO Screen Rate for such Interest Period is not available or published at such time on a current basis), (A) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and any such Eurodollar Borrowing shall be repaid or converted into an ABR Borrowing on the last day of the then current Interest Period applicable thereto, (B) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing and (C) if any Borrowing Request  was for Eurocurrency Loans denominated in any currency other than Dollars, then such Loans 
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shall not be made; provided that, if such alternate rate of interest shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.
(3)If any Lender determines that any Change in Law has made it unlawful, or if any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable lending office to make, maintain, fund or continue any Fixed Rate Borrowing in a particular currency, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, any applicable currency in the London interbank market, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, any obligations of such Lender to make, maintain, fund or continue Fixed Rate Loans denominated in such currency or to convert ABR Borrowings to Eurodollar Borrowings or Canadian Prime Rate Borrowings to CDOR Rate Borrowings will be suspended until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrower will upon demand from such Lender (with a copy to the Administrative Agent), (i) either prepay or convert all Eurodollar Borrowings of such Lender to ABR Borrowings, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Borrowings to such day, or immediately, if such Lender may not lawfully continue to maintain such Loans, (ii) either prepay or convert all CDOR Rate Borrowings of such Lender to Canadian Prime Rate Borrowings, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such CDOR Rate Borrowings to such day, or immediately, if such Lender may not lawfully continue to maintain such Loans or (iii) prepay all applicable Fixed Rate Borrowings in currencies other than Dollars or Canadian Dollars, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Fixed Rate Borrowings to such day, or immediately, if such Lender may not lawfully continue to maintain such Loans. Upon any such prepayment or conversion, the Borrower will also pay accrued interest on the amount so prepaid or converted.
SECTION xv..  Increased Costs.    If any Change in Law shall:
(a)impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or any Issuing Bank;
(b)impose on any Lender or any Issuing Bank or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; or (iii)  subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; 
and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, continuing, converting or maintaining any Fixed Rate Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender, such Issuing Bank or such other Recipient of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender, such Issuing Bank or such other Recipient hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender, such Issuing 
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Bank or such other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, such Issuing Bank or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered.
(1)If any Lender or any Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or such Issuing Bank’s capital or on the capital of such Lender’s or such Issuing Bank’s holding company, if any, as a consequence of this Agreement the Commitments of or the Loans made by, or participations in Letters of Credit or Swingline Loans held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s or such Issuing Bank’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company for any such reduction suffered.
(2)A certificate of a Lender or an Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or such Issuing Bank or its holding company, as the case may be, as specified in clause (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error.  The Borrower shall pay such Lender or such Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof.
(3)Failure or delay on the part of any Lender or any Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or such Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or an Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than 270 days prior to the date that such Lender or such Issuing Bank, 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 Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof.
SECTION xvi..  Break Funding Payments.  In the event of (a) the payment of any principal of any Fixed Rate Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or as a result of any prepayment pursuant to Section 2.11), (b) the conversion of any Fixed Rate Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Fixed Rate Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(b) and is revoked in accordance therewith), or (e) the assignment of any Fixed Rate Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event.  In the case of a Fixed Rate Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over 
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(ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits in the applicable currency of a comparable amount and period from other banks in the eurodollar market.  A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error.  The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.
SECTION xvii..  Payments Free of Taxes.    Any and all payments by or on account of any obligation of any Loan 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 Loan 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 2.17) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.
(1)Payment of Other Taxes by the Borrower.  The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, if any, Other Taxes.
(2)Evidence of Payments.  As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section 2.17, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.
(3)Indemnification by the Borrower.  The Loan Parties shall jointly and severally indemnify each Recipient, within 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) 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 Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.
(4)Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(c) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not 
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such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to such Lender from any other source against any amount due to the Administrative Agent under this clause (e).
(5)Status of Lenders.    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 2.17(f)(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.
(a)Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person,
(i)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), an executed IRS Form W-9 certifying that such Lender is exempt from U.S. Federal backup withholding tax;
(ii)any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:
(1)in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the U.S. is a party (x) with respect to payments of interest under any Loan Document, an executed IRS Form W-8BEN or, if applicable, W-8BEN-E establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or, if applicable, W-8BEN-E establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;
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(2)an executed 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 C-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) an executed IRS Form W-8BEN or, if applicable, W-8BEN-E; or
(4)to the extent a Foreign Lender is not the beneficial owner, an executed IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or, if applicable, W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit C-2 or Exhibit C-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 C-4 on behalf of each such direct and indirect partner;
(iii)any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. Federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and
(iv)if a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
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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.
(6)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 2.17 (including by the payment of additional amounts pursuant to this Section 2.17), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.17 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this clause (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this clause (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this clause (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.  This clause (g) 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.
(7)Survival.  Each party’s obligations under this Section 2.17 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.
(8)Defined Terms.  For purposes of this Section 2.17, the term “Lender” includes any Issuing Bank and the Swingline Lender and the term “applicable law” includes FATCA.
SECTION xviii..  Payments Generally; Pro Rata Treatment; Sharing of Set-offs.    The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to 12:00 noon, New York City time, on the date when due, in immediately available funds, without set off or counterclaim.  Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon.  All such payments shall be made to the Administrative Agent at its offices at 383 Madison Avenue, New York, New York, except payments to be made directly to an Issuing Bank or the Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto.  The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof.  If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension.  All payments hereunder (a) in the case of principal and interest payments with respect to Loans denominated in an Available Currency, in the Applicable Currency, and (b) in the case of any other amount, in Dollars or such other currency as shall be specified herein.
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1.All payments and any proceeds of Collateral received by the Administrative Agent (i) not constituting either (A) a specific payment of principal, interest, fees or other sum payable under the Loan Documents (which shall be applied as specified by the Borrower), or (B) a mandatory prepayment (which shall be applied in accordance with Section 2.11) or (ii) after an Event of Default has occurred and is continuing and the Administrative Agent so elects or the Required Lenders so direct, shall be applied ratably first, to pay any fees, indemnities, or expense reimbursements then due to the Administrative Agent, the Swingline Lender and the Issuing Banks from the Borrower (other than in connection with Banking Services Obligations or Swap Agreement Obligations), second, to pay any fees, indemnities, or expense reimbursements then due to the Lenders from the Borrower (other than in connection with Banking Services Obligations or Swap Agreement Obligations), third, to pay interest then due and payable on the Loans ratably, fourth, to prepay principal on the Loans and unreimbursed LC Disbursements and to pay any amounts owing in respect of Swap Agreement Obligations and Banking Services Obligations up to and including the amount most recently provided to the Administrative Agent pursuant to Section 2.22, ratably, fifth, to pay an amount to the Administrative Agent equal to 103% of the aggregate LC Exposure, to be held as cash collateral for such Obligations, sixth, to the payment of any other Secured Obligation due to the Administrative Agent or any Lender from the Borrower or any other Loan Party, ratably and seventh, the balance after all of the Secured Obligations have been paid in full in cash (other than contingent indemnification obligations for which no claim has been asserted), to the Borrower or as otherwise required by law. Notwithstanding anything to the contrary contained in this Agreement, unless so directed by the Borrower, or unless an Event of Default has occurred and is continuing, neither the Administrative Agent nor any Lender shall apply any payment which it receives to any Fixed Rate Loan of a Class, except (i) on the expiration date of the Interest Period applicable thereto, or (ii) in the event, and only to the extent, that there are no outstanding ABR Loans or Canadian Prime Rate Loans of the same Class and, in any such event, the Borrower shall pay the break funding payment required in accordance with Section 2.16.  After an Event of Default has occurred and is continuing, the Administrative Agent and the Lenders shall have the continuing and exclusive right to apply and reverse and reapply any and all such proceeds and payments to any portion of the Secured Obligations.
Notwithstanding the foregoing, Secured Obligations arising under Banking Services Obligations or Swap Agreement Obligations shall be excluded from the application described above and paid in clause sixth if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may have reasonably requested from the applicable provider of such Banking Services or Swap Agreements.
2.At the election of the Administrative Agent, all payments of principal, interest, LC Disbursements, fees, premiums, reimbursable expenses (including, without limitation, all reimbursement for fees, costs and expenses pursuant to Section 9.03), and other sums payable under the Loan Documents that are not paid when due, may be paid from the proceeds of Borrowings made hereunder, whether made following a request by the Borrower pursuant to Section 2.03 or a deemed request as provided in this Section. The Borrower hereby irrevocably authorizes the Administrative Agent to make a Borrowing for the purpose of paying each payment of principal, interest and fees that is not paid when due hereunder or any other amount under the Loan Documents that is not paid when due and agrees that all such amounts charged shall constitute Loans (including Swingline Loans), and that all such Borrowings shall be deemed to have been requested pursuant to Section 2.03.
3.If, except as otherwise expressly provided herein, any Lender shall, by exercising any right of set off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on 
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any of its Revolving Loans or participations in LC Disbursements or Swingline Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Revolving Loans and participations in LC Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Revolving Loans and participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Revolving Loans and participations in LC Disbursements and Swingline Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered,  such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this clause (c) shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements or Swingline Loans to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this clause (c) shall apply).  The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.
4.Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Banks 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 Banks, 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 Banks, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
5.If any Lender shall fail to make any payment required to be made by it pursuant to Sections 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(c), then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid, and/or (ii) hold such amounts in a segregated account over which the Administrative Agent shall have exclusive control as cash collateral for, and application to, any future funding obligations of such Lender under any such Section, in the case of each of clause (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion.
6.The Administrative Agent may from time to time provide the Borrower with account statements or invoices with respect to any of the Secured Obligations (the “Statements”). The Administrative Agent is under no duty or obligation to provide Statements, which, if provided, will be solely for the Borrower’s convenience. Statements may contain estimates of the amounts owed during the relevant billing period, whether of principal, interest, fees or other Secured Obligations. If the 
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Borrower pays the full amount indicated on a Statement on or before the due date indicated on such Statement, the Borrower shall not be in default of payment with respect to the billing period indicated on such Statement; provided, that acceptance by the Administrative Agent, on behalf of the Lenders, of any payment that is less than the total amount actually due at that time (including but not limited to any past due amounts) shall not constitute a waiver of the Administrative Agent’s or the Lenders’ right to receive payment in full at another time.
a.  Mitigation Obligations; Replacement of Lenders.    If any Lender requests compensation under Section 2.15, 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 2.17, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Sections 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be 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.
7.If any Lender requests compensation under Section 2.15, 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 2.17, or if any Lender becomes a Defaulting 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 and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights (other than its existing rights to payments pursuant to Sections 2.15 or 2.17) and obligations under this Agreement and other Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent (and if a Commitment is being assigned, the Issuing Banks), which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments.  A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.  Each party hereto agrees that (x) an assignment required pursuant to this clause (b) may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and such parties are participants), and (y) the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to and be bound by the terms thereof; provided that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender, provided that any such documents shall be without recourse to or warranty by the parties thereto.
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b.  Defaulting Lenders.  Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:
8.fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 2.12(a);
9.any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 2.19(b) or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 9.08 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Bank or Swingline Lender hereunder; third, to cash collateralize the Issuing Banks’ LC Exposure with respect to such Defaulting Lender in accordance with this Section; fourth, as the Borrower may request (so long as no Event of Default has occurred and is continuing), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) cash collateralize the Issuing Banks’ future LC Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with this Section; sixth, to the payment of any amounts owing to the Lenders, the Issuing Banks or Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender or the Issuing Banks or Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement or under any other Loan Document; seventh, so long as no Event of Default has occurred and is continuing, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement or under any other Loan Document; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or LC Disbursements in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and LC Disbursements owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or LC Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in the Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure and Swingline Loans are held by the Lenders pro rata in accordance with the Commitments without giving effect to clause (d) below. 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 shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto;
10.the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 9.02 or under any other Loan Document); provided, that this clause (b) shall not apply to the vote of a 
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Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender affected thereby;
11.if any Swingline Exposure or LC Exposure exists at the time such Lender becomes a Defaulting Lender then:
i.all or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender (other than the portion of such Swingline Exposure referred to in clause (b) of the definition of such term) shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages but only to the extent that (x) the sum of all non-Defaulting Lenders’ Revolving Credit Exposures plus such Defaulting Lender’s Swingline Exposure and LC Exposure does not exceed the total of all non-Defaulting Lenders’ Commitments and (y) the conditions set forth in Section 4.02 are satisfied at such time;
ii.if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall within one Business Day following notice by the Administrative Agent (x) first, prepay such Swingline Exposure and (y) second, cash collateralize for the benefit of the Issuing Banks only the Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.06(j) for so long as such LC Exposure is outstanding;
iii.if the Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;
iv.if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Sections 2.12(a) and 2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages; and
v.if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Banks or any other Lender hereunder, all letter of credit fees payable under Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the applicable Issuing Bank until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and
12.so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and no Issuing Bank shall be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 2.20(c), and participating interests in any newly made Swingline Loan or any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.20(c)(i) (and such Defaulting Lender shall not participate therein).
If (i) a Bankruptcy Event or a Bail-In Action with respect to a Lender Parent shall occur following the date hereof and for so long as such event shall continue or (ii) the Swingline Lender or the 
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applicable Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, the Swingline Lender shall not be required to fund any Swingline Loan and such Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless the Swingline Lender or such Issuing Bank, as the case may be, shall have entered into arrangements with the Borrower or such Lender, satisfactory to the Swingline Lender or such Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder.
In the event that the Administrative Agent, the Borrower, the Swingline Lender and the applicable Issuing Banks each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders (other than Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage.
c.  Returned Payments.  If, after receipt of any payment which is applied to the payment of all or any part of the Obligations (including a payment effected through exercise of a right of setoff), the Administrative Agent or any Lender is for any reason compelled to surrender such payment or proceeds to any Person because such payment or application of proceeds is invalidated, declared fraudulent, set aside, determined to be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any other reason (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion), then the Obligations or part thereof intended to be satisfied shall be revived and continued and this Agreement shall continue in full force as if such payment or proceeds had not been received by the Administrative Agent or such Lender.  The provisions of this Section 2.21 shall be and remain effective notwithstanding any contrary action which may have been taken by the Administrative Agent or any Lender in reliance upon such payment or application of proceeds.  The provisions of this Section 2.21 shall survive the termination of this Agreement.
d.  Banking Services and Swap Agreements.  Each Lender or Affiliate thereof providing Banking Services for, or having Swap Agreements with, any Loan Party shall deliver to the Administrative Agent, promptly after entering into such Banking Services or Swap Agreements, written notice setting forth the aggregate amount of all Banking Services Obligations and Swap Agreement Obligations of such Loan Party to such Lender or Affiliate (whether matured or unmatured, absolute or contingent).  In furtherance of that requirement, each such Lender or Affiliate thereof shall furnish the Administrative Agent, from time to time after a significant change therein or upon a request therefor, a summary of the amounts due or to become due in respect of such Banking Services Obligations and Swap Agreement Obligations.  The most recent information provided to the Administrative Agent shall be used in determining which tier of the waterfall, contained in Article VIII, in which such Banking Services Obligations and/or Swap Agreement Obligations will be placed.
e.  Increase in Revolving Commitment.
13.After Suspension Period End Date, the Borrower shall have the right to increase the Commitments (each such increase, an “Incremental Revolving Commitment”) by obtaining additional Commitments, either from one or more of the Lenders or another lending institution, provided that (i) any such request for an increase shall be in a minimum amount of $25,000,000, (ii) after giving effect thereto, the sum of the total of the additional Commitments (for all such requests, together with all 
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requests for term loans pursuant to Section 2.24) does not exceed the sum of (x) $200,000,000 plus (y) an unlimited amount, so long as, in the case of this clause (y), after giving effect to the incurrence of such amount and the use of proceeds thereof (including giving pro forma effect to any acquisition or other transaction consummated in connection therewith and other appropriate pro forma adjustments), the pro forma Funded Indebtedness to EBITDA Ratio (assuming that the entire amount of such Incremental Revolving Commitment is funded), as determined on a pro forma basis for the most recently ended Computation Period for which the Administrative Agent has received financial statements pursuant to Section 5.01(a) or Section 5.01(b), as applicable, shall not exceed 1.25:1.00, (iii) the Administrative Agent, the Swingline Lender and Issuing Bank have approved the identity of any such new Lender, such approvals not to be unreasonably withheld, (iv) any such new Lender assumes all of the rights and obligations of a “Lender” hereunder, and (v) the procedures described in this Section 2.23 have been satisfied.  Nothing contained in this Section 2.23 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase its Commitment hereunder at any time.
14.Any amendment hereto for such an increase shall be in form and substance satisfactory to the Administrative Agent and shall only require the written signatures of the Administrative Agent, the Borrower and each Lender being added or increasing their Commitment.  As a condition precedent to such increase, the Borrower shall deliver to the Administrative Agent (i) a certificate the Borrower signed by an authorized officer of the Borrower (A) certifying and attaching the resolutions adopted by the Borrower approving or consenting to such increase, and (B) certifying that, before and after giving effect to such increase or addition, (1) the representations and warranties contained in Article III and the other Loan Documents are true and correct in all material respects (except to the extent that such representations and warranties (x) specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date or (y) are already qualified as to materiality or by reference to Material Adverse Effect, in which case they shall be true and correct in all respects), (2) no Default exists and (3) the Borrower is in compliance (on a pro forma basis and giving effect to clause (a)(ii)(y) above to the extent applicable) with the covenants contained in Section 6.11 and (ii) legal opinions and documents consistent with those delivered on the Effective Date, to the extent requested by the Administrative Agent.
15.On the effective date of any such increase, (i) any Lender increasing (or, in the case of any newly added Lender, extending) its Commitment shall make available to the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine, for the benefit of the other Lenders, as being required in order to cause, after giving effect to such increase or addition and the use of such amounts to make payments to such other Lenders, each Lender’s portion of the outstanding Revolving Loans of all the Lenders to equal its revised Applicable Percentage of such outstanding Revolving Loans, and the Administrative Agent shall make such other adjustments among the Lenders with respect to the Revolving Loans then outstanding and amounts of principal, interest, commitment fees and other amounts paid or payable with respect thereto as shall be necessary, in the opinion of the Administrative Agent, in order to effect such reallocation and (ii)  the Borrower shall be deemed to have repaid and reborrowed all outstanding Revolving Loans as of the date of any increase (or addition) in the Revolving Commitments (with such reborrowing to consist of the Types of Revolving Loans, with related Interest Periods if applicable, specified in a notice delivered by the Borrower, in accordance with the requirements of Section 2.03).  The deemed payments made pursuant to clause (ii) of the immediately preceding sentence shall be accompanied by payment of all accrued interest on the amount prepaid and, in respect of each Fixed Rate Loan, shall be subject to indemnification by the Borrower pursuant to the provisions of Section 2.16 if the deemed payment 
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occurs other than on the last day of the related Interest Periods.  Within a reasonable time after the effective date of any increase, the Administrative Agent shall, and is hereby authorized and directed to, revise Schedule 2.01 to reflect such increase and shall distribute such revised Schedule 2.01 to each of the Lenders and the Borrower, whereupon such revised Schedule 2.01 shall replace the old Schedule 2.01 and become part of this Agreement.
f.  Request for New Term Facility.  
16.After the Suspension Period End Date, the Borrower shall have the right to add one or more new term loan facilities hereunder (each such facility, a “New Term Facility”) by obtaining commitments (the “New Term Commitments”), either from one or more of the Lenders or another lending institution (the “New Term Lenders”; and each new term loan to be made under a New Term Commitment, a “New Term Loan”), provided that (i) any such request shall be in a minimum amount of $25,000,000, (ii) after giving effect thereto, the sum of the total of the New Term Facilities (for all such requests, together with all requests for additional Commitments pursuant to Section 2.23) does not exceed the sum of (x) $200,000,000 plus (y) an unlimited amount, so long as, in the case of this clause (y), after giving effect to the incurrence of such amount and the use of proceeds thereof (including giving pro forma effect to any acquisition or other transaction consummated in connection therewith and other appropriate pro forma adjustments), the pro forma Funded Indebtedness to EBITDA Ratio, as determined on a pro forma basis for the most recently ended Computation Period for which the Administrative Agent has received financial statements pursuant to Section 5.01(a) or Section 5.01(b), as applicable, shall not exceed 1.25:1.00, (iii) the Administrative Agent has approved the identity of any such new Lender, such approval not to be unreasonably withheld, (iv) any such new Lender assumes all of the rights and obligations of a “Lender” hereunder, and (v) the procedures described in this Section 2.24 have been satisfied.  Nothing contained in this Section 2.24 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to agree to a New Term Commitment hereunder at any time
17.The Administrative Agent and the Borrower shall determine the effective date for each New Term Commitment pursuant to this Section (each, a “New Term Loan Effective Date”) and, if applicable, the final allocation of such New Term Commitment among the Persons providing the commitments thereunder.
18.In order to effect each New Term Commitment, the Borrower, the applicable New Term Lender(s) and the Administrative Agent (but no other Lenders or Persons) shall enter into one or more joinder agreements, each in form and substance satisfactory to the Borrower and the Administrative Agent, pursuant to which the applicable New Term Lender(s) will provide such New Term Commitment.
19.All New Term Loans will rank pari passu in right of payment with all other Loans.  The terms and provisions applicable to the New Term Loans and the New Term Commitments shall be as set forth in this Section; provided that (i) the final maturity, amortization schedule and interest rate applicable to the New Term Loans shall be as agreed between the applicable New Term Lender(s) and the Borrower and set forth in the applicable joinder agreement(s); and (ii) the applicable maturity date of such New Term Loan shall be no shorter than the Maturity Date.  
20.Notwithstanding anything herein to the contrary, this Agreement and the other Loan Documents may be amended to effect such changes as may be necessary or appropriate, in the opinion 
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of the Administrative Agent, to effect the provisions of this Section (including, as to any New Term Facility, with respect to the final maturity and amortization schedule thereof, the interest rate thereon and the treatment thereof for purposes of prepayments and voting), which amendment (which may be incorporated into the applicable joinder agreement(s)) shall be executed by the Borrower, the Administrative Agent and the applicable New Term Lender(s) (but not any other Lenders).  As a condition precedent to any New Term Loans, the Borrower shall deliver to the Administrative Agent (i) a certificate of each Loan Party signed by an authorized officer of the Borrower (A) certifying and attaching the resolutions adopted by the Borrower approving or consenting to the New Term Facility, and (B) certifying that, before and after giving effect to such increase or addition, (1) the representations and warranties contained in Article III and the other Loan Documents are true and correct in all material respects (except to the extent that such representations and warranties (x) specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date or (y) are already qualified as to materiality or by reference to Material Adverse Effect, in which case they shall be true and correct in all respects), (2) no Default exists and (3) the Borrower is in compliance (on a pro forma basis and giving effect to clause (a)(ii)(y) above to the extent applicable) with the covenants contained in Section 6.11 and (ii) legal opinions and documents consistent with those delivered on the Effective Date, to the extent requested by the Administrative Agent.
21.On each New Term Effective Date, each New Term Lender with a New Term Commitment shall make a New Term Loan to the Borrower in the amount of such commitment pursuant to this Section and otherwise in accordance with this Agreement and the applicable joinder agreement.  Within a reasonable time after such New Term Loan Effective Date, the Administrative Agent shall provide notice thereof to the Borrower and the Lenders.    
g.  Exchange Rates.  The Administrative Agent or the Issuing Bank, as applicable, shall determine the Spot Rates as of each Revaluation Date to be used for calculating Dollar Equivalent amounts Loans and Non-Dollar LCs.  Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between the applicable currencies until the next Revaluation Date to occur.  
h.  Currency Exchange Fluctuations.  If on any Revaluation Date the Administrative Agent shall have determined that the then outstanding Dollar Equivalent principal amount of the total Revolving Credit Exposures exceeds the total Commitment due to a change in applicable rates of exchange between Dollars, on the one hand, and any Available Currency, on the other hand, then the Administrative Agent may (or, at the request of the Required Lenders, shall) give notice to the Borrower that a prepayment is required under this Section 2.26, the Borrower shall make prepayments of Revolving Loans or cash collateralize Letters of Credit such that, after giving effect to such prepayment, the total Revolving Credit Exposures will not exceed the total Commitment.
ARTICLE III.Representations and Warranties
The Borrower represents and warrants to the Lenders that:
i.  Organization; Powers.  Each of the Borrower and its Restricted Subsidiaries is duly organized and validly existing under the laws of the jurisdiction of its organization and has all requisite power and authority to carry on its business as now conducted. Each of the Borrower, the other Loan 
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Parties and (except as would not reasonably be expected to result in a Material Adverse Effect, individually or in the aggregate) each of the Borrower’s other Restricted Subsidiaries is in good standing in the jurisdiction of its organization. Except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, each of the Borrower and its Restricted Subsidiaries is qualified to do business in, and is in good standing in, every other jurisdiction where such qualification is required.
j.  Authorization; Enforceability.  The Transactions are within the Borrower’s corporate powers and have been duly authorized by all necessary corporate and, if required, stockholder action.  This Agreement has been duly executed and delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
k.  Governmental Approvals; No Conflicts.  The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect and except for filings necessary to perfect Liens created pursuant to the Collateral Documents, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Borrower or any of its Restricted Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default under any material indenture, agreement or other instrument binding upon the Borrower or any of its Restricted Subsidiaries or any of their respective assets, or give rise to a right thereunder to require any payment to be made by the Borrower or any of its Restricted Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of the Borrower or any of its Restricted Subsidiaries except Liens created pursuant to the Loan Documents.
l.  Financial Condition; No Material Adverse Change.  
22.The Borrower has heretofore furnished to the Lenders its annual report on Form 10-K, which contains the Borrower’s consolidated balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended December 31, 2018 reported on by Deloitte and Touche LLP, independent public accountants, and (ii) its quarterly report on Form 10-Q, which contains the Borrower’s consolidated balance sheet and statements of income, stockholders equity and cash flows as of and for the fiscal quarter and the portion of the fiscal year ended March 31, 2019, certified by its chief financial officer.  Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii) above.
23.No event or circumstance shall have occurred since December 31, 2018 that, individually or in the aggregate, constitutes or would reasonably be expected to result in a Material Adverse Effect.
m.  Properties.    As of the First Amendment Effective Date, Schedule 3.05 sets forth the address of each parcel of real property that is owned or leased by any Loan Party.  Each of such leases and subleases is valid and enforceable in accordance with its terms and is in full force and effect, except (other than with respect to any lease or sublease relating to (i) the Borrower’s headquarters or (ii) the U.S. data center in Santa Clara, California where the websites of the Borrower and its Subsidiaries are 
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hosted) where the failure to be valid, enforceable and in full force and effect would not reasonably be expected to result in a Material Adverse Effect.  No material default by any Loan Party exists under any lease or sublease relating to (i) the Borrower’s headquarters or (ii) the U.S. data center in Santa Clara, California where the websites of the Borrower and its Subsidiaries are hosted and no default by any Loan Party exists with respect to any other lease or sublease that would reasonably be expected to result in a Material Adverse Effect.  Each of the Loan Parties and each of its Restricted Subsidiaries has good and indefeasible title to, or valid leasehold interests in, all of its real and personal property material to its business, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their current uses, free of all Liens other than those permitted by Section 6.02.
24.Each of the Borrower and its Restricted Subsidiaries owns, or is licensed to use, all trademarks, trade names, copyrights, patents and other intellectual property material to its business, and the use thereof by the Borrower and its Restricted Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.
n.  Litigation and Environmental Matters.    There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any of its Restricted Subsidiaries (i) that would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve any Loan Document or the Transactions.
25.Except for the Disclosed Matters and except with respect to any other matters that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, neither the Borrower nor any of its Restricted Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental Liability.
o.  Compliance with Laws and Agreements.  Each of the Borrower and its Restricted Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.  No Default has occurred and is continuing.
p.  Investment Company Status.  Neither the Borrower nor any of its Restricted Subsidiaries is required to register as an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940.
q.  Taxes.  Each of the Borrower and its Restricted Subsidiaries has timely filed or caused to be filed all Federal and state income tax returns, and all other material state, provincial and local tax returns and reports required to have been filed and has paid or caused to be paid all material Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which the Borrower or such Restricted Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so would not reasonably be expected to result in a Material Adverse Effect.
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r.  ERISA.  No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, would reasonably be expected to result in a Material Adverse Effect.  The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $40,000,000 the fair market value of the assets of such Plan, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $40,000,000 the fair market value of the assets of all such underfunded Plans. 
s.  Disclosure.  
26.As of the Effective Date and except as disclosed in the Borrower’s Form 10-K filed with the SEC for the annual period ending December 31, 2018 and Form 10-Q filed with the SEC for the quarterly period ending March 31, 2019, the Borrower has disclosed to the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Restricted Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.  Neither the Information Memorandum nor any of the other reports, financial statements, certificates or other information furnished by the Loan Parties to the Administrative Agent or any Lender for use in connection with the negotiation of any of the Loan Documents or delivered hereunder (as modified or supplemented by other information so furnished), when taken as a whole, contains as of the date of such report, statement, certificate, information or Information Memorandum any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information or other forward-looking information, the Borrower represents only that such information was prepared in good faith based upon assumptions and estimates believed to be reasonable at the time, it being recognized by the Administrative Agent and the Lenders that such projections or other forward-looking information as they relate to future events are subject to significant uncertainties, many of which are beyond the control of the Borrower and not to be viewed as fact and that actual results during the period or periods covered by such projections or other forward-looking information may differ from the projected results set forth therein by a material amount.
27.As of the First Amendment Effective Date, to the best knowledge of the Borrower, the information included in the Beneficial Ownership Certification provided on or prior to the First Amendment Effective Date to any Lender in connection with this Agreement is true and correct in all material respects.
t.  Insurance.  Schedule 3.12 sets forth a description of all insurance maintained by or on behalf of the Loan Parties as of the First Amendment Effective Date.  As of the First Amendment Effective Date, the properties of the Borrower and its Restricted Subsidiaries are insured by insurance maintained by or on behalf of the Loan Parties and their Restricted Subsidiaries in an amount believed in good faith by the Borrower to be adequate and customary for companies engaged in the same or similar businesses operating in the same or similar locations.
u.  Capitalization and Subsidiaries.  Schedule 3.13 sets forth as of the First Amendment Effective Date, with respect to the Borrower and each Subsidiary (a) a correct and complete list of its name and relationship to the Borrower of each Subsidiary, and (b) the type of entity, its jurisdiction of 
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organization and the percentage of its capital stock or other ownership interests owned by Borrower or other Subsidiaries.  All of the issued and outstanding Equity Interests owned by any Loan Party have been (to the extent such concepts are relevant with respect to such ownership interests) duly authorized and issued and are fully paid and non-assessable.
v.  Security Interest in Collateral.  The Security Agreement is effective to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral described therein and proceeds thereof. In the case of the Pledged Stock described in the Security Agreement, when stock certificates representing such Pledged Stock are delivered to the Administrative Agent (together with properly completed and signed stock powers or endorsements), and in the case of the other Collateral described in the Security Agreement, when financing statements and other filings specified in Schedule 3.14 in appropriate form are filed in the offices specified on Schedule 3.14 together with payment of any filing or recordation fees, or, with respect to after-acquired property, when the requirements set forth in Section 5.09 have been complied with, the Administrative Agent shall have a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral and the proceeds thereof (except for registration of and application for intellectual property filed outside the United States) to the extent such Lien can be perfected by the filing of financing statements under the applicable UCC, as security for the Secured Obligations, in each case prior and superior in right to any other Person (except, in the case of Collateral other than Pledged Stock, Liens permitted by Section 6.02, and in the case of Collateral constituting Pledged Stock, inchoate Liens arising by operation of law), in each case, to the extent required by the Security Agreement.
w.  Federal Reserve Regulations.  No part of the proceeds of any Loan or Letter of Credit has been used or will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X.
x.  No Burdensome Restrictions.  No Loan Party is subject to any Burdensome Restrictions except Burdensome Restrictions permitted under Section 6.08.
y.  Anti-Corruption and Anti-Money Laundering Laws; and Sanctions.  The Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its Restricted Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower, its Restricted Subsidiaries and their respective directors and officers and to the knowledge of the Borrower, their respective employees and agents, are in compliance with Anti-Corruption Laws, applicable anti-money laundering Laws and applicable Sanctions in all material respects.  None of (a) the Borrower, any Subsidiary or any of their respective directors or officers or (b) to the knowledge of the Borrower, any agent or employee of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person.  No Borrowing or Letter of Credit, use of proceeds or other transaction contemplated by this Agreement or the other Loan Documents will violate Anti-Corruption Laws, applicable anti-money laundering Laws or applicable Sanctions.
z.  Solvency.  As of the Effective Date, after giving effect to (i) the transactions contemplated by this Agreement and the other Loan Documents, and (ii) the payment and accrual of all transaction costs with respect to the foregoing, Borrower and its Restricted Subsidiaries taken as a whole are Solvent.
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aa.  Labor Matters.  There are no existing or threatened strikes, lockouts or other labor disputes involving any Loan Party that singly or in the aggregate would reasonably be expected to have a Material Adverse Effect.  
ab.Affected Financial Institutions.  No Loan Party is an Affected Financial Institution.
ARTICLE IV.Conditions
ac.  Effective Date.  The obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters of Credit hereunder shall not become effective until the date on (and at the time at (the “Effective Time”)) which each of the following conditions is satisfied (or waived in accordance with Section 9.02):
28.The Administrative Agent (or its counsel) shall have received (i) a counterpart of this Agreement signed on behalf of each party hereto, (ii) duly executed copies of the other Loan Documents (including the Guaranty and the Security Agreement) and such other certificates, documents, instruments and agreements as the Required Lenders shall reasonably request in connection with the transactions contemplated by this Agreement and the other Loan Documents, including any promissory notes requested by a Lender pursuant to Section 2.10 payable to each such requesting Lender.
29.The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of Winston & Strawn LLP, counsel for the Borrower, covering the Loan Documents and such other matters relating to the Loan Parties or the Transactions as the Administrative Agent shall reasonably request.  The Borrower hereby requests such counsel to deliver such opinion.
30.The Administrative Agent shall have received (i) a certificate of each Loan Party, dated the Effective Date and executed by its Responsible Officer, which shall (A) certify the resolutions of its Board of Directors, members or other body authorizing the execution, delivery and performance of the Loan Documents to which it is a party, (B) identify by name and title and bear the signatures of the Financial Officers and any other officers of such Loan Party authorized to sign the Loan Documents to which it is a party, and (C) contain appropriate attachments, including the charter, articles or certificate of organization or incorporation of each Loan Party certified by the relevant authority of the jurisdiction of organization of such Loan Party and a true and correct copy of its bylaws or operating, management or partnership agreement, or other organizational or governing documents, and (ii) a long form good standing certificate for each Loan Party from its jurisdiction of organization.
31.The Administrative Agent shall have received certified copies of all documents evidencing any necessary consents and governmental approvals (if any) required for the execution, delivery and performance by each Loan Party of the documents referred to in this Section 4.01.
32.The Administrative Agent shall have received a certificate, dated the Effective Date and signed by a Responsible Officer, confirming compliance with the conditions set forth in clauses (a) and (b) of Section 4.02.
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33.The Administrative Agent shall have received the results of a recent lien search in the jurisdiction of organization of each Loan Party and each jurisdiction where assets of the Loan Parties are located, and such search shall reveal no Liens on any of the assets of the Loan Parties except for Liens permitted by Section 6.02 or discharged on or prior to the Effective Date pursuant to a pay-off letter or other documentation reasonably satisfactory to the Administrative Agent.
34.The Administrative Agent shall have received (i) the certificates representing any certificated Equity Interests pledged pursuant to the Security Agreement, together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof and (ii) each promissory note (if any) pledged to the Administrative Agent pursuant to the Security Agreement endorsed (without recourse) in blank (or accompanied by an executed transfer form in blank) by the pledgor thereof.
35.Each document (including any Uniform Commercial Code financing statement) required by the Collateral Documents or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a perfected Lien on the Collateral described therein, shall be in proper form for filing, registration or recordation.
36.The Administrative Agent shall have received evidence of insurance coverage in form, scope, and substance reasonably satisfactory to the Administrative Agent and otherwise in compliance with the terms of Section 5.05 of this Agreement.
37.The Lenders shall have received (i) the Borrower’s annual reports on Form 10-K for the fiscal years ended December 31, 2017 and 2018, (ii) the Borrower’s quarterly report filed on Form 10-Q, which contains the Borrower’s unaudited interim consolidated financial statements for the fiscal quarter ended March 31, 2019, and such financial statements shall not, in the reasonable judgment of the Administrative Agent, reflect any material adverse change in the consolidated financial condition of the Borrower, as reflected in the audited, consolidated financial statements described in clause (i) of this paragraph and (iii) satisfactory Projections of the Borrower through fiscal year 2023.
38.(i)The Administrative Agent shall have received, (x) at least five days prior to the Effective Date (or such shorter period as may be agreed by the Administrative Agent) all documentation and other information regarding the Loan Parties requested in connection with applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act, to the extent requested in writing of the Borrower at least 10 days prior to the Effective Date, and (y) a properly completed and signed IRS Form W-8 or W-9, as applicable, for each Loan Party, and (ii) to the extent the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, any Lender that has requested, in a written notice to the Borrower at least five days prior to the Effective Date (or such shorter period as may be agreed by the Administrative Agent), a Beneficial Ownership Certification in relation to the Borrower shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature page to this Agreement, the condition set forth in this clause (ii) shall be deemed to be satisfied).
39.The Administrative Agent shall have received such other documents as the Administrative Agent, any Issuing Bank, any Lender or their respective counsel may have reasonably requested.
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40.The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all reasonable and documented out of pocket expenses required to be reimbursed or paid by the Borrower hereunder.
The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding.  
ad.  Each Credit Event.  The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of the applicable Issuing Bank to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions:
41.The representations and warranties of the Loan Parties set forth in the Loan Documents shall be true and correct in all material respects with the same effect as though made on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date, and that any representation or warranty which is subject to any materiality qualifier shall be required to be true and correct in all respects).
42.Before and after giving effect to such Borrowing, or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing.
Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in clauses (a) and (b) of this Section.
ARTICLE V.Affirmative Covenants
Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit shall have expired or terminated (unless the LC Exposure related thereto has been cash collateralized or a back-up standby Letter of Credit satisfactory to the Administrative Agent and the applicable Issuing Bank is in place), in each case, without any pending draw, and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:
ae.  Financial Statements; Other Information.  The Borrower will furnish to the Administrative Agent and each Lender:
43.within 70 days after the end of each fiscal year of the Borrower (or such later date as may be permitted by the SEC for the filing of its Annual Report on Form 10-K with the SEC), its audited consolidated (and if, during such year, the Borrower had any Unrestricted Subsidiaries, unaudited consolidating financial statements of the Restricted Subsidiaries, taken as a whole) balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year. The consolidated financial statements shall be reported on by Deloitte and Touche LLP, or other independent public accountants of recognized national standing (without a “going concern” or like qualification or 
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exception and without any qualification or exception as to the scope of such audit) to the effect that such audited consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries in accordance with GAAP consistently applied;
44.within 55 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower (or such later date as may be permitted by the SEC for the filing of its Quarterly Report on Form 10-Q with the SEC), its unaudited consolidated (and if, during such quarter, the Borrower had any Unrestricted Subsidiaries, consolidating balance sheet and income statement of the Restricted Subsidiaries, taken as a whole, within 75 days after the end of such quarter) balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes;
45.during the Suspension Period, within 30 days after the end of each calendar month of the Borrower (other than a calendar month that is also a fiscal quarter or fiscal year end), its unaudited consolidated (and if, during such month, the Borrower had any Unrestricted Subsidiaries, consolidating balance sheet and income statement of the Restricted Subsidiaries, taken as a whole) balance sheet and related statements of operations and cash flows as of the end of and for such month and the then elapsed portion of the fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to audit adjustments, changes related to or resulting from customary quarterly closing adjustments and the absence of footnotes;
46.concurrently with any delivery of financial statements under clause (a), (b) or, in the case of clauses (i) and (ii) below, (c) above, a certificate of a Financial Officer of the Borrower (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with the then applicable provisions of Section 6.11 and, to the extent applicable, the definition of “Maturity Date” and (iii) stating whether any change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.04 and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate;
47.as soon as available, but in any event no later than 60 days after the end of each fiscal year of the Borrower (or such later date as the Administrative Agent may agree), a copy of the plan and forecast (including a projected consolidated balance sheet, income statement and cash flow statement) of the Borrower and its Restricted Subsidiaries for each quarter of the upcoming fiscal year (the “Projections”) in form reasonably satisfactory to the Administrative Agent;
48.promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by the Borrower or any Subsidiary with the SEC, or 
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any Governmental Authority succeeding to any or all of the functions of the SEC, or with any national securities exchange, or distributed by the Borrower to its shareholders generally, as the case may be; and
49.promptly following any request therefor, (i) such other information regarding the operations, business affairs and financial condition of the Borrower or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender may reasonably request and (ii) information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act and the Beneficial Ownership Regulation.
Documents required to be delivered pursuant to Sections 5.01(a), 5.01(b) and 5.01(g) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which such documents are filed for public availability on the SEC’s Electronic Data Gathering and Retrieval System.  Upon the request of the Administrative Agent, the Borrower shall provide paper copies of the compliance certificates required by Section 5.01(d) to the Administrative Agent.
af.  Notices of Material Events.  The Borrower will furnish to the Administrative Agent and each Lender prompt written notice of the following:
50.the occurrence of any Default;
51.the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting the Borrower or any Affiliate thereof that would reasonably be expected to result in a Material Adverse Effect; 
52.the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in liability of the Borrower and its Restricted Subsidiaries in an aggregate amount exceeding $10,000,000; and
53.any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect; and
54.any change in the information provided in the Beneficial Ownership Certification delivered to such Lender that would result in a change to the list of beneficial owners identified in such certification.
Each notice delivered under this Section shall be accompanied by a statement of a Responsible Officer or other executive officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.
ag.  Existence; Conduct of Business.  The Borrower will, and will cause each of its Restricted Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business; provided that the foregoing shall not prohibit any disposition, merger, consolidation, liquidation or dissolution permitted under Sections 6.03 or 6.09.
ah.  Payment of Obligations.  The Borrower will, and will cause each of its Restricted Subsidiaries to, pay or discharge all Material Indebtedness and all material Taxes, before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in 
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good faith by appropriate proceedings, (b) such Loan Party has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest would not reasonably be expected to result in a Material Adverse Effect.
ai.  Maintenance of Properties; Insurance.  The Borrower will, and will cause each of its Restricted Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and (b) maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations.  The Borrower will furnish to the Lenders, upon request of the Administrative Agent, but no less frequently than annually, information in reasonable detail as to the insurance so maintained.
aj.  Books and Records; Inspection Rights.  The Borrower will, and will cause each of its Restricted Subsidiaries to, keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities.  The Borrower will, and will cause each of its Restricted Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested; provided, however, that so long as no Event of Default has occurred and is continuing, (a) such inspections shall be coordinated through the Administrative Agent so that not more than two such inspections described in this Section 5.06 shall occur in any fiscal year and (b) the Borrower shall have no obligation to reimburse the Administrative Agent for the costs or expenses of more than one such inspection described in this Section 5.06 in any fiscal year.
ak.  Compliance with Laws.  The Borrower will, and will cause each of its Restricted Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property (including, without limitation, Environmental Laws), except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws, applicable anti-money laundering Laws and applicable Sanctions.
al.  Use of Proceeds and Letters of Credit.  The proceeds of the Loans will be used only to refinance Borrower’s Indebtedness under the Existing Credit Agreement and for the general corporate purposes (including share repurchases, redemption of the Convertible Notes and Permitted Acquisitions) of the Borrower and its Restricted Subsidiaries.  No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X.  Letters of Credit will be issued only in support of the foregoing purposes.
am.  Additional Collateral; Further Assurances.
55.No later than 30 days after the formation or acquisition thereof, subject to applicable law, the Borrower will cause each of its Material Subsidiaries formed or acquired after the date of this Agreement to become a Guarantor by executing a joinder agreement to each applicable Loan Document, 
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including the Guaranty and the Security Agreement and upon execution and delivery thereof, each such Person (i) shall automatically become a Guarantor hereunder and thereupon shall have all of the rights, benefits, duties, and obligations in such capacity under the Loan Documents and (ii) will grant Liens to the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, to the extent required under the Security Agreement; provided that (i) to the extent requested by the Administrative Agent (on behalf of itself or any Lender) in writing, such Material Subsidiary shall have delivered all documents and information that the Administrative Agent (on behalf of itself or such Lender) reasonably determines is required by U.S. regulatory authorities under applicable “know-your-customer” rules and regulations and anti-money laundering rules and regulations with respect to the proposed Guarantor; provided further that, (i) the 30-day period described above shall not begin until the last such request is received from the Administrative Agent, (ii) such Material Subsidiary shall not become a Loan party hereunder if the Administrative Agent reasonably determines that the addition of such entity would either violate any applicable law or have any material adverse effect on the Lenders and (iii) no Default or Event of Default shall occur for failure to comply with this Section 5.09(a) if the Administrative Agent determines in the foregoing clause (ii) not to add a Material Subsidiaries as a Guarantor for any reason.
56.Notwithstanding the foregoing or anything to the contrary in any Loan Document, (i) no Foreign Subsidiary shall be required to issue any guaranty or grant a security interest in any collateral and (ii) no Loan Party shall be required to pledge more than 65% of the voting stock (within the meaning of Section 1.956-2(c)(2) of the United States Treasury Regulations) of any Foreign Subsidiary (other than GI Luxembourg S.à r.l.).
57.Without limiting the foregoing, the Borrower will, and will cause each other Loan Party to, execute and deliver, or cause to be executed and delivered, to the Administrative Agent such documents, agreements and instruments, and will take or cause to be taken such further actions (including the filing and recording of financing statements, fixture filings, mortgages, deeds of trust and other documents and such other actions or deliveries of the type required by Section 4.01, as applicable), which may be required by law or which the Administrative Agent may, from time to time, reasonably request to carry out the terms and conditions of this Agreement and the other Loan Documents and to ensure perfection and priority of the Liens created or intended to be created by the Collateral Documents, all at the expense of the Borrower.
58.(d) Borrower shall cause all material intellectual property acquired after the First Amendment Effective Date that is owned by Groupon International Limited to be properly recorded by Groupon International Limited as record owner and subject to a first priority perfected security interest under Irish law in favor of Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties.
ARTICLE VI.Negative Covenants
Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees  payable hereunder have been paid in full and all Letters of Credit have expired or terminated (unless the LC Exposure related thereto has been cash collateralized or a back-up standby letter of credit satisfactory to the Administrative Agent and the applicable Issuing Bank is in place), in 
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each case, without any pending draw,  and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:
an.  Indebtedness.  The Borrower will not, and will not permit any Restricted Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except:
59.the Secured Obligations;
60.Indebtedness existing on the First Amendment Effective Date and set forth in Schedule 6.01 and extensions, refinancing, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof;
61.after Suspension Period End Date, Indebtedness in the form of earn-out obligations that are due and payable (or are reasonably expected to become due and payable within 12 months of such date of determination); provided that such Indebtedness does not exceed the greater of (x) $50,000,000 and (y) 3.0% of Consolidated Total Assets at any time outstanding; 
62.Indebtedness of the Borrower to any Restricted Subsidiary and of any Restricted Subsidiary to the Borrower or any other Restricted Subsidiary; provided that (i) Indebtedness of any Restricted Subsidiary that is not a Loan Party to the Borrower or any other Loan Party shall be permitted under this clause (d) to the extent permitted under Section 6.04 and (ii) Indebtedness of any Loan Party to any Restricted Subsidiary that is not a Loan Party shall be subordinated to the Secured Obligations on terms reasonably satisfactory to the Administrative Agent;
63.Guarantees by the Borrower of Indebtedness of any Restricted Subsidiary and by any Restricted Subsidiary of Indebtedness of the Borrower or any other Restricted Subsidiary; provided that (i) the Indebtedness so Guaranteed is permitted by this Section 6.01, (ii) Guarantees by the Borrower or any other Loan Party of Indebtedness of any Restricted Subsidiary that is not a Loan Party shall be permitted under this clause (e) to the extent permitted under Section 6.04 and (iii) to the extent that the Indebtedness so Guaranteed is subordinated, Guarantees permitted under this clause (e) shall be subordinated to the Secured Obligations on the same terms as the Indebtedness so Guaranteed is subordinated to the Secured Obligations;
64.Indebtedness of the Borrower or any Restricted Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets, including Finance Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof; provided that (i) such Indebtedness is incurred prior to or within 90 days after such acquisition or the completion of such construction or improvement and (ii) the aggregate principal amount of Indebtedness permitted by this clause (f) shall not exceed (x) during the Suspension Period, $15,000,000 at any time outstanding and (y) after Suspension Period End Date, the greater of (A) $100,000,000 and (B) 6.0% of Consolidated Total Assets at any time outstanding; 
65.Indebtedness of the Borrower or any Restricted Subsidiary as an account party in respect of trade letters of credit;
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66.Indebtedness of the Borrower or any Restricted Subsidiary in respect of performance bonds, bid bonds, appeal bonds, surety bonds and similar obligations, in each case provided in the ordinary course of business;
67.Indebtedness of the Borrower or any of its Restricted Subsidiaries in respect of workers’ compensation claims, self-insurance obligations, customs, performance, bid and surety bonds and completion guaranties, in each case in the ordinary course of business; 
68.letters of credit and bank guaranties issued for the account of the Borrower or any of its Restricted Subsidiaries, so long as the sum of (i) the aggregate undrawn face amount thereof and (ii) any unreimbursed obligations in respect thereof shall not exceed (x) during the Suspension Period, $5,000,000 at any time outstanding and (y) after Suspension Period End Date, $25,000,000 at any time outstanding; 
69.Swap Agreement Obligations of the Borrower or any of its Restricted Subsidiaries permitted under Section 6.05; 
70.Indebtedness under any cash pooling arrangement of Borrower and any of its Restricted Subsidiaries (including without limitation, any guarantee by Borrower or any of its Restricted Subsidiaries in respect of the obligations under any such arrangement); 
71.Indebtedness (including Guarantees) of the Borrower and the Restricted Subsidiaries (i) during the Suspension Period, in an aggregate principal amount not to exceed $5,000,000 and (ii) after Suspension Period End Date, in unlimited amounts so long as, both before and immediately after giving effect to the incurrence of such Indebtedness, the Borrower is in pro forma compliance with the Funded Indebtedness to EBITDA Ratio; provided that, notwithstanding the foregoing clause (ii), the aggregate principal amount of Indebtedness of Restricted Subsidiaries that are not Loan Parties incurred in reliance on this clause (m) shall not at any time exceed the greater of (i) $100,000,000 and (ii) 6.0% of Consolidated Total Assets;
72.during the Suspension Period, Second Lien Indebtedness and additional unsecured Indebtedness (in each case, including Guarantees in respect thereof) of the Borrower and its Restricted Subsidiaries in an aggregate amount not to exceed $200,000,000 at any time outstanding.
ao.  Liens.  The Borrower will not, and will not permit any Restricted Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except:
73.Liens created pursuant to any Loan Document;
74.Permitted Encumbrances;
75.any Lien on any property or asset of the Borrower or any Restricted Subsidiary existing on the First Amendment Effective Date and set forth in Schedule 6.02; provided that (i) such Lien shall not apply to any other property or asset of the Borrower or any Restricted Subsidiary and (ii) such Lien shall secure only those obligations which it secures on the date hereof and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;
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76.any Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any Restricted Subsidiary or existing on any property or asset of any Person that becomes a Restricted Subsidiary after the date hereof prior to the time such Person becomes a Restricted Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Restricted Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Borrower or any Restricted Subsidiary and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Restricted Subsidiary, as the case may be and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;
77.Liens on fixed or capital assets acquired, constructed or improved by the Borrower or any Restricted Subsidiary (including for the avoidance of doubt in respect of Finance Lease Obligations); provided that (i) such security interests secure Indebtedness permitted by clause (f) of Section 6.01, (ii) such security interests and the Indebtedness secured thereby are incurred prior to or within 90 days after such acquisition or the completion of such construction or improvement, (iii) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital assets and (iv) such security interests shall not apply to any other property or assets of the Borrower or any Restricted Subsidiary;
78.bankers’ Liens, rights of setoff and other similar Liens existing solely with respect to cash and cash equivalents on deposit in one or more accounts maintained by the Borrower or any other Loan Party, in each case granted in the ordinary course of business or arising by operation of law in favor of the bank or banks with which such accounts are maintained, securing amounts owing to such bank or banks; provided that such deposit accounts and the funds on deposit therein are not established or deposited for the purpose of providing collateral for any Indebtedness;
79.Liens arising out of Sale and Leaseback Transactions permitted by Section 6.10;
80.Liens granted by a Restricted Subsidiary that is not a Loan Party in favor of the Borrower or another Loan Party in respect of Indebtedness owed by such Restricted Subsidiary; 
81.Liens on cash collateral posted in respect of letters of credit and bank guarantees permitted under Section 6.01(j) so long as (i) such Liens only secure obligations under such letters of credit and bank guarantees and (ii) the amount of cash on which Liens may be granted pursuant to this clause (i) shall not exceed 105% of the aggregate amount of Indebtedness secured by such Liens;
82.Liens arising in the ordinary course of business with respect to deposit accounts relating to any cash pooling arrangement permitted under Section 6.01(l);
83.(i) during the Suspension Period, Liens securing Indebtedness that is permitted by Section 6.01(m)(i) and (n) and (ii) after the Suspension Period, Liens  securing obligations at no time exceeding 5.0% of Consolidated Total Assets in aggregate principal amount; provided that, if during the Suspension Period, any secured Indebtedness is incurred under either Section 6.01(m)(i) or (n), the Liens securing such Indebtedness shall be permitted under this section 6.02(k)(ii), notwithstanding that the aggregate principal amount thereof may then exceed 5.0% of Consolidated Total Assets (provided that, for the avoidance of doubt, in no event shall the aggregate principal amount of Indebtedness permitted to be secured under this clause (ii) exceed the greater of (x) the amount of Indebtedness outstanding under Section 6.01(n) on the Suspension Period End Date and (y) 5.0% of Consolidated Total Assets); and
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84.transfers of accounts receivables (and rights in respect thereof) permitted under Section 6.09(g).
ap.  Fundamental Changes.    The Borrower will not, and will not permit any Restricted Subsidiary to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) and whether effected pursuant to a Division or otherwise, all or substantially all of its assets, or all or substantially all of the stock of any of its Restricted Subsidiaries (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing (i) any Person may merge into the Borrower in a transaction in which the Borrower is the surviving entity, (ii) any Person may merge with or into any Restricted Subsidiary in a transaction in which the surviving entity is or promptly becomes a Restricted Subsidiary (and if either such Restricted Subsidiary is a Guarantor, then the surviving entity shall also be or promptly become a Guarantor), (iii) any Restricted Subsidiary may sell, transfer, lease or otherwise dispose of its assets to the Borrower or to another Restricted Subsidiary, (iv) any Restricted Subsidiary may liquidate or dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders, (v) any Permitted Acquisition otherwise permitted pursuant to Section 6.04 may be completed and (vi) any disposition of assets otherwise permitted under Section 6.09 may be completed.
85.The Borrower will not, and will not permit any of its Restricted Subsidiaries to, consummate a Division as the Dividing Person; provided, that any Restricted Subsidiary that is a limited liability company may consummate a Division as the Dividing Person if, immediately following such Division, the assets of such Dividing Person are held by one or more Restricted Subsidiaries and provided, further that, if any Loan Party that is a limited liability company consummates a Division, each Division Successor shall be required to comply with the obligations set forth in Section 5.09 and the other further assurances obligations set forth in the Loan Documents and become a Loan Party to the extent required  under this Agreement and the other Loan Documents.
86.The Borrower will not, and will not permit any of its Restricted Subsidiaries to, engage to any material extent in any business other than businesses of the type or having personnel that are related, similar or otherwise complementary to the businesses conducted by the Borrower and its Restricted Subsidiaries on the date of execution of this Agreement (including all forms of e-commerce, customer relationship management and technologies that complement these businesses).
aq.  Investments, Loans, Advances, Guarantees and Acquisitions.  The Borrower will not, and will not permit any of its Restricted Subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a wholly owned Restricted Subsidiary prior to such merger) any Investment, except:
87.Permitted Investments;
88.after the Suspension Period End Date, Permitted Acquisitions;
89.Investments (i) by the Borrower and the Restricted Subsidiaries in Equity Interests in their respective Restricted Subsidiaries or (ii) constituting a contribution of Equity Interests of a Foreign Subsidiary to a Foreign Subsidiary, provided that any such Equity Interests held by a Loan Party shall be 
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pledged pursuant to the Security Agreement (subject to the limitations applicable to voting stock of a Foreign Subsidiary referred to in Section 5.09);
90.loans or advances made by the Borrower to any Restricted Subsidiary and made by any Restricted Subsidiary to the Borrower or any other Restricted Subsidiary;
91.loans or advances made by any Loan Party to any Restricted Subsidiary and made by any Restricted Subsidiary to a Loan Party or any other Restricted Subsidiary, provided that any such loans and advances made by a Loan Party shall be pledged pursuant to the Security Agreement;
92.Guarantees constituting Indebtedness permitted by Section 6.01;
93.loans or advances made by a Loan Party to its employees on an arms-length basis in the ordinary course of business for travel and entertainment expenses, relocation costs and similar purposes up to a maximum aggregate outstanding amount at any one time of (i) during the Suspension Period, $1,000,000 and (ii) after the Suspension Period End Date, $3,000,000;
94.Investments of any Person existing at the time such Person becomes a Restricted Subsidiary of the Borrower or consolidates or merges with the Borrower or any of the Restricted Subsidiaries (including in connection with a Permitted Acquisition), so long as such Investments were not made in contemplation of such Person becoming a Restricted Subsidiary or of such merger;
95.extensions of trade credit in the ordinary course of business and consistent with past practices;
96.prepaid expenses and lease, utility, workers, compensation, performance and other similar deposits made in the ordinary course of business and consistent with past practices; 
97.Investments (including debt obligations) received by the Borrower or any Restricted Subsidiary in connection with the bankruptcy or reorganization of suppliers and customers and in good faith settlements of delinquent obligations of, and other disputes with, customers and suppliers arising in of the ordinary course of business; 
98.Investments in existence on the First Amendment Effective Date and listed on Schedule 6.04; 
99.Investments made after the Effective Date in an aggregate amount not exceeding (i) during the Suspension Period, $15,000,000 and (ii) after the Suspension Period End Date, the greater of (x) $25,000,000 and (y) 1.5% of Consolidated Total Assets at any time outstanding; 
100.Investments made in connection with any sale, transfer, lease or other disposition permitted under Section 6.09; and
101.After the Suspension Period End Date, Investments (other than Acquisitions) made when the Funded Indebtedness to EBITDA Ratio, calculated on a pro forma basis, is less than 2.5 to 1.0.
Notwithstanding the foregoing, the aggregate amount of all Investments in, loans and advances to and Guarantees in respect of the obligations of Restricted Subsidiaries that are not Loan Parties made by Loan Parties shall not exceed (i) during the Suspension Period, $15,000,000 and (ii) after Suspension 
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Period End Date, if the Funded Indebtedness to EBITDA Ratio is 2.5 to 1.0 or more at any time, the greater of (x) $50,000,000 and (y) 3.0% of Consolidated Total Assets in the aggregate during such time; provided that for purposes of this clause (ii), if the Funded Indebtedness to EBITDA Ratio is 2.5 to 1.0 or more at the time of any such proposed Investment, loan advance or Guaranty, any Investment, loan, advance or Guaranty made during the time the Funded Indebtedness to EBITDA Ratio was below 2.5 to 1.0 shall be deemed to be permitted under Section 6.04(o) and if the Funded Indebtedness to EBITDA Ratio is below 2.5 to 1.0 at any time, any prior Investment, loan, advance or Guaranty while the Funded Indebtedness to EBITDA Ratio was above 2.5 to 1.0 shall be disregarded for purposes of the calculations made thereafter under this sentence. 
ar.  Swap Agreements.  The Borrower will not, and will not permit any of its Restricted Subsidiaries to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which the Borrower or any Restricted Subsidiary has actual exposure,  (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Borrower or any Restricted Subsidiary, (c) Capped-Call Transactions, (d) Convertible Note Hedge Transactions and (e) Warrant Transactions.
as.  Restricted Payments.  The Borrower will not, and will not permit any of its Restricted Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except
102.the Borrower may declare and pay dividends with respect to its Equity Interests payable solely in additional shares of its common stock;
103.Restricted Subsidiaries may declare and pay dividends ratably with respect to their Equity Interests;
104.the Borrower may make Restricted Payments pursuant to and in accordance with stock option plans or other benefit plans for management or employees of the Borrower and its Restricted Subsidiaries in an aggregate amount not to exceed $1,000,000 per year; provided however, that notwithstanding the foregoing, the Borrower may make Restricted Payments in an amount equal to withholding or similar taxes payable or expected to be payable in connection with the exercise or vesting of Equity Interests or other equity awards or any repurchases, redemptions, acquisitions, retirements or withholdings of Equity Interests in connection with any exercise of Equity Interests or other equity options or warrants or the vesting of Equity Interests or other equity awards if such Equity Interests represent all or a portion of the exercise price of, or withholding obligation with respect to, such options or, warrants or other Equity Interests or equity awards;
105.after the Suspension Period End Date, so long as no Default shall be continuing or result therefrom the Borrower may make additional Restricted Payments either (i) on an unlimited basis, if at the time of making such Restricted Payment the Funded Indebtedness to EBITDA Ratio, calculated on a pro forma basis, is less than 2.25 to 1.00, (ii) in an aggregate amount not to exceed in any fiscal year, the greater of (x) $50,000,000 and (y) 3.0% of Consolidated Total Assets, if at the time of making such Restricted Payment the Funded Indebtedness to EBITDA Ratio, calculated on a pro forma basis, is 2.25 to 1.0 or more but less than 2.5 to 1.0 or (iii) in an aggregate amount not to exceed in any fiscal year, the greater of (x) $25,000,000 and (y) 1.5% of Consolidated Total Assets, if at the time of making such 
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Restricted Payment the Funded Indebtedness to EBITDA Ratio, calculated on a pro forma basis, is 2.5 to 1.0 or more.
at.  Transactions with Affiliates.  The Borrower will not, and will not permit any of its Restricted Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) in the ordinary course of business at prices and on terms and conditions not less favorable to the Borrower or such Restricted Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among the Borrower and its Restricted Subsidiaries (it being understood that to the extent any such transaction involves an Affiliate, such portion of the transaction shall be subject to this Section 6.07), (c) any Restricted Payment permitted by Section 6.06 and (d) any transactions permitted pursuant to Section 6.03.
au.  Restrictive Agreements.  The Borrower will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Borrower or any Loan Party to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any Restricted Subsidiary to pay dividends or other distributions with respect to any shares of its capital stock or to make or repay loans or advances to the Borrower or any other Restricted Subsidiary or to Guarantee Indebtedness of the Borrower or any other Loan Party; provided that (i) the foregoing shall not apply to restrictions and conditions imposed by law or by this Agreement or the other Loan Documents, (ii) the foregoing shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 6.08 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), (iii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to any sale, transfer, lease or other disposition permitted under Section 6.09 pending such sale, transfer, lease or other disposition, provided that such restrictions and conditions apply only to such asset or Equity Interest subject of such sale, transfer, lease or disposition, (iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness, (v) clause (a) of the foregoing shall not apply to customary provisions in leases and other contracts restricting the assignment thereof, (vi) the foregoing shall not apply to customary restrictions on transfer of any asset in any agreements governing any purchase money Liens or Finance Lease Obligations otherwise permitted hereunder to the extent such restrictions only restrict the transfer of the property subject to such agreement and (vii) the foregoing shall not apply to (x) in the case of any Restricted Subsidiary that is not a wholly-owned Restricted Subsidiary, restrictions and conditions imposed by its organizational documents or any related joint venture or similar agreement, provided that such restrictions and conditions apply only to such Restricted Subsidiary and to any Equity Interest in such Restricted Subsidiary or (y) licenses or sublicenses by the Borrower and its Restricted Subsidiaries of intellectual property in the ordinary course of business and consistent with past practices.
av.  Asset Sales.  The Borrower will not, nor will it permit any Restricted Subsidiary to, sell, transfer, lease or otherwise dispose of any asset, including any Equity Interest owned by it, nor will the Borrower permit any Restricted Subsidiary to issue any additional Equity Interest in such Restricted Subsidiary (other than to the Borrower or another Restricted Subsidiary in compliance with Section 6.04), except:
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106.sales, transfers and dispositions of (i) inventory, (ii) cash or cash equivalents and (iii) used, obsolete, worn out or surplus equipment or property, in each case in the ordinary course of business;
107.sales, transfers and dispositions of assets to the Borrower or any Restricted Subsidiary, provided that any such sales, transfers or dispositions involving a Restricted Subsidiary that is not a Loan Party shall be made in compliance with Section 6.07;
108.sales, transfers and dispositions of Accounts (excluding sales or dispositions in a factoring arrangement) in connection with the compromise, settlement or collection thereof;
109.sales, transfers and dispositions of Permitted Investments;
110.(i) Sale and Leaseback transactions permitted by Section 6.10 and (ii) sales, dispositions, transfers, leases or other dispositions permitted under Section 6.03;
111.dispositions resulting from any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar proceeding of, any property or asset of the Borrower or any Restricted Subsidiary;
112.transfers of accounts receivable (and rights ancillary thereto) pursuant to, and in accordance with the terms of, factoring agreements related to factoring programs in Brazil in an aggregate amount not to exceed $35,000,000; and
113.sales, transfers and other dispositions of assets that are not permitted by any other clause of this Section, provided that the aggregate fair market value of all assets sold, transferred or otherwise disposed of in reliance upon this clause (h) does not exceed (x) during the twelve-month period ending with the month in which any such sale, transfer or other disposition occurs, 12.5% of Consolidated Total Assets and (y) 25% of Consolidated Total Assets after the Effective Date; 
provided that all sales, transfers, leases and other dispositions permitted under this Section 6.09 (other than those permitted by clauses (b), (d) and (f) above) shall be made for fair value.
aw.  Sale and Leaseback Transactions.  The Borrower will not, and will not permit any Restricted Subsidiary to, enter into any arrangement, directly or indirectly, whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property sold or transferred (a “Sale and Leaseback Transaction”), other than transactions where any related sale of assets is permitted under Section 6.09, any related Indebtedness is permitted under Section 6.01 and any Lien in connection therewith is permitted by Section 6.02. 
ax.  Financial Covenants.
114.Fixed Charge Coverage Ratio.  Commencing with the earlier of the first fiscal quarter ending after the Suspension Period End Date and June 30, 2021, the Borrower will not permit the Fixed Charge Coverage Ratio, for any Computation Period, to be less than. 1.75 to 1.00
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115.Funded Indebtedness to EBITDA Ratio.  Commencing with the earlier of the first fiscal quarter ending after the Suspension Period End Date and June 30, 2021, the Borrower will not permit the Funded Indebtedness to EBITDA Ratio, for any Computation Period to be greater than 3.25 to 1.00; provided that, if the Borrower or any Restricted Subsidiary shall have consummated a Permitted Acquisition or series of Permitted Acquisitions in such Computation Period, the aggregate cash portion of the Purchase Price for which exceeds $125,000,000, the maximum Funded Indebtedness to EBITDA Ratio permitted under this Section 6.11(b) may be increased at the election of the Borrower to 3.75 to 1.00 (any such increase, a “Covenant Holiday”), in each case, for the first Computation Period immediately following such election by Borrower (inclusive of the fiscal quarter in which such election is made by Borrower); provided, further, that (i) if the Borrower elects a Covenant Holiday, concurrently with such election the Borrower shall provide the Administrative Agent with a certificate of a Financial Officer of the Borrower demonstrating, to the satisfaction of the Administrative Agent, pro forma compliance with this Section 6.11(b), both before and after giving effect to such Acquisition and such Covenant Holiday (in each case looking back four complete fiscal quarters), (ii) at the time of any proposed Covenant Holiday, the Funded Indebtedness to EBITDA Ratio shall have been 3.25 to 1.0 or less for at least two consecutive fiscal quarters immediately preceding such proposed Covenant Holiday and (iii) no more than two Covenant Holidays may be elected during the term of this Agreement.
116.Unrestricted Cash. Commencing with the earlier of the first fiscal quarter ending after the Suspension Period End Date and June 30, 2021, the Borrower and the Restricted Subsidiaries will maintain, as of the last day of each fiscal quarter, Unrestricted Cash of not less than $250,000,000; provided that no less than 50% of such required Unrestricted Cash shall be held in accounts with Lenders or their Affiliates.
117.Minimum Liquidity.  (i) During the Suspension Period, the Borrower and the Restricted Subsidiaries will maintain at the end of each calendar month minimum Liquidity equal to at least the sum of (a) 100% of Accrued Merchant and Supplier Payables for such calendar month plus (b) $50,000,000 and (ii) commencing with the earlier of the first fiscal quarter end after the Suspension Period End Date and June 30, 2021, the Borrower and the Restricted Subsidiaries will maintain at the end of each fiscal quarter minimum Liquidity equal to at least 70% of Accrued Merchant and Supplier Payables for such fiscal quarter.
118.Senior Secured Indebtedness to EBITDA Ratio.  Commencing with the earlier of the fiscal quarter ending after the Suspension Period End Date and June 30, 2021, the Borrower will not permit the ratio of (a) Senior Secured Indebtedness to (b) EBITDA for any Computation Period to be greater than 2.50:1.00.
119.Minimum EBITDA.  During the Suspension Period, the Borrower’s EBITDA for each fiscal quarter ending on the date set forth below shall not be less than the amount set forth below opposite such period:
						
	Fiscal Quarter Ending	EBITDA
	June 30, 2020	[***]
	September 30, 2020	[***]
	December 31, 2020	[***]
	March 31, 2021	[***]

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ay.  Designation of Unrestricted Subsidiaries.  The Borrower may at any time designate any Subsidiary as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; provided that (i) immediately after giving effect to such designation, the Borrower and the Restricted Subsidiaries shall be in compliance, on a pro forma basis, with the covenants set forth in Section 6.11 (and, as a condition precedent to the effectiveness of any such designation, the Borrower shall deliver to the Administrative Agent a certificate setting forth in reasonable detail the calculations demonstrating such compliance), (ii) the designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the incurrence at the time of designation of any Indebtedness or Liens of such Subsidiary existing at such time, (iii) the designation of any Subsidiary as an Unrestricted Subsidiary shall constitute an Investment by the Borrower therein at the date of designation in an amount equal to the fair market value of the Borrower’s Investment in such Subsidiary, (iv) no Restricted Subsidiary may be designated as an Unrestricted Subsidiary if it was previously designated an Unrestricted Subsidiary; (v) immediately before and after any such designation, no Default shall have occurred and be continuing; and (vi) the total assets or consolidated EBITDA of all the Unrestricted Subsidiaries shall not exceed 25% of Consolidated Total Assets or consolidated EBITDA, as the case may be, of the Borrower and its Subsidiaries (based upon and as of the date of delivery of the most recent consolidated financial statements of the Borrower furnished pursuant to Section 3.04(a) or Section 5.01(a) or Section 5.01(b), as applicable).  
az.  Fiscal Year.  Unless otherwise agreed by the Administrative Agent, the Borrower will not, nor will it permit any Restricted Subsidiary to change its fiscal year to end on any date other than December 31 of each year.  
ba.  Anti-Corruption Laws; and Sanctions.  The Borrower will not request any Borrowing or Letter of Credit, and the Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) 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 (C)  in any manner that would result in the violation of  any anti-money laundering Laws or Sanctions applicable to any party hereto.
ARTICLE VII.Events of Default
If any of the following events (“Events of Default”) shall occur:
120.the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;
121.the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three Business Days;
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122.any representation or warranty made or deemed made by or on behalf of the Borrower or any Restricted Subsidiary in, or in connection with, this Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, shall prove to have been incorrect in any material respect (except any representation or warranty which is already qualified as to materiality or by reference to Material Adverse Effect, which shall be true and correct in all respects) when made or deemed made;
123.any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02, 5.03 (with respect to the Loan Parties’ existence) or 5.08 or in Article VI;
124.any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in this Agreement or any other Loan Document (other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of 30 days after the earlier of (i) any actual knowledge of such breach on the part of any executive officer of the Borrower and (ii) notice thereof from the Administrative Agent to the Borrower (which notice will be given at the request of any Lender);
125.the Borrower or any Restricted Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable;
126.any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness;
127.an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any Restricted Subsidiary or its debts, or of a substantial part of its assets, under any  Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Restricted Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;
128.the Borrower or any Restricted Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Restricted Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed 
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against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;
129.the Borrower or any Restricted Subsidiary shall become unable, admit in writing its inability or fail generally to pay its debts as they become due;
130.one or more judgments for the payment of money in an aggregate amount in excess of $50,000,000 (other than any such judgment covered by insurance, to the extent a claim therefor has been made in writing and liability therefor has not been denied by the insurer, so long as, in the reasonable opinion of the Required Lenders, such insurer is financially sound) shall be rendered against the Borrower, any Restricted Subsidiary or any combination thereof and the same shall remain undischarged for a period of 45 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any Restricted Subsidiary to enforce any such judgment;
131.an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred, (i) could reasonably be expected to result in (i) liability of the Borrower and its Restricted Subsidiaries in an aggregate amount exceeding $50,000,000 in the aggregate or (b) result in a Lien on any of the assets of the Borrower or any Restricted Subsidiary securing obligations in excess of $5,000,000 in the aggregate;
132.a Change in Control shall occur;
133.the Guaranty shall fail to remain in full force or effect or any action shall be taken to discontinue or to assert the invalidity or unenforceability of the Guaranty, or any Guarantor shall deny that it has any further liability under the Guaranty, or shall give notice to such effect;
134.except as permitted by the terms of any Collateral Document, (i) any Collateral Document shall for any reason fail to create a valid security interest in property that (x) is intended to be Collateral and (y) has a collective value in excess of $25,000,000 (“Material Property”); or (ii) any Lien of the Administrative Agent on behalf of the Lenders on any Material Property shall for any reason cease to be, or shall be asserted by any Loan Party not to be, a perfected and first priority Lien (subject to Liens permitted under Section 6.02); or
135.any material provision of any Loan Document for any reason ceases to be valid, binding and enforceable in accordance with its terms (or any Loan Party shall challenge the enforceability of any Loan Document or shall assert in writing, that any provision of any of the Loan Documents has ceased to be or otherwise is not valid, binding and enforceable in accordance with its terms);
then, and in every such event (other than an event with respect to the Borrower described in clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions, at the same or different times:  (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become  due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in the 
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case of any event with respect to the Borrower described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.  Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, (i) increase the rate of interest applicable to the Loans and other Obligations as set forth in this Agreement, (ii) require the Loan Parties to promptly file and/or cooperate with the Administrative Agent (at the expense of the Loan Parties) in the recordation of assignments with respect to intellectual property registrations in the appropriate jurisdictions with respect to intellectual property owned by any Foreign Subsidiary and take any steps necessary to ensure that  such intellectual property is subject to a first priority perfected security interest in favor of the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, and (iii) exercise any rights and remedies provided to the Administrative Agent under the Loan Documents or at law or equity, including all remedies provided under the UCC.
Any proceeds of Collateral received by the Administrative Agent after an Event of Default has occurred and is continuing and the Administrative Agent so elects or the Required Lenders so direct, shall be applied in accordance with Section 2.18(b).
ARTICLE VIII.The Administrative Agent
bb.  Authorization and Action.
136.Each of the Lenders and the Issuing Banks hereby irrevocably appoints the Administrative Agent as its agent 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, together with such actions and powers as are reasonably incidental thereto.
137.The bank serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Restricted Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder.
bc.  Administrative Agent’s Reliance, Indemnification, Etc.
138.The Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents.  Without limiting the generality of the foregoing, (i) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (ii) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and, (iii) except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be 
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liable for the failure to disclose, any information relating to any Loan Party or any Restricted Subsidiary that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity.  The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct as determined by a final nonappealable judgment of a court of competent jurisdiction.  
139.The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or in connection with any Loan Document, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (v) the creation, perfection or priority of Liens on the Collateral or the existence of the Collateral, or (vi) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.
140.The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person.  The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon.  The Administrative Agent may consult with legal counsel (who may be counsel for the 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.
141.The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent.  The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties.  The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as the Administrative Agent.
142.Notwithstanding anything herein to the contrary, none of the Syndication Agents, Documentation Agents, Bookrunners or Lead Arrangers 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 Bank hereunder.
bd.  The Administrative Agent Individually.  With respect to its Commitment, Loans (including Swingline Loans) and Letters of Credit, the Person serving as the Administrative Agent shall have and may exercise the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the extent set forth herein for any other Lender or Issuing Bank, as the case may be.  The terms “Issuing Banks”, “Lenders”, “Required Lenders” and any similar terms shall, unless the context clearly otherwise indicates, include the Administrative Agent in its individual capacity as a 
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Lender, Issuing Bank or as one of the Required Lenders, as applicable. The Person serving as the Administrative Agent 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 banking, trust or other business with, any Loan Party, any Subsidiary or any Affiliate of any of the foregoing as if such Person was not acting as the Administrative Agent and without any duty to account therefor to the Lenders or the Issuing Banks.
be.  Successor Administrative Agent.
143.Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders, the Issuing Banks and the Borrower.  Upon any such resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor.  If no 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, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Banks, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank.  Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder.  The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor.  After the Administrative Agent’s resignation hereunder, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring Administrative Agent, its sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent.  
144.Notwithstanding the foregoing, in the event no successor Administrative Agent shall have been so appointed and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its intent to resign, the retiring Administrative Agent may give notice of the effectiveness of its resignation to the Lenders, the Issuing Banks and the Borrower, whereupon, on the date of effectiveness of such resignation stated in such notice, (i) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents, provided that, solely for purposes of maintaining any security interest granted to the Administrative Agent under any Collateral Document for the benefit of the Secured Parties, the retiring Administrative Agent shall continue to be vested with such security interest as collateral agent for the benefit of the Secured Parties and, in the case of any Collateral in the possession of the Administrative Agent, shall continue to hold such Collateral, in each case until such time as a successor Administrative Agent is appointed and accepts such appointment in accordance with this paragraph (it being understood and agreed that the retiring Administrative Agent shall have no duly or obligation to take any further action under any Collateral Document, including any action required to maintain the perfection of any such security interest), and (ii) the Required Lenders shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, provided that (x) all payments required to be made hereunder or under any other Loan Document to the Administrative Agent for the account of any Person other than the Administrative Agent shall be made directly to such Person and (y) all notices and other communications required or contemplated to be given or made to the Administrative Agent shall also directly be given or made to each Lender and each Issuing Bank.  Following the effectiveness of the Administrative Agent’s resignation from its capacity as such, the 
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provisions of this Article, Section 2.17(d) and Section 9.03, as well as any exculpatory, reimbursement and indemnification provisions set forth in any other Loan Document, shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent and in respect of the matters referred to in the proviso under clause (i) above.
bf.  Acknowledgements of Lenders and Issuing Banks
145.Each Lender acknowledges and agrees that the extensions of credit made hereunder are commercial loans and letters of credit and not investments in a business enterprise or securities.  Each Lender further represents that it is engaged in making, acquiring or holding commercial loans in the ordinary course of its business and has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder.  Each Lender shall, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information (which may contain material, non-public information within the meaning of the U.S. securities laws concerning the Borrower and its Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document, any related agreement or any document furnished hereunder or thereunder and in deciding whether or to the extent to which it will continue as a Lender or assign or otherwise transfer its rights, interests and obligations hereunder.
146.Each Lender, by delivering its signature page to this Agreement on the Effective Date, or delivering its signature page to an Assignment and Assumption or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Effective Date or the effective date of any such Assignment and Assumption or any other Loan document pursuant to which it shall have become a Lender hereunder.
147.Each Lender hereby agrees that (i) it has requested a copy of each Report prepared by or on behalf of the Administrative Agent; (ii) the Administrative Agent (A) makes no representation or warranty, express or implied, as to the completeness or accuracy of any Report or any of the information contained therein or any inaccuracy or omission contained in or relating to a Report and (B) shall not be liable for any information contained in any Report; (iii) the Reports are not comprehensive audits or examinations, and that any Person performing any field examination will inspect only specific information regarding the Loan Parties and will rely significantly upon the Loan Parties’ books and records, as well as on representations of the Loan Parties’ personnel and that the Administrative Agent undertakes no obligation to update, correct or supplement the Reports; (iv) it will keep all Reports confidential and strictly for its internal use, not share the Report with any Loan Party or any other Person except as otherwise permitted pursuant to this Agreement; and (v) without limiting the generality of any other indemnification provision contained in this Agreement, (A) it will hold the Administrative Agent and any such other Person preparing a Report harmless from any action the indemnifying Lender may take or conclusion the indemnifying Lender may reach or draw from any Report in connection with any extension of credit that the indemnifying Lender has made or may make to the Borrower, or the indemnifying Lender’s participation in, or the indemnifying Lender’s purchase of, a Loan or Loans; and (B) it will pay and protect, and indemnify, defend, and hold the Administrative Agent and any such 
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other Person preparing a Report harmless from and against, the claims, actions, proceedings, damages, reasonable and documented out of pocket costs and expenses, and other amounts (including reasonable and documented out of pocket attorneys’ fees) incurred by the Administrative Agent or any such other Person as the direct or indirect result of any third parties who might obtain all or part of any Report through the indemnifying Lender.
bg.  Collateral Matters.
148.In its capacity, the Administrative Agent is a “representative” of the Secured Parties within the meaning of the term “secured party” as defined in the UCC.  Each Lender authorizes the Administrative Agent to enter into each of the Collateral Documents to which it is a party and to take all action contemplated by such documents.  Each Lender agrees that no Secured Party (other than the Administrative Agent) shall have the right individually to seek to realize upon the security granted by any Collateral Document, it being understood and agreed that such rights and remedies may be exercised solely by the Administrative Agent for the benefit of the Secured Parties upon the terms of the Collateral Documents.  In the event that any Collateral is hereafter pledged by any Person as collateral security for the Secured Obligations, the Administrative Agent is hereby authorized, and hereby granted a power of attorney, to execute and deliver on behalf of the Secured Parties any Loan Documents necessary or appropriate to grant and perfect a Lien on such Collateral in favor of the Administrative Agent on behalf of the Secured Parties.
149.In furtherance of the foregoing and not in limitation thereof, no arrangements in respect of Banking Services the obligations under which constitute Secured Obligations and no Swap Agreement the obligations under which constitute Secured Obligations, will create (or be deemed to create) in favor of any Secured Party that is a party thereto any rights in connection with the management or release of any Collateral or of the obligations of any Loan Party under any Loan Document.  By accepting the benefits of the Collateral, each Secured Party that is a party to any such arrangement in respect of Banking Services or Swap Agreement, as applicable, shall be deemed to have appointed the Administrative Agent to serve as administrative agent and collateral agent under the Loan Documents and agreed to be bound by the Loan Documents as a Secured Party thereunder, subject to the limitations set forth in this paragraph. 
150.The Secured Parties irrevocably authorize the Administrative Agent, at its option and in its discretion, to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 6.02(e). 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 Loan Party in connection therewith, nor shall the Administrative Agent be responsible or liable to the Lenders or any other Secured Party for any failure to monitor or maintain any portion of the Collateral.
151.If, at any time, Collateral is transferred, leased or disposed of in any transaction permitted under Section 6.09, such Collateral shall be automatically released from the Lien of the Administrative Agent, without delivery of any document or instrument or performance of any act by any party, and all rights to such Collateral shall automatically revert to the Borrower and its Subsidiaries, as applicable. At the request of the Borrower following any such release, the Administrative Agent shall deliver to the Borrower any Collateral of the Borrower or its Subsidiaries held by the Administrative Agent and 
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execute and deliver to the Borrower such documents or instruments as the Borrower shall reasonably request to evidence such release, in each case at the sole expense of the Borrower.
bh.  Credit Bidding. The Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Obligations (including by accepting some or all of the Collateral in satisfaction of some or all of the Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions to which a Loan Party is subject, or (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable law.  In connection with any such credit bid and purchase, the Obligations owed to the Secured Parties shall be credit bid by the Administrative Agent at the direction of the Required Lenders on a ratable basis (with Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) for  the asset or assets so purchased (or for the equity interests or debt instruments of the acquisition vehicle or vehicles that are issued in connection with such purchase).  In connection with any such bid (i) the Administrative Agent shall be authorized to form one or more acquisition vehicles and to assign any successful credit bid to such acquisition vehicle or vehicles (ii) each of the Secured Parties’ ratable interests in the Obligations which were credit bid shall be deemed without any further action under this Agreement to be assigned to such vehicle or vehicles for the purpose of closing such sale, (iii) the Administrative shall be authorized to adopt documents providing for the governance of the acquisition vehicle or vehicles (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, and the governing documents shall provide for, control by the vote of the Required Lenders or their permitted assignees under the terms of this Agreement or the governing documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in Section 9.02 of this Agreement), (iv) the Administrative Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue to each of the Secured Parties, ratably on account of the relevant Obligations which were credit bid, interests, whether as equity, partnership interests, limited partnership interests or membership interests, in any such acquisition vehicle  and/or debt instruments issued by such acquisition vehicle, all without the need for any Secured Party or acquisition vehicle to take any further action, and (v) to the extent that Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because the amount of Obligations assigned to the acquisition vehicle exceeds the amount of Obligations credit bid by the acquisition vehicle or otherwise), such Obligations shall automatically be reassigned to the Secured Parties pro rata with their original interest in such Obligations and the equity interests and/or debt instruments issued by any acquisition vehicle on account of such Obligations shall automatically be cancelled, without the need for any Secured Party or any acquisition vehicle to take any further action.  Notwithstanding that the ratable portion of the Obligations of each Secured Party are deemed assigned to the acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall execute such documents and provide such information regarding the Secured Party (and/or any designee of the Secured Party which will receive interests in or debt instruments issued by such acquisition vehicle) as the Administrative Agent 
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may reasonably request in connection with the formation of any acquisition vehicle, the formulation or submission of any credit bid or the consummation of the transactions contemplated by such credit bid.
bi.  Certain ERISA Matters.  
152.Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true:
vi.such Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments,
vii.the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, 
viii.(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or
ix.such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.
153.In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that none of the Administrative Agent, or any Lead Arranger or any Syndication Agent or Documentation Agent listed on the cover page or any of their respective Affiliates is a fiduciary with respect to the Collateral or the assets of such 
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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).
154.The Administrative Agent and each Lead Arranger, Syndication Agent, Documentation Agent and Bookrunner listed on the cover page hereby informs the Lenders that each such Person is not undertaking to provide investment advice or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments, this Agreement and any other Loan Documents (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing.
ARTICLE IX.Miscellaneous
bj.  Notices.    Except in the case of notices and other communications expressly permitted to be given by telephone or Electronic Systems (and subject in each case to clause (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 fax, as follows:
x.if to the Borrower, to it at Groupon, Inc., 600 West Chicago Avenue, Suite 400, Chicago, IL 60654, Attention: Dane Drobny, General Counsel and Melissa Thomas, Chief Accounting Officer and Treasurer (Facsimile No. 312-275-8566);
xi.if to the Administrative Agent, to JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 10 South Dearborn, Chicago, IL 60603, Attention of LaDesiree Williams (Facsimile No. (888) 303-9732);
xii.if to JPMorgan Chase Bank, N.A., as an Issuing Bank, to 131 South Dearborn Street, 5th Floor, Mail Code IL1-0236, Chicago, Illinois 60603-5506, Attn: Standby LC Unit (Facsimile No (312) 233-2266);
xiii.if to the Swingline Lender, to it at 10 South Dearborn, Chicago, IL 60603, Attention of LaDesiree Williams (Facsimile No. (888) 303-9732); and
xiv.if to any other Lender or Issuing Bank, to it at its address (or Facsimile number) set forth in its Administrative Questionnaire.
All such notices and other communications (i) sent by hand or overnight courier service, or mailed by certified or registered mail shall be deemed to have been given when received, (ii) sent by fax shall be deemed to have been given when sent, provided that if not given during normal business hours 
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for the recipient, such notice or communication shall be deemed to have been given at the opening of business on the next Business Day of the recipient, or (iii) delivered through Electronic Systems or Approved Electronic Platforms, as applicable, to the extent provided in clause (b) below shall be effective as provided in such clause.
155.Notices and other communications to the Lenders hereunder may be delivered or furnished by using Electronic Systems or Approved Electronic Platforms, as applicable, or pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. Each of the Administrative Agent and the Borrower (on behalf of the Loan Parties) may, in its discretion, agree to accept notices and other communications to it hereunder by using Electronic Systems or Approved Electronic Platforms, as applicable, pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.
Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.
156.Any party hereto may change its address, facsimile number or email address for notices and other communications hereunder by notice to the other parties hereto.
157.Electronic Systems.
xv.The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make Communications (as defined below) available to the Issuing Banks and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar Electronic System (the “Approved Electronic Platform”).
xvi.Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password authorization system) and the Approved Electronic Platform is secured through a per-deal authorization method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders, each of the Issuing Banks and the Borrower acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are added to the Approved Electronic Platform, and that there may be confidentiality and other risks associated with such distribution. Each of the Lenders, each of the Issuing Banks and the Borrower hereby approves distribution of the Communications through the Approved Electronic Platform and understands and assumes the risks of such distribution.
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xvii.Any Electronic System used by the Administrative Agent is provided “as is” and “as available.”  The Agent Parties (as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions in the Communications.  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 Communications or any Electronic System.  In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower or the other Loan Parties, any Lender, any Issuing Bank or any other Person or entity for damages of any kind, including , without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s, any Loan Party’s or the Administrative Agent’s transmission of communications through an Electronic System.  “Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or any Issuing Bank by means of electronic communications pursuant to this Section, including through an Electronic System.
158.Each Lender and each Issuing Bank agrees that notice to it (as provided in the next sentence) specifying that Communications have been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents.  Each Lender and Issuing Bank agrees (i) to notify the Administrative Agent in writing (which could be in the form of electronic communication) from time to time of such Lender’s or Issuing Bank’s (as applicable) email address to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such email address.
159.Each of the Lenders, each of the Issuing Banks and the Borrower agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative Agent’s generally applicable document retention procedures and policies.
160.Nothing herein shall prejudice the right of the Administrative Agent, any Lender or any Issuing Bank to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document.
161.Any notice given to the Borrower shall be deemed to have been received, if applicable, by the Loan Parties.
bk.  Waivers; Amendments.    No failure or delay by the Administrative Agent, any Issuing Bank or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power.  The rights and remedies of the Administrative Agent, the Issuing Banks and the Lenders hereunder and under any other Loan Document are cumulative and are not exclusive of any rights or remedies that they would otherwise have.  No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by clause (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for 
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which given.  Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or any Issuing Bank may have had notice or knowledge of such Default at the time.
162.Subject to Section 2.14(b) and Section 9.02(e) below, neither this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or modified except (i) in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or (ii) in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties that are parties thereto, with the consent of the Required Lenders; provided that (x) to the extent an amendment, modification or waiver of any provision of this Agreement directly affects only the Lenders with a Commitment to make Revolving Loans (including Section 4.02), then such amendment, modification or waiver shall be effective with the written consent of the Lenders having Revolving Credit Exposures and unused Commitments representing more than 50% of the sum of the total Revolving Credit Exposures and unused Commitments and (y) no such agreement shall (A) increase the Commitment of any Lender without the written consent of such Lender (including any such Lender that is a Defaulting Lender), (B) reduce or forgive the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce or forgive any interest or fees payable hereunder, without the written consent of each Lender (including any such Lender that is a Defaulting Lender) directly affected thereby (except for the waiver of any default rate), (C) postpone any scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any date for the payment of any interest, fees or other Obligations payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender (including any such Lender that is a Defaulting Lender) directly affected thereby, (D) change Section 2.18(b) or (d) in a manner that would alter the manner in which payments are shared, without the written consent of each Lender (other than any Defaulting Lender), (E) change any of the provisions of this Section or the definition of “Required Lenders” or any other provision of any Loan Document specifying the number or percentage of Lenders required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder, without the written consent of each Lender (other than any Defaulting Lender) directly affected thereby, (F) release all or substantially all Guarantors from their obligations under the Guaranty (except as otherwise permitted herein or in the other Loan Documents), without the written consent of each Lender (other than any Defaulting Lender), (G) except as provided in clause (c) of this Section or in any Collateral Document, release all or substantially all of the Collateral without the written consent of each Lender (other than any Defaulting Lender) or (H) amend Section 1.09 as such Section relates to the approval of an additional Available Currency without the consent of each Lender (other than a Defaulting Lender); provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Swingline Lender or the Issuing Banks hereunder without the prior written consent of the Administrative Agent, the Swingline Lender or the Issuing Banks, as the case may be (it being understood that any amendment to Section 2.20 shall require the consent of the Administrative Agent, the Swingline Lender and the Issuing Banks).  The Administrative Agent may also amend Schedule 2.01 to reflect assignments entered into pursuant to Section 9.04.
163.The Lenders and the Issuing Banks hereby irrevocably authorize the Administrative Agent, at its option and in its sole discretion, to release any Liens granted to the Administrative Agent by the Loan Parties on any Collateral (i) upon the termination of all of the Commitments, payment and satisfaction in full in cash of all Secured Obligations, and the cash collateralization of all Letters of 
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Credit in a manner satisfactory to each affected Issuing Bank, (ii) constituting property being sold or disposed of if the Loan Party disposing of such property certifies to the Administrative Agent that the sale or disposition is made in compliance with the terms of this Agreement (and the Administrative Agent may rely conclusively on any such certificate, without further inquiry), and to the extent that the property being sold or disposed of constitutes 100% of the Equity Interests of a Restricted Subsidiary, the Administrative Agent is authorized to release any Guaranty provided by such Restricted Subsidiary, (iii) constituting property leased to a Loan Party under a lease which has expired or been terminated in a transaction permitted under this Agreement, or (iv) as required to effect any sale or other disposition of such Collateral in connection with any exercise of remedies of the Administrative Agent and the Lenders pursuant to Article VII.  Except as provided in the preceding sentence, the Administrative Agent will not release any Liens on Collateral without the prior written authorization of the Required Lenders. Any execution and delivery by the Administrative Agent of documents in connection with any such release shall be without recourse to or warranty by the Administrative Agent.
164.If, in connection with any proposed amendment, waiver or consent requiring the consent of “each Lender” or “each Lender directly affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is not obtained (any such Lender whose consent is necessary but has not been obtained being referred to herein as a “Non-Consenting Lender”), then the Borrower may elect to replace any such Non-Consenting Lender as a Lender party to this Agreement, provided that, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Borrower, the Administrative Agent and the Issuing Banks shall agree, as of such date, to purchase for cash the Loans and other Obligations due to the Non-Consenting Lender pursuant to an Assignment and Assumption and to become a Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to be terminated as of such date and to comply with the requirements of clause (b) of Section 9.04, and (ii) the Borrower shall pay to such Non-Consenting Lender in same day funds on the day of such replacement (1) all interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender by the Borrower hereunder to and including the date of termination, including without limitation payments due to such Non-Consenting Lender under Sections 2.15 and 2.17, and (2) an amount, if any, equal to the payment which would have been due to such Lender on the day of such replacement under Section 2.16 had the Loans of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement Lender.  Each party hereto agrees that an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and such parties are participants), and the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to an be bound by the terms thereof; provided that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender, provided that any such documents shall be without recourse to or warranty by the parties thereto.
165.Notwithstanding anything to the contrary herein the Administrative Agent may, with the consent of the Borrower only, amend, modify or supplement this Agreement or any of the other Loan Documents to cure any ambiguity, omission, mistake, defect or inconsistency.
166.Notwithstanding anything to the contrary herein, this Agreement may be amended in accordance with Sections 2.23 (including as contemplated in connection with an Incremental Revolving 
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Commitment in accordance with such section) and Section 2.24 (including as contemplated in connection with a New Term Facility in accordance with such section).
bl.  Expenses; Indemnity; Damage Waiver.
167.The Borrower shall pay all (i) reasonable and documented outofpocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable and documented fees, charges and disbursements of counsel for the Administrative Agent (provided that attorneys’ fees, charges and disbursements shall be limited to (i) one outside counsel for the Administrative Agent and (ii) one local counsel in each separate relevant jurisdiction), in connection with the syndication of the credit facilities provided for herein, the preparation and administration of the Loan Documents and any amendments, modifications or waivers of the provisions of the Loan Documents (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) reasonable and documented out-of-pocket expenses incurred by any applicable Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, any Issuing Bank or any Lender, including the fees, charges and disbursements of counsel for the Administrative Agent, any Issuing Bank or any Lender (provided that attorneys’ fees, charges and disbursements shall be limited to (i) one outside counsel for the Administrative Agent, any Issuing Bank or any Lender (and, in the case of an actual conflict of interest, one additional counsel to all such persons similarly situated) and (ii) one local counsel in each separate relevant jurisdiction), in connection with the enforcement, collection or protection of its rights in connection with the Loan Documents, including its rights under this Section, including all such out-ofpocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.
168.The Borrower shall indemnify the Administrative Agent, each Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the reasonable and documented out-of-pocket fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of any Loan Document or any agreement or instrument contemplated thereby, the performance by the parties hereto of their respective obligations thereunder or the consummation of the Transactions or any other transactions contemplated thereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by an applicable Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Restricted Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Restricted Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not such claim, litigation, investigation or proceeding is brought by you, your equity holders affiliates, creditors or any other third Person and whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the bad faith, gross negligence or willful misconduct of such Indemnitee or (y) arise from a dispute solely among Indemnitees (excluding claims against any Indemnitee in its capacity or fulfilling its role as an Administrative Agent or an Issuing Bank hereunder and claims arising out of any breach 
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hereunder or under the other Loan Documents on the part of the Borrower or any of its Affiliates).  This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages arising from any non-Tax claim.
169.To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent, an applicable Issuing Bank or the Swingline Lender under clause (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent, such Issuing Bank or the Swingline Lender, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent, the applicable Issuing Bank or the Swingline Lender in its capacity as such.
170.To the extent permitted by applicable law,  no party hereto shall assert, and each such party hereby waives, any claim against any other party hereto on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; provided that, nothing in this clause (d) shall relieve the Borrower of any obligation it may have to indemnify an Indemnitee against special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party.  No Indemnitee 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, except to the extent determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the bad faith, gross negligence or willful misconduct of such Indemnitee.
171.All amounts due under this Section shall be payable promptly after written demand therefor.
bm.  Successors and Assigns.    The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of an Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section.  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 (including any Affiliate of an Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in clause (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
172.  Subject to the conditions set forth in clause (b)(ii) below, any Lender may assign to one or more Persons (other than an Ineligible Institution) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment, participations in Letters of Credit and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed) of:
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a.the Borrower, provided that, the Borrower shall be deemed to have consented to an assignment unless it shall have objected thereto by written notice to the Administrative Agent within 10 Business Days after having received notice thereof; provided that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee;
b.the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment of any Revolving Commitment to an assignee that is a Lender (other than a Defaulting Lender) with a Revolving Commitment immediately prior to giving effect to such assignment;
c.the Issuing Banks; and
d.the Swingline Lender.
xviii.Assignments shall be subject to the following additional conditions:
e.except in the case of an assignment to a Lender, an Affiliate of a Lender, and Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing;
f.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;
g.the parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, together with a processing and recordation fee of $3,500; and
h.the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more Credit Contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower, the Loan Parties and their Related Parties or their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws.
For the purposes of this Section 9.04(b), the term “Approved Fund” and “Ineligible Institution” have the following meanings:
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“Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.
“Ineligible Institution” means a (a) natural person, (b) a Defaulting Lender or its Lender Parent, (c) holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof or (d) the Borrower or any of its Affiliates.
xix.Subject to acceptance and recording thereof pursuant to clause (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03).  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with clause (c) of this Section.
xx.The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount (and stated interest) of the Loans and LC Disbursements 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, the Issuing Banks and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be available for inspection by the Borrower, any Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
xxi.Upon its receipt of a (x) a duly completed Assignment and Assumption executed by an assigning Lender and an assignee or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in clause (b) of this Section and any written consent to such assignment required by clause (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(c), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued 
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interest thereon.  No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this clause (b).
173.Any Lender may, without the consent of the Borrower, the Administrative Agent, the Issuing Banks or the Swingline Lender, sell participations to one or more banks or other entities (a “Participant”), other than an Ineligible Institution, in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged; (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations; and (C) the Borrower, the Administrative Agent, the Issuing Banks and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.  Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant.  The Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the requirements and limitations therein, including the requirements under 2.17(f) and (g) (it being understood that the documentation required under Section 2.17(f) shall be delivered to the participating Lender and the information and documentation required under Section 2.17(g) will be delivered to the Borrower and the Administrative Agent)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to clause (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Section 2.19 as if it were an assignee under clause (b) of this Section; and (B) shall not be entitled to receive any greater payment under Section 2.15 or 2.17, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation.
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 2.19(b) with respect to any Participant.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.18(c) as though it were a Lender.  Each Lender that sells a participation shall, acting solely for this purpose as a nonfiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, 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.
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174.Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
bn.  Survival.  All covenants, agreements, representations and warranties made by the Loan Parties herein and in the other Loan Documents and in the certificates or other instruments  delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the other Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, any Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated.  The provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof.
bo.  Counterparts; Integration; Effectiveness; Electronic Execution.    This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
175.Delivery of an executed counterpart of a signature page of this Agreement by fax, emailed pdf. or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement.  The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any  document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, 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; provided that nothing herein shall require the Administrative Agent to accept electronic signatures in any form or format without its prior written consent. Without limiting the generality of the foregoing, each party hereto hereby (i) agrees 
112

that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders and the Loan Parties, electronic images of this Agreement or any other Loan Documents (in each case, including with respect to any signature pages thereto)  shall have the same legal effect, validity and enforceability as any paper original, and (ii) waives any argument, defense or right to contest the validity or enforceability of the Loan Documents based solely on the lack of paper original copies of any Loan Documents, including with respect to any signature pages thereto.
bp.  Severability.  Any provision of any Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.
bq.  Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the Secured Obligations held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured.  The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have.
br.  Governing Law; Jurisdiction; Consent to Service of Process.    This Agreement shall be construed in accordance with and governed by the law of the State of New York.
176.Each party hereto irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County, Borough of Manhattan, and of the United States District Court for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Agreement shall affect any right that the Administrative Agent, any Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or its properties in the courts of any jurisdiction.
177.Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in clause (b) of this Section.  Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
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178.Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.  Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.
bs.  WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
bt.  Headings.  Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.
bu.  Confidentiality.  Each of the Administrative Agent, the Issuing Banks and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii)  any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, any Issuing Bank or any Lender on a non-confidential basis from a source other than the Borrower.  For the purposes of this Section, “Information” means all information received from the Borrower relating to the Borrower or its business, other than any such information that is available to the Administrative Agent, any Issuing Bank or any Lender on a non-confidential basis prior to disclosure by the Borrower; provided that, in the case of information received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.  Each Loan Party consents to the publication by the Administrative Agent or any Lender, at the sole expense of the Administrative Agent or such Lender, as applicable, and in consultation with such Loan Party, of customary tombstones and other publicity relating to the transactions contemplated hereby using the name, product photographs, 
114

logo or trademark of such Loan Party. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and information regarding the Effective Date, size, type, purpose of and parties to this Agreement to market data collectors, such as league table, and similar service providers to the lending industry.
bv.  Material Non-Public Information.
179.EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12(a) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND  ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.
180.ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES.  ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.
bw.  Interest Rate Limitation.  Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.
bx.  Several Obligations; Nonreliance; Violation of Law.  The respective obligations of the Lenders hereunder are several and not joint and the failure of any Lender to make any Loan or perform any of its obligations hereunder shall not relieve any other Lender from any of its obligations hereunder.  Each Lender hereby represents that it is not relying on or looking to any margin stock (as defined in Regulation U of the Board) for the repayment of the Borrowings provided for herein.  Anything contained in this Agreement to the contrary notwithstanding, neither any Issuing Bank nor any Lender shall be obligated to extend credit to the Borrower in violation of any applicable Law.
115

by.  No Advisory or Fiduciary Responsibility.  In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees that:  (i) (A) the arranging and other services regarding this Agreement provided by the Lenders are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Lenders and their Affiliates, on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each of the Lenders and their Affiliates is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and (B) no Lender or any of its Affiliates has any obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except, in the case of a Lender, those obligations expressly set forth herein and in the other Loan Documents; and (iii) each of the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and no Lender or any of its Affiliates has any obligation to disclose any of such interests to the Borrower or its Affiliates.  To the fullest extent permitted by law, the Borrower hereby waives and releases, and agrees not to assert, any claims that it may have against each of the Lenders and their Affiliates with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.
bz.  Conversion of Currencies.  
181.(a)  If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum owing hereunder in one currency into another currency, each party hereto agrees, to the fullest extent that it may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures in the relevant jurisdiction the first currency could be purchased with such other currency on the Business Day immediately preceding the day on which final judgment is given.
182.The obligations of the Borrower in respect of any sum due to any party hereto or any holder of the obligations owing hereunder (the “Applicable Creditor”) shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than the currency in which such sum is stated to be due hereunder (the “Agreement Currency”), be discharged only to the extent that, on the Business Day following receipt by the Applicable Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may in accordance with normal banking procedures in the relevant jurisdiction purchase the Agreement Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less than the sum originally due to the Applicable Creditor in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Applicable Creditor against such loss; and if the amount of the Agreement Currency so purchased exceeds the sum originally due to the Applicable Creditor in the Agreement Currency, the Applicable Creditor shall return such excess to the Borrower.  The obligations of the Borrower contained in this Section 9.17 shall survive the termination of this Agreement and the payment of all other amounts owing hereunder.  
ca.  USA PATRIOT Act.  Each Lender that is subject to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the 
116

Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Act.
cb.  Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
183.the application of any Write-Down and Conversion Powers by an the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and
184.the effects of any Bail-In Action on any such liability, including, if applicable:
xxii.a reduction in full or in part or cancellation of any such liability;
xxiii.a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
xxiv.the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.
cc.  Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap 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: 
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 
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Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

118EX-4.1

 Exhibit 4.1 
  

 
  

 
  

 
 MAXEON SOLAR TECHNOLOGIES, LTD.

 and 
 DEUTSCHE BANK
TRUST COMPANY AMERICAS 
 as Trustee 
  

 
 INDENTURE 

Dated as of July 17, 2020 
  

 
 6.50% Green
Convertible Senior Notes due 2025 
  
  

 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 Article 1.     Definitions; Rules of Construction
	  	 	1	 
	 Section 1.01.
	  	Definitions	  	 	1	 
	 Section 1.02.
	  	Other Definitions	  	 	15	 
	 Section 1.03.
	  	Rules of Construction	  	 	16	 
		
	 Article 2.     The Notes
	  	 	17	 
	 Section 2.01.
	  	Form, Dating and Denominations	  	 	17	 
	 Section 2.02.
	  	Execution, Authentication and Delivery	  	 	17	 
	 Section 2.03.
	  	Initial Notes and Additional Notes	  	 	18	 
	 Section 2.04.
	  	Method of Payment	  	 	18	 
	 Section 2.05.
	  	Accrual of Interest; Defaulted Amounts; When Payment Date is Not a Business Day	  	 	19	 
	 Section 2.06.
	  	Registrar, Paying Agent and Conversion Agent	  	 	20	 
	 Section 2.07.
	  	Paying Agent and Conversion Agent to Hold Property in Trust	  	 	20	 
	 Section 2.08.
	  	Holder Lists	  	 	21	 
	 Section 2.09.
	  	Legends	  	 	21	 
	 Section 2.10.
	  	Transfers and Exchanges; Certain Transfer Restrictions	  	 	22	 
	 Section 2.11.
	  	Exchange and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change or Redemption	  	 	26	 
	 Section 2.12.
	  	Removal of Transfer Restrictions	  	 	27	 
	 Section 2.13.
	  	Replacement Notes	  	 	28	 
	 Section 2.14.
	  	Registered Holders; Certain Rights with Respect to Global Notes	  	 	28	 
	 Section 2.15.
	  	Cancellation	  	 	28	 
	 Section 2.16.
	  	Notes Held by the Company or its Affiliates	  	 	29	 
	 Section 2.17.
	  	Temporary Notes	  	 	29	 
	 Section 2.18.
	  	Outstanding Notes	  	 	29	 
	 Section 2.19.
	  	Repurchases by the Company	  	 	30	 
	 Section 2.20.
	  	CUSIP and ISIN Numbers	  	 	30	 
		
	 Article 3.     Covenants
	  	 	31	 
	 Section 3.01.
	  	Payment on Notes	  	 	31	 
	 Section 3.02.
	  	Exchange Act Reports	  	 	31	 
	 Section 3.03.
	  	Rule 144A Information	  	 	31	 
	 Section 3.04.
	  	Additional Interest	  	 	32	 
	 Section 3.05.
	  	Additional Amounts	  	 	32	 
	 Section 3.06.
	  	Compliance and Default Certificates	  	 	35	 
	 Section 3.07.
	  	Stay, Extension and Usury Laws	  	 	35	 
	 Section 3.08.
	  	Corporate Existence	  	 	36	 
	 Section 3.09.
	  	Acquisition of Notes by the Company and its Affiliates	  	 	36	 
	 Section 3.10.
	  	Further Instruments and Acts	  	 	36	 
	 Section 3.11.
	  	Supplemental Interest	  	 	36	 
	 Section 3.12.
	  	Covenant relating to Certain Events During the Note Valuation Period	  	 	37	 

  
 - i - 

							
	 Article 4.     Repurchase and Redemption
	  	 	37	 
	 Section 4.01.
	  	No Sinking Fund	  	 	37	 
	 Section 4.02.
	  	Right of Holders to Require the Company to Repurchase Notes upon a Fundamental Change	  	 	37	 
	 Section 4.03.
	  	Right of the Company to Redeem the Notes	  	 	41	 
	 Section 4.04.
	  	Mandatory Redemption	  	 	46	 
		
	 Article 5.     Conversion
	  	 	47	 
	 Section 5.01.
	  	Right to Convert	  	 	47	 
	 Section 5.02.
	  	Conversion Procedures	  	 	51	 
	 Section 5.03.
	  	Settlement upon Conversion	  	 	53	 
	 Section 5.04.
	  	Reserve and Status of Ordinary Shares Issued upon Conversion	  	 	56	 
	 Section 5.05.
	  	Adjustments to the Conversion Rate	  	 	56	 
	 Section 5.06.
	  	Voluntary Adjustments	  	 	67	 
	 Section 5.07.
	  	Adjustments to the Conversion Rate in Connection with a Make-Whole Event	  	 	67	 
	 Section 5.08.
	  	Exchange in Lieu of Conversion	  	 	69	 
	 Section 5.09.
	  	Effect of Ordinary Share Change Event	  	 	70	 
	 Section 5.10.
	  	Notice of the Commencement of the Note Valuation Period	  	 	72	 
	 Section 5.11.
	  	Notice of the Convertibility Commencement Date, Initial Make-Whole Table and Related Information	  	 	72	 
		
	 Article 6.     Successors
	  	 	72	 
	 Section 6.01.
	  	When the Company May Merge, Etc.	  	 	72	 
	 Section 6.02.
	  	Successor Corporation Substituted	  	 	73	 
	 Section 6.03.
	  	Transactions to Effect Maxeon Spin-Off	  	 	73	 
		
	 Article 7.     Defaults and Remedies
	  	 	73	 
	 Section 7.01.
	  	Events of Default	  	 	73	 
	 Section 7.02.
	  	Acceleration	  	 	75	 
	 Section 7.03.
	  	Sole Remedy for a Failure to Report	  	 	76	 
	 Section 7.04.
	  	Other Remedies	  	 	77	 
	 Section 7.05.
	  	Waiver of Past Defaults	  	 	77	 
	 Section 7.06.
	  	Control by Majority	  	 	78	 
	 Section 7.07.
	  	Limitation on Suits	  	 	78	 
	 Section 7.08.
	  	Absolute Right of Holders to Institute Suit for the Enforcement of the Right to Receive Payment and Conversion Consideration	  	 	78	 
	 Section 7.09.
	  	Collection Suit by Trustee	  	 	79	 
	 Section 7.10.
	  	Trustee May File Proofs of Claim	  	 	79	 
	 Section 7.11.
	  	Priorities	  	 	79	 
	 Section 7.12.
	  	Undertaking for Costs	  	 	80	 
		
	 Article 8.     Amendments, Supplements and Waivers
	  	 	80	 
	 Section 8.01.
	  	Without the Consent of Holders	  	 	80	 
	 Section 8.02.
	  	With the Consent of Holders	  	 	81	 

  
 - ii - 

							
	 Section 8.03.
	  	Notice of Amendments, Supplements and Waivers	  	 	82	 
	 Section 8.04.
	  	Revocation, Effect and Solicitation of Consents; Special Record Dates; Etc.	  	 	82	 
	 Section 8.05.
	  	Notations and Exchanges	  	 	83	 
	 Section 8.06.
	  	Trustee to Execute Supplemental Indentures	  	 	83	 
		
	 Article 9.     Satisfaction and Discharge
	  	 	84	 
	 Section 9.01.
	  	Termination of Company’s Obligations	  	 	84	 
	 Section 9.02.
	  	Repayment to Company	  	 	84	 
	 Section 9.03.
	  	Reinstatement	  	 	85	 
		
	 Article 10.     Trustee
	  	 	85	 
	 Section 10.01.
	  	Duties of the Trustee	  	 	85	 
	 Section 10.02.
	  	Rights of the Trustee	  	 	86	 
	 Section 10.03.
	  	Individual Rights of the Trustee	  	 	87	 
	 Section 10.04.
	  	Trustee’s Disclaimer	  	 	87	 
	 Section 10.05.
	  	Notice of Defaults	  	 	87	 
	 Section 10.06.
	  	Compensation and Indemnity	  	 	88	 
	 Section 10.07.
	  	Replacement of the Trustee	  	 	88	 
	 Section 10.08.
	  	Successor Trustee by Merger, Etc.	  	 	89	 
	 Section 10.09.
	  	Eligibility; Disqualification	  	 	90	 
		
	 Article 11.     Miscellaneous
	  	 	90	 
	 Section 11.01.
	  	Notices	  	 	90	 
	 Section 11.02.
	  	Delivery of Officer’s Certificate and Opinion of Counsel as to Conditions Precedent	  	 	92	 
	 Section 11.03.
	  	Statements Required in Officer’s Certificate and Opinion of Counsel	  	 	92	 
	 Section 11.04.
	  	Rules by the Trustee, the Registrar and the Paying Agent	  	 	93	 
	 Section 11.05.
	  	No Personal Liability of Directors, Officers, Employees and Shareholders	  	 	93	 
	 Section 11.06.
	  	Governing Law; Waiver of Jury Trial	  	 	93	 
	 Section 11.07.
	  	Submission to Jurisdiction	  	 	93	 
	 Section 11.08.
	  	No Adverse Interpretation of Other Agreements	  	 	93	 
	 Section 11.09.
	  	Successors	  	 	94	 
	 Section 11.10.
	  	Force Majeure	  	 	94	 
	 Section 11.11.
	  	U.S.A. PATRIOT Act	  	 	94	 
	 Section 11.12.
	  	Calculations	  	 	94	 
	 Section 11.13.
	  	Severability	  	 	94	 
	 Section 11.14.
	  	Counterparts	  	 	95	 
	 Section 11.15.
	  	Table of Contents, Headings, Etc.	  	 	95	 
	 Section 11.16.
	  	Service of Process	  	 	95	 
			
	 Exhibits
	  		  			
		
	Exhibit A: Form of Note	  	 	A-1	 
		
	Exhibit B-1: Form of Restricted Note Legend	  	 	B1-1	 
		
	Exhibit B-2: Form of Global Note Legend	  	 	B2-1	 
		
	Exhibit B-3: Form of Non-Affiliate Legend	  	 	B3-1	 

  
 - iii - 

 INDENTURE, dated as of July 17, 2020, between Maxeon Solar Technologies, Ltd.
(Company Registration No: 201934268H), a company incorporated in Singapore, as issuer (the “Company”) and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). 

Each party to this Indenture (as defined below) agrees as follows for the benefit of the other party and for the equal and ratable benefit of
the Holders (as defined below) of the Company’s 6.50% Green Convertible Senior Notes due 2025 (the “Notes”). 

Article 1.    DEFINITIONS; RULES OF CONSTRUCTION 

Section 1.01.    DEFINITIONS. 

“Additional Interest” means any interest that accrues on any Note pursuant to Section 3.04. 

“Affiliate” has the meaning set forth in Rule 144 as in effect on the Issue Date. 

“Authorized Denomination” means, with respect to a Note, a principal amount thereof equal to $1,000 or any integral multiple
of $1,000 in excess thereof. 
 “Bankruptcy Law” means Title 11, United States Code, or any similar U.S. federal or state
or non-U.S. law for the relief of debtors. 
 “Bid Solicitation Agent” means the
Person who is required to obtain bids for the Trading Price in accordance with Section 5.01(C)(i)(2) and the definition of “Trading Price.” The initial Bid Solicitation Agent on the Issue Date will be the Company;
provided, however, that the Company may appoint any other Person (including any of the Company’s Subsidiaries) to be the Bid Solicitation Agent at any time after the Issue Date without prior notice to Holders. 

“Board of Directors” means the board of directors of the Company or a committee of such board duly authorized to act on
behalf of such board. 
 “Business Day” means any day other than a Saturday, a Sunday or any day on which the Federal
Reserve Bank of New York is authorized or required by law or executive order to close or be closed. 
 “Capital Stock” of
any Person means any and all shares of, interests in, rights to purchase, warrants or options for, participations in, or other equivalents of, in each case however designated, the equity of such Person, but excluding any debt securities convertible
into or exchangeable for such equity. 
 “Change in Tax Law” means any change or amendment in the laws, rules or
regulations of a Relevant Taxing Jurisdiction, or any change in an official written interpretation, administration or application of such laws, rules or regulations by any legislative body, court, governmental taxing authority or regulatory or
administrative authority of such Relevant Taxing Jurisdiction (including the enactment of any legislation and the publication of any judicial decision or regulatory or administrative interpretation or determination) affecting taxation, which change
or amendment (A) 

  
 - 1 - 

 
had not been publicly announced before; and (B) becomes effective on or after July 9, 2020 (or, if the Relevant Taxing Jurisdiction was not a Relevant Taxing Jurisdiction on such date,
the date on which such Relevant Taxing Jurisdiction became a Relevant Taxing Jurisdiction). 
 “Close of Business” means
5:00 p.m., New York City time. 
 “Company” means the Person named as such in the first paragraph of this Indenture and,
subject to Article 6, its successors and assigns. 
 “Company Order” means a written request or order signed on
behalf of the Company by one (1) of its Officers and delivered to the Trustee. 
 “Conversion Date” means, with
respect to a Note, the first Business Day on which the requirements set forth in Section 5.02(A) to convert such Note are satisfied. 

“Conversion Price” means, as of any time at or after the determination of the Initial Conversion Rate, an amount equal to
(A) one thousand dollars ($1,000) divided by (B) the Conversion Rate in effect at such time. 
 “Conversion
Rate” initially means a number of Ordinary Shares per $1,000 principal amount of Notes equal to the Initial Conversion Rate; provided, however, that the Conversion Rate is subject to adjustment pursuant to Article 5 ;
provided, further, that whenever this Indenture refers to the Conversion Rate as of a particular date without setting forth a particular time on such date, such reference will be deemed to be to the Conversion Rate immediately after
the Close of Business on such date. 
 “Conversion Share” means any Ordinary Share issued or issuable upon conversion of
any Note. 
 “Convertibility Commencement Calendar Quarter” means the calendar quarter in which the Convertibility
Commencement Date occurs; provided, however, that if the last Scheduled Trading Day of such calendar quarter is less than thirty (30) Scheduled Trading Days after the Convertibility Commencement Date, then the Convertibility
Commencement Calendar Quarter will instead be the next calendar quarter. 
 “Convertibility Commencement Date” means the
second (2nd) Business Day immediately after the last VWAP Trading Day of the Note Valuation Period. 
 “Current Reporting Rule 144
Period” means, with respect to any Note, the period that (A) begins on, and includes, the later of (i) the date that is six (6) months after the Last Original Issue Date of such Note; and (ii) the date that is ninety
(90) calendar days after the Exchange Act Reporting Commencement Date (or, with respect to this clause (ii), such earlier date, if any, on which the ninety (90)-day period referred to in Rule
144(c)(1) has been satisfied, including, if applicable, pursuant to paragraph 8 of SEC Staff Legal Bulletin No. 4); and (B) ends on the date that is one (1) year after such Last Original Issue Date. 

  
 - 2 - 

 “Daily Cash Amount” means, with respect to any VWAP Trading Day, the lesser
of (A) the applicable Daily Maximum Cash Amount; and (B) the Daily Conversion Value for such VWAP Trading Day. 
 “Daily
Conversion Value” means, with respect to any VWAP Trading Day, one-sixtieth (1/60th) of the product of (A) the Conversion Rate on such VWAP Trading Day; and (B) the Daily VWAP per Ordinary
Share on such VWAP Trading Day. 
 “Daily Maximum Cash Amount” means, with respect to the conversion of any Note, the
quotient obtained by dividing (A) the Specified Dollar Amount applicable to such conversion by (B) sixty (60). 
 “Daily
Share Amount” means, with respect to any VWAP Trading Day, the quotient obtained by dividing (A) the excess, if any, of the Daily Conversion Value for such VWAP Trading Day over the applicable Daily Maximum Cash Amount by (B) the
Daily VWAP for such VWAP Trading Day. For the avoidance of doubt, the Daily Share Amount will be zero for such VWAP Trading Day if such Daily Conversion Value does not exceed such Daily Maximum Cash Amount. 

“Daily VWAP” means, for any VWAP Trading Day, the per share volume-weighted average price of the Ordinary Shares as displayed
under the heading “Bloomberg VWAP” on Bloomberg page identified by “MAXN” (or such other ticker symbol for such Ordinary Shares) appended by the suffix “<EQUITY> AQR” (or, if such page is not available, its
equivalent successor page) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such VWAP Trading Day (or, if such volume-weighted average price is unavailable, the market
value of one Ordinary Share on such VWAP Trading Day, reasonably determined, using a volume-weighted average price method, by a nationally recognized independent investment banking firm selected by the Company. The Daily VWAP will be determined
without regard to after-hours trading or any other trading outside of the regular trading session. 
 “De-Legending Deadline Date” means, with respect to any Note, the fifteenth (15th) day after the Free Trade Date of such Note; provided, however, that if such fifteenth (15th) day is after a
Regular Record Date and on or before the next Interest Payment Date, then the De-Legending Deadline Date for such Note will instead be the Business Day immediately after such Interest Payment Date. 

“Default” means any event that is (or, after notice, passage of time or both, would be) an Event of Default. 

“Default Settlement Method” means Combination Settlement with a Specified Dollar Amount of $1,000 per $1,000 principal amount
of Notes; provided, however, that (x) subject to Section 5.03(A)(iii), the Company may, from time to time, change the Default Settlement Method by sending notice of the new Default Settlement Method to
the Holders, the Trustee and the Conversion Agent; and (y) the Default Settlement Method will be subject to Section 5.03(A)(ii). 

“Depositary” means The Depository Trust Company or its successor. 

  
 - 3 - 

 “Depositary Participant” means any member of, or participant in, the
Depositary. 
 “Depositary Procedures” means, with respect to any conversion, transfer, exchange or transaction involving a
Global Note or any beneficial interest therein, the rules and procedures of the Depositary applicable to such conversion, transfer, exchange or transaction. 

“Escrow Agent” means Bank of America, National Association. 

“Escrow Agreement” means that certain escrow agreement, dated July 9, 2020, among the Company, the Trustee and the
Escrow Agent. 
 “Ex-Dividend Date” means, with respect to an issuance, dividend or
distribution on the Ordinary Shares, the first date on which Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such issuance, dividend or distribution (including pursuant to due
bills or similar arrangements required by the relevant stock exchange). For the avoidance of doubt, any alternative trading convention on the applicable exchange or market in respect of the Ordinary Shares under a separate ticker symbol or CUSIP
number will not be considered “regular way” for this purpose. 
 “Exchange Act” means the U.S. Securities
Exchange Act of 1934, as amended. 
 “Exchange Act Reporting Commencement Date” means the earlier of (A) the date the
Maxeon Spin-Off Form 20-F has become effective under the Exchange Act; and (B) the first date on which the Company has otherwise become subject to the reporting
requirements of Section 13 or 15(d) of the Exchange Act. 
 “Free Trade Date” means, with respect to any Note, the
date that is one (1) year after the Last Original Issue Date of such Note. 
 “Freely Tradable” means, with respect to
any Note, that such Note would be eligible to be offered, sold or otherwise transferred pursuant to Rule 144 or otherwise if held by a Person that is not an Affiliate of the Company, and that has not been an Affiliate of the Company during the
immediately preceding three (3) months, without any requirements as to volume, manner of sale, availability of current public information or notice under the Securities Act (except that, during the Current Reporting Rule 144 Period, any such
requirement as to the availability of current public information will be disregarded if the same is satisfied at that time); provided, however, that from and after the Free Trade Date of such Note, such Note will not be “Freely
Tradable” unless such Note (x) is not identified by a “restricted” CUSIP or ISIN number; and (y) is not represented by any certificate that bears the Restricted Note Legend. For the avoidance of doubt, whether a Note is
deemed to be identified by a “restricted” CUSIP or ISIN number or to bear the Restricted Note Legend is subject to Section 2.12. 

“Fundamental Change” means any of the following events: 

(A)    a “person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act), other
than the Company or its Wholly Owned Subsidiaries, or their respective employee 

  
 - 4 - 

 
benefit plans), files a Schedule TO (or any successor schedule, form or report) or any report under the Exchange Act disclosing that such person or group has become, as of any date after the
Maxeon Spin-Off Distribution Date, the direct or indirect “beneficial owner” (as defined below) of Ordinary Shares representing more than fifty percent (50%) of the voting power of all of the
Ordinary Shares; provided, however, that, for purposes of this clause (A), no person or group will be deemed to be a beneficial owner of any securities tendered pursuant to a tender offer or exchange offer made by or on
behalf of such person or group until such tendered securities are accepted for purchase or exchange in such offer; 

(B)    the consummation of (i) any sale, lease or other transfer, in one transaction or a series of transactions, of
all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person (other than solely in connection with the Maxeon Spin-Off), other than solely to one or more of the
Company’s Wholly Owned Subsidiaries; or (ii) any transaction or series of related transactions in connection with which (whether by means of merger, consolidation, share exchange, combination, reclassification, recapitalization,
acquisition, liquidation or otherwise) (other than changes solely resulting from a subdivision or combination of the Ordinary Shares or solely a change in the par value or nominal value of the Ordinary Shares) all of the Ordinary Shares are
exchanged for, converted into, acquired for, or constitute solely the right to receive, other securities, cash or other property; provided, however, that any transaction described in clause (B)(ii) above pursuant to which the
Persons that directly or indirectly “beneficially owned” (as defined below) all classes of the Company’s common equity immediately before such transaction directly or indirectly “beneficially own,” immediately after such
transaction, more than fifty percent (50%) of all classes of common equity of the surviving, continuing or acquiring company or other transferee, as applicable, or the parent thereof, in substantially the same proportions vis-à-vis each other as immediately before such transaction will be deemed not to be a Fundamental Change pursuant to this clause (B) ; 

(C)    the Company’s shareholders approve any plan or proposal for the liquidation or dissolution of the Company; or

 (D)    at any time after the Convertibility Commencement Date, the Ordinary Shares are not listed on any of The New
York Stock Exchange, The NASDAQ Global Market or The NASDAQ Global Select Market (or any of their respective successors); 
 provided, however,
that a transaction or event described in clause (A) or (B) above will not constitute a Fundamental Change if at least ninety percent (90%) of the consideration received or to be received by the holders of Ordinary Shares
(excluding cash payments for fractional shares or pursuant to dissenters rights), in connection with such transaction or event, consists of ordinary shares or shares of common stock or other corporate common equity listed on any of The New York
Stock Exchange, The NASDAQ Global Market or The NASDAQ Global Select Market (or any of their respective successors), or that will be so listed when issued or exchanged in connection with such transaction or event, and such transaction or event
constitutes an Ordinary Share Change Event whose Reference Property consists of such consideration. 

  
 - 5 - 

 For the purposes of this definition, (x) any transaction or event described in both
clause (A) and in clause (B) above (without regard to the proviso in clause (B)) will be deemed to occur solely pursuant to clause (B) above (subject to such proviso); and (y) whether a Person is a
“beneficial owner” and whether shares are “beneficially owned” will be determined in accordance with Rule 13d-3 under the Exchange Act. 

“Fundamental Change Repurchase Date” means the date fixed for the repurchase of any Notes by the Company pursuant to a
Repurchase Upon Fundamental Change. 
 “Fundamental Change Repurchase Notice” means a notice (including a notice
substantially in the form of the “Fundamental Change Repurchase Notice” set forth in Exhibit A) containing the information, or otherwise complying with the requirements, set forth in Section 4.02(F)(i) and
Section 4.02(F)(ii). 
 “Fundamental Change Repurchase Price” means the cash price payable by the
Company to repurchase any Note upon its Repurchase Upon Fundamental Change, calculated pursuant to Section 4.02(D). 

“Global Note” means a Note that is represented by a certificate substantially in the form set forth in Exhibit
A, registered in the name of the Depositary or its nominee, duly executed by the Company and authenticated by the Trustee, and deposited with the Trustee, as custodian for the Depositary. 

“Global Note Legend” means a legend substantially in the form set forth in Exhibit
B-2. 
 “Holder” means a person in whose name a Note is registered on the
Registrar’s books. 
 “Indenture” means this Indenture, as amended or supplemented from time to time. 

“Initial Conversion Rate” means a number of Ordinary Shares per $1,000 principal amount of Notes equal to the following
amount (rounded down to the nearest fourth (4th) decimal place): 
  

					
		  	            $1,000            	  	
		  	( 1 + Premium ) X RP	  	

 where: 

Premium    =     fifteen percent (15.00%); and 

RP              =     the Maxeon Spin-Off Reference Price. 
 “Initial Purchasers” means BofA Securities, Inc., Merrill
Lynch (Singapore) Pte. Ltd., Morgan Stanley Asia (Singapore) Pte. and DBS Bank Ltd. 
 “Interest Payment Date” means, with
respect to a Note, each January 15 and July 15 of each year, commencing on January 15, 2021 (or commencing on such other date specified in the certificate representing such Note). For the avoidance of doubt, the Maturity Date is an
Interest Payment Date. 

  
 - 6 - 

 “Internal Revenue Code” means the United States Internal Revenue Code of
1986, as amended. 
 “Issue Date” means July 17, 2020. 

“Last Original Issue Date” means (A) with respect to any Notes issued pursuant to the Purchase Agreement (including any
Notes issued pursuant to the exercise of the Shoe Option by the Initial Purchasers), and any Notes issued in exchange therefor or in substitution thereof, the later of (i) the Issue Date and (ii) the last date any Notes are originally
issued pursuant to the exercise of the Shoe Option; and (B) with respect to any Notes issued pursuant to Section 2.03(B), and any Notes issued in exchange therefor or in substitution thereof, either (i) the later
of (x) the date such Notes are originally issued and (y) the last date any Notes are originally issued as part of the same offering pursuant to the exercise of an option granted to the initial purchasers of such Notes to purchase
additional Notes; or (ii) such other date as is specified in an Officer’s Certificate delivered to the Trustee before the original issuance of such Notes. 

“Last Reported Sale Price” of the Ordinary Shares for any Trading Day means the closing sale price per Ordinary Share (or, if
no closing sale price is reported, the average of the last bid price and the last ask price per Ordinary Share or, if more than one in either case, the average of the average last bid prices and the average last ask prices per Ordinary Share) on
such Trading Day as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Ordinary Shares are then listed. If the Ordinary Shares are not listed on a U.S. national or regional securities
exchange on such Trading Day, then the Last Reported Sale Price will be the last quoted bid price per Ordinary Share on such Trading Day in the over-the-counter market
as reported by OTC Markets Group Inc. or a similar organization. If the Ordinary Shares are not so quoted on such Trading Day, then the Last Reported Sale Price will be the average of the mid-point of the last
bid price and the last ask price per Ordinary Share on such Trading Day from each of at least three (3) nationally recognized independent investment banking firms selected by the Company. Neither the Trustee nor the Conversion Agent will have
any duty to determine the Last Reported Sale Price. 
 “Make-Whole Event” means (A) a Fundamental Change (determined
after giving effect to the proviso immediately after clause (D) of the definition thereof, but without regard to the proviso to clause (B)(ii) of such definition) (an event referred to in this clause (A), a
“Make-Whole Fundamental Change”); or (B) the sending of a Redemption Notice pursuant to Section 4.03(G) in respect of a Provisional Redemption or a Tax Redemption; provided, however, that
the sending of a Redemption Notice for a Provisional Redemption of less than all of the outstanding Notes will constitute a Make-Whole Event only with respect to the Notes called (or deemed to be called pursuant to
Section 4.03(K)) for Provisional Redemption pursuant to such Redemption Notice and not with respect to any other Notes. For the avoidance of doubt, the sending of any Redemption Notice for a Tax Redemption will constitute a
Make-Whole Event with respect to all outstanding Notes. 

  
 - 7 - 

 “Make-Whole Event Conversion Period” has the following meaning: 

(A)    in the case of a Make-Whole Event pursuant to clause (A) of the definition thereof, the period from, and
including, the Make-Whole Event Effective Date of such Make-Whole Event to, and including, the thirty fifth (35th) Trading Day after such Make-Whole Event Effective Date (or, if such Make-Whole Event also constitutes a Fundamental Change, to, but
excluding, the related Fundamental Change Repurchase Date); and 
 (B)    in the case of a Make-Whole Event pursuant to
clause (B) of the definition thereof, the period from, and including, the Redemption Notice Date for the related Redemption to, and including, the second (2nd) Business Day immediately before the related Redemption Date; 

provided, however, that if the Conversion Date for the conversion of a Note that has been called (or deemed, pursuant to
Section 4.03(K), to be called) for Redemption occurs during the Make-Whole Event Conversion Period for both a Make-Whole Fundamental Change occurring pursuant to clause (A) of the definition of “Make-Whole
Event” and a Make-Whole Event resulting from such Redemption pursuant to clause (B) of such definition, then, notwithstanding anything to the contrary in Section 5.07, solely for purposes of such
conversion, (x) such Conversion Date will be deemed to occur solely during the Make-Whole Event Conversion Period for the Make-Whole Event with the earlier Make-Whole Event Effective Date; and (y) the Make-Whole Event with the later
Make-Whole Event Effective Date will be deemed not to have occurred. 
 “Make-Whole Event Effective Date” means
(A) with respect to a Make-Whole Event pursuant to clause (A) of the definition thereof, the date on which such Make-Whole Event occurs or becomes effective; and (B) with respect to a Make-Whole Event pursuant to clause
(B) of the definition thereof, the applicable Redemption Notice Date. 
 “Make-Whole Fundamental Change” has the
meaning set forth in the definition of Make-Whole Event. 
 “Market Disruption Event” means, with respect to any date, the
occurrence or existence, during the one-half hour period ending at the scheduled close of trading on such date on the principal U.S. national or regional securities exchange or other market on which the
Ordinary Shares are listed for trading or trades, of any material suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Ordinary Shares or in any options
contracts or futures contracts relating to the Ordinary Shares. 
 “Maturity Date” means July 15, 2025. 

“Maxeon Form F-3” means the registration statement of the Company on Form F-3 under the Securities Act to be filed by the Company with the SEC as described in the Offering Memorandum. 

“Maxeon Spin-Off” means the series of transactions whereby (A) no later than the
Maxeon Spin-Off Deadline Date, Ordinary Shares held by SunPower Corporation are distributed to the holders of common stock of SunPower Corporation substantially in the manner described in the

  
 - 8 - 

 
Maxeon Spin-Off Form 20-F, including the ratio, set forth in the Maxeon
Spin-Off Form 20-F, of the number of Ordinary Shares to be issued per outstanding share of common stock of SunPower Corporation; and (B) Maxeon Solar Technologies,
Pte. Ltd. is converted to a public company under the Singapore Companies Act, which public company’s Ordinary Shares are distributed as contemplated in clause (A); provided, however, that the Maxeon Spin-Off will be deemed not to occur unless such Ordinary Shares are, when so distributed, listed (or approved for listing) on The New York Stock Exchange, The NASDAQ Global Market or The NASDAQ Global Select Market
(or any of their respective successors). 
 “Maxeon Spin-Off Deadline Date” means
the date that is three (3) months after the Issue Date (or, if earlier, the date on which the Company delivers a notice to the Trustee and the Escrow Agent that it will not consummate the Maxeon
Spin-Off). 
 “Maxeon Spin-Off Distribution
Date” means the first date on which (A) the Ordinary Shares have been distributed, pursuant to the Maxeon Spin-Off, to the holders of common stock of SunPower Corporation; and (B) the
Ordinary Shares trade “regular way” on the applicable exchange. 
 “Maxeon
Spin-Off Form 20-F” means the registration statement under Section 12 of the Exchange Act relating to the Ordinary Shares in the form in which such
registration statement is incorporated by reference into the Offering Memorandum as of its date. 
 “Maxeon Spin-Off Reference Price means the greater of (A) four dollars ($4.00); and (B) the average of the Daily VWAPs per Ordinary Share over the Note Valuation Period. 

“Maximum Conversion Rate” initially means a number of Ordinary Shares per $1,000 principal amount of Notes equal to the
amount (rounded down to the nearest fourth (4th) decimal place) obtained by dividing (A) $1,000 by (B) the Maxeon Spin-Off Reference Price; provided, however, that the Maximum Conversion
Rate will be subject to adjustment in the same manner as, and at the same time and for the same events for which, the Conversion Rate is required to be adjusted pursuant to Section 5.05. 

“Note Valuation Period” means the fifteen (15) consecutive VWAP Trading Days beginning on, and including, the later of
(A) the fifth (5th) VWAP Trading Day immediately after the Maxeon Spin-Off Distribution Date; and (B) the VWAP Trading Day immediately after the first date on which the Note Valuation Period
Conditions Precedent have been satisfied. 
 The “Note Valuation Period Conditions Precedent” will be deemed to be
satisfied if (A) the Maxeon Form F-3 has been declared effective under the Securities Act; and (B) the underwriting agreement contemplated by the physical delivery forward transaction, as described
under the caption “Description of the Physical Delivery Forward Transaction” in the Offering Memorandum, has been executed and delivered by the Company and the underwriters party thereto. 

“Non-Affiliate Legend” means a legend substantially in the form set forth in
Exhibit B-3. 

  
 - 9 - 

 “Note Agent” means any Registrar, Paying Agent or Conversion Agent. 

“Notes” means the 6.50% Green Convertible Senior Notes due 2025 issued by the Company pursuant to this Indenture. 

“Observation Period” means, with respect to any Note to be converted, (A) subject to clause (B) below, if
the Conversion Date for such Note occurs on or before the sixty fifth (65th) Scheduled Trading Day immediately before the Maturity Date, the sixty (60) consecutive VWAP Trading Days beginning on, and including, the third (3rd) VWAP Trading Day
immediately after such Conversion Date; (B) if such Conversion Date occurs on or after the date the Company has sent a Redemption Notice calling all or any Notes for Provisional Redemption or Tax Redemption pursuant to
Section 4.03(G) and before the related Redemption Date, the sixty (60) consecutive VWAP Trading Days beginning on, and including, the sixty first (61st) Scheduled Trading Day immediately before such Redemption Date;
and (C) subject to clause (B) above, if such Conversion Date occurs after the sixty fifth (65th) Scheduled Trading Day immediately before the Maturity Date, the sixty (60) consecutive VWAP Trading Days beginning on, and
including, the sixty first (61st) Scheduled Trading Day immediately before the Maturity Date. 
 “Offering Memorandum”
means the Company’s preliminary offering memorandum relating to the offering of the Notes, dated July 9, 2020, as supplemented by the related pricing term sheet, dated July 9, 2020. 

“Officer” means the any member of the Board of Directors, the Chief Executive Officer, the President, the Chief Operating
Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of the Company. 

“Officer’s Certificate” means a certificate that is signed on behalf of the Company by one (1) of its Officers and
that meets the requirements of Section 11.03. 
 “Open of Business” means 9:00 a.m., New York
City time. 
 “Opinion of Counsel” means an opinion, from legal counsel (including an employee of, or counsel to, the
Company or any of its Subsidiaries) reasonably acceptable to the Trustee, that meets the requirements of Section 11.03, subject to customary qualifications and exclusions. 

“Ordinary Shares” means the ordinary shares, no par value per share, of the Company, subject to
Section 5.09. 
 “Person” or “person” means any individual, corporation,
partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof. Any division or series of a limited liability company,
limited partnership or trust will constitute a separate “person” under this Indenture. 

  
 - 10 - 

 “Physical Note” means a Note (other than a Global Note) that is represented
by a certificate substantially in the form set forth in Exhibit A, registered in the name of the Holder of such Note and duly executed by the Company and authenticated by the Trustee. 

“Purchase Agreement” means that certain Purchase Agreement, dated July 9, 2020, between the Company and the Initial
Purchasers. 
 “Redemption” means a Provisional Redemption, a Tax Redemption or a Mandatory Redemption. 

“Redemption Date” means (A) the date fixed, pursuant to Section 4.03(E), for the settlement of
the repurchase of any Notes by the Company pursuant to a Provisional Redemption or a Tax Redemption; or (B) a Mandatory Redemption Date. 

“Redemption Notice Date” means, with respect to a Provisional Redemption or a Tax Redemption, the date on which the Company
sends the Redemption Notice for such Redemption pursuant to Section 4.03(G). 
 “Redemption
Price” means (A) in the case of a Provisional Redemption or Tax Redemption, the cash price payable by the Company to redeem any Note upon its Redemption, calculated pursuant to Section 4.03(F); and (B) in
the case of a Mandatory Redemption the cash price payable by the Company to redeem any Note upon its Redemption, calculated pursuant to Section 4.04(B). 

“Regular Record Date” has the following meaning with respect to an Interest Payment Date: (A) if such Interest Payment
Date occurs on January 15, the immediately preceding January 1; and (B) if such Interest Payment Date occurs on July 15, the immediately preceding July 1. 

“Repurchase Upon Fundamental Change” means the repurchase of any Note by the Company pursuant to
Section 4.02. 
 “Responsible Officer” means (A) any officer within the Corporate Trust
Administration of the Trustee (or any successor group of the Trustee) having direct responsibility for the administration of this Indenture; and (B) with respect to a particular corporate trust matter, any other officer to whom such matter is
referred because of his or her knowledge of, and familiarity with, the particular subject. 
 “Restricted Note Legend”
means a legend substantially in the form set forth in Exhibit B-1. 
 “Restricted
Share Legend” means, with respect to any Conversion Share, a legend substantially to the effect that the offer and sale of such Conversion Share have not been registered under the Securities Act and that such Conversion Share cannot be sold
or otherwise transferred except pursuant to a transaction that is registered under the Securities Act or that is exempt from, or not subject to, the registration requirements of the Securities Act. 

“Rule 144” means Rule 144 under the Securities Act (or any successor rule thereto), as the same may be amended from time to
time. 

  
 - 11 - 

 “Rule 144A” means Rule 144A under the Securities Act (or any successor rule
thereto), as the same may be amended from time to time. 
 “Scheduled Trading Day” means any day that is scheduled to be a
Trading Day on the principal U.S. national or regional securities exchange on which the Ordinary Shares are then listed or, if the Ordinary Shares are not then listed on a U.S. national or regional securities exchange, on the principal other market
on which the Ordinary Shares are then traded. If the Ordinary Shares are not so listed or traded, then “Scheduled Trading Day” means a Business Day. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Security” means any Note or Conversion Share. 

“Settlement Method” means Cash Settlement, Physical Settlement or Combination Settlement. 

“Share Price” has the following meaning for any Make-Whole Event: (A) if the holders of the Ordinary Shares receive only
cash in consideration for their Ordinary Shares in such Make-Whole Event and such Make-Whole Event is pursuant to clause (B) of the definition of “Fundamental Change,” then the Share Price is the amount of cash paid per
Ordinary Share in such Make-Whole Event; and (B) in all other cases, the Share Price is the average of the Last Reported Sale Prices per Ordinary Share for the five consecutive Trading Days ending on, and including, the Trading Day immediately
before the Make-Whole Event Effective Date of such Make-Whole Event. 
 “Shoe Option” means the Initial Purchasers’
option to purchase up to fifteen million dollars ($15,000,000) aggregate principal amount of additional Notes as provided for in the Purchase Agreement. 

“Significant Subsidiary” has the meaning set forth in Article I, Rule 1-02(w) of
Regulation S-X promulgated by the SEC (or any successor rule); provided, however, that if a Subsidiary that meets the criteria of clause (3) of such rule but not clause (1) or (2)
thereof, in each case as such rule is in effect on the Issue Date, then such Subsidiary will not be deemed to be a Significant Subsidiary unless such Subsidiary’s income (or loss) from continuing operations before income taxes, exclusive of
amounts attributable to any non-controlling interests, for the last completed fiscal year prior to the date of determination exceeds twenty five million dollars ($25,000,000) (with such amount calculated
pursuant to Rule 1-02(w) as in effect on the Issue Date). For the avoidance of doubt, a Subsidiary that satisfies the condition set forth in the proviso to the preceding sentence will not be deemed to be a
“Significant Subsidiary” unless such Subsidiary also constitutes a “Significant Subsidiary” within the meaning set forth in Article I, Rule 1-02(w) of Regulation S-X promulgated by the SEC (or any successor rule). 

  
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 “Special Interest” means any interest that accrues on any Note pursuant to
Section 7.03. 
 “Specified Dollar Amount” means, with respect to the conversion of a Note to
which Combination Settlement applies, the maximum cash amount per $1,000 principal amount of such Note deliverable upon such conversion (excluding cash in lieu of any fractional Ordinary Share). 

“Subsidiary” means, with respect to any Person, (A) any corporation, association or other business entity (other than a
partnership or limited liability company) of which more than fifty percent (50%) of the total voting power of the Capital Stock entitled (without regard to the occurrence of any contingency, but after giving effect to any voting agreement or
shareholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees, as applicable, of such corporation, association or other business entity is owned or controlled, directly or
indirectly, by such Person or one or more of the other Subsidiaries of such Person; and (B) any partnership or limited liability company where (i) more than fifty percent (50%) of the capital accounts, distribution rights, equity and
voting interests, or of the general and limited partnership interests, as applicable, of such partnership or limited liability company are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such
Person, whether in the form of membership, general, special or limited partnership or limited liability company interests or otherwise; and (ii) such Person or any one or more of the other Subsidiaries of such Person is a controlling general
partner of, or otherwise controls, such partnership or limited liability company. 
 “Supplemental Interest” means any
interest that accrues on any Note pursuant to Section 3.11. 
 “Tax” means any tax, duty, levy,
impost, assessment or other governmental charge (including penalties and interest and other similar liabilities related thereto). 

“Tax Redemption” means the Redemption of any Note pursuant to Section 4.03(C). 

“Trading Day” means any day on which (A) trading in the Ordinary Shares generally occurs on the principal U.S. national
or regional securities exchange on which the Ordinary Shares are then listed or, if the Ordinary Shares are not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Ordinary Shares are then
traded; and (B) there is no Market Disruption Event. If the Ordinary Shares are not so listed or traded, then “Trading Day” means a Business Day. 

“Trading Price” of the Notes on any Trading Day means the average of the secondary market bid quotations, expressed as a cash
amount per $1,000 principal amount of Notes, obtained by the Bid Solicitation Agent for five million dollars ($5,000,000) (or such lesser amount as may then be outstanding) in principal amount of Notes at approximately 3:30 p.m., New York City time,
on such Trading Day from three (3) nationally recognized independent securities dealers selected by the Company, which may include any of the Initial Purchasers; provided, however, that, if three (3) such bids cannot
reasonably be obtained by the Bid Solicitation Agent but two (2) such bids are obtained, then the average of the two (2) bids will be used, and if only one (1) such bid can reasonably be obtained by the Bid Solicitation Agent, then
that one (1) bid will be used. 

  
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If, on any Trading Day, (A) the Bid Solicitation Agent cannot reasonably obtain at least one (1) bid for five million dollars ($5,000,000) (or such lesser amount as may then be
outstanding) in principal amount of Notes from a nationally recognized independent securities dealer; (B) the Company is not acting as the Bid Solicitation Agent and the Company fails to instruct the Bid Solicitation Agent to obtain bids when
required; or (C) the Bid Solicitation Agent fails to solicit bids when required, then, in each case, the Trading Price per $1,000 principal amount of Notes on such Trading Day will be deemed to be less than ninety eight percent (98%) of the
product of the Last Reported Sale Price per Ordinary Share on such Trading Day and the Conversion Rate on such Trading Day. Neither the Trustee nor the Conversion Agent will have any responsibility to obtain the Trading Price. 

“Transfer-Restricted Security” means any Security that constitutes a “restricted security” (as defined in Rule
144); provided, however, that such Security will cease to be a Transfer-Restricted Security upon the earliest to occur of the following events: 

(A)    such Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company)
pursuant to a registration statement that was effective under the Securities Act at the time of such sale or transfer; 

(B)    such Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company)
pursuant to an available exemption (including Rule 144) from the registration and prospectus-delivery requirements of, or in a transaction not subject to, the Securities Act and, immediately after such sale or transfer, such Security ceases to
constitute a “restricted security” (as defined in Rule 144); and 
 (C)    such Security is eligible for
resale, by a Person that is not an Affiliate of the Company and that has not been an Affiliate of the Company during the immediately preceding three (3) months, pursuant to Rule 144 without any limitations thereunder as to volume, manner of
sale, availability of current public information or notice. 
 The Trustee is under no obligation to determine whether any Security is a
Transfer-Restricted Security and may conclusively rely on an Officer’s Certificate with respect thereto. 
 “Trust Indenture
Act” means the U.S. Trust Indenture Act of 1939, as amended. 
 “Trustee” means the Person named as such in the
first paragraph of this Indenture until a successor replaces it in accordance with the provisions of this Indenture and, thereafter, means such successor. 

“VWAP Market Disruption Event” means, with respect to any date, (A) the failure by the principal U.S. national or
regional securities exchange on which the Ordinary Shares are then listed, or, if the Ordinary Shares are not then listed on a U.S. national or regional securities exchange, the principal other market on which the Ordinary Shares are then traded, to
open for trading during its regular trading session on such date; or (B) the occurrence or existence, for more than one half hour period in the aggregate, of any suspension or limitation imposed on trading (by reason of movements in price
exceeding limits permitted by the relevant exchange or otherwise) in the Ordinary Shares or in any options contracts or futures contracts relating to the Ordinary Shares, and such suspension or limitation occurs or exists at any time before 1:00
p.m., New York City time, on such date. 

  
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 “VWAP Trading Day” means a day on which (A) there is no VWAP Market
Disruption Event; and (B) trading in the Ordinary Shares generally occurs on the principal U.S. national or regional securities exchange on which the Ordinary Shares are then listed or, if the Ordinary Shares are not then listed on a U.S.
national or regional securities exchange, on the principal other market on which the Ordinary Shares are then traded. If the Ordinary Shares are not so listed or traded, then “VWAP Trading Day” means a Business Day. 

“Wholly Owned Subsidiary” of a Person means any Subsidiary of such Person all of the outstanding Capital Stock or other
ownership interests of which (other than directors’ qualifying shares) are owned by such Person or one or more Wholly Owned Subsidiaries of such Person. 

SECTION 1.02.    OTHER DEFINITIONS. 

 

					
	 Term
	  	Defined in
Section	 
	“Additional Amounts”	  	 	3.05(A)	 
	“Additional Shares”	  	 	5.07(A)	 
	“Applicable Terrorism Law”	  	 	11.11	 
	“Business Combination Event”	  	 	6.01(A)	 
	“Cash Settlement”	  	 	5.03(A)	 
	“Combination Settlement”	  	 	5.03(A)	 
	“Conversion Agent”	  	 	2.06(A)	 
	“Conversion Consideration”	  	 	5.03(B)	 
	“Corporate Event”	  	 	5.01(C)(i)(3)(b)	 
	“Default Interest”	  	 	2.05(B)	 
	“Defaulted Amount”	  	 	2.05(B)	 
	“Event of Default”	  	 	7.01(A)	 
	“Executed Documentation”	  	 	11.01	 
	“Expiration Date”	  	 	5.05(A)(v)	 
	“Expiration Time”	  	 	5.05(A)(v)	 
	“FATCA”	  	 	3.05(A)(iv)	 
	“Fundamental Change Notice”	  	 	4.02(E)	 
	“Fundamental Change Repurchase Right”	  	 	4.02(A)	 
	“Initial Notes”	  	 	2.03(A)	 
	“Mandatory Redemption”	  	 	4.04	 
	“Mandatory Redemption Date”	  	 	4.04	 
	“Mandatory Redemption Notice”	  	 	4.04(C)	 
	“Maxeon Spin-Off Failure”	  	 	4.04(A)(i)	 
	“Maxeon Spin-Off Reference Price”	  	 	1.01	 
	“Measurement Period”	  	 	5.01(C)(i)(2)	 
	“Note Valuation Period Conditions Precedent Failure”	  	 	4.04(A)(ii)	 
	“Ordinary Share Change Event”	  	 	5.09(A)	 
	“Paying Agent”	  	 	2.06(A)	 

  
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	“Physical Settlement”	  	 	5.03(A)	 
	“Provisional Redemption”	  	 	4.03(B)	 
	“Redemption Notice”	  	 	4.03(G)	 
	“Reference Property”	  	 	5.09(A)	 
	“Reference Property Unit”	  	 	5.09(A)	 
	“Register”	  	 	2.06(B)	 
	“Registrar”	  	 	2.06(A)	 
	“Relevant Taxing Jurisdiction”	  	 	3.05(A)	 
	“Reporting Event of Default”	  	 	7.03(A)	 
	“Specified Courts”	  	 	11.07	 
	“Spin-Off”	  	 	5.05(A)(iii)(2)	 
	“Spin-Off Valuation Period”	  	 	5.05(A)(iii)(2)	 
	“Stated Interest”	  	 	2.05(A)	 
	“Successor Corporation”	  	 	6.01(A)	 
	“Successor Person”	  	 	5.09(A)	 
	“Tax Redemption”	  	 	4.03(C)	 
	“Tax Redemption Opt-Out Election”	  	 	4.03(C)(ii)	 
	“Tax Redemption Opt-Out Election Notice”	  	 	4.03(C)(ii)(1)	 
	“Template Make-Whole Table”	  	 	5.07(B)	 
	“Tender/Exchange Offer Valuation Period”	  	 	5.05(A)(v)	 
	“Trading Price Condition”	  	 	5.01(C)(i)(2)	 
	“Transfer Taxes”	  	 	3.05(B)	 
	“Underlying Issuer”	  	 	5.09(A)	 

 Section 1.03.    RULES OF CONSTRUCTION. 

For purposes of this Indenture: 

(A)    “or” is not exclusive; 

(B)    “including” means “including without limitation”; 

(C)    “will” expresses a command; 

(D)    the “average” of a set of numerical values refers to the arithmetic average of such numerical values; 

(E)    a merger involving, or a transfer of assets by, a limited liability company, limited partnership or trust will be
deemed to include any division of or by, or an allocation of assets to a series of, such limited liability company, limited partnership or trust, or any unwinding of any such division or allocation; 

(F)    words in the singular include the plural and in the plural include the singular, unless the context requires
otherwise; 
 (G)    “herein,” “hereof” and other words of similar import refer to this Indenture as
a whole and not to any particular Article, Section or other subdivision of this Indenture, unless the context requires otherwise; 

  
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 (H)    references to currency mean the lawful currency of the United
States of America, unless the context requires otherwise; 
 (I)    the exhibits, schedules and other attachments to this
Indenture are deemed to form part of this Indenture; and 
 (J)    the term “interest,” when used with
respect to a Note, includes any Supplemental Interest, Additional Interest and Special Interest, unless the context requires otherwise. 

Article 2.    THE NOTES 

Section 2.01.    FORM, DATING AND DENOMINATIONS. 

The Notes and the Trustee’s certificate of authentication will be substantially in the form set forth in Exhibit A. The Notes will
bear the legends required by Section 2.09 and may bear notations, legends or endorsements required by law, stock exchange rule or usage or the Depositary. Each Note will be dated as of the date of its authentication. 

Except to the extent otherwise provided in a Company Order delivered to the Trustee in connection with the issuance and authentication
thereof, the Notes will be issued initially in the form of one or more Global Notes. Global Notes may be exchanged for Physical Notes, and Physical Notes may be exchanged for Global Notes, only as provided in Section 2.10.

 The Notes will be issuable only in registered form without interest coupons and only in Authorized Denominations. 

Each certificate representing a Note will bear a unique registration number that is not affixed to any other certificate representing another
outstanding Note. 
 The terms contained in the Notes constitute part of this Indenture, and, to the extent applicable, the Company and the
Trustee, by their execution and delivery of this Indenture, agree to such terms and to be bound thereby; provided, however, that, to the extent that any provision of any Note conflicts with the provisions of this Indenture, the
provisions of this Indenture will control for purposes of this Indenture and such Note. 

Section 2.02.    EXECUTION, AUTHENTICATION AND DELIVERY. 

(A)    Due Execution by the Company. At least one (1) duly authorized Officer will sign the Notes on behalf of
the Company by manual or facsimile signature. A Note’s validity will not be affected by the failure of any Officer whose signature is on any Note to hold, at the time such Note is authenticated, the same or any other office at the Company. 

(B)    Authentication by the Trustee and Delivery. 

(i)    No Note will be valid until it is authenticated by the Trustee. A Note will be deemed to be duly
authenticated only when an authorized signatory of the Trustee (or a duly appointed authenticating agent) manually or electronically signs the certificate of authentication of such Note. 

  
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 (ii)    The Trustee will cause an authorized signatory
of the Trustee (or a duly appointed authenticating agent) to manually or electronically sign the certificate of authentication of a Note only if (1) the Company delivers such Note to the Trustee; (2) such Note is executed by the Company in
accordance with Section 2.02(A); and (3) the Company delivers a Company Order to the Trustee that (a) requests the Trustee to authenticate such Note; and (b) sets forth the name of the Holder of such Note and
the date as of which such Note is to be authenticated. If such Company Order also requests the Trustee to deliver such Note to any Holder or to the Depositary, then the Trustee will promptly deliver such Note in accordance with such Company Order.

 (iii)    The Trustee may appoint an authenticating agent acceptable to the Company to authenticate
Notes. A duly appointed authenticating agent may authenticate Notes whenever the Trustee may do so under this Indenture, and a Note authenticated as provided in this Indenture by such an agent will be deemed, for purposes of this Indenture, to be
authenticated by the Trustee. Each duly appointed authenticating agent will have the same rights to deal with the Company as the Trustee would have if it were performing the duties that the authentication agent was validly appointed to undertake.

 Section 2.03.    INITIAL NOTES AND ADDITIONAL
NOTES. 
 (A)    Initial Notes. On the Issue Date, there will be originally issued two hundred
million dollars ($200,000,000) aggregate principal amount of Notes, subject to the provisions of this Indenture (including Section 2.02). Notes issued pursuant to this Section 2.03(A), and any
Notes issued in exchange therefor or in substitution thereof, are referred to in this Indenture as the “Initial Notes.” 

(B)    Additional Notes. The Company may, subject to the provisions of this Indenture (including
Section 2.02), originally issue additional Notes with the same terms as the Initial Notes (except, to the extent applicable, with respect to the date as of which interest begins to accrue on such additional Notes and the
first Interest Payment Date and the Last Original Issue Date of such additional Notes), which additional Notes will, subject to the foregoing, be considered to be part of the same series of, and rank equally and ratably with all other, Notes issued
under this Indenture; provided, however, that if any such additional Notes (and any Notes that are resold after such Notes have been purchased or otherwise acquired by the Company) are not fungible with other Notes issued under this
Indenture for federal income tax or federal securities laws purposes, then such additional Notes will be identified by a separate CUSIP number or by no CUSIP number. 

Section 2.04.    METHOD OF PAYMENT. 

(A)    Global Notes. The Company will pay, or cause the Paying Agent to pay, the principal (whether due upon
maturity on the Maturity Date, Redemption on a Redemption Date or repurchase on a Fundamental Change Repurchase Date or otherwise) of, interest on, and any cash Conversion Consideration for, any Global Note to the Depositary by wire transfer of
immediately available funds no later than the time the same is due as provided in this Indenture. 

  
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 (B)    Physical Notes. The Company will pay, or cause the Paying
Agent to pay, the principal (whether due upon maturity on the Maturity Date, Redemption on a Redemption Date or repurchase on a Fundamental Change Repurchase Date or otherwise) of, interest on, and any cash Conversion Consideration for, any Physical
Note no later than the time the same is due as provided in this Indenture as follows: (i) if the principal amount of such Physical Note is at least five million dollars ($5,000,000) (or such lower amount as the Company may choose in its sole
and absolute discretion) and the Holder of such Physical Note entitled to such payment has delivered to the Paying Agent or the Trustee, no later than the time set forth in the immediately following sentence, a written request that the Company make
such payment by wire transfer to an account of such Holder within the United States, by wire transfer of immediately available funds to such account; and (ii) in all other cases, by check mailed to the address of the Holder of such Physical
Note entitled to such payment as set forth in the Register. To be timely, such written request must be so delivered no later than the Close of Business on the following date: (x) with respect to the payment of any interest due on an Interest
Payment Date, the immediately preceding Regular Record Date; (y) with respect to any cash Conversion Consideration, the relevant Conversion Date; and (z) with respect to any other payment, the date that is fifteen (15) calendar days
immediately before the date such payment is due. 
 Section 2.05.    ACCRUAL OF
INTEREST; DEFAULTED AMOUNTS; WHEN PAYMENT DATE IS NOT A BUSINESS DAY. 

(A)    Accrual of Interest. Each Note will accrue interest at a rate per annum equal to 6.50% (the “Stated
Interest”), plus any Supplemental Interest, Additional Interest and Special Interest that may accrue pursuant to Sections 3.11, 3.04 and 7.03, respectively. Stated Interest on each Note will (i) accrue from, and
including, the most recent date to which Stated Interest has been paid or duly provided for (or, if no Stated Interest has theretofore been paid or duly provided for, the date set forth in the certificate representing such Note as the date from, and
including, which Stated Interest will begin to accrue in such circumstance) to, but excluding, the date of payment of such Stated Interest; and (ii) be, subject to Sections 4.02(D), 4.03(F) and 5.02(D) (but without
duplication of any payment of interest), payable semi-annually in arrears on each Interest Payment Date, beginning on the first Interest Payment Date set forth in the certificate representing such Note, to the Holder of such Note as of the Close of
Business on the immediately preceding Regular Record Date. Stated Interest, and, if applicable, Supplemental Interest, Additional Interest and Special Interest, on the Notes will be computed on the basis of a
360-day year comprised of twelve 30-day months. 

(B)    Defaulted Amounts. If the Company fails to pay any amount (a “Defaulted Amount”) payable on
a Note on or before the due date therefor as provided in this Indenture, then, regardless of whether such failure constitutes an Event of Default, (i) such Defaulted Amount will forthwith cease to be payable to the Holder of such Note otherwise
entitled to such payment; (ii) to the extent lawful, interest (“Default Interest”) will accrue on such Defaulted Amount at a rate per annum equal to the rate per annum at which Stated Interest accrues, from, and including, such
due date to, but excluding, the date of payment of such Defaulted Amount and Default Interest; (iii) such Defaulted Amount and Default Interest will be paid on a payment date selected by the Company to the Holder of such Note as of the Close of
Business on a special record date selected by the Company, provided that such special record date must be no more than fifteen (15), nor less than ten (10), calendar days before such payment date; and (iv) at least fifteen
(15) calendar days before such special record date, the Company will send notice to the Trustee and the Holders that states such special record date, such payment date and the amount of such Defaulted Amount and Default Interest to be paid on
such payment date. 

  
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 (C)    Delay of Payment when Payment Date is Not a Business Day.
If the due date for a payment on a Note as provided in this Indenture is not a Business Day, then, notwithstanding anything to the contrary in this Indenture or the Notes, such payment may be made on the immediately following Business Day and no
interest will accrue on such payment as a result of the related delay. Solely for purposes of the immediately preceding sentence, a day on which the applicable place of payment is authorized or required by law or executive order to close or be
closed will be deemed not to be a “Business Day.” 
 Section 2.06.    REGISTRAR, PAYING
AGENT AND CONVERSION AGENT. 
 (A)    Generally.
The Company will maintain (i) an office or agency in the continental United States where Notes may be presented for registration of transfer or for exchange (the “Registrar”); (ii) an office or agency in the continental United
States where Notes may be presented for payment (the “Paying Agent”); and (iii) an office or agency in the continental United States where Notes may be presented for conversion (the “Conversion Agent”). If the
Company fails to maintain a Registrar, Paying Agent or Conversion Agent, then the Trustee will act as such. For the avoidance of doubt, the Company or any of its Subsidiaries may act as Registrar, Paying Agent or Conversion Agent. 

(B)    Duties of the Registrar. The Registrar will keep a record (the “Register”) of the names and
addresses of the Holders, the Notes held by each Holder and the transfer, exchange, repurchase, Redemption and conversion of Notes. Absent manifest error, the entries in the Register will be conclusive and the Company and the Trustee may treat each
Person whose name is recorded as a Holder in the Register as a Holder for all purposes. The Register will be in written form or in any form capable of being converted into written form reasonably promptly. 

(C)    Co-Agents; Company’s Right to Appoint Successor Registrars, Paying
Agents and Conversion Agents. The Company may appoint one or more co-Registrars, co-Paying Agents and co-Conversion Agents,
each of whom will be deemed to be a Registrar, Paying Agent or Conversion Agent, as applicable, under this Indenture. Subject to Section 2.06(A), the Company may change any Registrar, Paying Agent or Conversion Agent
(including appointing itself or any of its Subsidiaries to act in such capacity) without notice to any Holder. The Company will notify the Trustee (and, upon request, any Holder) of the name and address of each Note Agent, if any, not a party to
this Indenture and will enter into an appropriate agency agreement with each such Note Agent, which agreement will implement the provisions of this Indenture that relate to such Note Agent. 

(D)    Initial Appointments. The Company appoints the Trustee as the initial Paying Agent, the initial Registrar
and the initial Conversion Agent. 
 Section 2.07.    PAYING AGENT AND
CONVERSION AGENT TO HOLD PROPERTY IN TRUST. 

The Company will require each Paying Agent or Conversion Agent that is not the Trustee to agree in writing that such Note Agent will
(A) hold in trust for the benefit of Holders or the Trustee all money and other property held by such Note Agent for payment or delivery due on the Notes; and (B) notify the Trustee of any default by the Company in making any such payment
or 

  
 - 20 - 

 
delivery. The Company, at any time, may, and the Trustee, while any Default continues, may, require a Paying Agent or Conversion Agent to pay or deliver, as applicable, all money and other
property held by it to the Trustee, after which payment or delivery, as applicable, such Note Agent (if not the Company or any of its Subsidiaries) will have no further liability for such money or property. If the Company or any of its Subsidiaries
acts as Paying Agent or Conversion Agent, then (A) it will segregate and hold in a separate trust fund for the benefit of the Holders or the Trustee all money and other property held by it as Paying Agent or Conversion Agent; and
(B) references in this Indenture or the Notes to the Paying Agent or Conversion Agent holding cash or other property, or to the delivery of cash or other property to the Paying Agent or Conversion Agent, in each case for payment or delivery to
any Holders or the Trustee or with respect to the Notes, will be deemed to refer to cash or other property so segregated and held separately, or to the segregation and separate holding of such cash or other property, respectively. Upon the
occurrence of any event pursuant to clause (ix) or (x) of Section 7.01(A) with respect to the Company (or with respect to any Subsidiary of the Company acting as Paying Agent or Conversion Agent),
the Trustee will serve as the Paying Agent or Conversion Agent, as applicable, for the Notes. 

Section 2.08.    HOLDER LISTS. 

If the Trustee is not the Registrar, the Company will furnish to the Trustee, no later than seven (7) Business Days before each Interest
Payment Date, and at such other times as the Trustee may request, a list, in such form and as of such date or time as the Trustee may reasonably require, of the names and addresses of the Holders. 

Section 2.09.    LEGENDS. 

(A)    Global Note Legend. Each Global Note will bear the Global Note Legend (or any similar legend, not
inconsistent with this Indenture, required by the Depositary for such Global Note). 
 (B)    Non-Affiliate Legend. Each Note will bear the Non-Affiliate Legend. 

(C)    Restricted Note Legend. Subject to Section 2.12, 

(i)    each Note that is a Transfer-Restricted Security will bear the Restricted Note Legend; and 

(ii)    if a Note is issued in exchange for, in substitution of, or to effect a partial conversion of,
another Note (such other Note being referred to as the “old Note” for purposes of this Section 2.09(C)(ii)), including pursuant to Section 2.10(B), 2.10(C), 2.11 or 2.13, then such
Note will bear the Restricted Note Legend if such old Note bore the Restricted Note Legend at the time of such exchange or substitution, or on the related Conversion Date with respect to such conversion, as applicable; provided,
however, that such Note need not bear the Restricted Note Legend if such Note does not constitute a Transfer-Restricted Security immediately after such exchange or substitution, or as of such Conversion Date, as applicable. 

  
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 (D)    Other Legends. A Note may bear any other legend or text,
not inconsistent with this Indenture, as may be required by applicable law or by any securities exchange or automated quotation system on which such Note is traded or quoted. 

(E)    Acknowledgment and Agreement by the Holders. A Holder’s acceptance of any Note bearing any legend
required by this Section 2.09 will constitute such Holder’s acknowledgment of, and agreement to comply with, the restrictions set forth in such legend. 

(F)    Restricted Share Legend. 

(i)    Each Conversion Share will bear the Restricted Share Legend if the Note upon the conversion of which
such Conversion Share was issued was (or would have been had it not been converted) a Transfer-Restricted Security at the time such Conversion Share was issued; provided, however, that such Conversion Share need not bear the Restricted
Share Legend if the Company determines, in its reasonable discretion, that such Conversion Share need not bear the Restricted Share Legend. 

(ii)    Notwithstanding anything to the contrary in this Section 2.09(F), a
Conversion Share need not bear a Restricted Share Legend if such Conversion Share is issued in an uncertificated form that does not permit affixing legends thereto, provided the Company takes measures (including the assignment thereto of a
“restricted” CUSIP number) that it reasonably deems appropriate to enforce the transfer restrictions referred to in the Restricted Share Legend. 

Section 2.10.    TRANSFERS AND EXCHANGES; CERTAIN
TRANSFER RESTRICTIONS. 
 (A)    Provisions Applicable to All Transfers and
Exchanges. 
 (i)    Subject to this Section 2.10, Physical Notes and
beneficial interests in Global Notes may be transferred or exchanged from time to time and the Registrar will record each such transfer or exchange in the Register. 

(ii)    Each Note issued upon transfer or exchange of any other Note (such other Note being referred to as
the “old Note” for purposes of this Section 2.10(A)(ii)) or portion thereof in accordance with this Indenture will be the valid obligation of the Company, evidencing the same indebtedness, and entitled to the same
benefits under this Indenture, as such old Note or portion thereof, as applicable. 
 (iii)    The
Company the Trustee and the Note Agents will not impose any service charge on any Holder for any transfer, exchange or conversion of Notes, but the Company, the Trustee, the Registrar and the Conversion Agent may require payment of a sum sufficient
to cover any transfer tax or similar governmental charge that may be imposed in connection with any transfer, exchange or conversion of Notes, other than exchanges pursuant to Section 2.11, 2.17 or 8.05 not involving
any transfer. 
 (iv)    Notwithstanding anything to the contrary in this Indenture or the Notes, a Note
may not be transferred or exchanged in part unless the portion to be so transferred or exchanged is in an Authorized Denomination. 

  
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 (v)    The Trustee will have no obligation or duty to
monitor, determine or inquire as to compliance with any transfer restrictions imposed under this Indenture or applicable law with respect to any Security, other than to require the delivery of such certificates or other documentation or evidence as
expressly required by this Indenture and to examine the same to determine substantial compliance as to form with the requirements of this Indenture. 

(vi)    Each Note issued upon transfer of, or in exchange for, another Note will bear each legend, if any,
required by Section 2.09. 
 (vii)    Upon satisfaction of the requirements of
this Indenture to effect a transfer or exchange of any Note, the Company will cause such transfer or exchange to be effected as soon as reasonably practicable but in no event later than the second (2nd) Business Day after the date of such
satisfaction. 
 (viii)    For the avoidance of doubt, and subject to the terms of this Indenture, as
used in this Section 2.10, an “exchange” of a Global Note or a Physical Note includes (x) an exchange effected for the sole purpose of removing any Restricted Note Legend affixed to such Global Note or
Physical Note; and (y) if such Global Note or Physical Note is identified by a “restricted” CUSIP number, an exchange effected for the sole purpose of causing such Global Note or Physical Note to be identified by an
“unrestricted” CUSIP number. 
 (B)    Transfers and Exchanges of Global Notes. 

(i)    Subject to the immediately following sentence, no Global Note may be transferred or exchanged in
whole except (x) by the Depositary to a nominee of the Depositary; (y) by a nominee of the Depositary to the Depositary or to another nominee of the Depositary; or (z) by the Depositary or any such nominee to a successor Depositary or
a nominee of such successor Depositary. No Global Note (or any portion thereof) may be transferred to, or exchanged for, a Physical Note; provided, however, that a Global Note will be exchanged, pursuant to customary procedures, for
one or more Physical Notes if: 
 (1)    (x) the Depositary notifies the Company or the Trustee that the
Depositary is unwilling or unable to continue as depositary for such Global Note or (y) the Depositary ceases to be a “clearing agency” registered under Section 17A of the Exchange Act and, in each case, the Company fails to
appoint a successor Depositary within ninety (90) days of such notice or cessation; 
 (2)    an
Event of Default has occurred and is continuing and the Company, the Trustee or the Registrar has received a written request from the Depositary, or from a holder of a beneficial interest in such Global Note, to exchange such Global Note or
beneficial interest, as applicable, for one or more Physical Notes; or 
 (3)    the Company, in its sole
discretion, permits the exchange of any beneficial interest in such Global Note for one or more Physical Notes at the request of the owner of such beneficial interest. 

  
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 (ii)    Upon satisfaction of the requirements of this
Indenture to effect a transfer or exchange of any Global Note (or any portion thereof): 
 (1)    the
Trustee will reflect any resulting decrease of the principal amount of such Global Note by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such Global Note (and, if such notation results in such
Global Note having a principal amount of zero, the Company may (but is not required to) instruct the Trustee to cancel such Global Note pursuant to Section 2.15); 

(2)    if required to effect such transfer or exchange, then the Trustee will reflect any resulting
increase of the principal amount of any other Global Note by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such other Global Note; 

(3)    if required to effect such transfer or exchange, then the Company will issue, execute and deliver,
and the Trustee will authenticate, in each case in accordance with Section 2.02, a new Global Note bearing each legend, if any, required by Section 2.09; and 

(4)    if such Global Note (or such portion thereof), or any beneficial interest therein, is to be
exchanged for one or more Physical Notes, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in
Authorized Denominations and have an aggregate principal amount equal to the principal amount of such Global Note to be so exchanged; (y) are registered in such name(s) as the Depositary specifies (or as otherwise determined pursuant to
customary procedures); and (z) bear each legend, if any, required by Section 2.09. 

(iii)    Each transfer or exchange of a beneficial interest in any Global Note will be made in accordance
with the Depositary Procedures. 
 (C)    Transfers and Exchanges of Physical Notes. 

(i)    Subject to this Section 2.10, a Holder of a Physical Note may
(x) transfer such Physical Note (or any portion thereof in an Authorized Denomination) to one or more other Person(s); (y) exchange such Physical Note (or any portion thereof in an Authorized Denomination) for one or more other Physical Notes
in Authorized Denominations having an aggregate principal amount equal to the aggregate principal amount of the Physical Note (or portion thereof) to be so exchanged; and (z) if then permitted by the Depositary Procedures, transfer such
Physical Note (or any portion thereof in an Authorized Denomination) in exchange for a beneficial interest in one or more Global Notes; provided, however, that, to effect any such transfer or exchange, such Holder must: 

(1)    surrender such Physical Note to be transferred or exchanged to the office of the Registrar, together
with any endorsements or transfer instruments reasonably required by the Company, the Trustee or the Registrar; and 

  
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 (2)    deliver such certificates, documentation or
evidence as may be required pursuant to Section 2.10(D). 
 (ii)    Upon the
satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Physical Note (such Physical Note being referred to as the “old Physical Note” for purposes of this Section 2.10(C)(ii))
of a Holder (or any portion of such old Physical Note in an Authorized Denomination): 
 (1)    such old
Physical Note will be promptly cancelled pursuant to Section 2.15; 
 (2)    if
such old Physical Note is to be so transferred or exchanged only in part, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more
Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such old Physical Note not to be so transferred or exchanged; (y) are registered in the name of such Holder;
and (z) bear each legend, if any, required by Section 2.09; 
 (3)    in
the case of a transfer: 
 (a)    to the Depositary or a nominee thereof that will hold its interest in
such old Physical Note (or such portion thereof) to be so transferred in the form of one or more Global Notes, the Trustee will reflect an increase of the principal amount of one or more existing Global Notes by notation on the “Schedule of
Exchanges of Interests in the Global Note” forming part of such Global Note(s), which increase(s) are in Authorized Denominations and aggregate to the principal amount to be so transferred, and which Global Note(s) bear each legend, if any,
required by Section 2.09; provided, however, that if such transfer cannot be so effected by notation on one or more existing Global Notes (whether because no Global Notes bearing each legend, if any, required
by Section 2.09 then exist, because any such increase will result in any Global Note having an aggregate principal amount exceeding the maximum aggregate principal amount permitted by the Depositary or otherwise), then the
Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Global Notes that (x) are in Authorized Denominations and have an aggregate
principal amount equal to the principal amount to be so transferred; and (y) bear each legend, if any, required by Section 2.09; and 

(b)    to a transferee that will hold its interest in such old Physical Note (or such portion thereof) to
be so transferred in the form of one or more Physical Notes, the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that
(x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount to be so transferred; (y) are registered in the name of such transferee; and (z) bear each legend, if any, required by
Section 2.09; and 

  
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 (4)    in the case of an exchange, the Company will
issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount
equal to the principal amount to be so exchanged; (y) are registered in the name of the Person to whom such old Physical Note was registered; and (z) bear each legend, if any, required by Section 2.09. 

(D)    Requirement to Deliver Documentation and Other Evidence. If a Holder of any Note that is identified by a
“restricted” CUSIP number or that bears a Restricted Note Legend or is a Transfer-Restricted Security requests to: 

(i)      cause such Note to be identified by an “unrestricted” CUSIP number; 

(ii)     remove such Restricted Note Legend; or 

(iii)    register the transfer of such Note to the name of another Person, 

then the Company, the Trustee and the Registrar may refuse to effect such identification, removal or transfer, as applicable, unless there is delivered to the
Company, the Trustee and the Registrar such certificates or other documentation or evidence as the Company, the Trustee and the Registrar may reasonably require to determine that such identification, removal or transfer, as applicable, complies with
the Securities Act and other applicable securities laws; provided, however, that no such certificates, documentation or evidence need be so delivered on and after the Free Trade Date with respect to such Note unless the Company
determines, in its reasonable discretion, that such Note is not eligible to be offered, sold or otherwise transferred pursuant to Rule 144 or otherwise without any requirements as to volume, manner of sale, availability of current public information
or notice under the Securities Act. 
 (E)    Transfers of Notes Subject to Redemption, Repurchase or Conversion.
Notwithstanding anything to the contrary in this Indenture or the Notes, the Company, the Trustee and the Registrar will not be required to register the transfer of or exchange any Note that (i) has been surrendered for conversion, except to
the extent that any portion of such Note is not subject to conversion; (ii) is subject to a Fundamental Change Repurchase Notice validly delivered, and not withdrawn, pursuant to Section 4.02(F), except to the extent
that any portion of such Note is not subject to such notice or the Company fails to pay the applicable Fundamental Change Repurchase Price when due; or (iii) has been selected for Redemption pursuant to a Redemption Notice, except to the extent
that any portion of such Note is not subject to Redemption or the Company fails to pay the applicable Redemption Price when due. 

Section 2.11.    EXCHANGE AND CANCELLATION OF NOTES
TO BE CONVERTED OR TO BE REPURCHASED PURSUANT TO A REPURCHASE UPON
FUNDAMENTAL CHANGE OR REDEMPTION. 
 (A)    Partial
Conversions of Physical Notes and Partial Repurchases of Physical Notes Pursuant to a Repurchase Upon Fundamental Change or Redemption. If only a portion of a Physical Note of a Holder is to be converted pursuant to Article 5 or
repurchased pursuant to a 

  
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Repurchase Upon Fundamental Change or Redemption, then, as soon as reasonably practicable after such Physical Note is surrendered for such conversion or repurchase, as applicable, the Company
will cause such Physical Note to be exchanged, pursuant and subject to Section 2.10(C), for (i) one or more Physical Notes that are in Authorized Denominations and have an aggregate principal amount equal to the
principal amount of such Physical Note that is not to be so converted or repurchased, as applicable, and deliver such Physical Note(s) to such Holder; and (ii) a Physical Note having a principal amount equal to the principal amount to be so
converted or repurchased, as applicable, which Physical Note will be converted or repurchased, as applicable, pursuant to the terms of this Indenture; provided, however, that the Physical Note referred to in this clause
(ii) need not be issued at any time after which such principal amount subject to such conversion or repurchase, as applicable, is deemed to cease to be outstanding pursuant to Section 2.18. 

(B)    Cancellation of Notes that Are Converted and Notes that Are Repurchased Pursuant to a Repurchase Upon
Fundamental Change or Redemption. 
 (i)    Physical Notes. If a Physical Note (or any portion
thereof that has not theretofore been exchanged pursuant to Section 2.11(A)) of a Holder is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change or Redemption, then,
promptly after the later of the time such Physical Note (or such portion) is deemed to cease to be outstanding pursuant to Section 2.18 and the time such Physical Note is surrendered for such conversion or repurchase, as
applicable, (1) such Physical Note will be cancelled pursuant to Section 2.15; and (2) in the case of a partial conversion or repurchase, as applicable, the Company will issue, execute and deliver to such Holder,
and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount
of such Physical Note that is not to be so converted or repurchased, as applicable; (y) are registered in the name of such Holder; and (z) bear each legend, if any, required by Section 2.09. 

(ii)    Global Notes. If a Global Note (or any portion thereof) is to be converted pursuant to
Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change or Redemption, then, promptly after the time such Note (or such portion) is deemed to cease to be outstanding pursuant to Section 2.18, the
Trustee will reflect a decrease of the principal amount of such Global Note in an amount equal to the principal amount of such Global Note to be so converted or repurchased, as applicable, by notation on the “Schedule of Exchanges of Interests
in the Global Note” forming part of such Global Note (and, if the principal amount of such Global Note is zero following such notation, cancel such Global Note pursuant to Section 2.15). 

Section 2.12.    REMOVAL OF TRANSFER RESTRICTIONS. 

Without limiting the generality of any other provision of this Indenture (including Section 3.04), the Restricted
Note Legend affixed to any Note will be deemed, pursuant to this Section 2.12 and the footnote to such Restricted Note Legend, to be removed therefrom upon the Company’s delivery to the Trustee of notice, signed on
behalf of the Company by one (1) of its Officers, to such effect (and, for the avoidance of doubt, such notice need not be accompanied by an Officer’s Certificate or an Opinion of Counsel in order to be effective to cause such Restricted

  
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Note Legend to be deemed to be removed from such Note). If such Note bears a “restricted” CUSIP or ISIN number at the time of such delivery, then, upon such delivery, such Note will be
deemed, pursuant to this Section 2.12 and the footnotes to the CUSIP and ISIN numbers set forth on the face of the certificate representing such Note, to thereafter bear the “unrestricted” CUSIP and ISIN numbers
identified in such footnotes; provided, however, that if such Note is a Global Note and the Depositary thereof requires a mandatory exchange or other procedure to cause such Global Note to be identified by “unrestricted”
CUSIP and ISIN numbers in the facilities of such Depositary, then (i) the Company will effect such exchange or procedure as soon as reasonably practicable; and (ii) for purposes of Section 3.04 and the definition
of Freely Tradable, such Global Note will not be deemed to be identified by “unrestricted” CUSIP and ISIN numbers until such time as such exchange or procedure is effected. 

Section 2.13.    REPLACEMENT NOTES. 

If a Holder of any Note claims that such Note has been mutilated, lost, destroyed or wrongfully taken, then the Company will issue, execute and
deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, a replacement Note upon surrender to the Trustee of such mutilated Note, or upon delivery to the Trustee of evidence of such loss,
destruction or wrongful taking reasonably satisfactory to the Trustee and the Company. In the case of a lost, destroyed or wrongfully taken Note, the Company and the Trustee may require the Holder thereof to provide such security or indemnity that
is reasonably satisfactory to the Company and the Trustee to protect the Company and the Trustee from any loss that any of them may suffer if such Note is replaced. 

Every replacement Note issued pursuant to this Section 2.13 will be an additional obligation of the Company and will
be entitled to all of the benefits of this Indenture equally and ratably with all other Notes issued under this Indenture. 

Section 2.14.    REGISTERED HOLDERS; CERTAIN RIGHTS
WITH RESPECT TO GLOBAL NOTES. 
 Only the Holder of a Note
will have rights under this Indenture as the owner of such Note. Without limiting the generality of the foregoing, Depositary Participants will have no rights as such under this Indenture with respect to any Global Note held on their behalf by the
Depositary or its nominee, or by the Trustee as its custodian, and the Company, the Trustee and the Note Agents, and their respective agents, may treat the Depositary as the absolute owner of such Global Note for all purposes whatsoever;
provided, however, that (A) the Holder of any Global Note may grant proxies and otherwise authorize any Person, including Depositary Participants and Persons that hold interests in Notes through Depositary Participants, to take
any action that such Holder is entitled to take with respect to such Global Note under this Indenture or the Notes; and (B) the Company and the Trustee, and their respective agents, may give effect to any written certification, proxy or other
authorization furnished by the Depositary. 
 Section 2.15.    CANCELLATION. 

The Company may at any time deliver Notes to the Trustee for cancellation. The Registrar, the Paying Agent and the Conversion Agent will
forward to the Trustee each Note duly surrendered to them for transfer, exchange, payment or conversion. The Trustee will promptly cancel all Notes 

  
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so surrendered to it in accordance with its customary procedures. Without limiting the generality of Section 2.03(B), the Company may not originally issue new Notes to
replace Notes that it has paid or that have been cancelled upon transfer, exchange, payment or conversion. 

Section 2.16.    NOTES HELD BY THE COMPANY
OR ITS AFFILIATES. 
 Without limiting the generality of Section 2.18, in
determining whether the Holders of the required aggregate principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company or any of its Affiliates will be deemed not to be outstanding; provided,
however, that, for purposes of determining whether the Trustee is protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so owned will be so disregarded. 

Section 2.17.    TEMPORARY NOTES. 

Until definitive Notes are ready for delivery, the Company may issue, execute and deliver, and the Trustee will authenticate, in each case in
accordance with Section 2.02, temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have variations that the Company considers appropriate for temporary Notes. The Company will
promptly prepare, issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, definitive Notes in exchange for temporary Notes. Until so exchanged, each temporary Note will
in all respects be entitled to the same benefits under this Indenture as definitive Notes. 

Section 2.18.    OUTSTANDING NOTES. 

(A)    Generally. The Notes that are outstanding at any time will be deemed to be those Notes that, at such time,
have been duly executed and authenticated, excluding those Notes (or portions thereof) that have theretofore been (i) cancelled by the Trustee or delivered to the Trustee for cancellation in accordance with
Section 2.15; (ii) assigned a principal amount of zero by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of any a Global Note representing such Note; (iii) paid in full
(including upon conversion) in accordance with this Indenture; or (iv) deemed to cease to be outstanding to the extent provided in, and subject to, clause (B), (C) or (D) of this Section 2.18.

 (B)    Replaced Notes. If a Note is replaced pursuant to Section 2.13, then such
Note will cease to be outstanding at the time of its replacement, unless the Trustee and the Company receive proof reasonably satisfactory to them that such Note is held by a “protected purchaser” under applicable law. 

(C)    Maturing Notes and Notes Called for Redemption or Subject to Repurchase. If, on a Redemption Date, a
Fundamental Change Repurchase Date or the Maturity Date, the Paying Agent holds money sufficient to pay the aggregate Redemption Price, Fundamental Change Repurchase Price or principal amount, respectively, together, in each case, with the aggregate
interest, in each case due on such date, then (unless there occurs a Default in the payment of any such amount) (i) the Notes (or portions thereof) to be redeemed or repurchased, or that mature, on such date will be deemed, as of such date, to
cease to be outstanding, except to the extent provided 

  
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in Section 4.02(D), 4.03(F) or 5.02(D); and (ii) the rights of the Holders of such Notes (or such portions thereof), as such, will terminate with
respect to such Notes (or such portions thereof), other than the right to receive the Redemption Price, Fundamental Change Repurchase Price or principal amount, as applicable, of, and accrued and unpaid interest on, such Notes (or such portions
thereof), in each case as provided in this Indenture. 
 (D)    Notes to Be Converted. At the Close of Business
on the Conversion Date for any Note (or any portion thereof) to be converted, such Note (or such portion) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due, pursuant to
Section 5.03(B) or Section 5.02(D), upon such conversion) be deemed to cease to be outstanding, except to the extent provided in Section 5.02(D) or
Section 5.08. 
 (E)    Cessation of Accrual of Interest. Except as provided in
Section 4.02(D), 4.03(F) or 5.02(D), interest will cease to accrue on each Note from, and including, the date that such Note is deemed, pursuant to this Section 2.18, to cease to be
outstanding, unless there occurs a default in the payment or delivery of any cash or other property due on such Note. 

Section 2.19.    REPURCHASES BY THE COMPANY. 

Without limiting the generality of Section 2.15, the Company may, from time to time, repurchase Notes in open market
purchases or in negotiated transactions without delivering prior notice to Holders. The Company may, to the extent permitted by applicable law, and directly or indirectly (regardless of whether such Notes are surrendered to the Company), repurchase
Notes in the open market or otherwise, whether by the Company or the Company’s Subsidiaries or through a private or public tender or exchange offer or through counterparties pursuant to private agreements, including cash-settled swaps or other
derivatives, in each case, without prior notice to, or consent of, the Holders. The Company may, at its option and to the extent permitted by applicable law, reissue, resell or surrender to the Trustee for cancellation any Notes that the Company may
repurchase, provided that, in the case of any reissuance or resale, the Notes do not constitute “restricted securities” (as defined in Rule 144) and are fungible for U.S. federal income tax purposes with the other Notes issued under
this Indenture upon such reissuance or resale, as applicable. Any Notes that the Company may repurchase will be considered “outstanding” under this Indenture (except as provided in Section 2.16) unless and until
such time the Company causes them to be surrendered to the Trustee for cancellation, and, upon receipt of a written order from the Company, the Trustee will cancel all Notes so surrendered. 

Section 2.20.    CUSIP AND ISIN NUMBERS. 

Subject to Section 2.12, the Company may use one or more CUSIP or ISIN numbers to identify any of the Notes, and, if
so, the Company and the Trustee will use such CUSIP or ISIN number(s) in notices to Holders; provided, however, that (i) the Trustee makes no representation as to the correctness or accuracy of any such CUSIP or ISIN number; and
(ii) the effectiveness of any such notice will not be affected by any defect in, or omission of, any such CUSIP or ISIN number. The Company will promptly notify the Trustee of any change in the CUSIP or ISIN number(s) identifying any Notes.

  
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 Article 3.    COVENANTS 

Section 3.01.    PAYMENT ON NOTES. 

(A)    Generally. The Company will pay or cause to be paid all the principal of, the Fundamental Change Repurchase
Price and Redemption Price for, interest on, and other amounts due with respect to, the Notes on the dates and in the manner set forth in this Indenture. 

(B)    Deposit of Funds. Before 10:00 A.M., New York City time, on each Redemption Date, Fundamental Change
Repurchase Date or Interest Payment Date, and on the Maturity Date or any other date on which any cash amount is due on the Notes, the Company will deposit, or will cause there to be deposited, with the Paying Agent cash, in funds immediately
available on such date, sufficient to pay the cash amount due on the applicable Notes on such date. The Paying Agent will return to the Company, as soon as practicable, any money not required for such purpose. 

Section 3.02.    EXCHANGE ACT REPORTS. 

(A)    Generally. From and after the Exchange Act Reporting Commencement Date, the Company will send to the Trustee
copies of all reports that the Company is required to file with the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act within fifteen (15) calendar days after the date that the Company is required to file the same (after giving
effect to all applicable grace periods under the Exchange Act); provided, however, that the Company need not send to the Trustee any material for which the Company has received, or is seeking in good faith and has not been denied,
confidential treatment by the SEC or any correspondence with the SEC. Any report that the Company files with the SEC through the EDGAR system (or any successor thereto) will be deemed to be sent to the Trustee at the time such report is so filed via
the EDGAR system (or such successor). Upon the request of any Holder, the Trustee will provide to such Holder a copy of any report that the Company has sent the Trustee pursuant to this Section 3.02(A), other than a report
that is deemed to be sent to the Trustee pursuant to the preceding sentence. For the avoidance of doubt, this Section 3.02(A) will not apply at any time before the Exchange Act Reporting Commencement Date. 

(B)    Trustee’s Disclaimer. The Trustee need not determine whether the Company has filed any material via the
EDGAR system (or such successor). The sending or filing of reports pursuant to Section 3.02(A) will not be deemed to constitute constructive notice to the Trustee of any information contained, or determinable from
information contained, therein, including the Company’s compliance with any of its covenants under this Indenture. 

Section 3.03.    RULE 144A INFORMATION. 

If the Company is not subject to Section 13 or 15(d) of the Exchange Act at any time when any Notes or Ordinary Shares issuable upon
conversion of the Notes are outstanding and constitute “restricted securities” (as defined in Rule 144), then the Company (or its successor) will promptly provide, to the Trustee and, upon written request, to any Holder, beneficial owner
or prospective purchaser of such Notes or shares, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes or shares pursuant to Rule 144A. 

  
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 Section 3.04.    ADDITIONAL INTEREST. 

(A)    Accrual of Additional Interest. 

(i)    If, at any time during the Current Reporting Rule 144 Period of any Note, 

(1)    the Company fails to timely file any report that is required in order for the Company to satisfy the
requirements set forth in Rule 144(c)(1) (after giving effect to all grace periods permitted thereunder); or 

(2)    such Note is not otherwise Freely Tradable, 

then Additional Interest will accrue on such Note for each day during such Current Reporting Rule 144 Period on which such failure is
continuing or such Note is not Freely Tradable. 
 (ii)    In addition, Additional Interest will accrue
on a Note on each day on which such Note is not Freely Tradable on or after the De-Legending Deadline Date for such Note. 

(B)    Amount and Payment of Additional Interest. Any Additional Interest that accrues on a Note pursuant to
Section 3.04(A) will be payable on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal to one quarter of one percent (0.25%) of the principal amount thereof
for the first ninety (90) days on which Additional Interest accrues and, thereafter, at a rate per annum equal to one half of one percent (0.50%) of the principal amount thereof; provided, however, that in no event will Additional
Interest, together with any Special Interest, accrue on any day on a Note at a combined rate per annum that exceeds one half of one percent (0.50%). For the avoidance of doubt, any Additional Interest that accrues on a Note will be in addition to
the Stated Interest and any Supplemental Interest that accrues on such Note and, subject to the proviso of the immediately preceding sentence, in addition to any Special Interest that accrues on such Note. 

(C)    Notice of Accrual of Additional Interest; Trustee’s Disclaimer. The Company will send notice to the
Holder of each Note, and to the Trustee, of the commencement and termination of any period in which Additional Interest accrues on such Note. In addition, if Additional Interest accrues on any Note, then, no later than five (5) Business Days
before each date on which such Additional Interest is to be paid, the Company will deliver an Officer’s Certificate to the Trustee and the Paying Agent stating (i) that the Company is obligated to pay Additional Interest on such Note on
such date of payment; and (ii) the amount of such Additional Interest that is payable on such date of payment. The Trustee will have no duty to determine whether any Additional Interest is payable or the amount thereof. 

Section 3.05.    ADDITIONAL AMOUNTS. 

(A)    Requirement to Pay Additional Amounts. All payments and deliveries made by, or on behalf of, the Company or
any successor to the Company under or with respect to the Notes (including payment of the principal of, or the Redemption Price or Fundamental Change Repurchase Price for, or any premium or interest (including any Additional Interest, Special

  
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Interest or Supplemental Interest) on, or the delivery of any Conversion Consideration due upon conversion of, any Note (together with payments of cash for any fractional share)) will be made
without withholding or deduction for, or on account of, any present or future Taxes, unless such withholding or deduction is required by law or regulation or by governmental policy having the force of law. If any Taxes imposed or levied by or on
behalf of Singapore, or any jurisdiction (or any political subdivision or taxing authority thereof or therein) in which the Company or any successor to the Company is, for tax purposes, organized or resident or doing business or through which
payment or delivery is made or deemed to be made (each such jurisdiction, subdivision or authority, as applicable, a “Relevant Taxing Jurisdiction”) are required to be withheld or deducted from any payments or deliveries made under
or with respect to the Notes, then, subject to Section 4.03(C)(ii), the Company or any successor to the Company, as applicable, will pay or deliver to the Holder of each Note such additional amounts (the “Additional
Amounts”) as may be necessary to ensure that the net amount received by the beneficial owner of such Note after such withholding or deduction (and after withholding or deducting any Taxes on the Additional Amounts) will equal the amounts
that would have been received by such beneficial owner had no such withholding or deduction been required; provided, however, that such obligation to pay Additional Amounts will not apply to: 

(i)    any Tax that would not have been imposed but for: 

(1)    the existence of any present or former connection between the Holder or beneficial owner of such
Note (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of power over, the relevant holder or beneficial owner, if the relevant holder or beneficial owner is an estate, nominee, trust, partnership, limited
liability company or corporation) and the Relevant Taxing Jurisdiction (other than merely holding or being a beneficial owner of such Note or the receipt of payments or enforcement of rights thereunder), including such Holder or beneficial owner
being or having been a national, domiciliary or resident, or treated as a resident, of, or being or having been physically present or engaged in a trade or business, or having had a permanent establishment, in, such Relevant Taxing Jurisdiction;

 (2)    in cases where presentation of such Note is required to receive such payment or delivery, the
presentation of such Note after a period of thirty (30) days after the later of (x) the date on which such payment or delivery became due and payable or deliverable, as applicable, pursuant to the terms of this Indenture and (y) the
date such payment or delivery was made or duly provided for, except, in each case, to the extent that such Holder or beneficial owner would have been entitled to Additional Amounts if it presented such Note for payment or delivery, as applicable, at
the end of such thirty (30) day period; or 
 (3)    the failure of such Holder or beneficial owner
to comply with a timely written request from the Company or the Successor Corporation, addressed to such Holder or beneficial owner, to (x) provide certification, information, documentation or other evidence concerning such Holder’s or
beneficial owner’s nationality, residence, identity or connection with such Relevant Taxing Jurisdiction; or (y) make any declaration or satisfy any other reporting requirement 

  
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relating to such matters, in each case if and to the extent that such Holder or beneficial owner is legally entitled without material burden to comply with such request and due and timely
compliance with such request is required by statute, regulation or administrative practice of such Relevant Taxing Jurisdiction in order to reduce or eliminate such withholding or deduction; 

(ii)    any estate, inheritance, gift, use, sale, transfer, personal property or similar Tax or excise tax
imposed on transfer of the Notes; 
 (iii)    any tax that is payable other than by withholding or
deduction from payments or deliveries under or with respect to the Notes; 
 (iv)    any withholding or
deduction required by (x) sections 1471 through 1474 of the Internal Revenue Code and any current or future U.S. Treasury Regulations or rulings promulgated thereunder (“FATCA”); (y) any inter-governmental agreement between the
United States and any other non-U.S. jurisdiction to implement FATCA or any law enacted by such other jurisdiction to give effect to such agreement; or (z) any agreement with the U.S. Internal Revenue
Service pursuant to Section 1471(b)(1) of the Internal Revenue Code; 
 (v)    any Tax imposed in
connection with a Note presented for payment (where presentation is required for payment) by or on behalf of a Holder or beneficial owner who would have been able to avoid such Tax by presenting the relevant Note to, or otherwise accepting payment
from, another paying agent; 
 (vi)    any taxes imposed on or with respect to any payment by the Company
to such Holder if such Holder is a fiduciary, partnership or person other than the sole beneficial owner of such payment, to the extent that such payment would be required, under the laws of such Relevant Taxing Jurisdiction, to be included for tax
purposes in the income of a beneficiary or settlor with respect to such fiduciary, a partner or member of such partnership, or a beneficial owner, who would not have been entitled to such Additional Amounts had such beneficiary, settlor, partner,
member or beneficial owner been the Holder thereof; or 
 (vii)    any combination of items referred to
in the preceding clauses (i) through (vi), inclusive, above. 
 (B)    Indemnification for
Transfer Taxes. The Company or any successor to the Company will, jointly and severally, pay and indemnify each Holder and beneficial owner of Notes for any present or future stamp, issue, registration, value added, transfer, court or
documentary Taxes, or any other excise, property or similar Taxes (including penalties, interest and any other reasonable expenses related thereto) (“Transfer Taxes”) levied by any Relevant Taxing Jurisdiction (and in the case of
enforcement, any jurisdiction) on or in connection with the execution, delivery, registration, issuance or enforcement of any of the Notes, this Indenture or any other document or instrument referred to herein or the receipt of any payments or
deliveries with respect to the Notes (including the receipt of shares (together with payment of cash for any fractional Share) or other Conversion Consideration). 

  
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 (C)    Special Provision Regarding Interest. For the avoidance of
doubt, if any Note is called for a Tax Redemption and the Redemption Date is after a Regular Record Date and on or before the next Interest Payment Date, then the Company’s obligation to pay Additional Amounts will apply to the interest payment
due on such Note on such Interest Payment Date unless such Note is subject to a Tax Redemption Opt-Out Notice. 

(D)    Tax Receipts. If the Company or any successor to the Company is required to make any deduction or
withholding from any payments or deliveries with respect to the Notes, then the (i) Company or such successor to the Company will deliver to the Trustee official tax receipts (or, if, after expending reasonable efforts, the Company is unable to
obtain such receipts, an Officer’s Certificate evidencing the payment of any applicable Taxes so deducted or withheld) evidencing the remittance to the relevant tax authorities of the amounts so withheld or deducted; and (ii) the Trustee
or the Company or such successor to the Company will provide a copy of such receipts or evidence, as applicable, to any Holder or beneficial owner of any Notes upon request. 

(E)    Interpretation of Indenture and Notes. All references in this Indenture or the Notes to any payment on, or
delivery with respect to, the Notes (including payment of the principal of, or the Redemption Price or Fundamental Change Repurchase Price for, or any premium or interest (including Supplemental Interest, Special Interest or Additional Interest) on,
or the delivery of any Conversion Consideration due upon conversion of, any Note (together with payments of cash for any fractional share)) will, to the extent that Additional Amounts are payable in respect thereof, be deemed to include the payment
of such Additional Amounts. 
 (F)    Survival of Obligations. The obligations set forth in this
Section 3.05 will survive any termination, defeasance or discharge of this Indenture and any transfer of Notes by a Holder (or, in the case of a Global Note, a holder of a beneficial interest therein). 

Section 3.06.    COMPLIANCE AND DEFAULT CERTIFICATES. 

(A)    Annual Compliance Certificate. Within one hundred twenty (120) days after December 31, 2020, and
each fiscal year of the Company ending thereafter, the Company will deliver an Officer’s Certificate to the Trustee stating (i) that the signatory thereto has supervised a review of the activities of the Company and its Subsidiaries during
such fiscal year with a view towards determining whether any Default or Event of Default has occurred; and (ii) whether, to such signatory’s knowledge, a Default or Event of Default has occurred or is continuing (and, if so, describing all
such Defaults or Events of Default and what action the Company is taking or proposes to take with respect thereto). 

(B)    Default Certificate. If a Default or Event of Default occurs, then the Company will, within thirty
(30) days after its occurrence, deliver an Officer’s Certificate to the Trustee describing the same and what action the Company is taking or proposes to take with respect thereto; provided, however, that such notice will not be
required if such Default or Event of Default has been cured or waived before the date the Company is required to deliver such notice. 

Section 3.07.    STAY, EXTENSION AND USURY LAWS.

 To the extent that it may lawfully do so, the Company (A) agrees that it will not at any time insist upon, plead, or in any
manner whatsoever claim or take the benefit or advantage of, any stay, 

  
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extension or usury law (wherever or whenever enacted or in force) that may affect the covenants or the performance of this Indenture; and (B) expressly waives all benefits or advantages of
any such law and agrees that it will not, by resort to any such law, hinder, delay or impede the execution of any power granted to the Trustee by this Indenture, but will suffer and permit the execution of every such power as though no such law has
been enacted. 
 Section 3.08.    CORPORATE EXISTENCE. 

Subject to Article 6, the Company will cause to preserve and keep in full force and effect: 

(A)    its corporate existence in accordance with the organizational documents of the Company; and 

(B)    the material rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; 

provided, however, that the Company need not preserve or keep in full force and effect any such license or franchise if the Board of Directors
determines that (x) the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole; and (y) the loss thereof is not, individually or in the aggregate, materially adverse
to the Holders. 
 Section 3.09.    ACQUISITION OF NOTES BY
THE COMPANY AND ITS AFFILIATES. 
 Without limiting the
generality of Section 2.18, Notes that the Company or any of its Subsidiaries have purchased or otherwise acquired will be deemed to remain outstanding (except to the extent provided in
Section 2.16) until such time as such Notes are delivered to the Trustee for cancellation. The Company will use commercially reasonable efforts to prevent any of its controlled Affiliates from acquiring any Note (or any
beneficial interest therein). 
 Section 3.10.    FURTHER INSTRUMENTS AND
ACTS. 
 At the Trustee’s request, the Company will execute and deliver such further instruments and do such further
acts as may be reasonably necessary or proper to more effectively carry out the purposes of this Indenture. 

Section 3.11.    SUPPLEMENTAL INTEREST. 

If the Maxeon Form F-3 has not been declared effective under the Securities Act on or before the
twentieth (20th) Business Day after the Maxeon Spin-Off Distribution Date, then Supplemental Interest will accrue on each outstanding Note for each day from, and including, the Issue Date to, but excluding,
January 15, 2021. Any Supplemental Interest that accrues on the Notes will accrue at a rate per annum equal to one half of one percent (0.50%) of the principal amount thereof and will be payable on January 15, 2021 to the Holders of record
of the Notes as of the Close of Business on January 1, 2021. For the avoidance of doubt, any Supplemental Interest that accrues on a Note will be in addition to the Stated Interest and any Special Interest or Additional Interest that accrues on
such Note. If Supplemental Interest accrues on the Notes, then the Company will send notice of the same to Holders, the Trustee and the Paying Agent no later than the twenty third (23rd) Business Day after the Maxeon
Spin-Off Distribution Date. 

  
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 Section 3.12.    COVENANT RELATING
TO CERTAIN EVENTS DURING THE NOTE VALUATION PERIOD. 

Without limiting the generality of Section 5.05(H), the Company will not voluntarily engage in any transaction or
take any other voluntary action that would result in any of the following events occurring during the Note Valuation Period: (A) the Ex-Dividend Date, effective date or Expiration Date of any event
described in Section 5.05(A); or (B) the effective date of a Fundamental Change or Ordinary Share Change Event or the Make-Whole Event Effective Date of a Make-Whole Event. 

Article 4.    REPURCHASE AND REDEMPTION 

Section 4.01.    NO SINKING FUND. 

No sinking fund is required to be provided for the Notes. 

Section 4.02.    RIGHT OF HOLDERS TO REQUIRE
THE COMPANY TO REPURCHASE NOTES UPON A FUNDAMENTAL CHANGE. 

(A)    Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change. Subject to the other
terms of this Section 4.02, if a Fundamental Change occurs, then each Holder will have the right (the “Fundamental Change Repurchase Right”) to require the Company to repurchase such Holder’s Notes (or
any portion thereof in an Authorized Denomination) on the Fundamental Change Repurchase Date for such Fundamental Change for a cash purchase price equal to the Fundamental Change Repurchase Price. 

(B)    Repurchase Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated
and such acceleration has not been rescinded on or before the Fundamental Change Repurchase Date for a Repurchase Upon Fundamental Change (including as a result of the payment of the related Fundamental Change Repurchase Price, and any related
interest pursuant to the proviso to Section 4.02(D), on such Fundamental Change Repurchase Date), then (i) the Company may not repurchase any Notes pursuant to this Section 4.02; and
(ii) the Company will cause any Notes theretofore surrendered for such Repurchase Upon Fundamental Change to be returned to the Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions for book-entry transfer to
the Company, the Trustee or the Paying Agent of the applicable beneficial interest in such Notes in accordance with the Depositary Procedures). 

(C)    Fundamental Change Repurchase Date. The Fundamental Change Repurchase Date for any Fundamental Change will
be a Business Day of the Company’s choosing that is no more than thirty five (35), nor less than twenty (20), Business Days after the date the Company sends the related Fundamental Change Notice pursuant to
Section 4.02(E). 

  
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 (D)    Fundamental Change Repurchase Price. The Fundamental
Change Repurchase Price for any Note to be repurchased upon a Repurchase Upon Fundamental Change following a Fundamental Change is an amount in cash equal to one hundred percent (100%) of the principal amount of such Note plus accrued and unpaid
interest on such Note to, but excluding, the Fundamental Change Repurchase Date for such Fundamental Change; provided, however, that if such Fundamental Change Repurchase Date is after a Regular Record Date and on or before the next
Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such Repurchase Upon Fundamental Change, to receive, on or, at the Company’s election, before
such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date, if such
Fundamental Change Repurchase Date is before such Interest Payment Date); and (ii) the Fundamental Change Repurchase Price will not include accrued and unpaid interest on such Note to, but excluding, such Fundamental Change Repurchase Date. For
the avoidance of doubt, if an Interest Payment Date is not a Business Day within the meaning of Section 2.05(C) and such Fundamental Change Repurchase Date occurs on the Business Day immediately after such Interest Payment
Date, then (x) accrued and unpaid interest on Notes to, but excluding, such Interest Payment Date will be paid, in accordance with Section 2.05(C), on the next Business Day to Holders as of the Close of Business on the
immediately preceding Regular Record Date; and (y) the Fundamental Change Repurchase Price will include interest on Notes to be repurchased from, and including, such Interest Payment Date. 

(E)    Fundamental Change Notice. On or before the twentieth (20th) calendar day after the effective date of a
Fundamental Change, the Company will send to each Holder, the Trustee and the Paying Agent a notice of such Fundamental Change (a “Fundamental Change Notice”). Substantially contemporaneously, the Company will issue a press release
through such national newswire service as the Company then uses (or publish the same through such other widely disseminated public medium as the Company then uses, including its website) containing the information set forth in the Fundamental Change
Notice. 
 Such Fundamental Change Notice must state: 

(i)    briefly, the events causing such Fundamental Change; 

(ii)    the effective date of such Fundamental Change; 

(iii)    the procedures that a Holder must follow to require the Company to repurchase its Notes pursuant
to this Section 4.02, including the deadline for exercising the Fundamental Change Repurchase Right and the procedures for submitting and withdrawing a Fundamental Change Repurchase Notice; 

(iv)    the Fundamental Change Repurchase Date for such Fundamental Change; 

(v)    the Fundamental Change Repurchase Price per $1,000 principal amount of Notes for such Fundamental
Change (and, if such Fundamental Change Repurchase Date is after a Regular Record Date and on or before the next Interest Payment Date, the amount, manner and timing of the interest payment payable pursuant to the proviso to
Section 4.02(D)); 

  
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 (vi)    the name and address of the Paying Agent and the
Conversion Agent; 
 (vii)    the Conversion Rate in effect on the date of such Fundamental Change Notice
and a description and quantification of any adjustments to the Conversion Rate that may result from such Fundamental Change (including pursuant to Section 5.07); 

(viii)    that Notes for which a Fundamental Change Repurchase Notice has been duly tendered and not duly
withdrawn must be delivered to the Paying Agent for the Holder thereof to be entitled to receive the Fundamental Change Repurchase Price; 

(ix)    that Notes (or any portion thereof) that are subject to a Fundamental Change Repurchase Notice that
has been duly tendered may be converted only if such Fundamental Change Repurchase Notice is withdrawn in accordance with this Indenture; and 

(x)    the CUSIP and ISIN numbers, if any, of the Notes. 

Neither the failure to deliver a Fundamental Change Notice nor any defect in a Fundamental Change Notice will limit the Fundamental Change
Repurchase Right of any Holder or otherwise affect the validity of any proceedings relating to any Repurchase Upon Fundamental Change. 

(F)    Procedures to Exercise the Fundamental Change Repurchase Right. 

(i)    Delivery of Fundamental Change Repurchase Notice and Notes to Be Repurchased. To exercise its
Fundamental Change Repurchase Right for a Note following a Fundamental Change, the Holder thereof must deliver to the Paying Agent: 

(1)    before the Close of Business on the Business Day immediately before the related Fundamental Change
Repurchase Date (or such later time as may be required by law), a duly completed, written Fundamental Change Repurchase Notice with respect to such Note; and 

(2)    such Note, duly endorsed for transfer (if such Note is a Physical Note) or by book-entry transfer
(if such Note is a Global Note). 
 The Paying Agent will promptly deliver to the Company a copy of each Fundamental Change Repurchase Notice
that it receives. 
 (ii)    Contents of Fundamental Change Repurchase Notices. Each Fundamental
Change Repurchase Notice with respect to a Note must state: 
 (1)    if such Note is a Physical Note,
the certificate number of such Note; 
 (2)    the principal amount of such Note to be repurchased, which
must be an Authorized Denomination; and 
 (3)    that such Holder is exercising its Fundamental Change
Repurchase Right with respect to such principal amount of such Note; 

  
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 provided, however, that if such Note is a Global Note, then such Fundamental
Change Repurchase Notice must comply with the Depositary Procedures (and any such Fundamental Change Repurchase Notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this
Section 4.02(F)). 
 (iii)    Withdrawal of Fundamental Change Repurchase
Notice. A Holder that has delivered a Fundamental Change Repurchase Notice with respect to a Note may withdraw such Fundamental Change Repurchase Notice by delivering a written notice of withdrawal to the Paying Agent at any time before the
Close of Business on the Business Day immediately before the related Fundamental Change Repurchase Date. Such withdrawal notice must state: 

(1)    if such Note is a Physical Note, the certificate number of such Note; 

(2)    the principal amount of such Note to be withdrawn, which must be an Authorized Denomination; and

 (3)    the principal amount of such Note, if any, that remains subject to such Fundamental Change
Repurchase Notice, which must be an Authorized Denomination; 
 provided, however, that if such Note is a Global Note, then
such withdrawal notice must comply with the Depositary Procedures (and any such withdrawal notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this Section 4.02(F)).

 Upon receipt of any such withdrawal notice with respect to a Note (or any portion thereof), the Paying Agent will (x) promptly
deliver a copy of such withdrawal notice to the Company; and (y) if such Note is surrendered to the Paying Agent, cause such Note (or such portion thereof in accordance with Section 2.11, treating such Note as having
been then surrendered for partial repurchase in the amount set forth in such withdrawal notice as remaining subject to repurchase) to be returned to the Holder thereof (or, if applicable with respect to any Global Note, cancel any instructions for
book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interest in such Note in accordance with the Depositary Procedures). 

(G)    Payment of the Fundamental Change Repurchase Price. Without limiting the Company’s obligation to
deposit the Fundamental Change Repurchase Price within the time proscribed by Section 3.01(B), the Company will cause the Fundamental Change Repurchase Price for a Note (or portion thereof) to be repurchased pursuant to a
Repurchase Upon Fundamental Change to be paid to the Holder thereof on or before the later of (i) the applicable Fundamental Change Repurchase Date; and (ii) the date (x) such Note is delivered to the Paying Agent (in the case of a
Physical Note) or (y) the Depositary Procedures relating to the repurchase, and the delivery to the Paying Agent, of such Holder’s beneficial interest in such Note to be repurchased are complied with (in the case of a Global Note). For the
avoidance of doubt, interest payable pursuant to the proviso to Section 4.02(D) on any Note to be repurchased pursuant to a Repurchase Upon Fundamental Change must be paid pursuant to such proviso regardless of whether such
Note is delivered or such Depositary Procedures are complied with pursuant to the first sentence of this Section 4.02(G). 

  
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 (H)    Repurchase by Third Party. Notwithstanding anything to the
contrary in this Section 4.02, the Company will be deemed to satisfy its obligations under this Section 4.02 if (i) one or more third parties conduct any Repurchase Upon Fundamental Change and
related offer to repurchase Notes otherwise required by this Section 4.02 in a manner that would have satisfied the requirements of this Section 4.02 if conducted directly by the Company; and
(ii) an owner of a beneficial interest in any Note repurchased by such third party or parties will not (after giving effect to the payment of any Additional Amounts pursuant to Section 3.05) receive a lesser amount as
a result of withholding or similar taxes than such owner would have received had the Company repurchased such Note. 

(I)    Compliance with Applicable Securities Laws. To the extent applicable, the Company will comply with all
federal and state securities laws in connection with a Repurchase Upon Fundamental Change (including complying with Rules 13e-4 and 14e-1 under the Exchange Act and
filing any required Schedule TO, to the extent applicable) so as to permit effecting such Repurchase Upon Fundamental Change in the manner set forth in this Indenture; provided, however, that, to the extent that any securities laws or
regulations enacted after the Issue Date conflict with the Section 4.02, the Company will comply with such securities laws and regulations and will not be deemed to have breached its obligations under this
Section 4.02 by virtue of such conflict. 
 (J)    Repurchase in Part. Subject to the
terms of this Section 4.02, Notes may be repurchased pursuant to a Repurchase Upon Fundamental Change in part, but only in Authorized Denominations. Provisions of this Section 4.02 applying to the
repurchase of a Note in whole will equally apply to the repurchase of a permitted portion of a Note. 

SECTION 4.03.    RIGHT OF THE COMPANY TO
REDEEM THE NOTES. 
 (A)    No Right to Redeem Before
July 17, 2023. The Company may not redeem the Notes at any time before July 17, 2023, except pursuant to a Tax Redemption or a Mandatory Redemption. 

(B)    Right to Redeem the Notes on or After July 17, 2023. Subject to the terms of this
Section 4.03, the Company has the right, at its election, to redeem (a “Provisional Redemption”) all, or any portion in an Authorized Denomination, of the Notes, at any time, and from time to time, on a
Redemption Date on or after July 17, 2023 and on or before the sixtieth (60th) Scheduled Trading Day immediately before the Maturity Date, for a cash purchase price equal to the Redemption Price, but only if the Last Reported Sale Price per
Ordinary Share exceeds one hundred and thirty percent (130%) of the Conversion Price on (i) each of at least twenty (20) Trading Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and
including, the Trading Day immediately before the Redemption Notice Date for such Redemption; and (ii) the Trading Day immediately before such Redemption Notice Date. For the avoidance of doubt, the calling of any Notes for Provisional
Redemption will constitute a Make-Whole Event with respect to such Notes pursuant to clause (B) of the definition thereof. 

  
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 (C)    Right to Redeem the Notes After a Change in Tax Law. 

(i)    Generally. Subject to the terms of this Section 4.03, and without
limiting the Company’s right to redeem any Notes pursuant to Section 4.03(B), the Company has the right, at its election, to redeem (a “Tax Redemption”) all, but not less than all, of the Notes, at any
time (subject to Section 4.03(H)), on a Redemption Date before the Maturity Date, for a cash purchase price equal to the Redemption Price, but only if (i) the Company has (or, on the next Interest Payment Date, would)
become obligated to pay any Additional Amounts to Holders as a result of any Change in Tax Law; (ii) the Company cannot avoid such obligation by taking reasonable measures available to the Company; and (iii) the Company delivers to the
Trustee (1) an Opinion of Counsel of outside legal counsel of recognized standing in the Relevant Taxing Jurisdiction attesting to clause (i) above; and (2) an Officer’s Certificate attesting to clauses (i) and (ii) above.
For the avoidance of doubt, the calling of any Notes for a Tax Redemption will constitute a Make-Whole Event pursuant to clause (B) of the definition thereof. 

(ii)    Tax Redemption Opt-Out Election. If the Company
calls the Notes for a Tax Redemption, then, notwithstanding anything to the contrary in this Section 4.03 or in Section 3.05, each Holder will have the right to elect (a “Tax Redemption Opt-Out Election”) not to have such Holder’s Notes (or any portion thereof in an Authorized Denomination) redeemed pursuant to such Tax Redemption, in which case, from and after the Redemption Date for
such Tax Redemption (or, if the Company fails to pay the Redemption Price due on such Redemption Date in full, from and after such time as the Company pays such Redemption Price in full), the Company will no longer have any obligation to pay any
Additional Amounts with respect to such Notes solely as a result of such Change in Tax Law, and all future payments (other than any payment or delivery of any Conversion Consideration (including payments of cash in lieu of any fractional shares))
with respect to such Notes will be subject to the deduction or withholding of such Relevant Taxing Jurisdiction’s taxes required by law to be deducted or withheld as a result of such Change in Tax Law (it being understood, for the avoidance of
doubt, that that if such Holder converts such Notes at any time, then the Company will be obligated to pay Additional Amounts, if any, with respect to such conversion). 

(1)    Tax Redemption Opt-Out Notice. To make a Tax
Redemption Opt-Out Election with respect to any Note (or any portion thereof in an Authorized Denomination), the Holder of such Note must deliver a notice (a “Tax Redemption Opt-Out Election Notice”) to the Paying Agent before the Close of Business on the second (2nd) Business Day immediately before the related Redemption Date, which notice must state: (x) if such Note is
a Physical Note, the certificate number of such Note; (y) the principal amount of such Note as to which the Tax Redemption Opt-Out Election will apply, which must be an Authorized Denomination; and
(z) that such Holder is making a Tax Redemption Opt-Out Election with respect to such Note (or such portion thereof); provided, however, that if such Note is a Global Note, then such notice
must comply with the Depositary Procedures (and any such notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this Section 4.03(C)(ii)(1)). 

  
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 (2)    Withdrawal of Tax Redemption Opt-Out Election Notice. A Holder that has delivered a Tax Redemption Opt-Out Election Notice with respect to any Note (or any portion thereof in an Authorized
Denomination) may withdraw such Tax Redemption Opt-Out Election Notice by delivering a withdrawal notice to the Paying Agent at any time before the Close of Business on the second (2nd) Business Day
immediately before the related Redemption Date, which withdrawal notice must state: (x) if such Note is a Physical Note, the certificate number of such Note; (y) the principal amount of such Note as to which the Tax Redemption Opt-Out Election is being withdrawn, which must be an Authorized Denomination; and (z) that such Holder is withdrawing the Tax Redemption Opt-Out Election with respect to
such Note (or such portion thereof); provided, however, that if such Note is a Global Note, then such withdrawal notice must comply with the Depositary Procedures (and any such withdrawal notice delivered in compliance with the
Depositary Procedures will be deemed to satisfy the requirements of this Section 4.03(C)(ii)(2)). 

(iii)    Right to Convert Not Affected. For the avoidance of doubt, a Tax Redemption will not affect
any Holder’s right to convert any Notes on or after the Convertibility Commencement Date and the Company’s obligation to pay any Additional Amounts with respect to such conversion. For the avoidance of doubt, if a Tax Redemption Opt-Out Election Notice is not delivered (or is delivered but thereafter withdrawn) with respect to any Note as of the Close of Business on the second (2nd) Business Day immediately before the related Redemption
Date, then such Note will be redeemed pursuant to the Tax Redemption without any further action. 
 (D)    Redemption
Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated and such acceleration has not been rescinded on or before the Redemption Date (including as a result of the payment of the related Redemption Price,
and any related interest pursuant to the proviso to Section 4.03(F), on such Redemption Date), then (i) the Company may not call for Provisional Redemption or Tax Redemption or otherwise redeem any Notes pursuant to
this Section 4.03; and (ii) the Company will cause any Notes theretofore surrendered for such Redemption to be returned to the Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions
for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interests in such Notes in accordance with the Depositary Procedures). 

(E)    Redemption Date. The Redemption Date for a Provisional Redemption or Tax Redemption will be a Business Day
of the Company’s choosing that is no more than eighty five (85), nor less than sixty five (65), Scheduled Trading Days after the related Redemption Notice Date for such Provisional Redemption or Tax Redemption. 

(F)    Redemption Price. The Redemption Price for any Note called for Provisional Redemption or Tax Redemption is
an amount in cash equal to one hundred percent (100%) of the principal amount of such Note plus accrued and unpaid interest on such Note to, but excluding, the Redemption Date for such Redemption; provided, however, that if such
Redemption Date is after a Regular Record Date and on or before the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled,

  
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notwithstanding such Redemption, to receive, on or, at the Company’s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding,
such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date, if such Redemption Date is before such Interest Payment Date); and (ii) the Redemption Price will not
include accrued and unpaid interest on such Note to, but excluding, such Redemption Date. For the avoidance of doubt, if an Interest Payment Date is not a Business Day within the meaning of Section 2.05(C) and such
Redemption Date occurs on the Business Day immediately after such Interest Payment Date, then (x) accrued and unpaid interest on Notes to, but excluding, such Interest Payment Date will be paid, in accordance with
Section 2.05(C), on the next Business Day to Holders as of the Close of Business on the immediately preceding Regular Record Date; and (y) the Redemption Price will include interest on Notes to be redeemed from, and
including, such Interest Payment Date. For the avoidance of doubt, Additional Amounts will be added to the Redemption Price if, and to the extent, provided for in Section 3.05. 

(G)    Redemption Notice. To call any Notes for Provisional Redemption or Tax Redemption, the Company must
(i) send to each Holder of such Notes, the Trustee and the Paying Agent a written notice of such Provisional Redemption or Tax Redemption (a “Redemption Notice”); and (ii) substantially contemporaneously therewith, either
(x) issue a press release through such national newswire service as the Company then uses; (y) publish the same through such other widely disseminated public medium as the Company then uses, including its website; or (z) file or
furnish a Form 8-K or Form 6-K (or any successor form) with the SEC, in each case of clauses (x), (y) and (z), containing the information set forth
in the Redemption Notice. 
 Such Redemption Notice must state: 

(i)    that such Notes have been called for Redemption, briefly describing the Company’s Redemption
right under this Indenture; 
 (ii)    the Redemption Date for such Redemption; 

(iii)    the Redemption Price per $1,000 principal amount of Notes for such Redemption (and, if the
Redemption Date is after a Regular Record Date and on or before the next Interest Payment Date, the amount, manner and timing of the interest payment payable pursuant to the proviso to Section 4.03(F)); 

(iv)    the name and address of the Paying Agent and the Conversion Agent; 

(v)    that Notes called for Redemption may be converted at any time before the Close of Business on the
Business Day immediately before the Redemption Date (or, if the Company fails to pay the Redemption Price due on such Redemption Date in full, at any time until such time as the Company pays such Redemption Price in full); 

(vi)    the Conversion Rate in effect on the Redemption Notice Date for such Redemption and a description
and quantification of any adjustments to the Conversion Rate that may result from such Redemption (including pursuant to Section 5.07); 

(vii)    the Settlement Method that will apply to all conversions of Notes with a Conversion Date that
occurs on or after such Redemption Notice Date and on or before the second (2nd) Business Day before such Redemption Date; and 

  
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 (viii)    the CUSIP and ISIN numbers, if any, of the
Notes. 
 On or before the Redemption Notice Date, the Company will send a copy of such Redemption Notice to the Trustee and the Paying
Agent. 
 (H)    Special Requirement for Notice of Tax Redemption. A Redemption Notice relating to a Tax
Redemption must be sent pursuant to Section 4.03(G) no earlier than (i) the Convertibility Commencement Date, and (ii) one hundred and eighty (180) calendar days before the earliest date on which the Company
would have been required to make the related payment or withholding (assuming a payment in respect of the Notes were then due), and the obligation to pay Additional Amounts must be in effect as of the date the Company sends such Redemption Notice
and must be expected to remain in effect at the time of the next payment or delivery in respect of the Notes. 

(I)    Selection and Conversion of Notes to Be Redeemed in Part. If less than all Notes then outstanding are called
for Redemption, then: 
 (i)    the Notes to be redeemed will be selected by the Company as follows:
(1) in the case of Global Notes, in accordance with the Depositary Procedures; and (2) in the case of Physical Notes, pro rata, by lot or by such other method the Company considers fair and appropriate; and 

(ii)    if only a portion of a Note is subject to Redemption and such Note is converted in part, then the
converted portion of such Note will be deemed to be from the portion of such Note that was subject to Redemption. 

(J)    Payment of the Redemption Price. Without limiting the Company’s obligation to deposit the Redemption
Price by the time proscribed by Section 3.01(B), the Company will cause the Redemption Price for a Note (or portion thereof) subject to Redemption to be paid to the Holder thereof on or before the applicable Redemption
Date. For the avoidance of doubt, interest payable pursuant to the proviso to Section 4.03(F) on any Note (or portion thereof) subject to Redemption must be paid pursuant to such proviso. 

(K)    Special Provisions for Partial Provisional Redemptions. If the Company elects to redeem less than all of the
outstanding Notes pursuant to a Provisional Redemption, and the Holder of any Note, or any owner of a beneficial interest in any Global Note, is reasonably not able to determine, before the Close of Business on the sixty second (62nd) Scheduled
Trading Day immediately before the relevant Redemption Date for such Provisional Redemption, whether such Note or beneficial interest, as applicable, is to be redeemed pursuant to such Provisional Redemption, then such Holder or owner, as
applicable, will be entitled to convert such Note or beneficial interest, as applicable, at any time before the Close of Business on the second (2nd) Business Day immediately before such Redemption Date, and each such conversion will be deemed to be
of a Note called for Provisional Redemption for purposes of this Section 4.03 and Sections 5.01(C)(i)(4) and 5.07. 

  
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 SECTION 4.04.    MANDATORY
REDEMPTION. 
 (A)    Mandatory Redemption. If either: 

(i)    either (1) the Maxeon Spin-Off Distribution Date does
not occur on or before the Maxeon Spin-Off Deadline Date; or (2) the Company delivers, at any time before the date that is three (3) months after the Issue Date, a notice to the Trustee and the
Escrow Agent that it will not consummate the Maxeon Spin-Off (the occurrence of any of the events described in this Section 4.04(A)(i), a “Maxeon Spin-Off Failure”); or 
 (ii)    the Note Valuation Period
Conditions Precedent have not been satisfied as of November 16, 2020 (a “Note Valuation Period Conditions Precedent Failure”), 
 then
the Company will be required to redeem (a “Mandatory Redemption”) all, but not less than all, of the Notes, for cash, on a redemption date (the “Mandatory Redemption Date”) occurring on the fifteenth (15th) Business
Day after (1) the Maxeon Spin-Off Deadline Date (in the case of a Maxeon Spin-Off Failure); or (2) November 16, 2020 (in the case of a Note Valuation
Period Conditions Precedent Failure). 
 (B)    Mandatory Redemption Price. The Redemption Price for any Note
called for Mandatory Redemption will be one hundred and one percent (101%) of the principal amount of such Note plus accrued and unpaid interest on such Note to, but excluding, the Mandatory Redemption Date; provided, however, that if
such Mandatory Redemption Date is after a Regular Record Date and on or before the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such
Mandatory Redemption, to receive, on or, at the Company’s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes,
that such Note remained outstanding through such Interest Payment Date, if such Mandatory Redemption Date is before such Interest Payment Date); and (ii) the Redemption Price will not include accrued and unpaid interest on such Note to, but
excluding, such Mandatory Redemption Date. For the avoidance of doubt, if an Interest Payment Date is not a Business Day within the meaning of Section 2.05(C) and such Mandatory Redemption Date occurs on the Business Day
immediately after such Interest Payment Date, then (x) accrued and unpaid interest on Notes to, but excluding, such Interest Payment Date will be paid, in accordance with Section 2.05(C), on the next Business Day to
Holders as of the Close of Business on the immediately preceding Regular Record Date; and (y) the Redemption Price will include interest on Notes to be redeemed from, and including, such Interest Payment Date. For the avoidance of doubt,
Additional Amounts will be added to the Redemption Price if, and to the extent, provided for in Section 3.05. 

(C)    Mandatory Redemption Notice. No later than the second (2nd) Business Day after the Maxeon Spin-Off Deadline Date (in the case of a Maxeon Spin-Off Failure) or November 16, 2020 (in the case of a Note Valuation Period Conditions Precedent Failure), the Company
will send to each Holder notice of Mandatory Redemption (a “Mandatory Redemption Notice”). Substantially contemporaneously, the Company will issue a press release through such national newswire service as the Company then uses (or
publish the same through such other widely disseminated public medium as the Company then uses, including its website) containing the information set forth in the Mandatory Redemption Notice. 

  
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 Such Mandatory Redemption Notice must state: 

(i)    that such Notes have been called for Mandatory Redemption, briefly describing reason why the Notes
have been called for such Mandatory Redemption; 
 (ii)    the Mandatory Redemption Date for such
Redemption; 
 (iii)    the Redemption Price per $1,000 principal amount of Notes for such Mandatory
Redemption (and, if the Mandatory Redemption Date is after a Regular Record Date and on or before the next Interest Payment Date, the amount, manner and timing of the interest payment payable pursuant to the proviso to
Section 4.04(B)); 
 (iv)    the name and address of the Paying Agent; 

(v)    the CUSIP and ISIN numbers, if any, of the Notes. 

On or before the date that the Company sends the Mandatory Redemption Notice, the Company will send a copy of such Mandatory Redemption Notice
to the Trustee and the Paying Agent. 
 Article 5.     CONVERSION 

SECTION 5.01.    RIGHT TO CONVERT. 

(A)    Generally. Notwithstanding anything to the contrary in this Indenture or the Notes, the Notes will not be
convertible before the Convertibility Commencement Date. From and after the Convertibility Commencement Date, subject to the provisions of this Article 5, each Holder may, at its option, convert such Holder’s Notes into Conversion
Consideration. 
 (B)    Conversions in Part. Subject to the terms of this Indenture, Notes may be converted in
part, but only in Authorized Denominations. Provisions of this Article 5 applying to the conversion of a Note in whole will equally apply to conversions of a permitted portion of a Note. 

(C)    When Notes May Be Converted. 

(i)    Generally. Subject to Section 5.01(C)(ii), a Note may be converted
only in the following circumstances: 
 (1)    Conversion upon Satisfaction of Ordinary Share Sale
Price Condition. From and after the Convertibility Commencement Date until the Close of Business on the Business Day immediately before January 15, 2025, a Holder may convert its Notes during any calendar quarter (and only during such
calendar quarter) commencing after the Convertibility Commencement Calendar Quarter, if the Last Reported Sale Price per Ordinary Share exceeds one hundred and thirty percent (130%) of the Conversion Price for each of at least twenty
(20) Trading 

  
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Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding calendar quarter. 

(2)    Conversion upon Satisfaction of Note Trading Price Condition. From and after the
Convertibility Commencement Date until the Close of Business on the Business Day immediately before January 15, 2025, a Holder may convert its Notes during the five (5) consecutive Business Days immediately after any five
(5) consecutive Trading Day period (such five (5) consecutive Trading Day period, the “Measurement Period”) if the Trading Price per $1,000 principal amount of Notes, as determined following a request by a Holder in
accordance with the procedures set forth below, for each Trading Day of the Measurement Period was less than ninety eight percent (98%) of the product of the Last Reported Sale Price per Ordinary Share on such Trading Day and the Conversion Rate on
such Trading Day. The condition set forth in the preceding sentence is referred to in this Indenture as the “Trading Price Condition.” 

The Trading Price will be determined by the Bid Solicitation Agent pursuant to this Section 5.01(C)(i)(2) and the
definition of “Trading Price.” The Bid Solicitation Agent (if not the Company) will have no obligation to determine the Trading Price of the Notes unless the Company has requested such determination in writing, and the Company will have no
obligation to make such request (or, if the Company is acting as Bid Solicitation Agent, the Company will have no obligation to determine such Trading Price) unless a Holder of at least two million dollars ($2,000,000) aggregate principal amount of
Notes (or such lesser principal amount of Notes that may then be outstanding) provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of Notes would be less than ninety eight percent (98%) of the product of
the Last Reported Sale Price per Ordinary Share and the Conversion Rate. If a Holder provides such evidence, then the Company will (if acting as Bid Solicitation Agent), or will instruct the Bid Solicitation Agent to, determine the Trading Price of
the Notes beginning on the next Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal amount of Notes is greater than or equal to ninety eight percent (98%) of the product of the Last Reported Sale Price per
Ordinary Share on such Trading Day and the Conversion Rate on such Trading Day. If the Trading Price Condition has been met as set forth above, then the Company will notify the Holders, the Trustee and the Conversion Agent of the same. The Company
will determine whether the Trading Price Condition has been satisfied, and such determination by the Company will be conclusive absent manifest error. If, on any Trading Day after the Trading Price Condition has been met as set forth above, the
Trading Price per $1,000 principal amount of Notes is greater than or equal to ninety eight percent (98%) of the product of the Last Reported Sale Price per Ordinary Share on such Trading Day and the Conversion Rate on such Trading Day, then the
Company will notify the Holders, the Trustee and the Conversion Agent that the Trading Price Condition is no longer satisfied, and, thereafter, neither the Company nor the Bid Solicitation Agent (if other than the Company) will be required to
solicit bids again until another qualifying request is made as described above. 

  
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 (3)    Conversion upon Specified Corporate
Events. 
 (a)    Certain Distributions. From and after the Convertibility Commencement Date
until the Close of Business on the Business Day immediately before January 15, 2025, if the Company elects to: 

(I)    distribute, to all or substantially all holders of Ordinary Shares, any rights, options or warrants
(other than rights issued pursuant to a shareholder rights plan, so long as such rights have not separated from the Ordinary Shares and are not exercisable until the occurrence of a triggering event, except that such rights will be deemed to be
distributed under this clause (I) upon their separation from the Ordinary Shares or upon the occurrence of such triggering event) entitling them, for a period of not more than sixty (60) calendar days after the record date of such
distribution, to subscribe for or purchase Ordinary Shares at a price per share that is less than the average of the Last Reported Sale Prices per Ordinary Share for the ten (10) consecutive Trading Days ending on, and including, the Trading
Day immediately before the date such distribution is announced (determined in the manner set forth in the third paragraph of Section 5.05(A)(ii)); or 

(II)    distribute, to all or substantially all holders of Ordinary Shares, assets or securities of the
Company or rights to purchase the Company’s securities, which distribution per Ordinary Share has a value, as reasonably determined by the Board of Directors, exceeding ten percent (10%) of the Last Reported Sale Price per Ordinary Share on the
Trading Day immediately before the date such distribution is announced, 
 then, in either case, (x) the Company will send notice of
such distribution, and of the related right to convert Notes, to Holders, the Trustee and the Conversion Agent at least sixty five (65) Scheduled Trading Days before the Ex-Dividend Date for such
distribution (or, if later in the case of any such separation of rights issued pursuant to a shareholder rights plan or the occurrence of any such triggering event under a shareholder rights plan, as soon as reasonably practicable after the Company
becomes aware that such separation or triggering event has occurred or will occur); and (y) once the Company has sent such notice, Holders may convert their Notes at any time until the earlier of the Close of Business on the Business Day
immediately before such Ex-Dividend Date and the Company’s announcement that such distribution will not take place; provided, however, that the Notes will not become convertible pursuant to
clause (y) above (but the Company will be required to send notice of such distribution pursuant to clause (x) above) on account of such distribution if each Holder participates, at the same time and upon the same terms as holders of
Ordinary Shares, and solely by virtue 

  
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of being a Holder, in such distribution without having to convert such Holder’s Notes and as if such Holder held a number of Ordinary Shares equal to (i) the Conversion Rate in effect
on the record date for such distribution, multiplied by (ii) the principal amount (expressed in thousands) of Notes held by such Holder on such record date. 

(b)    Certain Corporate Events. If a Fundamental Change, Make-Whole Event (other than a Make-Whole
Event pursuant to clause (B) of the definition thereof) or Ordinary Share Change Event occurs (other than an Ordinary Share Change Event that is solely for the purpose of changing the Company’s jurisdiction of organization and that
(x) does not constitute a Fundamental Change or a Make-Whole Event and (y) results in a reclassification, conversion or exchange of the Ordinary Shares into common equity that constitutes the Reference Property of such Ordinary Share
Change Event) occurs on or after the Convertibility Commencement Date and prior to the Close of Business on the Business Day immediately before January 15, 2025 (such a Fundamental Change, Make-Whole Event or Ordinary Share Change Event, a
“Corporate Event”), then, in each case, Holders may convert their Notes at any time from, and including, the effective date of such Corporate Event until the earlier of (I) the Close of Business on the thirty fifth (35th)
Trading Day after such effective date (or, if such Corporate Event also constitutes a Fundamental Change, the Close of Business on the Business Day immediately prior to the related Fundamental Change Repurchase Date); and (II) the second (2nd)
Scheduled Trading Day immediately preceding the Maturity Date; provided, however, that if the Company does not provide the notice referred to in the immediately following sentence by such effective date, then the last day on which the
Notes are convertible pursuant to this sentence will be extended by the number of Business Days from, and including, such effective date to, but excluding, the date the Company provides such notice. No later than such effective date, the Company
will send notice to the Holders, the Trustee and the Conversion Agent of such transaction or event, such effective date and the related right to convert Notes. 

(4)    Conversion upon Provisional Redemption or Tax Redemption. If the Company calls any or all
Notes for Provisional Redemption or Tax Redemption, then the Holder of any Note may convert such Note at any time before the Close of Business on the second (2nd) Business Day immediately before the related Redemption Date (or, if the Company fails
to pay the Redemption Price due on such Redemption Date in full, at any time until such time as the Company pays such Redemption Price in full). 

(5)    Conversions During Free Convertibility Period. A Holder may convert its Notes at any time
from, and including, January 15, 2025 until the Close of Business on the second (2nd) Scheduled Trading Day immediately before the Maturity Date. 

  
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 For the avoidance of doubt, the Notes may become convertible pursuant to any one or more of
the preceding sub-paragraphs of this Section 5.01(C)(i) and the Notes ceasing to be convertible pursuant to a particular sub-paragraph of this
Section 5.01(C)(i) will not preclude the Notes from being convertible pursuant to any other sub-paragraph of this Section 5.01(C)(i). 

(ii)    Limitations and Closed Periods. Notwithstanding anything to the contrary in this Indenture
or the Notes: 
 (1)    Notes may be surrendered for conversion only after the Open of Business and
before the Close of Business on a day that is a Business Day; 
 (2)    in no event may any Note be
converted after the Close of Business on the second (2nd) Scheduled Trading Day immediately before the Maturity Date; 

(3)    if the Company calls any Note for Redemption pursuant to Section 4.03,
then the Holder of such Note may not convert such Note after the Close of Business on the second (2nd) Business Day immediately before the applicable Redemption Date, except to the extent the Company fails to pay the Redemption Price for such Note
in accordance with this Indenture; and 
 (4)    if a Fundamental Change Repurchase Notice is validly
delivered pursuant to Section 4.02(F) with respect to any Note, then such Note may not be converted, except to the extent (a) such Note is not subject to such notice; (b) such notice is withdrawn in accordance
with Section 4.02(F); or (c) the Company fails to pay the Fundamental Change Repurchase Price for such Note in accordance with this Indenture. 

SECTION 5.02.    CONVERSION PROCEDURES. 

(A)    Generally. 

(i)    Global Notes. To convert a beneficial interest in a Global Note that is convertible pursuant
to Section 5.01(C), the owner of such beneficial interest must (1) comply with the Depositary Procedures for converting such beneficial interest (at which time such conversion will become irrevocable); and (2) pay
any amounts due pursuant to Section 5.02(D) or Section 5.02(E). 

(ii)    Physical Notes. To convert all or a portion of a Physical Note that is convertible pursuant
to Section 5.01(C), the Holder of such Note must (1) complete, manually sign and deliver to the Conversion Agent the conversion notice attached to such Physical Note or a facsimile of such conversion notice;
(2) deliver such Physical Note to the Conversion Agent (at which time such conversion will become irrevocable); (3) furnish any endorsements and transfer documents that the Company or the Conversion Agent may require; and (4) pay any
amounts due pursuant to Section 5.02(D) or Section 5.02(E). 

(B)    Effect of Converting a Note. At the Close of Business on the Conversion Date for a Note (or any portion
thereof) to be converted, such Note (or such portion) will (unless there occurs 

  
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a Default in the delivery of the Conversion Consideration or interest due, pursuant to Section 5.03(B) or 5.02(D), upon such conversion) be deemed to cease to be
outstanding (and, for the avoidance of doubt, no Person will be deemed to be a Holder of such Note (or such portion thereof) as of the Close of Business on such Conversion Date), except to the extent provided in
Section 5.02(D). 
 (C)    Holder of Record of Conversion Shares. The Person in whose
name any Ordinary Share is issuable upon conversion of any Note will be deemed to become the holder of record of such share as of the Close of Business on (i) the Conversion Date for such conversion, in the case of Physical Settlement; or
(ii) the last VWAP Trading Day of the Observation Period for such conversion, in the case of Combination Settlement. 

(D)    Interest Payable upon Conversion in Certain Circumstances. If the Conversion Date of a Note is after a
Regular Record Date and before the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such conversion (and, for the avoidance of doubt,
notwithstanding anything set forth in the proviso to this sentence), to receive, on or, at the Company’s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest
Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date); and (ii) the Holder surrendering such Note for conversion must deliver to the Conversion Agent, at the time of such
surrender, an amount of cash equal to the amount of such interest referred to in clause (i) above; provided, however, that the Holder surrendering such Note for conversion need not deliver such cash (v) if the Company has
specified a Redemption Date for a Provisional Redemption or Tax Redemption that is after such Regular Record Date and on or before the second (2nd) Business Day immediately after such Interest Payment Date; (w) if such Conversion Date occurs
after the Regular Record Date immediately before the Maturity Date; (x) if the Company has specified a Fundamental Change Repurchase Date that is after such Regular Record Date and on or before the Business Day immediately after such Interest
Payment Date; or (y) to the extent of any overdue interest or interest that has accrued on any overdue interest. For the avoidance of doubt, as a result of, and without limiting the generality of, the foregoing, if a Note is converted with a
Conversion Date that is after the Regular Record Date immediately before the Maturity Date, then the Company will pay, as provided above, the interest that would have accrued on such Note to, but excluding, the Maturity Date. For the avoidance of
doubt, if the Conversion Date of a Note to be converted is on an Interest Payment Date, then the Holder of such Note at the Close of Business on the Regular Record Date immediately before such Interest Payment Date will be entitled to receive, on
such Interest Payment Date, the unpaid interest that has accrued on such Note to, but excluding, such Interest Payment Date, and such Note, when surrendered for conversion, need not be accompanied by any cash amount pursuant to the first sentence of
this Section 5.02(D). 
 (E)    Taxes and Duties. If a Holder converts a Note, the
Company will pay any documentary, stamp or similar issue or transfer tax or duty due on the issue or delivery (including, for the avoidance of doubt, pursuant to Section 5.08) of any Ordinary Shares upon such conversion;
provided, however, that if any tax or duty is due because such Holder requested such shares to be registered in a name other than such Holder’s name, then such Holder will pay such tax or duty. 

  
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 (F)    Conversion Agent to Notify Company of Conversions. If any
Note is submitted for conversion to the Conversion Agent or the Conversion Agent receives any notice of conversion with respect to a Note, then the Conversion Agent will promptly notify the Company and the Trustee of such occurrence, together with
any other information reasonably requested by the Company, and will cooperate with the Company to determine the Conversion Date for such Note. 

SECTION 5.03.    SETTLEMENT UPON CONVERSION. 

(A)    Settlement Method. Upon the conversion of any Note, the Company will settle such conversion by paying or
delivering, as applicable and as provided in this Article 5, either (x) Ordinary Shares, together, if applicable, with cash in lieu of fractional shares as provided in Section 5.03(B)(i)(1) (a “Physical
Settlement”); (y) solely cash as provided in Section 5.03(B)(i)(2) (a “Cash Settlement”); or (z) a combination of cash and Ordinary Shares, together, if applicable, with cash in lieu of
fractional shares as provided in Section 5.03(B)(i)(3) (a “Combination Settlement”). 

(i)    The Company’s Right to Elect Settlement Method. The Company will have the right to elect
the Settlement Method applicable to any conversion of a Note; provided, however, that: 

(1)    subject to clause (3) below, all conversions of Notes with a Conversion Date that occurs
on or after January 15, 2025 will be settled using the same Settlement Method, and the Company will send notice of such Settlement Method to Holders and the Conversion Agent no later than the Open of Business on January 15, 2025; 

(2)    subject to clause (3) below, if the Company elects a Settlement Method with respect to
the conversion of any Note whose Conversion Date occurs before January 15, 2025, then the Company will send notice of such Settlement Method to the Holder of such Note and the Conversion Agent no later than the Close of Business on the Business
Day immediately after such Conversion Date; 
 (3)    if any Notes are called for Redemption, then
(1) the Company will specify, in the related Redemption Notice (and, in the case of a Redemption of less than all outstanding Notes, in a notice simultaneously sent to all Holders of Notes not called for Redemption) sent pursuant to
Section 4.03(G), the Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after the related Redemption Notice Date and before the related Redemption Date; and (2) if
such Redemption Date occurs on or after January 15, 2025, then such Settlement Method must be the same Settlement Method that, pursuant to clause (1) above, applies to all conversions of Notes with a Conversion Date that occurs on
or after January 15, 2025; 
 (4)    the Company will use the same Settlement Method for all
conversions of Notes with the same Conversion Date (and, for the avoidance of doubt, the Company will not be obligated to use the same Settlement Method with respect to conversions of Notes with different Conversion Dates, except as provided in
clause (1) or (3) above); 

  
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 (5)    if the Company does not timely elect a Settlement
Method with respect to the conversion of a Note, then the Company will be deemed to have elected the Default Settlement Method (and, for the avoidance of doubt, the failure to timely make such election will not constitute a Default or Event of
Default); 
 (6)    if the Company timely elects Combination Settlement with respect to the conversion of
a Note but does not timely notify the Holder of such Note of the applicable Specified Dollar Amount, then the Specified Dollar Amount for such conversion will be deemed to be $1,000 per $1,000 principal amount of Notes (and, for the avoidance of
doubt, the failure to timely send such notification will not constitute a Default or Event of Default); and 

(7)    the Settlement Method will be subject to Section 5.09(A)(2). 

(ii)    The Company’s Right to Irrevocably Fix the Settlement Method. The Company
will have the right, exercisable at its election by sending notice of such exercise to the Holders (with a copy to the Trustee and the Conversion Agent), to irrevocably fix the Settlement Method that will apply to all conversions of Notes with a
Conversion Date that occurs on or after the date such notice is sent to Holders, provided that (x) such Settlement Method must be a Settlement Method that the Company is then permitted to elect (for the avoidance of doubt, including
pursuant to, and subject to, the other provisions of this Section 5.03(A)); (y) no such irrevocable election will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant
to the other provisions of this Section 5.03(A); and (z) upon any such irrevocable election, the Default Settlement Method will automatically be deemed to be set to the Settlement Method so fixed. Such notice, if sent,
must set forth the applicable Settlement Method and expressly state that the election is irrevocable and applicable to all conversions of Notes with a Conversion Date that occurs on or after the date such notice is sent to Holders. For the avoidance
of doubt, such an irrevocable election, if made, will be effective without the need to amend this Indenture or the Notes, including pursuant to Section 8.01(G) (it being understood, however, that the Company may nonetheless
choose to execute such an amendment at its option). 
 (iii)    Requirement to Publicly Disclose the
Fixed or Default Settlement Method. If the Company changes the Default Settlement Method pursuant to clause (x) of the proviso to the definition of such term or irrevocably fixes the Settlement Method pursuant
Section 5.03(A)(ii), then the Company will either post the Default Settlement Method or fixed Settlement Method, as applicable, on its website or disclose the same in a Current Report on Form
8-K or Form 6-K (or any successor form) that is filed with the SEC. 

  
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 (B)    Conversion Consideration. 

(i)    Generally. Subject to Section 5.03(B)(ii) and
Section 5.03(B)(iii), the type and amount of consideration (the “Conversion Consideration”) due in respect of each $1,000 principal amount of a Note to be converted will be as follows: 

(1)    if Physical Settlement applies to such conversion, a number of Ordinary Shares equal to the
Conversion Rate in effect on the Conversion Date for such conversion; 
 (2)    if Cash Settlement
applies to such conversion, cash in an amount equal to the sum of the Daily Conversion Values for each VWAP Trading Day in the Observation Period for such conversion; or 

(3)    if Combination Settlement applies to such conversion, consideration consisting of (a) a number
of Ordinary Shares equal to the sum of the Daily Share Amounts for each VWAP Trading Day in the Observation Period for such conversion; and (b) an amount of cash equal to the sum of the Daily Cash Amounts for each VWAP Trading Day in such
Observation Period. 
 (ii)    Cash in Lieu of Fractional Shares. If Physical Settlement or
Combination Settlement applies to the conversion of any Note and the number of Ordinary Shares deliverable pursuant to Section 5.03(B)(i) upon such conversion is not a whole number, then such number will be rounded down to
the nearest whole number and the Company will deliver, in addition to the other consideration due upon such conversion, cash in lieu of the related fractional share in an amount equal to the product of (1) such fraction and (2) (x) the Daily
VWAP on the Conversion Date for such conversion (or, if such Conversion Date is not a VWAP Trading Day, the immediately preceding VWAP Trading Day), in the case of Physical Settlement; or (y) the Daily VWAP on the last VWAP Trading Day of the
Observation Period for such conversion, in the case of Combination Settlement. 
 (iii)    Conversion
of Multiple Notes by a Single Holder. If a Holder converts more than one (1) Note on a single Conversion Date, then the Conversion Consideration due in respect of such conversion will (in the case of any Global Note, to the extent permitted
by, and practicable under, the Depositary Procedures) be computed based on the total principal amount of Notes converted on such Conversion Date by such Holder. 

(iv)    Notice of Calculation of Conversion Consideration. If Cash Settlement or Combination
Settlement applies to the conversion of any Note, then the Company will determine the Conversion Consideration due thereupon promptly following the last VWAP Trading Day of the applicable Observation Period and will promptly thereafter send notice
to the Trustee and the Conversion Agent of the same and the calculation thereof in reasonable detail. Neither the Trustee nor the Conversion Agent will have any duty to make any such determination. 

(C)    Delivery of the Conversion Consideration. Except as set forth in Sections 5.05(D) and
5.09, the Company will pay or deliver, as applicable, the Conversion Consideration due upon the conversion of any Note to the Holder as follows: (i) if Cash Settlement or Combination Settlement applies to such conversion, on or before
the second (2nd) Business Day immediately after the last VWAP Trading Day of the Observation Period for such conversion; and (ii) if Physical Settlement applies to such conversion, on or before the second (2nd) Business Day immediately after
the Conversion Date for such conversion. 

  
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 (D)    Deemed Payment of Principal and Interest; Settlement of
Accrued Interest Notwithstanding Conversion. If a Holder converts a Note, then the Company will not adjust the Conversion Rate to account for any accrued and unpaid interest on such Note, and, except as provided in
Section 5.02(D), the Company’s delivery of the Conversion Consideration due in respect of such conversion will be deemed to fully satisfy and discharge the Company’s obligation to pay the principal of, and accrued
and unpaid interest, if any, on, such Note to, but excluding the Conversion Date. As a result, except as provided in Section 5.02(D), any accrued and unpaid interest on a converted Note will be deemed to be paid in full
rather than cancelled, extinguished or forfeited. In addition, subject to Section 5.02(D), if the Conversion Consideration for a Note consists of both cash and Ordinary Shares, then accrued and unpaid interest that is
deemed to be paid therewith will be deemed to be paid first out of such cash. 

SECTION 5.04.    RESERVE AND STATUS OF
ORDINARY SHARES ISSUED UPON CONVERSION. 

(A)    Share Reserve. At all times from and after the Convertibility Commencement Date when any Notes are
outstanding, the Company will reserve, out of its share issue mandate, a number of Ordinary Shares sufficient to permit the conversion of all then-outstanding Notes, assuming (x) Physical Settlement will apply to such conversion; and
(y) the Conversion Rate is increased by the maximum amount pursuant to which the Conversion Rate may be increased pursuant to Section 5.07. 

(B)    Status of Conversion Shares; Listing. Each Conversion Share, if any, delivered upon conversion of any Note
will be a newly issued share (except that any Conversion Share delivered by a designated financial institution pursuant to Section 5.08 need not be a newly issued share), will be duly and validly issued, fully paid, non-assessable, free from preemptive rights and free of any lien or adverse claim (except to the extent of any lien or adverse claim created by the action or inaction of the Holder of such Note or the Person to whom
such Conversion Share will be delivered) and will rank pari passu with the existing Ordinary Shares. If the Ordinary Shares are then listed on any securities exchange, or quoted on any inter-dealer quotation system, then the Company will cause each
Ordinary Share, when delivered upon conversion of any Note, to be admitted for listing on such exchange or quotation on such system. 

SECTION 5.05.    ADJUSTMENTS TO THE CONVERSION
RATE. 
 (A)    Events Requiring an Adjustment to the Conversion Rate. The Conversion Rate will
be adjusted from time to time as follows: 
 (i)    Share Dividends, Splits and Combinations. If
the Company issues solely the Ordinary Shares as a dividend or distribution on all or substantially all of the Ordinary Shares, or if the Company effects a split or a combination of the Ordinary Shares (in each case excluding an issuance solely
pursuant to an Ordinary Share Change Event, as to which Section 5.09 will apply), then the Conversion Rate will be adjusted based on the following 

  
  56  

 
formula: 
  

					
		  	CR1 = CR0 × 
OS1	  	
		  	                    OS0	  	

 where: 
  

							
	 CR0
	  	 	    =    	 	  	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution, or immediately before the Open of Business on the effective
date of such split or combination, as applicable;
			
	 CR1
	  	 	    =    	 	  	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date or effective date, as applicable;
			
	 OS0
	  	 	    =    	 	  	the number of Ordinary Shares outstanding immediately before the Open of Business on such Ex-Dividend Date or effective date, as applicable, without giving effect to such dividend,
distribution, split or combination; and
			
	 OS1
	  	 	    =    	 	  	the number of Ordinary Shares outstanding immediately after giving effect to such dividend, distribution, split or combination.

 If any dividend, distribution, split or combination of the type described in this
Section 5.05(A)(i) is declared or announced, but not so paid or made, then the Conversion Rate will be readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution or to
effect such split or combination, to the Conversion Rate that would then be in effect had such dividend, distribution, split or combination not been declared or announced. 

(ii)    Rights, Options and Warrants. If the Company distributes, to all or substantially all
holders of the Ordinary Shares, rights, options or warrants (other than rights issued or otherwise distributed pursuant to a shareholder rights plan, as to which Sections 5.05(A)(iii)(1) and 5.05(F) will apply) entitling such holders,
for a period of not more than sixty (60) calendar days after the record date of such distribution, to subscribe for or purchase Ordinary Shares at a price per share that is less than the average of the Last Reported Sale Prices per Ordinary
Share for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced, then the Conversion Rate will be increased based on the following formula: 

 

					
		  	CR1 = CR0 × OS + X	  	
		  	                    OS + Y	  	

 where: 

CR0     =    the Conversion Rate
in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution; 

  
  57  

							
	 CR1
	  	 	    =    	 	  	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;
			
	 OS
	  	 	    =    	 	  	the number of Ordinary Shares outstanding immediately before the Open of Business on such Ex-Dividend Date;
			
	 X
	  	 	    =    	 	  	the total number of Ordinary Shares issuable pursuant to such rights, options or warrants; and
			
	 Y
	  	 	    =    	 	  	a number of Ordinary Shares obtained by dividing (x) the aggregate price payable to exercise such rights, options or warrants by (y) the average of the Last Reported Sale Prices per Ordinary Share for the ten
(10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced.

 To the extent such rights, options or warrants referred to in this
Section 5.05(A)(ii) are not so distributed, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the increase to the Conversion Rate for such distribution been made on the basis of
only the rights, options or warrants, if any, actually distributed. In addition, to the extent that Ordinary Shares are not delivered after the expiration of such rights, options or warrants (including as a result of such rights, options or warrants
not being exercised), the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the increase to the Conversion Rate for such distribution been made on the basis of delivery of only the number of Ordinary Shares
actually delivered upon exercise of such rights, option or warrants. 
 For purposes of this Section 5.05(A)(ii)
and Section 5.01(C)(i)(3)(a)(I), in determining whether any rights, options or warrants entitle holders of Ordinary Shares to subscribe for or purchase Ordinary Shares at a price per share that is less than the average of
the Last Reported Sale Prices per Ordinary Share for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date the distribution of such rights, options or warrants is announced, and in
determining the aggregate price payable to exercise such rights, options or warrants, there will be taken into account any consideration the Company receives for such rights, options or warrants and any amount payable on exercise thereof, with the
value of such consideration, if not cash, to be determined by the Company in good faith. 

(iii)    Spin-Offs and Other Distributed Property. 

(1)    Distributions Other than Spin-Offs. If the Company distributes shares of its Capital Stock,
evidences of its indebtedness or other assets or property of the Company, or rights, options or warrants to acquire Capital Stock of the Company or other securities, to all or substantially all holders of the Ordinary Shares, excluding: 

(a)    dividends, distributions, rights, options or warrants (including Ordinary Share splits) for which
an adjustment to the Conversion Rate is required (or would be required without regard to Section 5.05(C)) pursuant to Section 5.05(A)(i) or 5.05(A)(ii); 

  
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 (b)    dividends or distributions paid exclusively in
cash for which an adjustment to the Conversion Rate is required (or would be required without regard to Section 5.05(C)) pursuant to Section 5.05(A)(iv); 

(c)    rights issued or otherwise distributed pursuant to a shareholder rights plan, except to the extent
provided in Section 5.05(F); 
 (d)    Spin-Offs for which an adjustment to
the Conversion Rate is required (or would be required without regard to Section 5.05(C)) pursuant to Section 5.05(A)(iii)(2); 

(e)    a distribution solely pursuant to a tender offer or exchange offer for Ordinary Shares, as to which
Section 5.05(A)(v) will apply; and 
 (f)    a distribution solely pursuant to
an Ordinary Share Change Event, as to which Section 5.09 will apply, 
 then the Conversion Rate
will be increased based on the following formula: 
  

					
		  	CR1 = CR0 ×          
SP        	  	
		  	                      SP – FMV	  	

 where: 
  

							
	 CR0
	  	 	    =    	 	  	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;
			
	 CR1
	  	 	    =    	 	  	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;
			
	 SP
	  	 	    =    	 	  	the average of the Last Reported Sale Prices per Ordinary Share for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before such Ex-Dividend
Date; and
			
	 FMV
	  	 	    =    	 	  	the fair market value (as determined by the Company in good faith), as of such Ex-Dividend Date, of the shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or
warrants distributed per Ordinary Share pursuant to such distribution;

 provided, however, that if FMV is equal to or greater than SP, then, in lieu of the
foregoing adjustment to the Conversion Rate, each Holder will receive, for each 

  
 - 59 - 

 
$1,000 principal amount of Notes held by such Holder on the record date for such distribution, at the same time and on the same terms as holders of Ordinary Shares, the amount and kind of shares
of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants that such Holder would have received if such Holder had owned, on such record date, a number of Ordinary Shares equal to the Conversion Rate in effect on such
record date. 
 To the extent such distribution is not so paid or made, the Conversion Rate will be readjusted to the Conversion Rate that
would then be in effect had the adjustment been made on the basis of only the distribution, if any, actually made or paid. 

(2)    Spin-Offs. If the Company distributes or dividends shares of Capital Stock of any class or
series, or similar equity interests, of or relating to a Subsidiary or other business unit of the Company to all or substantially all holders of the Ordinary Shares (other than solely pursuant to (x) an Ordinary Share Change Event, as to which
Section 5.09 will apply; or (y) a tender offer or exchange offer for Ordinary Shares, as to which Section 5.05(A)(v) will apply), and such Capital Stock or equity interests are listed or
quoted (or will be listed or quoted upon the consummation of the transaction) on a U.S. national securities exchange (a “Spin-Off”), then the Conversion Rate will be increased based on the
following formula: 
  

					
		  	CR1 = CR0 ×  FMV + SP	  	
		  	                          SP	  	

 where: 
  

							
	 CR0
	  	 	    =    	 	  	the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Spin-Off Valuation Period for such
Spin-Off;
			
	 CR1
	  	 	    =    	 	  	the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Spin-Off Valuation Period;
			
	 FMV
	  	 	    =    	 	  	the product of (x) the average of the Last Reported Sale Prices per share or unit of the Capital Stock or equity interests distributed in such Spin-Off over the ten (10) consecutive
Trading Day period (the “Spin-Off Valuation Period”) beginning on, and including, the Ex-Dividend Date for such
Spin-Off (such average to be determined as if references to Ordinary Shares in the definitions of Last Reported Sale Price, Trading Day and Market Disruption Event were instead references to such Capital Stock
or equity interests); and (y) the number of shares or units of such Capital Stock or equity interests distributed per Ordinary Share in such Spin-Off; and
			
	 SP
	  	 	    =    	 	  	the average of the Last Reported Sale Prices per Ordinary Share for each Trading Day in the Spin-Off Valuation Period.

  
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 Notwithstanding anything to the contrary in this
Section 5.05(A)(iii)(2), (i) if any VWAP Trading Day of the Observation Period for a Note whose conversion will be settled pursuant to Cash Settlement or Combination Settlement occurs during the Spin-Off Valuation Period for such Spin-Off, then, solely for purposes of determining the Conversion Rate for such VWAP Trading Day for such conversion, such Spin-Off Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Ex-Dividend Date for such Spin-Off to, and including, such VWAP Trading Day; and (ii) if the Conversion Date for a Note whose conversion will be settled pursuant to Physical Settlement occurs during the
Spin-Off Valuation Period for such Spin-Off, then, solely for purposes of determining the Conversion Consideration for such conversion, such Spin-Off Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Ex-Dividend Date for such Spin-Off to, and including, such Conversion Date. 
 To the extent any dividend or distribution of the type
set forth in this Section 5.05(A)(iii)(2) is declared but not made or paid, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the
dividend or distribution, if any, actually made or paid. 
 (iv)    Cash Dividends or
Distributions. If any cash dividend or distribution is made to all or substantially all holders of Ordinary Shares, then the Conversion Rate will be increased based on the following formula: 

 

					
		  	CR1 = CR0 ×     SP    
	  	
		  	                    SP – D	  	

 where: 
  

							
	 CR0
	  	 	    =    	 	  	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution;
			
	 CR1
	  	 	    =    	 	  	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;
			
	 SP
	  	 	    =    	 	  	the Last Reported Sale Price per Ordinary Share on the Trading Day immediately before such Ex-Dividend Date; and
			
	 D
	  	 	    =    	 	  	the cash amount distributed per Ordinary Share in such dividend or distribution;

 provided, however, that if D is equal to or greater than SP, then, in lieu of the
foregoing adjustment to the Conversion Rate, each Holder will receive, for each $1,000 principal amount of Notes held by such Holder on the record date for such dividend or distribution, 

  
 - 61 - 

 
at the same time and on the same terms as holders of Ordinary Shares, the amount of cash that such Holder would have received if such Holder had owned, on such record date, a number of Ordinary
Shares equal to the Conversion Rate in effect on such record date. 
 To the extent such dividend or distribution is declared but not made or
paid, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the dividend or distribution, if any, actually made or paid. 

(v)    Tender Offers or Exchange Offers. If the Company or any of its Subsidiaries makes a payment
in respect of a tender offer or exchange offer that is subject to the then-applicable tender offer rules under the Exchange Act (other than solely pursuant to an odd-lot tender offer pursuant to Rule 13e-4(h)(5) under the Exchange Act or any successor rule thereto), for Ordinary Shares, and the value (determined as of the Expiration Time by the Board of Directors) of the cash and other consideration paid per
Ordinary Share in such tender or exchange offer exceeds the Last Reported Sale Price per Ordinary Share on the Trading Day immediately after the last date (the “Expiration Date”) on which tenders or exchanges may be made pursuant to
such tender or exchange offer (as it may be amended), then the Conversion Rate will be increased based on the following formula: 
  

							
		  	CR1  =  CR0  × 	 	AC+(SP×OS1)	  	
		  		 	SP × OS0	  	

 where: 
  

							
	 CR0
	  	 	    =    	 	  	the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period for such tender or exchange offer;
			
	 CR1
	  	 	    =    	 	  	the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period;
			
	 AC
	  	 	    =    	 	  	the aggregate value (determined as of the time (the “Expiration Time”) such tender or exchange offer expires by the Board of Directors) of all cash and other consideration paid for Ordinary Shares purchased or
exchanged in such tender or exchange offer;
			
	 OS0
	  	 	    =    	 	  	the number of Ordinary Shares outstanding immediately before the Expiration Time (including all Ordinary Shares accepted for purchase or exchange in such tender or exchange offer);
			
	 OS1
	  	 	    =    	 	  	the number of Ordinary Shares outstanding immediately after the Expiration Time (excluding all Ordinary Shares accepted for purchase or exchange in such tender or exchange offer); and
			
	 SP
	  	 	    =    	 	  	the average of the Last Reported Sale Prices per Ordinary Share over the ten (10) consecutive Trading Day period (the “Tender/Exchange Offer Valuation Period”) beginning on, and including, the Trading Day
immediately after the Expiration Date;

  
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 provided, however, that the Conversion Rate will in no event be adjusted down
pursuant to this Section 5.05(A)(v), except to the extent provided in the immediately following paragraph. Notwithstanding anything to the contrary in this Section 5.05(A)(v), (i) if any VWAP
Trading Day of the Observation Period for a Note whose conversion will be settled pursuant to Cash Settlement or Combination Settlement occurs during the Tender/Exchange Offer Valuation Period for such tender or exchange offer, then, solely for
purposes of determining the Conversion Rate for such VWAP Trading Day for such conversion, such Tender/Exchange Offer Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Trading Day
immediately after the Expiration Date for such tender or exchange offer to, and including, such VWAP Trading Day; and (ii) if the Conversion Date for a Note whose conversion will be settled pursuant to Physical Settlement occurs during the
Tender/Exchange Offer Valuation Period for such tender or exchange offer, then, solely for purposes of determining the Conversion Consideration for such conversion, such Tender/Exchange Offer Valuation Period will be deemed to consist of the Trading
Days occurring in the period from, and including, the Trading Day immediately after the Expiration Date to, and including, such Conversion Date. 

To the extent such tender or exchange offer is announced but not consummated (including as a result of the Company being precluded from
consummating such tender or exchange offer under applicable law), or any purchases or exchanges of Ordinary Shares in such tender or exchange offer are rescinded, the Conversion Rate will be readjusted to the Conversion Rate that would then be in
effect had the adjustment been made on the basis of only the purchases or exchanges of Ordinary Shares, if any, actually made, and not rescinded, in such tender or exchange offer. 

(B)    No Adjustments in Certain Cases. 

(i)    Where Holders Participate in the Transaction or Event Without Conversion. Notwithstanding
anything to the contrary in Section 5.05(A), the Company will not be obligated to adjust the Conversion Rate on account of a transaction or other event otherwise requiring an adjustment pursuant to
Section 5.05(A) (other than a split or combination of the type set forth in Section 5.05(A)(i) or a tender or exchange offer of the type set forth in Section 5.05(A)(v))
if each Holder participates, at the same time and on the same terms as holders of Ordinary Shares, and solely by virtue of being a Holder of Notes, in such transaction or event without having to convert such Holder’s Notes and as if such Holder
held a number of Ordinary Shares equal to the product of (i) the Conversion Rate in effect on the related record date; and (ii) the aggregate principal amount (expressed in thousands) of Notes held by such Holder on such date. 

  
 - 63 - 

 (ii)    Certain Events. The Company will not be
required to adjust the Conversion Rate except as provided in Section 5.05 or Section 5.07. Without limiting the foregoing, the Company will not be obligated to adjust the Conversion Rate on account
of: 
 (1)    except as otherwise provided in Section 5.05, the sale of
Ordinary Shares for a purchase price that is less than the market price per Ordinary Share or less than the Conversion Price; 

(2)    the issuance of any Ordinary Shares pursuant to any present or future plan providing for the
reinvestment of dividends or interest payable on the Company’s securities and the investment of additional optional amounts in Ordinary Shares under any such plan; 

(3)    the issuance of any Ordinary Shares or options or rights to purchase Ordinary Shares pursuant to any
present or future employee, director or consultant benefit or incentive plan (including pursuant to an evergreen provision) or program of, or assumed by, the Company or any of its Subsidiaries or in connection with any shares withheld for tax
withholding purposes; 
 (4)    the issuance of any Ordinary Shares pursuant to any option, warrant,
right or convertible or exchangeable security of the Company outstanding as of the Issue Date; 

(5)    for a tender offer or exchange offer by any party other than a tender offer or exchange offer by the
Company or one or more of its Subsidiaries as described in Section 5.05(A)(v); 

(6)    an odd-lot tender offer pursuant to Rule 13e-4(h)(5) under the Exchange Act or any successor rule thereto; 

(7)    upon the repurchase of any of the Ordinary Shares pursuant to an open-market repurchase program or
other buy-back transaction (including through any structured or derivative transactions, such as accelerated share repurchase transactions, prepaid forward transactions or similar forward derivatives) that is
not a tender offer or exchange offer of the nature described in Section 5.05(A)(v); 

(8)    solely a change in the par value of the Ordinary Shares; or 

(9)    accrued and unpaid interest on the Notes. 

(iii)    Notwithstanding anything to the contrary in this Indenture or the Notes (but without limiting the
operation of Section 5.05(H)), the Conversion Rate will not be adjusted pursuant to Section 5.05(A) on an account of (1) the Maxeon Spin-Off; or
(2) any event described in any of clauses (i) through (v), inclusive Section 5.05(A) where the Ex-Dividend Date, effective date or Expiration Date, as
applicable, of such event occurs before the Convertibility Commencement Date. 
 (C)    If an adjustment to the
Conversion Rate otherwise required by this Article 5 would result in a change of less than one percent (1%) to the Conversion Rate, then, notwithstanding anything to the contrary in this Article 5, the Company may, at its election,
defer such adjustment, 

  
 - 64 - 

 
except that all such deferred adjustments must be given effect immediately upon the earliest of the following: (i) when all such deferred adjustments not already given effect would result in
a change of at least one percent (1%) to the Conversion Rate; (ii) the Conversion Date of, or any VWAP Trading Day of an Observation Period for, any Note; (iii) the date a Fundamental Change or Make-Whole Event occurs; (iv) the date
the Company calls any Notes for Redemption; and (iv) the sixty fifth (65th) VWAP Trading Day before the Maturity Date. 

(D)    Adjustments Not Yet Effective. Notwithstanding anything to the contrary in this Indenture or the Notes, if:

 (i)    a Note is to be converted pursuant to Physical Settlement or Combination Settlement; 

(ii)    the record date, effective date or Expiration Time for any event that requires an adjustment to the
Conversion Rate pursuant to Section 5.05(A) has occurred on or before the Conversion Date for such conversion (in the case of Physical Settlement) or on or before any VWAP Trading Day in the Observation Period for such
conversion (in the case of Combination Settlement), but an adjustment to the Conversion Rate for such event has not yet become effective as of such Conversion Date or VWAP Trading Day, as applicable; 

(iii)    the Conversion Consideration due upon such conversion includes any whole Ordinary Shares (in the
case of Physical Settlement) or due in respect of such VWAP Trading Day includes any whole or fractional Ordinary Shares (in the case of Combination Settlement); and 

(iv)    such shares are not entitled to participate in such event (because they were not held on the
related record date or otherwise), 
 then, solely for purposes of such conversion, the Company will, without duplication, give effect to such adjustment on
such Conversion Date (in the case of Physical Settlement) or such VWAP Trading Day (in the case of Combination Settlement). In such case, if the date on which the Company is otherwise required to deliver the consideration due upon such conversion is
before the first date on which the amount of such adjustment can be determined, then the Company will delay the settlement of such conversion until the second (2nd) Business Day after such first date. 

(E)    Conversion Rate Adjustments where Converting Holders Participate in the Relevant Transaction or Event.
Notwithstanding anything to the contrary in this Indenture or the Notes, if: 
 (i)    a Conversion Rate
adjustment for any dividend or distribution becomes effective on any Ex-Dividend Date pursuant to Section 5.05(A); 

(ii)    a Note is to be converted pursuant to Physical Settlement or Combination Settlement; 

(iii)    the Conversion Date for such conversion (in the case of Physical Settlement) or any VWAP Trading
Day in the Observation Period for such conversion (in the case of Combination Settlement) occurs on or after such Ex-Dividend Date and on or before the related record date; 

  
 - 65 - 

 (iv)    the Conversion Consideration due upon such
conversion includes any whole Ordinary Shares (in the case of Physical Settlement) or due in respect of such VWAP Trading Day includes any whole or fractional Ordinary Shares (in the case of Combination Settlement), in each case based on a
Conversion Rate that is adjusted for such dividend or distribution; and 
 (v)    such shares would be
entitled to participate in such dividend or distribution (including pursuant to Section 5.02(C)), 
 then (x) in the case of
Physical Settlement, such Conversion Rate adjustment will not be given effect for such conversion and the Ordinary Shares issuable upon such conversion based on such unadjusted Conversion Rate will not be entitled to participate in such dividend or
distribution, but there will be added, to the Conversion Consideration otherwise due upon such conversion, the same kind and amount of consideration that would have been delivered in such dividend or distribution with respect to such Ordinary Shares
had such shares been entitled to participate in such dividend or distribution ; and (y) in the case of Combination Settlement, the Conversion Rate adjustment relating to such Ex-Dividend Date will be made
for such conversion in respect of such VWAP Trading Day, but the Ordinary Shares issuable with respect to such VWAP Trading Day based on such adjusted Conversion Rate will not be entitled to participate in such dividend or distribution. 

(F)    Shareholder Rights Plans. If any Ordinary Shares are to be issued or delivered upon conversion of any Note
and, at the time of such conversion, the Company has in effect any shareholder rights plan, then the Holder of such Note will be entitled to receive, in addition to, and concurrently with the delivery of, the Conversion Consideration otherwise
payable under this Indenture upon such conversion, the rights set forth in such shareholder rights plan, unless such rights have separated from the Ordinary Shares at such time, in which case, and only in such case, the Conversion Rate will be
adjusted pursuant to Section 5.05(A)(iii)(1) on account of such separation as if, at the time of such separation, the Company had made a distribution of the type referred to in such Section to all holders of the Ordinary
Shares, subject to readjustment in accordance with such Section if such rights expire, terminate or are redeemed. 

(G)    Limitation on Effecting Transactions Resulting in Certain Adjustments. The Company will not engage in or be
a party to any transaction or event that would require the Conversion Rate to be adjusted pursuant to Section 5.05(A) or Section 5.07 to an amount that would result in the Conversion Price per
Ordinary Share being less than the par value per Ordinary Share. 
 (H)    Equitable Adjustments to Prices.
Whenever any provision of this Indenture requires the Company to calculate the average of the Last Reported Sale Prices, or any function thereof, over a period of multiple days (including to calculate (i) the Share Price for a Make-Whole Event
or (ii) or an adjustment to the Conversion Rate), or to calculate the Daily Conversion Values or Daily VWAPs over an Observation Period or the Note Valuation Period, the Company will make appropriate adjustments, if any, to such calculations to
account for any adjustment to the 

  
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Conversion Rate pursuant to Section 5.05(A) (or, in the case of the Note Valuation Period, any event that, notwithstanding
Section 5.05(B)(iii), would have resulted in an adjustment to the Conversion Rate) that becomes effective, or any event that requires (or in the case of the Note Valuation Period, would have required) such an adjustment to
the Conversion Rate where the Ex-Dividend Date, effective date or Expiration Date, as applicable, of such event occurs, at any time during such period, Observation Period or Note Valuation Period, as
applicable. 
 (I)    Calculation of Number of Outstanding Ordinary Shares. For purposes of
Section 5.05(A), the number of Ordinary Shares outstanding at any time will (i) include shares issuable in respect of scrip certificates issued in lieu of fractions of Ordinary Shares; and (ii) exclude Ordinary
Shares held in the Company’s treasury (unless the Company pays any dividend or makes any distribution on Ordinary Shares held in its treasury). 

(J)    Calculations. All calculations with respect to the Conversion Rate and adjustments thereto will be made to
the nearest 1/10,000th of an Ordinary Share (with 5/100,000ths rounded upward). 
 (K)    Notice of Conversion Rate
Adjustments. Upon the effectiveness of any adjustment to the Conversion Rate pursuant to Section 5.05(A), the Company will promptly send notice to the Holders, the Trustee and the Conversion Agent containing (i) a
brief description of the transaction or other event on account of which such adjustment was made; (ii) the Conversion Rate in effect immediately after such adjustment; and (iii) the effective time of such adjustment. 

Section 5.06.    VOLUNTARY ADJUSTMENTS. 

(A)    Generally. To the extent permitted by law and applicable listing standards of The Nasdaq Global Stock Market
(or any other securities exchange on which the Ordinary Shares (or other applicable security) is then listed), the Company, from time to time, may (but is not required to) increase the Conversion Rate by any amount if (i) the Board of Directors
determines that such increase is either (x) in the best interest of the Company; or (y) advisable to avoid or diminish any income tax imposed on holders of Ordinary Shares or rights to purchase Ordinary Shares as a result of any dividend
or distribution of shares (or rights to acquire shares) of Ordinary Shares or any similar event; (ii) such increase is in effect for a period of at least twenty (20) Business Days; and (iii) subject to applicable law, such increase is
irrevocable during such period. 
 (B)    Notice of Voluntary Increases. If the Board of Directors determines to
increase the Conversion Rate pursuant to Section 5.06(A), then, no later than the first Business Day of the related twenty (20) Business Day period referred to in Section 5.06(A), the Company
will send notice to each Holder, the Trustee and the Conversion Agent of such increase, the amount thereof and the period during which such increase will be in effect. 

Section 5.07.    ADJUSTMENTS TO THE CONVERSION RATE
IN CONNECTION WITH A MAKE-WHOLE EVENT. 

(A)    Generally. If a Make-Whole Event occurs on or after the Convertibility Commencement Date and the Conversion
Date for the conversion of a Note occurs during the related Make-Whole Event Conversion Period, then, subject to this Section 5.07, the Conversion Rate applicable to such conversion will be increased by a number of shares
(the “Additional  

  
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Shares”) set forth in the Make-Whole Table corresponding (after interpolation as provided in, and subject to, the provisions below) to the Make-Whole Event Effective Date and the
Share Price of such Make-Whole Event. 
 If such Make-Whole Event Effective Date or Share Price is not set forth in the Make-Whole Table,
then: 
 (i)    if such Share Price is between two Share Prices in the Make-Whole Table above or the
Make-Whole Event Effective Date is between two dates in the Make-Whole Table, then the number of Additional Shares will be determined by straight-line interpolation between the numbers of Additional Shares set forth for the higher and lower Share
Prices in the Make-Whole Table above or the earlier and later dates in the Make-Whole Table above, based on a 365- or 366-day year, as applicable; and 

(ii)    if the Share Price is greater than the highest Share Price, or less than the lowest Share Price,
set forth in the Make-Whole Table (which highest and lowest Share Prices are, for the avoidance of doubt, subject to adjustment pursuant to Section 5.07(D)), then no Additional Shares
will be added to the Conversion Rate. 
 Notwithstanding anything to the contrary in this Indenture or the Notes, in no event will the
Conversion Rate be increased to an amount that exceeds the Maximum Conversion Rate. 
 For the avoidance of doubt, but subject to
Section 4.03(K), (x) the sending of a Redemption Notice relating to a Provisional Redemption will constitute a Make-Whole Event only with respect to the Notes called for Provisional Redemption pursuant to such Redemption
Notice, and not with respect to any other Notes; and (y) the Conversion Rate applicable to the Notes not so called for Provisional Redemption will not be subject to increase pursuant to this Section 5.07 on account of
such Redemption Notice. 
 (B)    Calculation of the Initial Make-Whole Table. The initial Make-Whole Table will
be in the form of the table set forth below (the “Template Make-Whole Table”), with each numerical percentage set forth in the Template Make-Whole Table being replaced with a dollar or other numerical amount calculated in accordance
with the provisions set forth immediately below. 
  

																																																																	
	 Make-Whole
Event
Effective Date
	  	Share Price	 
	  	100.00%	 	 	105.00%	 	 	110.00%	 	 	115.00%	 	 	120.00%	 	 	130.00%	 	 	140.00%	 	 	149.50%	 	 	175.00%	 	 	200.00%	 	 	300.00%	 	 	400.00%	 	 	500.00%	 	 	600.00%	 	 	700.00%	 	 	800.00%	 
	 July 17, 2020
	  	 	100.0000	% 	 	 	105.4844	% 	 	 	109.4902	% 	 	 	113.5130	% 	 	 	117.5529	% 	 	 	125.6714	% 	 	 	133.8371	% 	 	 	141.6291	% 	 	 	162.6729	% 	 	 	183.4370	% 	 	 	267.2844	% 	 	 	351.9280	% 	 	 	437.1295	% 	 	 	522.7872	% 	 	 	608.8922	% 	 	 	695.6520	% 
	 July 15, 2021
	  	 	100.0000	% 	 	 	105.2074	% 	 	 	109.1552	% 	 	 	113.1311	% 	 	 	117.1308	% 	 	 	125.1904	% 	 	 	133.3171	% 	 	 	141.0871	% 	 	 	162.1158	% 	 	 	182.9030	% 	 	 	266.9244	% 	 	 	351.7120	% 	 	 	437.0115	% 	 	 	522.7398	% 	 	 	608.8922	% 	 	 	695.6520	% 
	 July 15, 2022
	  	 	100.0000	% 	 	 	104.7594	% 	 	 	108.6022	% 	 	 	112.4901	% 	 	 	116.4159	% 	 	 	124.3655	% 	 	 	132.4202	% 	 	 	140.1481	% 	 	 	161.1490	% 	 	 	181.9750	% 	 	 	266.2974	% 	 	 	351.3352	% 	 	 	436.8005	% 	 	 	522.6360	% 	 	 	608.8565	% 	 	 	695.6520	% 
	 July 15, 2023
	  	 	100.0000	% 	 	 	104.0814	% 	 	 	107.7182	% 	 	 	111.4340	% 	 	 	115.2168	% 	 	 	122.9555	% 	 	 	130.8751	% 	 	 	138.5290	% 	 	 	159.4908	% 	 	 	180.3970	% 	 	 	265.2516	% 	 	 	350.7080	% 	 	 	436.4515	% 	 	 	522.4620	% 	 	 	608.7872	% 	 	 	695.6520	% 
	 July 15, 2024
	  	 	100.0000	% 	 	 	102.9604	% 	 	 	106.1422	% 	 	 	109.4890	% 	 	 	112.9788	% 	 	 	120.3186	% 	 	 	128.0271	% 	 	 	135.6011	% 	 	 	156.6450	% 	 	 	177.7900	% 	 	 	263.5716	% 	 	 	349.6752	% 	 	 	435.8825	% 	 	 	522.2322	% 	 	 	608.7837	% 	 	 	695.6520	% 
	 July 15, 2025
	  	 	100.0000	% 	 	 	100.0000	% 	 	 	100.0000	% 	 	 	100.0000	% 	 	 	104.3478	% 	 	 	113.0435	% 	 	 	121.7391	% 	 	 	130.0000	% 	 	 	152.1739	% 	 	 	173.9130	% 	 	 	260.8695	% 	 	 	347.8260	% 	 	 	434.7825	% 	 	 	521.7390	% 	 	 	608.6955	% 	 	 	695.6520	% 

 On the Convertibility Commencement Date, the table entries in the initial Make-Whole Table will be calculated
and populated as follows: 
 (i)    the numerical percentage set forth in each cell of the Template
Make-Whole Table corresponding to a Share Price column heading will be replaced with a dollar amount (rounded to the nearest cent) equal to the product of (1) such numerical percentage; and (2) the Maxeon
Spin-Off Reference Price; and 

  
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 (ii)    the numerical percentage set forth in each other
cell of the Template Make-Whole Table will be replaced with a numerical amount (which will represent the number of Additional Shares for such cell) equal to the following amount (rounded to the nearest fourth (4th) decimal place): 

 

					
		  	(1,000xBP)–(CR0xSP)	  	
		  	SP	  	

 where: 
  

	 	BP	 =   such numerical percentage; 

 

	 	CR0	 =   the Initial Conversion Rate; and 

 

	 	SP	 =   the Share Price set forth in the column heading for such cell (calculated as provided in
Section 5.07(B)(i)); 

 provided, however, that (x) if the sum of the Initial
Conversion Rate and the amount calculated in accordance with the preceding formula in this Section 5.07(B)(ii) exceeds the initial Maximum Conversion Rate, then such cell will instead be populated with a number equal to the
excess of the initial Maximum Conversion Rate over the Initial Conversion Rate; and (ii) in no event will such amount calculated in accordance with the preceding formula in this Section 5.07(B)(ii) be less than zero.

 (C)    Notice of the Initial Make-Whole Table. The Company will send noteholders a copy of the initial
Make-Whole Table no later than the second (2nd) Business Day after the Convertibility Commencement Date, in accordance with Section 5.11. 

(D)    Adjustment of Share Prices and Number of Additional Shares. The Share Prices in the first row (i.e.,
the column headers) of the Make-Whole Table will be adjusted in the same manner as, and at the same time and for the same events for which, the Conversion Price is adjusted as a result of the operation of Section 5.05(A).
The numbers of Additional Shares in the Make-Whole Table will be adjusted in the same manner as, and at the same time and for the same events for which, the Conversion Rate is adjusted pursuant to Section 5.05(A). 

(E)    Notice of the Occurrence of a Make-Whole Event. The Company will notify the Holders, the Trustee and the
Conversion Agent of each Make-Whole Event (i) occurring pursuant to clause (A) of the definition thereof in accordance with Section 5.01(C)(i)(3)(b); and (ii) occurring pursuant to clause
(B) of the definition thereof in accordance with Section 4.03(G). 

Section 5.08.    EXCHANGE IN LIEU OF CONVERSION.

 Notwithstanding anything to the contrary in this Article 5, and subject to the terms of this
Section 5.08, if a Note is submitted for conversion, the Company may elect, in lieu of conversion, to transfer such Note to a financial institution designated by the Company and arrange to have such financial institution
deliver to the Holder of such Note the Conversion Consideration that would have been due upon conversion. To make such election, the Company must send notice of such 

  
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election to the Holder of such Note, the Trustee and the Conversion Agent before the Close of Business on the Business Day immediately following the Conversion Date for such Note. If the Company
has made such election, then: 
 (A)    no later than the Business Day immediately following such Conversion Date, the
Company must deliver (or cause the Conversion Agent to deliver) such Note, together with delivery instructions for the Conversion Consideration due upon such conversion (including wire instructions, if applicable), to a financial institution
designated by the Company that has agreed to deliver such Conversion Consideration in the manner and at the time the Company would have had to deliver the same pursuant to this Article 5; 

(B)    if such Note is a Global Note, then (i) such designated institution will send written confirmation to the
Conversion Agent promptly after wiring the cash Conversion Consideration, if any, and delivering any other Conversion Consideration, due upon such conversion to the Holder of such Note; and (ii) the Conversion Agent will as soon as reasonably
practicable thereafter contact such Holder’s custodian with the Depositary to confirm receipt of the same; and 

(C)    such Note will not cease to be outstanding by reason of such exchange in lieu of conversion; 

provided, however, that if such financial institution does not accept such Note or fails to timely deliver such Conversion Consideration, then
the Company will be responsible for delivering such Conversion Consideration in the manner and at the time provided in this Article 5 as if the Company had not elected to make an exchange in lieu of conversion. 

Section 5.09.    EFFECT OF ORDINARY SHARE CHANGE
EVENT. 
 (A)    Generally. If there occurs any: 

(i)    recapitalization, reclassification or change of the Ordinary Shares (other than (x) changes
solely resulting from a subdivision or combination of the Ordinary Shares, (y) a change only in par value or from par value to no par value or no par value to par value and (z) splits and combinations that do not involve the issuance of
any other series or class of securities); 
 (ii)    consolidation, merger, combination or binding or
statutory share exchange involving the Company; 
 (iii)    sale, lease or other transfer of all or
substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person; or 

(iv)    other similar event, 

and, as a result of which, the Ordinary Shares is converted into, or is exchanged for, or represents solely the right to receive, other securities, cash or
other property, or any combination of the foregoing (such an event, a “Ordinary Share Change Event,” and such other securities, cash or property, the “Reference Property,” and the amount and kind of Reference
Property that a holder of one (1) Ordinary Share would be entitled to receive on account of such Ordinary Share Change 

  
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Event (without giving effect to any arrangement not to issue or deliver a fractional portion of any security or other property), a “Reference Property Unit”), then the Company
and the resulting, surviving or transferee person (if not the Company) of such Ordinary Share Change Event (the “Successor Person”), and, if applicable as set forth below, the Underlying Issuer, will execute and deliver to the
Trustee a supplemental indenture, without the consent of the Holders, providing, notwithstanding anything to the contrary in this Indenture or the Notes, as follows: 

(1)    from and after the effective time of such Ordinary Share Change Event, (I) the Conversion
Consideration due upon conversion of any Note, and the conditions to any such conversion, will be determined in the same manner as if each reference to any number of Ordinary Shares in this Article 5 (or in any related definitions) were
instead a reference to the same number of Reference Property Units; (II) for purposes of Section 4.03, each reference to any number of Ordinary Shares in such Section (or in any related definitions) will instead be
deemed to be a reference to the same number of Reference Property Units; and (III) for purposes of the definition of “Fundamental Change” and “Make-Whole Event,” references to Ordinary Shares or to “Common Equity”
will be deemed to refer to the common equity (including depositary receipts representing common equity), if any, forming part of such Reference Property; 

(2)    if such Reference Property Unit consists entirely of cash, then the Company will be deemed to elect
Physical Settlement in respect of all conversions whose Conversion Date occurs on or after the effective date of such Ordinary Share Change Event and will pay the cash due upon such conversions no later than the second (2nd) Business Day after the
relevant Conversion Date; 
 (3)    for these purposes, (I) the Daily VWAP of any Reference Property
Unit or portion thereof that consists of a class of common equity securities will be determined by reference to the definition of “Daily VWAP,” substituting, if applicable, the Bloomberg page for such class of securities in such
definition; and (II) the Daily VWAP of any Reference Property Unit or portion thereof that does not consist of a class of common equity securities, and the Last Reported Sale Price of any Reference Property Unit or portion thereof that does not
consist of a class of securities, will be the fair value of such Reference Property Unit or portion thereof, as applicable, determined in good faith by the Company (or, in the case of cash denominated in U.S. dollars, the face amount thereof); and

 (4)    if such Reference Property includes any shares of Capital Stock, then the Conversion Rate will
be subject to subsequent adjustments in a manner consistent with Section 5.05(A). 
 If the Reference Property
consists of more than a single type of consideration to be determined based in part upon any form of shareholder election, then the composition of the Reference Property Unit will be deemed to be the weighted average of the types and amounts of
consideration actually received, per Ordinary Share, by the holders of the Ordinary Shares. The Company will notify Holders of such weighted average as soon as practicable after such determination is made. 

  
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 For the avoidance of doubt, the Maxeon Spin-Off will
not constitute an Ordinary Share Change Event. 
 At or before the effective time of such Ordinary Share Change Event, the Company and the
Successor Person will execute and deliver to the Trustee a supplemental indenture pursuant to Section 8.01(F) as set forth above. If the Reference Property includes shares of stock or other securities or assets (other than
cash) of a Person other than the Successor Person (such person, the “Underlying Issuer”), then such Underlying Issuer will also execute such supplemental indenture. 

(B)    Notice of Ordinary Share Change Events. The Company will provide notice of each Ordinary Share Change Event
to Holders, the Trustee and the Conversion Agent no later than the effective date of such Ordinary Share Change Event. 

(C)    Compliance Covenant. The Company will not become a party to any Ordinary Share Change Event unless its terms
are consistent with this Section 5.09. 
 Section 5.10.    NOTICE OF
THE COMMENCEMENT OF THE NOTE VALUATION PERIOD. 

No later than the Close of Business on the Scheduled Trading Day immediately before the first VWAP Trading Day of the Note Valuation Period,
the Company will issue a press release, through such national newswire service as the Company then uses, that states (A) that Maxeon Spin-Off Distribution Date has occurred, stating the date thereof; and
(B) the date scheduled to be the first VWAP Trading Day of the Note Valuation Period. 

Section 5.11.    NOTICE OF THE CONVERTIBILITY
COMMENCEMENT DATE, INITIAL MAKE-WHOLE TABLE AND RELATED INFORMATION. 

No later than the second (2nd) Business Day after the Convertibility Commencement Date, the Company will (A) send notice to each Holder of
the occurrence of the Convertibility Commencement Date, setting forth the Initial Conversion Rate, the initial Conversion Price, the initial Maximum Conversion Rate and the initial Make-Whole Table; and (B) file with the SEC a report on Form 8-K or Form 6-K (or any successor form) that discloses the same information. 

For the avoidance of doubt, the establishment of the Initial Conversion Rate, the initial Conversion Price and the initial Make-Whole Table
pursuant to this Article 5 will be effective without the need to amend this Indenture or the Notes, including pursuant to Section 8.01(H). However, the Company may nonetheless choose to execute such an amendment at
the Company’s option. 
 Article 6.    SUCCESSORS 

Section 6.01.    WHEN THE COMPANY MAY MERGE,
ETC. 
 (A)    Generally. The Company will not consolidate with or merge with or into, or
(directly, or indirectly through one or more of its Subsidiaries) sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a
whole, to another Person (a “Business Combination Event”), unless: 

  
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 (i)    the resulting, surviving or transferee Person
either (x) is the Company or (y) if not the Company, is a corporation (the “Successor Corporation”) duly organized and existing under the laws of the United States of America, any State thereof, the District of Columbia or
Singapore that expressly assumes (by executing and delivering to the Trustee, at or before the effective time of such Business Combination Event, a supplemental indenture pursuant to Section 8.01(E)) all of the
Company’s obligations under this Indenture and the Notes (including, for the avoidance of doubt, the obligation to pay Additional Amounts pursuant to Section 3.05); and 

(ii)    immediately after giving effect to such Business Combination Event, no Default or Event of Default
will have occurred and be continuing. 
 (B)    Delivery of Officer’s Certificate and Opinion of Counsel to the
Trustee. Before the effective time of any Business Combination Event, the Company will deliver to the Trustee an Officer’s Certificate and Opinion of Counsel, each stating that (i) such Business Combination Event (and, if applicable,
the related supplemental indenture) comply with Section 6.01(A); and (ii) all conditions precedent to such Business Combination Event provided in this Indenture have been satisfied. 

Section 6.02.    SUCCESSOR CORPORATION SUBSTITUTED. 

At the effective time of any Business Combination Event that complies with Section 6.01, the Successor Corporation
(if not the Company) will succeed to, and may exercise every right and power of, the Company under this Indenture and the Notes with the same effect as if such Successor Corporation had been named as the Company in this Indenture and the Notes, and,
except in the case of a lease, the predecessor Company will be discharged from its obligations under this Indenture and the Notes. 

Section 6.03.    TRANSACTIONS TO EFFECT MAXEON SPIN-OFF. 
 Notwithstanding anything to the contrary in this Article 6, this
Article 6 will not apply to any transfer of assets effected in connection with the Maxeon Spin-Off between or among the Company and any one or more of the Company’s Subsidiaries, provided such
transfer is not effected by any merger or consolidation to which the Company is a party and the Company is not the surviving entity. 

Article 7.    DEFAULTS AND REMEDIES 

Section 7.01.    EVENTS OF DEFAULT. 

(A)    Definition of Events of Default. “Event of Default” means the occurrence of any of the
following: 
 (i)    a default in the payment when due (whether at maturity, upon Redemption or
Repurchase Upon Fundamental Change or otherwise) of the principal of, or the Redemption Price or Fundamental Change Repurchase Price for, any Note; 

  
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 (ii)    a default in the payment when due of interest on
any Note, which default continues for thirty (30) days; 
 (iii)    the Company’s failure to
deliver, when required by this Indenture, a Fundamental Change Notice, or a notice pursuant to Section 5.01(C)(i)(3), if (in the case of any notice other than a notice pursuant to
Section 5.01(C)(i)(3)(b)) such failure is not cured within three (3) Business Days after its occurrence; 

(iv)    a default in the Company’s obligation to convert a Note in accordance with Article 5
upon the exercise of the conversion right with respect thereto, if such default is not cured within two (2) Business Days after its occurrence; 

(v)    a default in the Company’s obligations under Article 6; 

(vi)    a default in any of the Company’s obligations or agreements under this Indenture or the Notes
(other than a default set forth in clause (i), (ii), (iii), (iv) or (v) of this Section 7.01(A)) where such default is not cured or waived within sixty (60) days after
notice to the Company by the Trustee, or to the Company and the Trustee by Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding, which notice must specify such default, demand that it be remedied
and state that such notice is a “Notice of Default”; 
 (vii)    a default by the Company or
any of its Significant Subsidiaries with respect to indebtedness for money borrowed (whether pursuant to one or more agreements or other instruments) of greater than twenty five million dollars ($25,000,000) (or its foreign currency equivalent) in
the aggregate of the Company or any of its Significant Subsidiaries, whether such indebtedness exists as of the Issue Date or is thereafter created, either: (x) resulting in such indebtedness becoming or being declared due and payable prior to
its stated maturity, or (y) constituting a failure to pay the principal of any such indebtedness when due and payable (after the expiration of all applicable grace periods) at its stated maturity, upon required repurchase, upon declaration or
otherwise, and, in the case of either clause (x) or (y), such acceleration is not, after the expiration of any applicable grace period, rescinded or annulled or such indebtedness is not paid or discharged, as the case may be,
within thirty (30) days after notice to the Company by the Trustee or to the Company and the Trustee by Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding in accordance with this Indenture;

 (viii)    one or more final judgments being rendered against the Company or any of its Subsidiaries
for the payment of at least twenty five million dollars ($25,000,000) (or its foreign currency equivalent) in the aggregate (excluding any amounts covered by insurance), where such judgment is not discharged or stayed within sixty (60) days
after (i) the date on which the right to appeal the same has expired, if no such appeal has commenced; or (ii) the date on which all rights to appeal have been extinguished; 

  
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 (ix)    the Company or any of its Significant
Subsidiaries, pursuant to or within the meaning of any Bankruptcy Law, either: 
 (1)    commences a
voluntary case or proceeding; 
 (2)    consents to the entry of an order for relief against it in an
involuntary case or proceeding; 
 (3)    consents to the appointment of a custodian of it or for any
substantial part of its property; 
 (4)    makes a general assignment for the benefit of its creditors;

 (5)    takes any comparable action under any foreign Bankruptcy Law; or 

(6)    generally is not paying its debts as they become due; 

(x)    a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that either:

 (1)    is for relief against the Company or any of its Significant Subsidiaries in an involuntary case
or proceeding; 
 (2)    appoints a custodian of the Company or any of its Significant Subsidiaries, or
for any substantial part of the property of the Company or any of its Significant Subsidiaries; 

(3)    orders the winding up or liquidation of the Company or any of its Significant Subsidiaries; or 

(4)    grants any similar relief under any foreign Bankruptcy Law, 

and, in each case under this Section 7.01(A)(x), such order or decree remains unstayed and in effect for at least
sixty (60) days; or 
 (xi)    the Company fails to comply in any material respect with any of its
obligations under the Escrow Agreement. 
 (B)    Cause Irrelevant. Each of the events set forth in
Section 7.01(A) will constitute an Event of Default regardless of the cause thereof or whether voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court or any order,
rule or regulation of any administrative or governmental body. 
 Section 7.02.    ACCELERATION. 

(A)    Automatic Acceleration in Certain Circumstances. If an Event of Default set forth in
Section 7.01(A)(ix) or 7.01(A)(x) occurs with respect to the Company (and not solely with respect to a Significant Subsidiary of the Company), then the principal amount of, and all accrued and unpaid interest on, all
of the Notes then outstanding will immediately become due and payable without any further action or notice by any Person. 

  
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 (B)    Optional Acceleration. Subject to
Section 7.03, if an Event of Default (other than an Event of Default set forth in Section 7.01(A)(ix) or 7.01(A)(x) with respect to the Company and not solely with respect to a Significant
Subsidiary of the Company) occurs and is continuing, then the Trustee, by notice to the Company, or Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding, by notice to the Company and the Trustee,
may declare the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding to become due and payable immediately. 

(C)    Rescission of Acceleration. Notwithstanding anything to the contrary in this Indenture or the Notes, the
Holders of a majority in aggregate principal amount of the Notes then outstanding, by notice to the Company and the Trustee, may, on behalf of all Holders, rescind any acceleration of the Notes and its consequences if (i) such rescission would
not conflict with any judgment or decree of a court of competent jurisdiction; (ii) all existing Events of Default (except the non-payment of principal of, or interest on, the Notes that has become due
solely because of such acceleration) have been cured or waived; and (iii) all sums paid or advanced by the Trustee under this Indenture and the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and
counsel have been paid. No such rescission will affect any subsequent Default or impair any right consequent thereto. 

Section 7.03.    SOLE REMEDY FOR A FAILURE
TO REPORT. 
 (A)    Generally. Notwithstanding anything to the contrary in this
Indenture or the Notes, the Company may elect that the sole remedy for any Event of Default (a “Reporting Event of Default”) pursuant to Section 7.01(A)(vi) arising from the Company’s failure to comply
with Section 3.02 will, for each of the first one hundred and eighty (180) calendar days on which a Reporting Event of Default has occurred and is continuing, consist exclusively of the accrual of Special Interest on
the Notes. If the Company has made such an election, then (i) the Notes will be subject to acceleration pursuant to Section 7.02 on account of the relevant Reporting Event of Default from, and including, the one
hundred and eighty first (181st) calendar day on which a Reporting Event of Default has occurred and is continuing or if the Company fails to pay any accrued and unpaid Special Interest when due; and (ii) Special Interest will cease to accrue
on any Notes from, and including, such one hundred and eighty first (181st) calendar day (it being understood that interest on any defaulted Special Interest will nonetheless accrue pursuant to Section 2.05(B)). 

(B)    Amount and Payment of Special Interest. Any Special Interest that accrues on a Note pursuant to
Section 7.03(A) will be payable on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal to one quarter of one percent (0.25%) of the principal amount thereof
for the first ninety (90) days on which Special Interest accrues and, thereafter, at a rate per annum equal to one half of one percent (0.50%) of the principal amount thereof; provided, however, that in no event will Special
Interest, together with any Additional Interest, accrue on any day on a Note at a combined rate per annum that exceeds one half of one percent (0.50%). For the avoidance of doubt, any Special Interest that accrues on a Note will be in addition to
the Stated Interest and any Supplemental Interest that accrues on such Note and, subject to the proviso of the immediately preceding sentence, in addition to any Additional Interest that accrues on such Note. 

  
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 (C)    Notice of Election. To make the election set forth in
Section 7.03(A), the Company must send to the Holders, the Trustee and the Paying Agent, before the date on which each Reporting Event of Default first occurs, a notice that (i) briefly describes the report(s) that the
Company failed to file with the SEC; (ii) states that the Company is electing that the sole remedy for such Reporting Event of Default consist of the accrual of Special Interest; and (iii) briefly describes the periods during which and
rate at which Special Interest will accrue and the circumstances under which the Notes will be subject to acceleration on account of such Reporting Event of Default. 

(D)    Notice to Trustee and Paying Agent; Trustee’s Disclaimer. If Special Interest accrues on any Note,
then, no later than five (5) Business Days before each date on which such Special Interest is to be paid, the Company will deliver an Officer’s Certificate to the Trustee and the Paying Agent stating (i) that the Company is obligated
to pay Special Interest on such Note on such date of payment; and (ii) the amount of such Special Interest that is payable on such date of payment. The Trustee will have no duty to determine whether any Special Interest is payable or the amount
thereof. 
 (E)    No Effect on Other Events of Default. No election pursuant to this
Section 7.03 with respect to a Reporting Event of Default will affect the rights of any Holder with respect to any other Event of Default, including with respect to any other Reporting Event of Default. 

Section 7.04.    OTHER REMEDIES. 

(A)    Trustee May Pursue All Remedies. If an Event of Default occurs and is continuing, then the Trustee may pursue
any available remedy to collect the payment of any amounts due with respect to the Notes or to enforce the performance of any provision of this Indenture or the Notes. 

(B)    Procedural Matters. The Trustee may maintain a proceeding even if it does not possess any of the Notes or
does not produce any of them in such proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy following an Event of Default will not impair the right or remedy or constitute a waiver of, or acquiescence in, such
Event of Default. All remedies will be cumulative to the extent permitted by law. 
 Section 7.05.    WAIVER
OF PAST DEFAULTS. 
 An Event of Default pursuant to clause (i), (ii),
(iv) or (vi) of Section 7.01(A) (that, in the case of clause (vi) only, results from a Default under any covenant that cannot be amended without the consent of each affected Holder), and a
Default that could lead to such an Event of Default, can be waived only with the consent of each affected Holder. Each other Default or Event of Default may be waived, on behalf of all Holders, by the Holders of a majority in aggregate principal
amount of the Notes then outstanding. If an Event of Default is so waived, then it will cease to exist. If a Default is so waived, then it will be deemed to be cured and any Event of Default arising therefrom will be deemed not to occur. However, no
such waiver will extend to any subsequent or other Default or Event of Default or impair any right arising therefrom. 

  
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 Section 7.06.    CONTROL BY
MAJORITY. 
 Holders of a majority in aggregate principal amount of the Notes then outstanding may direct the time, method
and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law, this Indenture or the Notes,
or that, subject to Section 10.01, the Trustee determines may be unduly prejudicial to the rights of other Holders or may involve the Trustee in liability, unless the Trustee is offered security and indemnity satisfactory
to the Trustee against any loss, liability or expense to the Trustee that may result from the Trustee’s following such direction. 

Section 7.07.    LIMITATION ON SUITS. 

No Holder may pursue any remedy with respect to this Indenture or the Notes (except to enforce (x) its rights to receive the principal of,
or the Redemption Price or Fundamental Change Repurchase Price for, or interest on, any Notes; or (y) the Company’s obligations to convert any Notes pursuant to Article 5), unless: 

(A)    such Holder has previously delivered to the Trustee notice that an Event of Default is continuing; 

(B)    Holders of at least twenty five percent (25%) in aggregate principal amount of the Notes then outstanding deliver a
request to the Trustee to pursue such remedy; 
 (C)    such Holder or Holders offer and, if requested, provide to the
Trustee security and indemnity satisfactory to the Trustee against any loss, liability or expense to the Trustee that may result from the Trustee’s following such request; 

(D)    the Trustee does not comply with such request within sixty (60) calendar days after its receipt of such
request and such offer of security or indemnity; and 
 (E)    during such sixty (60) calendar day period, Holders
of a majority in aggregate principal amount of the Notes then outstanding do not deliver to the Trustee a direction that is inconsistent with such request. 

A Holder of a Note may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another
Holder. The Trustee will have no duty to determine whether any Holder’s use of this Indenture complies with the preceding sentence. 

Section 7.08.    ABSOLUTE RIGHT OF HOLDERS TO
INSTITUTE SUIT FOR THE ENFORCEMENT OF THE RIGHT TO RECEIVE PAYMENT
AND CONVERSION CONSIDERATION. 
 Notwithstanding anything to the contrary in this Indenture
or the Notes (but without limiting Section 8.01), the right of each Holder of a Note to bring suit for the enforcement of any payment or delivery, as applicable, of the principal of, or the Redemption Price or Fundamental
Change Repurchase Price for, or any interest on, or the Conversion Consideration due pursuant to Article 5 upon conversion of, such Note on or after the respective due dates therefor provided in this Indenture and the Notes, will not be
impaired or affected without the consent of such Holder. 

  
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 Section 7.09.    COLLECTION SUIT BY
TRUSTEE. 
 The Trustee will have the right, upon the occurrence and continuance of an Event of Default pursuant to
clause (i), (ii) or (iv) of Section 7.01(A), to recover judgment in its own name and as trustee of an express trust against the Company for the total unpaid or undelivered principal of, or
Redemption Price or Fundamental Change Repurchase Price for, or interest on, or Conversion Consideration due pursuant to Article 5 upon conversion of, the Notes, as applicable, and, to the extent lawful, any Default Interest on any Defaulted
Amounts, and such further amounts sufficient to cover the costs and expenses of collection, including compensation provided for in Section 10.06. 

Section 7.10.    TRUSTEE MAY FILE PROOFS OF
CLAIM. 
 The Trustee has the right to (A) file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes) or its creditors or property and (B) collect, receive and
distribute any money or other property payable or deliverable on any such claims. Each Holder authorizes any custodian in such proceeding to make such payments to the Trustee, and, if the Trustee consents to the making of such payments directly to
the Holders, to pay to the Trustee any amount due to the Trustee for the reasonable compensation, expenses, disbursements and advances of the Trustee, and its agents and counsel, and any other amounts payable to the Trustee pursuant to
Section 10.06. To the extent that the payment of any such compensation, expenses, disbursements, advances and other amounts out of the estate in such proceeding, is denied for any reason, payment of the same will be secured
by a lien on, and will be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding (whether in liquidation or under any plan of reorganization or
arrangement or otherwise). Nothing in this Indenture will be deemed to authorize the Trustee to authorize, consent to, accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or
the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 7.11.    PRIORITIES. 

The Trustee will pay or deliver in the following order any money or other property that it collects pursuant to this Article 7: 

First:    to the Trustee and its agents and attorneys for amounts due under
Section 10.06, including payment of all fees, compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

Second:    to Holders for unpaid amounts or other property due on the Notes, including the principal
of, or the Redemption Price or Fundamental Change Repurchase Price for, or any interest on, or any Conversion Consideration due upon conversion of, the Notes, ratably, and without preference or priority of any kind, according to such amounts or
other property due and payable on all of the Notes; and 

  
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 Third:    to the Company or such other Person as
a court of competent jurisdiction directs. 
 The Trustee may fix a record date and payment date for any payment or delivery to the Holders
pursuant to this Section 7.11, in which case the Trustee will instruct the Company to, and the Company will, deliver, at least fifteen (15) calendar days before such record date, to each Holder and the Trustee a notice
stating such record date, such payment date and the amount of such payment or nature of such delivery, as applicable. 

Section 7.12.    UNDERTAKING FOR COSTS. 

In any suit for the enforcement of any right or remedy under this Indenture or the Notes or in any suit against the Trustee for any action
taken or omitted by it as Trustee, a court, in its discretion, may (A) require the filing by any litigant party in such suit of an undertaking to pay the costs of such suit, and (B) assess reasonable costs (including reasonable
attorneys’ fees) against any litigant party in such suit, having due regard to the merits and good faith of the claims or defenses made by such litigant party; provided, however, that this Section 7.12
does not apply to any suit by the Trustee, any suit by a Holder pursuant to Section 7.08 or any suit by one or more Holders of more than ten percent (10%) in aggregate principal amount of the Notes then outstanding. 

Article 8.    AMENDMENTS, SUPPLEMENTS AND WAIVERS 

Section 8.01.    WITHOUT THE CONSENT OF HOLDERS.

 Notwithstanding anything to the contrary in Section 8.02, the Company and the Trustee may amend or
supplement this Indenture or the Notes without the consent of any Holder to: 
 (A)    cure any ambiguity or correct any
omission, defect or inconsistency in this Indenture or the Notes; 
 (B)    add guarantees with respect to the
Company’s obligations under this Indenture or the Notes; 
 (C)    secure the Notes; 

(D)    add to the Company’s covenants or Events of Default for the benefit of the Holders or surrender any right or
power conferred on the Company; 
 (E)    provide for the assumption of the Company’s obligations under this
Indenture and the Notes pursuant to, and in compliance with, Article 6; 
 (F)    enter into supplemental
indentures pursuant to, and in accordance with, Section 5.09 in connection with an Ordinary Share Change Event; 

(G)    irrevocably elect or eliminate any Settlement Method or Specified Dollar Amount; provided, however,
that no such election or elimination will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to Section 5.03(A); 

  
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 (H)    adjust the Conversion Rate, the Conversion Price or the
Make-Whole Table (including the establishment of the Initial Conversion Rate, the initial Conversion Price or the initial Make-Whole Table) in accordance with, and subject to the terms of, this Indenture; 

(I)    evidence or provide for the acceptance of the appointment, under this Indenture, of a successor Trustee; 

(J)    conform the provisions of this Indenture and the Notes to the “Description of Notes” section of the
Offering Memorandum; 
 (K)    provide for or confirm the issuance of additional Notes pursuant to
Section 2.03(B); 
 (L)    comply with the rules of any applicable Depositary in a manner that
does not adversely affect the rights of the Holders; 
 (M)    comply with any requirement of the SEC in connection with
any qualification of this Indenture or any supplemental indenture under the Trust Indenture Act, as then in effect; or 

(N)    make any other change to this Indenture or the Notes that does not, individually or in the aggregate with all other
such changes, adversely affect the rights of the Holders, as such, in any material respect. 

Section 8.02.    WITH THE CONSENT OF HOLDERS. 

(A)    Generally. Subject to Sections 8.01, 7.05 and 7.08 and the immediately following
sentence, the Company and the Trustee may, with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding, amend or supplement this Indenture or the Notes or waive compliance with any provision of this
Indenture or the Notes. Notwithstanding anything to the contrary in the foregoing sentence, but subject to Section 8.01, without the consent of each affected Holder, no amendment or supplement to this Indenture or the
Notes, or waiver of any provision of this Indenture or the Notes, may: 
 (i)    reduce the principal, or
extend the stated maturity, of any Note; 
 (ii)    reduce the Redemption Price or Fundamental Change
Repurchase Price for any Note or change the times at which, or the circumstances under which, the Notes may or will be redeemed or repurchased by the Company; 

(iii)    reduce the rate, or extend the time for the payment, of interest on any Note; 

(iv)    make any change that adversely affects the conversion rights of any Note other than as permitted or
required by this Indenture or the Notes; 
 (v)    impair the rights of any Holder set forth in
Section 7.08 (as such section is in effect on the Issue Date); 

  
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 (vi)    change the ranking of the Notes; 

(vii)    make any Note payable in money, or at a place of payment, other than that stated in this Indenture
or the Note; 
 (viii)    make any change to Section 3.05, or in any related
definitions, in any manner that is adverse to the rights of the Holders or beneficial owners of the Notes; 

(ix)    reduce the amount of Notes whose Holders must consent to any amendment, supplement, waiver or other
modification; or 
 (x)    make any change to any amendment, supplement, waiver or modification provision
of this Indenture or the Notes that requires the consent of each affected Holder. 
 For the avoidance of doubt, pursuant to clauses
(i), (ii), (iii) and (iv) of this Section 8.02(A), no amendment or supplement to this Indenture or the Notes, or waiver of any provision of this Indenture or the Notes, may change the amount
or type of consideration due on any Note (whether on an Interest Payment Date, Redemption Date, Fundamental Change Repurchase Date or the Maturity Date or upon conversion, or otherwise), or the date(s) or time(s) such consideration is payable or
deliverable, as applicable, without the consent of each affected Holder. 
 (B)    Holders Need Not Approve the
Particular Form of any Amendment. A consent of any Holder pursuant to this Section 8.02 need approve only the substance, and not necessarily the particular form, of the proposed amendment, supplement or waiver. 

Section 8.03.    NOTICE OF AMENDMENTS, SUPPLEMENTS AND
WAIVERS. 
 As soon as reasonably practicable after any amendment, supplement or waiver pursuant to
Section 8.01 or 8.02 becomes effective, the Company will send to the Holders and the Trustee notice that (A) describes the substance of such amendment, supplement or waiver in reasonable detail and (B) states the
effective date thereof; provided, however, that the Company will not be required to provide such notice to the Holders if such amendment, supplement or waiver is included in a periodic report filed by the Company with the SEC within
four (4) Business Days of its effectiveness. The failure to send, or the existence of any defect in, such notice will not impair or affect the validity of such amendment, supplement or waiver. 

Section 8.04.    REVOCATION, EFFECT AND SOLICITATION OF
CONSENTS; SPECIAL RECORD DATES; ETC. 

(A)    Revocation and Effect of Consents. The consent of a Holder of a Note to an amendment, supplement or waiver
will bind (and constitute the consent of) each subsequent Holder of any Note to the extent the same evidences any portion of the same indebtedness as the consenting Holder’s Note, subject to the right of any Holder of a Note to revoke (if not
prohibited pursuant to Section 8.04(B)) any such consent with respect to such Note by delivering notice of revocation to the Trustee before the time such amendment, supplement or waiver becomes effective. 

  
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 (B)    Special Record Dates. The Company may, but is not required
to, fix a record date for the purpose of determining the Holders entitled to consent or take any other action in connection with any amendment, supplement or waiver pursuant to this Article 8. If a record date is fixed, then, notwithstanding
anything to the contrary in Section 8.04(A), only Persons who are Holders as of such record date (or their duly designated proxies) will be entitled to give such consent, to revoke any consent previously given or to take
any such action, regardless of whether such Persons continue to be Holders after such record date; provided, however, that no such consent will be valid or effective for more than one hundred and twenty (120) calendar days after
such record date. 
 (C)    Solicitation of Consents. For the avoidance of doubt, each reference in this
Indenture or the Notes to the consent of a Holder will be deemed to include any such consent obtained in connection with a repurchase of, or tender or exchange offer for, any Notes. 

(D)    Effectiveness and Binding Effect. Each amendment, supplement or waiver pursuant to this Article 8
will become effective in accordance with its terms and, when it becomes effective with respect to any Note (or any portion thereof), will thereafter bind every Holder of such Note (or such portion). 

Section 8.05.    NOTATIONS AND EXCHANGES. 

If any amendment, supplement or waiver changes the terms of a Note, then the Trustee or the Company may, in its discretion, require the Holder
of such Note to deliver such Note to the Trustee so that the Trustee may place an appropriate notation prepared by the Company on such Note and return such Note to such Holder. Alternatively, at its discretion, the Company may, in exchange for such
Note, issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, a new Note that reflects the changed terms. The failure to make any appropriate notation or issue a new Note
pursuant to this Section 8.05 will not impair or affect the validity of such amendment, supplement or waiver. 

Section 8.06.    TRUSTEE TO EXECUTE SUPPLEMENTAL
INDENTURES. 
 The Trustee will execute and deliver any amendment or supplemental indenture authorized pursuant to this
Article 8; provided, however, that the Trustee need not (but may, in its sole and absolute discretion) execute or deliver any such amendment or supplemental indenture that adversely affects the Trustee’s rights, duties,
liabilities or immunities. In executing any amendment or supplemental indenture, the Trustee will be entitled to receive, and (subject to Sections 10.01 and 10.02) will be fully protected in relying on, an Officer’s
Certificate and an Opinion of Counsel stating that (A) the execution and delivery of such amendment or supplemental indenture is authorized or permitted by this Indenture; and (B) in the case of the Opinion of Counsel, such amendment or
supplemental indenture is valid, binding and enforceable against the Company in accordance with its terms. 

  
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 Article 9.    SATISFACTION AND DISCHARGE 

Section 9.01.    TERMINATION OF COMPANY’S
OBLIGATIONS. 
 This Indenture will be discharged, and will cease to be of further effect as to all Notes issued under
this Indenture, when: 
 (A)    all Notes then outstanding (other than Notes replaced pursuant to
Section 2.13) have (i) been delivered to the Trustee for cancellation; or (ii) become due and payable (whether on a Redemption Date, a Fundamental Change Repurchase Date, the Maturity Date, upon conversion or
otherwise) for an amount of cash or Conversion Consideration, as applicable, that has been fixed; 
 (B)    the Company
has caused there to be irrevocably deposited with the Trustee, or with the Paying Agent (or, with respect to Conversion Consideration, the Conversion Agent), in each case for the benefit of the Holders, or has otherwise caused there to be delivered
to the Holders, cash (or, with respect to Notes to be converted, Conversion Consideration) sufficient to satisfy all amounts or other property (including, if applicable, all related Additional Amounts) due on all Notes then outstanding (other than
Notes replaced pursuant to Section 2.13); 
 (C)    the Company has paid all other amounts
payable by it under this Indenture; and 
 (D)    the Company has delivered to the Trustee an Officer’s Certificate
and an Opinion of Counsel, each stating that the conditions precedent to the discharge of this Indenture have been satisfied; 
 provided,
however, that Article 10 and Section 11.01 will survive such discharge and, until no Notes remain outstanding, Section 2.15 and the obligations of the Trustee, the Paying Agent and
the Conversion Agent with respect to money or other property deposited with them will survive such discharge. 
 At the Company’s
request, the Trustee will acknowledge the satisfaction and discharge of this Indenture. 

Section 9.02.    REPAYMENT TO COMPANY. 

Subject to applicable unclaimed property law, the Trustee, the Paying Agent and the Conversion Agent will promptly notify the Company if there
exists (and, at the Company’s request, promptly deliver to the Company) any cash, Conversion Consideration or other property held by any of them for payment or delivery on the Notes that remain unclaimed two (2) years after the date on
which such payment or delivery was due. After such delivery to the Company, the Trustee, the Paying Agent and the Conversion Agent will have no further liability to any Holder with respect to such cash, Conversion Consideration or other property,
and Holders entitled to the payment or delivery of such cash, Conversion Consideration or other property must look to the Company for payment as a general creditor of the Company. 

  
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 Section 9.03.    REINSTATEMENT. 

If the Trustee, the Paying Agent or the Conversion Agent is unable to apply any cash or other property deposited with it pursuant to
Section 9.01 because of any legal proceeding or any order or judgment of any court or other governmental authority that enjoins, restrains or otherwise prohibits such application, then the discharge of this Indenture
pursuant to Section 9.01 will be rescinded; provided, however, that if the Company thereafter pays or delivers any cash or other property due on the Notes to the Holders thereof, then the Company will be
subrogated to the rights of such Holders to receive such cash or other property from the cash or other property, if any, held by the Trustee, the Paying Agent or the Conversion Agent, as applicable. 

Article 10.    TRUSTEE 

Section 10.01.    DUTIES OF THE TRUSTEE. 

(A)    If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(B)    Except during the continuance of an Event of Default: 

(i)    the duties of the Trustee will be determined solely by the express provisions of this Indenture, and
the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations will be read into this Indenture against the Trustee; and 

(ii)    in the absence of bad faith or willful misconduct on its part, the Trustee may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel that are provided to the Trustee and conform to the requirements of this Indenture. However, the Trustee
will examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 

(C)    The Trustee may not be relieved from liabilities for its negligence, bad faith or willful misconduct, except that:

 (i)    this paragraph will not limit the effect of Section 10.01(B); 

(ii)    the Trustee will not be liable for any error of judgment made in good faith by a Responsible
Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(iii)    the Trustee will not be liable with respect to any action it takes or omits to take in good faith
in accordance with a direction received by it pursuant to Section 7.06. 
 (D)    Each
provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (A), (B) and (C) of this Section 10.01, regardless of whether such provision so expressly provides. 

  
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 (E)    No provision of this Indenture will require the Trustee to expend
or risk its own funds or incur any liability. 
 (F)    The Trustee will not be liable for interest on any money
received by it, except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds, except to the extent required by law. 

Section 10.02.    RIGHTS OF THE TRUSTEE. 

(A)    The Trustee may conclusively rely on any document that it believes to be genuine and signed or presented by the
proper Person, and the Trustee need not investigate any fact or matter stated in such document. 
 (B)    Before the
Trustee acts or refrains from acting, it may require an Officer’s Certificate, an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate
or Opinion of Counsel. The Trustee may consult with counsel; and the advice of such counsel, or any Opinion of Counsel, will constitute full and complete authorization of the Trustee to take or omit to take any action in good faith in reliance
thereon without liability. 
 (C)    The Trustee may act through its attorneys and agents and will not be responsible
for the misconduct or negligence of any such agent appointed with due care. 
 (D)    The Trustee will not be liable for
any action it takes or omits to take in good faith and that it believes to be authorized or within the rights or powers vested in it by this Indenture. 

(E)    Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company
will be sufficient if signed by an Officer of the Company. 
 (F)    The Trustee need not exercise any rights or powers
vested in it by this Indenture at the request or direction of any Holder unless such Holder has offered the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense that it may incur in complying with such
request or direction. 
 (G)    The Trustee will not be responsible or liable for any punitive, special, indirect or
consequential loss or damage (including lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(H)    The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be
indemnified, are extended to, and will be enforceable by, the Trustee in each of its capacities under this Indenture (including in its capacity as Conversion Agent) and each agent, custodian and other Person employed to act under this Indenture,
including the Conversion Agent. 
 (I)    The permissive rights of the Trustee enumerated in this Indenture will not be
construed as duties. 

  
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 (J)    Neither the Trustee nor the Registrar will have any obligation or
duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among
Depositary Participants, members of the Depositary or owners of beneficial interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when
expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements of this Indenture. 

(K)    Except with respect to receipt of payments of principal and interest on the Notes payable by the Company pursuant
to Section 3.01 and any Default or Event of Default information contained in the Officer’s Certificate delivered to it pursuant to Section 3.06(B), the Trustee will have no duty to monitor the
Company’s compliance with or the breach of any representation, warranty or covenant made in this Indenture. 

Section 10.03.    INDIVIDUAL RIGHTS OF THE TRUSTEE.

 The Trustee, in its individual or any other capacity, may become the owner or pledgee of any Note and may otherwise deal with the
Company or any of its Affiliates with the same rights that it would have if it were not Trustee; provided, however, that if the Trustee acquires a “conflicting interest” (within the meaning of Section 310(b) of the Trust
Indenture Act), then it must eliminate such conflict within ninety (90) days or resign as Trustee. Each Note Agent will have the same rights and duties as the Trustee under this Section 10.03. 

Section 10.04.    TRUSTEE’S DISCLAIMER. 

The Trustee will not be (A) responsible for, and makes no representation as to, the validity or adequacy of this Indenture or the Notes;
(B) accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture; (C) responsible for the use or application of any money
received by any Paying Agent other than the Trustee; and (D) responsible for any statement or recital in this Indenture, the Notes or any other document relating to the sale of the Notes or this Indenture, other than the Trustee’s
certificate of authentication. 
 Section 10.05.    NOTICE OF DEFAULTS. 

If a Default or Event of Default occurs and is continuing and is known to the Trustee, then the Trustee will send Holders a notice of such
Default or Event of Default within ninety (90) days after it occurs or, if it is not known to the Trustee at such time, promptly (and in any event within ten (10) Business Days) after it becomes known to a Responsible Officer;
provided, however, that, except in the case of a Default or Event of Default in the payment of the principal of, or interest on, any Note, the Trustee may withhold such notice if and for so long as it in good faith determines that
withholding such notice is in the interests of the Holders. The Trustee will not to be charged with knowledge of any Default or Event of Default, or knowledge of any cure of any Default or Event of Default, unless written notice of such Default or
Event of Default, or of such cure of any Default or Event of Default, has been given by the Company or any Holder to a Responsible Officer of the Trustee. 

  
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 Section 10.06.    COMPENSATION AND
INDEMNITY. 
 (A)    The Company will, from time to time, pay the Trustee reasonable compensation for
its acceptance of this Indenture and services under this Indenture. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. In addition to the compensation for the Trustee’s services, the
Company will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it under this Indenture, including the reasonable compensation, disbursements and expenses of the Trustee’s
agents and counsel. 
 (B)    The Company will indemnify the Trustee against any and all losses, liabilities or expenses
incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company (including this
Section 10.06) and defending itself against any claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties under this
Indenture, except to the extent any such loss, liability or expense may be attributable to its negligence, bad faith or willful misconduct. The Trustee will promptly notify the Company of any claim for which it may seek indemnity, but the
Trustee’s failure to so notify the Company will not relieve the Company of its obligations under this Section 10.06(B), except to the extent the Company is materially prejudiced by such failure. The Company will defend
such claim, and the Trustee will cooperate in such defense. If the Trustee is advised by counsel that it may have defenses available to it that are in conflict with the defenses available to the Company, or that there is an actual or potential
conflict of interest, then the Trustee may retain separate counsel, and the Company will pay the reasonable fees and expenses of such counsel (including the reasonable fees and expenses of counsel to the Trustee incurred in evaluating whether such a
conflict exists). The Company need not pay for any settlement of any such claim made without its consent, which consent will not be unreasonably withheld. 

(C)    The obligations of the Company under this Section 10.06 will survive the resignation or
removal of the Trustee and the satisfaction or discharge of this Indenture. 
 (D)    To secure the Company’s
payment obligations in this Section 10.06, the Trustee will have a lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal of, or interest on, particular
Notes, which lien will survive the discharge of this Indenture. 
 (E)    If the Trustee incurs expenses or renders
services after an Event of Default pursuant to clause (ix) or (x) of Section 7.01(A) occurs, then such expenses and the compensation for such services (including the fees and expenses of its agents
and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

Section 10.07.    REPLACEMENT OF THE TRUSTEE. 

(A)    Notwithstanding anything to the contrary in this Section 10.07, a resignation or removal
of the Trustee, and the appointment of a successor Trustee, will become effective only upon such successor Trustee’s acceptance of appointment as provided in this Section 10.07. 

  
 - 88 - 

 (B)    The Trustee may resign at any time and be discharged from the
trust created by this Indenture by so notifying the Company. The Holders of a majority in aggregate principal amount of the Notes then outstanding may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove
the Trustee if: 
 (i)    the Trustee fails to comply with Section 10.09; 

(ii)    the Trustee is adjudged to be bankrupt or insolvent or an order for relief is entered with respect
to the Trustee under any Bankruptcy Law; 
 (iii)    a custodian or public officer takes charge of the
Trustee or its property; or 
 (iv)    the Trustee becomes incapable of acting. 

(C)    If the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee for any reason, then
(i) the Company will promptly appoint a successor Trustee; and (ii) at any time within one (1) year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the Notes then outstanding may
appoint a successor Trustee to replace such successor Trustee appointed by the Company. 
 (D)    If a successor Trustee
does not take office within sixty (60) days after the retiring Trustee resigns or is removed, then the retiring Trustee, the Company or the Holders of at least ten percent (10%) in aggregate principal amount of the Notes then outstanding may
petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 (E)    If the Trustee, after
written request by a Holder of at least six (6) months, fails to comply with Section 10.09, then such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a
successor Trustee. 
 (F)    A successor Trustee will deliver a written acceptance of its appointment to the retiring
Trustee and to the Company, upon which notice the resignation or removal of the retiring Trustee will become effective and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee
will send notice of its succession to Holders. The retiring Trustee will, upon payment of all amounts due to it under this Indenture, promptly transfer all property held by it as Trustee to the successor Trustee, which property will, for the
avoidance of doubt, be subject to the lien provided for in Section 10.06(D). 

Section 10.08.    SUCCESSOR TRUSTEE BY MERGER, ETC.

 If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to,
another corporation, then such corporation will become the successor Trustee without any further act. 

  
 - 89 - 

 Section 10.09.    ELIGIBILITY; DISQUALIFICATION.

 There will at all times be a Trustee under this Indenture that is a corporation organized and doing business under the laws of the
United States of America or of any state thereof, that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at
least $100.0 million as set forth in its most recent published annual report of condition. 
 Article
11.    MISCELLANEOUS 
 Section 11.01.    NOTICES. 

Any notice or communication by the Company or the Trustee to the other must be provided in writing and will be deemed to have been duly given
in writing if delivered in person or by first class mail (registered or certified, return receipt requested), facsimile transmission, electronic transmission or other similar means of unsecured electronic communication or overnight air courier
guaranteeing next day delivery, or to the other’s address, which initially is as follows: 
 If to the Company: 

Maxeon Solar Technologies, Ltd. 

8 Marina Boulevard, #05-02 

Marina Bay Financial Centre 

018981, Singapore 
 Attention:
General Counsel 
 Telephone: (480) 734 - 1234 

Email address: lindsey.wiedmann@sunpower.com 

with a copy (which will not constitute notice) to: 

Jones Day 
 90 South Seventh
Street, Suite 4950 
 Minneapolis, Minnesota 55402 

Facsimile: (312) 782-8585 

Attention: Bradley C. Brasser; David Sikes 

If to the Trustee: 
 Deutsche Bank
Trust Company Americas 
 60 Wall Street, 24th Floor, Mail Stop 24-2405 

New York, New York 10005 

Facsimile: (732) 578-4635 

Attention: Trust and Agency Services-Maxeon Solar Technologies 

The Company or the Trustee, by notice to the other, may designate additional or different addresses (including facsimile numbers and
electronic addresses) for subsequent notices or communications. 
 All notices and communications (other than those sent to Holders) will be
deemed to have been duly given: (A) at the time delivered by hand, if personally delivered; (B) five (5) Business 

  
 - 90 - 

 
Days after being deposited in the mail, postage prepaid, if mailed; (C) when receipt acknowledged, if transmitted by facsimile, electronic transmission or other similar means of unsecured
electronic communication; and (D) the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 

All notices or communications required to be made to a Holder pursuant to this Indenture must be made in writing and will be deemed to be duly
sent or given in writing if mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery, to its address shown on the Register; provided, however, that a
notice or communication to a Holder of a Global Note may, but need not, instead be sent pursuant to the Depositary Procedures (in which case, such notice will be deemed to be duly sent or given in writing). The failure to send a notice or
communication to a Holder, or any defect in such notice or communication, will not affect its sufficiency with respect to any other Holder. 

If the Trustee is then acting as the Depositary’s custodian for the Notes, then, at the reasonable request of the Company to the Trustee,
the Trustee will cause any notice prepared by the Company to be sent to any Holder(s) pursuant to the Depositary Procedures, provided such request is evidenced in a Company Order delivered, together with the text of such notice, to the
Trustee at least two (2) Business Days before the date such notice is to be so sent. For the avoidance of doubt, such Company Order need not be accompanied by an Officer’s Certificate or Opinion of Counsel. The Trustee will not have any
liability relating to the contents of any notice that it sends to any Holder pursuant to any such Company Order. 
 If a notice or
communication is mailed or sent in the manner provided above within the time prescribed, it will be deemed to have been duly given, whether or not the addressee receives it. 

Notwithstanding anything to the contrary in this Indenture or the Notes, (A) whenever any provision of this Indenture requires a party to
send notice to another party, no such notice need be sent if the sending party and the recipient are the same Person acting in different capacities; and (B) whenever any provision of this Indenture requires a party to send notice to more than
one receiving party, and each receiving party is the same Person acting in different capacities, then only one such notice need be sent to such Person. 

Facsimile, documents executed, scanned and transmitted electronically and electronic signatures, including those created or transmitted
through a software platform or application, will be deemed original signatures for purposes of this Indenture and all matters and agreements related thereto, with such facsimile, scanned and electronic signatures having the same legal effect as
original signatures. The parties agree that this Indenture or any instrument, agreement or document necessary for the consummation of the transactions contemplated by this Indenture or related hereto or thereto (including addendums, amendments,
notices, instructions, communications with respect to the delivery of securities or the wire transfer of funds or other communications) (“Executed Documentation”) may be accepted, executed or agreed to through the use of an
electronic signature in accordance with applicable laws, rules and regulations in effect from time to time applicable to the effectiveness and enforceability of electronic signatures. Any Executed Documentation accepted, executed or agreed to in
conformity with such laws, rules and regulations 

  
 - 91 - 

 
will be binding on all parties to this Indenture to the same extent as if it were physically executed and each party hereby consents to the use of any third-party electronic signature capture
service providers as may be reasonably chosen by a signatory hereto or thereto. When the Trustee or a Note Agent acts on any Executed Documentation sent by electronic transmission, the Trustee or Note Agent will not be responsible or liable for any
losses, costs or expenses arising directly or indirectly from its reliance upon and compliance with such Executed Documentation, notwithstanding that such Executed Documentation (A) may not be an authorized or authentic communication of the
party involved or in the form such party sent or intended to send (whether due to fraud, distortion or otherwise); or (B) may conflict with, or be inconsistent with, a subsequent written instruction or communication; it is understood and agreed
that the Trustee and each Agent will conclusively presume that Executed Documentation that purports to have been sent by an authorized officer of a Person has been sent by an authorized officer of such Person. The party providing Executed
Documentation through electronic transmission or otherwise with electronic signatures agrees to assume all risks arising out of such electronic methods, including the risk of the Trustee or a Note Agent acting on unauthorized instructions and the
risk of interception and misuse by third parties. 
 Section 11.02.    DELIVERY OF
OFFICER’S CERTIFICATE AND OPINION OF COUNSEL AS TO CONDITIONS PRECEDENT.

 Upon any request or application by the Company to the Trustee to take any action under this Indenture (other than the initial
authentication of Notes under this Indenture), the Company will furnish to the Trustee: 
 (A)    an Officer’s
Certificate in form and substance reasonably satisfactory to the Trustee that complies with Section 11.03 and states that, in the opinion of the signatory thereto, all conditions precedent and covenants, if any, provided
for in this Indenture relating to such action have been satisfied; and 
 (B)    an Opinion of Counsel in form and
substance reasonably satisfactory to the Trustee that complies with Section 11.03 and states that, in the opinion of such counsel, all such conditions precedent and covenants, if any, have been satisfied. 

Section 11.03.    STATEMENTS REQUIRED IN OFFICER’S
CERTIFICATE AND OPINION OF COUNSEL. 
 Each Officer’s
Certificate (other than an Officer’s Certificate pursuant to Section 3.06) or Opinion of Counsel with respect to compliance with a covenant or condition provided for in this Indenture will include: 

(A)    a statement that the signatory thereto has read such covenant or condition; 

(B)    a brief statement as to the nature and scope of the examination or investigation upon which the statements or
opinions contained therein are based; 
 (C)    a statement that, in the opinion of such signatory, he, she or it has
made such examination or investigation as is necessary to enable him, her or it to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

  
 - 92 - 

 (D)    a statement as to whether, in the opinion of such signatory, such
covenant or condition has been satisfied. 
 Section 11.04.    RULES BY THE
TRUSTEE, THE REGISTRAR AND THE PAYING AGENT. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions. 
 Section 11.05.    NO PERSONAL
LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES AND SHAREHOLDERS. 

No past, present or future director, officer, employee, incorporator or shareholder of the Company, as such, will have any liability for any
obligations of the Company under this Indenture or the Notes or for any claim based on, in respect of, or by reason of, such obligations or their creation. By accepting any Note, each Holder waives and releases all such liability. Such waiver and
release are part of the consideration for the issuance of the Notes. 
 Section 11.06.    GOVERNING
LAW; WAIVER OF JURY TRIAL. 
 THIS INDENTURE AND THE NOTES,
AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE OR THE NOTES, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED BY THIS INDENTURE OR THE NOTES. 

Section 11.07.    SUBMISSION TO JURISDICTION. 

Any legal suit, action or proceeding arising out of or based upon this Indenture or the transactions contemplated by this Indenture may be
instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York, in each case located in the City of New York (collectively, the “Specified Courts”), and each
party irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the extent allowed under any
applicable statute or rule of court) to such party’s address set forth in Section 11.01 will be effective service of process for any such suit, action or proceeding brought in any such court. Each of the Company, the
Trustee and each Holder (by its acceptance of any Note) irrevocably and unconditionally waives any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waives and agrees
not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum. 

Section 11.08.    NO ADVERSE INTERPRETATION OF OTHER
AGREEMENTS. 
 Neither this Indenture nor the Notes may be used to interpret any other indenture, note, loan or debt
agreement of the Company or its Subsidiaries or of any other Person, and no such indenture, note, loan or debt agreement may be used to interpret this Indenture or the Notes. 

  
 - 93 - 

 Section 11.09.    SUCCESSORS. 

All agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will
bind its successors. 
 Section 11.10.    FORCE MAJEURE. 

The Trustee and each Note Agent will not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility
under this Indenture or the Notes by reason of any occurrence beyond its control (including any act or provision of any present or future law or regulation or governmental authority, act of God or war, civil unrest, epidemic, local or national
disturbance or disaster, act of terrorism or unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility). 

Section 11.11.    U.S.A. PATRIOT ACT. 

In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including those relating to the funding of terrorist activities and money laundering, including Section 326 of the USA PATRIOT Act of the United States (“Applicable Terrorism Law”), the Trustee and the Note Agents are required
to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship with the Trustee and/or the Note Agents. Accordingly, the Company agrees to provide to the Trustee and the Note
Agents upon its request from time to time such documentation as may be available for such party in order to enable the Trustee and the Note Agents to comply with Applicable Terrorism Law. 

Section 11.12.    CALCULATIONS. 

Except as otherwise provided in this Indenture, the Company will be responsible for making all calculations called for under this Indenture or
the Notes, including determinations of the Share Price, the Last Reported Sale Price, the Daily Conversion Value, the Daily Cash Amount, the Daily Share Amount, accrued interest on the Notes, the Conversion Rate, the Conversion Price and the
Make-Whole Table. 
 The Company will make all calculations in good faith, and, absent manifest error, its calculations will be final and
binding on all Holders. The Company will provide a schedule of its calculations to the Trustee and the Conversion Agent, and each of the Trustee and the Conversion Agent may rely conclusively on the accuracy of the Company’s calculations
without independent verification. The Trustee will promptly forward a copy of each such schedule to a Holder upon its written request therefor. 

Section 11.13.    SEVERABILITY. 

If any provision of this Indenture or the Notes is invalid, illegal or unenforceable, then the validity, legality and enforceability of the
remaining provisions of this Indenture or the Notes will not in any way be affected or impaired thereby. 

  
 - 94 - 

 Section 11.14.    COUNTERPARTS. 

The parties may sign any number of copies of this Indenture. Each signed copy will be an original, and all of them together represent the same
agreement. Delivery of an executed counterpart of this Indenture by facsimile, electronically in portable document format or in any other format will be effective as delivery of a manually executed counterpart. 

Section 11.15.    TABLE OF CONTENTS, HEADINGS, ETC.

 The table of contents and the headings of the Articles and Sections of this Indenture have been inserted for convenience of reference
only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions of this Indenture. 

Section 11.16.    SERVICE OF PROCESS. 

The Company irrevocably appoints CSC Corporation Service Company, which currently maintains an office at 1180 Avenue of the Americas, Suite
210, New York, New York 11036-8401, United States of America, as its authorized agent in the City of New York upon which process may be served in any suit, action or proceeding referred to in Section 11.07, and agrees that
service of process upon such agent, and written notice of such service to the Company by the person serving the same to Maxeon Solar Technologies, Ltd., Maxeon Solar Technologies, Pte. Ltd., 51 Rio Robles, San Jose, California 95134, Attention:
General Counsel, will be every respect effective service of process upon the Company in any such suit, action or proceeding. The Company agrees to take any and all reasonable action as may be necessary to maintain such designation and appointment of
such agent in full force and effect until the date that is six (6) months after the Maturity Date. If, for any reason, such agent ceases to be such agent for service of process, then the Company will promptly appoint a new agent of recognized
standing for service of process in the State of New York and deliver to the Holders and the Trustee a copy of the new agent’s acceptance of that appointment within ten (10) Business Days of such acceptance. Nothing in this
Section 11.16 will affect the right of the Trustee, any Note Agent or any Holder to serve process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against the Company in any other
court of competent jurisdiction. To the extent that the Company has or hereafter may acquire any sovereign or other immunity from jurisdiction of any court or from any legal process with respect to itself or its property, the Company irrevocably
waives such immunity in respect of its obligations under this Indenture or under any Note. 
 [The Remainder of This Page Intentionally
Left Blank; Signature Page Follows] 

  
 - 95 - 

 IN WITNESS WHEREOF, the parties to this Indenture have caused this Indenture to be
duly executed as of the date first written above. 
  
  

					
	MAXEON SOLAR TECHNOLOGIES, LTD.
		
	By:	 	 /s/ Joanne Solomon

		 	Name: Joanne Solomon
		 	Title: Chief Financial Officer
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee, Registrar, Paying Agent and Conversion
Agent

 
					
		
	By:	 	 /s/ Bridgette Casasnovas

		 	Name: Bridgette Casasnovas
		 	Title: Vice President
		
		 	 /s/ Jacqueline Bartnick

		 	Name: Jacqueline Bartnick
		 	Title: Director

 [Signature Page to Indenture] 

 EXHIBIT A 

FORM OF NOTE 
 [Insert
Global Note Legend, if applicable] 
 [Insert Restricted Note Legend, if applicable] 

[Insert Non-Affiliate Legend] 

Maxeon Solar Technologies, Ltd. 

6.50% Green Convertible Senior Note due 2025 

CUSIP No.:    [        ][Insert for a “restricted”
CUSIP number: *]                    Certificate No.
[        ] 
 ISIN
No.:    [        ][Insert for a “restricted” ISIN number: *] 

Maxeon Solar Technologies, Ltd., a company incorporated in Singapore, for value received, promises to pay to [Cede & Co.], or its
registered assigns, the principal sum of [        ] dollars ($[        ]) [(as revised by the attached Schedule of Exchanges of Interests in the Global
Note)]† on July 15, 2025 and to pay interest thereon, as provided in the Indenture referred to below, until the
principal and all accrued and unpaid interest are paid or duly provided for. 
 Interest Payment
Dates:            January 15 and July 15 of each year, commencing on [date]. 

Regular Record Dates:              January 1 and July 1. 

Additional provisions of this Note are set forth on the other side of this Note. 

[The Remainder of This Page Intentionally Left Blank; Signature Page Follows] 

 
  

 

	* 	 This Note will be deemed to be identified by CUSIP No.
[        ] and ISIN No. [        ] from and after such time when the Company delivers, pursuant to Section 2.12 of the within-mentioned Indenture,
written notice to the Trustee of the deemed removal of the Restricted Note Legend affixed to this Note. 

	† 	 Insert bracketed language for Global Notes only. 

  
 A-1 

 IN WITNESS WHEREOF, Maxeon Solar Technologies, Ltd. has caused this instrument to be
duly executed as of the date set forth below. 
  

							
		 		  	MAXEON SOLAR TECHNOLOGIES, LTD.
				
	Date:	 	  
	  	By:	  	  

		 		  		  	Name:
		 		  		  	Title:

  
 A-2 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

Deutsche Bank Trust Company Americas, as Trustee, certifies that this is one of the Notes referred to in the within-mentioned Indenture. 

 

							
	Date:	 	  
	  	By:	  	  

		 		  		  	Authorized Signatory

  
 A-3 

 Maxeon Solar Technologies, Ltd. 

6.50% Green Convertible Senior Note due 2025 

This Note is one of a duly authorized issue of notes of Maxeon Solar Technologies, Ltd., a company incorporated in Singapore (the
“Company”), designated as its 6.50% Green Convertible Senior Notes due 2025 (the “Notes”), all issued or to be issued pursuant to an indenture, dated as of July 17, 2020 (as the same may be amended from time to
time, the “Indenture”), between the Company and Deutsche Bank Trust Company Americas, as trustee. Capitalized terms used in this Note without definition have the respective meanings ascribed to them in the Indenture. 

The Indenture sets forth the rights and obligations of the Company, the Trustee and the Holders and the terms of the Notes. Notwithstanding
anything to the contrary in this Note, to the extent that any provision of this Note conflicts with the provisions of the Indenture, the provisions of the Indenture will control. 

1.    Interest. This Note will accrue interest at a rate and in the manner set forth in Section 2.05 of the
Indenture. Stated Interest on this Note will begin to accrue from, and including, [date]. 

2.    Maturity. This Note will mature on July 15, 2025, unless earlier repurchased, redeemed or converted.

 3.    Method of Payment. Cash amounts due on this Note will be paid in the manner set forth in
Section 2.04 of the Indenture. 
 4.    Persons Deemed Owners. The Holder of this Note will be treated as
the owner of this Note for all purposes. 
 5.    Denominations; Transfers and Exchanges. All Notes will be in
registered form, without coupons, in principal amounts equal to any Authorized Denominations. Subject to the terms of the Indenture, the Holder of this Note may transfer or exchange this Note by presenting it to the Registrar and delivering any
required documentation or other materials. 
 6.    Right of Holders to Require the Company to Repurchase Notes upon
a Fundamental Change. If a Fundamental Change occurs, then each Holder will have the right to require the Company to repurchase such Holder’s Notes (or any portion thereof in an Authorized Denomination) for cash in the manner, and subject
to the terms, set forth in Section 4.02 of the Indenture. 
 7.    Redemption of the Notes. The Notes will
be subject to Redemption for cash in the manner, and subject to the terms, set forth in Section 4.03 and Section 4.04 of the Indenture. 

8.    Conversion. The Holder of this Note may convert this Note into Conversion Consideration in the manner, and
subject to the terms, set forth in Article 5 of the Indenture. 

  
 A-4 

 9.    When the Company May Merge, Etc. Article 6 of the Indenture
places certain restrictions on the Company’s ability to be a party to a Business Combination Event. 

10.    Defaults and Remedies. If an Event of Default occurs, then the principal amount of, and all accrued and
unpaid interest on, all of the Notes then outstanding may (and, in certain circumstances, will automatically) become due and payable in the manner, and subject to the terms, set forth in Article 7 of the Indenture. 

11.    Amendments, Supplements and Waivers. The Company and the Trustee may amend or supplement the Indenture or
the Notes or waive compliance with any provision of the Indenture or the Notes in the manner, and subject to the terms, set forth in Section 7.05 and Article 8 of the Indenture. 

12.    No Personal Liability of Directors, Officers, Employees and Shareholders. No past, present or future
director, officer, employee, incorporator or shareholder of the Company, as such, will have any liability for any obligations of the Company under the Indenture or the Notes or for any claim based on, in respect of, or by reason of, such obligations
or their creation. By accepting any Note, each Holder waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. 

13.    Authentication. No Note will be valid until it is authenticated by the Trustee. A Note will be deemed to be
duly authenticated only when an authorized signatory of the Trustee (or a duly appointed authenticating agent) manually or electronically signs the certificate of authentication of such Note. 

14.    Abbreviations. Customary abbreviations may be used in the name of a Holder or its assignee, such as TEN COM
(tenants in common), TEN ENT (tenants by the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (custodian), and U/G/M/A (Uniform Gift to Minors Act). 

15.    Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 * * * 

To request a copy of the Indenture, which the Company will provide to any Holder at no charge, please send a written request to the following
address: 
 Maxeon Solar Technologies, Ltd. 

8 Marina Boulevard, #05-02 

Marina Bay Financial Centre 

018981, Singapore 
 Attention:
General Counsel 

  
 A-5 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 
 INITIAL PRINCIPAL AMOUNT OF THIS GLOBAL NOTE:
$[        ] 
 The following exchanges, transfers or cancellations of this Global Note have been made: 

 

							
	 Date
	 	 Amount of Increase
(Decrease) in
Principal Amount
of
this Global Note
	 	 Principal Amount of
this Global Note
After Such
Increase
(Decrease)
	  	 Signature of
Authorized
Signatory of
Trustee

				
	                	 	                	 	                	  	                    
	  
	 	  
	 	  
	  	  

				
		 		 		  	
	  
	 	  
	 	  
	  	  

				
		 		 		  	
	  
	 	  
	 	  
	  	  

				
		 		 		  	
	  
	 	  
	 	  
	  	  

				
		 		 		  	
	  
	 	  
	 	  
	  	  

				
		 		 		  	
	  
	 	  
	 	  
	  	  

				
		 		 		  	
	  
	 	  
	 	  
	  	  

				
		 		 		  	
	  
	 	  
	 	  
	  	  

				
		 		 		  	
	  
	 	  
	 	  
	  	  

				
		 		 		  	
	  
	 	  
	 	  
	  	  

				
		 		 		  	
	  
	 	  
	 	  
	  	  

				
		 		 		  	
	  
	 	  
	 	  
	  	  

				
		 		 		  	
	  
	 	  
	 	  
	  	  

				
		 		 		  	
	  
	 	  
	 	  
	  	  

  
  

	* 	 Insert for Global Notes only. 

  
 A-6 

 CONVERSION NOTICE 

Maxeon Solar Technologies, Ltd. 

6.50% Green Convertible Senior Notes due 2025 

Subject to the terms of the Indenture, by executing and delivering this Conversion Notice, the undersigned Holder of the Note identified below directs the
Company to convert (check one): 
  

	☐	 the entire principal amount of 

 

	☐	 $                *
aggregate principal amount of 

 the Note identified by CUSIP No.
                 and Certificate No.
                . 
 The undersigned
acknowledges that if the Conversion Date of a Note to be converted is after a Regular Record Date and before the next Interest Payment Date, then such Note, when surrendered for conversion, must, in certain circumstances, be accompanied with an
amount of cash equal to the interest that would have accrued on such Note to, but excluding, such Interest Payment Date. 
  

					
	Date:                                     
                                        	 		 	  

		 		 	(Legal Name of Holder)

							
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
			
		 		 	Signature Guaranteed:
			
		 		 	  

		 		 	 Participant in a Recognized Signature

Guarantee Medallion Program

		 		 	By:	 	  

		 		 		 	Authorized Signatory

  
  

	*	 Must be an Authorized Denomination. 

  
 A-7 

 FUNDAMENTAL CHANGE REPURCHASE NOTICE 

Maxeon Solar Technologies, Ltd. 

6.50% Green Convertible Senior Notes due 2025 

Subject to the terms of the Indenture, by executing and delivering this Fundamental Change Repurchase Notice, the undersigned Holder of the Note identified
below is exercising its Fundamental Change Repurchase Right with respect to (check one): 
  

	☐	 the entire principal amount of 

 

	☐	 $                *
aggregate principal amount of 

 the Note identified by CUSIP No.
                 and Certificate No.
                . 
 The undersigned
acknowledges that this Note, duly endorsed for transfer, must be delivered to the Paying Agent before the Fundamental Change Repurchase Price will be paid. 
  

					
	Date:                                     
                                        	 		 	  

		 		 	(Legal Name of Holder)

							
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
			
		 		 	Signature Guaranteed:
			
		 		 	  

		 		 	 Participant in a Recognized Signature

Guarantee Medallion Program

		 		 	By:	 	  

		 		 		 	Authorized Signatory

  

	*	 Must be an Authorized Denomination. 

  
 A-8 

 ASSIGNMENT FORM 

Maxeon Solar Technologies, Ltd. 

6.50% Green Convertible Senior Notes due 2025 

Subject to the terms of the Indenture, the undersigned Holder of the within Note assigns to: 

 

					
	Name:	  	  
	  	                                    
        
			
	Address:	  	  
	  	
			
	Social security or tax identification number:	  	  
	  	

 the within Note and all rights thereunder irrevocably appoints: 

as agent to transfer the within Note on the books of the Company. The agent may substitute another to act for him/her. 

 

					
	Date:                                     
                                        	 		 	  

		 		 	(Legal Name of Holder)

							
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
			
		 		 	Signature Guaranteed:
			
		 		 	  

		 		 	 Participant in a Recognized Signature

Guarantee Medallion Program

		 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 A-9 

 TRANSFEROR ACKNOWLEDGMENT 

If the within Note bears a Restricted Note Legend, the undersigned further certifies that (check one): 

 

	1. ☐	 Such Transfer is being made to the Company or a Subsidiary of the Company. 

 

	2. ☐	 Such Transfer is being made pursuant to, and in accordance with, a registration statement that is effective
under the Securities Act at the time of the Transfer. 

  

	3. ☐	 Such Transfer is being made pursuant to, and in accordance with, Rule 144A under the Securities Act, and,
accordingly, the undersigned further certifies that the within Note is being transferred to a Person that the undersigned reasonably believes is purchasing the within Note for its own account, or for one or more accounts with respect to which such
Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act in a transaction meeting the requirements of Rule 144A. If
this item is checked, then the transferee must complete and execute the acknowledgment contained on the next page. 

  

	4. ☐	 Such Transfer is being made pursuant to, and in accordance with, any other available exemption from the
registration requirements of the Securities Act (including, if available, the exemption provided by Rule 144 under the Securities Act). 

  

			
	Dated:	 	  

			
	
	      

	(Legal Name of Holder)
		
	By:	 	  

		 	Name:
		 	Title:
	
	Signature Guaranteed:
	
	  

	 Participant in a Recognized Signature

Guarantee Medallion Program

	By:	 	  

		 	Authorized Signatory

  

  
 A-10 

 TRANSFEREE ACKNOWLEDGMENT 

The undersigned represents that it is purchasing the within Note for its own account, or for one or more accounts with respect to which the undersigned
exercises sole investment discretion, and that and the undersigned and each such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act. The undersigned acknowledges that the transferor is
relying, in transferring the within Note on the exemption from the registration and prospectus-delivery requirements of the Securities Act of 1933, as amended, provided by Rule 144A and that the undersigned has received such information regarding
the Company as the undersigned has requested pursuant to Rule 144A. 
  

			
	Dated:	 	      

			
	
	      

	(Name of Transferee)
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-11 

 EXHIBIT B-1 

FORM OF RESTRICTED NOTE LEGEND 
 THE OFFER
AND SALE OF THIS NOTE AND THE ORDINARY SHARES, IF ANY, ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 
  

	(1)	 REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER”
(WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT; AND 

  

	(2)	 AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL OR OTHERWISE TRANSFER THIS NOTE OR ANY
BENEFICIAL INTEREST HEREIN, EXCEPT ONLY: 

  

	 	(A)	 TO THE COMPANY OR ANY SUBSIDIARY THEREOF; 

 

	 	(B)	 PURSUANT TO A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT; 

 

	 	(C)	 TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT;

  

	 	(D)	 PURSUANT TO RULE 144 UNDER THE SECURITIES ACT; OR 

 

	 	(E)	 PURSUANT TO ANY OTHER EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. 

 BEFORE THE REGISTRATION OF ANY SALE OR TRANSFER IN ACCORDANCE WITH (2)(C), (D) OR (E) ABOVE, THE COMPANY, THE
TRUSTEE AND THE REGISTRAR RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH CERTIFICATES OR OTHER DOCUMENTATION OR EVIDENCE AS THEY MAY REASONABLY REQUIRE IN ORDER TO DETERMINE THAT THE PROPOSED SALE OR TRANSFER IS BEING MADE IN COMPLIANCE WITH THE
SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.* 
  
  

	*	 This paragraph and the immediately preceding paragraph will be deemed to be removed from the face of this Note
at such time when the Company delivers written notice to the Trustee of such deemed removal pursuant to Section 2.12 of the within-mentioned Indenture. 

  
 B1-1 

 EXHIBIT B-2 

FORM OF GLOBAL NOTE LEGEND 
 THIS IS A
GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS THE OWNER AND HOLDER OF
THIS NOTE FOR ALL PURPOSES. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE WILL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC, OR
TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE WILL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN ARTICLE 2 OF THE INDENTURE HEREINAFTER REFERRED TO. 

  
 B2-1 

 EXHIBIT B-3 

FORM OF NON-AFFILIATE LEGEND 

NO AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT OF 1933, AS AMENDED) OF THE COMPANY MAY PURCHASE OR OTHERWISE ACQUIRE THIS NOTE OR ANY
BENEFICIAL INTEREST HEREIN. 

  
 B3-1

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