Document:

Amended and Restated Credit Agreement

 Exhibit 10.1 

 
  

 
 Published CUSIP No: 

Revolving Credit Loans: [    ] 
 AMENDED AND RESTATED CREDIT AGREEMENT 
 Dated as of May 13, 2008 

Amended and Restated as of December 24, 2012 
 among 
 CLEAR CHANNEL COMMUNICATIONS, INC., 

as Parent Borrower, 
 the Several Subsidiary Borrowers party hereto, 
 CLEAR CHANNEL CAPITAL I, LLC,

 as Holdings, 
 CITIBANK, N.A., 
 as Administrative Agent and L/C Issuer, 

CITICORP NORTH AMERICA, INC., 
 as Swing Line Lender 
 GOLDMAN SACHS BANK USA and 

DEUTSCHE BANK AG, NEW YORK BRANCH, 
 as L/C Issuers, 
 and 

THE OTHER LENDERS PARTY HERETO 
  

 
 DEUTSCHE BANK
SECURITIES, INC., 
 and 
 CREDIT SUISSE SECURITIES (USA) LLC, 
 as Syndication Agents, 

MORGAN STANLEY SENIOR FUNDING, INC., 
 and 
 WELLS FARGO CAPITAL FINANCE, LLC, 

as Co-Documentation Agents, 
 CITIGROUP GLOBAL MARKETS INC. and 
 GOLDMAN SACHS BANK USA, 

as Joint Lead Arrangers and Joint Bookrunners 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	DEFINITIONS AND ACCOUNTING TERMS	  
			
	SECTION 1.01.	 	 Defined Terms
	  	 	1	 
	SECTION 1.02.	 	 Other Interpretive Provisions
	  	 	46	 
	SECTION 1.03.	 	 Accounting Terms
	  	 	46	 
	SECTION 1.04.	 	 Rounding
	  	 	47	 
	SECTION 1.05.	 	 References to Agreements, Laws, Etc.
	  	 	47	 
	SECTION 1.06.	 	 Times of Day
	  	 	47	 
	SECTION 1.07.	 	 Pro Forma Calculations
	  	 	47	 
	SECTION 1.08.	 	 Currency Equivalents Generally
	  	 	48	 
	
	ARTICLE II	  
	
	THE COMMITMENTS AND CREDIT EXTENSIONS	  
			
	SECTION 2.01.	 	 The Loans
	  	 	48	 
	SECTION 2.02.	 	 Borrowings, Conversions and Continuations of Loans
	  	 	50	 
	SECTION 2.03.	 	 Letters of Credit
	  	 	51	 
	SECTION 2.04.	 	 Swing Line Loans
	  	 	58	 
	SECTION 2.05.	 	 Prepayments
	  	 	60	 
	SECTION 2.06.	 	 Termination or Reduction of Commitments
	  	 	62	 
	SECTION 2.07.	 	 Repayment of Loans
	  	 	62	 
	SECTION 2.08.	 	 Interest
	  	 	63	 
	SECTION 2.09.	 	 Fees
	  	 	63	 
	SECTION 2.10.	 	 Computation of Interest and Fees
	  	 	63	 
	SECTION 2.11.	 	 Evidence of Indebtedness
	  	 	64	 
	SECTION 2.12.	 	 Payments Generally
	  	 	64	 
	SECTION 2.13.	 	 Sharing of Payments
	  	 	65	 
	SECTION 2.14.	 	 Incremental Credit Extensions
	  	 	66	 
	SECTION 2.15.	 	 Reserves
	  	 	67	 
	SECTION 2.16.	 	 Defaulting Lenders
	  	 	67	 
	
	ARTICLE III	  
	
	TAXES, INCREASED COSTS PROTECTION AND ILLEGALITY	  
			
	SECTION 3.01.	 	 Taxes
	  	 	68	 
	SECTION 3.02.	 	 Illegality
	  	 	71	 
	SECTION 3.03.	 	 Inability to Determine Rates
	  	 	71	 
	SECTION 3.04.	 	 Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurocurrency Rate Loans
	  	 	72	 
	SECTION 3.05.	 	 Funding Losses
	  	 	73	 
	SECTION 3.06.	 	 Matters Applicable to All Requests for Compensation
	  	 	73	 
	SECTION 3.07.	 	 Replacement of Lenders Under Certain Circumstances
	  	 	74	 
	SECTION 3.08.	 	 Survival
	  	 	74	 

  
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	 	 	 	  	Page	 
	
	ARTICLE IV	  
	
	CONDITIONS PRECEDENT TO CREDIT EXTENSIONS	 
			
	SECTION 4.01.	 	 Existing Credit Agreement
	  	 	74	 
	SECTION 4.02.	 	 Conditions to Initial Credit Extension
	  	 	75	 
	SECTION 4.03.	 	 Conditions to Subsequent Credit Extensions
	  	 	75	 
	
	ARTICLE V	  
	
	REPRESENTATIONS AND WARRANTIES	 
			
	SECTION 5.01.	 	 Existence, Qualification and Power; Compliance with Laws
	  	 	75	 
	SECTION 5.02.	 	 Authorization; No Contravention
	  	 	76	 
	SECTION 5.03.	 	 Governmental Authorization
	  	 	76	 
	SECTION 5.04.	 	 Binding Effect
	  	 	76	 
	SECTION 5.05.	 	 Financial Statements; No Material Adverse Effect
	  	 	76	 
	SECTION 5.06.	 	 Litigation
	  	 	77	 
	SECTION 5.07.	 	 Labor Matters
	  	 	77	 
	SECTION 5.08.	 	 Ownership of Property; Liens
	  	 	77	 
	SECTION 5.09.	 	 Environmental Matters
	  	 	77	 
	SECTION 5.10.	 	 Taxes
	  	 	78	 
	SECTION 5.11.	 	 ERISA Compliance, Etc.
	  	 	78	 
	SECTION 5.12.	 	 Subsidiaries
	  	 	78	 
	SECTION 5.13.	 	 Margin Regulations; Investment Company Act
	  	 	79	 
	SECTION 5.14.	 	 Disclosure
	  	 	79	 
	SECTION 5.15.	 	 Intellectual Property; Licenses, Etc.
	  	 	79	 
	SECTION 5.16.	 	 Solvency
	  	 	79	 
	SECTION 5.17.	 	 Subordination of Junior Financing
	  	 	79	 
	SECTION 5.18.	 	 Special Representations Relating to FCC Authorizations, Etc.
	  	 	79	 
	
	ARTICLE VI	  
	
	AFFIRMATIVE COVENANTS	 
			
	SECTION 6.01.	 	 Financial Statements and Borrowing Base Certificates
	  	 	80	 
	SECTION 6.02.	 	 Certificates; Other Information
	  	 	82	 
	SECTION 6.03.	 	 Notices
	  	 	84	 
	SECTION 6.04.	 	 Payment of Obligations
	  	 	84	 
	SECTION 6.05.	 	 Preservation of Existence, Etc.
	  	 	85	 
	SECTION 6.06.	 	 Maintenance of Properties
	  	 	85	 
	SECTION 6.07.	 	 Maintenance of Insurance
	  	 	85	 
	SECTION 6.08.	 	 Compliance with Laws
	  	 	85	 
	SECTION 6.09.	 	 Books and Records
	  	 	85	 
	SECTION 6.10.	 	 Inspection Rights
	  	 	85	 
	SECTION 6.11.	 	 Additional Borrowers, Guarantors and Obligations to Give Security
	  	 	86	 
	SECTION 6.12.	 	 Compliance with Environmental Laws
	  	 	87	 
	SECTION 6.13.	 	 Further Assurances
	  	 	87	 
	SECTION 6.14.	 	 Designation of Subsidiaries
	  	 	87	 
	SECTION 6.15.	 	 Cash Management Systems
	  	 	88	 
	SECTION 6.16.	 	 License Subsidiaries
	  	 	90	 

  
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	 	 	 	  	Page	 
	
	ARTICLE VII	  
	
	NEGATIVE COVENANTS	 
			
	SECTION 7.01.	 	 Liens
	  	 	90	 
	SECTION 7.02.	 	 Investments
	  	 	94	 
	SECTION 7.03.	 	 Indebtedness
	  	 	97	 
	SECTION 7.04.	 	 Fundamental Changes
	  	 	101	 
	SECTION 7.05.	 	 Dispositions
	  	 	102	 
	SECTION 7.06.	 	 Restricted Payments
	  	 	104	 
	SECTION 7.07.	 	 Change in Nature of Business
	  	 	107	 
	SECTION 7.08.	 	 Transactions with Affiliates
	  	 	107	 
	SECTION 7.09.	 	 Burdensome Agreements
	  	 	109	 
	SECTION 7.10.	 	 Use of Proceeds
	  	 	110	 
	SECTION 7.11.	 	 Accounting Changes
	  	 	110	 
	SECTION 7.12.	 	 Prepayments, Etc. of Indebtedness
	  	 	110	 
	SECTION 7.13.	 	 Equity Interests of Certain Restricted Subsidiaries and Unrestricted Subsidiaries
	  	 	111	 
	SECTION 7.14.	 	 Financial Covenant
	  	 	111	 
	
	ARTICLE VIII	  
	
	EVENTS OF DEFAULT AND REMEDIES	 
			
	SECTION 8.01.	 	 Events of Default
	  	 	111	 
	SECTION 8.02.	 	 Remedies upon Event of Default
	  	 	113	 
	SECTION 8.03.	 	 Application of Funds
	  	 	114	 
	SECTION 8.04.	 	 Right to Cure
	  	 	115	 
	
	ARTICLE IX	  
	
	ADMINISTRATIVE AGENT AND OTHER AGENTS	 
			
	SECTION 9.01.	 	 Appointment and Authorization of the Administrative Agent
	  	 	115	 
	SECTION 9.02.	 	 Delegation of Duties
	  	 	116	 
	SECTION 9.03.	 	 Liability of Agents
	  	 	116	 
	SECTION 9.04.	 	 Reliance by the Administrative Agent
	  	 	117	 
	SECTION 9.05.	 	 Notice of Default
	  	 	117	 
	SECTION 9.06.	 	 Credit Decision; Disclosure of Information by Agents
	  	 	118	 
	SECTION 9.07.	 	 Indemnification of Agents
	  	 	118	 
	SECTION 9.08.	 	 Withholding Tax
	  	 	118	 
	SECTION 9.09.	 	 Agents in Their Individual Capacities
	  	 	119	 
	SECTION 9.10.	 	 Successor Administrative Agent
	  	 	120	 
	SECTION 9.11.	 	 Administrative Agent May File Proofs of Claim
	  	 	120	 
	SECTION 9.12.	 	 Collateral and Guaranty Matters
	  	 	121	 
	SECTION 9.13.	 	 Other Agents; Arrangers and Managers
	  	 	122	 
	SECTION 9.14.	 	 Appointment of Supplemental Administrative Agents
	  	 	122	 
	SECTION 9.15.	 	 Intercreditor Agreement
	  	 	122	 
	
	ARTICLE X	  
	
	MISCELLANEOUS	 
			
	SECTION 10.01.	 	 Amendments, Etc.
	  	 	123	 
	SECTION 10.02.	 	 Notices and Other Communications; Facsimile Copies
	  	 	124	 
	SECTION 10.03.	 	 No Waiver; Cumulative Remedies
	  	 	125	 

  
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	 	 	 	  	Page	 
			
	SECTION 10.04.	 	 Attorney Costs and Expenses
	  	 	125	 
	SECTION 10.05.	 	 Indemnification by the Borrowers
	  	 	126	 
	SECTION 10.06.	 	 Payments Set Aside
	  	 	127	 
	SECTION 10.07.	 	 Successors and Assigns
	  	 	127	 
	SECTION 10.08.	 	 Confidentiality
	  	 	130	 
	SECTION 10.09.	 	 Treatment of Information
	  	 	131	 
	SECTION 10.10.	 	 Setoff
	  	 	131	 
	SECTION 10.11.	 	 Interest Rate Limitation
	  	 	132	 
	SECTION 10.12.	 	 Counterparts
	  	 	132	 
	SECTION 10.13.	 	 Integration
	  	 	132	 
	SECTION 10.14.	 	 Survival of Representations and Warranties
	  	 	132	 
	SECTION 10.15.	 	 Severability
	  	 	132	 
	SECTION 10.16.	 	 GOVERNING LAW
	  	 	133	 
	SECTION 10.17.	 	 WAIVER OF RIGHT TO TRIAL BY JURY
	  	 	133	 
	SECTION 10.18.	 	 Binding Effect
	  	 	133	 
	SECTION 10.19.	 	 Judgment Currency
	  	 	134	 
	SECTION 10.20.	 	 Lender Action
	  	 	134	 
	SECTION 10.21.	 	 USA PATRIOT Act
	  	 	134	 
	SECTION 10.22.	 	 No Advisory or Fiduciary Responsibility
	  	 	134	 
	SECTION 10.23.	 	 No Personal Liability
	  	 	135	 
	SECTION 10.24.	 	 FCC
	  	 	135	 
	SECTION 10.25.	 	 Joint and Several Liability
	  	 	135	 
	SECTION 10.26.	 	 Contribution and Indemnification Among the Loan Parties
	  	 	136	 
	SECTION 10.27.	 	 Agency of the Parent Borrower for Each Other Borrower
	  	 	136	 
	SECTION 10.28.	 	 Reinstatement
	  	 	136	 
	SECTION 10.29.	 	 Express Waivers by Borrowers in Respect of Cross-Guaranties and Cross-Collateralization
	  	 	137	 

  

			
	SCHEDULES1	  	
		
	1.01A	  	Subsidiary Borrowers
	1.01B	  	[Reserved]
	1.01C	  	Certain Security Interests and Guarantees
	1.01D	  	NCR Stations
	1.01E	  	[Reserved]
	1.01F	  	Revolving Credit Commitments
	5.11(b)	  	ERISA
	5.12	  	Subsidiaries and Other Equity Investments
	5.18	  	Broadcast Licenses
	6.11(b)	  	Post-Closing Collateral
	6.15(a)	  	Deposit Accounts
	6.15(b)	  	Blocked Accounts
	7.01(b)	  	Existing Liens
	7.02(g)	  	Existing Investments
	7.03(b)	  	Existing Indebtedness
	7.05(o)	  	Specified Dispositions
	7.05(p)	  	Other Specified Dispositions
	7.08	  	Transactions with Affiliates
	7.09	  	Existing Restrictions
	10.02	  	Administrative Agent’s Office, Certain Addresses for Notices

  

	1 	 Other than with respect to Schedule 1.01F, the schedules to the Existing Credit Agreement will continue to be the schedules referenced in this
Agreement. 

  
 -iv-

			
	EXHIBITS2	  	
		
	A	  	Form of Committed Loan Notice
	B	  	Form of Swing Line Loan Notice
	C	  	Form of Revolving Credit Note
	D	  	Form of Compliance Certificate
	E	  	Form of Assignment and Assumption
	F-1	  	Form of Amended and Restated Holdings Guarantee Agreement
	F-2	  	Form of Amended and Restated U.S. Guarantee Agreement
	G	  	Form of Amended and Restated ABL Receivables Pledge and Security Agreement
	H	  	[Reserved]
	I	  	Form of Amended and Restated Intercreditor Agreement
	J	  	Form of Joinder Agreement
	K	  	Form of Borrowing Base Certificate
	L	  	Form of Foreign Lender Certification

  

	2 	 Other than Exhibits F-1, F-2 and H, the exhibits to the Existing Credit Agreement will continue to be the exhibits referenced in this Agreement.

  
 -v-

 AMENDED AND RESTATED CREDIT AGREEMENT 

This AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”) is entered into as of December 24, 2012 among CLEAR
CHANNEL COMMUNICATIONS, INC., a Texas corporation (“Parent Borrower”), the Subsidiary Borrowers (as defined below) from time to time party hereto (together with the Parent Borrower, the “Borrowers”), CLEAR CHANNEL
CAPITAL I, LLC, a Delaware limited liability company (“Holdings”), CITIBANK, N.A., as Administrative Agent and L/C Issuer, CITICORP NORTH AMERICA, INC., as Swing Line Lender, GOLDMAN SACHS BANK USA and DEUTSCHE BANK AG, NEW YORK
BRANCH, as L/C Issuers, and each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”). 
 PRELIMINARY STATEMENTS 
 WHEREAS, a revolving credit facility exists in
favor of the Borrowers pursuant to the terms of that Credit Agreement, dated as of May 13, 2008, among the Borrowers, Holdings, the lenders from time to time party thereto and Citibank, N.A., as Administrative Agent, Swing Line Lender and L/C
Issuer (the “Existing Credit Agreement”); 
 WHEREAS, the parties to the Restatement Agreement wish to amend
and restate the Existing Credit Agreement in the form of this Agreement; 
 WHEREAS, the Borrowers have requested that the
Lenders extend credit in the form of a Revolving Credit Facility to the Borrowers, which may include one or more Letters of Credit from time to time and one or more Swing Line Loans from time to time; 

WHEREAS, proceeds of Revolving Credit Loans and Swing Line Loans made on or after the A&R Closing Date and Letters of Credit will be
used for (i) working capital needs of the Borrowers and their Subsidiaries, (ii) other general corporate purposes of the Borrowers and their Subsidiaries, and (iii) any other purpose not prohibited by this Agreement, including
Restricted Payments and repayments of the Retained Existing Notes on their respective maturity dates; and 
 WHEREAS, this
Agreement is given in replacement of and substitution for the Existing Credit Agreement. 
 NOW THEREFORE, the applicable
Lenders have indicated their willingness to lend, and the L/C Issuers have indicated their willingness to issue Letters of Credit, in each case, on the terms and subject to the conditions set forth herein. Accordingly, in consideration of the mutual
covenants and agreements herein contained, the parties hereto covenant and agree as follows: 
 ARTICLE I 

Definitions and Accounting Terms 
 SECTION 1.01. Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 
 “A&R Closing Date” means December 24, 2012. 

“A&R Transactions” means (a) the consummation of the transactions contemplated by this Agreement and
(b) the payment of the fees and expenses incurred in connection with any of the foregoing. 
 “Accommodation
Payment” has the meaning specified in Section 10.26. 
 “Account” has the meaning assigned to
such term in the Security Agreement. 

 “Account Debtor” means any Person obligated on an Account. 

“Activities” has the meaning specified in Section 9.09(b). 

“Additional Lender” has the meaning specified in Section 2.14(a). 

“Adjustment Date” means the first day of each fiscal quarter, commencing on the Initial Adjustment Date. 

“Administrative Agent” means Citibank, in its capacity as administrative agent and collateral agent under the Loan
Documents, or any successor administrative agent and collateral agent. 
 “Administrative Agent’s Office”
means, with respect to any currency, the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.02 with respect to such currency, or such other address or account with respect to such currency as the
Administrative Agent may from time to time notify the Parent Borrower on behalf of the Borrowers and the Lenders. 

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

 “Affiliate” means, with respect to any Person, another Person that directly, or indirectly through one or
more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. “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. For the avoidance of doubt, none of the Arrangers, the Agents, their
respective lending affiliates or any entity acting as an L/C Issuer hereunder shall be deemed to be an Affiliate of Holdings, the Parent Borrower or any of their respective Subsidiaries. 

“Agent-Related Persons” means the Agents, together with their respective Affiliates, and the officers, directors,
employees, agents and attorneys-in-fact of such Persons and Affiliates. 
 “Agent’s Group” has the meaning
specified in Section 9.09(b). 
 “Agents” means, collectively, the Administrative Agent, the Syndication
Agents, the Co-Documentation Agents and the Supplemental Administrative Agents (if any) and the Arrangers. 
 “Aggregate
Commitments” means the Commitments of all the Lenders. 
 “Agreement” means this Amended and Restated
Credit Agreement, as amended, restated, modified or supplemented from time to time in accordance with the terms hereof. 

“Agreement Currency” has the meaning specified in Section 10.19. 

“Allocable Amount” has the meaning specified in Section 10.26. 

“Aloha Trust” means The Aloha Trust Station Trust, LLC, a Delaware limited liability company. 

“Alternative Currency” means Euros, Sterling, Canadian Dollars and each other currency (other than Dollars) that is
approved by the Administrative Agent and the L/C Issuers in their sole discretion. 
 “Alternative Currency
Equivalent” means, at any time, with respect to any amount denominated in Dollars, the equivalent amount thereof in the applicable Alternative Currency as determined by the Administrative Agent and the applicable L/C Issuers at such time on
the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of such Alternative Currency with Dollars. 

 “Alternative Currency Letter of Credit” means any Letter of Credit
denominated in an Alternative Currency. 
 “Alternative Currency L/C Obligations” means any L/C Obligations
arising from an Alternative Currency Letter of Credit. 
 “Alternative Currency L/C Sublimit” means an amount
equal to $100,000,000. 
 “Amendment No. 3” means Amendment No. 3 to the Existing Credit Agreement
dated as of February 15, 2011. 
 “Amendment No. 3 Effectiveness Date” has the meaning assigned to
such term in Amendment No. 3. 
 “Annual Financial Statements” means the consolidated balance sheets of
the Parent Borrower as of each of December 31, 2007, 2006 and 2005, and the related consolidated statements of income, stockholders’ equity and cash flows for the Parent Borrower for the fiscal years then ended. 

“Applicable Rate” means, with respect to Revolving Credit Loans, unused Revolving Credit Commitments and Letter of
Credit fees, a percentage per annum equal to (i) from and after the A&R Closing Date until April 1, 2013 (the “Initial Adjustment Date”), (x) with respect to Revolving Credit Loans and Letter of Credit Fees,
(A) for Eurocurrency Rate Loans, 1.75%, (B) for Base Rate Loans, 0.75%, and (C) for Letter of Credit fees, 1.75% and (y) with respect to unused Revolving Credit Commitments, a percentage per annum equal to 0.375%, and
(ii) from and after the Initial Adjustment Date until the next Adjustment Date and on each Adjustment Date thereafter, (x) with respect to Revolving Credit Loans and Letter of Credit Fees, the following percentages per annum, based upon
the Average Daily Excess Availability for the most recently ended fiscal quarter immediately preceding such Adjustment Date, as calculated by the Administrative Agent as of the last day of such fiscal quarter: 

 

											
	 	  	Applicable Rate	 
	 Pricing Level
	  	Average Daily Excess Availability	  	Eurocurrency
Rate and
Letter of
Credit Fees	 	 	Base Rate	 
	 1
	  	<$183,000,000	  	 	2.00	% 	 	 	1.00	% 
	 2
	  	3$183,000,000 but <$367,000,000	  	 	1.75	% 	 	 	0.75	% 
	 3
	  	3$367,000,000	  	 	1.50	% 	 	 	0.50	% 

 and (y) with respect to unused Revolving Credit Commitments, a percentage per annum equal to the following
percentages per annum, based upon the Average Revolving Loan Utilization for the most recently ended fiscal quarter immediately preceding such Adjustment Date, as calculated by the Administrative Agent as of the last day of such fiscal quarter:

  

							
	 	 	Applicable Rate	 
	 Pricing Level
	  	Average Revolving Loan Utilization	 	Commitment Fee	 
	 1
	  	Less than or equal to 50%	 	 	0.375	% 
	 2
	  	Greater than 50%	 	 	0.25	% 

 Any increase or decrease in the Applicable Rate on an Adjustment Date shall become effective as of the first Business Day
immediately following such Adjustment Date; provided that if an Event of Default exists, the highest Applicable Rate pertaining to any pricing level shall apply with respect to Commitment Fees. 

Notwithstanding anything to the contrary contained above in this definition or elsewhere in this Agreement, if it is
subsequently determined at any time before the 91st day
after the date on which all Loans have been repaid and all Commitments have been terminated that the information set forth on any Borrowing Base Certificate 

 
delivered to the Administrative Agent is inaccurate for any reason and the result thereof is that the Lenders received interest or fees for any period based on an Applicable Rate that is less
than that which would have been applicable had the Borrowing Base Certificate been accurately determined, then, for all purposes of this Agreement, the “Applicable Rate” for any day occurring within the period covered by such Borrowing
Base Certificate shall retroactively be deemed to be the relevant percentage as based upon the accurately determined Borrowing Base Certificate for such period, and any shortfall in the interest or fees theretofore paid by the Borrowers for the
relevant period pursuant to Sections 2.08(a) and 2.09(a) as a result of the miscalculation of the Borrowing Base Certificate shall be deemed to be (and shall be) due and payable upon the date that is five (5) Business Days after notice by the
Administrative Agent to the Parent Borrower of such miscalculation. If the preceding sentence is complied with the failure to previously pay such interest and fees shall not in and of itself constitute a Default and no amounts shall be payable at
the Default Rate in respect of any such interest or fees. 
 “Applicable Time” means, with respect to any
borrowings and payments in any Alternative Currency, the local time in the place of settlement for such Alternative Currency as may be determined by the Administrative Agent or the L/C Issuer, as the case may be, to be necessary for timely
settlement on the relevant date in accordance with normal banking procedures in the place of payment. 
 “Appropriate
Lender” means, at any time, (a) with respect to Loans of any Class, the Lenders of such Class, (b) with respect to any Letters of Credit, (i) the relevant L/C Issuer and (ii) with respect to any Letters of Credit issued
pursuant to Section 2.03(a)(i), the Lenders and (c) with respect to the Swing Line Facility, (i) the Swing Line Lender and (ii) if any Swing Line Loans are outstanding pursuant to Section 2.04(a), the Lenders. 

“Approved Electronic Communications” means each Communication that any Loan Party is obligated to, or otherwise chooses
to, provide to the Administrative Agent pursuant to any Loan Document or the transactions contemplated therein, including any financial statement, financial and other report, notice, request and certificate; provided, however, that,
solely with respect to delivery of any such Communication by any Loan Party to the Administrative Agent and without limiting or otherwise affecting either the Administrative Agent’s right to effect delivery of such Communication by posting such
Communication to the Platform or the protections afforded hereby to the Administrative Agent in connection with any such posting, “Approved Electronic Communication” shall exclude (i) any notice of borrowing, letter of credit request,
swing loan request, notice of conversion or continuation, and any other notice, demand, communication, information, document and other material relating to a request for a new, or a conversion of an existing, Borrowing, (ii) any notice pursuant
to Section 2.05(a) and any other notice relating to the payment of any principal or other amount due under any Loan Document prior to the scheduled date therefor, (iii) all notices of any Default or Event of Default and (iv) any
notice, demand, communication, information, document and other material required to be delivered to satisfy any of the conditions set forth in Article IV or any other condition to any Borrowing or other extension of credit hereunder or any condition
precedent to the effectiveness of this Agreement. 
 “Approved Fund” means, with respect to any Lender, any
Fund that is administered, advised or managed by (a) such Lender, (b) an Affiliate of such Lender or (c) an entity or an Affiliate of an entity that administers, advises or manages such Lender. 

“Arrangers” means Citigroup Global Markets Inc. and Goldman Sachs Bank USA, each in its capacity as a Joint Lead
Arranger under this Agreement. 
 “Assignees” has the meaning specified in Section 10.07(b). 

“Assignment and Assumption” means an Assignment and Assumption substantially in the form of Exhibit E or any
other form approved by the Administrative Agent. 
 “Assignment Taxes” has the meaning specified in
Section 3.01(f). 
 “Attorney Costs” means all reasonable fees, expenses and disbursements of any law firm
or other external legal counsel. 

 “Attributable Indebtedness” means, on any date, (x) when used with
respect to any Capitalized Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP and (y) when used with respect to any sale-leaseback
transaction, the present value (discounted at a rate equivalent to the Parent Borrower’s then-current weighted average cost of funds for borrowed money as at the time of determination, compounded on a semi-annual basis) of the total obligations
of the lessee for rental payments during the remaining term of the lease included in any such sale-leaseback transaction. 

“Auto-Renewal Letter of Credit” has the meaning specified in Section 2.03(b)(iii). 

“Available Amount” means, at any time (the “Reference Date”), the sum of (without duplication):

 (a) an amount equal to 50% of Consolidated Net Income of the Parent Borrower and the Restricted Subsidiaries
for the Available Amount Reference Period (or, in the case such Consolidated Net Income shall be a negative number, minus 100% of such negative number) provided that the amount in this clause (a) shall only be available if the Total
Leverage Ratio for the Test Period immediately preceding such incurrence calculated on a pro forma basis for any Investments made pursuant to Section 7.02(d)(v), 7.02(j)(B)(ii) or 7.02(p)(ii), any Restricted Payment made pursuant to
Section 7.06(l)(ii) or any repayments, prepayments, redemptions, purchases, defeasance and other payments made pursuant to Sections 7.12(a)(vii)(2), would be less than or equal to 6.8 to 1.0; plus 

(b) [Reserved]; 
 (c) the amount of any cash capital contributions (other than any Cure Amount and any Specified Equity Contribution and other than any amount funded for any cost or expense referenced in clause (a)(vii) of
the definition of “Consolidated EBITDA”) or Net Cash Proceeds from Permitted Equity Issuances (or issuances of debt securities that have been converted into or exchanged for Qualified Equity Interests) (other than the Equity Contribution
(as defined and made pursuant to the terms of the Existing Credit Agreement) and Net Cash Proceeds used to make Restricted Payments pursuant to Section 7.06(f) and any Specified Equity Contribution) received by the Parent Borrower (or any
direct or indirect parent thereof and contributed by such parent as common equity capital to the Parent Borrower) during the period from and including the Business Day immediately following the Original Closing Date through and including the
Reference Date; plus 
 (d) to the extent not (A) included in clause (a) above or
(B) already reflected as a return of capital with respect to such Investment for purposes of determining the amount of such Investment, the aggregate amount of all cash dividends and other cash distributions received by the Parent Borrower or
any Restricted Subsidiary from any Minority Investments or Unrestricted Subsidiaries made or designated by using the Available Amount during the period from and including the Business Day immediately following the Original Closing Date through and
including the Reference Date; plus 
 (e) to the extent not (A) included in clause (a) above or
(B) already reflected as a return of capital with respect to such Investment for purposes of determining the amount of such Investment, the aggregate amount of all cash repayments of principal received by the Parent Borrower or any Restricted
Subsidiary from any Minority Investments or Unrestricted Subsidiaries during the period from and including the Business Day immediately following the Original Closing Date through and including the Reference Date in respect of loans or advances made
by the Parent Borrower or any Restricted Subsidiary to such Minority Investments or Unrestricted Subsidiaries made by using the Available Amount; plus 
 (f) to the extent not (A) included in clause (a) above, (B) already reflected as a return of capital with respect to such Investment for purposes of determining the amount of such
Investment or (C) required to be applied to prepay the CF Facilities in accordance with the CF Credit Agreement, the aggregate amount of all Net Cash Proceeds received by the Parent Borrower or any Restricted Subsidiary in connection with the
sale, transfer or other disposition of its ownership interest in any Minority Investment or Unrestricted Subsidiary that was made by using the Available Amount during the period from and including the Business Day immediately following the Original
Closing Date through and including the Reference Date; minus 

 (g) the aggregate amount of distributions and redemptions by any
Securitization Entity in respect of its Equity Interests of the kind set forth in the definition of “Restricted Payment,” except to the extent such distribution or redemption is received by, or substantially concurrently therewith,
contributed to, the Parent Borrower or a Restricted Subsidiary, in each case during the period commencing on the Original Closing Date and ending on the Reference Date; minus 

(h) the aggregate amount of (A) any Investments made pursuant to Section 7.02(d)(v), Section 7.02(j)(B)(ii)
and Section 7.02(p)(ii), (B) any Restricted Payment made pursuant to Section 7.06(l)(ii), and (C) any repayments, prepayments, redemptions, purchases, defeasance and other payments made pursuant to Section 7.12(a)(vii)(2),
in each case during the period commencing on the Original Closing Date and ending on the Reference Date (and, for purposes of this clause (h), without taking account of the intended usage of the Available Amount on such Reference Date). 

“Available Amount Reference Period” means, with respect to any Reference Date, the period (taken as one accounting
period) commencing on April 1, 2008 and ending on the last day of the most recent fiscal quarter or fiscal year, as applicable, for which financial statements required to be delivered pursuant to Section 6.01(a) or Section 6.01(b),
and the related Compliance Certificate required to be delivered pursuant to Section 6.02(a), have been delivered to the Administrative Agent. 
 “Availability Reserves” means, without duplication of any other reserves or items that are otherwise addressed or excluded through eligibility criteria, such reserves, subject to section
2.15, as the Administrative Agent, in its Permitted Discretion, determines as being appropriate to reflect any impediments to the realization upon the Collateral consisting of Eligible Accounts included in the Borrowing Base (including claims that
the Administrative Agent determines will need to be satisfied in connection with the realization upon such Collateral). 

“Average Daily Excess Availability” shall mean, as of any date of determination, the average daily aggregate Excess
Availability for the immediately preceding fiscal quarter. 
 “Average Revolving Loan Utilization” means, as of
any date of determination, the average daily aggregate Revolving Credit Exposure (excluding any Revolving Credit Exposure resulting from any outstanding Swing Line Loans) for the three-month period immediately preceding such date, divided by the
aggregate Commitments in effect at such time. 
 “Bank Product Reserves” means such reserves as the
Administrative Agent, from time to time after the occurrence and during the continuance of a Cash Dominion Event, determines in its Permitted Discretion, as being appropriate to reflect the reasonably anticipated liabilities and obligations of the
Loan Parties with respect to Secured Cash Management Obligations then provided or outstanding. 
 “Bankruptcy
Code” means title 11 of the United States Code entitled “Bankruptcy” as now or hereafter in effect, or any successor statute. 
 “Base Rate” means for any day a fluctuating rate per annum equal to the higher of (a) the Federal Funds Rate plus 1/2 of 1% and (b) the rate of interest in effect for
such day as publicly announced from time to time by the Administrative Agent as its “prime rate.” The “prime rate” is a rate set by the Administrative Agent based upon various factors including the Administrative Agent’s
costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by the Administrative
Agent shall take effect at the opening of business on the day specified in the public announcement of such change. 

“Base Rate Loan” means a Loan that bears interest based on the Base Rate. 

“Basel II” has the meaning specified in Section 3.04(a). 

 “BBA LIBOR” has the meaning specified in the definition of
“Eurocurrency Rate.” 
 “Blocked Account Agreement” has the meaning provided in Section 6.15(b).

 “Blocked Accounts” has the meaning provided in Section 6.15(b). 

“Borrowers” means the Parent Borrower and the Subsidiary Borrowers, jointly, severally and collectively. 

“Borrowing” means a Revolving Credit Borrowing or a Swing Line Borrowing or a Protective Advance, as the context may
require. 
 “Borrowing Base” means, on any date, an amount equal to (x) 90% multiplied by the book value
of Eligible Accounts minus (y) any Reserves. The Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Certificate delivered to the Administrative Agent pursuant to Section 6.01(e) or, in the
case of the Borrowing Base as of the A&R Closing Date, the Borrowing Base for the month ended November 30, 2012 that was delivered under the Existing Credit Agreement. 

“Borrowing Base Certificate” means a certificate, duly executed by a Responsible Officer or controller of the Parent
Borrower, appropriately completed and substantially in the form of Exhibit K hereto or another form that is acceptable to the Administrative Agent in its reasonable discretion. 

“Broadcast Licenses” means the main station license issued by the FCC or any foreign Governmental Authority and held by
the Parent Borrower or any of its Restricted Subsidiaries for any Broadcast Station operated by the Parent Borrower or any of its Restricted Subsidiaries. 
 “Broadcast Stations” means each full-service AM or FM radio broadcast station or full-service television broadcast station now or hereafter owned and operated by the Parent Borrower or
any of its Restricted Subsidiaries. 
 “Business Day” means any day other than a Saturday, Sunday or other day
on which commercial banks are authorized to close under the Laws of, or are in fact closed in, New York, New York or in the jurisdiction where the Administrative Agent’s Office with respect to Obligations denominated in Dollars is located;
provided that, if such day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in Dollars, any fundings, disbursements, settlements and payments in Dollars in respect of any such Eurocurrency Rate Loan, or any
other dealings in Dollars to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, means any such day on which dealings in deposits in Dollars are conducted by and between banks in the London interbank eurodollar
market. 
 “Canadian Dollars” and “Cdn.” each mean the lawful money of Canada. 

“Capital Expenditures” means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as
liabilities and including amounts expended or capitalized under Capitalized Leases) by the Parent Borrower and the Restricted Subsidiaries during such period that, in conformity with GAAP, are or are required to be included as additions during such
period to property, plant or equipment reflected in the consolidated balance sheet of the Parent Borrower and the Restricted Subsidiaries. 
 “Capitalized Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect of a Capitalized Lease that would at such time be
required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP. 
 “Capitalized Leases” means all leases that have been or are required to be, in accordance with GAAP, recorded as capitalized leases; provided that for all purposes hereunder the
amount of obligations under any Capitalized Lease shall be the amount thereof accounted for as a liability in accordance with GAAP. 

 “Capitalized Software Expenditures” shall mean, for any period, the
aggregate of all expenditures (whether paid in cash or accrued as liabilities) by a Person and its Restricted Subsidiaries during such period in respect of licensed or purchased software or internally developed software and software enhancements
that, in conformity with GAAP, are or are required to be reflected as capitalized costs on the consolidated balance sheet of a Person and its Restricted Subsidiaries. 
 “Cash Collateral” has the meaning specified in Section 2.03(g). 
 “Cash Collateral Account” means a blocked account at Citibank (or any successor Administrative Agent) in the name of the Administrative Agent and under the sole dominion and control of
the Administrative Agent, and otherwise established in a manner reasonably satisfactory to the Administrative Agent. 

“Cash Collateralize” has the meaning specified in Section 2.03(g). 

“Cash Dominion Event” means either (i) the occurrence and continuance of any Event of Default under
Section 8.01(a) or Section 8.01(f) (in each case with respect to (1) any Borrower, (2) any Material Subsidiary that is a Guarantor or (3) any group of Immaterial Subsidiaries that are Guarantors that, when taken together,
constitute a Material Subsidiary), or (ii) the occurrence and continuance of a Liquidity Event, and in the case of this clause (ii), the Administrative Agent has notified the Parent Borrower thereof. For purposes of this Agreement, the
occurrence of a Cash Dominion Event shall be deemed continuing at the Administrative Agent’s option (x) if the Cash Dominion Event arises under clause (i) above, so long as such Event of Default is continuing, or (y) if the Cash
Dominion Event arises under clause (ii) above, so long as such Liquidity Event is continuing; provided that a Cash Dominion Event shall be deemed continuing (even if such an Event of Default or a Liquidity Event is no longer continuing)
at all times in any four fiscal quarter period after a Cash Dominion Event has occurred and been discontinued on two occasions in such four fiscal quarter period. 
 “Cash Equivalents” means any of the following types of Investments, to the extent owned by the Parent Borrower or any Restricted Subsidiary: 

(a) Dollars; 
 (b) (i) Canadian Dollars, Sterling, Euros or any national currency of any participating member state of the EMU or (ii) in the case of any Foreign Subsidiary that is a Restricted Subsidiary, such
local currencies held by it from time to time in the ordinary course of business; 
 (c) securities issued or
directly and fully and unconditionally guaranteed or insured by the United States government or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government
with maturities of 24 months or less from the date of acquisition; 
 (d) certificates of deposit, time deposits
and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any domestic or foreign commercial bank
having capital and surplus of not less than $500,000,000; 
 (e) repurchase obligations for underlying securities
of the types described in clauses (c) and (d) entered into with any financial institution meeting the qualifications specified in clause (d) above; 

(f) commercial paper rated at least P-1 by Moody’s or at least A-1 by S&P and in each case maturing within 12
months after the date of creation thereof and Indebtedness or preferred stock issued by Persons with a rating of “A” or higher from S&P or “A2” or higher from Moody’s with maturities of 12 months or less from the date of
acquisition; 

 (g) marketable short-term money market and similar funds having a rating of
at least P-2 or A-2 from either Moody’s or S&P, respectively, and in each case maturing within 24 months after the date of creation thereof; 
 (h) Investments with average maturities of 12 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent
thereof) or better by Moody’s; 
 (i) solely for the purpose of determining if an Investment therein is
allowed under this Agreement and not for the calculation of the Secured Leverage Ratio and the Total Leverage Ratio, readily marketable direct obligations issued by any state, commonwealth or territory of the United States or any political
subdivision or taxing authority thereof having an Investment Grade Rating from either Moody’s or S&P with maturities of 24 months or less from the date of acquisition; and 

(j) investment funds investing at least 95% of their assets in securities of the types described in clauses
(a) through (i) above. 
 In the case of Investments by any Foreign Subsidiary that is a Restricted Subsidiary or
Investments made in a country outside the United States of America, Cash Equivalents shall also include (i) investments of the type and maturity described in clauses (a) through (j) above of foreign obligors, which Investments or
obligors (or the parents of such obligors) have ratings described in such clauses or equivalent ratings from comparable foreign rating agencies and (ii) other short-term investments utilized by Foreign Subsidiaries that are Restricted
Subsidiaries in accordance with normal investment practices for cash management in investments analogous to the foregoing investments in clauses (a) through (j) and in this paragraph. 

“Cash Income Taxes” means, with respect to any period, all taxes based on income paid in cash by the Parent Borrower and
its Restricted Subsidiaries during such period. 
 “Cash Management Bank” means any Person that is a Lender or
an Affiliate of a Lender at the time it provides any Cash Management Services, whether or not such Person subsequently ceases to be a Lender or an Affiliate of a Lender. 
 “Cash Management Obligations” means obligations owed by the Parent Borrower or any Subsidiary to any Cash Management Bank in respect of or in connection with any Cash Management Services
and designated by the Parent Borrower in writing to the Administrative Agent as “Cash Management Obligations.” 

“Cash Management Services” means any agreement or arrangement to provide cash management services, including treasury,
depository, overdraft, credit or debit card, purchase card, electronic funds transfer and other cash management arrangements. 

“Cash Management Systems” means the cash management systems described in Section 6.15. 

“CCB Group” means the Borrowers identified as members of the CCB Group on the signature page to this Agreement and the
Joinder Agreement, including all supplements thereto. 
 “CCI” means Clear Channel International BV, a limited
liability company formed under the laws of the Netherlands. 
 “CCIH” means Clear Channel International
Holdings BV, a limited liability company formed under the laws of the Netherlands. 
 “CCN” means Clear Channel
Netherlands BV, a limited liability company formed under the laws of the Netherlands. 

 “CCO Cash Management Arrangements” means the cash management arrangements
established by the Parent Borrower and CCOH pursuant to the CCO Intercompany Agreements. 
 “CCO Intercompany
Agreements” means (a) the Master Agreement dated as of November 16, 2005 between the Parent Borrower and CCOH as the same may be amended, supplemented or otherwise modified from time to time in accordance with Section 7.12(c)
and (b) the Corporate Services Agreement dated as of November 16, 2005 between Clear Channel Management Services, L.P. and CCOH, as the same may be amended, supplemented or otherwise modified from time to time in accordance with
Section 7.12(c). 
 “CCOH” means Clear Channel Outdoor Holdings, Inc., a Delaware corporation. 

“CCOH 90% Investment” means the first Investment in Equity Interests of CCOH which results in the U.S. Loan Parties
owning at least 90% of the then outstanding Equity Interests in CCOH. 
 “CCU Cash Management Notes” means
(a) the Revolving Promissory Note dated November 10, 2005, issued by CCOH to the Parent Borrower pursuant to the CCO Cash Management Arrangements, as the same may be amended, supplemented, modified, extended, renewed, restated or replaced
from time to time in accordance with Section 7.12(c) and (b) the Revolving Promissory Note dated November 10, 2005, issued by the Parent Borrower to CCOH pursuant to the CCO Cash Management Arrangements, as the same may be amended,
supplemented, modified, extended, renewed, restated or replaced from time to time in accordance with Section 7.12(c) (the “Parent Borrower Obligor Cash Management Note”). 

“CCU Notes” means the CCU Cash Management Notes and the CCU Term Note. 

“CCU Term Note” means the $2.5 billion Senior Unsecured Term Promissory Note dated as of August 2, 2005 made by
Clear Channel Outdoor, Inc. to CCOH, subsequently endorsed to the Parent Borrower, as amended on August 2, 2005, as the same may be amended, supplemented, modified, extended, renewed, restated or replaced from time to time in accordance with
Section 7.12(c). 
 “CF Administrative Agent” means Citibank in its capacity as administrative agent and
collateral agent under the CF Credit Agreement, or any successor administrative agent and collateral agent under the CF Credit Agreement. 
 “CF Credit Agreement” means that certain credit agreement dated as of May 13, 2008, as amended and restated as of February 23, 2011, among the Parent Borrower, Holdings, the
subsidiary borrowers party thereto, the lenders party thereto and Citibank, as administrative agent and collateral agent, as the same may be amended, restated, modified, supplemented, replaced or refinanced from time to time, to the extent permitted
by the Intercreditor Agreement. 
 “CF Facilities” means the credit facilities under the CF Credit Agreement.

 “CF Facility Documentation” means the CF Credit Agreement and all security agreements, guarantees, pledge
agreements and other agreements or instruments executed in connection therewith. 
 “Change of Control” means
the earliest to occur of: 
 (a) (i) at any time prior to the consummation of a Qualifying IPO, the Permitted
Holders ceasing to own, in the aggregate, directly or indirectly, beneficially and of record, at least a majority of the then outstanding voting power of the Voting Stock of Parent or the Sponsors ceasing to have the right or the ability by voting
power, contract or otherwise to elect or designate for election at least a majority of the board of directors of Parent; or 
 (ii) at any time upon or after the consummation of a Qualifying IPO, the acquisition by (A) any Person (other than one or more Permitted Holders) or (B) Persons (other than one or more Permitted
Holders) that are together a group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange 

 
Act, or any successor provision), including any such group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange
Act), in a single transaction or in a related series of transactions, by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor
provision) of more than the greater of (x) thirty-five percent (35%) of the then outstanding voting power of the Voting Stock of Parent and (y) the percentage of the then outstanding voting power of Voting Stock of Parent owned, in
the aggregate, directly or indirectly, beneficially and of record, by the Permitted Holders; 
 unless, in the case of clause
(a)(ii) above, the Sponsors have, at such time and after giving effect to the transaction in question, the right or the ability by voting power, contract or otherwise to elect or designate for election at least a majority of the board of directors
of Parent; or 
 (b) any “Change of Control” (or any comparable term) under the CF Credit Agreement,
any New Senior Notes Indenture, or any other Indebtedness with an aggregate principal amount in excess of the Threshold Amount; or 
 (c) subject to Section 7.04, the Parent Borrower ceases to be a direct wholly-owned Subsidiary of Holdings or Holdings ceases to be a direct or indirect wholly-owned Subsidiary of Parent,
provided that a “Change of Control” under this clause (c) shall not be deemed to have occurred solely as a result of options held by certain employees in the United Kingdom to purchase shares of the Parent Borrower that remain
outstanding after the Original Closing Date so long as such options are terminated by no later than 60 days after the Original Closing Date. 
 “Citibank” means Citibank, N.A. 
 “Class” when
used with respect to Loans or a Borrowing, refers to whether such Loans, or the Loans comprising such Borrowing, are Revolving Credit Loans or Protective Advances. 
 “Code” means the U.S. Internal Revenue Code of 1986, and the Treasury regulations promulgated thereunder, as amended from time to time. 

“Co-Documentation Agents” means Morgan Stanley Senior Funding, Inc. and Wells Fargo Capital Finance, LLC. 

“Co-Investors” means, collectively, (a) Highfields Capital I LP, Highfields Capital II LP, Highfields Capital III
LP, Highfields Capital Management LP, FMR LLC, Fidelity Management & Research Company, Strategic Advisers, Inc., Pyramis Global Advisors Trust Company, and any other Persons who, directly or indirectly, own Equity Interests of Parent on the
Original Closing Date, and any of their respective Affiliates and funds or partnerships managed or advised by any of them or their respective Affiliates and (b) and the Management Stockholders. 

“Collateral” means all the “Collateral” (or equivalent term) as defined in any Collateral Document.

 “Collateral and Guarantee Requirement” means, at any time, the requirement that: 

(a) the Administrative Agent shall have received each Collateral Document to the extent required to be delivered pursuant
to Section 6.11, 6.13 or 6.15, subject in each case to the limitations and exceptions of this definition, duly executed by each Loan Party thereto; 
 (b) Subject to any applicable limitations set forth in the Collateral Documents, all of the Parent Borrower’s wholly-owned Material Domestic Subsidiaries (other than Excluded Subsidiaries) that own
Eligible Accounts shall execute a joinder to this Agreement in order to become a Subsidiary Borrower hereunder and all Obligations shall have been unconditionally guaranteed (the “Guarantees”) by Holdings,

 
each Borrower (in the case of Obligations of each other Borrower) and each Restricted Subsidiary that is a wholly-owned Material Domestic Subsidiary and not an Excluded Subsidiary (each, a
“Subsidiary Guarantor,” and each unconditional guarantee thereby, a “Subsidiary Guarantee”) (each of Holdings, the Borrowers (to the extent set forth above) and the Subsidiary Guarantors, a
“Guarantor”); 
 (c) all guarantees issued or to be issued in respect of the New Senior Notes or
any Permitted Additional Notes (i) shall be subordinated to the Obligations to the same extent as the guarantees issued on the Original Closing Date in respect of the New Senior Notes are subordinated to the Obligations and (ii) shall
provide for their automatic release upon a release of the corresponding Guarantee; and 
 (d) except to the
extent otherwise permitted hereunder or under any Collateral Document, the Obligations shall have been secured by a perfected first priority security interest in the Receivables Collateral, subject to the terms of the Intercreditor Agreement.

 Notwithstanding the foregoing provisions of this definition or anything in this Agreement or any other Loan Document to the
contrary: 
 (A) the foregoing definition shall not require the creation or perfection of pledges of security
interests in, or taking other actions with respect to, (i) pledges and security interests prohibited by Law (other than to the extent such prohibition is expressly deemed ineffective under the Uniform Commercial Code or other applicable law
notwithstanding such prohibition), (ii) intercompany indebtedness between the Parent Borrower and its Restricted Subsidiaries or between any Restricted Subsidiaries, or (iii) any particular assets if, in the reasonable judgment of the
Administrative Agent evidenced in writing, determined in consultation with the Parent Borrower, the burden, cost or consequences (including any material adverse tax consequences) of creating or perfecting such pledges or security interests in such
assets or taking other actions in respect of such assets is excessive in relation to the benefits to be obtained therefrom by the Lenders under the Loan Documents; and 

(B) Liens required to be granted from time to time pursuant to the Collateral and Guarantee Requirement shall be subject
to exceptions and limitations set forth in the Collateral Documents and, to the extent appropriate in the applicable jurisdiction, as agreed between the Administrative Agent and the Parent Borrower in writing; and. 

Notwithstanding any of the foregoing, the Parent Borrower may cause any Restricted Subsidiary that is not at the time a Subsidiary
Borrower or Subsidiary Guarantor to take all actions necessary under this definition of “Collateral and Guarantee Requirement” to become a Subsidiary Borrower or a Subsidiary Guarantor, in the case of such Restricted Subsidiary organized
in the United States, in which case such Restricted Subsidiary shall be treated as a Subsidiary Borrower or Subsidiary Guarantor, as applicable, hereunder for all purposes. 
 “Collateral Documents” means, collectively, the Security Agreement, the Blocked Account Agreements, the Credit Card Notifications, collateral assignments, Security Agreement Supplements,
security agreements, pledge agreements or other similar agreements delivered to the Administrative Agent and the Lenders pursuant to Section 6.11, Section 6.13, Section 6.15, the Guaranties, the Intercreditor Agreement, and each of
the other agreements, instruments or documents that creates or purports to create a Lien or Guarantee in favor of the Administrative Agent for the benefit of the Secured Parties. 

“Commitment” means, as to each Lender, a Revolving Credit Commitment and such Lender’s commitment to acquire
participations in Protective Advances. 
 “Committed Loan Notice” means a notice of (a) a Revolving Credit
Borrowing, (b) a conversion of Loans from one Type to the other, or (c) a continuation of Eurocurrency Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A.

 “Communications” means each notice, demand, communication, information, document and other material provided
for hereunder or under any other Loan Document or otherwise transmitted between the parties 

 
hereto relating to the Existing Credit Agreement, this Agreement, the other Loan Documents, any Loan Party or its Affiliates, or the transactions contemplated by the Existing Credit Agreement,
this Agreement or the other Loan Documents, including, without limitation, any financial statement, financial and other report, notice, request and certificate. 
 “Communications Laws” means the Communications Act of 1934, as amended, and the FCC’s rules, regulations, published orders and published and promulgated policy statements of the FCC,
all as may be amended from time to time. 
 “Compliance Certificate” means a certificate substantially in the
form of Exhibit D. 
 “Concentration Account” has the meaning provided in Section 6.15(c).

 “Consolidated Depreciation and Amortization Expense” means, with respect to any Person for any period, the
total amount of depreciation and amortization expense of such Person, including the amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses and Capitalized Software Expenditures for such period on a consolidated
basis and otherwise determined in accordance with GAAP. 
 “Consolidated EBITDA” means, with respect to any
Person for any period, the Consolidated Net Income of such Person for such period: 
 (a) increased (without
duplication) by the following: 
 (i) provision for taxes based on income or profits or capital, including
federal, state, franchise, excise and similar taxes and foreign withholding taxes of such Person and its Restricted Subsidiaries paid or accrued during such period, to the extent the same were deducted (and not added back) in computing such
Consolidated Net Income; plus 
 (ii) total interest expense of such Person and its Restricted
Subsidiaries determined in accordance with GAAP for such period and, to the extent not reflected in such total interest expense, any losses with respect to obligations under any Swap Contracts or other derivative instruments entered into for the
purpose of hedging interest rate risk, net of interest income and gains with respect to such obligations, plus bank fees and costs of surety bonds in connection with financing activities (whether amortized or immediately expensed), to the extent in
each case the same were deducted (and not added back) in calculating such Consolidated Net Income; plus 

(iii) Consolidated Depreciation and Amortization Expense of such Person and its Restricted Subsidiaries for such period to
the extent deducted (and not added back) in computing Consolidated Net Income; plus 
 (iv) any fees,
expenses or charges related to any Investment, acquisition, as-set disposition, recapitalization, the incurrence, repayment or refinancing of Indebtedness (including such fees, expenses or charges related to the offering of the New Senior Notes, the
CF Facilities, the Loans and any credit facilities), issuance of Equity Interests, refinancing transaction or amendment or modification of any debt instrument, including (i) the offering, any amendment or other modification of the New Senior
Notes, the CF Facilities, the Loans or any credit facilities and any amendment or modification of the Existing Senior Notes and (ii) commissions, discounts, yield and other fees and charges (including any interest expense) related to the CF
Facilities or any Qualified Securitization Financing, and including, in each case, any such transaction consummated prior to the Original Closing Date and any such transaction undertaken but not completed, and any charges or non-recurring merger
costs incurred during such period as a result of any such transaction, in each case whether or not successful (including, for the avoidance of doubt the effects of expensing all transaction related expenses in accordance with Financial Accounting
Standards No. 141(R)) and losses associated with FASB Interpretation No. 45), and in each case, deducted (and not added back) in computing Consolidated Net Income; plus 

 (v) the amount of any restructuring charge or reserve deducted (and not
added back) in such period in computing Consolidated Net Income, including any restructuring costs incurred in connection with acquisitions after the Original Closing Date, costs related to the closure and/or consolidation of facilities, retention
charges, systems establishment costs, conversion costs and excess pension charges and consulting fees incurred in connection with any of the foregoing; provided that the aggregate amount added pursuant to this clause (v) shall not exceed
10% of LTM Cost Base in any four-quarter period; plus 
 (vi) the amount of any minority interest expense
consisting of Subsidiary income attributable to minority equity interests of third parties in any non-wholly-owned Subsidiary of such Person and its Restricted Subsidiaries to the extent deducted (and not added back) in such period in computing such
Consolidated Net Income; plus 
 (vii) any other non-cash charges of such Person and its Restricted
Subsidiaries, including any (A) write-offs or write-downs, (B) equity-based awards compensation expense, (C) losses on sales, disposals or abandonment of, or any impairment charges or asset write-off related to, intangible assets,
long-lived assets and investments in debt and equity securities, (D) all losses from investments recorded using the equity method and (E) other non-cash charges, non-cash expenses or non-cash losses reducing Consolidated Net Income for
such period (provided that if 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 the extent paid, and excluding amortization of a prepaid cash item that was paid in a prior period), in each case to the extent deducted (and not added back) in computing Consolidated Net Income; plus 

(viii) the amount of cost savings projected by the Parent Borrower in good faith to be realized as a result of specified
actions taken during such period or expected to be taken (calculated on a pro forma basis as though such cost savings had been realized on the first day of such period), net of the amount of actual benefits realized during such period from such
actions, provided that (A) such amounts are reasonably identifiable and factually supportable, (B) such actions are taken, committed to be taken or expected to be taken within 18 months after the Original Closing Date, (C) no
cost savings shall be added pursuant to this clause (viii) to the extent duplicative of any expenses or charges that are otherwise added back in computing Consolidated EBITDA with respect to such period and (D) the aggregate amount of cost
savings added pursuant to this clause (viii) shall not exceed $100,000,000 for any period consisting of four consecutive quarters; plus 
 (ix) so long as no Default or Event of Default has occurred and is continuing, the amount of management, monitoring, consulting and advisory fees (including transaction fees) and indemnities and expenses
paid or accrued in such period under the Sponsor Management Agreement or otherwise to the Sponsors and deducted (and not added back) in such period in computing such Consolidated Net Income; plus 

(x) any costs or expense incurred by the Parent Borrower or a Restricted Subsidiary pursuant to any management equity plan
or stock option plan or any other management or employee benefit plan or agreement, any stock subscription or shareholder agreement, to the extent that such costs or expenses are funded with cash proceeds contributed to the capital of the Parent
Borrower or net cash proceeds of an issuance of Equity Interests of the Parent Borrower (other than Disqualified Equity Interests and other than from the proceeds of the exercise of the Cure Right); plus 

(xi) Securitization Fees to the extent deducted in calculating Consolidated Net Income for such period; 

 (b) decreased by (without duplication): 

(i) any non-cash gains increasing Consolidated Net Income of such Person and its Restricted Subsidiaries for such period,
excluding any non-cash gains to the extent they represent the reversal of an accrual or reserve for a potential cash item that reduced Consolidated EBITDA in any prior period; plus 

(ii) the minority interest income consisting of subsidiary losses attributable to minority equity interests of third
parties in any non-wholly-owned Subsidiary of such Person and its Restricted Subsidiaries to the extent such minority interest income is included in Consolidated Net Income; and 

(c) increased or decreased (without duplication) by, as applicable, in each case to the extent excluded or included, as
applicable, in determining Consolidated Net Income for such period: 
 (i) any net unrealized gain or loss (after
any offset) of such Person or its Restricted Subsidiaries resulting in such period from Swap Contracts and the application of Statement of Financial Accounting Standards No. 133 and International Accounting Standards No. 39 and their
respective related pronouncements and interpretations; 
 (ii) any net gain or loss (after any offset) of such
Person or its Restricted Subsidiaries resulting from currency translation gains or losses related to currency remeasurements of Indebtedness (including any net gain or loss resulting from Swap Contracts for currency exchange risk) and any foreign
currency translation gains or losses; and 
 (iii) any after-tax effect of extraordinary, non-recurring or
unusual gains or losses (less all fees and expenses relating thereto) or expenses, Transaction Expenses, severance, relocation costs and curtailments or modifications to pension and post-retirement employee benefit plans. 

“Consolidated Net Income” means, with respect to any Person for any period, the aggregate of the Net Income of such
Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP; provided, however, that, without duplication, 

(a) the cumulative effect of a change in accounting principles during such period shall be excluded, 

(b) any net after-tax income (loss) from disposed or discontinued operations (other than the Permitted Disposition Assets
to the extent included in discontinued operations prior to consummation of the disposition thereof) and any net after-tax gains or losses on disposal of disposed, abandoned or discontinued operations shall be excluded; 

(c) any net after-tax effect of gains or losses (less all fees, expenses and charges) attributable to asset dispositions
or abandonments or the sale or other disposition of any Equity Interests of any Person other than in the ordinary course of business, as determined in good faith by the Parent Borrower, shall be excluded, 

(d) the Net Income for such period of any Person that is not a Subsidiary, or is an Unrestricted Subsidiary, or that is
accounted for by the equity method of accounting, shall be excluded; provided that Consolidated Net Income of the Parent Borrower shall be increased by the amount of dividends or distributions or other payments that are actually paid in Cash
Equivalents (or cash to the extent converted into Cash Equivalents) to the Parent Borrower or a Restricted Subsidiary thereof in respect of such period, 
 (e) effects of adjustments (including the effects of such adjustments pushed down to the Parent Borrower and the Restricted Subsidiaries) in such Person’s consolidated financial statements pursuant

 
to GAAP (including the inventory, property and equipment, software, goodwill, intangible assets, in-process research and development, deferred revenue and debt line items thereof) resulting from
the application of purchase accounting, in relation to the Transactions or any consummated acquisition or the amortization or write-off of any amounts thereof, net of taxes, shall be excluded, 

(f) any net after-tax effect of income (loss) from the early extinguishment or conversion of (i) obligations under
any Swap Contracts, (ii) Indebtedness or (iii) other derivative instruments shall be excluded, 
 (g)
any impairment charge or asset write-off or write-down, including impairment charges or asset write-offs or write-downs related to intangible assets, long-lived assets, investments in debt and equity securities or as a result of a change in law or
regulation, in each case, pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP shall be excluded, 
 (h) any non-cash compensation charge or expense, including any such charge or expense arising from the grants of stock appreciation or similar rights, stock options, restricted stock or other rights or
equity incentive programs shall be excluded, and any cash charges associated with the rollover, acceleration or payout of Equity Interests by management of the Parent Borrower or any of its direct or indirect parents in connection with the
Transactions, shall be excluded, 
 (i) accruals and reserves that are established or adjusted within twelve
months after the Original Closing Date that are so required to be established as a result of the Transactions or changes as a result of adoption or modification of accounting policies in accordance with GAAP shall be excluded, 

(j) solely for the purpose of determining the Available Amount pursuant to clause (a) of the definition thereof, the
Net Income for such period of any Restricted Subsidiary (other than any Guarantor) shall be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of its Net Income is not at the
date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule, or
governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restriction with respect to the payment of dividends or similar distributions has been legally waived, provided that Consolidated Net Income of
the Parent Borrower will be increased by the amount of dividends or other distributions or other payments actually paid in cash (or to the extent converted in to cash) to the Parent Borrower or a Restricted Subsidiary thereof in respect of such
period, to the extent not already included therein, 
 (k) any expenses, charges or losses that are covered by
indemnification or other reimbursement provisions in connection with any Investment, Permitted Acquisition or any sale, conveyance, transfer or other disposition of assets permitted under this Agreement, to the extent actually reimbursed, or, so
long as the Parent Borrower has made a determination that a reasonable basis exists for indemnification or reimbursement and only to the extent that such amount is in fact indemnified or reimbursed within 365 days of such determination (with a
deduction in the applicable future period for any amount so added back to the extent not so indemnified or reimbursed within such 365 days), shall be excluded, and 

(l) to the extent covered by insurance and actually reimbursed, or, so long as the Parent Borrower has made a
determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is in fact reimbursed within 365 days of the date of such determination (with a deduction in the
applicable future period for any amount so added back to the extent not so reimbursed within such 365 days), expenses, charges or losses with respect to liability or casualty events or business interruption shall be excluded. 

“Consolidated Secured Debt” means, as of any date of determination, (a) the aggregate principal amount of
Consolidated Total Debt outstanding on such date that is secured by a Lien on any asset or property of Holdings, the Parent Borrower or any Restricted Subsidiary minus (b) the aggregate amount of cash and Cash Equivalents (in each case,
free and clear of all Liens, other than nonconsensual Liens permitted by Section 7.01 and Liens permitted by Sections 7.01(a), (l) and (s) and clauses (i) and (ii) of Section 7.01(t)) included in the consolidated
balance sheet of the Parent Borrower and the Restricted Subsidiaries as of such date. 

 “Consolidated Total Debt” means, as of any date of determination, the
aggregate principal amount of Indebtedness of the Parent Borrower and the Restricted Subsidiaries outstanding on such date and set forth on the balance sheet of such Persons, determined on a consolidated basis in accordance with GAAP (but excluding
the effects of any discounting of Indebtedness resulting from the application of purchase accounting in connection with the Transactions or any Permitted Acquisition); provided that Consolidated Total Debt shall not include Indebtedness in
respect of (i) any letter of credit or bank guaranty, except to the extent of unreimbursed amounts thereunder, (ii) obligations under Swap Contracts and (iii) any non-recourse debt to the extent of the amount in excess of the fair
market value of the assets securing such non-recourse debt. 
 “Contractual Obligation” means, as to any
Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

“Control” has the meaning specified in the definition of “Affiliate.” 

“Controlled Investment Affiliate” means, as to any Person, any other Person, other than any Sponsor, which directly or
indirectly is in control of, is controlled by, or is under common control with such Person and is organized by such Person (or any Person controlling such Person) primarily for making direct or indirect equity or debt investments in the Parent
Borrower and/or other companies. 
 “Credit Card Notification” has the meaning specified in Section 6.15.

 “Credit Card Receivables” has the meaning specified in the definition of “Eligible Credit Card
Receivables.” 
 “Credit Extension” means each of the following: (a) a Borrowing and (b) an L/C
Credit Extension. 
 “Cure Amount” has the meaning specified in Section 8.04. 

“Cure Right” has the meaning specified in Section 8.04. 

“DDAs” means any checking or other demand deposit account maintained by a Loan Party in which Collateral and proceeds of
Collateral is deposited or held. All funds in such DDAs shall be conclusively presumed to be Collateral and proceeds of Collateral and the Administrative Agent and the Lenders shall have no duty to inquire as to the source of the amounts on deposit
in the DDAs, subject to the Security Agreement and the Intercreditor Agreement. 
 “Debtor Relief Laws” means
the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the
United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. 

“Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the
passage of time, or both, would be an Event of Default. 
 “Default Rate” means an interest rate equal to
(a) the Base Rate plus (b) the Applicable Rate applicable to Base Rate Loans plus (c) 2.0% per annum; provided that with respect to a Eurocurrency Rate Loan, the Default Rate shall be an interest rate equal
to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2.0% per annum, in each case, to the fullest extent permitted by applicable Laws. 

 “Defaulting Lender” means a Lender (i) that has failed for three or
more Business Days to comply with its obligations hereunder to make a Loan, make a payment to the L/C Issuer in respect of such Lender’s Pro Rata Share of any L/C Obligations and/or make a payment to the Swing Line Loan Lender in respect of a
Swing Line Loan (each a “funding obligation”), (ii) that has notified the Administrative Agent that it will not comply with any such funding obligation hereunder or has stated publicly that it will generally not comply with its
funding obligations under loan agreements, credit agreements and similar agreements, (iii) that has, for three or more Business Days, failed to confirm in writing to the Administrative Agent, in response to a written request of the
Administrative Agent, that it will comply with its funding obligations hereunder, or (iv) with respect to which a Lender Insolvency Event has occurred and is continuing (provided that neither the reallocation of funding obligations
provided for in Section 2.16(a) as a result of a Lender’s being a Defaulting Lender nor the performance by a Non-Defaulting Lender of such reallocated funding obligations will by themselves cause the relevant Defaulting Lender to become a
Non-Defaulting Lender). The Administrative Agent will promptly send to all parties hereto a copy of any notice to the Parent Borrower provided for in this definition. 
 “Designated Non-Cash Consideration” means the Fair Market Value of non-cash consideration received by the Parent Borrower or a Restricted Subsidiary in connection with a Disposition
pursuant to Section 7.05(j) that is designated as Designated Non-Cash Consideration pursuant to a certificate of a Responsible Officer, setting forth the basis of such valuation (which amount will be reduced by the Fair Market Value of the
portion of the non-cash consideration converted to cash within 180 days following the consummation of the applicable Disposition). 
 “Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale-leaseback transaction and any sale or issuance of Equity
Interests of a Restricted Subsidiary (but excluding the Equity Interests of the Parent Borrower)) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts
receivable or any rights and claims associated therewith; provided that no transaction or series of related transactions shall be considered a “Disposition” for purposes of Section 7.05 unless the net cash proceeds resulting
from such transaction or series of transactions shall exceed $25,000,000. 
 “Disqualified Equity Interests”
means any Equity Interest that, by its terms (or by the terms of any security or any other Equity Interest into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is
mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence
of a change of control or asset sale event shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued and payable, the termination of the Commitments and the termination of or backstop on terms
satisfactory to the Administrative Agent in its sole discretion all outstanding Letters of Credit), (b) is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests), in whole or in part or
(c) provides for the scheduled payments of dividends in cash, in each case, prior to the date that is ninety-one (91) days after the Maturity Date; provided that if such Equity Interests are issued pursuant to a plan for the benefit
of employees of Holdings, the Parent Borrower or the Restricted Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Equity Interests solely because it may be required to be repurchased by
Holdings, the Parent Borrower or the Restricted Subsidiaries in order to satisfy applicable statutory or regulatory obligations or under the terms of the plan under which such Equity Interests are issued and any stock subscription or shareholder
agreement to which such Equity Interests are subject; provided, further, that any Equity Interests held by any future, current or former employee, director, officer, manager or consultant (or their respective estates, Affiliates or
Immediate Family Members), of the Parent Borrower, any of its Subsidiaries or any of its direct or indirect parent companies’ or any other entity in which the Parent Borrower or a Restricted Subsidiary has an Investment, in each case pursuant
to any stock subscription or shareholders’ agreement, management equity plan or stock option plan or any other management or employee benefit plan or agreement or any distributor equity plan or agreement shall not constitute Disqualified Equity
Interest solely because it may be required to be repurchased by the Parent Borrower or its Subsidiaries. 

“Disqualified Institutions” means (a) those banks and institutions that have been specified in writing to the
Administrative Agent prior to the A&R Closing Date as being “Disqualified Institutions” or (b) as identified to the Administrative Agent from time to time, any Persons who are competitors of the Parent Borrower and its
Subsidiaries. 

 “Divestiture Assets” means the DoJ Divestiture Assets and the FCC
Divestiture Assets. 
 “DoJ Divestiture Assets” means the “Divestiture Assets” as defined in the DoJ
Consent Orders. 
 “DoJ Orders” means the Final Judgment and the Hold Separate Stipulation and Order entered by
the United States District Court for the District of Columbia in the matter of United States of America v. Bain Capital, LLC, Thomas H. Lee Partners, L.P. and Clear Channel. 

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

“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 Alternative Currency, the equivalent amount thereof in Dollars as determined by the Administrative Agent and the applicable L/C Issuer 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 Alternative Currency. 
 “Domestic
Subsidiary” means any Subsidiary that is organized under the Laws of the United States, any state thereof or the District of Columbia. 
 “Eligible Accounts” means, as of any date of determination thereof, the aggregate amount of all Accounts due to any Borrower, except to the extent that (determined without duplication):

 (a) except as provided in clause (v) of this definition, such Account does not arise from the sale of
goods, intellectual property or advertising, or the performance of services by a Borrower in the ordinary course of its business; 
 (b) (i) such Borrower’s right to receive payment is contingent upon the fulfillment of any condition whatsoever or (ii) as to which such Person is not able to bring suit or otherwise enforce its
remedies against the Account Debtor through judicial process; 
 (c) any defense, counterclaim, setoff or dispute
exists as to such Account, but only to the extent of such defense, counterclaim, setoff or dispute; 
 (d) such
Account is not a true and correct statement of bona fide indebtedness incurred in the amount of the Account for the sale of goods to or services rendered for the applicable Account Debtor; 

(e) an invoice, in form and substance consistent with the Parent Borrower’s credit and collection policies, or
otherwise reasonably acceptable to the Administrative Agent (it being understood that the forms used by the Borrowers on the Original Closing Date are satisfactory to the Administrative Agent), has not been prepared and sent to the applicable
Account Debtor in respect of such Account prior to being reported to the Administrative Agent as Collateral (including Accounts identified as inactive, warranty or otherwise not attributable to an Account Debtor); 

(f) such Account (i) is not owned by a Borrower or (ii) is subject to any Lien, other than Liens permitted
hereunder pursuant to clauses (a), (c), (e), (h), (j), (k), (t), (x) and (z) of Section 7.01; 

(g) such Account is the obligation of an Account Debtor that is (i) a director, officer, other employee or Affiliate
of a Borrower (other than Accounts arising from the sale of goods, intellectual property or advertising, or provision of services delivered to such Account Debtor in the ordinary course of business), (ii) a natural person or (iii) only if
such Account obligation has not been incurred in the ordinary course or on arms’ length terms, to any entity that has any common officer or director with a Borrower; 

(h) Accounts subject to a partial payment plan; 

 (i) such Borrower is liable for goods sold or services rendered by the
applicable Account Debtor to such Borrower but only to the extent of the potential offset; 
 (j) upon the
occurrence of any of the following with respect to such Account: 
 (i) the Account is not paid within:

 (A) with respect to Accounts generated by the CCB Group, (x) in the case of Accounts due from
advertising agencies, 120 days past the original invoice date, or (y) in the case of Accounts due from any other Person, 90 days past the original invoice date; 

(B) with respect to Accounts generated by the Premier Group, 120 days past the original invoice date; or 

(C) (x) with respect to Accounts generated from commissions billed for media representation services by the Katz Group,
60 days past the original due date, or (y) with respect to Accounts generated by billings made by the Katz Group to advertisers or advertising agencies for advertising spots, and for which a member of the CCB Group has billed a member of the
Katz Group, the Account is not paid within 90 days following the original invoice date; 
 provided that in calculating
delinquent portions of Accounts under clauses (A) through (C), CCB Group Accounts due from advertising agencies with net credit balances over 120 days old, CCB Group Accounts due from other persons with net credit balances over 90 days old,
Premier Group Accounts with net credit balances over 120 days old, Katz Group media representation Accounts with net credit balances over 60 days old, and other Katz Group Accounts with net credit balances over 90 days old, will be excluded;

 (ii) the Account Debtor obligated upon such Account suspends business, makes a general assignment for the
benefit of creditors or fails to pay its debts generally as they come due; 
 (iii) any Account Debtor obligated
upon such Account is a debtor or a debtor in possession under any bankruptcy law or any other federal, state or foreign (including any provincial) receivership, insolvency relief or other law or laws for the relief of debtors; or 

(iv) with respect to which Account (or any other Account due from the applicable Account Debtor), in whole or in part, a
check, promissory note, draft, trade acceptance, or other instrument for the payment of money has been received, presented for payment, and returned uncollected for any reason; 

(k) such Account is the obligation of an Account Debtor from whom 50% or more of the aggregate amount of all Accounts
owing by that Account Debtor are ineligible under clause (j)(i) of this definition; 
 (l) such Account, together
with all other Accounts owing by such Account Debtor and its Affiliates as of any date of determination, exceeds 15% of all Eligible Accounts (but only the extent of such excess); 

(m) such Account is one as to which the Administrative Agent’s Lien thereon, on behalf of itself and the Lenders, is
not a first priority perfected Lien, subject to Liens permitted hereunder pursuant to clauses (c), (e), (h), (j), (k), (t) and (x) of Section 7.01; 

(n) any of the representations or warranties in the Loan Documents with respect to such Account are untrue in any material
respect with respect to such Account (or, with respect to representations or warranties that are qualified by materiality, any of such representations and warranties are untrue); 

 (o) such Account is evidenced by a judgment, Instrument or Chattel Paper
(each such term as defined in the Uniform Commercial Code) (other than Instruments or Chattel Paper that are held by a Borrower or that have been delivered to the Administrative Agent); 

(p) such Account is payable in any currency other than Dollars; 

(q) Accounts with respect to which the Account Debtor is a Person unless: (i) the Account Debtor’s billing
address is in the United States or (ii) the Account Debtor is organized under the laws of the United States, any state thereof or the District of Columbia; 
 (r) such Account is the obligation of an Account Debtor that is the United States government or a political subdivision thereof, or department, agency or instrumentality thereof; 

(s) Accounts with respect to which the Account Debtor is the government of any country or sovereign state other than the
United States, or of any state, municipality, or other political subdivision thereof, or of any department, agency, public corporation, or other instrumentality thereof; 

(t) such Account has been redated, extended, compromised, settled, adjusted or otherwise modified or discounted, except
discounts or modifications that are granted by a Borrower in the ordinary course of business and that are reflected in the calculation of the Borrowing Base; 
 (u) such Account is of an Account Debtor that is located in a state requiring the filing of a notice of business activities report or similar report in order to permit a Borrower to seek judicial
enforcement in such state of payment of such Account, unless such Borrower has qualified to do business in such state or has filed a notice of business activities report or equivalent report for the then-current year or if such failure to file and
inability to seek judicial enforcement is capable of being remedied without any material delay or material cost; 

(v) such Accounts were acquired or originated by a Person acquired in a Permitted Acquisition (until such time as the
Administrative Agent has completed a customary due diligence investigation as to such Accounts and such Person, which investigation may, at the sole discretion of the Administrative Agent, include a field examination, and the Administrative Agent is
reasonably satisfied with the results thereof); 
 (w) Credit Card Receivables (other than Eligible Credit Card
Receivables); 
 (x) Accounts which are subject to a credit that has been earned but not taken, subject to
reduction as a result of an unapplied deferred revenue account, or a chargeback, to the extent of such rebate, deferred revenue account or chargeback; 
 (y) that represents a sale on a bill-and-hold, guaranteed sale, sale and return, sale on approval, consignment or other repurchase or return basis; 

(z) such Borrower is subject to an event of the type described in Section 8.01(f); 

(aa) such Account is otherwise unacceptable to the Administrative Agent in its Permitted Discretion; 

(bb) such Account was generated by a Person that was a Borrower at the time such Account was generated but has since been
sold or divested; or 
 (cc) such Account was not generated by the CCB Group, Premier Group or Katz Group unless
otherwise agreed to by the Administrative Agent in its Permitted Discretion (after such time as the Administrative Agent has completed a customary due diligence investigation as to such Accounts and such Person, which investigation may, at the sole
discretion of the Administrative Agent, include a field examination, and the Administrative Agent is reasonably satisfied with the results thereof). 

 “Eligible Assignee” means any assignee permitted by and, to the extent
applicable, consented to in accordance with Section 10.07(b); provided that under no circumstances shall (i) any Loan Party or any of its Subsidiaries, (ii) without the consent of the Parent Borrower in its sole discretion, any
Disqualified Institution, or (iii) any natural person be an Assignee. 
 “Eligible Credit Card
Receivables” shall mean, as of any date of determination, Accounts due to any Borrower from major credit card and debit card processors (including, but not limited to, JCB, Visa, Mastercard, American Express, Diners Club, DiscoverCard,
Interlink, NYCE, Star/Mac, Tyme, Pulse, Accel, AFF, Shazam, CU244, Alaska Option and Maestro) that arise in the ordinary course of business and that have been earned by performance (“Credit Card Receivables”) and that are not
excluded as ineligible by virtue of one or more of the criteria set forth below, except that none of the following (determined without duplication) shall be deemed to be Eligible Credit Card Receivables: 

(a) Accounts that have been outstanding for more than five (5) Business Days from the date of sale, or for such
longer period(s) as may be approved by the Administrative Agent in its Permitted Discretion; 
 (b) Accounts with
respect to which a Borrower does not have good and valid title, free and clear of any Lien (other than Liens permitted hereunder pursuant to clauses (a), (c), (e), (h), (j), (k), (t), (x) and (z) of Section 7.01); 

(c) Accounts as to which the Administrative Agent’s Lien attached thereon on behalf of itself and the Lenders, is not
a first priority perfected Lien, subject to Liens permitted hereunder pursuant to clauses (c), (e), (h), (j), (k), (t) and (x) of Section 7.01; 
 (d) Accounts that are disputed, or with respect to which a claim, counterclaim, offset or chargeback (other than chargebacks in the ordinary course by the credit card processors) has been asserted, by the
related credit card processor (but only to the extent of such dispute, claim, counterclaim, offset or chargeback); 
 (e) except as otherwise approved by the Administrative Agent, Accounts as to which the credit card processor has the right under certain circumstances to require a Borrower to repurchase the Accounts from
such credit card or debit card processor; 
 (f) except as otherwise approved by the Administrative Agent,
Accounts arising from any private label credit card program of a Borrower; and 
 (g) Accounts due from major
credit card and debit card processors (other than JCB, Visa, Mastercard, American Express, Diners Club, DiscoverCard, Interlink, NYCE, Star/Mac, Tyme, Pulse, Accel, AFF, Shazam, CU244, Alaska Option and Maestro) that the Administrative Agent in its
Permitted Discretion determines to be unlikely to be collected. 
 “EMU” means the economic and monetary union
as contemplated in the Treaty on European Union. 
 “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. 

“Environment” means ambient air, indoor air, surface water, drinking water, groundwater, land surfaces, subsurface
strata and natural resources such as wetlands, flora and fauna. 

 “Environmental Claim” means any and all administrative, regulatory or
judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigations (other than internal reports prepared by any Loan Party or any of its Subsidiaries (a) in the ordinary course of such
Person’s business or (b) as required in connection with a financing transaction or an acquisition or disposition of real estate) or proceedings with respect to any Environmental Liability (hereinafter “Claims”), including
(i) any and all Claims by a Governmental Authority for enforcement, response or other actions or damages pursuant to any Environmental Law and (ii) any and all Claims by any Person seeking damages, contribution, indemnification, cost
recovery, compensation or injunctive relief pursuant to any Environmental Law. 
 “Environmental Laws” means
any and all Laws relating to the pollution or protection of the Environment including those relating to the generation, handling, storage, treatment transport or Release or threat of Release of Hazardous Materials or, to the extent relating to
exposure or threat of exposure to Hazardous Materials, human health. 
 “Environmental Liability” means any
liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities) of any Loan Party or any of its Subsidiaries directly or indirectly resulting from or based upon
(a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage or treatment of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the presence, or 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. 

“Environmental Permit” means any permit, approval, identification number, license or other authorization required under
any Environmental Law. 
 “Equity Interests” means, with respect to any Person, all of the shares, interests,
rights, participations or other equivalents (however designated) of capital stock of (or other ownership or profit interests or units in) such Person and all of the warrants, options or other rights for the purchase, acquisition or exchange from
such Person of any of the foregoing (including through convertible securities). 
 “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended from time to time. 
 “ERISA Affiliate” means any trade or
business (whether or not incorporated) that is under common control with Holdings or the Parent Borrower and is treated as a single employer pursuant to Section 414 of the Code or Section 4001 of ERISA. 

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan for which notice to the PBGC is not
waived by regulation; (b) a withdrawal by Holdings, the Parent Borrower, any Subsidiary or any of their respective ERISA Affiliates from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial
employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as a termination under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by Holdings, the Parent Borrower, any Subsidiary
or any of their respective ERISA Affiliates from a Multiemployer Plan, notification of Holdings, the Parent Borrower, any Subsidiary or any of their respective ERISA Affiliates concerning the imposition of Withdrawal Liability or notification that a
Multiemployer Plan is insolvent or is in reorganization within the meaning of Title IV of ERISA; (d) the filing by Holdings, the Parent Borrower, any Subsidiary or any of their respective ERISA Affiliates of a notice of intent to terminate a
Pension Plan; (e) with respect to a Pension Plan, the failure to satisfy the minimum funding standard of Section 412 of the Code and Section 302 of ERISA, whether or not waived; (f) the failure to make by its due date a required
contribution under Section 412(m) of the Code (or Section 430(j) of the Code, as amended by the Pension Protection Act of 2006) with respect to any Pension Plan or the failure to make any required contribution to a Multiemployer Plan;
(g) the filing pursuant to Section 412(d) of the Code and Section 303(d) of ERISA (or, after the effective date of the Pension Protection Act of 2006, Section 412(c) of the Code and Section 302(c) of ERISA) of an application
for a waiver of the minimum funding standard with respect to any Pension Plan; (h) the filing by the PBGC of a petition under Section 4042 of ERISA to terminate any Pension Plan or to appoint a trustee to administer any Pension Plan; or
(i) the occurrence of a nonexempt prohibited transaction (within the meaning of Section 4975 of the Code or Section 406 of ERISA) which could result in liability to Holdings or the Parent Borrower. 

 “Euro” and “€” mean the lawful single currency of the
European Union. 
 “Eurocurrency Rate” means, for any Interest Period with respect to any Eurocurrency Rate
Loan, the rate per annum equal to the British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by Reuters (or other commercially available source providing quotations of BBA LIBOR as designated by the Administrative Agent
from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for deposits in the relevant currency (for delivery on the first day of such Interest Period) with a term equivalent to
such Interest Period; if such rate is not available at such time for any reason, then the “Eurocurrency Rate” for such Interest Period shall be the rate per annum determined by the Administrative Agent to be the rate at which deposits in
the relevant currency for delivery on the first day of such Interest Period in Same Day Funds in the approximate amount of the Eurocurrency Rate Loan being made, continued or converted and with a term equivalent to such Interest Period would be
offered by the Administrative Agent’s London Branch (or other branch or Affiliate) to major banks in the London or other offshore interbank market for such currency at their request at approximately 11:00 a.m., London time, two Business Days
prior to the commencement of such Interest Period. 
 “Eurocurrency Rate Loan” means a Loan that bears interest
at a rate based on the applicable Eurocurrency Rate. 
 “Event of Default” has the meaning specified in
Section 8.01. 
 “Excess Availability” means, as of any date of determination thereof, (x) the lesser
of (1) the Borrowing Base and (2) the aggregate Revolving Credit Commitments, minus (y) the aggregate Revolving Credit Exposure. 
 “Exchange Act” means the Securities Exchange Act of 1934. 

“Excluded Subsidiary” means (a) any Subsidiary that is not a wholly-owned Subsidiary, (b) any Immaterial
Subsidiary, (c) any Subsidiary that is prohibited by applicable Law from guaranteeing the Obligations, or a guarantee by which would require governmental consent, approval, license or authorization, (d) any Domestic Subsidiary
(i) that is a Subsidiary of a Foreign Subsidiary that is a controlled foreign corporation within the meaning of Section 957 of the Code or (ii) that is treated as a disregarded entity for U.S. federal income tax purposes if
substantially all of its assets consist of the stock of one or more Foreign Subsidiaries that is a controlled foreign corporation within the meaning of Section 957 of the Code, (e) any Unrestricted Subsidiary, (f) any Securitization
Entity and (g) any other Subsidiary with respect to which, in the reasonable judgment of the Administrative Agent, determined in consultation with the Parent Borrower, the burden, cost or consequences (including any material adverse tax
consequences) of providing a guarantee of the Obligations shall be excessive in view of the benefits to be obtained by the Lenders therefrom. 
 “Existing Credit Agreement” has the meaning specified in the introductory paragraph to this Agreement. 
 “Existing Notes Condition” means (i) the repayment of Retained Existing Notes such that no more than $500,000,000 aggregate principal amount of Retained Existing Notes remains
outstanding or (ii) the Parent Borrower and its Subsidiaries are no longer subject to the negative covenants set forth in the Retained Existing Notes Indenture as a result of a consent solicitation or other discharge or defeasance, as notified
to the Administrative Agent in writing. 
 “Facility” means the Revolving Credit Facility. 

“Fair Market Value” means, with respect to any asset or liability, the fair market value of such asset or liability as
determined in good faith by a Responsible Officer of the Parent Borrower. 

 “FCC” means the Federal Communications Commission of the United States or
any Governmental Authority succeeding to the functions of such commission in whole or in part. 
 “FCC
Authorizations” means all Broadcast Licenses and other licenses, permits and other authorizations issued by the FCC and held by the Parent Borrower or any of its Restricted Subsidiaries. 

“FCC Divestiture Assets” means (a) Broadcast Licenses transferred to the Aloha Trust pursuant to the FCC Order,
(b) any interest in the Aloha Trust and (c) any assets of the Parent Borrower and its Restricted Subsidiaries relating to the Stations operated under the Broadcast Licenses referred to in clause (a). 

“FCC Order” means the Memorandum Opinion and Order, FCC 08-3, released by the FCC on January 24, 2008, as amended
by the Erratum dated January 30, 2008. 
 “Federal Funds Rate” means, for any day, the rate per annum
equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank on the Business Day next succeeding
such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and
(b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to the Administrative Agent on
such day on such transactions as determined by the Administrative Agent. 
 “Financial Covenant” has the
meaning set forth in Section 7.14. 
 “Fixed Charge Coverage Ratio” means, with respect to any Test
Period, the ratio of (a) Consolidated EBITDA of the Parent Borrower minus Capital Expenditures minus Cash Income Taxes, in each case for such Test Period, to (b) Fixed Charges for such Test Period. 

“Fixed Charges” means, with respect to any Test Period, without duplication, the sum of (a) consolidated cash
interest expense (net of cash interest income to the extent excluded from Consolidated EBITDA), for the Parent Borrower and its Restricted Subsidiaries on a consolidated basis, for such Test Period plus (b) the aggregate amount of all
cash dividend payments on Disqualified Equity Interests of the Parent Borrower during such Test Period plus (c) the scheduled amortization payments during such Test Period on Indebtedness of the Parent Borrower and its Restricted
Subsidiaries. 
 “Foreign Lender” has the meaning specified in Section 3.01(b). 

“Foreign Plan” means any employee benefit plan, program, policy, arrangement or agreement maintained or contributed to
by, or entered into with, Holdings, the Parent Borrower or any Subsidiary of the Parent Borrower with respect to employees employed outside the United States. 
 “Foreign Subsidiary” means any direct or indirect Restricted Subsidiary of the Parent Borrower that is not a Domestic Subsidiary. 

“FRB” means the Board of Governors of the Federal Reserve System of the United States. 

“Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or otherwise
investing in commercial loans and similar extensions of credit in the ordinary course. 
 “GAAP” means
generally accepted accounting principles in the United States of America, as in effect from time to time; provided, however, that if the Parent Borrower notifies the Administrative Agent that the Parent Borrower requests an amendment
to any provision hereof to eliminate the effect of any change occurring after the Original Closing Date in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Parent 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. 
 “Governmental Authority” means
any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government. 
 “Granting Lender” has the
meaning specified in Section 10.07(h). 
 “Guarantee” means, as to any Person, without duplication,
(a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other monetary obligation payable or performable by another Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other
monetary obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other monetary obligation of the payment or performance of such Indebtedness or other
monetary obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness
or other monetary obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other monetary obligation of the payment or performance thereof or to protect such obligee against
loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other monetary obligation of any other Person, whether or not such Indebtedness or other monetary obligation is assumed by
such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien); provided that the term “Guarantee” shall not include endorsements for collection or deposit, in either case in the
ordinary course of business, or customary and reasonable indemnity obligations in effect on the Original Closing Date or entered into in connection with any acquisition or disposition of assets permitted under this Agreement (other than such
obligations with respect to Indebtedness). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or,
if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 

“Guarantees” has the meaning specified in the definition of “Collateral and Guarantee Requirement.”

 “Guarantor” has the meaning specified in the definition of “Collateral and Guarantee Requirement.”

 “Guaranty” means (a) the amended and restated guaranty (as further amended, restated, supplemented or
otherwise modified from time to time in accordance therewith and herewith) made by Holdings, the Parent Borrower, the Subsidiary Borrowers, and the Subsidiary Guarantors in favor of the Administrative Agent on behalf of the Secured Parties pursuant
to clause (b) of the definition of “Collateral and Guarantee Requirement,” substantially in the form of Exhibit F-1 or Exhibit F-2, as applicable, and (b) each other guaranty and guaranty supplement delivered
pursuant to Section 6.11, all guarantees hereunder, the “Guaranties.” 
 “Hazardous
Materials” means materials, chemicals, substances, compounds, wastes, pollutants and contaminants, in any form, including all explosive or radioactive substances or wastes, mold, petroleum or petroleum distillates, asbestos or
asbestos-containing materials, polychlorinated biphenyls, radon gas and infectious or medical wastes, in each case regulated pursuant to any Environmental Law. 
 “Hedge Bank” means any Person that is an Agent, a Lender, or an Affiliate of any of the foregoing at the time it enters into a Secured Hedge Agreement, in its capacity as a party thereto,
whether or not such Person subsequently ceases to be an Agent, a Lender or an Affiliate of any of the foregoing. 

 “Hedging Obligations” means obligations of the Parent Borrower or any
Subsidiary arising under any Secured Hedge Agreement. 
 “Holdings” has the meaning specified in the
introductory paragraph to this Agreement. 
 “Honor Date” has the meaning specified in Section 2.03(c)(i).

 “Immaterial Subsidiary” means any Subsidiary that is not a Material Subsidiary. 

“Immediate Family Member” means, with respect to any individual, such individual’s child, stepchild, grandchild or
more remote descendant, parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law and daughter-in-law (including adoptive relationships) and any trust, partnership or other
bona fide estate planning vehicle the only beneficiaries of which are any of the foregoing individuals or any private foundation or fund that is controlled by any of the foregoing individuals or any donor advised fund of which any such individual is
the donor. 
 “Incremental Amendment” has the meaning specified in Section 2.14(a). 

“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not
included as indebtedness or liabilities in accordance with GAAP: 
 (a) all obligations of such Person for
borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 
 (b) the maximum amount (after giving effect to any prior drawings or reductions that may have been reimbursed) of all letters of credit (including standby and commercial), bankers’ acceptances, bank
guaranties, surety bonds, performance bonds and similar instruments issued or created by or for the account of such Person; 
 (c) net obligations of such Person under any Swap Contract; 
 (d)
all obligations of such Person to pay the deferred purchase price of property or services (other than (i) trade accounts and accrued expenses payable in the ordinary course of business and (ii) any earn-out obligation until such obligation
becomes a liability on the balance sheet of such Person in accordance with GAAP and if not paid after becoming due and payable); 
 (e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention
agreements and mortgage, industrial revenue bond, industrial development bond and similar financings), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; 

(f) all Attributable Indebtedness; 

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

(h) all Guarantees of such Person in respect of any of the foregoing. 

For all purposes hereof, the Indebtedness of any Person shall (i) include the Indebtedness of any partnership or joint venture
(other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, except to the extent such Person’s liability for such Indebtedness is otherwise limited and
only to the extent such Indebtedness would be included in the calculation of the definition of Consolidated Total Debt of such Person and (ii) in the case of the Parent Borrower and its Restricted Subsidiaries, exclude all intercompany
Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the
Swap Termination Value thereof as of such date. The 

 
amount of Indebtedness of any Person that is not assumed by such Person for purposes of clause (e) shall be deemed to be equal to the lesser of (i) the aggregate unpaid amount of such
Indebtedness and (ii) the Fair Market Value of the property encumbered thereby as determined by such Person in good faith. 

“Indemnified Liabilities” has the meaning specified in Section 10.05. 

“Indemnified Taxes” has the meaning specified in Section 3.01(a). 

“Indemnitees” has the meaning specified in Section 10.05. 

“Independent Financial Advisor” means an accounting, appraisal, investment banking firm or consultant of nationally
recognized standing that is, in the good faith judgment of the Parent Borrower, qualified to perform the task for which it has been engaged and that is independent of the Parent Borrower and its Affiliates. 

“Information” has the meaning specified in Section 10.08. 

“Initial Adjustment Date” has the meaning set forth in the definition of “Applicable Rate”. 

“Intercreditor Agreement” means the amended and restated intercreditor agreement, dated as of February 23, 2011,
between the Administrative Agent and the CF Administrative Agent, substantially in the form attached as Exhibit I, as amended, restated, supplemented, or otherwise modified from time to time in accordance therewith and herewith.

 “Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of each
Interest Period applicable to such Loan and the Maturity Date; provided that if any Interest Period for a Eurocurrency Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest
Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan (including a Swing Line Loan), the last Business Day of each March, June, September and December and the Maturity Date. 

“Interest Period” means, as to each Eurocurrency Rate Loan, the period commencing on the date such Eurocurrency Rate
Loan is disbursed or converted to or continued as a Eurocurrency Rate Loan and ending on the date one, two, three or six months thereafter, or to the extent agreed by each Lender of such Eurocurrency Rate Loan and the Administrative Agent, nine or
twelve months (or such period of less than one month as may be consented to by the Administrative Agent and each Lender), as selected by the Parent Borrower in its Committed Loan Notice; provided that: 

(a) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next
succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 

(b) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 

(c) no Interest Period shall extend beyond the Maturity Date. 

“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means
of (a) the purchase or other acquisition of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of Indebtedness of, or purchase or other acquisition of any
other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person (excluding, in the case of the Parent Borrower and its Restricted Subsidiaries, intercompany loans, advances,
or Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business) or (c) the purchase or other acquisition (in one transaction or a series of transactions)
of all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line of business or division of such Person. For 

 
purposes of covenant compliance, the amount of any Investment at any time shall be the amount actually invested (measured at the time made), without adjustment for subsequent changes in the value
of such Investment, net of any return representing a return of capital with respect to such Investment. 
 “Investment
Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or an equivalent rating by any other nationally recognized statistical rating agency selected by the
Parent Borrower. 
 “IP Rights” has the meaning specified in Section 5.15. 

“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the
Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance). 
 “Issuer Documents” means, with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered into by an L/C Issuer and the
Parent Borrower (or any of its Subsidiaries) or in favor of such L/C Issuer and relating to such Letter of Credit. 

“Joinder Agreement” means the joinder agreement, dated as of July 30, 2008, among Holdings, the Borrowers and the
Administrative Agent, substantially in the form attached as Exhibit J, as amended, restated, supplemented or otherwise modified from time to time in accordance therewith and herewith. 

“Judgment Currency” has the meaning specified in Section 10.19. 

“Junior Financing” has the meaning specified in Section 7.12(a). 

“Junior Financing Documentation” means any documentation governing any Junior Financing. 

“Katz Group” means the Borrowers identified as members of the Katz Group on the signature page to this Agreement and the
Joinder Agreement, including all supplements thereto. 
 “Laws” means, collectively, all international,
foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities and executive orders, including the interpretation or administration thereof by any
Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental
Authority. 
 “L/C Advance” means, with respect to each Revolving Credit Lender, such Lender’s funding of
its participation in any L/C Borrowing in accordance with its Pro Rata Share. 
 “L/C Borrowing” means an
extension of credit resulting from a drawing under any Letter of Credit that has not been reimbursed on the applicable Honor Date or refinanced as a Revolving Credit Borrowing. 

“L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date
thereof, or the renewal or increase of the amount thereof. 
 “L/C Issuer” means Citibank, Goldman Sachs Bank
USA, Deutsche Bank AG, New York Branch, and any other Lender that becomes a L/C Issuer in accordance with Section 2.03(l) or 10.07(j), in each case, in its capacity as an issuer of Letters of Credit hereunder, or any successor issuer of Letters
of Credit hereunder. 
 “L/C Obligation” means, as at any date of determination, the aggregate maximum Dollar
Equivalent amount then available to be drawn under all outstanding Letters of Credit (whether or not (i) such maximum Dollar Equivalent amount is then in effect under any such Letter of Credit if such maximum Dollar Equivalent amount increases
periodically pursuant to the terms of such Letter of Credit or (ii) the conditions to drawing can then be satisfied) plus the aggregate of all Unreimbursed Amounts in respect of Letters of Credit, including all L/C

 
Borrowings. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation
of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 
 “L/C Sublimit” means an amount equal to $150,000,000. 

“Lender” has the meaning specified in the introductory paragraph to this Agreement and, as the context requires,
includes an L/C Issuer and the Swing Line Lender, and their respective successors and assigns as permitted hereunder, each of which is referred to herein as a “Lender.” 

“Lender Insolvency Event” means that (i) a Lender or its Parent Company is insolvent, or is generally unable to pay
its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors, or (ii) such Lender or its Parent Company is the subject of a bankruptcy,
insolvency, reorganization, liquidation or similar proceeding, or a receiver, trustee, conservator, intervenor or sequestrator or the like has been appointed for such Lender or its Parent Company, or such Lender or its Parent Company has taken any
action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment. 
 “Lending
Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Parent Borrower and the
Administrative Agent. 
 “Letter of Credit” means (i) all letters of credit issued under the Existing
Credit Agreement and (ii) any letter of credit issued hereunder. A Letter of Credit may be a commercial letter of credit or a standby letter of credit. 
 “Letter of Credit Application” means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by the relevant L/C Issuer.

 “Letter of Credit Final Expiration Date” means the day that is five (5) Business Days prior to the
scheduled Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day). 

“License Subsidiary” means a direct or indirect wholly-owned Restricted Subsidiary of the Parent Borrower substantially
all of the assets of which consist of Broadcast Licenses and related rights. 
 “Lien” means any mortgage,
pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory, judgment or other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any
conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any Capitalized Lease having substantially the same economic effect as any of the foregoing); provided that in
no event shall an operating lease in and of itself be deemed a Lien. 
 “Liquidity Event” means the
determination by the Administrative Agent that Excess Availability has been less than the greater of (a) $50,000,000 and (b) 10% of the Aggregate Commitments, in either case for five (5) consecutive Business Days, and continuing until
Excess Availability exceeds the greater of (x) $50,000,000 and (y) 10% of Aggregate Commitments, in each case for 30 consecutive calendar days, in which case a Liquidity Event shall no longer be deemed to be continuing for purposes of this
Agreement. 
 “LMA” means a time brokerage agreement between a broadcaster-broker and a radio station licensee
pursuant to which the broadcaster-broker supplies programming and sells commercial spot announcements in discrete blocks of time provided by the radio station licensee that amount to 15% or more of the weekly broadcast hours of the radio
station licensee’s radio broadcast station. 
 “Loan” means an extension of credit by a Lender to a
Borrower under Article II in the form of a Revolving Credit Loan, a Swing Line Loan or a Protective Advance. 

 “Loan Documents” means, collectively, (i) this Agreement,
(ii) the Joinder Agreement, (iii) the Notes, (iv) the Guaranties, (v) the Collateral Documents, (vi) the Issuer Documents, (vii) the Intercreditor Agreement and (viii) the Restatement Agreement. 

“Loan Parties” means collectively, Holdings, the Parent Borrower, the Subsidiary Borrowers and the Subsidiary
Guarantors. 
 “LTM Cost Base” means, for any Test Period, the sum of (a) direct operating expenses,
(b) selling, general and administrative expenses and (c) corporate expenses, in each case excluding depreciation, amortization and interest expense, of the Parent Borrower and its Restricted Subsidiaries determined on a consolidated basis
in accordance with GAAP. 
 “Master Agreement” has the meaning specified in the definition of “Swap
Contract.” 
 “Material Adverse Effect” means a material adverse effect on (a) the business,
operations, assets, financial condition or results of operations of the Parent Borrower and its Restricted Subsidiaries, taken as a whole, or (b) the rights and remedies of the Administrative Agent and the Lenders hereunder. 

“Material Domestic Subsidiary” means, at any date of determination, each of the Parent Borrower’s Domestic
Subsidiaries (a) whose total assets at the last day of the end of the most recently ended fiscal quarter of the Parent Borrower for which financial statements have been delivered pursuant to Section 6.01 were equal to or greater than 2.5%
of Total Assets at such date or (b) whose gross revenues for the most recently ended period of four consecutive fiscal quarters of the Parent Borrower for which financial statements have been delivered pursuant to Section 6.01 were equal
to or greater than 2.5% of the consolidated gross revenues of the Parent Borrower and the Restricted Subsidiaries for such period, in each case determined in accordance with GAAP; provided that if, at any time and from time to time after the
Original Closing Date, Domestic Subsidiaries that are not Guarantors solely because they do not meet the thresholds set forth in clauses (a) or (b) comprise in the aggregate more than 5.0% of Total Assets as of the end of the most recently
ended fiscal quarter of the Parent Borrower for which financial statements have been delivered pursuant to Section 6.01 or contribute more than 5.0% of the gross revenues of the Parent Borrower and the Restricted Subsidiaries for the period of
four consecutive fiscal quarters ending as of the last day of such fiscal quarter, then the Parent Borrower shall, not later than 45 days after the date by which financial statements for such quarter are required to be delivered pursuant to this
Agreement, designate in writing to the Administrative Agent one or more of such Domestic Subsidiaries as “Material Domestic Subsidiaries” to the extent required such that the foregoing condition ceases to be true and comply with the
provisions of Section 6.11 applicable to such Subsidiaries; provided, however, that, any License Subsidiary that is a Domestic Subsidiary shall be deemed to be a Material Domestic Subsidiary if such License Subsidiary would
constitute a Material Domestic Subsidiary if it were assumed that such License Subsidiary had the revenues associated with the Broadcast Stations operated by the Parent Borrower and its Domestic Subsidiaries that utilized the Broadcast Licenses
owned by such License Subsidiary. 
 “Material Subsidiary” means any Material Domestic Subsidiary. 

“Maturity Date” means the date that is five years after the A&R Closing Date; provided that if such day is
not a Business Day, the Maturity Date shall be the Business Day immediately preceding such day; provided however that (a) the Maturity Date shall be October 31, 2015, if on October 30, 2015, greater than $500,000,000 in
aggregate principal amount is outstanding under the Tranche B Term Loans and Tranche C Term Loans under the CF Credit Agreement, (b) the Maturity Date shall be May 3, 2016, if on May 2, 2016, greater than $500,000,000 in aggregate
principal amount of New Senior Notes is outstanding, and (c) in the case of any Indebtedness under clauses (a) and (b) that is amended, restated, supplemented, modified or refinanced in any manner that extends the maturity date of
such Indebtedness to a date that is on or before the date that is five years after the A&R Closing Date, the Maturity Date shall be one day prior (such date, the “Trigger Date”) to such maturity date of such Indebtedness after
giving effect to such amendment, restatement, supplement, modification or refinancing if, on the Trigger Date, greater than $500,000,000 in aggregate principal amount of such Indebtedness is outstanding. 

“Maximum Rate” has the meaning specified in Section 10.11. 

 “Minority Investment” means any Person other than a Subsidiary in which the
Parent Borrower or any Restricted Subsidiary owns any Equity Interests. 
 “Moody’s” means Moody’s
Investors Service, Inc. and any successor thereto. 
 “Monthly Borrowing Base Certificate” has the meaning
provided in Section 6.01(e). 
 “Multiemployer Plan” means any employee benefit plan of the type described
in Section 4001(a)(3) of ERISA, to which Holdings, the Parent Borrower, any Subsidiary or any of their respective ERISA Affiliates makes or is obligated to make contributions, or with respect to which the Parent Borrower or any Subsidiary would
reasonably be expected to incur liability. 
 “NCR Stations” means the Stations listed on Schedule
1.01D. 
 “Net Cash Proceeds” has the meaning specified in the CF Credit Agreement. 

“Net Income” means, with respect to any Person, the net income (loss) of such Person, determined in accordance with
GAAP. 
 “New Senior Cash-Pay Notes” means $980,000,000 aggregate principal amount of the Parent
Borrower’s 10.75% senior notes due 2016, and any exchange notes in respect thereof. 
 “New Senior Notes”
means, collectively, (i) the New Senior Cash-Pay Notes, and (ii) the New Senior Toggle Notes. 
 “New Senior
Notes Indentures” means any one or more indentures to be entered into among the Parent Borrower, as issuer, the guarantors party thereto and a trustee, pursuant to which the New Senior Notes are issued. 

“New Senior Toggle Notes” means $1,330,000,000 aggregate principal amount of the Parent Borrower’s 11.00%/11.75%
senior toggle notes due 2016, any exchange notes in respect thereof, and any increases in the principal amount of New Senior Toggle Notes (or related exchange notes) in lieu of the payment of cash interest in accordance with the terms thereof.

 “Non-Consenting Lender” has the meaning specified in Section 3.07(d). 

“Non-Defaulting Lenders” means a Lender that is not a Defaulting Lender. 

“Non-Loan Party” means any Subsidiary of the Parent Borrower that is not a Loan Party. 

“Nonrenewal Notice Date” has the meaning specified in Section 2.03(b)(iii). 

“Note” means a Revolving Credit Note. 
 “Obligations” means all (x) advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any
Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or
against any Loan Party of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding, (y) Hedging Obligations and
(z) Cash Management Obligations. Without limiting the generality of the foregoing, the Obligations of the Loan Parties under the Loan Documents (and any of their Subsidiaries to the extent they have obligations under the Loan Documents) include
the obligation (including guarantee obligations) to pay principal, interest, Letter of Credit, reimbursement obligations, charges, expenses, fees, Attorney Costs, indemnities and other amounts payable by any Loan Party under any Loan Document.

 “Organization Documents” means (a) with respect to any corporation,
the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of
formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any
agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate
or articles of formation or organization of such entity. 
 “Original Closing Date” means July 30, 2008.

 “Original Transactions” means the transactions described in the definition of “Transactions” in
the Existing Credit Agreement. 
 “Other Taxes” has the meaning specified in Section 3.01(f). 

“Outstanding Amount” means (a) with respect to the Revolving Credit Loans and Swing Line Loans on any date, the
amount thereof after giving effect to any borrowings and prepayments or repayments of Revolving Credit Loans (including any refinancing of outstanding Unreimbursed Amounts under Letters of Credit or L/C Credit Extensions as a Revolving Credit
Borrowing) and Swing Line Loans, as the case may be, occurring on such date; (b) with respect to any L/C Obligations on any date, the Dollar Equivalent thereof on such date after giving effect to any related L/C Credit Extension occurring on
such date and any other changes thereto as of such date, including as a result of any reimbursements of outstanding Unreimbursed Amounts under related Letters of Credit (including any refinancing of outstanding Unreimbursed Amounts under related
Letters of Credit or related L/C Credit Extensions as a Revolving Credit Borrowing) or any reductions in the maximum amount available for drawing under related Letters of Credit taking effect on such date; and (c) with respect to Protective
Advances on any date, the Dollar Equivalent thereof after giving effect to any borrowings and prepayments or repayments of Protective Advances occurring on such date. 
 “Overnight Rate” means, for any day, (a) with respect to any amount denominated in Dollars, the greater of (i) the Federal Funds Rate and (ii) an overnight rate determined
by the Administrative Agent, an L/C Issuer, or the Swing Line Lender, as applicable, in accordance with banking industry rules on interbank compensation and (b) with respect to any amount denominated in an Alternative Currency, the rate of
interest per annum at which overnight deposits in the applicable Alternative 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 a branch or Affiliate of the
Administrative Agent in the applicable offshore interbank market for such currency to major banks in such interbank market. 

“Parent” means CC Media Holdings Inc. (formerly BT Triple Crown Capital Holdings III, Inc.). 

“Parent Borrower” has the meaning specified in the introductory paragraph to this Agreement. 

“Parent Borrower Obligor Cash Management Note” has the meaning specified in the definition of “CCU Cash Management
Notes.” 
 “Parent Company” means, with respect to a Lender, the bank holding company (as defined in
Federal Reserve Board Regulation Y), if any, of such Lender, and/or any person owing, beneficially or of record, directly or indirectly, a majority of the shares of such Lender. 

“Participant” has the meaning specified in Section 10.07(e). 

“Participant Register” has the meaning specified in Section 10.07(e). 

“Participating Member State” means each state so described in any EMU Legislation. 

 “PBGC” means the Pension Benefit Guaranty Corporation. 

“Pension Act” means the U.S. Pension Protection Act of 2006, as amended. 

“Pension Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2) of
ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is either (i) sponsored or maintained by Holdings, the Parent Borrower, any Subsidiary or any of their ERISA Affiliates or (ii) to which Holdings, the
Parent Borrower, any Subsidiary or any of their ERISA Affiliates contributes or has an obligation to contribute or with respect to which the Parent Borrower or any Subsidiary would reasonably be expected to incur liability. 

“Permits” means any and all franchises, licenses, permits, approvals, notifications, certifications, registrations,
authorizations, exemptions, qualifications, and other rights, privileges and approvals required for the operation of the Parent Borrower’s business under its organizational documents or under any loan treaty, rule or regulation or determination
of an arbitrator or a court or other Governmental Authority, in each case applicable or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Permitted Acquisition” has the meaning specified in Section 7.02(j). 

“Permitted Additional Notes” means unsecured notes issued by the Parent Borrower and guaranteed on a subordinated
unsecured basis by one or more Guarantors, provided that (a) the terms of such notes provide for customary subordination of the guarantees of such notes by each Guarantor to the Obligations (and in any event the terms of such
subordination shall be no less favorable to the Lenders than the terms of the subordination set forth in the New Senior Notes Indenture) and do not provide for any scheduled repayment, mandatory redemption, sinking fund obligation or other payment
prior to six months after the Maturity Date, other than customary offers to purchase upon a change of control, asset sale or casualty or condemnation event and customary acceleration rights upon an event of default and (b) the covenants, events
of default, guarantees and other terms for such notes (provided that such notes shall have interest rates and redemption premiums determined by the Board of Directors of the Parent Borrower to be market rates and premiums at the time of
issuance of such notes), taken as a whole, are determined by the Board of Directors of the Parent Borrower to be market terms on the date of issuance and in any event are not materially more restrictive on the Parent Borrower and the Restricted
Subsidiaries, or materially less favorable to the Lenders, than the terms of the New Senior Notes Indenture and do not require the maintenance or achievement of any financial performance standards other than as a condition to taking specified
actions, provided that a certificate of a Responsible Officer delivered to the Administrative Agent at least five Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material
terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating that the Parent Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirement shall be conclusive evidence
that such terms and conditions satisfy the foregoing requirement unless the Administrative Agent notifies the Parent Borrower within such five Business Day period that it disagrees with such determination (including a reasonable description of the
basis upon which it disagrees). 
 “Permitted Additional Notes Documentation” means any notes, instruments,
agreements and other credit documents governing any Permitted Additional Notes. 
 “Permitted Alternative Incremental
Facilities Indebtedness” means Indebtedness of the Parent Borrower in the form of one or more series of senior unsecured notes, senior subordinated notes and/or senior secured notes that are secured by assets of the Loan Parties on a pari
passu or junior basis with the Indebtedness and other obligations under the CF Credit Agreement and the CF Facility Documentation; provided that (A) the stated final maturity of such Indebtedness shall not be earlier than the 91 days
after Maturity Date (as defined in the CF Credit Agreement) with respect to the Tranche B Term Loans (as defined in the CF Credit Agreement) without giving effect to any prior Extensions (as defined in the CF Credit Agreement) thereof, and such
stated final maturity shall not be subject to any conditions that could result in such stated final maturity occurring on a date that precedes such 91st day after the Maturity Date (as defined in the CF Credit Agreement) with respect to the Tranche
B Term Loans (as defined in the CF Credit Agreement) (without giving effect to any prior Extensions (as defined in the CF Credit Agreement) thereof) (it being understood that acceleration or mandatory repayment, prepayment, redemption or repurchase
of such Indebtedness upon the occurrence of an event of default, a change in control, an event of loss 

 
or an asset disposition shall not be deemed to constitute a change in the stated final maturity thereof), (B) such Indebtedness shall not be an obligation (including pursuant to a Guarantee)
of any Person other than the Parent Borrower, the Subsidiary Borrowers and the Subsidiary Guarantors (or any other Subsidiary that becomes a guarantor of the Obligations (as defined in the CF Credit Agreement) on terms substantially similar to the
Guarantee (as defined in the CF Credit Agreement); provided that any Person who subsequently becomes a guarantor of such Indebtedness shall also become a guarantor of the Obligations (as defined in the CF Credit Agreement) on terms
substantially similar to the Guarantee (as defined in the CF Credit Agreement), and (C) to the extent such Indebtedness is secured by Liens on Receivables Collateral, such Liens shall be subject to the Intercreditor Agreement. 

“Permitted Asset Swap” means the concurrent purchase and sale or exchange of Related Business Assets or a combination of
Related Business Assets and cash or Cash Equivalents between the Parent Borrower or any of its Restricted Subsidiaries and another Person. 
 “Permitted Discretion” means the Administrative Agent’s commercially reasonable judgment, exercised in good faith in accordance with customary business practices for comparable
asset-based lending transactions, as to any factor, event, condition or other circumstance arising after the Original Closing Date or based on facts not known to the Administrative Agent as of the Original Closing Date which the Administrative Agent
reasonably determines, with respect to Accounts, (a) will or reasonably could be expected to adversely affect in any material respect the value of any Eligible Accounts, the enforceability or priority of the Administrative Agent’s Liens
thereon or the amount which the Administrative Agent, the Lenders or the L/C Issuer would be likely to receive (after giving consideration to delays in payment and costs of enforcement) in the liquidation of such Eligible Accounts or
(b) evidences that any collateral report or financial information delivered to the Administrative Agent by any Person on behalf of the Parent Borrower is incomplete, inaccurate or misleading in any material respect. In exercising such judgment,
the Administrative Agent may consider, without duplication, factors already included in or tested by the definition of Eligible Accounts (but Reserves may not duplicate the eligibility criteria contained in the definition of Eligible Accounts), and
any other factors arising after the Original Closing Date that change in any material respect the credit risk of lending to the Borrowers on the security of the Eligible Accounts. 

“Permitted Disposition Assets” means (a) the Specified Assets and (b) the assets permitted to be Disposed of
pursuant to clauses (k), (o) and (t) of Section 7.05. 
 “Permitted Equity Issuance” means any
sale or issuance of any Qualified Equity Interests of the Parent Borrower or any direct or indirect parent of the Parent Borrower (to the extent the Net Cash Proceeds thereof are contributed to the common equity capital of the Parent Borrower), in
each case to the extent not prohibited hereunder and neither in connection with the exercise of the Cure Right or which is for the funding of costs or expenses referenced in clause (a)(vii) of the definition of “Consolidated EBITDA.”

 “Permitted Holder” means any Sponsor or Co-Investor; provided that for purposes of determining
ownership by Permitted Holders of Voting Stock of Parent, Co-Investors shall be deemed to own the lesser of (x) the percentage of the voting power of the Voting Stock of Parent actually owned by them at such time and (y) 25% of the voting
power of the Voting Stock of Parent and shall only be deemed to be a Permitted Holder to such extent. 
 “Permitted
Liens” has the meaning specified in Section 7.01. 
 “Permitted Refinancing” means, with respect
to any Person, any modification, refinancing, refunding, renewal or extension of any Indebtedness of such Person; provided that (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or
accreted value, if applicable) of the Indebtedness so modified, refinanced, refunded, renewed or extended except by an amount equal to unpaid accrued interest and premium thereon plus other reasonable amounts paid, and fees and expenses
reasonably incurred, in connection with such modification, refinancing, refunding, renewal or extension and by an amount equal to any existing commitments unutilized thereunder, (b) other than with respect to a Permitted Refinancing in respect
of Indebtedness permitted pursuant to Section 7.03(e), such modification, refinancing, refunding, renewal or extension has a final maturity date equal to or later than the final maturity date of, and has a Weighted Average Life to Maturity
equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being modified, refinanced, refunded, renewed or extended, (c) other than with respect to a Permitted Refinancing in respect of Indebtedness

 
permitted pursuant to Section 7.03(e), at the time thereof, no Event of Default shall have occurred and be continuing, (d) if such Indebtedness being modified, refinanced, refunded,
renewed or extended is Junior Financing or Retained Existing Notes, (i) to the extent such Indebtedness being modified, refinanced, refunded, renewed or extended is subordinated in right of payment to the Obligations, such modification,
refinancing, refunding, renewal or extension is subordinated in right of payment to the Obligations on terms at least as favorable to the Lenders as those contained in the documentation governing the Indebtedness being modified, refinanced,
refunded, renewed or extended, (ii) the terms and conditions (including, if applicable, as to collateral but excluding as to subordination, interest rate and redemption premium) of any such modified, refinanced, refunded, renewed or extended
Indebtedness, taken as a whole, are not materially less favorable to the Loan Parties or the Lenders than the terms and conditions of the Indebtedness being modified, refinanced, refunded, renewed or extended, taken as a whole; provided that
a certificate of a Responsible Officer of the Parent Borrower delivered to the Administrative Agent at least five Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and
conditions of such Indebtedness or drafts of the documentation relating thereto, stating that the Parent Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirement shall be conclusive evidence that such
terms and conditions satisfy the foregoing requirement unless the Administrative Agent notifies the Parent Borrower within such five Business Day period that it disagrees with such determination (including a reasonable description of the basis upon
which it disagrees) and (iii) such modification, refinancing, refunding, renewal or extension is incurred by the Person who is the obligor of the Indebtedness being modified, refinanced, refunded, renewed or extended and does not include
guarantees by any other Person who is not an obligor of such Indebtedness being modified, refinanced, refunded, renewed or extended; provided that, notwithstanding this clause (d), so long as no Default or Event of Default is continuing or
would result therefrom, Retained Existing Notes with a stated final maturity (as of the Original Closing Date) prior to the Maturity Date may be refinanced with Indebtedness that constitutes Permitted Additional Notes, and (e) in the case of
any Permitted Refinancing in respect of the CF Facilities, such Permitted Refinancing is not secured by any portion of the Collateral except on a junior basis pursuant to one or more security agreements subject to the Intercreditor Agreement (or
another intercreditor agreement containing terms that are at least as favorable to the Secured Parties as those contained in the Intercreditor Agreement). 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

“PIK Interest Amount” means the aggregate principal amount of all increases in outstanding principal amount of New
Senior Toggle Notes and issuances of additional New Senior Toggle Notes or “PIK Notes” (as defined in any New Senior Notes Indenture or any similar document) in connection with an election by the Parent Borrower to pay interest in kind

 “Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA),
other than a Foreign Plan, established, maintained or contributed to by the Parent Borrower or any Subsidiary or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any of their respective ERISA
Affiliates. 
 “Platform” has the meaning specified in Section 6.02. 

“Premier Group” means the Borrowers identified as members of the Premier Group on the signature page to this Agreement
and the Joinder Agreement, including all supplements thereto. 
 “primary obligor” has the meaning specified in
the definition of “Guarantee.” 
 “Principal L/C Issuer” means each of Citibank, Deutsche Bank AG,
New York Branch, and Goldman Sachs Bank USA. 
 “Pro Forma Balance Sheet” has the meaning specified in
Section 5.05(a)(ii). 
 “Pro Forma Financial Statements” has the meaning specified in
Section 5.05(a)(ii). 

 “Pro Rata Share” means, with respect to each Lender at any time a fraction
(expressed as a percentage of such Lender and, carried out to the ninth decimal place), the numerator of which is the amount of the Commitments of such Lender and the denominator of which is the amount of the Aggregate Commitments, at such time;
provided that, if such Commitments have been terminated, then the Pro Rata Share of each Lender shall be determined based on the Pro Rata Share of such Lender immediately prior to such termination and after giving effect to any subsequent
assignments made pursuant to the terms hereof. 
 “Projections” has the meaning specified in
Section 6.01(c). 
 “Public Lender” has the meaning specified in Section 6.02. 

“Qualified Equity Interests” means any Equity Interests that are not Disqualified Equity Interests. 

“Qualifying IPO” means the issuance by Holdings or any direct or indirect parent of Holdings of its common Equity
Interests in an underwritten primary public offering (other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration statement filed with the SEC in accordance with the Securities Act
(whether alone or in connection with a secondary public offering). 
 “Qualified Securitization Financing”
means any transaction or series of transactions that may be entered into by Holdings or any of its direct wholly-owned Subsidiaries, the Parent Borrower or any of its Restricted Subsidiaries pursuant to which such Person may, directly or indirectly,
sell, convey or otherwise transfer to (a) one or more Securitization Entities or (b) any other Person (in the case of a transfer by a Securitization Entity), or may grant a security interest in, any Securitization Assets of CCOH or any of
its Subsidiaries (other than any assets that have been transferred or contributed to CCOH or its Subsidiaries by the Parent Borrower or any other Restricted Subsidiary of the Parent Borrower) that are customarily granted in connection with asset
securitization transactions similar to the Qualified Securitization Financing entered into of a Securitization Entity that meets the following conditions: (a) the board of directors of the Parent Borrower shall have determined in good faith
that such Qualified Securitization Financing (including the terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Parent Borrower and the Securitization Entity, (b) all sales of
Securitization Assets and related assets to the Securitization Entity are made at Fair Market Value, (c) the financing terms, covenants, termination events and other provisions thereof, including any Standard Securitization Undertakings, shall
be market terms (as determined in good faith by the Parent Borrower), (d) giving effect on a pro forma basis for such Qualified Securitization Financing in accordance with Section 1.07, for the Test Period immediately preceding such
transaction (i) the Total Leverage Ratio would be less than the lesser of (x) 8.0 to 1.0 and (y) the Total Leverage Ratio for such Test Period before giving effect to such transaction, (ii) the Secured Leverage Ratio would be
less than the Secured Leverage Ratio for such Test Period before giving effect to such transaction and (iii) the ratio of Consolidated Total Debt of the Borrowers and Subsidiary Guarantors to Consolidated EBITDA of the Parent Borrower and its
Restricted Subsidiaries is less than 6.5 to 1.0 and (e) the Administrative Agent shall have received an officers’ certificate of a Responsible Officer of the Parent Borrower certifying that all of the requirements of clauses
(a) through (d) have been satisfied. The grant of a security interest in any Securitization Assets of the Parent Borrower or any of the Restricted Subsidiaries (other than a Securitization Entity) to secure Indebtedness under this
Agreement prior to engaging in any securitization transaction shall not be deemed a Qualified Securitization Financing. 

“Receivables Collateral” means all the “Intercreditor Collateral” as defined in the Intercreditor Agreement.

 “Receivables Reserves” means, without duplication of any other reserves or items that are otherwise
addressed or excluded through eligibility criteria, such reserves, subject to Section 2.15, as the Administrative Agent in the Administrative Agent’s Permitted Discretion determines as being appropriate with respect to the determination of
the collectability in the ordinary course of business of Eligible Accounts, including, without limitation, dilution, reconciliation of variances between the general ledger and the receivables aging, and unapplied cash received. 

“Reference Date” has the meaning specified in the definition of “Available Amount.” 

 “Register” has the meaning specified in Section 10.07(d). 

“Related Business Assets” means assets (other than Cash Equivalents) used or useful in a Similar Business;
provided that any assets received by the Parent Borrower or a Restricted Subsidiary in exchange for assets transferred by the Parent Borrower or a Restricted Subsidiary shall not be deemed to be Related Business Assets if they consist of
securities of a Person, unless upon the receipt by the Parent Borrower or a Restricted Subsidiary of the securities of such Person, such Person would become a Restricted Subsidiary. 

“Release” means any spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting, escaping,
leaching, dumping, disposing, depositing, dispersing, emanating or migrating in, into, onto or through the Environment. 

“Reportable Event” means, with respect to any Plan any of the events set forth in Section 4043(c) of ERISA or the
regulations issued thereunder, other than events for which the thirty (30) day notice period has been waived. 

“Request for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Revolving
Credit Loans, a Committed Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swing Line Loan, a Swing Line Loan Notice. 

“Required Lenders” means, as of any date of determination, Lenders having more than 50% of the sum of the (a) Total
Outstandings (other than protective advances and with the aggregate amount of each Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Lender for purposes of this
definition), and (b) aggregate unused Revolving Credit Commitments; provided that the unused Revolving Credit Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for
purposes of making a determination of Required Lenders. 
 “Reserves” means all, if any, Availability Reserves,
Bank Product Reserves, Receivables Reserves and any and all other reserves which the Administrative Agent deems necessary in its Permitted Discretion to maintain with respect to Eligible Accounts that have been established in accordance with
Section 2.15, it being understood that Reserves on the Original Closing Date shall be equal to the amount stated as Reserves on the Borrowing Base Certificate delivered to the Administrative Agent. 

“Responsible Officer” means the chief executive officer, president, chief operating officer, chief financial officer,
chief accounting officer, or treasurer or other similar officer or Person performing similar functions of a Loan Party and, as to any document delivered on the A&R Closing Date, any secretary or assistant secretary of a Loan Party. Any document
delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible
Officer shall be conclusively presumed to have acted on behalf of such Loan Party. Unless otherwise specified, all references in this Agreement to a “Responsible Officer” shall refer to a Responsible Officer of the Parent Borrower.

 “Restatement Agreement” means the Restatement Agreement, dated as of the A&R Closing Date, by and among
each of the Borrowers, the Guarantors, the Administrative Agent and the Lenders party thereto. 
 “Restricted Foreign
Subsidiary” means any Restricted Subsidiary that is not a Domestic Subsidiary. 
 “Restricted Payment”
means any direct or indirect dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interest of the Parent Borrower or any of its Restricted Subsidiaries, or any payment (whether in cash, securities
or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any such Equity Interest, or on account of any return of capital to the
Parent Borrower’s stockholders, partners or members (or the equivalent Persons thereof). 

 “Restricted Subsidiary” means any Subsidiary of the Parent Borrower other
than an Unrestricted Subsidiary. 
 “Restricting Information” has the meaning specified in
Section 10.09(a). 
 “Retained Existing Notes” means the Parent Borrower’s (i) 4.25% Senior
Notes due 2009, (ii) 4.5% Senior Notes due 2010, (iii) 6.25% Senior Notes due 2011, 4.4% Senior Notes due 2011, (iv) 5.0% Senior Notes due 2012, (v) 5.75% Senior Notes due 2013, 5.5% Senior Notes due 2014, (vi) 4.9% Senior
Notes due 2015, (vii) 5.5% Senior Notes due 2016, (viii) 6.875% Senior Debentures due 2018 and (ix) 7.25% Debentures Due 2027. 
 “Retained Existing Notes Indenture” means the Senior Indenture dated as of October 1, 1997 among the Parent Borrower and The Bank of New York, as trustee (with The Bank of New York
Trust Company, N.A. as current trustee), as supplemented by the Second Supplemental Indenture dated as of June 16, 1998, as further supplemented by the Third Supplemental Indenture dated as of June 16, 1998, as further supplemented by the
Eleventh Supplemental Indenture dated as of January 9, 2003, as further supplemented by the Twelfth Supplemental Indenture dated as of March 17, 2003, as further supplemented by the Thirteenth Supplemental Indenture dated as of May 1,
2003, as further supplemented by the Fourteenth Supplemental Indenture dated as of May 21, 2003, as further supplemented by the Sixteenth Supplemental Indenture dated as of December 9, 2003, as further supplemented by the Seventeenth
Supplemental Indenture dated as of September 20, 2004, as further supplemented by the Eighteenth Supplemental Indenture dated as of November 22, 2004, as further supplemented by the Nineteenth Supplemental Indenture dated as of
December 16, 2004, as further supplemented by the Twentieth Supplemental Indenture dated as of March 21, 2006 and as further supplemented by the Twenty-first Supplemental Indenture dated as of August 15, 2006, as may be amended,
supplemented or modified from time to time. 
 “Retained Existing Notes Indenture Debt” means “Debt”
under (and as defined in) the Retained Existing Notes Indenture. 
 “Retained Existing Notes Indenture Restricted
Subsidiary” means any Restricted Subsidiary that is not an “Unrestricted Subsidiary” under (and as defined in) the Retained Existing Notes Indenture. 
 “Retained Existing Notes Indenture Sale-Leaseback Transaction” means any “Sale-Leaseback Transaction” under (and as defined in) the Retained Existing Notes Indenture.

 “Retained Existing Notes Indenture Unrestricted License Subsidiary” means any License Subsidiary that
(a) is created or acquired after the Original Closing Date and (b) constitutes an “Unrestricted Subsidiary” under (and as defined in) the Retained Existing Notes Indenture. 

“Revaluation Date” means with respect to any Letter of Credit, each of the following: (a) each date of issuance of
an Alternative Currency Letter of Credit, (b) each date of an amendment of any such Alternative Currency Letter of Credit having the effect of increasing the amount thereof (solely with respect to the increased amount) and (c) such
additional dates as the Administrative Agent or the L/C Issuer shall reasonably determine or the Required Lenders shall reasonably require, so long as such additional dates occur no less frequently than monthly (or weekly, in the case of a Weekly
Monitoring Event) at any time an Alternative Currency Letter of Credit is issued or outstanding or any Alternative Currency L/C Obligation exists. 
 “Revolving Commitment Increase” shall have the meaning specified in Section 2.14(a). 
 “Revolving Commitment Increase Lender” has the meaning specified in Section 2.14(a). 
 “Revolving Credit Borrowing” means a borrowing consisting of Revolving Credit Loans of the same Type and, in the case of Eurocurrency Rate Loans, having the same Interest Period made by
each of the Revolving Credit Lenders pursuant to Section 2.01(b). 
 “Revolving Credit Commitment” means,
as to each Revolving Credit Lender, its obligation to (a) make Revolving Credit Loans to the Parent Borrower pursuant to Section 2.01(b), (b) purchase participations in 

 
L/C Obligations in respect of Letters of Credit and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set
forth, and opposite such Lender’s name on Schedule 1.01F under the caption “Revolving Credit Commitment” or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such
amount may be adjusted from time to time in accordance with this Agreement. The aggregate Revolving Credit Commitments of all Revolving Credit Lenders on the A&R Closing Date shall be equal to $535,000,000, as such amount may be adjusted from
time to time in accordance with the terms of this Agreement, including pursuant to any applicable Revolving Commitment Increase. 
 “Revolving Credit Exposure” means, as to each Revolving Credit Lender, the sum of the Outstanding Amount of such Revolving Credit Lender’s Revolving Credit Loans and its Pro Rata
Share of the L/C Obligations and the Swing Line Obligations at such time. 
 “Revolving Credit Facility” means,
at any time, the aggregate amount of the Revolving Credit Commitments at such time. 
 “Revolving Credit
Lender” means, at any time, any Lender that has a Revolving Credit Commitment at such time. 
 “Revolving
Credit Loan” has the meaning specified in Section 2.01(b). 
 “Revolving Credit Note” means a
promissory note of the Borrowers payable to any Revolving Credit Lender or its registered assigns, in substantially the form of Exhibit C hereto, evidencing the aggregate Indebtedness of the Borrowers to such Revolving Credit Lender
resulting from the Revolving Credit Loans made by such Revolving Credit Lender. 
 “S&P” means
Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and any successor thereto. 

“Same Day Funds” means, (a) with respect to disbursements and payments in Dollars, immediately available funds and
(b) with respect to disbursements and payments in an Alternative Currency, same day or other funds as may be determined by the Administrative Agent and the applicable L/C Issuer to be customary in the place of disbursement or payment for the
settlement of international banking transactions in the relevant Alternative Currency. 
 “SEC” means the
Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions. 

“Secured Cash Management Obligation” means any Cash Management Obligations designated by the Parent Borrower in writing
to the Administrative Agent as “Secured Cash Management Obligations” which will thereby become Obligations hereunder and under the Security Agreement. 
 “Secured Hedge Agreement” means any Swap Contract permitted under Section 7.03(f) that is entered into by and between any Loan Party or any Subsidiary and any Hedge Bank and
designated in writing by the Parent Borrower to the Administrative Agent as a “Secured Hedge Agreement.” 

“Secured Leverage Ratio” means, with respect to any Test Period, the ratio of (a) Consolidated Secured Debt as of
the last day of such Test Period to (b) Consolidated EBITDA of the Parent Borrower for such Test Period. 

“Secured Parties” means, collectively, the Administrative Agent, the Lenders, each Hedge Bank, each Cash Management
Bank, the Supplemental Administrative Agent and each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.01(c). 
 “Securities Act” means the Securities Act of 1933. 

 “Securitization Assets” means any properties, assets and revenue streams
associated with the Americas Outdoor Advertising segment of the Parent Borrower and its Subsidiaries that are subject to a Qualified Securitization Financing and the proceeds thereof. 

“Securitization Entity” means a Restricted Subsidiary or direct or indirect wholly-owned Subsidiary of Holdings (other
than the Parent Borrower), or another Person formed for the purposes of engaging in a Qualified Securitization Financing in which Holdings or any of its direct or indirect wholly-owned Subsidiaries, makes an Investment and to which the Parent
Borrower or any of its Restricted Subsidiaries, directly or indirectly, sells, conveys or otherwise transfers Securitization Assets and related assets that engages in no activities other than in connection with the ownership and financing of
Securitization Assets, all proceeds thereof and all rights (contingent and other), collateral and other assets relating thereto, and any business or activities incidental or related to such business, and which is designated by the board of directors
of the Parent Borrower or such other Person as provided below) as a Securitization Entity and (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by Holdings, the Parent Borrower
or any other Subsidiary of Holdings, other than another Securitization Entity (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is recourse
to or obligates Holdings, the Parent Borrower or any other Subsidiary of the Parent Borrower, other than another Securitization Entity, in any way other than pursuant to Standard Securitization Undertakings or (iii) subjects any property or
asset of Holdings, the Parent Borrower or any other Subsidiary of the Parent Borrower, other than another Securitization Entity, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard
Securitization Undertakings, (b) with which none of Holdings, the Parent Borrower or any other Subsidiary of the Parent Borrower, other than another Securitization Entity, has any material contract, agreement, arrangement or understanding other
than on terms which the Parent Borrower reasonably believes to be no less favorable to Holdings, the Parent Borrower or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Parent Borrower,
(c) to which none of Holdings, the Parent Borrower or any other Subsidiary of the Parent Borrower, other than another Securitization Entity, has any obligation to maintain or preserve such entity’s financial condition or cause such entity
to achieve certain levels of operating results, and (d) if such Securitization Entity is not a Restricted Subsidiary of the Parent Borrower, (i) to the extent permitted by the terms of the Qualified Securitization Financing, Holdings shall
have pledged the Equity Interests of such Securitization Entity to the Administrative Agent and the Administrative Agent shall be reasonably satisfied that the Obligations shall have been secured by a first priority security interest in such Equity
Interests and Holdings shall not permit any other Liens on such Equity Interests and (ii) Holdings shall not transfer any Equity Interests in such Securitization Entity to any other Person (other than to Holdings or any of its direct or
indirect wholly-owned Subsidiaries) and shall not permit such Securitization Entity to issue any additional Equity Interests (other than to Holdings or any of its direct or indirect wholly-owned Subsidiaries). Any such designation by the board of
directors of the Parent Borrower or such other Person shall be evidenced to the Administrative Agent by the delivery to the Administrative Agent of a certified copy of the resolution of the board of directors of the Parent Borrower, or such other
Person giving effect to such designation and a certificate executed by a Responsible Officer certifying that such designation complied with the foregoing conditions. 
 “Securitization Fees” means distributions or payments made directly or by means of discounts with respect to any participation interest issued or sold in connection with, and other fees
paid to a Person that is not a Securitization Entity in connection with, any Qualified Securitization Financing. 

“Securitization Repurchase Obligation” means any obligation of a seller of Securitization Assets in a Qualified
Securitization Financing to repurchase Securitization Assets arising as a result of a breach of a Standard Securitization Undertaking, including as a result of a receivable or portion thereof becoming subject to any asserted defense, dispute, offset
or counterclaim of any kind as a result of any action taken by any failure to take action by or any other event relating to the seller. 
 “Security Agreements” means the Amended and Restated ABL Receivables Pledge and Security Agreement (as further amended, restated, supplemented or otherwise modified from time to time in
accordance therewith or herewith) executed by the Loan Parties, substantially in the form of Exhibit G, together with each other Security Agreement Supplement executed and delivered pursuant to Section 6.11. 

“Security Agreement Supplement” has the meaning specified in the Security Agreements. 

 “Similar Business” means any business conducted or proposed to be conducted
by the Parent and its subsidiaries on the Original Closing Date or any business that is similar, reasonably related, incidental or ancillary thereto. 
 “Solvent” and “Solvency” mean, with respect to any Person on any date of determination, that on such date (a) the fair value of the property of such Person is
greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of
such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature
and (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute an unreasonably small capital. The amount of contingent liabilities
at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

“SPC” has the meaning specified in Section 10.07(h). 

“Specified Assets” means assets used in the operation of the NCR Stations. 

“Specified Date” means March 27, 2008. 
 “Specified Equity Contribution” means any cash capital contributions (other than any Cure Amount, other than any contribution increasing the Available Amount pursuant to clause
(c) of the definition thereof and other than any amount funded for any cost or expense referenced in clause (a)(vii) of the definition of “Consolidated EBITDA”) or Net Cash Proceeds from Permitted Equity Issuances (other than the
Equity Contribution (as defined in and made pursuant to the terms of the Existing Credit Agreement)) received by the Parent Borrower (or any direct or indirect parent thereof and contributed by such parent as common equity capital to the Parent
Borrower) and certified by a Responsible Officer as a Specified Equity Contribution concurrently with such contribution or issuance. 
 “Specified L/C Sublimit” means, with respect to any L/C Issuer, (i) in the case of Citibank (or any of its Affiliates), 33 1/3% of the L/C Sublimit, (ii) in the case of Deutsche Bank AG, New York Branch, (or any of its Affiliates),
33 1/3% of the L/C Sublimit, (iii) in the case of Goldman Sachs Bank USA (or any of its Affiliates),
33 1/3% of the L/C Sublimit and (iv) in the case of any other L/C Issuer, 100% of the L/C Sublimit, or in each case such lower percentage as is specified in the agreement pursuant to which such Person
becomes an L/C Issuer entered into pursuant to Section 2.03(l) hereof. 
 “Specified
Transaction” means any Investment that results in a Person becoming a Restricted Subsidiary or an Unrestricted Subsidiary, any Permitted Acquisition or any Disposition that results in a Restricted Subsidiary ceasing to be a Subsidiary of
the Parent Borrower or any Disposition of a business unit, line of business or division of the Parent Borrower or a Restricted Subsidiary, in each case whether by merger, consolidation, amalgamation or otherwise. 

“Sponsor” means any of Bain Capital LLC and Thomas H. Lee Partners L.P. and any of their respective Affiliates and
funds or partnerships managed or advised by any or both of them or their respective Affiliates but not including, however, any portfolio company of any of the foregoing. 
 “Sponsor Management Agreement” means the Amended and Restated Management Agreement, substantially in the form delivered to the Arrangers on or prior to May 13, 2008, between certain
of the management companies associated with the one or more of the Sponsors or their advisors, the Parent Borrower (as successor by merger to Merger Sub), T Triple Crown Finco, LLC, B Triple Crown Finco, LLC and Parent, as amended, supplemented,
amended and restated, replaced or otherwise modified from time to time; provided, however, that the terms of any such amendment, supplement, amendment and restatement or replacement agreement are not, taken as a whole, less favorable to the
Lenders in any material respect than the agreement in the form delivered to the Arrangers on or prior to May 13, 2008. 

 “Sponsor Termination Fees” means the one-time payment under the Sponsor
Management Agreement of a termination fee to one or more of the Sponsors and their Affiliates in the event of either a Change of Control or the completion of a Qualifying IPO. 
 “Spot Rate” for a currency means the rate determined by the Administrative Agent or an L/C Issuer, as applicable, to be the rate quoted by the Person acting in such capacity as the spot
rate for the purchase by such Person of such currency with another currency through its principal foreign exchange trading office; provided that the Administrative Agent or a L/C Issuer may obtain such spot rate from another financial
institution designated by the Administrative Agent or such L/C Issuer if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency; and provided that the L/C Issuer may use such
spot rate quoted on the date as of which the foreign exchange computation is made in the case of any Letter of Credit denominated in an Alternative Currency. 
 “Standard Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by Holdings (or any direct or indirect parent company of Holdings) or any
of its Subsidiaries that the Parent Borrower has determined in good faith to be customary in a Securitization Financing. 

“Stations” means all radio and television broadcast stations owned by the Parent Borrower or any of its Restricted
Subsidiaries. 
 “Sterling” and the sign “£” each mean the lawful money of the United
Kingdom. 
 “Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company
or other business entity (excluding, for the avoidance of doubt, charitable foundations) of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or
both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Parent Borrower. 

“Subsidiary Borrowers” means each of the Persons listed on Schedule 1.01A, each of the Persons that is a party to
the Existing Credit Agreement as of the Original Closing Date and each Material Domestic Subsidiary that becomes a party to the Existing Credit Agreement or this Agreement as a Borrower after the Original Closing Date or the A&R Closing Date, as
the case may be, pursuant to Section 6.11 or otherwise. 
 “Subsidiary Guarantee” has the meaning
specified in the definition of “Collateral and Guarantee Requirement.” 
 “Subsidiary Guarantors” has
the meaning specified in the definition of “Collateral and Guarantee Requirement.” 
 “Successor Parent
Borrower” has the meaning specified in Section 7.04(d). 
 “Supermajority Lenders” means, as of
any date of determination, (a) Lenders having more than 66-2/3% of the sum of the Aggregate Commitments at such date or (b) if the Aggregate Commitments have been terminated, Lenders having or holding at least 66-2/3% of the Total
Outstandings at such date, provided that the Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Supermajority Lenders. 

“Supplemental Administrative Agent” has the meaning specified in Section 9.14 and “Supplemental
Administrative Agents” shall have the corresponding meaning. 
 “Swap Contract” means (a) any and
all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or
options or forward bond or forward 

 
bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions,
cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the
International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”),
including any such obligations or liabilities under any Master Agreement. 
 “Swap Termination Value” means, in
respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as
determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender). 

“Swing Line Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2.04. 

“Swing Line Facility” means the revolving credit sub-facility made available by the Swing Line Lender pursuant to
Section 2.04. 
 “Swing Line Lender” means Citicorp North America, Inc., in its capacity as provider of
Swing Line Loans, or any successor swing line lender hereunder. 
 “Swing Line Loan” has the meaning specified
in Section 2.04(a). 
 “Swing Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to
Section 2.04(b), which, if in writing, shall be substantially in the form of Exhibit B. 
 “Swing Line
Obligations” means, as at any date of determination, the aggregate Outstanding Amount of all Swing Line Loans outstanding. 
 “Swing Line Sublimit” means an amount equal to the lesser of (a) $50,000,000 and (b) the aggregate amount of the Revolving Credit Commitments. The Swing Line Sublimit is part
of, and not in addition to, the Revolving Credit Commitments. 
 “Syndication Agents” means Deutsche Bank
Securities, Inc. and Credit Suisse Securities (USA) LLC, each in its capacity as a Syndication Agent under this Agreement. 

“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 to be a suitable replacement) is open for the settlement of payments in Euro. 

“Taxes” has the meaning specified in Section 3.01(a). 

“Test Period” in effect at any time means the most recent period of four consecutive fiscal quarters of the Parent
Borrower ended on or prior to such time in respect of which financial statements for each quarter or fiscal year in such period have been or are required to be delivered pursuant to Section 6.01(a) or (b); provided that, prior to the
first date that financial statements have been or are required to be delivered pursuant to Section 6.01(a) or (b), the Test Period in effect shall be the period of four consecutive fiscal quarters of the Parent Borrower ended September 30,
2008. A Test Period may be designated by reference to the last day thereof (i.e., the “December 31, 2007 Test Period” refers to the period of four consecutive fiscal quarters of the Parent Borrower ended December 31, 2007), and a Test
Period shall be deemed to end on the last day thereof. 

 “Threshold Amount” means $100,000,000. 

“Total Assets” means the total assets of the Parent Borrower and the Restricted Subsidiaries on a consolidated basis, as
shown on the most recent balance sheet of the Parent Borrower delivered pursuant to Section 6.01(a) or (b) or, for the period prior to the time any such statements are so delivered pursuant to Section 6.01(a) or (b), the Pro Forma
Financial Statements. 
 “Total Leverage Ratio” means, with respect to any Test Period, the ratio of
(a) Consolidated Total Debt as of the last day of such Test Period to (b) Consolidated EBITDA of the Parent Borrower for such Test Period. 
 “Total Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C Obligations. 
 “Transaction Expenses” means any fees or expenses incurred or paid by Holdings or any of its Subsidiaries in connection with the Transactions, this Agreement, the Existing Credit
Agreement and the other Loan Documents. 
 “Transactions” means, collectively, the Original Transactions and
the A&R Transactions. 
 “Trigger Date” has the meaning specified in the definition of ‘Maturity
Date.” 
 “Type” means, with respect to a Loan denominated in Dollars, its character as a Base Rate Loan
or a Eurocurrency Rate Loan. 
 “Uniform Commercial Code” means the Uniform Commercial Code or any successor
provision thereof as the same may from time to time be in effect in the State of New York or the Uniform Commercial Code or any successor provision thereof (or similar code or statute) of another jurisdiction, to the extent it may be required to
apply to any item or items of Collateral. 
 “United States” and “U.S.” mean the United States
of America. 
 “Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i). 

“Unrestricted Subsidiary” means (a) any Subsidiary of the Parent Borrower designated by the board of directors of
the Parent Borrower as an Unrestricted Subsidiary pursuant to Section 6.14 subsequent to the Original Closing Date, (b) any Securitization Entity and (c) any Subsidiary of an Unrestricted Subsidiary, in each case, until such Person
ceases to be an Unrestricted Subsidiary of the Parent Borrower in accordance with Section 6.14 or ceases to be a Subsidiary of the Parent Borrower. 
 “Unused Amount” means, on any day the aggregate Revolving Credit Commitments then in effect minus the aggregate of the then outstanding Revolving Credit Exposures, provided that
the Unused Amount shall never be less than zero. 
 “USA PATRIOT Act” means The Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)), as amended or modified from time to time. 

“Voting Stock” means, with respect to any Person, any class or classes of Equity Interests pursuant to which the holders
thereof have the general voting power under ordinary circumstances to elect at least a majority of the board of directors of such Person. 

 “Weekly Monitoring Event” means (i) an Event of Default has occurred
and is continuing or (ii) a Liquidity Event has occurred and is continuing. For purposes of this Agreement, the occurrence of a Weekly Monitoring Event shall be deemed continuing at the Administrative Agent’s option until (x) if the
Weekly Monitoring Event arises under clause (i) above, so long as such Event of Default is continuing, or (y) if the Weekly Monitoring Event arises under clause (ii) above, so long as such Liquidity Event is continuing, in which case
a Weekly Monitoring Event shall no longer be deemed to be continuing for purposes of this Agreement; provided that a Weekly Monitoring Event shall be deemed continuing at all times in any four fiscal quarter period after a Weekly Monitoring
Event has occurred and been discontinued on two occasions in such four fiscal quarter period. 
 “Weighted Average Life
to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing: (i) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund,
serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such
payment by (ii) the then outstanding principal amount of such Indebtedness. 
 “wholly-owned” means, with
respect to a Subsidiary of a Person, a Subsidiary of such Person all of the outstanding Equity Interests of which (other than (x) director’s qualifying shares and (y) shares issued to foreign nationals 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 the liability of a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

SECTION 1.02. Other Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise
specified herein or in such other Loan Document: 
 (a) The meanings of defined terms are equally applicable to
the singular and plural forms of the defined terms. 
 (b) (i) The words “herein,” “hereto,”
“hereof” and “hereunder” and words of similar import when used in any Loan Document shall refer to such Loan Document as a whole and not to any particular provision thereof. 

(ii) Article, Section, Exhibit and Schedule references are to the Loan Document in which such reference appears.

 (iii) The term “including” is by way of example and not limitation. 

(iv) The term “documents” includes any and all instruments, documents, agreements, certificates, notices,
reports, financial statements and other writings, however evidenced, whether in physical or electronic form. 

(c) In the computation of periods of time from a specified date to a later specified date, the word “from” means
“from and including”; the words “to” and “until” each mean “to but excluding”; and the word “through” means “to and including.” 

(d) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall
not affect the interpretation of this Agreement or any other Loan Document. 
 (e) The word “or” is not
exclusive. 
 SECTION 1.03. Accounting Terms. All accounting terms not specifically or completely defined herein shall be
construed in conformity with, and all financial data (including financial ratios and other financial 

 
calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP, applied in a manner consistent with that used in preparing the Annual Financial
Statements, except as otherwise specifically prescribed herein. 
 SECTION 1.04. Rounding. Any financial ratios required
to be maintained by the Parent Borrower pursuant to this Agreement (or required to be satisfied in order for a specific action to be permitted under 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 1.05. References to Agreements, Laws, Etc. Unless otherwise expressly provided herein, (a) references to Organization
Documents, agreements (including the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto, but only to the extent that such
amendments, restatements, extensions, supplements and other modifications are not prohibited by any Loan Document; and (b) references to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing,
supplementing or interpreting such Law. 
 SECTION 1.06. Times of Day. Unless otherwise specified, all references herein
to times of day shall be references to Eastern time (daylight or standard, as applicable). 
 SECTION 1.07. Pro Forma
Calculations. 
 (a) Notwithstanding anything to the contrary herein, the Secured Leverage Ratio, the Total Leverage Ratio
and the Fixed Charge Coverage Ratio shall be calculated in the manner prescribed by this Section. 
 (b) In the event that the
Parent Borrower or any Restricted Subsidiary incurs, assumes, guarantees, redeems, repays, retires or extinguishes any Indebtedness included in the definitions of Consolidated Secured Debt or Consolidated Total Debt, as the case may be (in each
case, other than Indebtedness incurred or repaid under any revolving credit facility in the ordinary course of business for working capital purposes), subsequent to the end of the Test Period for which the Secured Leverage Ratio and the Total
Leverage Ratio, as the case may be, is being calculated but prior to or simultaneously with the event for which the calculation of any such ratio is made, then the Secured Leverage Ratio and the Total Leverage Ratio shall be calculated giving pro
forma effect to such incurrence, assumption, guarantee, redemption, repayment, retirement or extinguishment of Indebtedness, as if the same had occurred on the last day of the applicable Test Period. 

(c) For purposes of calculating the Secured Leverage Ratio, the Total Leverage Ratio and the Fixed Charge Coverage Ratio, Specified
Transactions that have been made by the Parent Borrower or any of its Restricted Subsidiaries during the applicable Test Period or subsequent to such Test Period and prior to or simultaneously with the event for which the calculation of any such
ratio is made shall be calculated on a pro forma basis assuming that all such Specified Transactions (and the change in Consolidated EBITDA resulting therefrom) had occurred on the first day of the applicable Test Period. If since the
beginning of any such Test Period any Person that subsequently became a Restricted Subsidiary or was merged, amalgamated or consolidated with or into the Parent Borrower or any of its Restricted Subsidiaries since the beginning of such Test Period
shall have made any Specified Transaction that would have required adjustment pursuant to this Section, then the Secured Leverage Ratio and the Total Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if
such Specified Transaction occurred at the beginning of the applicable Test Period. 
 (d) In the event that the Parent Borrower
or any Restricted Subsidiary incurs, assumes, guarantees, redeems, repays, retires or extinguishes any Indebtedness included in the definitions of Fixed Charges, as the case may be (other than Indebtedness incurred or repaid under any revolving
credit facility in the ordinary course of business for working capital purposes) or issues or redeems Disqualified Equity Interests, subsequent to the commencement of the Test Period but prior to or simultaneously with the event for which the
calculation of the Fixed Charge Coverage Ratio is made, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption, guarantee, redemption, repayment, retirement or extinguishment of
Indebtedness or such issuance or redemption of Disqualified Equity Interests, as if the same had occurred on the first day of the applicable Test Period. 

 (e) 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 the event for which the calculation of the Fixed Charge Coverage Ratio is made had been the applicable rate for the entire period (taking into
account any hedging obligations applicable to such Indebtedness). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Company to be
the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a Eurocurrency interbank
offered rate, or other rate, shall be determined to have been based upon the rate actually chosen, or if none, then based upon such optional rate chosen as the Parent Borrower may designate. 

(f) Notwithstanding the foregoing, when calculating the Fixed Charge Coverage Ratio for purposes of determining compliance with
Section 7.14 at the end of each Test Period, the events described in Sections 1.07(c) and 1.07(d) above that occurred subsequent to the end of the Test Period shall not be given pro forma effect. 

(g) Whenever pro forma effect is to be given to a Specified Transaction (other than the Transactions), the pro forma
calculations shall be made in good faith by a responsible financial or accounting officer of the Parent Borrower (and may include, for the avoidance of doubt, cost savings, operating expense reductions and synergies resulting from such Specified
Transaction (other than the Transactions) which is being given pro forma effect that have been or are expected to be realized and shall be certified in an officers’ certificate by such responsible financial or accounting officer
delivered to the Administrative Agent); provided that (A) such amounts are reasonably identifiable and factually supportable, (B) actions to realize such amounts are taken within 12 months after the date of such Specified
Transaction, (C) no amounts shall be added pursuant to this clause to the extent duplicative of any amounts that are otherwise added back in computing Consolidated EBITDA with respect to such period. Notwithstanding the foregoing, calculations
of the Total Leverage Ratio for purposes of the definition of “Applicable Rate” shall not include any cost savings, operating expense reductions or synergies that have not been actually realized. 

SECTION 1.08. Currency Equivalents Generally. 
 (a) The Administrative Agent and the applicable L/C Issuer shall determine the Spot Rates as of each Revaluation Date to be used for calculating Dollar Equivalents of Credit Extensions and Outstanding
Amounts denominated in Alternative Currencies. 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. Except for purposes of financial statements delivered by Loan Parties hereunder or calculating financial ratios hereunder or except as otherwise provided herein, the applicable amount of any currency (other than Dollars) for purposes of the
Loan Documents shall be such Dollar Equivalent as so determined by the Administrative Agent. 
 (b) Wherever in this Agreement
in connection with the issuance, amendment or extension of an Alternative Currency Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Alternative Currency Letter of Credit is denominated in
an Alternative Currency, such amount, other than in cases where a Dollar Equivalent is expressly included, shall be the relevant Alternative Currency Equivalent of such Dollar Equivalent (rounded to the nearest unit of such Alternative Currency,
with 0.5 of a unit being rounded upward), as determined by the Administrative Agent and the applicable L/C Issuer. 
 ARTICLE
II 
 The Commitments and Credit Extensions 

SECTION 2.01. The Loans. 
 (a) [Reserved]. 

 (b) The Revolving Credit Borrowings. Subject to the terms and conditions set forth
herein, each Lender severally agrees to make loans to the Borrowers in Dollars as elected by the Parent Borrower pursuant to Section 2.02 (each such loan, a “Revolving Credit Loan”) from time to time, on any Business Day on or
after the A&R Closing Date until the Maturity Date, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Revolving Credit Commitment; provided that after giving effect to any Revolving Credit
Borrowing, the aggregate Outstanding Amount of the Revolving Credit Loans of any Lender, plus such Lender’s Pro Rata Share of the Outstanding Amount of all L/C Obligations, plus such Lender’s Pro Rata Share of the Outstanding
Amount of all Swing Line Loans, plus such Lender’s Pro Rata Share of the Outstanding Amount of all Protective Advances shall not exceed such Lender’s Revolving Credit Commitment. Within the limits of each Lender’s Revolving
Credit Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(b), prepay under Section 2.05, and reborrow under this Section 2.01(b). Revolving Credit Loans may be Base Rate
Loans or Eurocurrency Rate Loans, as further provided herein. Within the limits of each Lender’s Revolving Credit Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(b), and
reborrow under this Section 2.01(b) (provided that, in each such case, such Revolving Credit Loans shall not, after giving effect thereto and to the application of the proceeds thereof, result at such time in the aggregate Revolving
Credit Exposures’ exceeding the lesser of (x) the Borrowing Base and (y) the Aggregate Commitments, in each case as then in effect (subject to Section 2.01(c)); and the Borrowers may prepay under Section 2.05. 

(c) Subject to the limitations set forth below (and notwithstanding anything to the contrary in Section 2.01(b) or in Article IV),
the Administrative Agent is authorized by the Borrowers and the Lenders, from time to time in the Administrative Agent’s sole discretion (but shall have absolutely no obligation), to make Revolving Credit Loans denominated in Dollars that are
Base Rate Loans on behalf of all Lenders to the Borrowers, at any time that any condition precedent set forth in Article IV has not been satisfied or waived, which the Administrative Agent, in its Permitted Discretion, deems necessary or desirable
(x) to preserve or protect the Collateral, or any portion thereof or (y) to enhance the likelihood of, or maximize the amount of, repayment of the Loans and other Obligations (each such loan, a “Protective Advance”). Any
Protective Advance may be made in a principal amount that would cause the aggregate amount of the Lenders’ Revolving Credit Exposures to exceed the Borrowing Base; provided that no Protective Advance may be made to the extent that, after
giving effect to such Protective Advance (together with the outstanding principal amount of any outstanding Protective Advances) the aggregate principal amount of all Protective Advances outstanding hereunder would exceed 5.0% of the Borrowing Base
as determined on the date of such proposed Protective Advance; provided further that the aggregate principal amount of all outstanding Protective Advances plus the aggregate Revolving Credit Exposures at such time shall not exceed the
Aggregate Commitments as then in effect. Each Protective Advance shall be secured by the Liens in favor of the Administrative Agent on behalf of the Secured Parties in and to the Collateral and shall constitute Obligations hereunder. No Protective
Advance shall be outstanding after the earlier of (x) 20 Business Days after the date on which it was made or (y) the date on which the Required Lenders instruct the Administrative Agent to cease making Protective Advances. The
Administrative Agent’s authorization to make Protective Advances may be revoked at any time by the Required Lenders. Any such revocation must be in writing and will become effective prospectively upon the Administrative Agent’s receipt
thereof. The making of a Protective Advance on any one occasion shall not obligate the Administrative Agent to make any Protective Advance on any other occasion and under no circumstance shall the Borrowers have the right to require that a
Protective Advance be made. At any time that the conditions precedent set forth in Article IV have been satisfied or waived, the Administrative Agent may request the Lenders to make a Revolving Credit Loan to repay a Protective Advance. At any other
time, the Administrative Agent may require the Lenders to fund their risk participations described in Section 2.01(d). 

(d) Upon the making of a Protective Advance by the Administrative Agent (whether before or after the occurrence of a Default or an Event
of Default), each Lender shall be deemed, without further action by any party hereto, unconditionally and irrevocably to have purchased from the Administrative Agent, without recourse or warranty, an undivided interest and participation in such
Protective Advance in proportion to its Pro Rata Share. From and after the date, if any, on which any Lender is required to fund its participation in any Protective Advance purchased hereunder, the Administrative Agent shall promptly distribute to
such Lender, such Lender’s Pro Rata Share of all payments of principal and interest and all proceeds of Collateral received by the Administrative Agent in respect of such Protective Advance. 

 SECTION 2.02. Borrowings, Conversions and Continuations of Loans. 

(a) Each Revolving Credit Borrowing (other than Swing Line Borrowings with respect to which this Section 2.02 shall not apply) made
on or after the A&R Closing Date, each conversion of Revolving Credit Loans from one Type to the other, and each continuation of Eurocurrency Rate Loans shall be made upon the Parent Borrower’s irrevocable notice to the Administrative
Agent, which may be given by telephone. Each such notice must be received by the Administrative Agent (i) not later than 12:00 noon (New York, New York time) three (3) Business Days prior to the requested date of any Borrowing or
continuation of Eurocurrency Rate Loans or any conversion of Base Rate Loans to Eurocurrency Rate Loans and (ii) not later than 12:00 noon on the requested date of any Borrowing of Base Rate Loans. Each telephonic notice by the Parent Borrower
pursuant to this Section 2.02(a) must be confirmed promptly by delivery to the Administrative Agent of a written Committed Loan Notice, appropriately completed and signed by a Responsible Officer of the Parent Borrower. Each Borrowing of,
conversion to or continuation of Eurocurrency Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of the amount of $500,000 in excess thereof. Except as provided in Sections 2.03(c) and 2.04(c), each Borrowing of or
conversion to Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each Committed Loan Notice (whether telephonic or written) shall specify (i) whether the Parent Borrower is requesting a
Revolving Credit Borrowing, a conversion of Revolving Credit Loans from one Type to the other, or a continuation of Eurocurrency Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall
be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Revolving Credit Loans are to be converted, and (v) if applicable, the duration
of the Interest Period with respect thereto. If the Parent Borrower fails to specify a Type of Loan in a Committed Loan Notice or fails to give a timely notice requesting a conversion or continuation, then the applicable Revolving Credit Loans shall
be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurocurrency Rate Loans. If the Parent Borrower
requests a Borrowing of, conversion to, or continuation of Eurocurrency Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one (1) month. 

(b) Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Pro
Rata Share of the Loans, and if no timely notice of a conversion or continuation is provided by the Parent Borrower, the Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans. In the case of each
Borrowing, each Appropriate Lender shall make the amount of its Loan available to the Administrative Agent in Same Day Funds at the Administrative Agent’s Office for the respective currency not later than 1:00 p.m., in the case of any Loan
denominated in Dollars, in each case on the Business Day specified in the applicable Committed Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.03 (and, if such Borrowing is on the A&R Closing Date,
Section 4.02), the Administrative Agent shall make all funds so received available to the Borrowers in like funds as received by the Administrative Agent either by (i) crediting the account of the Parent Borrower (on behalf of the
Borrowers) on the books of the Administrative Agent with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the
Parent Borrower; provided that if, on the date the Committed Loan Notice with respect to a Borrowing under a Revolving Credit Facility is given by the Parent Borrower, there are L/C Borrowings outstanding, then the proceeds of such Borrowing
shall be applied, first, to the payment in full of any such L/C Borrowings and second, to the Parent Borrower (on behalf of the Borrowers) as provided above. 
 (c) Except as otherwise provided herein, a Eurocurrency Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurocurrency Rate Loan. During the existence of an Event
of Default, the Administrative Agent or the Required Lenders may require that no Loans may be converted to or continued as Eurocurrency Rate Loans. 
 (d) The Administrative Agent shall promptly notify the Parent Borrower and the Lenders of the interest rate applicable to any Interest Period for Eurocurrency Rate Loans upon determination of such
interest rate. The determination of the Eurocurrency Rate by the Administrative Agent shall be conclusive in the absence of manifest error. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Parent Borrower
and the Lenders of any change in the Administrative Agent’s prime rate used in determining the Base Rate promptly following the public announcement of such change. 

 (e) After giving effect to all Revolving Credit Borrowings, all conversions of Revolving
Credit Loans from one Type to the other, and all continuations of Revolving Credit Loans as the same Type, there shall not be more than thirty (30) Interest Periods in effect unless otherwise agreed between the Parent Borrower and the
Administrative Agent. 
 (f) The failure of any Lender to make the Loan to be made by it as part of any Borrowing shall not
relieve any other Lender of its obligation, if any, hereunder to make its Loan on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Loan to be made by such other Lender on the date of any
Borrowing. 
 (g) Unless the Administrative Agent shall have received notice from a Lender prior to the date of any Borrowing
that such Lender will not make available to the Administrative Agent such Lender’s Pro Rata Share of such Borrowing, the Administrative Agent may assume that such Lender has made such Pro Rata Share available to the Administrative Agent on the
date of such Borrowing in accordance with paragraph (b) above, and the Administrative Agent may, in reliance upon such assumption, make available to the Borrowers on such date a corresponding amount. If the Administrative Agent shall have so
made funds available, then, to the extent that such Lender shall not have made such Pro Rata Share available to the Administrative Agent, each of such Lender and each Borrower severally agrees to repay to the Administrative Agent forthwith on demand
such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrowers until the date such amount is repaid to the Administrative Agent at (i) in the case of the Borrowers, the
interest rate applicable at the time to the Loans comprising such Borrowing and (ii) in the case of such Lender, the Overnight Rate plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in
accordance with the foregoing. A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing under this Section 2.02(g) shall be conclusive in the absence of manifest error. If the Borrowers and such Lender
shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrowers (to the extent such amount is covered by interest paid by such Lender) the amount of such
interest paid by the Borrowers for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by any
Borrower shall be without prejudice to any claim such Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. 
 SECTION 2.03. Letters of Credit. 
 (a) The Letter of Credit
Commitments. 
 (i) Subject to the terms and conditions set forth herein, (A)(1) each L/C Issuer agrees, in reliance upon
the agreements of the other Revolving Credit Lenders set forth in this Section 2.03, (x) from time to time on any Business Day during the period from the A&R Closing Date until the Letter of Credit Final Expiration Date, to issue
Letters of Credit for the account of the Parent Borrower (provided that any Letter of Credit may be for the benefit of any Subsidiary of the Parent Borrower) and to amend or renew Letters of Credit previously issued by it, in accordance with
Section 2.03(b), and (y) to honor drawings under the Letters of Credit and (2) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued pursuant to this Section 2.03 (and in each case, with respect
to the participation in any Alternative Currency Letter of Credit, such participation shall occur on each Revaluation Date); provided that L/C Issuers shall not be obligated to make L/C Credit Extensions with respect to Letters of Credit, and
Lenders shall not be obligated to participate in Letters of Credit if, as of the date of the applicable Letter of Credit, (x) the Revolving Credit Exposure of any Lender would exceed such Lender’s Revolving Credit Commitment or
(y) (A) the Outstanding Amount of all L/C Obligations would exceed the L/C Sublimit and (B) the Outstanding Amount of all Alternative Currency L/C Obligations would exceed the Alternative Currency L/C Sublimit; provided,
further, that no Letter of Credit shall be issued by any L/C Issuer the stated amount of which, when added to the Outstanding Amount of L/C Credit Extensions with respect to such L/C Issuer, would exceed the applicable Specified L/C Sublimit
of such L/C Issuer then in effect. Each request by the Parent Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Parent Borrower that the L/C Credit Extension so requested complies with the
conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Parent Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the
Parent Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Letters of Credit issued and outstanding under the Existing Credit Agreement
shall be deemed to be Letters of Credit issued under this Agreement on the A&R Closing Date. 

 (ii) An L/C Issuer shall not issue any Letter of Credit if: 

(A) subject to Section 2.03(b)(iii), the expiry date of such requested Letter of Credit would occur more than twelve
months after the date of issuance or last renewal, unless otherwise agreed by such L/C Issuer and the Administrative Agent in their sole discretion; or 
 (B) the expiry date of such requested Letter of Credit would occur after the Letter of Credit Final Expiration Date, unless (1) each Appropriate Lender shall have approved such expiry date or
(2) the Outstanding Amount of the L/C Obligations in respect of such requested Letter of Credit has been Cash Collateralized. 
 (iii) An L/C Issuer shall be under no obligation to issue any Letter of Credit if: 
 (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such L/C Issuer from issuing such Letter of Credit, or any Law applicable to
such L/C Issuer or any directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such L/C Issuer shall prohibit, or direct that such L/C Issuer refrain from, the issuance of letters of credit generally
or such Letter of Credit in particular or shall impose upon such L/C Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such L/C Issuer is not otherwise compensated hereunder) not in effect on the
Original Closing Date, or shall impose upon such L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Original Closing Date (for which such L/C Issuer is not otherwise compensated hereunder); 

(B) the issuance of such Letter of Credit would violate one or more policies of such L/C Issuer applicable to letters of
credit generally; 
 (C) such Letter of Credit is to be denominated in a currency other than Dollars or an
Alternate Currency; or 
 (D) any Revolving Credit Lender is a Defaulting Lender, unless such L/C Issuer has
entered into arrangements reasonably satisfactory to it and the Parent Borrower to eliminate such L/C Issuer’s risk with respect to the participations in such Letter of Credit by all such Defaulting Lenders, including by (1) Cash
Collateralizing, (2) reallocating pursuant to Section 2.16(a), or (3) obtaining a backstop letter of credit from an issuer reasonably satisfactory to the L/C Issuer to support, each such Defaulting Lender’s Pro Rata Share of any
L/C Obligations in respect of such Letter of Credit. 
 (iv) An L/C Issuer shall be under no obligation to amend any Letter of
Credit if (A) such L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such
Letter of Credit. 
 (v) Each L/C Issuer shall act on behalf of the Appropriate Lenders with respect to any Letters of Credit
issued by it and the documents associated therewith, and each L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article IX with respect to any acts taken or omissions suffered by such L/C
Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in Article IX included such L/C Issuer
with respect to such acts or omissions, and (B) as additionally provided herein with respect to the L/C Issuers. 

 (b) Procedures for Issuance and Amendment of Letters of Credit; Auto-Renewal Letters of
Credit. 
 (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Parent Borrower
delivered to an L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Parent Borrower. Such Letter of Credit Application must be
received by the relevant L/C Issuer and the Administrative Agent (A) not later than 12:00 noon at least two (2) Business Days prior to the proposed issuance date or date of amendment, as the case may be, of any Letter of Credit denominated
in Dollars and (B) not later than 12:00 noon at least five (5) Business Days prior to the proposed issuance date or date of amendment, as the case may be, of any Letter of Credit denominated in an Alternative Currency, or, in each case,
such later date and time as the relevant L/C Issuer may agree in a particular instance in its sole discretion. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail
reasonably satisfactory to the relevant L/C Issuer: (a) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (b) the amount and currency thereof; (c) the expiry date thereof; (d) the name
and address of the beneficiary thereof; (e) the documents to be presented by such beneficiary in case of any drawing thereunder; (f) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder;
and (g) such other matters as the relevant L/C Issuer may reasonably request. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably
satisfactory to the relevant L/C Issuer (1) the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a Business Day); (3) the nature of the proposed amendment; and (4) such other matters as
the relevant L/C Issuer may reasonably request. 
 (ii) Promptly after receipt of any Letter of Credit Application, the relevant
L/C Issuer will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Parent Borrower and, if not, such L/C Issuer will provide the
Administrative Agent with a copy thereof. Unless the relevant L/C Issuer has received written notice from any Revolving Credit Lender, the Administrative Agent or any Loan Party, at least one Business Day prior to the requested date of issuance or
amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Article IV shall not then be satisfied, then, subject to the terms and conditions hereof, such L/C Issuer shall, on the requested date, issue a Letter
of Credit for the account of the Parent Borrower (or the applicable Subsidiary) or enter into the applicable amendment, as the case may be. Immediately upon the issuance of each Letter of Credit, each Revolving Credit Lender shall be deemed to, and
hereby irrevocably and unconditionally agrees to, acquire from the relevant L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Revolving Credit Lender’s Pro Rata Share times the amount of such
Letter of Credit. 
 (iii) If the Parent Borrower so requests in any applicable Letter of Credit Application, the relevant L/C
Issuer shall agree to issue a Letter of Credit that has automatic renewal provisions (each, an “Auto-Renewal Letter of Credit”); provided that any such Auto-Renewal Letter of Credit must permit the relevant L/C Issuer to
prevent any such renewal at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Nonrenewal Notice Date”)
in each such twelve-month period to be agreed upon by the relevant L/C Issuer and the Parent Borrower at the time such Letter of Credit is issued; provided, further, that the relevant L/C Issuer may include a final expiry date in any
such Auto-Renewal Letter of Credit, on which date such Auto-Renewal Letter of Credit shall expire and may not be renewed. Unless otherwise directed by the relevant L/C Issuer, the Parent Borrower shall not be required to make a specific request to
the relevant L/C Issuer for any such renewal. Once an Auto-Renewal Letter of Credit has been issued, the applicable Lenders shall be deemed to have authorized (but may not require) the relevant L/C Issuer to permit the renewal of such Letter of
Credit at any time until an expiry date not later than the Letter of Credit Final Expiration Date; provided that the relevant L/C Issuer shall not permit any such renewal if (A) the relevant L/C Issuer has determined that it would not be
permitted, or would have no obligation at such time to issue such Letter of Credit in its renewed form under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.03(a) or otherwise), or (B) it has
received notice (which may be by telephone or in writing) on or before the day that is five (5) Business Days before the Nonrenewal Notice Date from the Administrative Agent or any Revolving Credit Lender, or the Parent Borrower that one or
more of the applicable conditions specified in Section 4.03 is not then satisfied. 

 (iv) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of
Credit to an advising bank with respect thereto or to the beneficiary thereof, the relevant L/C Issuer will also deliver to the Parent Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. 

(c) Drawings and Reimbursements; Funding of Participations. 

(i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the relevant L/C
Issuer shall notify promptly the Parent Borrower and the Administrative Agent thereof. In the case of a Letter of Credit denominated in Dollars, the Parent Borrower shall reimburse such L/C Issuer in Dollars. In the case of a Letter of Credit
denominated in an Alternative Currency, the Parent Borrower shall reimburse such L/C Issuer in such Alternative Currency, unless (x) such L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in
Dollars, or (y) in the absence of any such requirement for reimbursement in Dollars, the Parent Borrower shall have notified such L/C Issuer promptly following receipt of the notice of drawing that the Parent Borrower will reimburse such L/C
Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing as of the applicable Revaluation Date under a Letter of Credit denominated in an Alternative Currency, such L/C Issuer shall notify the applicable Borrower of the
Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than (x) 11:00 a.m. on the third Business Day following the date of any payment by any L/C Issuer under a Letter of Credit to be reimbursed
in Dollars (including all Letters of Credit denominated in Dollars), or (y) the Applicable Time on the third Business Day following the date of any payment by any L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency
(each such date, an “Honor Date”), the Borrowers shall reimburse such L/C Issuer in Dollars or the Alternative Currency, as the case may be, in an amount equal to the amount of such drawing (including interest accrued thereon which
shall include, for the avoidance of doubt, interest accrued on the amount of such drawing during such three Business Day period) and in the applicable currency. If the Borrowers fail to so reimburse such L/C Issuer by such time, the Administrative
Agent shall promptly notify each Appropriate Lender of the Honor Date, the amount of the unreimbursed drawing (expressed in Dollars or in the Dollar Equivalent thereof in the case of an Alternative Currency) (the “Unreimbursed
Amount”), and the amount of such Appropriate Lender’s Pro Rata Share thereof. In such event, (x) in the case of an Unreimbursed Amount under a Letter of Credit, the Parent Borrower (on behalf of the Borrowers) shall be deemed to
have requested a Revolving Credit Borrowing of Base Rate Loans and to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount
of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Credit Commitments of the Appropriate Lenders, and subject to the conditions set forth in Section 4.03 (other than the delivery of a Committed Loan
Notice). Any notice given by an L/C Issuer or the Administrative Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not
affect the conclusiveness or binding effect of such notice. 
 (ii) Each Revolving Credit Lender (including any such Lender
acting as an L/C Issuer) shall upon any notice pursuant to Section 2.03(c)(i) make funds available to the Administrative Agent for the account of the relevant L/C Issuer at the Administrative Agent’s Office for payments in an amount equal
to its Pro Rata Share of any Unreimbursed Amount in respect of a Letter of Credit not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent (which may be the same Business Day such notice is provided if such
notice is provided prior to 12:00 noon), whereupon, subject to the provisions of Section 2.03(c)(iii), each Revolving Credit Lender that so makes funds available shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to
the Borrowers in such amount. The Administrative Agent shall remit the funds so received to the relevant L/C Issuer. 
 (iii)
With respect to any Unreimbursed Amount in respect of a Letter of Credit that is not fully refinanced by a Revolving Credit Borrowing of Base Rate Loans because the conditions set forth in Section 4.03 cannot be satisfied or for any other
reason, the Borrowers shall be deemed to have incurred from the relevant L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest)
and shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the relevant L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of
its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.03. 

 (iv) Until each Appropriate Lender funds its Revolving Credit Loan or L/C Advance pursuant
to this Section 2.03(c) to reimburse the relevant L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Pro Rata Share of such amount shall be solely for the account of the relevant L/C Issuer.

 (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse an L/C Issuer
for amounts drawn under Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other
right which such Lender may have against the relevant L/C Issuer, the Borrowers or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default; or (C) any other occurrence, event or condition, whether or not
similar to any of the foregoing; provided that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.03(c) is subject to the conditions set forth in Section 4.03 (other than
delivery by the Parent Borrower of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrowers to reimburse the relevant L/C Issuer for the amount of any payment made by such L/C
Issuer under any Letter of Credit, together with interest as provided herein. 
 (vi) If any Revolving Credit Lender fails to
make available to the Administrative Agent for the account of the relevant L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii),
such L/C Issuer shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is
immediately available to such L/C Issuer at a rate per annum equal to the applicable Overnight Rate from time to time in effect plus any administrative, processing or similar fees customarily charged by such L/C Issuer in connection with the
foregoing. A certificate of the relevant L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this Section 2.03(c)(vi) shall be conclusive absent manifest error.

 (d) Repayment of Participations. 
 (i) If, at any time after an L/C Issuer has made a payment under any Letter of Credit and has received from any Appropriate Lender such Lender’s L/C Advance in respect of such payment in accordance
with Section 2.03(c), the Administrative Agent receives for the account of such L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Parent Borrower or otherwise, including proceeds
of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Appropriate Lender its Pro Rata Share thereof (appropriately adjusted, in the case of interest payments, to reflect the period of time
during which such Lender’s L/C Advance was outstanding) in the same funds as those received by the Administrative Agent. 

(ii) If any payment received by the Administrative Agent for the account of an L/C Issuer pursuant to Section 2.03(c)(i) is required
to be returned under any of the circumstances described in Section 10.06 (including pursuant to any settlement entered into by such L/C Issuer in its discretion), each Appropriate Lender shall pay to the Administrative Agent for the account of
such L/C Issuer its Pro Rata Share thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the applicable Overnight Rate from
time to time in effect. The Obligations of the Revolving Credit Lenders under this clause (d)(ii) shall survive the payment in full of the Obligations and the termination of this Agreement. 

(e) Obligations Absolute. The obligation of the Borrowers to reimburse the relevant L/C Issuer for each drawing under each Letter
of Credit issued by it and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following: 

(i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;

 (ii) the existence of any claim, counterclaim, setoff, defense or other right that the Parent Borrower or any
Subsidiary may have at any time against any beneficiary or any transferee of such Letter 

 
of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the relevant L/C Issuer or any other Person, whether in connection with this Agreement, the
transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 
 (iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue
or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit; 

(iv) any payment by the relevant L/C Issuer under such Letter of Credit against presentation of a draft or certificate
that does not strictly comply with the terms of such Letter of Credit; or any payment made by the relevant L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit
of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; 

(v) any exchange, release or nonperfection of any Collateral, or any release or amendment or waiver of or consent to
departure from the Guaranty or any other guarantee, for all or any of the Obligations of any Loan Party in respect of such Letter of Credit; 
 (vi) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge
of, any Loan Party; or 
 (vii) any adverse change in the relevant exchange rates or in the availability of the
relevant Alternative Currency to the Parent Borrower or any Subsidiary or in the relevant currency markets generally; 
 provided that
the foregoing shall not excuse any L/C Issuer from liability to the Parent Borrower to the extent of any direct damages (as opposed to punitive or consequential damages or lost profits, claims in respect of which are waived by the Parent Borrower to
the extent permitted by applicable Law) suffered by the Parent Borrower that are caused by acts or omissions of such L/C Issuer constituting gross negligence or willful misconduct on the part of such L/C Issuer as determined by the final,
non-appealable judgment of a court of competent jurisdiction. 
 (f) Role of L/C Issuers. Each Lender and the Parent
Borrower agree that, in paying any drawing under a Letter of Credit, the relevant L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit)
or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the L/C Issuers, any Agent-Related Person nor any of the respective correspondents,
participants or assignees of any L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Required Lenders, as applicable; (ii) any action
taken or omitted in the absence of gross negligence or willful misconduct; or (iii) a problem with the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document.
The Parent Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided that this assumption is not intended to, and shall not, preclude the Parent
Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuers, any Agent-Related Person, nor any of the respective correspondents, participants or
assignees of any L/C Issuer, shall be liable or responsible for any of the matters described in clauses (i) through (iii) of this Section 2.03(f); provided that anything in such clauses to the contrary notwithstanding, the
Parent Borrower may have a claim against an L/C Issuer, and such L/C Issuer may be liable to the Parent Borrower, to the extent, but only to the extent, of any direct, as opposed to lost profits or punitive or consequential damages suffered by the
Parent Borrower that were caused by such L/C Issuer’s willful misconduct or gross negligence or such L/C Issuer’s willful or grossly negligent failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a
sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, each L/C Issuer may accept documents that appear on their face to be in order, without
responsibility for further investigation, regardless of any notice 

 
or information to the contrary, and no L/C Issuer shall be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of
Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. 
 (g) Cash Collateral. If (i) any Event of Default occurs and is continuing and the Required Lenders require the Borrowers to Cash Collateralize its L/C Obligations pursuant to
Section 8.02(c), (ii) an Event of Default set forth under Section 8.01(f) occurs and is continuing, (iii) for any reason, any Letter of Credit is outstanding at the time of termination of the Revolving Credit Commitments and a
backstop letter of credit that is satisfactory to the relevant L/C Issuer in its sole discretion is not in place, or (iv) the L/C Obligations would exceed the L/C Sublimit (in each case, other than solely as a result of changes in Spot Rates),
then the Borrowers shall Cash Collateralize the then Outstanding Amount of all L/C Obligations (in an amount equal to such Outstanding Amount determined as of the date of such Event of Default or other event described above), and shall do so not
later than 2:00 p.m. on (x) in the case of the immediately preceding clause (i) or (iii), (1) the Business Day that the Parent Borrower receives notice thereof, if such notice is received on such day prior to 12:00 noon or (2) if
clause (1) above does not apply, the Business Day immediately following the day that the Parent Borrower receives such notice and (y) in the case of the immediately preceding clause (ii), the Business Day on which an Event of Default set
forth under Section 8.01(f) occurs or, if such day is not a Business Day, the Business Day immediately succeeding such day. If on any Revaluation Date and solely as a result of changes in Spot Rates, the Alternative Currency L/C Obligations
would exceed the Alternative Currency L/C Sublimit, immediate prepayment or Cash Collateralization of amounts owing in respect of outstanding Alternative Currency Letters of Credit will be made on or in respect of such Alternative Currency L/C
Obligations in an amount equal to the difference. For purposes hereof, “Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the relevant L/C Issuer and the Appropriate
Lenders, as collateral for the L/C Obligations, cash or deposit account balances (“Cash Collateral”) pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and the relevant L/C Issuer
(which documents are hereby consented to by the Appropriate Lenders). Derivatives of such term have corresponding meanings. The Borrowers hereby grant to the Administrative Agent, for the benefit of the L/C Issuers and the Revolving Credit Lenders,
a security interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing. Cash Collateral shall be maintained in blocked accounts at the Administrative Agent and may be invested in Cash Equivalents selected
by the Administrative Agent in its sole discretion. Upon the drawing of any Letter of Credit for which funds are on deposit as Cash Collateral, such funds shall be applied, to the extent permitted under applicable Law, to reimburse the relevant L/C
Issuer. To the extent the amount of any Cash Collateral exceeds the then Outstanding Amount of such L/C Obligations and so long as no Event of Default has occurred and is continuing, the excess shall be refunded to the Borrowers. In the case of
clause (i) or (ii) above, if such Event of Default is cured or waived and no other Event of Default is then occurring and continuing, the amount of any Cash Collateral shall be refunded to the Borrowers. 

(h) Applicability of ISP and UCP. Unless otherwise expressly agreed by the relevant L/C Issuer and the Parent Borrower when a
Letter of Credit is issued, (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of
Commerce at the time of issuance, shall apply to each commercial Letter of Credit. Notwithstanding anything to the contrary contained in this Agreement, Goldman Sachs Bank USA shall not be required to issue any commercial Letters of Credit.

 (i) Letter of Credit Fees. The Borrowers, jointly and severally, shall pay to the Administrative Agent for the account
of each Revolving Credit Lender in accordance with its Pro Rata Share a Letter of Credit fee in Dollars for each Letter of Credit issued pursuant to this Agreement equal to (A) the Applicable Rate times the daily maximum amount then available
to be drawn under such Letter of Credit (whether or not such maximum amount is then in effect under such Letter of Credit if such maximum amount increases periodically pursuant to the terms of such Letter of Credit), minus (B) the fronting fee
set forth in Section 2.03(j) below. Such letter of credit fees shall be computed on a quarterly basis in arrears. Such letter of credit fees shall be due and payable on the tenth Business Day after the end of each March, June, September and
December, commencing with the first such date to occur after the issuance of such Letter of Credit, the expiry date of such Letter of Credit, on the Letter of Credit Final Expiration Date and thereafter on demand. If there is any change in the
Applicable Rate during any quarter, the daily maximum amount of each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. 

 (j) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuers. The
Borrowers, jointly and severally, shall pay directly to each L/C Issuer for its own account a fronting fee in Dollars with respect to each Letter of Credit issued by it equal to 0.125% per annum of the daily maximum amount then available to be
drawn under such Letter of Credit. Such fronting fees shall be computed on a quarterly basis in arrears. Such fronting fees shall be due and payable on the tenth Business Day after the end of each March, June, September and December, commencing with
the first such date to occur after the issuance of such Letter of Credit, the expiry date of such Letter of Credit, on the Letter of Credit Final Expiration Date and thereafter on demand. In addition, the Borrowers shall pay directly to each L/C
Issuer for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of such L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees and
standard costs and charges are due and payable within ten (10) Business Days of demand and are nonrefundable. 
 (k)
Conflict with Letter of Credit Application. Notwithstanding anything else to the contrary in any Letter of Credit Application, in the event of any conflict between the terms hereof and the terms of any Letter of Credit Application, the terms
hereof shall control. 
 (l) Addition of an L/C Issuer. 

(i) A Revolving Credit Lender may become an additional L/C Issuer hereunder pursuant to a written agreement among the Parent Borrower,
the Administrative Agent and such Revolving Credit Lender. The Administrative Agent shall notify the Revolving Credit Lenders of any such additional L/C Issuer. 
 (ii) On the last Business Day of each March, June, September and December (and on such other dates as the Administrative Agent may request), each L/C Issuer shall provide the Administrative Agent a list
of all Letters of Credit issued by it that are outstanding at such time together with such other information as the Administrative Agent may from time to time reasonably request. 

(m) Letters of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in
support of any obligations of, or is for the account of, a Subsidiary, the Parent Borrower shall be obligated to reimburse the applicable L/C Issuer hereunder for any and all drawings under such Letter of Credit. The Parent Borrower hereby
acknowledges that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of the Parent Borrower, and that the Parent Borrower’s business derives substantial benefits from the businesses of such Subsidiaries.

 SECTION 2.04. Swing Line Loans. 
 (a) The Swing Line. Subject to the terms and conditions set forth herein, the Swing Line Lender agrees to make loans in Dollars (each such loan, a “Swing Line Loan”) to the
Borrowers from time to time on any Business Day (other than the A&R Closing Date) prior to the Maturity Date in an aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that such
Swing Line Loans, when aggregated with the Pro Rata Share of the Outstanding Amount of Revolving Credit Loans and L/C Obligations of the Lender acting as Swing Line Lender, may exceed the amount of such Lender’s Revolving Credit Commitment;
provided that, after giving effect to any Swing Line Loan, the aggregate Outstanding Amount of the Revolving Credit Loans of any other Lender, plus such Lender’s Pro Rata Share of the Outstanding Amount of all L/C Obligations,
plus such Lender’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Revolving Credit Commitment then in effect. Within the foregoing limits, and subject to the other terms and
conditions hereof, the Borrowers may borrow under this Section 2.04, prepay under Section 2.05, and reborrow under this Section 2.04. Each Swing Line Loan shall be a Base Rate Loan. Swing Line Loans shall only be denominated in
Dollars. Immediately upon the making of a Swing Line Loan, each Revolving Credit Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an
amount equal to the product of such Lender’s Pro Rata Share times the amount of such Swing Line Loan. Notwithstanding the foregoing, the Swing Line Lender shall not be obligated to make Swing Line Loans if a Revolving Credit Lender is a
Defaulting Lender to the extent such Defaulting Lender’s participation in Swing Line Loans cannot be reallocated to Non-Defaulting Lenders pursuant to Section 2.16(a). 

 (b) Borrowing Procedures. Each Swing Line Borrowing shall be made upon the Parent
Borrower’s irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by telephone. Each such notice must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the
requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum of $100,000 (and any amount in excess of $100,000 shall be an integral multiple of $25,000), and (ii) the requested borrowing date, which
shall be a Business Day. Each such telephonic notice must be confirmed promptly by delivery to the Swing Line Lender and the Administrative Agent of a written Swing Line Loan Notice, appropriately completed and signed by a Responsible Officer of the
Parent Borrower. Promptly after receipt by the Swing Line Lender of any telephonic Swing Line Loan Notice, the Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received
such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof. Unless the Swing Line Lender has received notice (by telephone or in writing) from the
Administrative Agent (including at the request of any Revolving Credit Lender) prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the
limitations set forth in the proviso to the first sentence of Section 2.04(a), or (B) that one or more of the applicable conditions specified in Section 4.03 is not then satisfied, then, subject to the terms and conditions hereof, the
Swing Line Lender will, not later than 3:00 p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the Borrowers. 

(c) Refinancing of Swing Line Loans. 
 (i) The Swing Line Lender may at any time in its sole and absolute discretion request, but in any case on at least a weekly basis, shall request, on behalf of the Borrowers (which hereby irrevocably
authorize the Swing Line Lender to so request on their behalf), that each Revolving Credit Lender make a Base Rate Loan in an amount equal to such Lender’s Pro Rata Share of the amount of Swing Line Loans then outstanding. Such request shall be
made in writing (which written request shall be deemed to be a Committed Loan Notice for purposes hereof) and in accordance with the requirements of Section 2.02, without regard to the minimum and multiples specified therein for the principal
amount of Base Rate Loans, but subject to the unutilized portion of the aggregate Revolving Credit Commitments and the conditions set forth in Section 4.03. The Swing Line Lender shall furnish the Parent Borrower with a copy of the applicable
Committed Loan Notice promptly after delivering such notice to the Administrative Agent. Each Revolving Credit Lender shall make an amount equal to its Pro Rata Share of the amount specified in such Committed Loan Notice available to the
Administrative Agent in Same Day Funds for the account of the Swing Line Lender at the Administrative Agent’s Office for Dollar-denominated payments not later than 1:00 p.m. on the date specified in such Committed Loan Notice, whereupon,
subject to Section 2.04(c)(ii), each Revolving Credit Lender that so makes funds available shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers in such amount. The Administrative Agent shall remit the
funds so received to the Swing Line Lender. 
 (ii) If for any reason any Swing Line Loan cannot be refinanced by such a
Revolving Credit Borrowing in accordance with Section 2.04(c)(i), the request for Base Rate Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request by the Swing Line Lender that each of the Revolving Credit
Lenders fund its risk participation in the relevant Swing Line Loan and each Revolving Credit Lender’s payment to the Administrative Agent for the account of the Swing Line Lender pursuant to Section 2.04(c)(i) shall be deemed payment in
respect of such participation. 
 (iii) If any Revolving Credit Lender fails to make available to the Administrative Agent for
the account of the Swing Line Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(i), the Swing Line Lender shall be entitled to recover
from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Swing Line Lender at a
rate per annum equal to the applicable Overnight Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the Swing Line Lender in connection with the foregoing. If such Revolving Credit Lender
pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Loan included in the relevant Borrowing or funded participation in the relevant Swing Line Loan, as the case may be. A
certificate of the Swing Line Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest error. 

 (iv) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or to
purchase and fund risk participations in Swing Line Loans pursuant to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or
other right which such Lender may have against the Swing Line Lender, the Parent Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition,
whether or not similar to any of the foregoing; provided that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.03. No
such funding of risk participations shall relieve or otherwise impair the obligation of the Parent Borrower to repay Swing Line Loans, together with interest as provided herein. 

(d) Repayment of Participations. 
 (i) At any time after any Revolving Credit Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line Lender receives any payment on account of such Swing Line Loan, the
Swing Line Lender will distribute to such Lender its Pro Rata Share of such payment (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s risk participation was funded) in the same
funds as those received by the Swing Line Lender. 
 (ii) If any payment received by the Swing Line Lender in respect of
principal or interest on any Swing Line Loan is required to be returned by the Swing Line Lender under any of the circumstances described in Section 10.06 (including pursuant to any settlement entered into by the Swing Line Lender in its
discretion), each Revolving Credit Lender shall pay to the Swing Line Lender its Pro Rata Share thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate
per annum equal to the applicable Overnight Rate. The Administrative Agent will make such demand upon the request of the Swing Line Lender. The obligations of the Revolving Credit Lenders under this clause (d)(ii) shall survive the payment in full
of the Obligations and the termination of this Agreement. 
 (e) Interest for Account of Swing Line Lender. The Swing
Line Lender shall be responsible for invoicing the Borrowers for interest on the Swing Line Loans. Until each Revolving Credit Lender funds its Base Rate Loan or risk participation pursuant to this Section 2.04 to refinance such Lender’s
Pro Rata Share of any Swing Line Loan, interest in respect of such Pro Rata Share shall be solely for the account of the Swing Line Lender. 
 (f) Payments Directly to Swing Line Lender. The Borrowers, jointly and severally, shall make all payments of principal and interest in respect of the Swing Line Loans directly to the Swing Line
Lender. 
 SECTION 2.05. Prepayments. 
 (a) Optional. 
 (i) The Borrowers may, upon notice by the Parent Borrower
to the Administrative Agent, at any time or from time to time voluntarily prepay Revolving Credit Loans in whole or in part without premium or penalty; provided that (1) such notice must be received by the Administrative Agent not later
than 12:00 noon (New York, New York time) (A) three (3) Business Days prior to any date of prepayment of Eurocurrency Rate Loans, and (B) one (1) Business Day prior to any date of prepayment of Base Rate Loans; (2) any
partial prepayment of Eurocurrency Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof; and (3) any prepayment of Base Rate Loans (other than Swing Line Loans and Protective Advances) shall
be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the
Class(es) and Type(s) of Loans to be prepaid and the payment amount specified in such notice shall be due and payable on the date specified therein. The Administrative Agent will promptly notify each Appropriate Lender of its receipt of each such
notice, and of the amount of such Lender’s Pro Rata Share of such prepayment. 

 
Any prepayment of a Eurocurrency Rate Loan shall be accompanied by all accrued interest thereon, together with any additional amounts required pursuant to Section 3.05. Each prepayment of
the Loans pursuant to this Section 2.05(a) shall be paid to the Appropriate Lenders in accordance with their respective Pro Rata Shares. 
 (ii) The Borrowers may, upon notice to the Swing Line Lender (with a copy to the Administrative Agent), at any time or from time to time, voluntarily prepay Swing Line Loans in whole or in part without
premium or penalty; provided that (1) such notice must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the date of the prepayment, and (2) any such prepayment shall be in a minimum
principal amount of $100,000 or a whole multiple of $25,000 in excess thereof or, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the payment amount specified
in such notice shall be due and payable on the date specified therein. 
 (iii) The Borrowers may, upon notice to the
Administrative Agent, at any time or from time to time, voluntarily prepay Protective Advances in whole or in part without premium or penalty; provided that (1) such notice must be received by the Administrative Agent not later than 1:00
p.m. on the date of the prepayment, and (2) any such prepayment shall be in a minimum principal amount of $100,000 or a whole multiple of $25,000 in excess thereof or, if less, the entire principal amount thereof then outstanding. Each such
notice shall specify the date and amount of such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. 
 (iv) Notwithstanding anything to the contrary contained in this Agreement, the Parent Borrower may rescind any notice of prepayment under Section 2.05(a)(i) or 2.05(a)(ii) if such prepayment would
have resulted from a refinancing of the Revolving Credit Facility, which refinancing shall not be consummated or shall otherwise be delayed. 
 (b) Mandatory. 
 (i) If, on any date, the aggregate Revolving Credit
Exposures at any time exceed the aggregate Revolving Credit Commitments then in effect, the Borrowers shall promptly prepay Protective Advances, Revolving Credit Loans and Swing Line Loans and/or Cash Collateralize the L/C Obligations in an
aggregate amount equal to such excess; provided that the Borrowers shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(b) unless after the prepayment in full of the Protective Advances, Revolving
Credit Loans and Swing Line Loans, such aggregate Revolving Credit Exposure exceeds the aggregate Revolving Credit Commitments then in effect. 
 (ii) If, on any date, the aggregate Revolving Credit Exposures exceed the lesser of (x) the Borrowing Base and (y) the Aggregate Commitments, in each case as then in effect (subject to
Section 2.01(c)), the Borrowers shall promptly prepay first, Protective Advances and second, Revolving Credit Loans and Swing Line Loans and/or Cash Collateralize L/C Obligations in an aggregate amount equal to such excess; provided that
the Borrowers shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(b) unless after the prepayment in full of the Protective Advances, Revolving Credit Loans and Swing Line Loans, such aggregate Revolving
Credit Exposure exceeds the aggregate Revolving Credit Commitments then in effect. 
 (iii) At all times following the
establishment of the Cash Management Systems pursuant to Section 6.15 and after the occurrence and during the continuation of a Cash Dominion Event and notification thereof by the Administrative Agent to the Parent Borrower (subject to the
provisions of the Security Agreement and the Intercreditor Agreement), on each Business Day, at or before 1:00 p.m., the Administrative Agent shall apply all immediately available funds credited to the Concentration Account, first to pay any
fees or expense reimbursements then due to the Administrative Agent, the L/C Issuer and the Lenders (other than in connection with Secured Cash Management Obligations), pro rata, second to pay interest due and payable in respect of any Loans
(including Swing Line Loans and Protective Advances) that may be outstanding, pro rata, third to prepay the principal of any Protective Advances that may be outstanding, pro rata, fourth to prepay the principal of the Revolving Credit
Loans and Swing Line Loans and to Cash Collateralize L/C Obligations, pro rata and fifth to pay any fees or expense reimbursements then due to any Cash Management Bank. 

 (c) Interest, Funding Losses, Etc. All prepayments under this Section 2.05 shall
be accompanied by all accrued interest thereon, together with, in the case of any such prepayment of a Eurocurrency Rate Loan on a date prior to the last day of an Interest Period therefor, any amounts owing in respect of such Eurocurrency Rate Loan
pursuant to Section 3.05. 
 Notwithstanding any of the other provisions of this Section 2.05, so long as no Event of
Default shall have occurred and be continuing, if any prepayment of Eurocurrency Rate Loans is required to be made under this Section 2.05 prior to the last day of the Interest Period therefor, in lieu of making any payment pursuant to this
Section 2.05 in respect of any such Eurocurrency Rate Loan prior to the last day of the Interest Period therefor, any Borrower may, in its sole discretion, deposit an amount sufficient to make any such prepayment otherwise required to be made
thereunder together with accrued interest to the last day of such Interest Period into a Cash Collateral Account until the last day of such Interest Period, at which time the Administrative Agent shall be authorized (without any further action by or
notice to or from any Loan Party) to apply such amount to the prepayment of such Loans in accordance with this Section 2.05. Upon the occurrence and during the continuance of any Event of Default, the Administrative Agent shall also be
authorized (without any further action by or notice to or from any Loan Party) to apply such amount to the prepayment of the outstanding Loans in accordance with the relevant provisions of this Section 2.05. 

SECTION 2.06. Termination or Reduction of Commitments. 
 (a) Optional. The Parent Borrower may, upon written notice to the Administrative Agent, terminate the unused Revolving Credit Commitments, or from time to time permanently reduce the unused
Revolving Credit Commitments, in each case without premium or penalty; provided that (i) any such notice shall be received by the Administrative Agent one (1) Business Day prior to the date of termination or reduction, (ii) any
such partial reduction shall be in an aggregate amount of $500,000 or any whole multiple of $100,000 in excess thereof and (iii) if, after giving effect to any reduction of the Revolving Credit Commitments, the Swing Line Sublimit exceeds the
amount of the Facility, such sublimit shall be automatically reduced by the amount of such excess. Except as provided above, the amount of any such Revolving Credit Commitment reduction shall not be applied to the Swing Line Sublimit unless
otherwise specified by the Parent Borrower. Notwithstanding the foregoing, the Parent Borrower may rescind or postpone any notice of termination of the Revolving Credit Commitments if such termination would have resulted from a refinancing of the
Facility, which refinancing shall not be consummated or otherwise shall be delayed. 
 (b) Mandatory. The Revolving
Credit Commitments shall terminate on the Maturity Date. 
 (c) Application of Commitment Reductions; Payment of Fees.
The Administrative Agent will promptly notify the Appropriate Lenders of any termination or reduction of unused portions of the Swing Line Sublimit or the unused Revolving Credit Commitments under this Section 2.06. Upon any reduction of unused
Revolving Credit Commitments, the Commitment of each Lender shall be reduced by such Lender’s Pro Rata Share of the amount by which such Revolving Credit Commitments are reduced (other than the termination of the Revolving Credit Commitment of
any Lender as provided in Section 3.07). All commitment fees accrued until the effective date of any termination of the Revolving Credit Commitments shall be paid on the effective date of such termination. 

SECTION 2.07. Repayment of Loans. 
 (a) Revolving Credit Loans. The Borrowers, jointly and severally, shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders on the Maturity Date the aggregate
principal amount of all of its Revolving Credit Loans outstanding on such date. 
 (b) Swing Line Loans. The Borrowers,
jointly and severally, shall repay each Swing Line Loan for the Revolving Credit Facility on the Maturity Date. 
 (c)
Protective Advances. The Borrowers, jointly and severally, shall repay to the Administrative Agent the then unpaid amount of each Protective Advance on the Maturity Date. 

 SECTION 2.08. Interest. 

(a) Subject to the provisions of Section 2.08(b), (i) each Eurocurrency Rate Loan shall bear interest on the outstanding
principal amount thereof for each Interest Period at a rate per annum equal to the Eurocurrency Rate for such Interest Period plus the Applicable Rate; (ii) each Base Rate Loan shall bear interest on the outstanding principal amount
thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate and (iii) each Swing Line Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing
date at a rate per annum equal to the Base Rate plus the Applicable Rate for Revolving Credit Loans. 
 (b) The Borrowers
shall pay interest on past due amounts hereunder (whether principal, interest, fees or other amounts) at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. Accrued and
unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand. 
 (c)
Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and
after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law. 
 (d) Interest on each
Loan shall be payable in the currency in which each Loan was made. 
 SECTION 2.09. Fees. In addition to certain fees
described in Sections 2.03(i) and (j): 
 (a) Commitment Fee. The Borrowers, jointly and severally,
shall pay to the Administrative Agent for the account of each Revolving Credit Lender for such Facility in accordance with its Pro Rata Share, a commitment fee equal to the Applicable Rate with respect to commitment fees times the actual daily
amount by which the aggregate Revolving Credit Commitment for such Facility exceeds the sum of (A) the Outstanding Amount of Revolving Credit Loans for such Facility and (B) the Outstanding Amount of L/C Obligations for such Facility;
provided that any commitment fee accrued with respect to any of the Revolving Credit Commitments under such Facility of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time
shall not be payable by the Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that such commitment fee shall otherwise have been due and payable by the Borrowers prior to such time; provided further that no
commitment fee shall accrue on any of the Revolving Credit Commitments under any Facility of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The commitment fees for a Revolving Credit Facility shall accrue at all times from
the A&R Closing Date until the Maturity Date, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears in Dollars on the tenth Business Day following the last
Business Day of each March, June, September and December, commencing with the first such date to occur after the A&R Closing Date, and on the Maturity Date for such Facility. The commitment fee shall be calculated quarterly in arrears, and if
there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. 

(b) Other Fees. The Borrowers shall pay to the Agents such fees as shall have been separately agreed upon in
writing in the amounts and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever (except as expressly agreed between the Parent Borrower and the applicable Agent). 

SECTION 2.10. Computation of Interest and Fees. All computations of interest for Base Rate Loans when the Base Rate is determined
by the Administrative Agent’s “prime rate” shall be made on the basis of a year of 365 days or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day
year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a
Loan, or any portion thereof, for the day on which the 

 
Loan or such portion is paid; provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest for one day. Each
determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error. 
 SECTION 2.11. Evidence of Indebtedness. 
 (a) The Credit Extensions made by
each Lender shall be evidenced by one or more accounts or records maintained by such Lender and evidenced by one or more entries in the Register maintained by the Administrative Agent, acting solely for purposes of Treasury Regulation
Section 5f.103-1(c), as agent for the Borrowers, in each case in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be prima facie evidence absent manifest error of the amount
of the Credit Extensions made by the Lenders to the Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers hereunder to pay any
amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the
Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrowers shall execute and deliver to such Lender (through the Administrative Agent) a Note payable to
such Lender, which shall evidence such Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with
respect thereto. 
 (b) In addition to the accounts and records referred to in Section 2.11(a), each Lender and the
Administrative Agent shall maintain in accordance with its usual practice accounts or records and, in the case of the Administrative Agent, entries in the Register, evidencing the purchases and sales by such Lender of participations in Letters of
Credit and Swing Line Loans. In the event of any conflict between the accounts and records maintained by the Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative
Agent shall control in the absence of manifest error. 
 (c) Entries made in good faith by the Administrative Agent in the
Register pursuant to Sections 2.11(a) and (b), and by each Lender in its account or accounts pursuant to Sections 2.11(a) and (b), shall be prima facie evidence of the amount of principal and interest due and payable or to become due and
payable from the Borrowers to, in the case of the Register, each Lender and, in the case of such account or accounts, such Lender, under this Agreement and the other Loan Documents, absent manifest error; provided that the failure of the
Administrative Agent or such Lender to make an entry, or any finding that an entry is incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrowers under this Agreement and the other Loan
Documents. 
 SECTION 2.12. Payments Generally. 
 (a) All payments to be made by the Borrowers shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments
by the Borrowers hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Administrative Agent’s Office for payment and in Same Day Funds not later than 2:00
p.m. on the date specified herein. The Administrative Agent will promptly distribute to each Lender its Pro Rata Share (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s
Lending Office. All payments received by the Administrative Agent after 2:00 p.m. (New York, New York time) shall in each case be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue.

 (b) If any payment to be made by any Borrower shall come due on a day other than a Business Day, payment shall be made,
unless otherwise specified herein, on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be. 
 (c) Unless the Parent Borrower has notified the Administrative Agent, prior to the date any payment is required to be made by it to the Administrative Agent hereunder for the account of any Lender or an
L/C Issuer hereunder, that the Borrowers will not make such payment, the Administrative Agent may assume that the 

 
Borrowers have timely made such payment and may (but shall not be so required to), in reliance thereon, make available a corresponding amount to such Lender or L/C Issuer. If and to the extent
that such payment was not in fact made to the Administrative Agent in Same Day Funds, then such Lender or L/C Issuer shall forthwith on demand repay to the Administrative Agent the portion of such assumed payment that was made available to such
Lender or L/C Issuer in Same Day Funds, together with interest thereon in respect of each day from and including the date such amount was made available by the Administrative Agent to such Lender or L/C Issuer to the date such amount is repaid to
the Administrative Agent in Same Day Funds at the applicable Overnight Rate from time to time in effect. 
 A notice of the
Administrative Agent to any Lender or any Borrower with respect to any amount owing under this Section 2.12(c) shall be conclusive, absent manifest error. 
 (d) If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available
to the Borrowers by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like
funds as received from such Lender) to such Lender, without interest. 
 (e) The obligations of the Lenders hereunder to make
Loans and to fund participations in Letters of Credit and Swing Line Loans are several and not joint. The failure of any Lender to make any Loan or to fund any such participation on any date required hereunder shall not relieve any other Lender of
its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan or purchase its participation. 
 (f) Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will
obtain the funds for any Loan in any particular place or manner. 
 (g) Whenever any payment received by the Administrative
Agent under this Agreement or any of the other Loan Documents is insufficient to pay in full all amounts due and payable to the Administrative Agent and the Lenders under or in respect of this Agreement and the other Loan Documents on any date, such
payment shall be distributed by the Administrative Agent and applied by the Administrative Agent and the Lenders in the order of priority set forth in Section 8.03. If the Administrative Agent receives funds for application to the Obligations
of the Loan Parties under or in respect of the Loan Documents under circumstances for which the Loan Documents do not specify the manner in which such funds are to be applied, the Administrative Agent may, but shall not be obligated to, elect to
distribute such funds to each of the Lenders in accordance with such Lender’s Pro Rata Share of the sum of (a) the Outstanding Amount of all Loans outstanding at such time and (b) the Outstanding Amount of all L/C Obligations
outstanding at such time, in repayment or prepayment of such of the outstanding Loans or other Obligations then owing to such Lender. 
 SECTION 2.13. Sharing of Payments. If, other than as expressly provided elsewhere herein, any Lender shall obtain on account of the Loans made by it, or the participations in L/C Obligations and
Swing Line Loans held by it, any payment (whether voluntary, involuntary, through the exercise of any right of setoff, or otherwise) in excess of its Pro Rata Share (or other share contemplated hereunder) thereof, such Lender shall immediately
(a) notify the Administrative Agent of such fact, and (b) purchase from the other Lenders such participations in the Loans made by them and/or such subparticipations in the participations in L/C Obligations or Swing Line Loans held by
them, as the case may be, as shall be necessary to cause such purchasing Lender to share the excess payment in respect of such Loans or such participations, as the case may be, pro rata with each of them; provided that if all or any portion
of such excess payment is thereafter recovered from the purchasing Lender under any of the circumstances described in Section 10.06 (including pursuant to any settlement entered into by the purchasing Lender in its discretion), such purchase
shall to that extent be rescinded and each other Lender shall repay to the purchasing Lender the purchase price paid therefor, together with an amount equal to such paying Lender’s Pro Rata Share (according to the proportion of (i) the
amount of such paying Lender’s required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered,
without further interest thereon. Each Borrower agrees that any Lender so purchasing a participation from another Lender may, to the fullest extent permitted by applicable Law, exercise all 

 
its rights of payment (including the right of setoff, but subject to Section 10.10) with respect to such participation as fully as if such Lender were the direct creditor of such Borrower in
the amount of such participation. The Administrative Agent will keep records (which shall be conclusive and binding in the absence of manifest error) of participations purchased under this Section 2.13 and will in each case notify the Lenders
following any such purchases or repayments. Each Lender that purchases a participation pursuant to this Section 2.13 shall from and after such purchase have the right to give all notices, requests, demands, directions and other communications
under this Agreement with respect to the portion of the Obligations purchased to the same extent as though the purchasing Lender were the original owner of the Obligations purchased. 

SECTION 2.14. Incremental Credit Extensions. 
 (a) The Parent Borrower may at any time or from time to time after the A&R Closing Date, by notice to the Administrative Agent (whereupon the Administrative Agent shall promptly deliver a copy to each
of the Lenders), request (a) one or more increases in the amount of the Revolving Credit Commitments (each such increase, a “Revolving Commitment Increase”); provided that upon the effectiveness of any Incremental
Amendment referred to below, no Default or Event of Default shall exist. Each Revolving Commitment Increase shall be in an aggregate principal amount that is not less than an amount of $100,000,000 (provided that such amount may be less than
an amount of $100,000,000 if such amount represents all remaining availability under the limit set forth in the next sentence). Notwithstanding anything to the contrary herein, the aggregate amount of the Revolving Commitment Increases shall not
exceed $750,000,000 (such amount, the “Incremental Amount”). Each notice from the Parent Borrower pursuant to this Section shall set forth the requested amount and proposed terms of the relevant Revolving Commitment Increases.
Revolving Commitment Increases may be provided by any existing Lender (it being understood that no existing Revolving Credit Lender will have an obligation to provide a portion of any Revolving Commitment Increase), in each case on terms permitted
in this Section 2.14 and otherwise on terms reasonably acceptable to the Administrative Agent, or by any other lender (any such other lender being called an “Additional Lender”), provided that the Administrative Agent
shall have consented (such consent not to be unreasonably withheld) to such Lender’s or Additional Lender’s providing such Revolving Commitment Increases if such consent would be required under Section 10.07(b) for an assignment of
Loans or Revolving Credit Commitments, as applicable, to such Lender or Additional Lender. Commitments in respect of Revolving Commitment Increases shall become Commitments (or in the case of a Revolving Commitment Increase to be provided by an
existing Revolving Credit Lender, an increase in such Lender’s applicable Revolving Credit Commitment) under this Agreement pursuant to an amendment (an “Incremental Amendment”) to this Agreement and, as appropriate, the other
Loan Documents, executed by the Parent Borrower, each Lender agreeing to provide such Commitment, if any, each Additional Lender, if any, and the Administrative Agent. Any Revolving Commitment Increase shall be on the same terms (including, without
limitation, with respect to pricing) and treated the same as the existing Facility (including, without limitation, with respect to maturity date thereof) and shall be considered to be part of the Facility, provided that the upfront fees
applicable to any Revolving Commitment Increases shall be determined by the Parent Borrower and the lenders thereof. The Incremental Amendment may, without the consent of any other Lenders or Loan Parties, effect such amendments to this Agreement
and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to effect the provisions of this Section. The effectiveness of any Incremental Amendment shall be subject
to the satisfaction on the date thereof of each of the conditions set forth in Section 4.03 (it being understood that all references to “the date of such Credit Extension” or similar language in such Section 4.03 shall be deemed
to refer to the effective date of such Incremental Amendment) and such other conditions as the parties thereto shall agree. The Parent Borrower shall use the proceeds of the Revolving Commitment Increases for any purpose not prohibited by this
Agreement; provided that to the extent the proceeds of Revolving Commitment Increases are being used to refinance Retained Existing Notes, such refinancing occurs no earlier than the final maturity date of such Retained Existing Notes. Upon
each increase in (A) the Revolving Credit Commitments pursuant to this Section 2.14, (x) each Revolving Credit Lender immediately prior to such increase will automatically and without further act be deemed to have assigned to each
Lender providing a portion of the Revolving Commitment Increase (each a “Revolving Commitment Increase Lender”), and each such Revolving Commitment Increase Lender will automatically and without further act be deemed to have
assumed, a portion of such Revolving Credit Lender’s participations hereunder in outstanding Letters of Credit and Swing Line Loans such that, after giving effect to each such deemed assignment and assumption of participations, the percentage
of the aggregate outstanding (i) participations hereunder in Letters of Credit and (ii) participations hereunder in Swing Line Loans held by each Revolving Credit Lender (including each such Revolving Commitment Increase Lender) will equal
the percentage of the aggregate Revolving Credit Commitments of all Revolving 

 
Credit Lenders represented by such Revolving Credit Lender’s Revolving Credit Commitment and (y) if, on the date of such increase, there are any Revolving Credit Loans outstanding, such
Revolving Credit Loans shall on or prior to the effectiveness of such Revolving Commitment Increase be prepaid from the proceeds of additional Revolving Credit Loans made hereunder (reflecting such increase in Revolving Credit Commitments), which
prepayment shall be accompanied by accrued interest on the Revolving Credit Loans being prepaid and any costs incurred by any Lender in accordance with Section 3.05. The Administrative Agent and the Lenders hereby agree that the minimum
borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to the immediately preceding sentence. 

(b) This Section 2.14 shall supersede any provisions in Section 2.13 or 10.01 to the contrary. 

SECTION 2.15. Reserves. Notwithstanding anything to the contrary, the Administrative Agent may at any time and from time to time
in the exercise of its Permitted Discretion establish and increase or decrease Reserves; provided that, so long as no Event of Default has occurred and is continuing, the Administrative Agent shall have provided the Parent Borrower at least
three (3) Business Days’ prior written notice of any such establishment or increase; and provided further that the Administrative Agent may only establish or increase a Reserve after the Original Closing Date based on an event,
condition or other circumstance arising after the Original Closing Date or based on facts not known to the Administrative Agent as of the Original Closing Date. The amount of any Reserve established by the Administrative Agent shall have a
reasonable relationship to the event, condition, other circumstance or new fact that is the basis for the Reserve. Upon delivery of such notice, the Administrative Agent shall be available to discuss the proposed Reserve or increase, and the
Borrowers may take such action as may be required so that the event, condition, circumstance or new fact that is the basis for such Reserve or increase no longer exists, in a manner and to the extent reasonably satisfactory to the Administrative
Agent in the exercise of its Permitted Discretion. In no event shall such notice and opportunity limit the right of the Administrative Agent to establish or change such Reserve, unless the Administrative Agent shall have determined in its Permitted
Discretion that the event, condition, other circumstance or new fact that is the basis for such new Reserve or such change no longer exists or has otherwise been adequately addressed by the Borrowers. Notwithstanding anything herein to the contrary,
Reserves shall not duplicate eligibility criteria contained in the definition of “Eligible Accounts.” 
 SECTION 2.16.
Defaulting Lenders. 
 (a) Reallocation. Notwithstanding anything to the contrary herein, if a Lender becomes, and
during the period it remains, a Defaulting Lender, the following provisions shall apply with respect to any outstanding Letter of Credit participation pursuant to Section 2.03 and Swing Line Loan participation pursuant to Section 2.04 of
such Defaulting Lender: 
 (i) the Letter of Credit participations pursuant to Section 2.03 and Swing Line
Loan participations pursuant to Section 2.04, in each case, of such Defaulting Lender will, subject to the limitation in the first proviso below, automatically be reallocated (effective on the day such Lender becomes a Defaulting Lender) among
the Non-Defaulting Lenders pro rata in accordance with their respective Revolving Credit Commitments; provided that (a) the Outstanding Amount of each Non-Defaulting Lender’s Revolving Credit Loans and L/C Obligations (with the
aggregate amount of such Lenders’ risk participations and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Lender) may not in any event exceed the Revolving Credit Commitment of such
Non-Defaulting Lender as in effect at the time of such reallocation and (b) neither such reallocation nor any payment by a Non-Defaulting Lender pursuant thereto will constitute a waiver or release of any claim the Parent Borrower, the
Administrative Agent, the L/C Issuers, the Swing Line Lender or any other Lender may have against such Defaulting Lender or cause such Defaulting Lender to be a Non-Defaulting Lender; and 

(ii) to the extent that any portion (the “unreallocated portion”) of any Defaulting Lender’s Letter
of Credit participation pursuant to Section 2.03 and Swing Line Loan participation pursuant to Section 2.04 cannot be so reallocated, by reason of the first proviso in clause (i) above or otherwise, the Parent Borrower will, not later
than two Business Days after demand by the Administrative Agent (at the direction of the L/C Issuer and/or the Swing Line Lender, as the case may be), (1) Cash Collateralize the obligations of the Parent Borrower to the L/C Issuer in respect of
such Letter of Credit participation pursuant to Section 2.03, in an amount equal to the aggregate amount of the unreallocated portion of such Letter of Credit participation 

 
pursuant to Section 2.03, or (2) in the case of such Swing Line Loan participation pursuant to Section 2.04, prepay and/or Cash Collateralize in full the unreallocated portion
thereof, or (3) make other arrangements satisfactory to the Administrative Agent, and to the L/C Issuer and the Swing Line Lender, as the case may be, in their sole discretion to protect them against the risk of non-payment by such Defaulting
Lender. 
 (b) Fees. Anything herein to the contrary notwithstanding, during such period as a Lender is a Defaulting
Lender, such Defaulting Lender will not be entitled to any fees accruing during such period pursuant to Section 2.03(i) (without prejudice to the rights of the Lenders other than Defaulting Lenders in respect of such fees); provided that
in the case of any such Defaulting Lender that was or is a Lender (x) to the extent that a portion of the Letter of Credit participations pursuant to Section 2.03 and Swing Line Loan participations pursuant to Section 2.04 of such
Defaulting Lender is reallocated to the Non-Defaulting Lenders pursuant to Section 2.16(a), such fees under Section 2.03(i) that would have accrued for the benefit of such Defaulting Lender will instead accrue for the benefit of and be
payable to such Non-Defaulting Lenders, pro rata in accordance with their respective Commitments, and (y) to the extent any portion of such Letter of Credit participation pursuant to Section 2.03 and Swing Line Loan participation pursuant
to Section 2.04 cannot be so reallocated, such fees will instead accrue for the benefit of and be payable to the L/C Issuer and the Swing Line Lender, as applicable, as their interests appear. 

(c) Cure. If the Parent Borrower, the Administrative Agent, the L/C Issuers and the Swing Line Lender agree in writing in their
discretion that a Lender that is a Defaulting Lender should no longer be deemed to be a Defaulting Lender, as the case may be, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice
and subject to any conditions set forth therein), such Lender will, to the extent applicable, purchase such portion of outstanding Loans of the other Lenders and/or make such other adjustments as the Administrative Agent may determine to be
necessary to cause the total Revolving Credit Commitments, Revolving Credit Loans, Letter of Credit participation pursuant to Section 2.03 and Swing Line Loan participation pursuant to Section 2.04 of the Lenders to be on a pro rata basis
in accordance with their respective Commitments, whereupon such Lender will cease to be a Defaulting Lender and will be a Non-Defaulting Lender (and such Commitments and Loans of each Lender will automatically be adjusted on a prospective basis to
reflect the foregoing); provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Parent Borrower while such Lender was a Defaulting Lender; and provided,
further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Non-Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from
such Lender’s having been a Defaulting Lender. 
 (d) Notices. The Administrative Agent will promptly send to each
Lender and L/C Issuer a copy of any notice to the Parent Borrower provided for in this Section 2.16. 
 ARTICLE III

 Taxes, Increased Costs Protection and Illegality 

SECTION 3.01. Taxes. 
 (a) Except as required by law (as determined in the good faith discretion of any applicable withholding agent), any and all payments by any Borrower or any Guarantor to or for the account of any Agent or
any Lender (which term shall, for the avoidance of doubt, include, for the purposes of Section 3.01, any L/C Issuer) under any Loan Document shall be made free and clear of, and without deduction for, any and all present or future taxes,
duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and all liabilities (including additions to tax, penalties and interest) with respect thereto, imposed by any Governmental Authority (“Taxes”).
If a Borrower or a Guarantor or the Administrative Agent is required by law (as determined in the good faith discretion of any applicable withholding agent) to deduct any Indemnified Taxes (as defined below) or Other Taxes (as defined below) from or
in respect of any sum payable under any Loan Document to any Agent or any Lender, (i) the sum payable by such Borrower or such Guarantor shall be increased as necessary so that after making all required deductions (including deductions
applicable to additional sums payable under this Section 3.01(a)), each of such Agent and such Lender receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Borrower or such Guarantor or the
Administrative Agent shall make such deductions, (iii) such 

 
Borrower or such Guarantor shall pay the full amount deducted to the relevant taxing authority, and (iv) within thirty (30) days after the date of such payment (or, if receipts or
evidence are not available within thirty (30) days, as soon as practicable thereafter), such Borrower or such Guarantor shall furnish to such Agent or Lender (as the case may be) the original or a facsimile copy of a receipt evidencing payment
thereof or other documentary evidence of payment satisfactory to such Agent or Lender. If any Borrower or any Guarantor fails to pay any Indemnified Taxes or Other Taxes when due to the appropriate taxing authority or fails to remit to any Agent or
any Lender the required receipts or other required documentary evidence, such Borrower or such Guarantor shall indemnify such Agent and such Lender for any incremental Taxes that may become payable by such Agent or such Lender arising out of such
failure. “Indemnified Taxes” refers to any Taxes arising from any payment made under any Loan Document excluding, in the case of each Agent and each Lender, (i) net income Taxes imposed by a jurisdiction as a result of any
connection between such Agent or Lender and such jurisdiction other than the connection arising from executing or entering into any Loan Document or any of the Transactions contemplated by any Loan Document, (ii) Taxes imposed on or measured by
its net income (including branch profits), franchise (and similar) taxes imposed in lieu of net income taxes, (iii) any withholding taxes to the extent imposed at the time a Lender becomes a party hereto (or designates a new lending office),
except (x) to the extent that such Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts or indemnity payments from any Loan Party with respect to such
withholding tax pursuant to Section 3.01 or (y) if such Foreign Lender is an assignee pursuant to a request by a Borrower and (iv) any Taxes imposed as a result of the failure of any Lender to comply with either the provisions of
Section 3.01(b) or (c) (in the case of any Foreign Lender) or the provisions of Section 3.01(d) (in the case of any U.S. Lender). 
 (b) To the extent it is legally able to do so, each Agent or Lender (including an Assignee to which a Lender assigns its interest in accordance with Section 10.07) that is not a “United States
person” within the meaning of Section 7701(a)(30) of the Code (each a “Foreign Lender”) agrees to complete and deliver to the Parent Borrower and the Administrative Agent on or prior to the Original Closing Date (or, if
later, on or prior to the date it becomes a party to this Agreement), an accurate, complete and original signed copy of whichever of the following is applicable: (i) Internal Revenue Service Form W-8BEN certifying that it is entitled to
benefits under an income tax treaty to which the United States is a party that reduces or eliminates U.S. federal withholding tax on payments of interest; (ii) Internal Revenue Service Form W-8ECI certifying that the income receivable pursuant
to any Loan Document is effectively connected with the conduct of a trade or business in the United States; (iii) if the Foreign Lender (A) is not a bank described in Section 881(c)(3)(A) of the Code, (B) is not a 10-percent
shareholder described in Section 871(h)(3)(B) of the Code, (C) has income receivable pursuant to any Loan Document that is not effectively connected with the conduct of a trade or business in the United States, and (D) is not a
controlled foreign corporation related to any Borrower within the meaning of Section 864(d) of the Code, a certificate to that effect in substantially the form attached hereto as Exhibit L and an Internal Revenue Service Form W-8BEN,
certifying that the Foreign Lender is not a United States person; or (iv) to the extent a Foreign Lender is not the beneficial owner of any obligation of any Borrower or any Guarantor hereunder (for example, where the Foreign Lender is a
partnership or participating Lender granting a typical participation), duly completed copies of Internal Revenue Service Form W-8IMY, accompanied by a Form W-8ECI, W-8BEN, certificate in substantially the form attached hereto as Exhibit L,
Form W-9 or Form W-8IMY from each beneficial owner, as applicable. 
 (c) Thereafter and from time to time, each such Foreign
Lender shall, (i) promptly, to the extent it is legally entitled to do so, submit to the Parent Borrower and the Administrative Agent such additional duly completed and signed copies of one or more of such forms or certificates (or such
successor forms or certificates as shall be adopted from time to time by the relevant United States taxing authorities) as may then be available to secure an exemption from or reduction in the rate of U.S. federal withholding tax (A) on or
before the date that any such form, certificate or other evidence previously delivered expires or becomes obsolete, (B) after the occurrence of a change in the Foreign Lender’s circumstances requiring a change in the most recent form,
certificate or evidence previously delivered by it to the Parent Borrower and the Administrative Agent, and (C) from time to time thereafter if reasonably requested by the Parent Borrower or the Administrative Agent, and (ii) promptly
notify the Parent Borrower and the Administrative Agent of any change in the Foreign Lender’s circumstances which would modify or render invalid any previously claimed exemption or reduction. 

(d) Each Agent or Lender that is a “United States person” (within the meaning of Section 7701(a)(30) of the Code) (each a
“U.S. Lender”) agrees to complete and deliver to the Parent Borrower and the Administrative Agent an accurate, complete and original signed Internal Revenue Service Form W-9 or successor

 
form certifying that such Agent or Lender is not subject to United States backup withholding tax (i) on or prior to the Original Closing Date (or, if later, on or prior to the date it
becomes a party to this Agreement), (ii) on or before the date that such form expires or becomes obsolete, (iii) after the occurrence of a change in the Agent’s or Lender’s circumstances requiring a change in the most recent form
previously delivered by it to the Parent Borrower and the Administrative Agent, and (iv) from time to time thereafter if reasonably requested by the Parent Borrower or the Administrative Agent. 

(e) Notwithstanding anything else herein to the contrary, if a Foreign Lender is subject to U.S. federal withholding tax at a rate in
excess of zero percent at the time such Lender or such Agent first becomes a party to this Agreement, such U.S. federal withholding tax (including additions to tax, penalties and interest imposed with respect to such U.S. federal withholding tax)
shall be considered excluded from Indemnified Taxes except to the extent the Foreign Lender’s assignor was entitled to additional amounts or indemnity payments prior to the assignment or the assignment was pursuant to a request of a Borrower.
Further, no Borrower shall be required pursuant to this Section 3.01 to pay any additional amount to, or to indemnify, any Lender or Agent, as the case may be, with respect to Indemnified Taxes to the extent that such Lender or such Agent
becomes subject to such Indemnified Taxes subsequent to the Original Closing Date (or, if later, the date such Lender or Agent becomes a party to this Agreement) solely as a result of a change in the place of organization or place of doing business
of such Lender or Agent or a change in the Lending Office of such Lender (other than at the written request of a Borrower to change such Lending Office). 
 (f) Each Borrower agrees to pay any and all present or future stamp, court or documentary taxes and any other excise, property, intangible or mortgage recording taxes or charges or similar levies which
arise from any payment made under any Loan Document or from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, any Loan Document (including additions to tax, penalties and interest related thereto)
excluding, in each case, such amounts that result from an Agent or Lender’s Assignment and Assumption, grant of a Participation, transfer or assignment to or designation of a new applicable Lending Office or other office for receiving payments
under any Loan Document (collectively, “Assignment Taxes”) to the extent such Assignment Taxes result from a connection that the Agent or Lender has with the taxing jurisdiction other than the connection arising out of the Loan
Document or the transactions therein, except for Assignment Taxes resulting from assignment or participation that is requested or required in writing by the Parent Borrower (all such non-excluded taxes described in this Section 3.01(f) being
hereinafter referred to as “Other Taxes”). 
 (g) If any Indemnified Taxes or Other Taxes are directly asserted
against any Agent or Lender, such Agent or Lender may pay such Indemnified Taxes or Other Taxes and the relevant Borrower will promptly pay such additional amounts so that each of such Agent and such Lender receives an amount equal to the sum it
would have received had no such Indemnified Taxes or Other Taxes been asserted; whether or not such Taxes or Other Taxes were correctly or legally asserted; provided that if the relevant Borrower reasonably believes that such Taxes or Other
Taxes were not correctly or reasonably asserted, each such Agent or Lender will use reasonable efforts to cooperate with such Borrower to obtain a refund of such Taxes or Other Taxes (which shall be repaid to such Borrower in accordance with
Section 3.01(h)) so long as such efforts would not, in the sole good faith determination of such Agent or Lender, result in any additional costs, expenses or risks or be otherwise disadvantageous to it. Payments under this Section 3.01(g)
shall be made within ten (10) days after the date such Borrower receives written demand for payment from such Agent or Lender. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or the Agent (with
a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or any other Agent, shall be conclusive absent manifest error. 
 (h) If any Lender or Agent determines, in its sole discretion, that it is entitled to receive a refund in respect of any Indemnified Taxes or Other Taxes as to which indemnification or additional amounts
have been paid to it by any Borrower pursuant to this Section 3.01, it shall use its commercially reasonable efforts to receive such refund and upon receipt of any such refund shall promptly remit such refund (but only to the extent of
indemnity payments made, or additional amounts paid, by the relevant Borrower under this Section 3.01 with respect to the Indemnified Taxes or Other Taxes giving rise to such refund plus any interest included in such refund by the
relevant taxing authority attributable thereto) to such Borrower, net of all reasonable out of pocket expenses of the Lender or Agent, as the case may be, and without interest (other than any interest paid by the relevant taxing authority with
respect to such refund); provided that each Borrower, upon the request of the Lender or Agent, as the case may be, agrees promptly to return such refund to such party, together with any interest and penalties charged by

 
the relevant taxing authority, in the event such party is required to repay such refund to the relevant taxing authority. Such Lender or Agent, as the case may be, shall provide the relevant
Borrower with a copy of any notice of assessment or other evidence of the requirement to repay such refund received from the relevant taxing authority (provided that such Lender or Agent may delete any information therein that such Lender or
Agent deems confidential in its reasonable discretion). Nothing herein contained shall interfere with the right of a Lender or Agent to arrange its tax affairs in whatever manner it thinks fit nor oblige any Lender or Agent to claim any tax refund
or make available its tax returns or any other information it reasonably deems confidential or require any Lender to do anything that would prejudice its ability to benefit from any other refunds, credits, relief, remission or repayments to which it
may be entitled. 
  
 (i) Each Lender agrees that, upon the
occurrence of any event giving rise to the operation of Section 3.01(a) or (g) with respect to such Lender it will, if requested by the relevant Borrower, use commercially reasonable efforts (subject to legal and regulatory restrictions)
to mitigate the effect of any such event, including by designating another Lending Office for any Loan or Letter of Credit affected by such event and by completing and delivering or filing any tax related forms which would reduce or eliminate any
amount of Indemnified Taxes or Other Taxes required to be deducted or withheld or paid by the relevant Borrower; provided that such efforts are made at the relevant Borrower’s expense and on terms that, in the reasonable judgment of such
Lender, cause such Lender and its Lending Office(s) to suffer no material economic, legal or regulatory disadvantage, and provided further that nothing in this Section 3.01(i) shall affect or postpone any of the Obligations of such
Borrower or the rights of such Lender pursuant to Section 3.01(a) or (g). 
 SECTION 3.02. Illegality. If any Lender
reasonably determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund any Eurocurrency Rate Loans, or to determine or
charge interest rates based upon the applicable Eurocurrency Rate, then, on notice thereof by such Lender to the Parent Borrower through the Administrative Agent, any obligation of such Lender to make or continue any affected Eurocurrency Rate Loans
or to convert Base Rate Loans to such Eurocurrency Rate Loans shall be suspended until such Lender notifies the Administrative Agent and the Parent Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of
such notice, the Parent Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurocurrency Rate Loans and shall upon demand from such Lender (with a copy to the Administrative Agent), prepay or, convert all
then outstanding affected Eurocurrency Rate Loans of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Rate Loans to such day, or promptly, if
such Lender may not lawfully continue to maintain such Eurocurrency Rate Loans. Upon any such prepayment or conversion, the Parent Borrower shall also pay accrued interest on the amount so prepaid or converted and all amounts due, if any, in
connection with such prepayment or conversion under Section 3.05. Each Lender agrees to designate a different Lending Office if such designation will avoid the need for such notice and will not, in the good faith judgment of such Lender,
otherwise be materially disadvantageous to such Lender. 
 SECTION 3.03. Inability to Determine Rates. If the Required
Lenders determine that by reason of any changes affecting the applicable interbank eurodollar market adequate and reasonable means do not exist for determining the Eurocurrency Rate for any requested Interest Period with respect to a proposed
Eurocurrency Rate Loan, or that the Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, or that deposits are not
being offered to banks in the relevant interbank eurodollar market for the applicable amount and the Interest Period of such Eurocurrency Rate Loan, in each case due to circumstances arising on or after the A&R Closing Date, the Administrative
Agent will promptly so notify the Parent Borrower and each Lender. Thereafter, the obligation of the Lenders to make or maintain any affected Eurocurrency Rate Loans shall be suspended until the Administrative Agent (upon the instruction of the
Required Lenders) revokes such notice. Upon receipt of such notice, the Parent Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurocurrency Rate Loans or, failing that, will be deemed to have converted
such request into a request for a Borrowing of Base Rate Loans in the amount specified therein. 

 SECTION 3.04. Increased Cost and Reduced Return; Capital Adequacy; Reserves on
Eurocurrency Rate Loans. 
 (a) If any Lender reasonably determines that as a result of the introduction of, or any change
in, or in the interpretation of, any Law, in each case after the A&R Closing Date (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, issued in connection therewith or in 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 United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a change in Law after the A&R Closing
Date, regardless of the date enacted, adopted, issued or implemented), there shall be any increase in the cost to such Lender of agreeing to make or making, funding or maintaining Eurocurrency Rate Loans or issuing or participating in Letters of
Credit, or a reduction in the amount received or receivable by such Lender in connection with any of the foregoing (excluding for purposes of this Section 3.04(a) any such increased costs or reduction in amount resulting from
(i) Indemnified Taxes or Other Taxes covered by Section 3.01, or any Taxes excluded from the definition of Indemnified Taxes under exception (i) thereof to the extent such Taxes are imposed on or measured by net income or profits or
branch profits or franchise taxes (imposed in lieu of the foregoing taxes) and any Taxes excluded from the definition of Indemnified Taxes under exceptions (ii) and (iii) thereof, (ii) reserve requirements contemplated by
Section 3.04(c), and (iii) the implementation or application of or compliance with the “International Convergence of Capital Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on Banking
Supervision in June 2004 in the form existing on the date of this Agreement (“Basel II”) or any other law or regulation which implements Basel II (whether such implementation, application or compliance is by a government, regulator,
the Lenders or any of their Affiliates or the Agents or any of their Affiliates)), then from time to time within fifteen (15) days after demand by such Lender setting forth in reasonable detail such increased costs (with a copy of such demand
to the Administrative Agent given in accordance with Section 3.06), the Borrowers shall pay to such Lender such additional amounts as will compensate such Lender for such increased cost or reduction. At any time that any Eurocurrency Rate Loan
is affected by the circumstances described in this Section 3.04(a), the Borrowers may either (i) if the affected Eurocurrency Rate Loan is then being made pursuant to a Borrowing, cancel such Borrowing by giving the Administrative Agent
telephonic notice (confirmed promptly in writing) thereof on the same date that the Borrowers receive any such demand from such Lender or (ii) if the affected Eurocurrency Rate Loan is then outstanding, upon at least three Business Days’
notice to the Administrative Agent, require the affected Lender to convert such Eurocurrency Rate Loan into a Base Rate Loan, if applicable. 
 (b) If any Lender determines that the introduction of any Law regarding capital adequacy or any change therein or in the interpretation thereof, in each case after the A&R Closing Date, or compliance
by such Lender (or its Lending Office) therewith, has the effect of reducing the rate of return on the capital of such Lender or any corporation controlling such Lender as a consequence of such Lender’s obligations hereunder (taking into
consideration its policies with respect to capital adequacy), then from time to time upon demand of such Lender setting forth in reasonable detail the charge and the calculation of such reduced rate of return (with a copy of such demand to the
Administrative Agent given in accordance with Section 3.06), the Borrowers shall promptly pay to such Lender such additional amounts as will compensate such Lender for such reduction after receipt of such demand. 

(c) The Borrowers shall pay to each Lender, (i) as long as such Lender shall be required to maintain reserves with respect to
liabilities or assets consisting of or including Eurocurrency funds or deposits, additional interest on the unpaid principal amount of each Eurocurrency Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as
determined by such Lender in good faith, which determination shall be conclusive in the absence of manifest error), and (ii) as long as such Lender shall be required to comply with any reserve ratio requirement or analogous requirement of any
other central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of the Eurocurrency Rate Loans, such additional costs (expressed as a percentage per annum and rounded upwards, if
necessary, to the nearest five decimal places) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent manifest error) which in each
case shall be due and payable on each date on which interest is payable on such Loan, provided the Parent Borrower shall have received at least fifteen (15) days’ prior notice (with a copy to the Administrative Agent) of such
additional interest or cost from such Lender. If a Lender fails to give notice at least fifteen (15) days prior to the relevant Interest Payment Date, such additional interest or cost shall be due and payable fifteen (15) days from receipt
of such notice. 

 (d) If any Lender requests compensation under this Section 3.04, then such Lender will,
if requested by the Parent Borrower, use commercially reasonable efforts to designate another Lending Office for any Loan or Letter of Credit affected by such event; provided that such efforts are made on terms that, in the reasonable
judgment of such Lender, cause such Lender and its Lending Office(s) to suffer no material economic, legal or regulatory disadvantage, and provided further that nothing in this Section 3.04(d) shall affect or postpone any of the
Obligations of the Borrowers or the rights of such Lender pursuant to Section 3.04(a), (b) or (c). 
 SECTION 3.05.
Funding Losses. Upon written demand of any Lender (with a copy to the Administrative Agent) from time to time, which demand shall set forth in reasonable detail the basis for requesting such amount, each Borrower shall promptly compensate
such Lender for and hold such Lender harmless from any loss, cost or expense reasonably incurred by it as a result of: 
 (a) any continuation, conversion, payment or prepayment of any Eurocurrency Rate Loan on a day prior to the last day of the Interest Period for such Loan; or 

(b) any failure by such Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow,
continue or convert any Eurocurrency Rate Loan on the date or in the amount notified by such Borrower; 
 including any loss or expense
(excluding loss of anticipated profits) actually incurred by reason of the liquidation or reemployment of funds obtained by it to maintain such Eurocurrency Rate Loan or from fees payable to terminate the deposits from which such funds were
obtained. 
 SECTION 3.06. Matters Applicable to All Requests for Compensation. 

(a) Any Agent or Lender claiming compensation under this Article III shall deliver a certificate to the Parent Borrower setting
forth the additional amount or amounts to be paid to it hereunder which shall be conclusive in the absence of manifest error. In determining such amount, such Agent or Lender may use any reasonable averaging and attribution methods. 

(b) With respect to any Lender’s claim for compensation under Sections 3.01, 3.02, 3.03 or 3.04, the Borrowers shall not be
required to compensate such Lender for any amount incurred more than one hundred and eighty (180) days prior to the date that such Lender notifies the Parent Borrower of the event that gives rise to such claim; provided that, if the
circumstance giving rise to such claim is retroactive, then such 180-day period referred to above shall be extended to include the period of retroactive effect thereof. If any Lender requests compensation by the Borrowers under Section 3.04,
the Borrowers may, by notice to such Lender (with a copy to the Administrative Agent), suspend the obligation of such Lender to make or continue from one Interest Period to another Eurocurrency Rate Loans, or to convert Base Rate Loans into
Eurocurrency Rate Loans, until the event or condition giving rise to such request ceases to be in effect (in which case the provisions of Section 3.06(c) shall be applicable); provided that such suspension shall not affect the right of
such Lender to receive the compensation so requested. 
 (c) If any Lender gives notice to the Parent Borrower (with a copy to
the Administrative Agent) that the circumstances specified in Section 3.02, 3.03 or 3.04 hereof that gave rise to the conversion of such Lender’s Eurocurrency Rate Loans pursuant to this Section 3.06 no longer exist (which such Lender
agrees to do promptly upon such circumstances ceasing to exist) at a time when Eurocurrency Rate Loans made by other Lenders are outstanding, such Lender’s Base Rate Loans shall be automatically converted, on the first day(s) of the next
succeeding Interest Period(s) for such outstanding Eurocurrency Rate Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding Eurocurrency Rate Loans and by such Lender are held pro rata (as to
principal amounts, interest rate basis, and Interest Periods) in accordance with their respective Pro Rata Shares. 

 SECTION 3.07. Replacement of Lenders Under Certain Circumstances. 

(a) If at any time (i) any Lender requests reimbursement for amounts owing pursuant to Section 3.01 or 3.04 as a result of any
condition described in such Sections or any Lender ceases to make Eurocurrency Rate Loans as a result of any condition described in Section 3.02 or Section 3.04, (ii) any Lender becomes a Defaulting Lender or (iii) any
Lender becomes a Non-Consenting Lender, then the Parent Borrower may, on five (5) Business Days’ prior written notice to the Administrative Agent and such Lender, replace such Lender by causing such Lender to (and such Lender shall be
obligated to) assign pursuant to and in accordance with Section 10.07(b) (with the assignment fee to be paid by the Parent Borrower, in the case of clauses (i) and (iii) only) all of its rights and obligations under this Agreement
(or, with respect to clause (iii) above, all of its rights and obligations with respect to the Class of Loans or Commitments that is the subject of the related consent, waiver or amendment) to one or more Eligible Assignees; provided
that neither the Administrative Agent nor any Lender shall have any obligation to the Parent Borrower to find a replacement Lender or other such Person; and provided further that in the case of any such assignment resulting from a Lender
becoming a Non-Consenting Lender, the applicable Eligible Assignees shall have agreed to the applicable departure, waiver or amendment of the Loan Documents. No such replacement shall be deemed to be a waiver of any rights that the Parent Borrower,
the Administrative Agent or any other Lender shall have against the replaced Lender. 
 (b) Any Lender being replaced pursuant
to Section 3.07(a) above shall (i) execute and deliver an Assignment and Assumption with respect to such Lender’s Commitment and outstanding Loans and participations in L/C Obligations and Swing Line Loans, and (ii) deliver any
Notes evidencing such Loans to the Parent Borrower or Administrative Agent (or a lost or destroyed note indemnity in lieu thereof). Pursuant to such Assignment and Assumption, (A) the assignee Lender shall acquire all or a portion, as the case
may be, of the assigning Lender’s Commitment and outstanding Loans and participations in L/C Obligations and Swing Line Loans, (B) the assignee Lender shall purchase, at par, all Loans, accrued interest, accrued fees and other amounts
owing to the assigning Lender as of the date of replacement and (C) upon such payment (regardless of whether such replaced Lender has executed an Assignment and Assumption or delivered its Notes to the Parent Borrower or the Administrative
Agent), the assignee Lender shall become a Lender hereunder and the assigning Lender shall cease to constitute a Lender hereunder with respect to such assigned Loans, Commitments and participations, except with respect to indemnification provisions
under this Agreement, which shall survive as to such assigning Lender. 
 (c) Notwithstanding anything to the contrary contained
above, any Lender that acts as an L/C Issuer may not be replaced hereunder at any time that it has any Letter of Credit outstanding hereunder unless arrangements reasonably satisfactory to such L/C Issuer (including the furnishing of a back-up
standby letter of credit in form and substance, and issued by an issuer reasonably satisfactory to such L/C Issuer or the depositing of cash collateral into a cash collateral account in amounts and pursuant to arrangements reasonably satisfactory to
such L/C Issuer) have been made with respect to each such outstanding Letter of Credit and the Lender that acts as the Administrative Agent may not be replaced hereunder except in accordance with the terms of Section 9.10. 

(d) In the event that (i) the Parent Borrower or the Administrative Agent has requested that the Lenders consent to a departure or
waiver of any provisions of the Loan Documents or agree to any amendment thereto, (ii) the consent, waiver or amendment in question requires the agreement of all affected Lenders in accordance with the terms of Section 10.01 or all the
Lenders with respect to a certain Class or Classes of the Loans and (iii) the Required Lenders have agreed to such consent, waiver or amendment, then any Lender who does not agree to such consent, waiver or amendment shall be deemed a
“Non-Consenting Lender.” 
 SECTION 3.08. Survival. All of the Borrowers’ obligations under this
Article III shall survive termination of the Aggregate Commitments and repayment of all other Obligations hereunder. 

ARTICLE IV 

Conditions Precedent to Credit Extensions 
 SECTION 4.01. Existing Credit Agreement. The obligations of the Lenders to make Loans, and the obligation of each L/C Issuer to issue Letters of Credit, in each case under the Existing Credit
Agreement, were subject to satisfaction of the conditions set forth under Section 4.01 of the Existing Credit Agreement. 

 SECTION 4.02. Conditions to Initial Credit Extension. The obligation of each Lender
to make a Credit Extension hereunder on the A&R Closing Date is subject to the satisfaction of the conditions set forth under Section 5 of the Restatement Agreement. 
 SECTION 4.03. Conditions to Subsequent Credit Extensions. The obligation of each Lender to honor any Request for Credit Extension after the A&R Closing Date (other than any Protective Advance
and any Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency Rate Loans) is subject to the satisfaction of the following conditions precedent: 

(a) The representations and warranties of the Parent Borrower and each other Loan Party contained in Article V or any
other Loan Document shall be true and correct in all material respects on and as of the date of such Credit Extension; provided that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be
true and correct in all material respects as of such earlier date; provided, further that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be
true and correct (after giving effect to any qualification therein) in all respects on such respective dates. 

(b) No Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds
therefrom. 
 (c) The Administrative Agent and, if applicable, the relevant L/C Issuer or the Swing Line Lender
shall have received a Request for Credit Extension in accordance with the requirements hereof. 
 (d) After
giving effect to any Borrowing or the issuance of any Letter of Credit, Excess Availability shall be not less than zero. 
 (e) If a Liquidity Event under clause (a) or (b) of the definition thereof would exist but for the five (5) consecutive Business Days condition in such definition, then the Parent Borrower
shall be in compliance with the Financial Covenant (whether or not then in effect) for the last Test Period ended immediately preceding such Credit Extension, and the Parent Borrower shall have provided the Administrative Agent a certificate of a
Responsible Officer of the Parent Borrower demonstrating compliance with such Financial Covenant. 
 Each Request for Credit
Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type or a continuation of Eurocurrency Rate Loans) submitted by a Borrower shall be deemed to be a representation and warranty that the conditions
specified in Sections 4.03(a), (b) and (d) have been satisfied on and as of the date of the applicable Credit Extension. 
 ARTICLE V 
 Representations and Warranties 

Each Borrower represents and warrants to the Administrative Agent and the Lenders on the A&R Closing Date and at the times expressly
set forth in Section 4.03, that: 
 SECTION 5.01. Existence, Qualification and Power; Compliance with Laws. Each
Loan Party and each of its Material Subsidiaries (a) is a Person duly organized or formed, validly existing and in good standing (to the extent such concept exists in such jurisdiction) under the Laws of the jurisdiction of its incorporation or
organization, (b) has all corporate or other organizational power and authority to (i) own its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party,
(c) is duly qualified and in good standing (to the extent such concept exists in such jurisdiction) under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such
qualification, (d) is in compliance with all applicable Laws, orders, writs, injunctions and orders and (e) has all requisite governmental licenses, authorizations, consents and approvals to operate its business as currently conducted;
except in each case referred to in clause (c), (d) or (e), to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect. 

 SECTION 5.02. Authorization; No Contravention. The execution, delivery and
performance by each Loan Party of each Loan Document to which such Person is a party have been duly authorized by all necessary corporate or other organizational action. Neither the execution, delivery and performance by each Loan Party of each Loan
Document to which such Person is a party nor the consummation of the Transactions will (a) contravene the terms of any of such Person’s Organization Documents, (b) result in any breach or contravention of, or the creation of any Lien
upon any of the property or assets of such Person or any of the Restricted Subsidiaries (other than as permitted by Section 7.01) under (i) any Contractual Obligation to which such Person is a party or affecting such Person or the
properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any applicable material
Law; except with respect to any breach, contravention or violation (but not creation of Liens) referred to in clauses (b) and (c), to the extent that such breach, contravention or violation would not reasonably be expected to have a Material
Adverse Effect. 
 SECTION 5.03. Governmental Authorization. No approval, consent, exemption, authorization, or other
action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by any Loan Party of this Agreement or any other Loan Document, except for
(i) filings necessary to perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties, (ii) the approvals, consents, exemptions, authorizations, actions, notices and filings that have been duly obtained,
taken, given or made and are in full force and effect and (iii) those approvals, consents, exemptions, authorizations or other actions, notices or filings, the failure of which to obtain or make would not reasonably be expected to have a
Material Adverse Effect. 
 SECTION 5.04. Binding Effect. This Agreement and each other Loan Document has been duly
executed and delivered by each Loan Party that is party thereto. This Agreement and each other Loan Document constitutes a legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party that is party thereto in
accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity and principles of good faith and fair dealing. 

SECTION 5.05. Financial Statements; No Material Adverse Effect. 

(a) (i) The Annual Financial Statements, together with the most recently delivered annual and quarterly consolidated balance sheets of
the Parent Borrower (together with related consolidated statements of income, stockholders’ equity and cash flows for the Parent Borrower) delivered pursuant to Sections 6.01(a) and (b) of the Existing Credit Agreement fairly present in
all material respects the financial condition of the Parent Borrower and its Subsidiaries as of the dates thereof and their results of operations for the periods covered thereby in accordance with GAAP consistently applied throughout the periods
covered thereby, except as otherwise expressly noted therein. 
 (ii) The unaudited pro forma consolidated
balance sheet of the Parent Borrower and its Subsidiaries as at December 31, 2007 (including the notes thereto) (the “Pro Forma Balance Sheet”) and the unaudited pro forma consolidated statement of operations of the
Parent Borrower and its Subsidiaries for the 12-month period ending on such date (together with the Pro Forma Balance Sheet, the “Pro Forma Financial Statements”), copies of which have heretofore been furnished to the Administrative
Agent, have been prepared based on the Annual Financial Statements and have been prepared in good faith, based on assumptions believed by the Parent Borrower to be reasonable as of the date of delivery thereof, and present fairly in all material
respects on a pro forma basis the estimated financial position of the Parent Borrower and its Subsidiaries as at December 31, 2007 and their estimated results of operations for the period covered thereby. 

(b) As of the A&R Closing Date, except (i) as reflected or reserved against in the most recently delivered annual consolidated
balance sheets of the Parent Borrower (together with related consolidated statements of income, stockholders’ equity and cash flows for the Parent Borrower) delivered pursuant to Section 6.01(a) of the Existing Credit Agreement,
(ii) for liabilities or obligations incurred in the ordinary course of business 

 
since the date of the most recently delivered annual consolidated balance sheets of the Parent Borrower (together with related consolidated statements of income, stockholders’ equity and
cash flows for the Parent Borrower) delivered pursuant to Section 6.01(a) of the Existing Credit Agreement and (iii) for liabilities or obligations arising under the Merger Agreement (as defined in the Existing Credit Agreement), neither
the Parent Borrower nor any of its Subsidiaries has any liabilities or obligations of any nature, whether or not accrued, contingent or otherwise, that would be required by GAAP to be reflected on a consolidated balance sheet (or notes thereto) of
the Parent Borrower and its Subsidiaries, other than those which would not have, individually or in aggregate, a Material Adverse Effect on the Parent Borrower. 
 (c) Since September 30, 2012, there has been no event or circumstance, either individually or in the aggregate, that has had or would reasonably be expected to have a Material Adverse Effect.

 SECTION 5.06. Litigation. There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of
any Borrower, overtly threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against Holdings, the Parent Borrower or any of its Subsidiaries that would reasonably be expected to have a Material Adverse
Effect. 
 SECTION 5.07. Labor Matters. Except as would not reasonably be expected to have a Material Adverse Effect:
(a) there are no strikes or other labor disputes against any of the Parent Borrower or its Subsidiaries pending or, to the knowledge of the Parent Borrower, threatened; (b) hours worked by and payment made based on hours worked to
employees of the Parent Borrower or its Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Laws dealing with wage and hour matters; and (c) all payments due from any Borrower or any of its
Subsidiaries on account of employee health and welfare insurance have been paid or accrued as a liability on the books of the relevant party. 
 SECTION 5.08. Ownership of Property; Liens. Each Loan Party and each of its Subsidiaries has good record and marketable title in fee simple to, or valid leasehold interests in, or easements or
other limited property interests in, all real property necessary in the ordinary conduct of its business, free and clear of all Liens except for minor defects in title that do not materially interfere with its ability to conduct its business or to
utilize such assets for their intended purposes and Liens permitted by Section 7.01 and except where the failure to have such title or other interest would not reasonably be expected to have a Material Adverse Effect. 

SECTION 5.09. Environmental Matters. 
 (a) Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (i) each Loan Party and each of its Subsidiaries is in compliance with all
applicable Environmental Laws (including having obtained all Environmental Permits) and (ii) none of the Loan Parties or any of their respective Subsidiaries is subject to any pending, or to the knowledge of any Borrower, threatened
Environmental Claim or any other Environmental Liability. 
 (b) None of the Loan Parties or any of their respective
Subsidiaries has treated, stored, transported or disposed of Hazardous Materials at, or arranged for the disposal or treatment or for transport for disposal or treatment, of Hazardous Materials from, any currently or formerly owned or operated real
estate or facility in a manner that would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 
 (c) Except as would not reasonably be expected to, individually or in the aggregate, result in a Material Adverse Effect, (i) none of the properties currently or to the knowledge of the Loan Parties
and their respective subsidiaries, formerly owned, leased or operated by the Loan Parties or their respective Subsidiaries is listed or formally proposed for listing on the National Priorities List or any analogous foreign, state or local list;
(ii) there are no underground or aboveground storage tanks or any surface impoundments, septic tanks, pits, sumps or lagoons in which Hazardous Materials are being or have been treated, stored or disposed on at or under any property currently
owned or operated by Holdings, any Borrower or any of its Subsidiaries; (iii) there is no asbestos or asbestos-containing material at or on any facility, equipment or property currently owned or operated by Holdings, any Borrower or any of its
Subsidiaries; and (iv) there has been no Release of Hazardous Materials by any Person on any property currently, or to the knowledge of the Loan Parties and their respective Subsidiaries formerly, owned or operated by any of them and there has
been no Release of Hazardous Materials by the Loan Parties or any of their Subsidiaries at any other location. 

 (d) The properties currently owned, leased or operated by the Loan Parties and their
Subsidiaries do not contain any Hazardous Materials in amounts or concentrations which (i) constitute, or constituted a violation of, (ii) require response or other corrective action under, or (iii) could give rise to Environmental
Liability, which violations, actions and liability, individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect. 
 (e) The Loan Parties and their Subsidiaries are not conducting or financing, either individually or together with other potentially responsible parties, any investigation or assessment or response or
other corrective action relating to any actual or threatened Release of Hazardous Materials at any site, location or operation, either voluntarily or pursuant to the order of any Governmental Authority or the requirements of any Environmental Law
except for such investigation or assessment or response or action that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

(f) Except as would not reasonably be expected to result in, individually or in the aggregate, a Material Adverse Effect, neither the
Loan Parties nor any of their Subsidiaries has contractually assumed any liability or obligation under any Environmental Law or is subject to any order, decree or judgment which imposes any obligation under any Environmental Law. 

SECTION 5.10. Taxes. Except as would not, either individually or in the aggregate, reasonably be expected to result in a Material
Adverse Effect, Holdings, the Parent Borrower and its Subsidiaries have timely filed all federal and state and other Tax returns and reports required to be filed, and have timely paid all federal and state and other Taxes, assessments, fees and
other governmental charges (including satisfying its withholding tax obligations) levied or imposed on their properties, income or assets or otherwise due and payable, except those which are being contested in good faith by appropriate
actions diligently conducted and for which adequate reserves have been provided in accordance with GAAP. 
 SECTION 5.11.
ERISA Compliance, Etc. 
 (a) Except as would not, either individually or in the aggregate, reasonably be expected to
result in a Material Adverse Effect, each Plan is in compliance with the applicable provisions of ERISA and the Code. 
 (b)
Except as set forth in Schedule 5.11(b), no ERISA Event has occurred that when taken together with all other ERISA Events which have occurred within the one-year period prior to the date on which this representation is made or deemed made
that would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. 
 (c) Except where
noncompliance or the incurrence of an obligation would not reasonably be expected to result in a Material Adverse Effect, (i) each Foreign Plan has been maintained in compliance with its terms and with the requirements of any and all applicable
laws, statutes, rules, regulations and orders, and (ii) neither Holdings nor any Subsidiary has incurred any material obligation in connection with the termination of or withdrawal from any Foreign Plan. 

SECTION 5.12. Subsidiaries. As of the Specified Date, neither Holdings nor any other Loan Party has any Subsidiaries other than
those specifically disclosed in Schedule 5.12, and all of the outstanding Equity Interests in Holdings, the Borrowers and the Material Subsidiaries have been validly issued and are fully paid and nonassessable, and all Equity Interests owned
by Holdings or any other Loan Party are owned free and clear of all security interests of any Person except (i) those created under the Collateral Documents or under the CF Facility Documentation in accordance with the Intercreditor Agreement
and (ii) any nonconsensual Lien that is permitted under Section 7.01. As of the Specified Date, Schedule 5.12 (a) sets forth the name and jurisdiction of each Subsidiary, (b) sets forth the ownership interest of Holdings,
the Parent Borrower and any other Subsidiary in each Subsidiary, including the percentage of such ownership and (c) identifies each Subsidiary that is a Subsidiary the Equity Interests of which are required to be pledged pursuant to the
Collateral and Guarantee Requirement. 

 SECTION 5.13. Margin Regulations; Investment Company Act. 

(a) No Loan Party is engaged nor will it engage, principally or as one of its important activities, in the business of purchasing or
carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock, and no proceeds of any Borrowings or drawings under any Letter of Credit will be used for any
purpose that violates Regulation U. 
 (b) Neither the Parent Borrower nor any of the Subsidiaries of the Parent Borrower is or
is required to be registered as an “investment company” under the Investment Company Act of 1940. 
 SECTION 5.14.
Disclosure. None of the factual information and data heretofore or contemporaneously furnished in writing by or on behalf of any Loan Party to any Agent or any Lender in connection with the transactions contemplated hereby and the negotiation
of this Agreement or delivered hereunder or any other Loan Document (as modified or supplemented by other information so furnished) when taken as a whole contains any material misstatement of fact or omits to state any material fact necessary to
make such factual information and data (taken as a whole), in the light of the circumstances under which it was delivered, not materially misleading; it being understood that for purposes of this Section 5.14, such factual information and data
shall not include projections and pro forma financial information or information of a general economic or general industry nature. 
 SECTION 5.15. Intellectual Property; Licenses, Etc. The Parent Borrower and its Subsidiaries have good and marketable title to, or a valid license or right to use, all of their patents, patent
rights, trademarks, servicemarks, trade names, copyrights, technology, software, know-how, database rights, rights of privacy and publicity, licenses and other intellectual property rights (collectively, “IP Rights”) that are
necessary for the operation of their respective businesses as currently conducted and as proposed to be conducted, except where the failure to have any such rights, either individually or in the aggregate, would not reasonably be expected to have a
Material Adverse Effect. To the knowledge of each Borrower, the operation of the respective businesses of the Parent Borrower or any of its Subsidiaries as currently conducted and as proposed to be conducted does not infringe upon, misuse,
misappropriate or violate any rights held by any Person, except for such infringements, misuses, misappropriations or violations individually or in the aggregate, that would not reasonably be expected to have a Material Adverse Effect. No claim or
litigation regarding any IP Rights is pending or, to the knowledge of any Borrower, threatened in writing against any Loan Party or Subsidiary, that, either individually or in the aggregate, would reasonably be expected to have a Material Adverse
Effect. 
 SECTION 5.16. Solvency. On the A&R Closing Date after giving effect to the Transactions, the Parent
Borrower and its Restricted Subsidiaries, on a consolidated basis, are Solvent. 
 SECTION 5.17. Subordination of Junior
Financing. The Obligations of each Subsidiary Guarantor are “Designated Senior Debt,” “Senior Debt,” “Senior Indebtedness,” “Guarantor Senior Debt” or “Senior Secured Financing” (or any
comparable term) with respect to any guaranties of the New Senior Notes under, and as defined in, any New Senior Notes Indenture. 
 SECTION 5.18. Special Representations Relating to FCC Authorizations, Etc. 

(a) The Parent Borrower or its Restricted Subsidiaries hold all FCC Authorizations that are necessary or required for the Parent Borrower
and its Restricted Subsidiaries to conduct their business in the manner in which it is currently being conducted, except where the failure to do so would not individually or in the aggregate have a Material Adverse Effect. Schedule 5.18
hereto lists each material FCC Authorization held by the Parent Borrower or any Restricted Subsidiary as of the Specified Date. With respect to each Broadcast License issued by the FCC and listed on Schedule 5.18 hereto, the description
includes the call sign, FCC identification number, community of license and the license expiration date. 
 (b) All material FCC
Authorizations held by the Parent Borrower and its Restricted Subsidiaries are in full force and effect in accordance with their terms, with such exceptions as would not individually or in the aggregate reasonably be expected to have a Material
Adverse Effect. Except as set forth on Schedule 5.18, as of the Specified Date and except for such matters as would not individually or in the aggregate have a Material Adverse 

 
Effect, (i) neither the Parent Borrower nor any Restricted Subsidiary has received any notice of apparent liability, notice of violation, order to show cause or other writing from the FCC,
(ii) there is no proceeding pending or, to the knowledge of the Parent Borrower, threatened by or before the FCC relating to the Parent Borrower or any Restricted Subsidiary or any Broadcast Station, and (iii) to the knowledge of the
Parent Borrower, no complaint or investigatory proceeding is pending before the FCC (other than rulemaking proceedings and proceedings of general applicability to the broadcasting industry or substantial segments thereof). The Parent Borrower and
the Restricted Subsidiaries have timely filed all required reports and notices with the FCC and have paid all amounts due in timely fashion on account of fees and charges to the FCC, except where the failure to do so could not reasonably be expected
to result in a Material Adverse Effect. 
 (c) Other than exceptions to any of the following that could not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect, (i) each of the Parent Borrower and the Restricted Subsidiaries has obtained and holds all Permits required for any property owned, leased or otherwise operated by such
Person and for the operation of each of its businesses as presently conducted, (ii) all such Permits are in full force and effect, and each of the Parent Borrower and the Restricted Subsidiaries has performed all requirements of such Permits to
the extent performance is due, (iii) no event has occurred which allows or results in, or after notice or lapse of time would allow or result in, revocation or termination by the issuer thereof or in any other impairment of the rights of the
holder of any such Permit prior to the expiration of any stated term; and (iv) none of such Permits contains any restrictions, either individually or in the aggregate, that are materially burdensome to the Parent Borrower or any of the
Restricted Subsidiaries, or to the operation of any of their respective businesses or any property owned, leased or otherwise operated by such Person. 
 (d) No consent or authorization of, filing with or Permit from, or other act by or in respect of, any Governmental Authority is required in connection with delivery, performance, validity or
enforceability of this Agreement and the other Loan Documents other than the consents, authorizations and filings contemplated by the Loan Documents. 
 ARTICLE VI 
 Affirmative Covenants 

From and after the Original Closing Date, so long as any Lender shall have any Commitment hereunder, any Loan or other Obligation (other
than Cash Management Obligations or Hedging Obligations) hereunder that is accrued and payable shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding (unless the Outstanding Amount of the L/C Obligations related thereto
has been Cash Collateralized or, if satisfactory to the relevant L/C Issuer in its sole discretion, a backstop letter of credit is in place), the Parent Borrower shall, and shall (except in the case of the covenants set forth in Sections 6.01,
6.02 and 6.03) cause each of the Restricted Subsidiaries to: 
 SECTION 6.01. Financial Statements and Borrowing Base
Certificates. Deliver to the Administrative Agent for prompt further distribution to each Lender: 
 (a) as
soon as available, but in any event within ninety (90) days after the end of each fiscal year of the Parent Borrower (commencing with the fiscal year ending December 31, 2007), (i) a consolidated balance sheet of the Parent Borrower
and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, stockholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for
the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of Ernst & Young LLP or any other independent registered public accounting firm of nationally
recognized standing, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception
as to the scope of such audit and (ii) a narrative report and management’s discussion and analysis, in a form reasonably satisfactory to the Administrative Agent, of the financial condition and results of operations of the Parent Borrower
for such fiscal year, as compared to amounts for the previous fiscal year; 

 (b) as soon as available, but in any event within forty-five (45) days
after the end of each of the first three (3) fiscal quarters of each fiscal year of the Parent Borrower (commencing with the fiscal quarter ended March 31, 2008), (i) a consolidated balance sheet of the Parent Borrower and its
Subsidiaries as at the end of such fiscal quarter, and the related (i) consolidated statements of income or operations for such fiscal quarter and for the portion of the fiscal year then ended and (ii) consolidated statements of cash flows
for the portion of the fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable
detail and certified by a Responsible Officer of the Parent Borrower as fairly presenting in all material respects the financial condition, results of operations, stockholders’ equity and cash flows of the Parent Borrower and its Subsidiaries
in accordance with GAAP, subject only to changes resulting from normal year-end adjustments and the absence of footnotes and (ii) a narrative report and management’s discussion and analysis, in a form reasonably satisfactory to the
Administrative Agent, of the financial condition and results of operations of the Parent Borrower for such fiscal quarter and the then elapsed portion of the fiscal year, as compared to the comparable periods in the previous fiscal year; 

(c) within ninety (90) days after the end of each fiscal year (commencing with the fiscal year ending
December 31, 2008) of the Parent Borrower, a reasonably detailed consolidated budget for the following fiscal year as customarily prepared by management of the Parent Borrower for its internal use (including a projected consolidated balance
sheet of the Parent Borrower and its Subsidiaries as of the end of the following fiscal year, the related consolidated statements of projected cash flow and projected income and a summary of the material underlying assumptions applicable thereto)
(collectively, the “Projections”), which Projections shall in each case be accompanied by a certificate of a Responsible Officer stating that such Projections have been prepared in good faith on the basis of the assumptions stated
therein, which assumptions were believed to be reasonable at the time of preparation of such Projections, it being understood that actual results may vary from such Projections and that such variations may be material; and 

(d) simultaneously with the delivery of each set of consolidated financial statements referred to in Sections 6.01(a)
and 6.01(b) above, the related consolidating financial statements reflecting the adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) and Restricted Subsidiaries that are not Loan Parties (which may be in footnote
form only) from such consolidated financial statements. 
 (e) (i) on or prior to the 10th calendar day of each
calendar month, beginning with the first calendar month ending after the A&R Closing Date (or if such day is not a Business Day, the next succeeding Business Day) and at such other times as the Administrative Agent or the Required Lenders may
reasonably require, a Borrowing Base Certificate (each a “Monthly Borrowing Base Certificate”) showing the Borrowing Base and the calculation of Excess Availability as of the close of business on the last day of the immediately
preceding calendar month (or, at the option of the Parent Borrower, as of a more recent date) each such Borrowing Base Certificate to be certified as complete and correct in all material respects on behalf of the Parent Borrower by a Responsible
Officer of the Parent Borrower; (ii) solely during the continuance of a Weekly Monitoring Event, a Borrowing Base Certificate (each a “Weekly Borrowing Base Certificate”) showing the Parent Borrower’s reasonable estimate
(which shall be based on the most current accounts receivable aging reasonably available and shall be calculated in a consistent manner with the most recent Monthly Borrowing Base Certificates delivered pursuant to this Section) of the Borrowing
Base and the calculation of Excess Availability as of the close of business on the last day of the immediately preceding calendar week, unless the Administrative Agent otherwise agrees, shall be furnished on Wednesday of each week (or, if Wednesday
is not a Business Day, on the next succeeding Business Day) and (iii) on or prior to the date of the consummation of a Disposition of Eligible Accounts in excess of $50,000,000 permitted by Section 7.05, an updated Borrowing Base
Certificate giving pro forma effect to such Disposition; provided that the Parent Borrower shall retain records regarding the calculations of each such Monthly Borrowing Base Certificate (and, if a Weekly Monitoring Event has occurred,
any Weekly Borrowing Base Certificates) in reasonable detail, and such records shall be made available by the Parent Borrower for review by the Administrative Agent during periodic commercial finance examinations, if requested; provided
further that in the event there is a material error or miscalculation in a Borrowing Base Certificate, the Parent Borrower shall be required to provide an updated Borrowing Base Certificate within three (3) Business Days after receiving
notification of such error or miscalculation from the Administrative Agent; and 

 (f) at the time of the delivery of the consolidated financial statements
referred to in Section 6.01(b), the Parent Borrower shall provide a current accounts receivable aging in respect of the Eligible Accounts, along with a reconciliation between the amounts that appear on such aging and the amount of accounts
receivable presented on the concurrently delivered balance sheet. 
 Notwithstanding the foregoing, the obligations in
paragraphs (a) and (b) of this Section 6.01 may be satisfied with respect to financial information of the Parent Borrower and its Subsidiaries by furnishing (A) the applicable financial statements of any direct or indirect parent
of the Parent Borrower that holds all of the Equity Interests of the Parent Borrower or (B) the Parent Borrower’s or such entity’s Form 10-K or 10-Q, as applicable, filed with the SEC; provided that, with respect to each of
clauses (A) and (B), (i) to the extent such information relates to a parent of the Parent Borrower, such information is accompanied by consolidating information that explains in reasonable detail the differences between the information
relating to the Parent Borrower (or such parent), on the one hand, and the information relating to the Parent Borrower and the Restricted Subsidiaries on a standalone basis, on the other hand and (ii) to the extent such information is in lieu
of information required to be provided under Section 6.01(a), such materials are accompanied by a report and opinion of Ernst & Young LLP or any other independent registered public accounting firm of nationally recognized standing,
which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of
such audit. 
 SECTION 6.02. Certificates; Other Information. Deliver to the Administrative Agent for prompt further
distribution to each Lender: 
 (a) no later than five (5) days after the delivery of the financial
statements referred to in Sections 6.01(a) and (b), a duly completed Compliance Certificate signed by a Responsible Officer of the Parent Borrower (which shall include a reasonably detailed calculation of Consolidated EBITDA); 

(b) [Reserved]; 
 (c) promptly after the same are publicly available, copies of all annual, regular, periodic and special reports and registration statements which Holdings or the Parent Borrower files with the SEC or with
any Governmental Authority that may be substituted therefor (other than amendments to any registration statement (to the extent such registration statement, in the form it became effective, is delivered to the Administrative Agent), exhibits to any
registration statement and, if applicable, any registration statement on Form S-8) and in any case not otherwise required to be delivered to the Administrative Agent pursuant to any other clause of this Section 6.02; 

(d) promptly after the furnishing thereof, copies of any material statements or material reports furnished to any holder
of any class or series of debt securities of any Loan Party having an aggregate outstanding principal amount greater than the Threshold Amount or pursuant to the terms of the CF Credit Agreement (other than borrowing base and related certificates),
the CF Facility Documentation or the New Senior Notes Indentures, in each case, so long as the aggregate outstanding principal amount thereunder is greater than the Threshold Amount and not otherwise required to be furnished to the Administrative
Agent pursuant to any other clause of this Section 6.02; 
 (e) together with the delivery of the financial
statements pursuant to (i) Section 6.01(a), a report setting forth the information required by Section 3.03(c) of each Security Agreement (or confirming that there has been no change in such information since the Original Closing Date
or the date of the last such report (including, in the case of the first such Compliance Certificate delivered following the A&R Closing Date, the last such report delivered under the Existing Credit Agreement)), and
(ii) Section 6.01(a) and Section 6.01(b)(x) a description of each event, condition or circumstance during the last fiscal quarter covered by such Compliance Certificate requiring a mandatory prepayment under Section 2.05(b) and
(y) a list of each Subsidiary of the Parent Borrower that identifies each Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary as of the date of delivery of such Compliance Certificate or a confirmation that

 
there is no change in such information since the later of the Original Closing Date and the date of the last such list (including, in the case of the first such Compliance Certificate delivered
following the A&R Closing Date, the last such report delivered under the Existing Credit Agreement); 
 (f)
promptly, such additional information regarding the business, legal, financial or corporate affairs of any Loan Party or any Material Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent may from time to time
reasonably request; and 
 (g) upon request by the Administrative Agent, copies of: (i) each Schedule B
(Actuarial Information) to the annual report (Form 5500 Series) filed by Holdings, the Parent Borrower, any Subsidiary or any of their ERISA Affiliates with the Internal Revenue Service with respect to each Pension Plan; (ii) the most recent
actuarial valuation report for each Pension Plan; and (iii) such other documents or governmental reports or filings relating to any Pension Plan as the Administrative Agent shall reasonably request. Promptly following any reasonable request
therefor by the Administrative Agent, on and after the effectiveness of the Pension Act, copies of (i) any documents described in Section 101(k) of ERISA that Holdings, the Parent Borrower, any Subsidiary or any of their ERISA Affiliates
obtained during the last twelve months with respect to any Multiemployer Plan and (ii) any notices described in Section 101(l) of ERISA that Holdings, the Parent Borrower, any Subsidiary or any of their ERISA Affiliates obtained during the
last twelve months with respect to any Multiemployer Plan; provided that if such documents or notices have not been obtained or requested from the administrator or sponsor of the applicable Multiemployer Plan upon reasonable request by the
Administrative Agent, the applicable Person shall promptly make a request for such documents or notices from such administrator or sponsor and shall provide copies of such documents and notices promptly after receipt thereof. 

Documents required to be delivered pursuant to Section 6.01 or Section 6.02(a) or 6.02(c) may be delivered electronically and
if so delivered, shall be deemed to have been delivered on the date (i) on which the Parent Borrower posts such documents, or provides a link thereto on the Parent Borrower’s website on the Internet at the website address listed on
Schedule 10.02; or (ii) on which such documents are posted on the Parent Borrower’s behalf on IntraLinks/IntraAgency or another relevant website, if any, to which each Lender and the Administrative Agent have access (whether a
commercial, third-party website or whether sponsored by the Administrative Agent); provided that: (i) upon written request by the Administrative Agent, the Parent Borrower shall deliver paper copies of such documents to the
Administrative Agent for further distribution to each Lender until a written request to cease delivering paper copies is given by the Administrative Agent and (ii) the Parent Borrower shall notify (which may be by facsimile or electronic mail)
the Administrative Agent of the posting of any such documents or a link thereto and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Each Lender shall be solely responsible for timely
accessing posted documents or requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of such documents. 
 The Parent Borrower hereby acknowledges that (a) the Administrative Agent, the Syndication Agents and/or the Arrangers will make available to the Lenders Communications by posting such Communications
on IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information with respect
to the Parent Borrower or its securities) (each, a “Public Lender”). The Parent Borrower hereby agrees that it will use commercially reasonable efforts to identify that portion of the Communications that may be distributed to the
Public Lenders and that (w) all such Communications shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by
marking Communications “PUBLIC,” the Parent Borrower shall be deemed to have authorized the Administrative Agent, the Syndication Agents, the Arrangers and the Lenders to treat such Communications as not containing any material non-public
information (although it may be sensitive and proprietary) with respect to the Parent Borrower or its securities for purposes of United States federal and state securities laws (provided, however, that to the extent such Communications
constitute Information, they shall be treated as set forth in Section 10.08); (y) all Communications marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor”; and
(z) the Administrative Agent and the Arrangers shall be entitled to treat any Communications that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Investor.”
Neither the Administrative Agent nor any of its Affiliates shall be responsible for any statement or other designation by a Loan Party regarding whether a Communication contains or does not contain material non-public information with respect

 
to any of the Loan Parties or their securities nor shall the Administrative Agent or any of its Affiliates incur any liability to any Loan Party, any Lender or any other Person for any action
taken by the Administrative Agent or any of its Affiliates based upon such statement or designation, including any action as a result of which Restricting Information is provided to a Lender that may decide not to take access to Restricting
Information. Nothing in this Section 6.02 shall modify or limit a Lender’s obligations under Section 10.08 with regard to Communications and the maintenance of the confidentiality of or other treatment of Information. 

Although the 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 A&R Closing Date, a dual firewall and a User ID/Password Authorization System) and the Platform is secured through a single-user-per-deal authorization method whereby
each user may access the Platform only on a deal-by-deal basis, each of the Lenders and each Loan Party acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure and that there are
confidentiality and other risks associated with such distribution. In consideration for the convenience and other benefits afforded by such distribution and for the other consideration provided hereunder, the receipt and sufficiency of which is
hereby acknowledged, each of the Lenders and each Loan Party hereby approves distribution of the Approved Electronic Communications through the Platform and understands and assumes the risks of such distribution. 

THE PLATFORM AND THE APPROVED ELECTRONIC COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE.” NONE OF THE
ADMINISTRATIVE AGENT NOR ANY OTHER MEMBER OF THE AGENT’S GROUP WARRANT THE ACCURACY, ADEQUACY OR COMPLETENESS OF THE APPROVED ELECTRONIC COMMUNICATIONS OR THE PLATFORM AND EACH EXPRESSLY DISCLAIMS ANY LIABILITY FOR ERRORS OR OMISSIONS IN THE
APPROVED ELECTRONIC COMMUNICATIONS OR THE PLATFORM. 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 THE AGENTS IN CONNECTION WITH THE APPROVED ELECTRONIC COMMUNICATIONS OR THE PLATFORM. 
 Each of the Lenders and each Loan Party agree that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Approved Electronic Communications
on the Platform in accordance with the Administrative Agent’s generally-applicable document retention procedures and policies. 
 SECTION 6.03. Notices. Promptly after a Responsible Officer obtains actual knowledge thereof, notify the Administrative Agent: 

(a) of the occurrence of any Default; and 

(b) of (i) any dispute, litigation, investigation or proceeding between any Loan Party and any Governmental
Authority, (ii) the commencement of, or any material development in, any litigation or proceeding affecting any Loan Party or any Subsidiary, including pursuant to any applicable Environmental Laws or in respect of IP Rights, the occurrence of
any noncompliance by any Loan Party or any of its Subsidiaries with, or liability under, any Environmental Law or Environmental Permit, or (iii) the occurrence of any ERISA Event that, in any such case, has resulted or would reasonably be
expected to result in a Material Adverse Effect. 
 Each notice pursuant to this Section shall be accompanied by a written
statement of a Responsible Officer of the Parent Borrower (x) that such notice is being delivered pursuant to Section 6.03(a) or (b) (as applicable) and (y) setting forth details of the occurrence referred to therein and stating
what action the Parent Borrower has taken and proposes to take with respect thereto. 
 SECTION 6.04. Payment of
Obligations. Timely pay, discharge or otherwise satisfy, as the same shall become due and payable, all of its obligations and liabilities in respect of Taxes imposed upon it or upon its income or profits or in respect of its property, except, in
each case, to the extent (i) any such Tax is being contested in good faith and by appropriate actions for which appropriate reserves have been established in accordance with GAAP or (ii) the failure to pay or discharge the same would not
reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect. 

 SECTION 6.05. Preservation of Existence, Etc. (a) Preserve, renew and maintain in
full force and effect its legal existence under the Laws of the jurisdiction of its organization, (b) take all reasonable action to maintain all corporate rights and privileges (including its good standing) to the extent such concept exists in
such jurisdiction and (c) maintain all other material rights and privileges (including, without limitation, material Broadcast Licenses) except, in the case of (a) (other than in the case of the Borrowers except to the extent expressly
permitted by Section 7.04), (b) or (c), to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect or pursuant to a transaction permitted by Article VII. 

SECTION 6.06. Maintenance of Properties. Except if the failure to do so would not reasonably be expected to have a Material
Adverse Effect, maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order, repair and condition, ordinary wear and tear excepted and casualty or condemnation excepted
and consistent with past practice. 
 SECTION 6.07. Maintenance of Insurance. 

(a) Maintain with insurance companies that the Parent Borrower believes (in the good faith judgment of its management) are financially
sound and reputable at the time the relevant coverage is placed or renewed, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of
such types and in such amounts (after giving effect to any self-insurance reasonable and customary for similarly situated Persons engaged in the same or similar businesses as the Parent Borrower and the Restricted Subsidiaries) as are customarily
carried under similar circumstances by such other Persons. 
 (b) All such liability insurance (other than business interruption
insurance) as to which the Administrative Agent shall have reasonably requested to be so named, shall name the Administrative Agent as additional insured. 
 SECTION 6.08. Compliance with Laws. 
 (a) Comply in all material respects
with the requirements of all Laws and all orders, writs, injunctions and decrees of any Governmental Authority applicable to it or to its business or property, except if the failure to comply therewith would not reasonably be expected to have a
Material Adverse Effect. 
 (b) (i) Operate all of the Broadcast Stations in material compliance with the Communications Laws
and the FCC’s rules, regulations and published policies promulgated thereunder and with the terms of the Broadcast Licenses, (ii) timely file all required reports and notices with the FCC and pay all amounts due in timely fashion on
account of fees and charges to the FCC and (iii) timely file and prosecute all applications for renewal or for extension of time with respect to all of the FCC Authorizations, except, in each case, for any failure which would not reasonably be
expected to have a Material Adverse Effect. 
 SECTION 6.09. Books and Records. Maintain proper books of record and
account, in which entries that are full, true and correct in all material respects and are in conformity with GAAP consistently applied shall be made of all material financial transactions and matters involving the assets and business of the Parent
Borrower or such Restricted Subsidiary, as the case may be. 
 SECTION 6.10. Inspection Rights. 

(a) Permit representatives and independent contractors of the Administrative Agent and each Lender to visit and inspect any of its
properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom (other than the records of the Board of Directors of such Loan Party or such Restricted Subsidiary) and to discuss its affairs,
finances and accounts with its directors, officers, and independent public accountants (subject to customary access agreements), all at the reasonable expense of the Parent Borrower 

 
and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Parent Borrower; provided that, excluding any
such visits and inspections during the continuation of an Event of Default, only the Administrative Agent on behalf of the Lenders may exercise rights of the Administrative Agent and the Lenders under this Section 6.10 and the Administrative
Agent shall not exercise such rights more often than two (2) times during any calendar year absent the existence of an Event of Default and only one (1) such time shall be at the Parent Borrower’s expense; provided further that
when an Event of Default exists, the Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Parent Borrower at any time during normal business
hours and upon reasonable advance notice. The Administrative Agent and the Lenders shall give the Parent Borrower the opportunity to participate in any discussions with the Parent Borrower’s independent public accountants. Notwithstanding
anything to the contrary in this Section 6.10, none of the Parent Borrower or any of the Restricted Subsidiaries will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document,
information or other matter that (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or
contractors) is prohibited by Law or any binding agreement or (iii) is subject to attorney-client or similar privilege or constitutes attorney work product. 
 (b) Independently of or in connection with the visits and inspections provided for in clause (a) above, but not more than (x) if no Event of Default or Liquidity Event has occurred and is
continuing, once during any 12-month period (unless required by applicable law), (y) if a Liquidity Event has occurred and is continuing, twice during any 12-month period, and (z) if an Event of Default has occurred and is continuing, on
an unlimited basis, in each case upon the request of the Administrative Agent after reasonable prior notice, the Parent Borrower will, and will cause each Restricted Subsidiary that is a Loan Party to, permit the Administrative Agent or
professionals reasonably acceptable to the Parent Borrower (including investment bankers, consultants, accountants, lawyers and appraisers) retained by the Administrative Agent to conduct appraisals, commercial finance examinations and other
evaluations, including, without limitation, (i) of the Parent Borrower’s practices in the computation of the Borrowing Base, and (ii) inspecting, verifying and auditing the Collateral. The Parent Borrower shall pay the reasonable,
documented, out-of-pocket fees and expenses of the Administrative Agent or such professionals with respect to such evaluations and appraisals. 
 SECTION 6.11. Additional Borrowers, Guarantors and Obligations to Give Security. At the Parent Borrower’s expense, take all action necessary or reasonably requested by the Administrative Agent
to ensure that the Collateral and Guarantee Requirement continues to be satisfied, including: 
 (a) (1) upon the
formation, acquisition or designation (x) by any existing or new direct or indirect wholly-owned Material Domestic Subsidiary (other than an Excluded Subsidiary) that is a Restricted Subsidiary (for the avoidance of doubt, including CCOH and
its wholly-owned Restricted Subsidiaries which are Material Domestic Subsidiaries but not Excluded Subsidiaries upon CCOH becoming wholly-owned by the Loan Parties) or (y) by any Loan Party of any direct or indirect wholly-owned Material
Foreign Subsidiary (other than an Excluded Subsidiary) that is a Restricted Subsidiary or (2) upon the designation by any Loan Party of any Unrestricted Subsidiary that is a direct or indirect wholly-owned Material Domestic Subsidiary referred
to in the foregoing clause (x) or (y) (other than an Excluded Subsidiary) as a Restricted Subsidiary in accordance with Section 6.14: 
 (i) within 45 days after such formation, acquisition or designation, or such longer period as the Administrative Agent may agree in writing in its discretion: 

(A) (x) cause each such Restricted Subsidiary that is required to become a Borrower or Guarantor pursuant to the
Collateral and Guarantee Requirement to duly execute and deliver to the Administrative Agent a joinder to this Agreement or Guaranty (or supplement thereto), as applicable, and (y) cause each such Restricted Subsidiary that is required to grant
a Lien on any Collateral pursuant to the Collateral and Guarantee Requirement to duly execute and deliver to the Administrative Agent or the Collateral Agent (as appropriate) a joinder to this Agreement or a Guaranty (or supplement thereto), as
applicable, Security Agreement Supplements, and other security agreements and documents, as reasonably requested by and in form and substance reasonably satisfactory to 

 
the Administrative Agent (consistent with the Security Agreement and other security agreements in effect on the A&R Closing Date), in each case granting Liens required by, and subject to the
limitations and exceptions of, the Collateral and Guarantee Requirement; 
 (B) take and cause such Restricted
Subsidiary and each direct or indirect parent of such Restricted Subsidiary to take whatever action (including the filing of UCC financing statements as may be necessary in the reasonable opinion of the Administrative Agent to vest in the
Administrative Agent (or in any representative of the Administrative Agent designated by it) valid and perfected Liens to the extent required by the Collateral and Guarantee Requirement, enforceable against all third parties in accordance with their
terms (subject to the Liens permitted by Sections 7.01(a)-(h), (j)-(t) and (x)-(dd)), except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity and to otherwise comply with the requirements of the
Collateral and Guarantee Requirement; 
 (ii) if reasonably requested by the Administrative Agent, within
forty-five (45) days after such request, deliver to the Administrative Agent a signed copy of an opinion, addressed to the Administrative Agent and the Lenders, of counsel for the Loan Parties reasonably acceptable to the Administrative Agent
as to such matters set forth in this Section 6.11(a) as the Administrative Agent may reasonably request; and 
 (b) Notwithstanding anything to the contrary in this Agreement, the Parent Borrower shall not be required to take any action or deliver any document set forth on Schedule 6.11(b) before the time
limit set forth on such Schedule with respect to such action or document, any such time limit which may be extended by the Administrative Agent acting in its sole discretion. 
 SECTION 6.12. Compliance with Environmental Laws. Except, in each case, to the extent that the failure to do so would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect, (a) comply, and take all reasonable actions to cause any lessees and other Persons operating or occupying its properties or facilities to comply with all applicable Environmental Laws and Environmental Permits;
(b) obtain and renew all Environmental Permits necessary for its operations, properties and facilities; and (c) in each case to the extent required by applicable Environmental Laws, conduct any investigation, study, sampling and testing,
and undertake any response or other corrective action necessary to investigate, remove and clean up all Hazardous Materials at, on, under, or emanating from any of its properties and facilities, in accordance with the requirements of all applicable
Environmental Laws. 
 SECTION 6.13. Further Assurances. From time to time duly authorize, execute and deliver, or cause
to be duly authorized, executed and delivered, such additional instruments, certificates, financing statements, agreements or documents, and take all reasonable actions (including filing UCC and other financing statements), as the Administrative
Agent may reasonably request, for the purposes of perfecting the rights of the Administrative Agent for the benefit of the Secured Parties with respect to the Collateral (or with respect to any additions thereto or replacements or proceeds or
products thereof or with respect to any other property or assets hereafter acquired by the Parent Borrower or any other Loan Party which may be deemed to be part of the Collateral to the extent required by the Collateral and Guarantee Requirement),
in each case subject to the limitations and exceptions set forth in the Collateral Documents and the Collateral and Guarantee Requirement. 
 SECTION 6.14. Designation of Subsidiaries. The board of directors of the Parent Borrower may at any time designate any Restricted Subsidiary as an Unrestricted Subsidiary or any Unrestricted
Subsidiary as a Restricted Subsidiary; provided that (i) immediately before and after such designation, no Default shall have occurred and be continuing, and (ii) no Subsidiary may be designated as an Unrestricted Subsidiary if,
after such designation, it would be a “Restricted Subsidiary” for the purpose of the CF Facilities, the New Senior Notes, or any other Junior Financing or any other Indebtedness of any Loan Party. The designation of any Subsidiary as an
Unrestricted Subsidiary shall constitute an Investment by the Parent Borrower therein at the date of designation in an amount equal to the Fair Market Value of the Parent Borrower’s investment therein. The designation of any Unrestricted
Subsidiary as a Restricted Subsidiary shall constitute (i) the incurrence at the time of designation of any Indebtedness 

 
or Liens of such Subsidiary existing at such time and (ii) a return on any Investment by the Loan Parties in Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal
to the Fair Market Value at the date of such designation of the Loan Parties’ (as applicable) Investment in such Subsidiary. 
 SECTION 6.15. Cash Management Systems. 
 (a) Annexed hereto as Schedule
6.15(a) is a schedule of all DDAs, that are maintained by the Loan Parties, which Schedule includes, with respect to each depository (i) the name and address of such depository; (ii) the account number(s) maintained with such
depository; and (iii) a contact person at such depository. 
 (b) Within ninety (90) days after the Original Closing
Date (or such longer period as the Administrative Agent may agree in its sole reasonable discretion), each applicable Borrower will enter into a blocked account agreement (each, a “Blocked Account Agreement”), reasonably
satisfactory to the Administrative Agent, with respect to the DDAs existing as of the Original Closing Date listed on Schedule 6.15(b) attached hereto (collectively, the “Blocked Accounts”). Each Borrower hereby agrees that,
once the Blocked Account Agreements are entered into, all cash in respect of Collateral received by a Loan Party in any DDA that is not a Blocked Account (other than amounts held in payroll, trust and tax withholding accounts funded in the ordinary
course of business and required by Applicable Law) will be promptly transferred into a Blocked Account. After entering into the Blocked Account Agreement, there shall be at all times thereafter at least one Blocked Account. 

(c) Each Blocked Account Agreement entered into by a Borrower shall permit the Administrative Agent to instruct the depository, after the
occurrence and during the continuance of a Cash Dominion Event (and delivery of notice thereof from the Administrative Agent), to transfer on each Business Day of all available cash receipts to the concentration account maintained by the
Administrative Agent at Citibank, N.A. (the “Concentration Account”), from: 
 (i) the sale of
Collateral; 
 (ii) all proceeds of collections of Accounts; and 

(iii) each Blocked Account (including all cash deposited therein from each DDA). 

If, at any time during the continuance of a Cash Dominion Event, any cash or Cash Equivalents that are Collateral (or proceeds thereof) owned by any Loan
Party (other than (i) petty cash and minimum daily working capital accounts funded in the ordinary course of business, the deposits in which shall not at any time aggregate more than $20.0 million (or such greater amounts to which the
Administrative Agent may agree), and (ii) payroll, trust and tax withholding accounts funded in the ordinary course of business and required by Applicable Law) are deposited to any account, or held or invested in any manner, otherwise than in a
Blocked Account that is subject to a Blocked Account Agreement (or a DDA which is swept daily to a Blocked Account), the Administrative Agent may require the applicable Loan Party to close such account and have all funds therein transferred to a
Blocked Account, and all future deposits made to a Blocked Account which is subject to a Blocked Account Agreement. In addition to the foregoing, during the continuance of a Cash Dominion Event, at the request of the Administrative Agent, the Loan
Parties shall provide the Administrative Agent with an accounting of the contents of the Blocked Accounts, which shall identify, to the reasonable satisfaction of the Administrative Agent, the proceeds from the Collateral which were deposited into a
Blocked Account and swept to the Concentration Account. 
 (d) The Loan Parties may close DDAs or Blocked Accounts and/or open
new DDAs or Blocked Accounts, subject to the execution and delivery to the Administrative Agent of appropriate Blocked Account Agreements (except with respect to any payroll, trust, and tax withholding accounts or unless expressly waived by the
Administrative Agent) consistent with and to the extent required by the provisions of this Section 6.15 and otherwise reasonably satisfactory to the Administrative Agent. The Parent Borrower shall furnish the Administrative Agent with prior
written notice of its intention to open or close a Blocked Account and the Administrative Agent shall promptly notify the Parent Borrower as to whether the Administrative Agent shall require a Blocked Account Agreement with the Person with whom any
such new account will be maintained. 

 (e) The Loan Parties may also maintain one or more disbursement accounts to be used by the
Loan Parties for disbursements and payments (including payroll) in the ordinary course of business or as otherwise permitted hereunder. 
 (f) The Concentration Account shall at all times be under the sole dominion and control of the Administrative Agent. Each Loan Party hereby acknowledges and agrees that (i) such Loan Party has no
right of withdrawal from the Concentration Account, (ii) the funds on deposit in the Concentration Account shall at all times continue to be collateral security for all of the Obligations, and (iii) the funds on deposit in the
Concentration Account shall be applied as provided in this Agreement. In the event that, notwithstanding the provisions of this Section 6.15, during the continuation of a Cash Dominion Event, any Loan Party receives or otherwise has dominion
and control of any such proceeds or collections related to Collateral, such proceeds and collections shall be held in trust by such Loan Party for the Administrative Agent, shall not be commingled with any of such Loan Party’s other funds or
deposited in any account of such Loan Party and shall promptly be deposited into the Concentration Account or dealt with in such other fashion as such Loan Party may be instructed by the Administrative Agent. 

(g) So long as no Cash Dominion Event has occurred and is continuing, the Loan Parties may direct, and shall have sole control over, the
manner of disposition of funds in the Blocked Accounts. 
 (h) Any amounts received in the Concentration Account at any time
when all of the Obligations then due have been and remain fully repaid shall be remitted to the operating account of the Loan Parties. 
 (i) The Administrative Agent shall promptly (but in any event within one Business Day) furnish written notice to each Person with whom a Blocked Account is maintained of any termination of a Cash Dominion
Event. 
 (j) Within one hundred twenty (120) days after the Original Closing Date (or such longer period as the
Administrative Agent may agree in its sole reasonable discretion), each Loan Party shall deliver to the Collateral Agent notifications (each, a “Credit Card Notification”) in form and substance reasonably satisfactory to the
Collateral Agent which have been executed on behalf of such Loan Party and addressed to such Loan Party’s credit card clearinghouses and processors. Each Credit Card Notification shall provide, among other things, that during the continuance of
a Cash Dominion Event (and after receipt of notice thereof from the Administrative Agent), all amounts owing to a Loan Party and constituting proceeds of Collateral shall be forwarded immediately to the Concentration Account. 

(k) The following shall apply to deposits and payments under and pursuant to this Agreement: 

(i) Funds shall be deemed to have been deposited to the Concentration Account on the Business Day on which deposited,
provided that such deposit is available to the Administrative Agent by 4:00 p.m. on that Business Day (except that if the Obligations are being paid in full, by 2:00 p.m. New York City time, on that Business Day); 

(ii) Funds paid to the Administrative Agent, other than by deposit to the Concentration Account, shall be deemed to have
been received on the Business Day when they are good and collected funds, provided that such payment is available to the Administrative Agent by 4:00 p.m. on that Business Day (except that if the Obligations are being paid in full, by 2:00
p.m. New York City time, on that Business Day); 
 (iii) If a deposit to the Concentration Account or payment is
not available to the Administrative Agent until after 4:00 p.m. on a Business Day, such deposit or payment shall be deemed to have been made at 9:00 a.m. on the then next Business Day; 

(iv) If any item deposited to the Concentration Account and credited to the Loan Account is dishonored or returned unpaid
for any reason, whether or not such return is rightful or timely, the Administrative Agent shall have the right to reverse such credit and charge the amount of such item to the applicable Loan Account and the Borrowers shall indemnify the Secured
Parties against all reasonable out-of-pocket claims and losses resulting from such dishonor or return; 
 (v) All
amounts received under this Section 6.15 shall be applied in the manner set forth in Section 8.03. 

 SECTION 6.16. License Subsidiaries. 

(a) Use commercially reasonable efforts to ensure that all material Broadcast Licenses obtained on or after the Original Closing Date are
held at all times by one or more Retained Existing Notes Indenture Unrestricted License Subsidiaries; provided, however, such requirement will not apply if holding any Broadcast License in a Retained Existing Notes Indenture
Unrestricted License Subsidiary (i) is reasonably likely to have material adverse tax, operational, or strategic consequences to the Parent Borrower or any Restricted Subsidiaries (as determined in good faith by the Parent Borrower) or
(ii) requires any approval of the FCC or any other Governmental Authority that has not been obtained (the Parent Borrower agreeing to use commercially reasonable efforts to obtain any such approval). 

(b) Ensure that each License Subsidiary engages only in the business of holding Broadcast Licenses and rights and activities related
thereto. 
 (c) Ensure that the FCC Authorizations held by each License Subsidiary are not (i) commingled with the property
of any Borrower and any Subsidiary thereof other than another License Subsidiary, or (ii) transferred by such License Subsidiary to the Parent Borrower or any Restricted Subsidiary (other than any other License Subsidiary), except in connection
with a Disposition permitted under Section 7.05. 
 (d) Ensure that no License Subsidiary has any Indebtedness or other
material liabilities except (a) liabilities arising under the Loan Documents to which it is a party and (b) trade payables incurred in the ordinary course of business, tax liabilities incidental to ownership of such rights and other
liabilities incurred in the ordinary course of business, including those in connection with agreements necessary or desirable to operate a Broadcast Station, including retransmission consent, affiliation, programming, syndication, time brokerage,
joint sales, lease and similar agreements. 
 ARTICLE VII 

Negative Covenants 
 From and after the Original Closing Date, so long as any Lender shall have any Commitment hereunder, any Loan or other Obligation (other than Cash Management Obligations or Hedging Obligations) hereunder
which is accrued and payable shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized or, if satisfactory to the relevant
L/C Issuer in its sole discretion, a backstop letter of credit is in place), the Parent Borrower shall not, nor shall the Parent Borrower permit any Restricted Subsidiary to, directly or indirectly: 

SECTION 7.01. Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now
owned or hereafter acquired, other than the following (collectively, “Permitted Liens”): 
 (a)
Liens created pursuant to any Loan Document; 
 (b) Liens existing on the Specified Date, provided that
any Lien securing Indebtedness in excess of (x) $5,000,000 individually or (y) $10,000,000 in the aggregate (when taken together with all other Liens outstanding in reliance on this clause (b) that are not set forth on Schedule
7.01(b) shall only be permitted in reliance on this clause (b) to the extent that such Lien is listed on Schedule 7.01(b); 

 (c) Liens for taxes, assessments or governmental charges that are not
overdue for a period of more than thirty (30) days or that are being contested in good faith and by appropriate actions for which appropriate reserves have been established in accordance with GAAP; 

(d) statutory or common law Liens of landlords, carriers, warehousemen, mechanics, materialmen, repairmen, construction
contractors or other like Liens, so long as, in each case, such Liens arise in the ordinary course of business; 

(e) (i) pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment
insurance and other social security legislation and (ii) pledges and deposits in the ordinary course of business securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or
bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Parent Borrower or any Restricted Subsidiary; 
 (f) deposits to secure the performance of bids, trade contracts, governmental contracts and leases (other than Indebtedness for borrowed money), statutory obligations, surety, stay, customs and appeal
bonds, performance bonds and other obligations of a like nature (including those to secure health, safety and environmental obligations) incurred in the ordinary course of business; 

(g) easements, rights-of-way, restrictions (including zoning restrictions), encroachments, protrusions and other similar
encumbrances and minor title defects affecting real property that, in the aggregate, do not materially interfere with the ordinary conduct of the business of the Parent Borrower and its Restricted Subsidiaries and any title exceptions referred to in
Schedule B to the applicable Mortgage Policies (as defined in the CF Credit Agreement); 
 (h) Liens arising
from judgments or orders for the payment of money not constituting an Event of Default under Section 8.01(g); 
 (i) Liens securing Indebtedness permitted under Section 7.03(e); provided that (A) such Liens attach concurrently with or within two hundred and seventy (270) days after completion
of the acquisition, construction, repair, replacement or improvement (as applicable) of the property subject to such Liens, (B) such Liens do not at any time encumber any property other than the property financed by such Indebtedness,
replacements thereof and additions and accessions to such property and the proceeds and the products thereof and customary security deposits and (C) with respect to Capitalized Leases, such Liens do not at any time extend to or cover any assets
(except for additions and accessions to such assets, replacements and proceeds and products thereof and customary security deposits) other than the assets subject to such Capitalized Leases; provided that individual financings of equipment
provided by one lender may be cross-collateralized to other financings of equipment provided by such lender; 

(j) leases, licenses, subleases or sublicenses granted to others in the ordinary course of business which do not
(i) interfere in any material respect with the business of the Parent Borrower and its Restricted Subsidiaries, taken as a whole, or (ii) secure any Indebtedness; 

(k) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in
connection with the importation of goods in the ordinary course of business; 
 (l) Liens (i) of a
collection bank arising under Section 4-210 of the Uniform Commercial Code on the items in the course of collection, (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary course of
business and not for speculative purposes and (iii) in favor of a banking or other financial institution arising as a matter of law encumbering deposits or other funds maintained with a financial institution (including the right of set off) and
that are within the general parameters customary in the banking industry; 
 (m) Liens (i) on cash advances
in favor of the seller of any property to be acquired in an Investment permitted pursuant to Section 7.02(j) or Section 7.02(p) to be applied against the purchase price for such Investment or (ii) consisting of an agreement to Dispose
of any property in a Disposition permitted under Section 7.05; 

 (n) Liens on assets of CCOH and its Restricted Subsidiaries securing
Indebtedness permitted under Section 7.03(s); 
 (o) Liens in favor of a Loan Party securing Indebtedness
permitted under Section 7.03(d); 
 (p) Liens existing on property at the time of its acquisition or
existing on the property of any Person at the time such Person becomes a Restricted Subsidiary (other than by designation as a Restricted Subsidiary pursuant to Section 6.14), in each case after the Original Closing Date (other than Liens on
the Equity Interests of any Person that becomes a Restricted Subsidiary); provided that (i) such Lien was not created in contemplation of such acquisition or such Person becoming a Restricted Subsidiary, (ii) such Lien does not
extend to or cover any other assets or property (other than the proceeds or products thereof and other than after-acquired property subjected to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness
and other obligations are permitted hereunder that require, pursuant to their terms at such time, a pledge of after-acquired property, it being understood that such requirement shall not be permitted to apply to any property to which such
requirement would not have applied but for such acquisition), and (iii) the Indebtedness secured thereby is permitted under Section 7.03(e); 
 (q) any interest or title of a lessor, sublessor, licensor or sublicensor or secured by a lessor’s, sublessor’s, licensor’s or sublicensor’s interest under leases or licenses entered
into by the Parent Borrower or any of the Restricted Subsidiaries in the ordinary course of business; 
 (r)
Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by the Parent Borrower or any of the Restricted Subsidiaries as tenant, subtenant, licensee or sublicensee in the ordinary
course of business; 
 (s) Liens deemed to exist in connection with Investments in repurchase agreements under
Section 7.02 and reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts maintained in the ordinary course of business and not for speculative purposes;

 (t) Liens that are contractual rights of setoff (i) relating to the establishment of depository relations
with banks or other financial institutions not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Parent Borrower or any of the Restricted Subsidiaries to permit satisfaction of
overdraft or similar obligations incurred in the ordinary course of business of the Parent Borrower and the Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of the Parent Borrower or
any of the Restricted Subsidiaries in the ordinary course of business; 
 (u) Liens solely on any cash earnest
money deposits made by the Parent Borrower or any of the Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted hereunder; 

(v) [Reserved]; 
 (w) ground leases in respect of real property on which facilities owned or leased by the Parent Borrower or any of its Subsidiaries are located; 

(x) Liens arising from precautionary Uniform Commercial Code financing statement or similar filings; 

 (y) Liens on insurance policies and the proceeds thereof securing the
financing of the premiums with respect thereto; 
 (z) Liens securing Indebtedness and other obligations incurred
under Section 7.03(t) and any Guarantees in respect of thereof; provided, that to the extent such Indebtedness and other obligations are secured by Receivables Collateral, such Liens shall be subject to the Intercreditor Agreement (or,
in the case of any Permitted Refinancing, another intercreditor agreement containing terms that are at least as favorable to the Secured Parties as those contained in the Intercreditor Agreement); 

(aa) Liens granted by any Securitization Entity on any Securitization Assets or accounts into which collections or
proceeds of Securitization Assets are deposited, in each case arising in connection with a Qualified Securitization Financing; 
 (bb) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any real property that does not materially interfere with the ordinary conduct
of the business of the Parent Borrower and its Restricted Subsidiaries, taken as a whole; 
 (cc) Liens on
specific items of inventory or other goods and the proceeds thereof securing such Person’s obligations in respect of documentary letters of credit or banker’s acceptances issued or created for the account of such Person to facilitate the
purchase, shipment or storage of such inventory or goods; 
 (dd) the modification, replacement, renewal or
extension of any Lien permitted by clause (b), (i) or (p) of this Section 7.01; provided that (i) the Lien does not extend to any additional property other than (A) after-acquired property that is affixed or
incorporated into the property covered by such Lien or financed by Indebtedness permitted under Section 7.03 and otherwise permitted to be secured under this Section 7.01, and (B) proceeds and products thereof, and (ii) the
renewal, extension or refinancing of the obligations secured or benefited by such Liens is permitted by Section 7.03; 
 (ee)) other Liens securing Indebtedness or other obligations in an aggregate principal amount at any time outstanding not to exceed $50,000,000 determined as of the date of incurrence; and 

(ff) Liens on property of any Restricted Subsidiary that is not a Loan Party securing Indebtedness of such Restricted
Subsidiary permitted pursuant to Section 7.03(b), 7.03(f), 7.03(h), 7.03(n), 7.03(o), 7.03(r), 7.03(s), 7.03(cc) or 7.03(dd). 
 Notwithstanding the foregoing, (x) until the Existing Notes Condition shall have been satisfied, the Parent Borrower shall not, and shall not permit any Restricted Subsidiary to, create, incur,
assume or suffer to exist any Lien upon any of its properties, assets or revenues, whether now owned or hereafter acquired, to secure any Retained Existing Notes, (y) the Parent Borrower shall not, and shall not permit any Subsidiary (as
defined in the Retained Existing Notes Indenture) to, create, incur, assume or suffer to exist any Lien upon any stock or indebtedness of any Retained Existing Notes Indenture Restricted Subsidiaries or any Principal Properties (as defined in the CF
Credit Agreement) of the Parent Borrower or any Subsidiary (as defined in the Retained Existing Notes Indenture), whether now owned or hereafter acquired, securing Retained Existing Notes Indenture Debt (other than (i) Liens securing the
obligations under the CF Facilities, (ii) Liens permitted by Section 6.11(f) of the CF Credit Agreement, (iii) Liens permitted by this Section 7.01 to the extent constituting “Permitted Mortgages” (as defined in the
Retained Existing Notes Indenture) referenced in clause (i) of the second paragraph of Section 1006 of the Retained Existing Notes Indenture, (iv) Mortgages (as defined in the Retained Existing Notes Indenture) upon stock or
indebtedness of any corporation existing at the time such corporation becomes a Subsidiary, or existing upon stock or indebtedness of a Subsidiary at the time of acquisition of such stock or indebtedness, and any extension, renewal or replacement
(or successive extensions, renewals or replacements) in whole or in part of any such Mortgage) and (v) Liens permitted by Section 7.01(z) and (z) the Parent Borrower shall not, and shall not permit any Subsidiary (as defined in the
Retained Existing Notes Indenture) to, enter into a Sale-Leaseback Transaction (as defined in the Retained Existing Notes Indenture) that is not permitted by the first sentence of Section 1007 of the Retained Existing Notes Indenture

 SECTION 7.02. Investments. Make any Investments, except: 

(a) Investments by the Parent Borrower or any of its Restricted Subsidiaries in assets that were Cash Equivalents when
such Investment was made; 
 (b) loans or advances to officers, directors and employees of Holdings (or any
direct or indirect parent thereof), the Parent Borrower or any Restricted Subsidiary (i) for reasonable and customary business-related travel, entertainment, relocation and other business purposes in the ordinary course of business or in
accordance with previous practice, (ii) in connection with such Person’s purchase of Equity Interests of Holdings (or any direct or indirect parent thereof); provided that, to the extent such loans or advances are made in cash, the
amount of such loans and advances used to acquire such Equity Interests shall be contributed to the Parent Borrower in cash and (iii) for purposes not described in the foregoing clauses (i) and (ii), in an aggregate principal amount
outstanding under this clause (iii) not to exceed $20,000,000; 
 (c) Investments in the CCU Term Note, and
any modification, replacement, renewal, reinvestment or extension thereof in accordance with Section 7.12(c); 
 (d) Investments (i) by the Parent Borrower or any Restricted Subsidiary that is a U.S. Loan Party in the Parent Borrower or any Restricted Subsidiary that is a U.S. Loan Party, (ii) by any
Non-Loan Party in any other Non-Loan Party that is a Restricted Subsidiary, (iii) by any Non-Loan Party in the Parent Borrower or any Restricted Subsidiary that is a Loan Party, (iv) by any Foreign Loan Party in any other Foreign Loan
Party, (v) by any Loan Party in any Restricted Subsidiary that is not a U.S. Loan Party; provided that the aggregate amount of Investments made pursuant to this clause (v) when aggregated with all Investments made pursuant to
Section 7.02(j)(B) shall not exceed at any time outstanding the sum of (x) the greater of $500,000,000 and 1.5% of Total Assets at the time of such Investment and (y) the Available Amount at such time and (vi) by the Parent
Borrower or any Restricted Subsidiary (A) in any Foreign Subsidiary, constituting an exchange of Equity Interests of such Foreign Subsidiary for Indebtedness or Equity Interests or a combination thereof of such Foreign Subsidiary or another
Foreign Subsidiary so long as such exchange does not adversely affect the Collateral, (B) in any Foreign Subsidiary, constituting an exchange of Equity Interests of such Foreign Subsidiary for Indebtedness of such Foreign Subsidiary or
(C) constituting Guarantees of Indebtedness or other monetary obligations of Foreign Subsidiaries owing to any Loan Party; 
 (e) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, and Investments
received in satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers in the ordinary course of business; 

(f) Investments consisting of Liens, Indebtedness, transactions of the type subject to Section 7.04, Dispositions,
Restricted Payments and prepayments, redemptions, purchases, defeasances or other satisfactions of Indebtedness permitted under Sections 7.01, 7.03 (other than Section 7.03(d)), 7.04, 7.05 (other than Sections 7.05(d) or (e)), 7.06 (other
than Section 7.06(d)) and 7.12, respectively; 
 (g) Investments existing on the Specified Date (other than
the CCU Term Note) or made pursuant to legally binding written contracts in existence on the Original Closing Date and set forth on Schedule 7.02(g) and any modification, replacement, renewal, reinvestment or extension of any of the
foregoing, to the extent permitted; provided that the amount of any Investment permitted pursuant to this Section 7.02(g) is not increased from the amount of such Investment on the Specified Date except pursuant to the terms of such
Investment as of the Specified Date or as otherwise permitted by another clause of this Section 7.02; 
 (h)
Investments in Swap Contracts permitted under Section 7.03; 
 (i) promissory notes and other non-cash
consideration received in connection with Dispositions permitted by Section 7.05; 

 (j) the purchase or other acquisition of property and assets or businesses
of any Person or of assets constituting a business unit, a line of business or division of such Person, or Equity Interests in a Person that, upon the consummation thereof, will be a wholly-owned Subsidiary of the Parent Borrower (except to the
extent permitted by subclause (B) below) (including as a result of a merger, amalgamation or consolidation); provided that, with respect to each purchase or other acquisition made pursuant to this Section 7.02(j) (each, a
“Permitted Acquisition”): 
 (A) to the extent required by the Collateral and Guarantee
Requirement and the Collateral Documents, the property, assets and businesses acquired in such purchase or other acquisition shall constitute Collateral and each applicable Loan Party and any such newly created or acquired Subsidiary (and, to the
extent required under the Collateral and Guarantee Requirement, the Subsidiaries of such created or acquired Subsidiary) shall be Guarantors and shall have complied with the requirements of Section 6.11, within the times specified therein (for
the avoidance of doubt, this clause (A) shall not override any provisions of the Collateral and Guarantee Requirement); 
 (B) the aggregate amount of Investments made in Persons that do not become U.S. Loan Parties pursuant to this clause (j), when aggregated with all Investments made pursuant to
Section 7.02(d)(v), shall not exceed at any time outstanding the sum of (i) the greater of $500,000,000 and 1.5% of Total Assets at the time of such Permitted Acquisition and (ii) the Available Amount at such time; 

(C) the acquired property, assets, business or Person is in a business permitted under Section 7.07; 

(D) immediately before and immediately after giving effect to any such purchase or other acquisition, no Default shall
have occurred and be continuing; and 
 (E) the Parent Borrower shall have delivered to the Administrative Agent,
on behalf of the Lenders, no later than five (5) Business Days after the date on which any such purchase or other acquisition is consummated, a certificate of a Responsible Officer, certifying that all of the requirements set forth in this
clause (j) have been satisfied or will be satisfied on or prior to the consummation of such purchase or other acquisition; 
 (k) the Transactions; 
 (l) Investments in the ordinary course of
business consisting of Uniform Commercial Code Article 3 endorsements for collection or deposit and Article 4 customary trade arrangements with customers consistent with past practices; 

(m) Investments (including debt obligations and Equity Interests) received in connection with the bankruptcy or
reorganization of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers arising in the ordinary course of business or upon the foreclosure with respect to any secured Investment or
other transfer of title with respect to any secured Investment; 
 (n) loans and advances to Holdings (or any
direct or indirect parent thereof) in lieu of, and not in excess of the amount of (after giving effect to any other loans, advances or Restricted Payments in respect thereof), Restricted Payments to the extent permitted to be made to Holdings (or
such direct or indirect parent) in accordance with Section 7.06(f), (g) or (l) so long as such amounts are counted as Restricted Payments for purposes of such clauses; 

(o) (i) (A) Investments in a Securitization Entity in connection with a Qualified Securitization Financing;
provided that any such Investment in a Securitization Entity is in the form of a contribution of additional Securitization Assets or as customary Investments in a Securitization Entity in connection with a Qualified Securitization Financing,
and (ii) distributions or payments of Securitization Fees and purchases of Securitization Assets pursuant to a Securitization Repurchase Obligation in connection with a Qualified Securitization Financing; 

 (p) other Investments that do not exceed in the aggregate at any time
outstanding the sum of (i) the greater of $900,000,000 and 3.0% of the Total Assets determined as of the date of such Investment and (ii) the Available Amount at such time; provided, however, that the foregoing amount may be
increased, to the extent not otherwise included in the determination of the Available Amount, an amount equal to any repayments, interest, returns, profits, distributions, income and similar amounts actually received in cash in respect of any
Investment pursuant to this clause (p) (which amount referred to in this sentence shall not exceed the amount of such Investment valued at the Fair Market Value of such Investment at the time such Investment was made); provided further,
however, that if the Parent Borrower or any of its Restricted Subsidiaries make any Investments in Equity Interests of CCOH pursuant to this clause (p) that is a CCOH 90% Investment, upon CCOH and its wholly-owned Restricted Subsidiaries
which are Material Domestic Subsidiaries and not Excluded Subsidiaries becoming Subsidiary Guarantors and otherwise complying with Section 6.11, such Investments shall be deemed to be have been made pursuant to Section 7.02(v)(ii) (and
Investments made by CCOH and its Subsidiaries which are Subsidiary Guarantors shall be deemed to have been retroactively made by Loan Parties) and the amount previously utilized in connection with such Investment under this clause (p) shall be
restored; 
 (q) advances of payroll payments to employees in the ordinary course of business; 

(r) Investments to the extent that payment for such Investments is made solely with Equity Interests of Holdings (or by
any direct or indirect parent thereof); 
 (s) Investments held by a Restricted Subsidiary acquired after the
Original Closing Date in a transaction otherwise permitted under this Section 7.02 or of a Person merged or amalgamated with or into the Parent Borrower or merged, amalgamated or consolidated with a Restricted Subsidiary in accordance with
Section 7.04 after the Original Closing Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger, amalgamation or consolidation and were in existence on the date of such
acquisition, merger, amalgamation or consolidation; 
 (t) Guarantees by the Parent Borrower or any of its
Restricted Subsidiaries of leases (other than Capitalized Leases) or of other obligations that do not constitute Indebtedness, in each case entered into in the ordinary course of business; 

(u) for the avoidance of doubt to avoid double counting, Investments made by any Restricted Subsidiary that is not a Loan
Party to the extent such Investments are financed with the proceeds received by such Restricted Subsidiary from an Investment made pursuant to clauses (d)(v), (j)(B) or (p) of this Section 7.02; 

(v) Investments (i) in CCOH and its Restricted Subsidiaries pursuant to the CCOH Cash Management Arrangements and
(ii) in CCOH constituting the acquisition of outstanding Equity Interests of CCOH not owned by the Parent Borrower and the Restricted Subsidiaries (whether by tender offer, open market purchase, merger or otherwise) so long as after giving
effect to such acquisition, CCOH and its wholly-owned Restricted Subsidiaries which are Material Domestic Subsidiaries and not Excluded Subsidiaries become Subsidiary Guarantors hereunder and otherwise comply with Section 6.11; 

(w) (i) cash Investments in any Foreign Subsidiary that is a Non-Loan Party by any Loan Party to the extent returned in
the form of a cash dividend, distribution or other payment substantially concurrently with such cash Investment or (ii) non-cash Investments in any Foreign Subsidiary that is a Non-Loan Party by any Loan Party in the form of intercompany debt
issued to such Loan Party in exchange for Equity Interests of another Foreign Subsidiary that is a Non-Loan Party that was held by such Loan Party, in each case, consummated on or before the second anniversary of the Original Closing Date in order
to effect a corporate restructuring to improve the efficiency of repatriation of foreign cash flows; and 

 (x) Investments in non-wholly-owned Restricted Subsidiaries, joint ventures
(regardless of the legal form) and Unrestricted Subsidiaries not to exceed in the aggregate at any one time outstanding the greater of $300,000,000 and 1.0% of Total Assets at the time of such Investment; and 

(y) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from
the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers in the ordinary course of business.

 Notwithstanding the foregoing, until the Existing Notes Condition shall have been satisfied, the Parent Borrower shall not
directly acquire any material operating assets or Broadcast Licenses that are not promptly contributed to one or more Restricted Subsidiaries, other than (i) Equity Interests of Restricted Subsidiaries that are Subsidiary Guarantors or
(ii) any wireless radio licenses used for intercompany communications and satellite earth station authorizations used for reception and transmission of programming or other communications; provided, however, such requirement will
not apply if the acquisition of such operating assets or Broadcast Licenses by a Restricted Subsidiary (A) is reasonably likely to have material adverse tax, operational, or strategic consequences to the Parent Borrower or any Restricted
Subsidiaries (as determined in good faith by the Parent Borrower) or (B) requires any approval of the FCC or any other Governmental Authority that has not been obtained (the Parent Borrower agreeing to use commercially reasonable efforts to
obtain any such approval). 
 SECTION 7.03. Indebtedness. Create, incur, assume or suffer to exist any Indebtedness,
other than: 
 (a) Indebtedness of the Parent Borrower and the Restricted Subsidiaries under the Loan Documents;

 (b) (i) Indebtedness existing on the Specified Date; provided that any Indebtedness (other than
Indebtedness refinanced on the Original Closing Date in connection with the Original Transactions) that is in excess of (x) $5,000,000 individually or (y) $10,000,000 in the aggregate (when taken together with all other Indebtedness
outstanding in reliance on this clause (b) that is not set forth on Schedule 7.03(b)) shall only be permitted under this clause (b) to the extent that such Indebtedness is set forth on Schedule 7.03(b) and any Permitted
Refinancing thereof and (ii) intercompany Indebtedness outstanding on the Original Closing Date hereof and any Permitted Refinancing thereof; provided that all such Indebtedness (other than the Parent Borrower Obligor Cash Management
Note) of any Loan Party owed to any Person that is not a Loan Party shall be unsecured and subordinated to the Obligations pursuant to an intercompany note reasonably satisfactory to the Administrative Agent; 

(c) Guarantees by the Parent Borrower or any of its Restricted Subsidiaries in respect of Indebtedness of the Parent
Borrower or any of its Restricted Subsidiaries otherwise permitted hereunder (except that a Restricted Subsidiary that is not a Loan Party may not, by virtue of this Section 7.03(c), Guarantee Indebtedness that such Restricted Subsidiary could
not otherwise incur under this Section 7.03); provided that (A) no Guarantee by any Restricted Subsidiary of any Junior Financing shall be permitted unless such Restricted Subsidiary shall have also provided a Guaranty of the
Obligations substantially on the terms set forth in the Guaranty and (B) if the Indebtedness being Guaranteed is subordinated to the Obligations, such Guaranty shall be subordinated to the Guarantee of the Obligations on terms at least as
favorable to the Lenders as those contained in the subordination of such Indebtedness; provided that, in any event, any Guaranty of the New Senior Notes or Permitted Additional Notes shall be subordinated to the Guarantee of the Obligations
on terms at least as favorable to the Lenders as those contained in the New Senior Notes Indenture on the Original Closing Date; 
 (d) Indebtedness of the Parent Borrower or any of its Restricted Subsidiaries owing to the Parent Borrower or any other Restricted Subsidiary to the extent constituting an Investment permitted by
Section 7.02; provided that all such Indebtedness of any Loan Party owed to any Person that is not a Loan Party (other than the Parent Borrower Obligor Cash Management Note) shall be unsecured and subordinated to the Obligations pursuant
to an intercompany note reasonably satisfactory to the Administrative Agent; 

 (e) (i) Attributable Indebtedness and other Indebtedness (including
Capitalized Leases) financing the acquisition, construction, repair, replacement or improvement of fixed or capital assets; provided that such Indebtedness is incurred concurrently with or within two hundred and seventy (270) days after
the applicable acquisition, construction, repair, replacement or improvement, (ii) Attributable Indebtedness arising out of sale-leaseback transactions, and (iii) Indebtedness arising under Capitalized Leases other than those in effect on
the Specified Date or entered into pursuant to subclauses (i) and (ii) of this clause (e) and, in the case of clauses (i), (ii) and (iii), any Permitted Refinancing thereof; provided that not more than $150,000,000 in
aggregate principal amount of Indebtedness incurred pursuant to this paragraph (e) shall be outstanding at any time; 
 (f) Indebtedness in respect of Swap Contracts designed to hedge against interest rates, foreign exchange rates or commodities pricing risks and not for speculative purposes and Guarantees thereof;

 (g) [Reserved]; 

(h) Indebtedness assumed in connection with any Permitted Acquisition: provided that such Indebtedness is not
incurred in contemplation of such acquisition, and any Permitted Refinancing of any of the foregoing and so long as the aggregate principal amount of such Indebtedness and all Indebtedness resulting from any Permitted Refinancing thereof at any time
outstanding pursuant to this paragraph (h) does not exceed $250,000,000, determined at the time of incurrence; 
 (i) [Reserved]; 
 (j) Indebtedness representing deferred
compensation to employees of the Parent Borrower or any of its Subsidiaries incurred in the ordinary course of business; 
 (k) Indebtedness to current or former officers, directors, managers, consultants and employees, their Controlled Investment Affiliates or Immediate Family Members to finance the purchase or redemption of
Equity Interests of Holdings (or any direct or indirect parent thereof) permitted by Section 7.06; 
 (l)
Indebtedness arising from agreements of the Parent Borrower or a Restricted Subsidiary providing for indemnification, adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the disposition of any
business, assets or a Subsidiary, other than Guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business or assets or a Subsidiary for the purpose of financing such acquisition; provided, however,
that such Indebtedness is not reflected on the balance sheet (other than by application of FASB Interpretation No. 45 as a result of an amendment to an obligation in existence on the Original Closing Date) of the Parent Borrower or any
Restricted Subsidiary (contingent obligations referred to in a footnote to financial statements and not otherwise reflected on the balance sheet will not be deemed to be reflected on such balance sheet for purposes of this clause (l)); 

(m) [Reserved]; 
 (n) Cash Management Obligations and other Indebtedness in respect of netting services, automatic clearinghouse arrangements, overdraft protections, employee credit card programs and other cash management
and similar arrangements in the ordinary course of business and any Guarantees thereof; 
 (o) Indebtedness in an
aggregate principal amount at any time outstanding not to exceed $1,000,000,000; 
 (p) Indebtedness consisting
of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 

(q) Indebtedness incurred by the Parent Borrower or any of its Restricted Subsidiaries in respect of letters of credit,
bank guarantees, bankers’ acceptances, warehouse receipts or similar instruments 

 
issued or created in the ordinary course of business or consistent with past practice, including in respect of workers compensation claims, health, disability or other employee benefits or
property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims; 

(r) obligations in respect of performance, bid, appeal and surety bonds and performance and completion guarantees and
similar obligations provided by the Parent Borrower or any of the Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case in the ordinary course of business or
consistent with past practice; 
 (s) (i) Indebtedness of CCOH and its Restricted Subsidiaries, the proceeds of
which are solely used to refinance the CCU Term Note; provided that the Net Cash Proceeds from such repayment is applied to prepay the CF Facilities to the extent required by the CF Credit Agreement, (ii) Indebtedness (including Acquired
Indebtedness (as defined in the CCOH Indentures as in effect on the Amendment No. 3 Effectiveness Date)) of CCOH and its Restricted Subsidiaries; provided that (A) immediately prior and after giving effect thereto, no Default or
Event of Default shall have occurred and is continuing, (B) immediately after giving effect thereto, the Consolidated Leverage Ratio (as defined in the CCOH Indentures as in effect on the Amendment No. 3 Effectiveness Date) of CCOH is no
greater than 7.00 to 1.00, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred and the application of proceeds therefrom had occurred at the beginning
of the most recently ended four fiscal quarters for which internal financial statements are available and (C) within five (5) Business Days after the receipt of the Net Cash Proceeds of such Indebtedness, (1) CCOH shall have
(x) declared and paid to the holders of its common stock a pro rata dividend in an aggregate amount equal to 100% of such Net Cash Proceeds or (y) made an intercompany subordinated loan (with customary subordination provisions reasonably
acceptable to the Administrative Agent) to the Parent Borrower in an aggregate amount equal to the amount that would have been paid to the Parent Borrower if a dividend had been declared and paid in accordance with clause (x) above, and
(2) the Parent Borrower shall have made a prepayment of the CF Facilities to the extent required by the CF Credit Agreement (as in effect on the Amendment No. 3 Effectiveness Date) and (iii) any Permitted Refinancing of the foregoing;
provided that no Loan Party (as defined in the CF Credit Agreement) is an obligor under any such Permitted Refinancing; 
 (t) Indebtedness under the CF Facilities and Permitted Alternative Incremental Facilities Indebtedness and any Permitted Refinancings thereof in an aggregate principal amount not to exceed at the time of
incurrence of any such Indebtedness the sum of (a) the aggregate principal amount of the commitments under the CF Facilities on the Original Closing Date plus (b) the maximum aggregate amount of Incremental Term Loans and Revolving
Commitment Increases (each as defined under the CF Credit Agreement) and Permitted Alternative Incremental Facilities Indebtedness that would be permitted to be incurred at such time under the CF Credit Agreement (as such agreement is in effect on
the Amendment No. 3 Effectiveness Date) assuming that all conditions precedent to the incurrence thereof set forth in the CF Credit Agreement have been satisfied; 

(u) (i) Indebtedness and Guarantees by Guarantors in respect of the New Senior Notes in an aggregate principal amount not
to exceed $2,310,000,000 plus the PIK Interest Amount and (ii) any Permitted Refinancing thereof; 

(v) [Reserved]; 
 (w) all premiums (if any), interest (including post-petition interest), fees, expenses, charges and additional or contingent interest on obligations described in clauses (a) through (u) above
and (x) through (aa) below; 
 (x) Guarantees incurred in the ordinary course of business in respect of
obligations not constituting Indebtedness to suppliers, customers, franchisees, lessors and licensees; 

 (y) Indebtedness incurred in the ordinary course of business in respect of
obligations of the Parent Borrower or any Restricted Subsidiary to pay the deferred purchase price of goods or services or progress payments in connection with such goods and services; 

(z) Indebtedness in respect of (i) Permitted Additional Notes provided the Net Cash Proceeds therefrom are
immediately after the receipt thereof, used to prepay the CF Facilities to the extent required by the CF Credit Agreement and (ii) any Permitted Refinancing of the foregoing; 

(aa) Indebtedness supported by a Letter of Credit, in a principal amount not to exceed the face amount of such Letter of
Credit; 
 (bb) Indebtedness consisting of obligations of the Parent Borrower and its Restricted Subsidiaries
under deferred compensation to employees or other similar arrangements incurred by such Person in connection with the Transactions, any Permitted Acquisition or any other Investment expressly permitted hereunder; 

(cc) Indebtedness incurred by a Securitization Entity in a Qualified Securitization Financing that is not recourse (except
for Standard Securitization Undertakings) to Holdings or any of its Subsidiaries or the Parent Borrower or any of its Subsidiaries (other than another Securitization Entity); and 

(dd) Indebtedness of any Non-Loan Party that is a Restricted Subsidiary in an amount not to exceed $400,000,000 at any one
time outstanding. 
 Notwithstanding the foregoing, no Restricted Subsidiary that is not a Loan Party will guarantee any
Indebtedness for borrowed money of a Loan Party unless such Restricted Subsidiary becomes a Subsidiary Guarantor. In addition, notwithstanding the foregoing, (i) Restricted Subsidiaries that are not Loan Parties may not incur Indebtedness
pursuant to, without duplication, clauses (h) and (o) of this Section in an aggregate combined principal amount at any time outstanding in excess of $500,000,000 in each case determined at the time of incurrence and (ii) until the
Existing Notes Condition shall have been satisfied, (A) the Parent Borrower shall not, and shall not permit any Restricted Subsidiary to, create, incur, assume or suffer to exist any Guarantee of the Retained Existing Notes and (B) all
Indebtedness owed to the Parent Borrower by any Subsidiary Guarantor (other than the Parent Borrower Obligor Cash Management Note) shall be unsecured and subordinated to the Obligations pursuant to an intercompany note reasonably satisfactory to the
Administrative Agent. 
 For purposes of determining compliance with any Dollar-denominated restriction on the incurrence of
Indebtedness, the Dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt,
or first committed, in the case of revolving credit debt; provided that if such Indebtedness is incurred to extend, replace, refund, refinance, renew or defease other Indebtedness denominated in a foreign currency, and such extension,
replacement, refunding, refinancing, renewal or defeasance would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such extension, replacement, refunding,
refinancing, renewal or defeasance, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being
extended, replaced, refunded, refinanced, renewed or defeased plus the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses incurred in connection with such refinancing. 

The accrual of interest, the accretion of accreted value and the payment of interest in the form of additional Indebtedness shall not be
deemed to be an incurrence of Indebtedness for purposes of this Section 7.03. The principal amount of any non-interest bearing Indebtedness or other discount security constituting Indebtedness at any date shall be the principal amount thereof
that would be shown on a balance sheet of the Parent Borrower dated such date prepared in accordance with GAAP. 

 SECTION 7.04. Fundamental Changes. Merge, dissolve, liquidate, consolidate with or
into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that: 

(a) Holdings or any Restricted Subsidiary may merge or consolidate with the Parent Borrower (including a merger, the
purpose of which is to reorganize the Parent Borrower into a new jurisdiction); provided that (x) the Parent Borrower shall be the continuing or surviving Person, (y) such merger or consolidation does not result in the Parent
Borrower ceasing to be incorporated under the Laws of the United States, any state thereof or the District of Columbia and (z) in the case of a merger or consolidation of Holdings with and into the Parent Borrower, Holdings shall have no direct
Subsidiaries at the time of such merger or consolidation other than the Parent Borrower and, after giving effect to such merger or consolidation, the direct parent of the Parent Borrower shall expressly assume all the obligations of Holdings under
this Agreement and the other Loan Documents to which Holdings is a party pursuant to a supplement hereto or thereto in form reasonably satisfactory to the Administrative Agent and, for the avoidance of doubt, the Equity Interests of the Parent
Borrower shall be pledged as Collateral; 
 (b) (i) any Restricted Subsidiary that is not a Loan Party may merge
or consolidate with or into any other Restricted Subsidiary of the Parent Borrower that is not a Loan Party and (ii) any Restricted Subsidiary may liquidate or dissolve or change its legal form if the Parent Borrower determines in good faith
that such action is in the best interests of the Parent Borrower and its Restricted Subsidiaries and if not materially disadvantageous to the Lenders; 
 (c) any Restricted Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Parent Borrower or another Restricted Subsidiary; provided that
if the transferor in such a transaction is a Loan Party, then the transferee must be a Loan Party; 
 (d) so long
as no Default exists or would result therefrom, 
 (i) the Parent Borrower may merge with any other Person;
provided that (i) the Parent Borrower shall be the continuing or surviving corporation or (ii) if the Person formed by or surviving any such merger or consolidation is not the Parent Borrower (any such Person, the “Successor
Parent Borrower”), (A) the Successor Parent Borrower shall be an entity organized or existing under the laws of the United States, any state thereof, the District of Columbia or any territory thereof, (B) the Successor Parent
Borrower shall expressly assume all the obligations of the Parent Borrower under this Agreement and the other Loan Documents to which the Parent Borrower is a party pursuant to a supplement hereto or thereto in form reasonably satisfactory to the
Administrative Agent, (C) each Guarantor, unless it is the other party to such merger or consolidation, shall have by a supplement to the Guaranty confirmed that its Guarantee of the Obligations shall apply to the Successor Parent
Borrower’s obligations under this Agreement, (D) each Loan Party, unless it is the other party to such merger or consolidation, shall have by a supplement to each Security Agreement confirmed that its obligations thereunder shall apply to
the Successor Parent Borrower’s obligations under this Agreement, and (E) the Parent Borrower shall have delivered to the Administrative Agent an officer’s certificate and an opinion of counsel, each stating that such merger or
consolidation and such supplement to this Agreement or any Collateral Document comply with this Agreement; provided, further, that if the foregoing are satisfied, the Successor Parent Borrower will succeed to, and be substituted for,
the Parent Borrower under this Agreement; 
 (ii) (x) any Subsidiary Borrower may merge with any other Subsidiary
Borrower and (y) any Subsidiary Borrower may merge with any other Person (other than a Subsidiary Borrower); provided that (i) such Subsidiary Borrower shall be the continuing or surviving corporation or (ii) if the Person
formed by or surviving any such merger or consolidation is not such Subsidiary Borrower (any such Person, each a “Successor Subsidiary Borrower”), (A) the Successor Subsidiary Borrower shall be an entity organized or existing
under the laws of the United States, any state thereof, the District of Columbia or any territory thereof, (B) the Successor Subsidiary Borrower shall expressly assume all the obligations of the relevant Subsidiary Borrower under this

 
Agreement and the other Loan Documents to which such Subsidiary Borrower is a party pursuant to a supplement hereto or thereto in form reasonably satisfactory to the Administrative Agent,
(C) each Guarantor, unless it is the other party to such merger or consolidation, shall have by a supplement to the Guaranty confirmed that its Guarantee of the Obligations shall apply to such Successor Subsidiary Borrower’s obligations
under this Agreement, (D) each Loan Party, unless it is the other party to such merger or consolidation, shall have by a supplement to each Security Agreement confirmed that its obligations thereunder shall apply to such Successor Subsidiary
Borrower’s obligations under this Agreement, and (E) the relevant Subsidiary Borrower shall have delivered to the Administrative Agent an officer’s certificate and an opinion of counsel, each stating that such merger or consolidation
and such supplement to this Agreement or any Collateral Document comply with this Agreement; provided, further, that if the foregoing are satisfied, such Successor Subsidiary Borrower will succeed to, and be substituted for, the
relevant Subsidiary Borrower under this Agreement; 
 (e) so long as no Default exists or would result therefrom,
any Restricted Subsidiary that is not a Borrower may merge or consolidate with any other Person (i) in order to effect an Investment permitted pursuant to Section 7.02 or (ii) for any other purpose; provided that (A) the
continuing or surviving Person shall be the Parent Borrower or a Restricted Subsidiary, which together with each of its Restricted Subsidiaries, shall have complied with the applicable requirements of Section 6.11; and (B) in the case of
subclause (ii) only, if the merger or consolidation involves a Guarantor and such Guarantor is not the surviving Person, the surviving Restricted Subsidiary shall expressly assume all the obligations of such Guarantor under this Agreement and
the other Loan Documents to which such Guarantor is a party pursuant to a supplement hereto or thereto in form reasonably satisfactory to the Administrative Agent; 

(f) the Merger (as defined in the Existing Credit Agreement) may be consummated; and 

(g) so long as no Default exists or would result therefrom, a merger, dissolution, liquidation, consolidation or
Disposition, the purpose of which is to effect a Disposition permitted pursuant to Section 7.05. 
 Notwithstanding the
foregoing, (A) until the Existing Notes Condition shall have been satisfied, the Parent Borrower shall not permit any Restricted Subsidiary to transfer to the Parent Borrower any material operating assets or Broadcast Licenses, other than
(i) Equity Interests of Restricted Subsidiaries which are Subsidiary Guarantors or (ii) any wireless radio licenses used for intercompany communications and satellite earth station authorizations used for reception and transmission of
programming or other communications; provided that a Restricted Subsidiary may transfer any such assets to the Parent Borrower if (x) the failure to do so is reasonably likely to have material adverse tax, operational, or strategic
consequences to the Parent Borrower or any Restricted Subsidiaries (as determined in good faith by the Parent Borrower) or (y) required by the FCC or any other Governmental Authority (the Parent Borrower agreeing to use commercially reasonable
efforts to obtain a waiver of such requirement) and (B) the Parent Borrower shall not, transfer or participate any interests under any CCU Term Note other than to a Loan Party. 

SECTION 7.05. Dispositions. Make any Disposition or enter into any agreement to make any Disposition, except: 

(a) Dispositions of obsolete, worn out, used or surplus property, whether now owned or hereafter acquired, in the ordinary
course of business and Dispositions of property no longer used or useful in the conduct of the business of the Parent Borrower and the Restricted Subsidiaries; 
 (b) Dispositions of inventory, goods held for sale in the ordinary course of business and immaterial assets (including allowing any registrations or any applications for registration of any IP Rights to
lapse or go abandoned in the ordinary course of business); 
 (c) Dispositions of property to the extent that
(i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition are applied to the purchase price of such similar replacement property (which replacement
property is actually promptly purchased); provided that to the extent the property being transferred constitutes Collateral, such replacement property shall be made subject to the Lien of the Collateral Documents; 

 (d) Dispositions of property to the Parent Borrower or a Restricted
Subsidiary; provided that if the transferor of such property is a Loan Party (i) the transferee thereof must be a Loan Party, and to the extent such property is Collateral, it shall continue to constitute Collateral after such
Disposition or (ii) to the extent such transaction constitutes an Investment, such transaction is permitted under Section 7.02; 
 (e) Dispositions permitted by Sections 7.02, 7.04, 7.06 and 7.12 and Liens permitted by Section 7.01; 
 (f)) Dispositions of property (i) owned on the Original Closing Date that does not constitute Collateral pursuant to sale-leaseback transactions; provided that all Net Cash Proceeds thereof
shall be applied to prepay the CF Facilities to the extent required by the CF Credit Agreement, and (ii) acquired after the Original Closing Date that does not constitute Collateral pursuant to sale-leaseback transactions; 

(g) Dispositions of Cash Equivalents; 

(h) leases, subleases, licenses or sublicenses (including the provision of software under an open source license) (other
than FCC Authorizations) and LMA’s, in each case in the ordinary course of business and which do not materially interfere with the business of the Parent Borrower and the Restricted Subsidiaries, taken as a whole; 

(i) transfers of property subject to Casualty Events upon receipt of the Net Cash Proceeds of such Casualty Event;

 (j) Dispositions of property not otherwise permitted under this Section 7.05; provided that
(i) at the time of such Disposition (other than any such Disposition made pursuant to a legally binding commitment entered into at a time when no Default exists), no Default shall exist or would result from such Disposition; (ii) the
aggregate Fair Market Value of property Disposed of pursuant to this clause (j) shall not exceed $900,000,000 since the Original Closing Date and (iii) with respect to any Disposition pursuant to this clause (j) for a purchase price
in excess of $50,000,000, the Parent Borrower or any of the Restricted Subsidiaries shall receive not less than 75% of such consideration in the form of cash or Cash Equivalents (in each case, free and clear of all Liens at the time received, other
than nonconsensual Liens permitted by Section 7.01 and Liens permitted by Sections 7.01(a), (l) and (s) and clauses (i) and (ii) of Section 7.01(t)); provided, however, that for the purposes of this clause
(iii), (A) any liabilities (as shown on the Parent Borrower’s or such Restricted Subsidiary’s most recent balance sheet provided hereunder or in the footnotes thereto) of the Parent Borrower or such Restricted Subsidiary, other than
liabilities that are by their terms subordinated to the payment in cash of the Obligations, that are assumed by the transferee with respect to the applicable Disposition and for which all of the Restricted Subsidiaries shall have been validly
released by all applicable creditors in writing, (B) any securities received by such Restricted Subsidiary from such transferee that are converted by such Restricted Subsidiary into cash (to the extent of the cash received) within 180 days
following the closing of the applicable Disposition and (C) any Designated Non-Cash Consideration received in respect of such Disposition having an aggregate Fair Market Value, taken together with all other Designated Non-Cash Consideration
received pursuant to this clause (C) that is at that time outstanding, not in excess of $300,000,000 at the time of the receipt of such Designated Non-Cash Consideration, with the Fair Market Value of each item of Designated Non-Cash
Consideration being measured at the time received and without giving effect to subsequent changes in value, shall be deemed to be cash;. 
 (k) Dispositions of the Specified Assets; provided that the Net Cash Proceeds in respect thereof shall be applied to prepay the CF Facilities to the extent required by the CF Credit Agreement;

 (l) Dispositions of Investments in joint ventures to the extent required by, or made pursuant to customary
buy/sell arrangements between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements; 

 (m) Dispositions of accounts receivable in connection with the collection or
compromise thereof; 
 (n) any issuance or sale of Equity Interests in, or Indebtedness or other securities of,
an Unrestricted Subsidiary; 
 (o) Dispositions of all or any part of the assets listed on Schedule
7.05(o); 
 (p) Dispositions of all or any part of the assets listed on Schedule 7.05(p);
provided, however, that the Net Cash Proceeds (for the avoidance of doubt, after giving effect to clause (D) of the definition of “Net Cash Proceeds,” if applicable) of Dispositions pursuant to this Section 7.05(p)
shall be applied to prepay the CF Facilities in accordance with the CF Credit Agreement; 
 (q) Dispositions of
Securitization Assets to a Securitization Entity in connection with a Qualified Securitization Financing provided, however, that the Net Cash Proceeds (for the avoidance of doubt, after giving effect to clause (D) of the
definition of “Net Cash Proceeds,” if applicable) of Dispositions pursuant to this Section 7.05(q) shall be applied to prepay the CF Facilities in accordance with the CF Credit Agreement; 

(r) the unwinding of any Swap Contract; 

(s) (i) Permitted Asset Swap allowable under Section 1031 of the Code and (ii) other Permitted Asset Swaps with
a Fair Market Value not to exceed $50,000,000 in any calendar year; provided that, in the case of clause (i) or (ii), the portion of the consideration received in exchange for the disposed asset in the form of Cash Equivalents shall
constitute proceeds of a Disposition subject to Section 2.05; and 
 (t) Dispositions of the Divestiture
Assets and any other asset required to be Disposed of by the FCC or other Governmental Authorities under applicable Laws. 
 provided
that any Disposition of any property pursuant to this Section 7.05 (except pursuant to Sections 7.05(d), 7.05(e), 7.05(i), 7.05(l), and 7.05(m)) shall be for no less than the Fair Market Value of such property at the time of such
Disposition. To the extent any Collateral is Disposed of as expressly permitted by this Section 7.05 to any Person other than a Loan Party, such Collateral shall be sold free and clear of the Liens created by the Loan Documents, and, if
requested by the Administrative Agent, upon the certification by the Parent Borrower that such Disposition is permitted by this Agreement, the Administrative Agent shall be authorized to take any actions deemed appropriate in order to effect the
foregoing. 
 Notwithstanding the foregoing, (A) until the Existing Notes Condition shall have been satisfied, the Parent
Borrower shall not permit any Restricted Subsidiary to transfer to the Parent Borrower any material operating assets or Broadcast Licenses, other than (i) Equity Interests of Restricted Subsidiaries which are Loan Parties or (ii) any
wireless radio licenses used for intercompany communications and satellite earth station authorizations used for reception and transmission of programming or other communications; provided that a Restricted Subsidiary may transfer any such
assets to the Parent Borrower if (x) the failure to do so is reasonably likely to have material adverse tax, operational, or strategic consequences to the Parent Borrower or any Restricted Subsidiaries (as determined in good faith by the Parent
Borrower) or (y) required by the FCC or any other Governmental Authority (the Parent Borrower agreeing to use commercially reasonable efforts to obtain a waiver of such requirement) and (B) the Parent Borrower shall not, transfer or
participate any interests under any CCU Term Note other than to a Loan Party. 
 SECTION 7.06. Restricted Payments.
Declare or make, directly or indirectly, any Restricted Payment, except: 
 (a) each Restricted Subsidiary may
make Restricted Payments to the Parent Borrower and to its other Restricted Subsidiaries (and, in the case of a Restricted Payment by a non-wholly-owned Restricted Subsidiary, to the Parent Borrower and any of its other Restricted Subsidiaries and
to each other owner of Equity Interests of such Restricted Subsidiary based on their relative ownership interests of the relevant class of Equity Interests); 

 (b) (i) the Parent Borrower may redeem in whole or in part any of its Equity
Interests for another class of Equity Interests or rights to acquire its Equity Interests or with proceeds from substantially concurrent equity contributions or issuances of new Equity Interests, provided that any terms and provisions
material to the interests of the Lenders, when taken as a whole, contained in such other class of Equity Interests are at least as advantageous to the Lenders as those contained in the Equity Interests redeemed thereby or (ii) the Parent
Borrower and each of its Restricted Subsidiaries may declare and make dividend payments or other distributions payable solely in the Equity Interests (other than Disqualified Equity Interests not otherwise permitted by Section 7.03) of such
Person; 
 (c) Restricted Payments made on the Original Closing Date to consummate the Original Transactions
(including any amounts to be paid under, or contemplated by, the Merger (as defined in the Existing Credit Agreement)) and the fees and expenses related thereto owed to Affiliates, including any payment to holders of Equity Interests of the Parent
Borrower (immediately prior to giving effect to the Transactions) in connection with, or as a result of, their exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto;

 (d) to the extent constituting Restricted Payments, the Parent Borrower and the Restricted Subsidiaries may
enter into and consummate transactions expressly permitted by any provision of Section 7.02 (other than Section 7.02(n)), 7.04 (other than a merger or consolidation of Holdings and the Parent Borrower) or 7.08 (other than
Section 7.08(a) or (j)); 
 (e) repurchases of Equity Interests in Parent, the Parent Borrower or any of the
Restricted Subsidiaries deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants; 

(f) the Parent Borrower may pay (or make Restricted Payments to allow any direct or indirect parent thereof to pay) for
the repurchase, retirement or other acquisition or retirement for value of Equity Interests of the Parent Borrower (or of any such direct or indirect parent of the Parent Borrower) by any future, present or former employee, director, officer,
manager or consultant (or any Controlled Investment Affiliate or Immediate Family Member thereof) of the Parent Borrower (or any direct or indirect parent of the Parent Borrower) or any of its Subsidiaries upon the death, disability, retirement or
termination of employment of any such Person or otherwise pursuant to any employee or director equity plan, employee or director stock option plan or any other employee or director benefit plan or any agreement (including any stock subscription or
shareholder agreement) with any future, present or former employee, director, officer, manager or consultant of the Parent Borrower (or any direct or indirect parent of the Parent Borrower) or any of its Subsidiaries (including, for the avoidance of
doubt, any principal and interest payable on any notes issued by the Parent Borrower (or of any direct or indirect parent of the Parent Borrower) in connection with any such repurchase, retirement or other acquisition or retirement); provided
that payments made pursuant to this paragraph (f) may not exceed in any calendar year $50,000,000 with unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum of $75,000,000 in any calendar year;
provided that any cancellation of Indebtedness owing to the Parent Borrower in connection with and as consideration for a repurchase of Equity Interests of the Parent Borrower (or any of its direct or indirect parents) shall not be deemed to
constitute a Restricted Payment for purposes of this clause (f); provided that such amount in any calendar year may be increased by an amount not to exceed the sum of (1) the amount of Net Cash Proceeds of Permitted Equity Issuances to
employees, directors, officers, managers or consultants (or any Controlled Investment Affiliate or Immediate Family Member thereof) of the Parent Borrower (or any direct or indirect parent thereof) or any of its Subsidiaries that occurs after the
Original Closing Date plus (2) the net cash proceeds of key man life insurance policies received by the Parent Borrower or any of its Restricted Subsidiaries after the Original Closing Date; 

 (g) the Parent Borrower may make Restricted Payments to Holdings or to any
direct or indirect parent of Holdings: 
 (i) the proceeds of which will be used to pay (or make Restricted
Payments to allow any direct or indirect parent thereof to pay) the tax liability (including additions to tax, penalties and interests with respect thereto) to each foreign, federal, state or local jurisdiction in respect of which a consolidated,
combined, unitary or affiliated return is filed by Holdings (or such direct or indirect parent) that includes the Parent Borrower and/or any of its Subsidiaries, to the extent such tax liability (including additions to tax, penalties and interest
with respect thereto) does not exceed the lesser of (A) the taxes that would have been payable by the Parent Borrower and/or its Restricted Subsidiaries as a stand-alone group and (B) the actual tax liability (including additions to tax,
penalties and interest with respect thereto) of Holdings’ consolidated, combined, unitary or affiliated group (or, if Holdings is not the parent of the actual group, the taxes that would have been paid by Holdings, the Parent Borrower and/or
the Parent Borrower’s Restricted Subsidiaries as a stand-alone group), reduced by any such payments paid or to be paid directly by the Parent Borrower or its Restricted Subsidiaries; 

(ii) the proceeds of which shall be used to pay (or make Restricted Payments to allow any direct or indirect parent
thereof to pay) its operating costs and expenses incurred in the ordinary course of business and other overhead costs and expenses (including administrative, legal, accounting and similar expenses provided by third parties), which are reasonable and
customary and incurred in the ordinary course of business, to the extent attributable to the ownership or operations of the Parent Borrower and its Restricted Subsidiaries; 

(iii)) the proceeds of which shall be used to pay (or make Restricted Payments to allow any direct or indirect parent
thereof to pay) franchise taxes and other fees, taxes and expenses required to maintain its (or any of its direct or indirect parents’) legal existence; 
 (iv) to finance any Investment permitted to be made pursuant to Section 7.02; provided that (A) such Restricted Payment shall be made substantially concurrently with the closing of such
Investment and (B) the Parent Borrower shall, immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to the Parent Borrower or a Restricted Subsidiary (or Loan
Party if the Investment would have been required to be made in a Loan Party under Section 7.02) or (2) the merger or amalgamation (to the extent not prohibited by Section 7.04) of the Person formed or acquired into the Parent Borrower
or a Restricted Subsidiary (or Loan Party if the Investment would have been required to be made in a Loan Party under Section 7.02) in order to consummate such Permitted Acquisition, in each case, in accordance with the applicable requirements
of Section 6.11; 
 (v) the proceeds of which shall be used to pay (or make Restricted Payments to allow any
direct or indirect parent thereof to pay) costs, fees and expenses (other than to Affiliates) related to any equity or debt offering not prohibited by this Agreement (whether or not successful) and directly attributable to the operation of the
Parent Borrower and its Restricted Subsidiaries; and 
 (vi) the proceeds of which shall be used to pay customary
salary, bonus and other benefits payable to officers and employees of Holdings or any direct or indirect parent company of Holdings to the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of the Parent
Borrower and the Restricted Subsidiaries, only to the extent such amounts are deducted, for the avoidance of doubt and notwithstanding anything in this Agreement to the contrary, in calculating Consolidated EBITDA for any period; 

(h) the Parent Borrower or any of its Restricted Subsidiaries may (a) pay cash in lieu of fractional Equity Interests
in connection with any dividend, split or combination thereof or any Permitted Acquisition and (b) honor any conversion request by a holder of convertible Indebtedness and make cash payments in lieu of fractional shares in connection with any
such conversion; 

 (i) the payment of any dividend or distribution within 60 days after
the date of declaration thereof, if at the date of declaration (i) such payment would have complied with the provisions of this Agreement and (ii) no Event of Default occurred and was continuing; 

(j) the declaration and payment of dividends on the Parent Borrower’s common stock following the first public
offering of the Parent Borrower’s common stock or the common stock of any of its direct or indirect parents after the Original Closing Date, of up to 6% per annum of the net proceeds received by or contributed to the Parent Borrower in or
from any such public offering, other than public offerings with respect to the Parent Borrower’s common stock registered on Form S-4 or Form S-8; 
 (k) purchases of Equity Interests of CCOH permitted by Section 7.02(p) or Section 7.02(v)(ii); and 
 (l) in addition to the forgoing Restricted Payments and so long as no Default shall have occurred and be continuing or would result therefrom, the Parent Borrower may make additional Restricted Payments
in an aggregate amount, together with the aggregate amount of repayments, prepayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings made pursuant to Sections 7.12(a)(vii), not to exceed the sum of
(i) the greater of $400,000,000 and (ii) the Available Amount at such time. 
 Notwithstanding anything to the
contrary contained in Article VII (including Sections 7.02 and 7.12 and this Section 7.06), the Parent Borrower shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly pay any cash dividend or make any cash
distribution on or in respect of the Parent Borrower’s Equity Interests or purchase or otherwise acquire for cash any Equity Interests of the Parent Borrower or any direct or indirect parent of the Parent Borrower, for the purpose of directly
or indirectly paying any cash dividend or making any cash distribution to, or acquiring any Equity Interests of the Parent Borrower or any direct or indirect parent of the Parent Borrower for cash from, the Sponsors, or guarantee any Indebtedness of
any Affiliate of the Parent Borrower for the purpose of paying such dividend, making such distribution or so acquiring such Equity Interests to or from the Sponsors, in each case by means of utilization of the cumulative dividend and investment
credit provided by the use of the Available Amount or the exceptions provided by Sections 7.02(n) and (p), Sections 7.06(i) and (l) and Section 7.12(a)(vii), unless (x) at the time and after giving effect to such payment, the Total
Leverage Ratio for the Test Period than last ended is less than 6.0 to 1.0 and (y) such payment is other-wise in compliance with this Agreement. 
 SECTION 7.07. Change in Nature of Business. Engage in any material line of business substantially different from those lines of business conducted by the Parent Borrower and the Restricted
Subsidiaries on the Original Closing Date or any business reasonably related or ancillary thereto or constituting a reasonable extension thereof. 
 SECTION 7.08. Transactions with Affiliates. Enter into any transaction of any kind with any Affiliate of the Parent Borrower, whether or not in the ordinary course of business, other than:

 (a) transactions between or among the Parent Borrower or any of its Restricted Subsidiaries or any entity that
becomes a Restricted Subsidiary as a result of such transaction, 
 (b) transactions on terms substantially as
favorable to the Parent Borrower or such Restricted Subsidiary as would reasonably be obtainable by the Parent Borrower or such Restricted Subsidiary at the time in a comparable arm’s-length transaction with a Person other than an Affiliate,

 (c) the Transactions and the payment of fees and expenses related to the Transactions, 

(d) the issuance of Equity Interests to any officer, director, employee or consultant of the Parent Borrower or any of its
Subsidiaries or any direct or indirect parent of the Parent Borrower in connection with the Transactions, 

 (e) if, at the time of such payment and after giving effect so such payment,
no Default or Event of Default shall exist, the payment of management, consulting, monitoring, advisory and other fees, indemnities and expenses to the Sponsors pursuant to the Sponsor Management Agreement (other than any Sponsor Termination Fees),
plus any unpaid management, consulting, monitoring, advisory and other fees, indemnities and expenses accrued in any prior year, 
 (f) Investments permitted under Section 7.02, 
 (g) employment
and severance arrangements between the Parent Borrower or any of its Restricted Subsidiaries and their respective officers and employees in the ordinary course of business and transactions pursuant to stock option plans and employee benefit plans
and arrangements, 
 (h) the payment of reasonable and customary fees and compensation consistent with past
practice or industry practices and reasonable out-of-pocket costs to, and indemnities provided on behalf of, directors, officers, employees and consultants of the Parent Borrower and the Restricted Subsidiaries or any direct or indirect parent of
the Parent Borrower in the ordinary course of business to the extent attributable to the ownership or operation of the Parent Borrower and the Restricted Subsidiaries, 

(i) any agreement, instrument or arrangement as in effect as of the Specified Date (other than the Sponsor Management
Agreement) and set forth on Schedule 7.08, or any amendment thereto (so long as any such amendment is not disadvantageous to the Lenders when taken as a whole in any material respect as compared to the applicable agreement as in effect on the
Specified Date as reasonably determined in good faith by the board of directors of the Parent Borrower), 
 (j)
Restricted Payments permitted under Section 7.06 and prepayments, redemptions, purchases, defeasances and satisfactions of Indebtedness permitted under Section 7.12, 

(k) [Reserved], 
 (l) transactions in which the Parent Borrower or any of the Restricted Subsidiaries, as the case may be, delivers to the Administrative Agent a letter from an Independent Financial Advisor stating that
such transaction is fair to the Parent Borrower or such Restricted Subsidiary from a financial point of view or meets the requirements of clause (b) of this Section 7.08, 

(m) transactions with customers, clients, suppliers, or purchasers or sellers of goods or services, in each case in the
ordinary course of business and otherwise in compliance with the terms of this Agreement that are fair to the Parent Borrower and the Restricted Subsidiaries, in the reasonable determination of the board of directors or the senior management of the
Parent Borrower, or are on terms at least as favorable as would reasonably have been obtained at such time from an unaffiliated party, 
 (n) the issuance or transfer of Equity Interests (other than Disqualified Equity Interests) of Parent to any Permitted Holder or to any former, current or future director, manager, officer, employee or
consultant (or any Controlled Investment Affiliate or Immediate Family Member thereof) of the Parent Borrower, any of its Subsidiaries or any direct or indirect parent thereof, 

(o) payments to or from, and transactions with, any joint venture in the ordinary course of business, and 

(p) investments by the Sponsors in loans or debt securities (other than any debt securities issued in connection with the
Transactions) of the Parent Borrower or any of its Restricted Subsidiaries so long as (A) the investment is being offered generally to other investors on the same or more favorable terms and (B) the investment constitutes less than 5.0% of
the proposed or outstanding issue amount of such class of loans or securities (it being understood and agreed that any purchase by the Sponsors of any loans or debt securities of the Parent Borrower or any of its Restricted Subsidiaries in secondary
market transactions are not restricted by this Section 7.08). 

 SECTION 7.09. Burdensome Agreements. Enter into or permit to exist any Contractual
Obligation (other than this Agreement or any other Loan Document) that limits the ability of (a) any Restricted Subsidiary that is not a Loan Party to make Restricted Payments to any Loan Party (other than Holdings) or (b) any Loan Party
to create, incur, assume or suffer to exist Liens on property of such Person for the benefit of the Lenders with respect to the Facility and the Obligations or under the Loan Documents; provided that the foregoing clauses (a) and
(b) shall not apply to Contractual Obligations that: 
 (i) (A) exist on the Specified Date and (to the
extent not otherwise permitted by this Section 7.09) are listed on Schedule 7.09 hereto and (B) to the extent Contractual Obligations permitted by clause (A) are set forth in an agreement evidencing Indebtedness, are set forth
in any agreement evidencing any permitted modification, replacement, renewal, extension or refinancing of such Indebtedness so long as such modification, replacement, renewal, extension or refinancing does not expand the scope of such Contractual
Obligation, 
 (ii) are binding on a Restricted Subsidiary at the time such Restricted Subsidiary first becomes a
Restricted Subsidiary, so long as such Contractual Obligations were not entered into in contemplation of such Person becoming a Restricted Subsidiary; provided further that this clause (ii) shall not apply to Contractual Obligations that
are binding on a Person that becomes a Restricted Subsidiary pursuant to Section 6.14, 
 (iii) contracts
for the sale of assets that impose restrictions on the assets to be sold; 
 (iv) (a) with respect to clause
(b) only, arise in connection with any Lien permitted by Section 7.01(a), (l), (s), (t)(i) or (t)(ii) and relate to the property subject to such Lien or (b) arise in connection with any Disposition permitted by Section 7.05,

 (v) are customary provisions in joint venture agreements and other similar agreements applicable to joint
ventures permitted under Section 7.02 and applicable solely to such joint venture entered into in the ordinary course of business, 
 (vi) are negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted under Section 7.03 but solely to the extent any negative pledge relates to the property financed
by or the subject of such Indebtedness (and excluding in any event any Indebtedness constituting any Junior Financing or Retained Existing Notes) and the proceeds and products thereof, 

(vii) are customary provisions contained in any leases, subleases, licenses, sublicenses, LMAs or asset sale agreements
otherwise permitted hereby so long as such restrictions relate to the assets subject thereto, in each case, entered into in the ordinary course of business, 
 (viii) comprise restrictions imposed by any agreement relating to secured Indebtedness permitted pursuant to Section 7.03(e) or 7.03(n) (as limited by the second paragraph of Section 7.03) (with
respect to non-Loan Parties) to the extent that such restrictions apply only to the property or assets securing such Indebtedness, 
 (ix) are customary provisions restricting subletting or assignment of any lease governing a leasehold interest of any Restricted Subsidiary, 

(x) are customary provisions restricting assignment of any agreement entered into in the ordinary course of business,

 (xi) are restrictions on cash or other deposits imposed by customers under contracts entered into in the
ordinary course of business, 
 (xii) are customary restrictions contained in the CF Credit Agreement, the CF
Facility Documentation, any New Senior Notes, and any Permitted Refinancing of any of the foregoing, 

 (xiii) arise in connection with cash or other deposits permitted under
Section 7.01, 
 (xiv) are restrictions in any one or more agreements governing Indebtedness of a Restricted
Subsidiary that is not a Loan Party that is permitted to be incurred by Section 7.03, and 
 (xv) are
customary restrictions contained in the definitive documentation governing any Permitted Alternative Incremental Facilities Indebtedness and any Permitted Refinancing thereof; provided that such restrictions, taken as a whole, shall not be
more restrictive to the Parent Borrower and its Restricted Subsidiaries than the restrictions set forth in this Agreement. 

SECTION 7.10. Use of Proceeds. Use the proceeds of any Credit Extension, whether directly or indirectly, in a manner inconsistent
with the uses set forth in the preliminary statements to this Agreement. 
 SECTION 7.11. Accounting Changes. Make any
change in fiscal year except to, upon written notice to the Administrative Agent, change its fiscal year to any other fiscal year reasonably acceptable to the Administrative Agent, in which case, the Parent Borrower and the Administrative Agent
will, and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary to reflect such change in fiscal year. 
 SECTION 7.12. Prepayments, Etc. of Indebtedness. 
 (a) Prepay, redeem,
purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner (it being understood that payments of regularly scheduled principal, interest and mandatory prepayments shall be permitted) any New Senior Notes, any
Retained Existing Notes, any Permitted Additional Notes or any other Indebtedness (or guarantees in respect thereof) that is subordinated to the Obligations expressly by its terms (other than Indebtedness among the Parent Borrower and its Restricted
Subsidiaries) (collectively, “Junior Financing”) except 
 (i) the refinancing thereof with the
Net Cash Proceeds of any Permitted Refinancing; 
 (ii) the refinancing thereof with the Net Cash Proceeds of any
Specified Equity Contribution made substantially contemporaneously with such prepayment, redemption, purchase, defeasance or other satisfaction; 
 (iii) prepayments and redemptions of Repurchased Existing Notes (as defined in the Existing Credit Agreement); 
 (iv) on or after September 30, 2015, so long as no Default has occurred and is continuing, the Parent Borrower or a Restricted Subsidiary may redeem a portion of the New Senior Toggle Notes in an
aggregate principal amount equal to the product of (x) $30,000,000 and (y) a fraction (which, for the avoidance of doubt, cannot exceed one), the numerator of which is the aggregate principal amount of such Indebtedness outstanding on such
date for United States federal income tax purposes and the denominator of which is $1,500,000,000; 
 (v)
beginning on the fifth anniversary of the date of issuance of the New Senior Notes, so long as no Default has occurred and is continuing, the Parent Borrower or a Restricted Subsidiary may make “AHYDO catch-up” payments on such
Indebtedness; 
 (vi) the conversion of any Junior Financing to Equity Interests (other than Disqualified Equity
Interests) of Parent or any of its direct or indirect parents; 
 (vii) so long as no Default is continuing or
would result therefrom, redemptions, purchases, defeasances and other payments in respect of Junior Financings prior to their scheduled maturity in an aggregate amount, together with the aggregate amount of Restricted Payments made pursuant to
Section 7.06(l), not to exceed the sum of (1) the greater of $550,000,000 or 1.75% of Total Assets at such time and (2) the Available Amount at such time; 

 (viii) [Reserved]; and 

(ix) the Parent Borrower may prepay, redeem, purchase (including pursuant to an offer to purchase) Indebtedness
outstanding under any New Senior Notes with the proceeds of any asset disposition to the extent such proceeds are (i) not required to be used to prepay the CF Facilities under the CF Credit Agreement and are not used to voluntarily prepay the
CF Facilities and (ii) required to be so applied under the New Senior Notes Indentures. 
 (b) Make any payment in
violation of any subordination terms of any Junior Financing Documentation. 
 (c) Amend, modify or change in any manner
materially adverse to the interests of the Lenders any term or condition of any Junior Financing Documentation, Retained Existing Notes Indenture, the CCO Cash Management Arrangements, the CCU Notes or the CCO Intercompany Agreements, in each case
without the consent of the Administrative Agent and the Required Lenders (not to be unreasonably withheld); it being understood and agreed that any extension of the CCO Cash Management Arrangements, the CCU Notes or the CCO Intercompany Agreements
or any change in the interest rate on the CCU Notes approved by the Board of Directors of the Parent Borrower, will be deemed not to be materially adverse to the interests of the Lenders. 

SECTION 7.13. Equity Interests of Certain Restricted Subsidiaries and Unrestricted Subsidiaries. 

(a) Permit any Subsidiary that is a wholly-owned Restricted Subsidiary to become a non-wholly-owned Subsidiary, unless (i) such
Restricted Subsidiary continues to be a Guarantor, (ii) in connection with a Disposition of all or substantially all of the assets or all or a portion of the Equity Interests of such Restricted Subsidiary permitted by Section 7.05,
(iii) as a result of the designation of such Restricted Subsidiary as an Unrestricted Subsidiary pursuant to Section 6.14 or (iv) the remaining Investment in such non-wholly-owned Subsidiary held by the Parent Borrower or any
Restricted Subsidiary is a permitted Investment under Section 7.02 (valued at the Fair Market Value of such Investment at the time such Investment is deemed made). 
 (b) Until the Existing Notes Condition shall have been satisfied, permit the Equity Interests of any Unrestricted Subsidiary to be owned by any Person other than (i) one or more Restricted
Subsidiaries; provided that if such Unrestricted Subsidiary is a Material Domestic Subsidiary, then such Equity Interests shall only be owned by a Subsidiary Guarantor or (ii) other Unrestricted Subsidiaries whose Equity Interest are
owned by Persons permitted under this Section 7.13(b). 
 SECTION 7.14. Financial Covenant. On and after the A&R
Closing Date, during a Liquidity Event, permit the Fixed Charge Coverage Ratio as of the last day of the Test Period then most recently ended and as of the last day of any Test Period ended during such time as such Liquidity Event shall be
continuing to be less than 1.00 to 1.00 (the “Financial Covenant”). 
 ARTICLE VIII 

Events of Default and Remedies 
 SECTION 8.01. Events of Default. Each of the events referred to in clauses (a) through (l) of this Section 8.01 shall constitute an “Event of Default”: 

(a) Non-Payment. Any Borrower fails to pay (i) when and as required to be paid herein, any amount of principal
of any Loan, or (ii) within five (5) Business Days after the same becomes due, any interest on any Loan or any other amount payable hereunder or with respect to any other Loan Document; or 

 (b) Specific Covenants. Any Borrower fails to perform or observe any
term, covenant or agreement contained in any of Sections 6.03(a), 6.05(a) (solely with respect to any Borrower) or 6.13(b) or Article VII; or 
 (c) Other Defaults. (i) Any Borrower fails to perform or observe any covenant or agreement contained in Section 6.15 (other than any such failure resulting solely from actions taken by
one or more Persons not controlled directly or indirectly by the Parent Borrower or such Person’s (or Persons’) failure to act in accordance with the instructions of the Parent Borrower or the Administrative Agent) or Section 6.01(e)
and such failure continues unremedied for a period of at least 15 Business Days after the earlier of (x) a Responsible Officer has obtained knowledge of such default or (y) receipt by the Parent Borrower of written notice thereof from the
Administrative Agent or (ii) any Loan Party fails to perform or observe any other covenant or agreement (not specified in Section 8.01(a), (b) or (c)(i) above) contained in any Loan Document on its part to be performed or observed and
such failure continues for thirty (30) days after receipt by the Parent Borrower of written notice thereof from the Administrative Agent; or 
 (d) Representations and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by any Loan Party herein, in any other Loan Document, or in any document
required to be delivered in connection herewith or therewith shall be untrue in any material respect when made or deemed made; or 
 (e) Cross-Default. Any Loan Party or any Restricted Subsidiary (A) fails to make any payment beyond the applicable grace period, if any, whether by scheduled maturity, required prepayment,
acceleration, demand, or otherwise, in respect of any Indebtedness (other than Indebtedness hereunder) having an aggregate outstanding principal amount (individually or in the aggregate with all other Indebtedness as to which such a failure shall
exist) of not less than the Threshold Amount, (B) fails to observe or perform any other agreement or condition relating to any such Indebtedness (other than any such Indebtedness in respect of the CF Facilities), or any other event occurs
(other than with respect to any such Indebtedness in respect of the CF Facilities and other than, with respect to Indebtedness consisting of Swap Contracts, termination events or equivalent events pursuant to the terms of such Swap Contracts), the
effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required,
such Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity; provided that
this clause (e)(B) 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, if such sale or transfer is permitted hereunder; provided further
that such failure is unremedied and is not waived by the holders of such Indebtedness prior to any termination of the Commitments or acceleration of the Loans pursuant to Section 8.02 or (C) fails to observe or perform any other agreement
or condition relating to any Indebtedness in respect of the CF Facilities, or any other event occurs with respect to the CF Facilities, and either (i) the holder or holders of such Indebtedness (or the CF Administrative Agent on behalf of such
holder or holders) cause such Indebtedness to become due (automatically or otherwise) prior to its stated maturity or (ii) such failure has not been cured or waived within 60 days; or 

(f) Insolvency Proceedings, Etc. Holdings, any Borrower or any Material Subsidiary institutes or consents to the
institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator,
administrative receiver or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator, administrator, administrative receiver or similar officer is appointed
without the application or consent of such Person and the appointment continues undischarged or unstayed for sixty (60) calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of
its property is instituted without the consent of such Person and continues undismissed or unstayed for sixty (60) calendar days, or an order for relief is entered in any such proceeding; or 

(g) Judgments. There is entered against any Loan Party or any Material Subsidiary a final judgment or order for the
payment of money in an aggregate amount exceeding the Threshold Amount (to 

 
the extent not covered by independent third-party insurance as to which the insurer has been notified of such judgment or order and has not denied or failed to acknowledge coverage thereof) and
such judgment or order shall not have been satisfied, vacated, discharged or stayed or bonded pending an appeal for a period of sixty (60) consecutive days; or 

(h) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted
or would reasonably be expected to result in liability of Holdings, any Borrower or their respective ERISA Affiliates under Title IV of ERISA in an aggregate amount which would reasonably be expected to result in a Material Adverse Effect,
(ii) Holdings, any Borrower or any of their respective ERISA Affiliates fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its Withdrawal Liability under Section 4201 of
ERISA under a Multiemployer Plan in an aggregate amount which would reasonably be expected to result in a Material Adverse Effect, or (iii) with respect to a funded Foreign Plan a termination, withdrawal or noncompliance with applicable law or
plan terms that would reasonably be expected to result in a Material Adverse Effect; or 
 (i) Invalidity of
Loan Documents. Any material provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder (including as a result of a transaction permitted under
Section 7.04 or 7.05) or as a result of acts or omissions by the Administrative Agent or any Lender or the satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party contests in writing the validity or
enforceability of any provision of any Loan Document; or any Loan Party denies in writing that it has any or further liability or obligation under any Loan Document (other than as a result of repayment in full of the Obligations and termination of
the Aggregate Commitments), or purports in writing to revoke or rescind any Loan Document; or 
 (j)
Collateral Documents. Any Collateral Document after delivery thereof pursuant to Section 6.11 shall for any reason (other than pursuant to the terms hereof or thereof including as a result of a transaction permitted under
Section 7.04 or 7.05) cease to create, or any Lien purported to be created by any Collateral Document shall be asserted in writing by any Loan Party not to be, a valid and perfected lien, with the priority required by the Collateral Documents
(or other security purported to be created on the applicable Collateral) on any material portion of the Collateral purported to be covered thereby, subject to Liens permitted under Section 7.01, except to the extent that any such loss of
perfection or priority results from the failure of the Administrative Agent to file Uniform Commercial Code continuation statements; or 
 (k) Junior Financing Documentation. (i) Any of the Obligations of the Loan Parties under the Loan Documents for any reason shall cease to be “Senior Indebtedness” or “Guaranteed
Senior Indebtedness” (or any comparable term) or “Senior Secured Financing” (or any comparable term) under, and as defined in any Junior Financing Documentation governing Junior Financing with an aggregate principal amount of not less
than the Threshold Amount or (ii) the subordination provisions set forth in any Junior Financing Documentation governing Junior Financing with an aggregate principal amount of not less than the Threshold Amount shall, in whole or in part, cease
to be effective or cease to be legally valid, binding and enforceable against the holders of any such Junior Financing, if applicable; or 
 (l) Change of Control. There occurs any Change of Control. 
 SECTION 8.02.
Remedies upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent shall, at the request of the Required Lenders, take any or all of the following actions: 

(a) declare Commitments of each Lender and any obligation of the L/C Issuers to make L/C Credit Extensions to be
terminated, whereupon such Commitments and obligation shall be terminated; 
 (b) declare the unpaid principal
amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of
any kind, all of which are hereby expressly waived by each Borrower; 

 (c) require that the Parent Borrower Cash Collateralize the L/C Obligations
(in an amount equal to the then Outstanding Amount thereof); and 
 (d) exercise on behalf of itself and the
Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable Law; 
 provided that upon the
occurrence of an actual or deemed entry of an order for relief with respect to any Borrower under the Debtor Relief Laws, the Commitments of each Lender and any obligation of the L/C Issuers to make L/C Credit Extensions shall automatically
terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Parent Borrower to Cash Collateralize the L/C Obligations as
aforesaid shall automatically become effective, in each case without further act of the Administrative Agent or any Lender. 

SECTION 8.03. Application of Funds. Subject to the Intercreditor Agreement, after the exercise of remedies provided for in
Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02), any amounts received on
account of the Obligations shall be applied by the Administrative Agent in the following order: 
 First,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (other than principal and interest, but including Attorney Costs payable under Section 10.04 and amounts payable under Article III)
payable to the Administrative Agent in its capacity as such; 
 Second, to the payment of all Protective
Advances 
 Third, to payment of that portion of the Obligations constituting fees, indemnities and other
amounts (other than principal and interest) payable to the Lenders (including Attorney Costs payable under Section 10.04 and amounts payable under Article III), ratably among them in proportion to the amounts described in this clause Third
payable to them; 
 Fourth, to payment of that portion of the Obligations constituting accrued and unpaid
interest on the Loans and L/C Borrowings, ratably among the Lenders in proportion to the respective amounts described in this clause Fourth payable to them; 
 Fifth, to payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings, ratably among the Secured Parties in proportion to the respective amounts
described in this clause Fifth held by them; 
 Sixth, to the Administrative Agent for the account of the
L/C Issuers, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit; 
 Seventh, to payment of that portion of the Obligations constituting Cash Management Obligations, ratably among the Secured Parties in proportion to the respective amounts described in this clause
Seventh held by them; 
 Eighth, to the payment of all other Obligations of the Loan Parties that are due
and payable to the Administrative Agent and the other Secured Parties on such date, ratably based upon the respective aggregate amounts of all such Obligations owing to the Administrative Agent and the other Secured Parties on such date; and

 Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the
Parent Borrower or as otherwise required by Law. 
 Subject to Section 2.03(c), amounts used to Cash Collateralize the aggregate undrawn
amount of Letters of Credit pursuant to clause Fifth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any 

 
amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the
order set forth above and, if no Obligations remain outstanding, to the Parent Borrower. 
 SECTION 8.04. Right to Cure.

 (a) Notwithstanding anything to the contrary contained in Section 7.14, in the event that the Borrowers fail to comply
with the Financial Covenant as of the end of any relevant Test Period, until the date that is 10 days after the date the financial statements with respect to such Test Period are required to be delivered pursuant to Section 6.01, Parent shall
have the right to make an equity investment in the Parent Borrower (other than in the form of Disqualified Equity Interests) in cash or otherwise make cash common equity contributions to the Parent Borrower (in each case, with the proceeds of any
equity investment made in Parent by the Sponsors) (the “Cure Right”), and upon receipt by the Parent Borrower of such cash contributions (the “Cure Amount”), the Borrowers’ compliance with the Financial
Covenant shall be recalculated giving effect to the following pro forma adjustments: 
 (i) Consolidated EBITDA
shall be increased, solely for the purposes of determining compliance with the Financial Covenant, including determining compliance with the Financial Covenant as of the end of such Test Period and applicable subsequent periods that include such
fiscal quarter for which the Cure Right is exercised by an amount equal to the Cure Amount; and 
 (ii) if, after
giving effect to the foregoing calculations (but not, for the avoidance of doubt, giving pro forma effect to any repayment of Indebtedness in connection therewith), the Borrowers shall satisfy the Financial Covenant, then the Financial
Covenant shall be deemed satisfied as of the end of the relevant Test Period with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach or default of the Financial Covenant that had occurred
shall be deemed cured for the purposes of this Agreement. 
 (b) Notwithstanding anything herein to the contrary, (i) in
each four-fiscal-quarter period there shall be at least one fiscal quarter in which the Cure Right is not exercised, (ii) the Cure Amount shall be no greater than the amount required for purposes of complying with the Financial Covenant, and
(iii) the Cure Amount shall be disregarded for purposes of determining compliance with any other provision of this Agreement. 
 ARTICLE IX 
 Administrative Agent and Other Agents 

SECTION 9.01. Appointment and Authorization of the Administrative Agent. 

(a) Each Lender hereby irrevocably appoints, designates and authorizes the Administrative Agent to take such action on its behalf under
the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to it by the terms of this Agreement or any other Loan Document, together with such powers as are reasonably
incidental thereto. Notwithstanding any provision to the contrary contained elsewhere herein or in any other Loan Document, the Administrative Agent shall have no duties or responsibilities, except those expressly set forth herein, nor shall the
Administrative Agent have or be deemed to have any fiduciary relationship with any Lender or participant, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan
Document or otherwise exist against the Administrative Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” herein and in the other Loan Documents with reference to any Agent is not intended to
connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative
relationship between independent contracting parties. The provisions of this Article (other than Sections 9.10 and 9.12) are solely for the benefit of the Administrative Agent and the Lenders, and neither any Borrower nor any other Loan Party shall
have rights as a third party beneficiary of any of such provisions. 

 (b) Each L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit
issued by it and the documents associated therewith, and each such L/C Issuer shall have all of the benefits and immunities (i) provided to the Administrative Agent in this Article IX with respect to any acts taken or omissions suffered by
such L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and the applications and agreements for letters of credit pertaining to such Letters of Credit as fully as if the term “Administrative Agent”
as used in this Article IX and in the definition of “Agent-Related Person” included such L/C Issuer with respect to such acts or omissions, and (ii) as additionally provided herein with respect to such L/C Issuer. 

(c) The Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and each of the Lenders (in its
capacities as a Lender, Swing Line Lender (if applicable), L/C Issuer (if applicable) and a potential Hedge Bank and/or Cash Management Bank) hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of (and to hold any
security interest created by the Collateral Documents for and on behalf of or on trust for) such Lender and its Affiliates for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure
any of the Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Administrative Agent, as “collateral agent” (and any co-agents, sub-agents and attorneys-in-fact appointed by
the Administrative Agent pursuant to Section 9.02 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any rights and remedies thereunder at the
direction of the Administrative Agent), shall be entitled to the benefits of all provisions of this Article IX (including Section 9.07, as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under
the Loan Documents) as if set forth in full herein with respect thereto. Without limiting the generality of the foregoing, the Lenders hereby expressly authorize the Administrative Agent to execute any and all documents (including releases) with
respect to the Collateral and the rights of the Secured Parties with respect thereto (including the Intercreditor Agreement), as contemplated by and in accordance with the provisions of this Agreement and the Collateral Documents and acknowledge and
agree that any such action by any Agent shall bind the Lenders. 
 SECTION 9.02. Delegation of Duties. The Administrative
Agent may execute any of its duties under this Agreement or any other Loan Document (including for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents or of exercising any
rights and remedies thereunder) by or through agents, sub-agents, employees or attorneys-in-fact as shall be deemed necessary by the Administrative Agent (other than, without the consent of the Parent Borrower in its sole discretion, to a
Disqualified Institution) and shall be entitled to advice of counsel and other consultants or experts concerning all matters pertaining to such duties. Each such sub-agent and the Affiliates of the Administrative Agent and each such sub-agent shall
be entitled to the benefits of all provisions of this Article IX and Sections 10.04 and 10.05 (as though such sub-agents were the “Administrative Agent” under the Loan Documents) as if set forth in full herein with respect thereto.
The Administrative Agent shall not be responsible for the negligence or misconduct of any agent or sub-agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct (as determined in the final judgment of a court
of competent jurisdiction). 
 SECTION 9.03. Liability of Agents. No Agent-Related Person shall (a) be liable for
any action taken or omitted to be taken by any of them under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct, as determined by the
final judgment of a court of competent jurisdiction, in connection with its duties expressly set forth herein), or (b) be responsible in any manner to any Lender or participant for any recital, statement, representation or warranty made by any
Loan Party or any officer thereof, contained herein or in any other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received by any Agent under or in connection with, this Agreement or any
other Loan Document, or the execution, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document, or the perfection or priority of any Lien or security interest created or purported to be
created under the Collateral Documents, or for any failure of any Loan Party or any other party to any Loan Document to perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any Lender or
participant to ascertain or to inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the
validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or the 

 
perfection or priority of any Lien or security interest created or purported to be created by the Collateral Documents, (v) the satisfaction of any condition set forth in Article IV or
elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent, or (vi) or to inspect the properties, books or records of any Loan Party or any Affiliate thereof. No Agent-Related Person
shall have any duties or obligations to any Lender or participant except those expressly set forth herein and in the other Loan Documents, and without limiting the generality of the foregoing, the Agent-Related Persons: 

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is
continuing; 
 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers,
except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that such Person is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall
be expressly provided for herein or in the other Loan Documents), provided that such Person shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose it to liability or that is contrary to any
Loan Document or applicable law; and 
 (c) shall not be required to carry out any “know your customer”
or other checks in relation to any person on behalf of any Lender and each Lender confirms to the Administrative Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in
relation to such checks made by the Administrative Agent or any of its Affiliates. 
 No Agent-Related Person shall be liable
(i) to any participant or Secured Party or their Affiliates 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, or such
Person shall believe in good faith shall be necessary under the circumstances) or (ii) in the absence of its own gross negligence or willful misconduct, as determined by a final judgment of a court of competent jurisdiction. 

SECTION 9.04. Reliance by the Administrative Agent. 
 (a) The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, communication, signature, resolution, representation, notice, consent, certificate,
affidavit, letter, telegram, facsimile, telex or telephone message, electronic mail message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons,
and upon advice and statements of legal counsel (including counsel to any Loan Party), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing to take
any action under any Loan Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Lenders against any and all
liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other
Loan Document in accordance with a request or consent of the Required Lenders (or such greater number of Lenders as may be expressly required hereby in any instance) and such request and any action taken or failure to act pursuant thereto shall be
binding upon all the Lenders; provided that the Administrative Agent shall not be required to take any action that, in its opinion or in the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any
Loan Document or applicable Law. 
 (b) For purposes of determining compliance with the conditions specified in
Section 4.02, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or
satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed A&R Closing Date specifying its objection thereto. 

SECTION 9.05. Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any
Default, except with respect to defaults in the payment of principal, interest and fees required to be paid to the Administrative Agent for the account of the Lenders, unless the Administrative Agent shall have received written notice from a Lender
or any Borrower referring to this Agreement, describing 

 
such Default and stating that such notice is a “notice of default.” The Administrative Agent will notify the Lenders of its receipt of any such notice. The Administrative Agent shall
take such action with respect to any Event of Default as may be directed by the Required Lenders in accordance with Article VIII; provided that unless and until the Administrative Agent has received any such direction, the Administrative
Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default as it shall deem advisable or in the best interest of the Lenders. 

SECTION 9.06. Credit Decision; Disclosure of Information by Agents. Each Lender acknowledges that no Agent-Related Person has made
any representation or warranty to it, and that no act by any Agent hereafter taken, including any consent to and acceptance of any assignment or review of the affairs of any Loan Party or any Affiliate thereof, shall be deemed to constitute any
representation or warranty by any Agent-Related Person to any Lender as to any matter, including whether Agent-Related Persons have disclosed material information in their possession. Each Lender represents to each Agent that it has, independently
and without reliance upon any Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other
condition and creditworthiness of the Loan Parties and their respective Subsidiaries, and all applicable bank or other regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to
extend credit to the Borrowers and the other Loan Parties hereunder. Each Lender also represents that it will, independently and without reliance upon any Agent-Related Person and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigations as it deems necessary to inform itself as to the
business, prospects, operations, property, financial and other condition and creditworthiness of the Borrowers and the other Loan Parties. Except for notices, reports and other documents expressly required to be furnished to the Lenders by any Agent
herein, such Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of any of the Loan
Parties or any of their respective Affiliates which may come into the possession of any Agent-Related Person. 
 SECTION 9.07.
Indemnification of Agents. Whether or not the transactions contemplated hereby are consummated, the Lenders shall indemnify upon demand the Administrative Agent and each other Agent-Related Person (to the extent not reimbursed by or on behalf
of any Loan Party and without limiting the obligation of any Loan Party to do so), pro rata, and hold harmless the Administrative Agent and each other Agent-Related Person from and against any and all Indemnified Liabilities incurred by it;
provided that no Lender shall be liable for the payment to any Agent-Related Person of any portion of such Indemnified Liabilities resulting from such Agent-Related Person’s own gross negligence or willful misconduct, as determined by
the final non-appealable judgment of a court of competent jurisdiction; provided that no action taken in accordance with the directions of the Required Lenders (or such other number or percentage of the Lenders as shall be required by the
Loan Documents) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section 9.07. In the case of any investigation, litigation or proceeding giving rise to any Indemnified Liabilities, this
Section 9.07 applies whether any such investigation, litigation or proceeding is brought by any Lender or any other Person. Without limitation of the foregoing, each Lender shall reimburse the Administrative Agent upon demand for its ratable
share of any costs or out-of-pocket expenses (including Attorney Costs) incurred by the Administrative Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through
negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that the Administrative
Agent is not reimbursed for such expenses by or on behalf of the Borrowers, provided that such reimbursement by the Lenders shall not affect the Borrowers’ continuing reimbursement obligations with respect thereto. The undertaking in
this Section 9.07 shall survive termination of the Aggregate Commitments, the payment of all other Obligations and the resignation of the Administrative Agent. 
 SECTION 9.08. Withholding Tax. To the extent required by any applicable law, the Agents may withhold from any payment to any Lender an amount equivalent to any applicable withholding tax. If the
Internal Revenue Service or any other authority of the United States or other jurisdiction asserts a claim that an Agent did not properly withhold tax from amounts paid to or for the account of any Lender for any reason (including, without
limitation, because the appropriate form was not delivered or not property executed, or because such Lender failed to notify the Agent of a change in circumstance that rendered the exemption from, or reduction of withholding 

 
tax ineffective), such Lender shall indemnify and hold harmless the Agent (to the extent that the Agent has not already been reimbursed by the Borrowers and without limiting or expanding the
obligation of the Borrowers to do so) for all amounts paid, directly or indirectly, by the Agent as taxes or otherwise, including any interest, additions to tax or penalties thereto, together with all expenses incurred, including legal expenses and
any other out-of-pocket expenses, whether or not such taxes were correctly or legally imposed or asserted by the relevant Government 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. 
 SECTION 9.09. Agents in Their Individual Capacities. 

(a) Each Person serving as an Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and
may exercise the same as though it were not an Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as an Agent hereunder in its
individual capacity. Each Agent and its Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, acquire Equity Interests in and generally engage in any kind of banking, trust, financial advisory, underwriting
or other business with each of the Loan Parties and their respective Affiliates as though such Agent were not an Agent or an L/C Issuer hereunder and without notice to or consent of the Lenders. The Lenders acknowledge that, pursuant to such
activities, any Agent or its Affiliates may receive information regarding any Loan Party or any of its Affiliates (including information that may be subject to confidentiality obligations in favor of such Loan Party or such Affiliate) and
acknowledge that no Agent shall be under any obligation to provide such information to them. With respect to its Loans, each Agent shall have the same rights and powers under this Agreement as any other Lender and may exercise such rights and powers
as though it were not an Agent or an L/C Issuer, and the terms “Lender” and “Lenders” include each Agent in its individual capacity. 
 (b) Each Lender understands that the Person serving as Administrative Agent, acting in its individual capacity, and its Affiliates (collectively, the “Agent’s Group”) are engaged in
a wide range of financial services and businesses (including investment management, financing, securities trading, corporate and investment banking and research) (such services and businesses are collectively referred to in this Section 9.09 as
“Activities”) and may engage in the Activities with or on behalf of one or more of the Loan Parties or their respective Affiliates. Furthermore, the Agent’s Group may, in undertaking the Activities, engage in trading in
financial products or undertake other investment businesses for its own account or on behalf of others (including the Loan Parties and their Affiliates and including holding, for its own account or on behalf of others, equity, debt and similar
positions in the Parent Borrower, another Loan Party or their respective Affiliates), including trading in or holding long, short or derivative positions in securities, loans or other financial products of one or more of the Loan Parties or their
Affiliates. Each Lender understands and agrees that in engaging in the Activities, the Agent’s Group may receive or otherwise obtain information concerning the Loan Parties or their Affiliates (including information concerning the ability of
the Loan Parties to perform their respective Obligations hereunder and under the other Loan Documents) which information may not be available to any of the Lenders that are not members of the Agent’s Group. None of the Administrative Agent nor
any member of the Agent’s Group shall have any duty to disclose to any Lender or use on behalf of the Lenders, and shall not be liable for the failure to so disclose or use, any information whatsoever about or derived from the Activities or
otherwise (including any information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of any Loan Party or any Affiliate of any Loan Party) or to account for any revenue or profits obtained
in connection with the Activities, except that the Administrative Agent shall deliver or otherwise make available to each Lender such documents as are expressly required by any Loan Document to be transmitted by the Administrative Agent to the
Lenders. 
 (c) Each Lender further understands that there may be situations where members of the Agent’s Group or their
respective customers (including the Loan Parties and their Affiliates) either now have or may in the future have interests or take actions that may conflict with the interests of any one or more of the Lenders (including the interests of the Lenders
hereunder and under the other Loan Documents). Each Lender agrees that no member of the Agent’s Group is or shall be required to restrict its activities as a result of the Person serving as Administrative Agent being a member of the
Agent’s Group, and that each member of the Agent’s Group may undertake any Activities without further consultation with or notification to any Lender. None of (i) this Agreement nor any other Loan Document, (ii) the receipt by
the Agent’s Group of information (including Information) concerning the Loan Parties or their Affiliates (including information concerning the ability of the Loan Parties to perform their

 
respective Obligations hereunder and under the other Loan Documents) nor (iii) any other matter shall give rise to any fiduciary, equitable or contractual duties (including without
limitation any duty of trust or confidence) owing by the Administrative Agent or any member of the Agent’s Group to any Lender including any such duty that would prevent or restrict the Agent’s Group from acting on behalf of customers
(including the Loan Parties or their Affiliates) or for its own account. 
 SECTION 9.10. Successor Administrative Agent.
The Administrative Agent may resign as the Administrative Agent upon thirty (30) days’ prior notice to the Lenders and the Parent Borrower. If the Administrative Agent resigns under this Agreement, the Required Lenders shall appoint from
among the Lenders a successor agent for the Lenders, which successor agent shall be consented to by the Parent Borrower at all times other than during the existence of an Event of Default under Section 8.01(f) (which consent of the Parent
Borrower shall not be unreasonably withheld or delayed). If no successor agent is appointed prior to the effective date of the resignation of the Administrative Agent, the Administrative Agent may appoint, after consulting with the Lenders and the
Parent Borrower, a successor agent from among the Lenders. Upon the acceptance of its appointment as successor agent hereunder, the Person acting as such successor agent shall succeed to all the rights, powers and duties of the retiring
Administrative Agent, and the term “Administrative Agent” shall mean such successor administrative agent and/or supplemental administrative agent, as the case may be, and the retiring Administrative Agent’s appointment, powers and
duties as the Administrative Agent shall be terminated. After the retiring Administrative Agent’s resignation hereunder as the Administrative Agent, the provisions of this Article IX and Sections 10.04 and 10.05 shall inure to its
benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent under this Agreement. If no successor agent has accepted appointment as the Administrative Agent by the date which is thirty (30) days following
the retiring Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective and the Lenders shall perform all of the duties of the Administrative Agent hereunder
until such time, if any, as the Required Lenders appoint a successor agent as provided for above. Upon the acceptance of any appointment as the Administrative Agent hereunder by a successor and upon the execution and filing or recording of such
financing statements, or amendments thereto, and such amendments or supplements to the Mortgages, and such other instruments or notices, as may be necessary or desirable, or as the Required Lenders may request, in order to (a) continue the
perfection of the Liens granted or purported to be granted by the Collateral Documents or (b) otherwise ensure that the Collateral and Guarantee Requirement is satisfied, the Administrative Agent shall thereupon succeed to and become vested
with all the rights, powers, discretion, privileges, and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations under the Loan Documents (if not already discharged
therefrom as provided above in this Section 9.10). After the retiring Administrative Agent’s resignation hereunder as the Administrative Agent, the provisions of this Article IX and Sections 10.04 and 10.05 shall continue in effect
for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Administrative Agent. 

Any resignation by the Administrative Agent as Administrative Agent pursuant to this Section shall also constitute its resignation as an
L/C Issuer and Swing Line Lender. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the
retiring L/C Issuer and Swing Line Lender, (ii) the retiring L/C Issuer and Swing Line Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (iii) the successor L/C
Issuer shall issue letters of credit in substitution for the Letters of Credit issued by the Administrative Agent, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring L/C Issuer effectively to
assume the obligations of the retiring L/C Issuer with respect to such Letters of Credit. 
 SECTION 9.11. Administrative
Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, the Administrative
Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on any
Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise: 
 (a) to file and
prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order
to have the claims of the Lenders and 

 
the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and
counsel and all other amounts due the Lenders and the Administrative Agent under Sections 2.03(i) and (j), 2.09 and 10.04) allowed in such judicial proceeding; and 

(b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the
same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is
hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount
due for the reasonable compensation, expenses, disbursements and advances of the Agents and their respective agents and counsel, and any other amounts due the Administrative Agent under Sections 2.09 and 10.04. 

Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of
any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

 SECTION 9.12. Collateral and Guaranty Matters. The Lenders irrevocably agree: 

(a) that any Lien on any property granted to or held by the Administrative Agent under any Loan Document shall be
automatically released (i) upon termination of the Aggregate Commitments and payment in full of all Obligations (other than (x) obligations under Secured Hedge Agreements not yet due and payable, (y) Cash Management Obligations not
yet due and payable and (z) contingent indemnification obligations not yet accrued and payable) and the expiration or termination of all Letters of Credit (other than Letters of Credit in which the Outstanding Amount of the L/C Obligations
related thereto have been Cash Collateralized or, if satisfactory to the relevant L/C Issuer in its sole discretion, for which a backstop letter of credit is in place), (ii) at the time the property subject to such Lien is transferred or to be
transferred as part of or in connection with any transfer permitted hereunder or under any other Loan Document to any Person other than a Loan Party (it being understood that in the event that property that constitutes Collateral is transferred to
any Loan Party, such property shall continue to constitute Collateral under the Loan Documents), (iii) subject to Section 10.01, if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders, or
(iv) if the property subject to such Lien is owned by a Subsidiary Guarantor, upon release of such Subsidiary Guarantor from its obligations under its Guaranty pursuant to clause (c) below; 

(b) to release or 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 7.01(i); and 
 (c) that
any Subsidiary Guarantor shall be automatically released from its obligations under the Guaranty if such Person ceases to be a Restricted Subsidiary as a result of a transaction or designation permitted hereunder; provided that no such
release shall occur if such Guarantor continues to be a guarantor in respect of the New Senior Notes, or any Junior Financing. 

Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s
authority to release or subordinate its interest in particular types or items of property, or to release any Subsidiary Guarantor from its obligations under the Guaranty pursuant to this Section 9.12. In each case as specified in this
Section 9.12, the Administrative Agent will promptly (and each Lender irrevocably authorizes the Administrative Agent to), at the Parent Borrower’s expense, execute and deliver to the applicable Loan Party such documents as such Loan Party
may reasonably request to evidence the release or subordination of such item of Collateral from the assignment and security interest granted under the Collateral Documents, or to evidence the release of such Guarantor from its obligations under the
Guaranty, in each case in accordance with the terms of the Loan Documents and this Section 9.12. 

 SECTION 9.13. Other Agents; Arrangers and Managers. Except as expressly provided
herein, none of the Lenders or other Persons identified on the facing page or signature pages of this Agreement as a “syndication agent,” “documentation agent,” “joint bookrunner” or “joint lead arranger”
shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such. Without limiting the foregoing, none of the Lenders or other Persons so identified shall have or be
deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other Persons so identified in deciding to enter into this Agreement or in taking or not taking
action hereunder. 
 SECTION 9.14. Appointment of Supplemental Administrative Agents. 

(a) It is the purpose of this Agreement and the other Loan Documents that there shall be no violation of any Law of any jurisdiction
denying or restricting the right of banking corporations or associations to transact business as agent or trustee in such jurisdiction. It is recognized that in case of litigation under this Agreement or any of the other Loan Documents, and in
particular in case of the enforcement of any of the Loan Documents, or in case the Administrative Agent deems that by reason of any present or future Law of any jurisdiction it may not exercise any of the rights, powers or remedies granted herein or
in any of the other Loan Documents or take any other action which may be desirable or necessary in connection therewith, the Administrative Agent is hereby authorized to appoint an additional individual or institution selected by the Administrative
Agent in its sole discretion as a separate trustee, co-trustee, administrative agent, collateral agent, administrative sub-agent or administrative co-agent (any such additional individual or institution being referred to herein individually as a
“Supplemental Administrative Agent” and collectively as “Supplemental Administrative Agents”). 
 (b) In the event that the Administrative Agent appoints a Supplemental Administrative Agent with respect to any Collateral, (i) each and every right, power, privilege or duty expressed or intended by
this Agreement or any of the other Loan Documents to be exercised by or vested in or conveyed to the Administrative Agent with respect to such Collateral shall be exercisable by and vest in such Supplemental Administrative Agent to the extent, and
only to the extent, necessary to enable such Supplemental Administrative Agent to exercise such rights, powers and privileges with respect to such Collateral and to perform such duties with respect to such Collateral, and every covenant and
obligation contained in the Loan Documents and necessary to the exercise or performance thereof by such Supplemental Administrative Agent shall run to and be enforceable by either the Administrative Agent or such Supplemental Administrative Agent,
and (ii) the provisions of this Article IX and of Sections 10.04 and 10.05 that refer to the Administrative Agent shall inure to the benefit of such Supplemental Administrative Agent and all references therein to the Administrative
Agent shall be deemed to be references to the Administrative Agent and/or such Supplemental Administrative Agent, as the context may require. 
 (c) Should any instrument in writing from any Loan Party be required by any Supplemental Administrative Agent so appointed by the Administrative Agent for more fully and certainly vesting in and
confirming to him or it such rights, powers, privileges and duties, the Parent Borrower or Holdings, as applicable, shall, or shall cause such Loan Party to, execute, acknowledge and deliver any and all such instruments promptly upon request by the
Administrative Agent. In case any Supplemental Administrative Agent, or a successor thereto, shall die, become incapable of acting, resign or be removed, all the rights, powers, privileges and duties of such Supplemental Administrative Agent, to the
extent permitted by Law, shall vest in and be exercised by the Administrative Agent until the appointment of a new Supplemental Administrative Agent. 
 SECTION 9.15. Intercreditor Agreement. The Administrative Agent is authorized to enter into the Intercreditor Agreement, and the parties hereto acknowledge that the Intercreditor Agreement is
binding upon them. Each Lender (a) hereby agrees that it will be bound by and will take no actions contrary to the provisions of the Intercreditor Agreement and (b) hereby authorizes and instructs the Administrative Agent to enter into the
Intercreditor Agreement and to subject the Liens on the Receivables Collateral securing the Obligations to the provisions thereof. The foregoing provisions are intended as an inducement to the CF Secured Parties (as such term is defined in the
Intercreditor Agreement) to extend credit to the borrowers under the CF Credit Agreement and such CF Secured Parties are intended third-party beneficiaries of such provisions and the provisions of the Intercreditor Agreement. 

 ARTICLE X 
 Miscellaneous 
 SECTION 10.01. Amendments, Etc. Except as
otherwise set forth in this Agreement, no amendment or waiver of any provision of this Agreement or any other Loan Document (other than the Intercreditor Agreement), and no consent to any departure by any Borrower or any other Loan Party therefrom,
shall be effective unless in writing signed by the Required Lenders and the Parent Borrower or the applicable Loan Party, as the case may be, and each such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given; provided that, no such amendment, waiver or consent shall: 
 (a) extend or
increase the Commitment of any Lender without the written consent of such Lender (it being understood that none of (i) a waiver of any condition precedent set forth in Section 4.03, (ii) the waiver of any Default, mandatory prepayment
or mandatory reduction of the Commitments, or (iii) the making of any Protective Advance shall constitute an extension or increase of any Commitment of any Lender); 

(b) postpone any date scheduled for, or reduce the amount of, any payment of principal or interest under Section 2.07
or 2.08 or fee under Section 2.03 or 2.09(a) without the written consent of each Lender directly affected thereby; 
 (c) reduce the principal of, or the rate of interest or premium specified herein on, any Loan or L/C Borrowing, or (subject to clause (iii) of the second proviso to this Section 10.01) any fees
or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby, it being understood that any change to the definition of Total Leverage Ratio or Secured Leverage Ratio or in
the component definitions thereof shall not constitute a reduction in the rate of interest; provided that, only the consent of the Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any
obligation of any Borrower to pay interest at the Default Rate; 
 (d) change any provision of this
Section 10.01, the definition of “Required Lenders” or “Pro Rata Share,” 2.06(c) relating to pro rata sharing, 2.13 or 8.03 without the written consent of each Lender affected thereby; 

(e) release all or substantially all of the Collateral in any transaction or series of related transactions, without the
written consent of each Lender; 
 (f) other than in a transaction permitted under Section 7.04, release all
or substantially all of the aggregate value of the Obligations of the Subsidiary Borrowers and the Guaranty, without the written consent of each Lender; 
 (g) change the currency in which any Loan is denominated or interest or fees thereon is paid without the written consent of the Lender holding such Loans; 

(h) amend the definition of “Interest Period” to allow intervals in excess of six months or shorter than one
month without the agreement of each affected Lender without the written consent of each Lender affected thereby; or 
 (i) increase the advance rate provided for in the definition of the term “Borrowing Base” above 90% without the written consent of each Lender or (b) make any other increase in the advance
rate provided for in the definition of the term “Borrowing Base” or make any change to the definition (or any other defined term set forth therein) of the term “Borrowing Base” if as a result thereof the amounts available to be
borrowed by the Borrowers would be increased, without the written consent of the Supermajority Lenders, provided that the foregoing clauses (a) and (b) shall not limit the discretion of the Administrative Agent to change, establish
or eliminate any Reserves without the consent of the Supermajority Lenders; or; 

 and provided further that (i) no amendment, waiver or consent shall, unless in writing and
signed by each L/C Issuer in addition to the Lenders required above, affect the rights or duties of a L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii) no amendment,
waiver or consent shall, unless in writing and signed by the Swing Line Lender in addition to the Lenders required above, affect the rights or duties of the Swing Line Lender under this Agreement; (iii) no amendment, waiver or consent shall,
unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of, or any fees or other amounts payable to, the Administrative Agent under this Agreement or any other Loan Document;
and (iv) Section 10.07(h) may not be amended, waived or otherwise modified without the consent of each Granting Lender all or any part of whose Loans are being funded by an SPC at the time of such amendment, waiver or other modification.
Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be increased or extended without the
consent of such Lender (it being understood that any Commitments or Loans held or deemed held by any Defaulting Lender shall be excluded for a vote of the Lenders hereunder requiring any consent of the Lenders). 

No amendment or waiver of any provision of the Intercreditor Agreement shall be effective unless consented to in writing by the Required
Lenders, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 
 Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Parent Borrower (a) to add
one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and
the other Loan Documents and the Revolving Credit Loans and the accrued interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders. 

The Parent Borrower will not directly or indirectly, pay or cause to be paid any consideration, to or for the benefit of any Lender for
or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Agreement or any other Loan Document unless such consideration is offered to be paid to all Lenders and is paid to all Lenders that consent, waive or
agree to amend in the time frame set forth in the documents relating to such consent, waiver or agreement. 
 SECTION 10.02.
Notices and Other Communications; Facsimile Copies. 
 (a) General. Unless otherwise expressly provided herein,
all notices and other communications provided for hereunder or under any other Loan Document shall be in writing (including by facsimile or electronic transmission). All such written notices shall be mailed, faxed or delivered to the applicable
address, facsimile number or electronic mail address, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 

(i) if to any Borrower, any other Loan Party, the Administrative Agent, an L/C Issuer or the Swing Line Lender, to the
address, facsimile number, electronic mail address or telephone number specified for such Person on Schedule 10.02 or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in
a notice to the other parties; and 
 (ii) if to any other Lender, to the address, facsimile number, electronic
mail address or telephone number specified in its Administrative Questionnaire or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the Parent Borrower, the
Administrative Agent, the L/C Issuers and the Swing Line Lender. 
 All such notices and other communications shall be deemed to be given or
made upon the earlier to occur of (i) actual receipt by the relevant party hereto and (ii) (A) if delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail, four
(4) Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when sent and receipt has been confirmed by telephone; (D) if delivered by electronic mail (which form of delivery is subject to the
provisions of Section 10.02(c)), when delivered and (E) if 

 
delivered by posting to a Platform, an Internet website or a similar telecommunication device requiring that a user have prior access to such Platform, website or other device (to the extent
permitted by Section 10.02(d) to be delivered thereunder), when such notice, demand, request, consent and other communication shall have been made generally available on such Platform, Internet website or similar device to the class of Person
being notified (regardless of whether any such Person must accomplish, and whether or not any such Person shall have accomplished, any action prior to obtaining access to such items, including registration, disclosure of contact information,
compliance with a standard user agreement or undertaking a duty of confidentiality) and such Person has been notified in respect of such posting that a communication has been posted to the Platform; provided that notices and other
communications to the Administrative Agent, the L/C Issuers and the Swing Line Lender pursuant to Article II or Article IX shall not be effective until actually received by such Person. In no event shall a voice mail message be effective
as a notice, communication or confirmation hereunder. 
 (b) Effectiveness of Facsimile Documents and Signatures. Loan
Documents may be transmitted and/or signed by facsimile or other electronic communication (i.e., TIF or PDF or other similar communication). The effectiveness of any such documents and signatures shall, subject to applicable Law, have the same force
and effect as manually signed originals and shall be binding on all Loan Parties, the Agents and the Lenders. 
 (c) Reliance
by Agents and Lenders. The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices (including telephonic Committed Loan Notices and Swing Line Loan Notices) purportedly given by or on behalf of any Borrower even
if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any
confirmation thereof. Each Borrower, jointly and severally, shall indemnify each Agent-Related Person and each Lender from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or
on behalf of such Borrower in the absence of gross negligence or willful misconduct of such Person, as determined by a final judgment of a court of competent jurisdiction. All telephonic notices to the Administrative Agent may be recorded by the
Administrative Agent, and each of the parties hereto hereby consents to such recording. 
 (d) Notwithstanding clause (a)
(unless the Administrative Agent requests that the provisions of clause (a) be followed) and any other provision in this Agreement or any other Loan Document providing for the delivery of any Approved Electronic Communication by any other
means, the Loan Parties shall deliver all Approved Electronic Communications to the Administrative Agent by properly transmitting such Approved Electronic Communications in an electronic/soft medium in a format acceptable to the Administrative Agent
to oploanswebadmin@citigroup.com or such other electronic mail address (or similar means of electronic delivery) as the Administrative Agent may notify to the Parent Borrower. Nothing in this clause (d) shall prejudice the right of the
Administrative Agent or any Lender to deliver any Approved Electronic Communication to any Loan Party in any manner authorized in this Agreement or to request that the Parent Borrower effect delivery in such manner. 

SECTION 10.03. No Waiver; Cumulative Remedies. No failure by any Lender or the Administrative Agent to exercise, and no delay by
any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude
any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any
rights, remedies, powers and privileges provided by Law. 
 SECTION 10.04. Attorney Costs and Expenses. (a) The
Parent Borrower agrees to pay or reimburse the Administrative Agent, the Syndication Agents the Documentation Agent and the Arrangers for all reasonable and documented out-of-pocket costs and expenses incurred in connection with the preparation,
negotiation, syndication and execution of the Existing Credit Agreement, this Agreement and the other Loan Documents and any amendment, waiver, consent or other modification of the provisions hereof and thereof (whether or not the transactions
contemplated thereby are consummated), and the consummation and administration of the transactions contemplated hereby and thereby, including all Attorney Costs of Cahill Gordon & Reindel LLP and one local and foreign counsel
in each relevant jurisdiction, and (b) each Borrower agrees, jointly and severally, to pay or reimburse the Agents and the Lenders for all reasonable and documented out-of-pocket costs and expenses incurred in connection with the enforcement of
any rights or remedies under the Existing Credit Agreement, this Agreement or 

 
the other Loan Documents (including all such costs and expenses incurred during any legal proceeding, including any proceeding under any Debtor Relief Law, and including Attorney Costs but
limited to those of one counsel to the Agents and the Lenders (and one local counsel in each applicable jurisdiction and, in the event of any actual conflict of interest, one additional counsel to the affected parties). The agreements in this
Section 10.04 shall survive the termination of the Aggregate Commitments and repayment of all other Obligations. All amounts due under this Section 10.04 shall be paid promptly following receipt by the Parent Borrower of an invoice
relating thereto setting forth such expenses in reasonable detail. If any Loan Party fails to pay when due any costs, expenses or other amounts payable by it hereunder or under any Loan Document, such amount may be paid on behalf of such Loan Party
by the Administrative Agent in its sole discretion. 
 SECTION 10.05. Indemnification by the Borrowers. Each Borrower
shall, jointly and severally, indemnify and hold harmless the Administrative Agent, each Lender, the Arrangers and their respective Affiliates, directors, officers, employees, agents, trustees or advisors (collectively the
“Indemnitees”) from and against any and all liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including Attorney Costs, which shall be limited to
Attorney Costs of one counsel to the Administrative Agent and Arrangers and one counsel to the other Lenders (and one local counsel in each applicable jurisdiction for each such group and, in the event of any actual conflict of interest, one
additional counsel to the affected parties)) of any kind or nature whatsoever which may at any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating to or arising out of or in connection with (a) the
execution, delivery, enforcement, performance or administration of the Existing Credit Agreement, this Agreement and any Loan Document or any other agreement, letter or instrument delivered in connection with the transactions contemplated thereby or
the consummation of the transactions contemplated thereby, (b) any Commitment, Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by an L/C Issuer 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), or (c) any actual or alleged presence or Release or threat of Release of Hazardous Materials on, at, under or from
any property or facility currently or formerly owned or operated by any Borrower, any Subsidiary or any other Loan Party, or any Environmental Liability arising out of the activities or operations of any Borrower, any Subsidiary or any other Loan
Party, or (d) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation for, or defense of any
pending or threatened claim, investigation, litigation or proceeding) and regardless of whether any Indemnitee is a party thereto (all the foregoing, collectively, the “Indemnified Liabilities”); provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements resulted from (x) the gross negligence, bad
faith or willful misconduct, as determined by the final, non-appealable judgment of a court of competent jurisdiction, of such Indemnitee or of any affiliate, director, officer, member, employee, agent, trustee or advisor of such Indemnitee or
(y) a breach of any obligations under any Loan Document by such Indemnitee or of any affiliate, director, officer, employee, agent, trustee or advisor of such Indemnitee as determined by the final, non-appealable judgment of a court of
competent jurisdiction. To the extent that the undertakings to indemnify and hold harmless set forth in this Section 10.05 may be unenforceable in whole or in part because they are violative of any applicable law or public policy, the Borrowers
shall contribute the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by the Indemnitees or any of them. No Indemnitee shall be liable for any
damages arising from the use by others of any information or other materials obtained through IntraLinks or other similar information transmission systems in connection with the Existing Credit Agreement, this Agreement, nor shall any Indemnitee or
any Loan Party, except with respect to its obligations under this Section 10.05, have any liability for any special, punitive, indirect or consequential damages relating to the Existing Credit Agreement, this Agreement or any other Loan
Document or arising out of its activities in connection herewith or therewith (whether before or after the Original Closing Date). In the case of an investigation, litigation or other proceeding to which the indemnity in this Section 10.05
applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by any Loan Party, its directors, stockholders or creditors or an Indemnitee or any other Person, whether or not any Indemnitee is
otherwise a party thereto and whether or not any of the transactions contemplated hereunder or under any of the other Loan Documents is consummated. All amounts due under this Section 10.05 shall be paid within 10 Business Days after written
demand therefor. The agreements in this Section 10.05 shall survive the resignation of the Administrative Agent, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the
other Obligations. 

 SECTION 10.06. Payments Set Aside. To the extent that any payment by or on behalf of
the Borrowers is made to any Agent or any Lender, or any Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential,
set aside or required (including pursuant to any settlement entered into by such Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or
otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred,
and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share of any amount so recovered from or repaid by any Agent, plus interest thereon from the date of such demand to the date such payment
is made at a rate per annum equal to the applicable Overnight Rate from time to time in effect. 
 SECTION 10.07. Successors
and Assigns. 
 (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns permitted hereby, except that neither Holdings nor any Borrower may, except as permitted by Section 7.04, assign or otherwise transfer any of its rights or obligations hereunder without the prior
written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee, (ii) by way of participation in accordance with the
provisions of Section 10.07(e), (iii) by way of pledge or assignment of a security interest subject to the restrictions of Sections 10.07(g) and 10.07(i) or (iv) to an SPC in accordance with the provisions of
Section 10.07(h) (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their
respective successors and assigns permitted hereby, Participants to the extent provided in Section 10.07(e) and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of
this Agreement. 
 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more
Persons (“Assignees”), provided, however, that notwithstanding the foregoing, no Lender may assign or transfer any of its rights or obligations hereunder to (i) any Person that is a Defaulting Lender or
(ii) a natural Person, all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this Section 10.07(b), participations in L/C Obligations and
in Swing Line Loans) at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed, it being understood that the Parent Borrower shall have the right to withhold its consent if the Parent Borrower
would be required to obtain the consent of, or make a filing or registration with, a Governmental Agency) of: 

(A) the Parent Borrower, provided that no consent of the Parent Borrower shall be required for (i) an
assignment to a Lender, an Affiliate of a Lender or an Approved Fund or (ii) if an Event of Default under Section 8.01(a) or, solely with respect to any Borrower, Section 8.01(f) has occurred and is continuing, any Assignee;

 (B) the Administrative Agent; 

(C) each Principal L/C Issuer at the time of such assignment, provided that no consent of any Principal L/C Issuer
shall be required for an assignment to an Agent or any Affiliate thereof; and 
 (D) the Swing Line Lender.

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

(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an 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 or such other date on which such Assignment and Assumption is effective) 

 
shall not be less than and shall be an integral multiple of (x) an amount of $5,000,000 unless each of the Parent Borrower and the Administrative Agent otherwise consents, provided
that (1) no such consent of the Parent Borrower shall be required if an Event of Default under Section 8.01(a) or, solely with respect to any Borrower, Section 8.01(f) has occurred and is continuing and (2) such amounts shall be
aggregated in respect of each Lender and its Affiliates or Approved Funds, if any; 
 (B) the parties to each
assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500; provided that the Administrative Agent may, in its sole discretion, elect to waive such
processing and recordation fee in the case of any Assignment; 
 (C) the Assignee, if it shall not be a Lender,
shall deliver to the Administrative Agent an Administrative Questionnaire; and 
 (D) the Assignee shall comply
with Section 3.01(b) and (c) or Section 3.01(d), as applicable. 
 This paragraph (b) shall not prohibit any
Lender from assigning all or a portion of its rights and obligations among separate Facilities on a non-pro rata basis. 
 (c)
Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section 10.07(d), from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this
Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such
Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be
a party hereto but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05, 10.04 and 10.05 with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, and the surrender by
the assigning Lender of its Note, the Borrowers (at their expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this clause
(c) 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 Section 10.07(e). 
 (d) The Administrative Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it
and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and related interest amounts) of the Loans, L/C Obligations (specifying the Unreimbursed Amounts), L/C Borrowings and
amounts due under Section 2.03, 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 Borrowers, the Agents 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 Parent Borrower, any Agent and, with respect to itself, any Lender, at any reasonable time and from time to time upon reasonable prior notice. 
 (e) Any Lender may at any time, without the consent of, or notice to, the Parent Borrower, any Subsidiary Borrower or the Administrative Agent, sell participations to any Person (other than a natural
person) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in
L/C Obligations and/or Swing Line Loans) owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for
the performance of such obligations and (iii) the Borrowers, the Agents 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 the other Loan Documents and to approve any amendment, modification or waiver of
any provision of this Agreement or the other Loan Documents; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver

 
or other modification described in the first proviso to Section 10.01 that directly affects such Participant. Subject to Section 10.07(f), the Borrowers agree that each Participant
shall be entitled to the benefits of Sections 3.01 (subject to the requirements of Section 3.01(b) and (c) or Section 3.01(d), as applicable), 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest
by assignment pursuant to Section 10.07(c). To the extent permitted by applicable Law, each Participant also shall be entitled to the benefits of Section 10.10 as though it were a Lender; provided that such Participant agrees to be
subject to Section 2.13 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each
Participant and the principal amounts (and stated interest) of each participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”). The entries in the Participant Register shall be
conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of the participation in question for all purposes of this Agreement notwithstanding any notice to the contrary.

 (f) A Participant shall not be entitled to receive any greater payment under Section 3.01, 3.04 or 3.05 than the
applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless, in the case of Section 3.01, the sale of the participation to such Participant is made with the Parent Borrower’s
prior written consent (not to be unreasonably withheld or delayed). 
 (g) Any Lender may at any time pledge or assign a
security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided
that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 (h) Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding vehicle identified as such in writing from time to
time by the Granting Lender to the Administrative Agent and the Parent Borrower (an “SPC”) the option to provide all or any part of any Loan that such Granting Lender would otherwise be obligated to make pursuant to this Agreement;
provided that (i) nothing herein shall constitute a commitment by any SPC to fund any Loan, and (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Loan, the Granting Lender shall be
obligated to make such Loan pursuant to the terms hereof. Each party hereto hereby agrees that (i) neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the
obligations of the Borrowers under this Agreement (including their obligations under Section 3.01, 3.04 or 3.05), except, in the case of Section 3.01, the increase or change results from a Change in Law after the SPC becomes a SPC and the
grant was made with the Parent Borrower’s prior written consent (not to be unreasonably withheld or delayed), (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be
liable, and (iii) the Granting Lender shall for all purposes, including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of a Loan by an SPC
hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but without
prior consent of the Parent Borrower and the Administrative Agent and with the payment of a processing fee of $3,500, assign all or any portion of its right to receive payment with respect to any Loan to the Granting Lender and (ii) disclose on
a confidential basis any non-public information relating to its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity enhancement to such SPC. 

(i) Notwithstanding anything to the contrary contained herein, (1) any Lender may in accordance with applicable Law create a
security interest in all or any portion of the Loans owing to it and the Note, if any, held by it and (2) any Lender that is a Fund may create a security interest in all or any portion of the Loans owing to it and the Note, if any, held by it
to the trustee for holders of obligations owed, or securities issued, by such Fund as security for such obligations or securities; provided that unless and until such trustee actually becomes a Lender in compliance with the other provisions
of this Section 10.07, (i) no such pledge shall release the pledging Lender from any of its obligations under the Loan Documents and (ii) such trustee shall not be entitled to exercise any of the rights of a Lender under the Loan
Documents even though such trustee may have acquired ownership rights with respect to the pledged interest through foreclosure or otherwise. 

 (j) Notwithstanding anything to the contrary contained herein, any L/C Issuer or the Swing
Line Lender may, upon thirty (30) days’ prior notice to the Parent Borrower and the Lenders, resign as an L/C Issuer or the Swing Line Lender, respectively; provided that on or prior to the expiration of such 30-day period with
respect to such resignation, the relevant L/C Issuer or the Swing Line Lender shall have identified, in consultation with the Parent Borrower, a successor L/C Issuer or the Swing Line Lender willing to accept its appointment as successor L/C Issuer
or Swing Line Lender, as applicable. In the event of any such resignation of an L/C Issuer or the Swing Line Lender, the Parent Borrower shall be entitled to appoint from among the Lenders willing to accept such appointment a successor L/C Issuer or
Swing Line Lender hereunder; provided that no failure by the Parent Borrower to appoint any such successor shall affect the resignation of the relevant L/C Issuer or the Swing Line Lender, as the case may be. If an L/C Issuer resigns as an
L/C Issuer, it shall retain all the rights and obligations of an L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as an L/C Issuer and all L/C Obligations with respect thereto
(including the right to require the Lenders to make Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)). If the Swing Line Lender resigns as Swing Line Lender, it shall retain all the rights of the Swing Line
Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding
Swing Line Loans pursuant to Section 2.04(c). 
 SECTION 10.08. Confidentiality. Each of the Agents and the Lenders
agrees to maintain the confidentiality of the Information, and to not use or disclose such Information, except that Information may be disclosed (a) to its Affiliates and its and its Affiliates’ respective managers, administrators,
directors, officers, employees, trustees, investment advisors, partners, advisors, agents and other representatives, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made shall
be informed of the confidential nature of such Information and instructed to keep such Information confidential); (b) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process; (c) to any other
party to the Existing Credit Agreement, this Agreement or the Intercreditor Agreement; (d) subject to an agreement to be bound by provisions substantially the same as those of this Section 10.08 (or as may otherwise be reasonably
acceptable to the Parent Borrower), to any pledgee referred to in Section 10.07(g), Eligible Assignee of or Participant in, or any prospective Eligible Assignee or pledgee of or Participant in, any of its rights or obligations under this
Agreement or to any actual or prospective party (or its managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and other representatives) to any swap or derivative or similar transaction under which payments
are to be made by reference to the Borrowers and their obligations, this Agreement or payments hereunder, any rating agency, or the CUSIP Service Bureau or any similar organization; (e) with the written consent of the Parent Borrower;
(f) to the extent such Information becomes publicly available other than as a result of a breach of this Section 10.08 or becomes available to the Administrative Agent, any Lender, the Issuing Bank or any of their respective affiliates on
a nonconfidential basis from a source other than a Loan Party who is not known to such Person to be in breach of any obligation of confidentiality; (g) to any Governmental Authority, examiner, self-regulatory authority or other regulatory
authority (including the National Association of Insurance Commissioners or any other similar organization) regulating or purporting to regulate any Lender; or (h) in connection with the administration of this Agreement or any other Loan
Documents or the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder. In addition, the Agents and
the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry, and service providers to the Agents and the Lenders in connection with the
administration and management of this Agreement, the other Loan Documents, the Commitments, and the Credit Extensions. For the purposes of this Section 10.08, “Information” means all information received from or on behalf of
any Loan Party or its Subsidiaries or any Loan Party’s or its Subsidiaries’ directors, officers, employees, trustees, investment advisors or agents, including accountants, legal counsel and other advisors, relating to Holdings, the
Borrowers or any of their subsidiaries or their respective businesses, other than any such information that is publicly available to any Agent or any Lender prior to disclosure by any Loan Party other than as a result of a breach of this
Section 10.08; provided that, in the case of information received from a Loan Party after the Original Closing Date, such information is clearly identified at the time of delivery as confidential or (ii) is delivered pursuant to
Section 6.01, 6.02 or 6.03 hereof. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of
care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

 SECTION 10.09. Treatment of Information. 

(a) Certain of the Lenders may enter into this Agreement and take or not take action hereunder or under the other Loan Documents on the
basis of information that does not contain material non-public information with respect to any of the Loan Parties or their securities (“Restricting Information”). Other Lenders may enter into this Agreement and take or not take
action hereunder or under the other Loan Documents on the basis of information that may contain Restricting Information. Each Lender acknowledges that United States federal and state securities laws prohibit any person from purchasing or selling
securities on the basis of material, non-public information concerning the issuer of such securities or, subject to certain limited exceptions, from communicating such information to any other Person. Neither the Administrative Agent nor any of its
Affiliates shall, by making any Communications (including Restricting Information) available to a Lender, by participating in any conversations or other interactions with a Lender or otherwise, make or be deemed to make any statement with regard to
or otherwise warrant that any such information or Communication does or does not contain Restricting Information nor shall the Administrative Agent or any of its Affiliates be responsible or liable in any way for any decision a Lender may make to
limit or to not limit its access to Restricting Information. In particular, none of the Administrative Agent nor any of its Affiliates (i) shall have, and the Administrative Agent, on behalf of itself and each of its Affiliates, hereby
disclaims, any duty to ascertain or inquire as to whether or not a Lender has or has not limited its access to Restricting Information, such Lender’s policies or procedures regarding the safeguarding of material, nonpublic information or such
Lender’s compliance with applicable laws related thereto or (ii) shall have, or incur, any liability to any Loan Party or Lender or any of their respective Affiliates arising out of or relating to the Administrative Agent or any of its
Affiliates providing or not providing Restricting Information to any Lender. 
 (b) Each Lender acknowledges that circumstances
may arise that require it to refer to Communications that might contain Restricting Information. Accordingly, each Lender agrees that it will nominate at least one designee to receive Communications (including Restricting Information) on its behalf
and identify such designee (including such designee’s contact information) on such Lender’s Administrative Questionnaire. Each Lender agrees to notify the Administrative Agent from time to time of such Lender’s designee’s e-mail
address to which notice of the availability of Restricting Information may be sent by electronic transmission. 
 (c) Each
Lender acknowledges that Communications delivered hereunder and under the other Loan Documents may contain Restricting Information and that such Communications are available to all Lenders generally. Each Lender that elects not to take access to
Restricting Information does so voluntarily and, by such election, acknowledges and agrees that the Administrative Agent and other Lenders may have access to Restricting Information that is not available to such electing Lender. None of the
Administrative Agent nor any Lender with access to Restricting Information shall have any duty to disclose such Restricting Information to such electing Lender or to use such Restricting Information on behalf of such electing Lender, and shall not
be liable for the failure to so disclose or use, such Restricting Information. 
 (d) The provisions of the foregoing clauses of
this Section 10.09 are designed to assist the Administrative Agent, the Lenders and the Loan Parties, in complying with their respective contractual obligations and applicable law in circumstances where certain Lenders express a desire not to
receive Restricting Information notwithstanding that certain Communications hereunder or under the other Loan Documents or other information provided to the Lenders hereunder or thereunder may contain Restricting Information. Neither the
Administrative Agent nor any of its Affiliates warrants or makes any other statement with respect to the adequacy of such provisions to achieve such purpose nor does the Administrative Agent or any of its Affiliates warrant or make any other
statement to the effect that an Loan Party’s or Lender’s adherence to such provisions will be sufficient to ensure compliance by such Loan Party or Lender with its contractual obligations or its duties under applicable law in respect of
Restricting Information and each of the Lenders and each Loan Party assumes the risks associated therewith. 
 SECTION 10.10.
Setoff. In addition to any rights and remedies of the Lenders provided by Law, upon the occurrence and during the continuance of any Event of Default, each Lender and its Affiliates and each L/C Issuer and its Affiliates is authorized at any
time and from time to time, without prior notice to any Borrower or any other Loan Party, any such notice being waived by the Borrowers (on its own behalf and on behalf of each Loan Party and its Subsidiaries) to the fullest extent permitted by
applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held by, and other Indebtedness at 

 
any time owing to, such Lender and its Affiliates or such L/C Issuer and its Affiliates, as the case may be, to or for the credit or the account of the respective Loan Parties and their
Restricted Subsidiaries against any and all Obligations owing to such Lender and its Affiliates or such L/C Issuer and its Affiliates hereunder or under any other Loan Document, now or hereafter existing, irrespective of whether or not such Agent or
such Lender or Affiliate shall have made demand under this Agreement or any other Loan Document and although such Obligations may be contingent or unmatured or denominated in a currency different from that of the applicable deposit or Indebtedness.
Notwithstanding anything to the contrary contained herein, no Lender or its Affiliates and no L/C Issuer or its Affiliates shall have a right to set off and apply any deposits held or other Indebtedness owing by such Lender or its Affiliates or such
L/C Issuer or its Affiliates, as the case may be, to or for the credit or the account of any Subsidiary of a Loan Party which is not a “United States person” within the meaning of Section 7701(a)(30) of the Code unless such Subsidiary
is not a direct or indirect subsidiary of Holdings. Each Lender and L/C Issuer agrees promptly to notify the Parent Borrower and the Administrative Agent after any such set off and application made by such Lender or L/C Issuer, as the case may be;
provided that the failure to give such notice shall not affect the validity of such setoff and application. The rights of the Administrative Agent, each Lender and each L/C Issuer under this Section 10.10 are in addition to other rights
and remedies (including other rights of setoff) that the Administrative Agent, such Lender and such L/C Issuer may have. 

SECTION 10.11. Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest
paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If any Agent or any Lender shall receive interest in an amount that
exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Parent Borrower. In determining whether the interest contracted for, charged, or received by an
Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary
prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 

SECTION 10.12. Counterparts. This Agreement and each other Loan Document may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by facsimile or electronic transmission of an executed counterpart of a signature page to this Agreement and each other Loan Document
shall be effective as delivery of an original executed counterpart of this Agreement and such other Loan Document. The Agents may also require that any such documents and signatures delivered by facsimile or electronic transmission be confirmed by a
manually signed original thereof; provided that the failure to request or deliver the same shall not limit the effectiveness of any document or signature delivered by facsimile or electronic transmission. 

SECTION 10.13. Integration. This Agreement, together with the other Loan Documents, comprises the complete and integrated
agreement of the parties on the subject matter hereof and thereof and supersedes all prior agreements, written or oral, on such subject matter. In the event of any conflict between the provisions of this Agreement and those of any other Loan
Document, the provisions of this Agreement shall control. 
 SECTION 10.14. Survival of Representations and Warranties.
All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof, and shall
continue in full force and effect as long as any Loan or any other Obligation (other than Secured Hedge Agreements, Cash Management Obligations and other Obligations that are not accrued and payable) hereunder shall remain unpaid or unsatisfied or
any Letter of Credit (other than any Letter of Credit that has been Cash Collateralized or, if satisfactory to the L/C Issuer in its sole discretion, for which a backstop letter of credit is in place) shall remain outstanding. 

SECTION 10.15. Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or
unenforceable, the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and the intent of such illegal, invalid or unenforceable provision shall be
followed as closely as legally possible. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

 SECTION 10.16. GOVERNING LAW. 

(a) THIS AGREEMENT, EACH OTHER LOAN DOCUMENT AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) THAT MAY BE
BASED UPON, ARISING OUT OF OR RELATE IN ANY WAY TO THIS AGREEMENT, THE EXISTING CREDIT AGREEMENT AND EACH OTHER LOAN DOCUMENT, OR THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 THE SECURED
PARTIES, PARENT BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR
OTHERWISE, AGAINST ANY OTHER PARTY TO THE EXISTING CREDIT AGREEMENT, THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THE EXISTING CREDIT AGREEMENT, THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR
THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY, AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY
THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE
COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS IN THE MANNER PROVIDED
FOR NOTICES (OTHER THAN TELEPHONE, FACSIMILE OR ELECTRONIC TRANSMISSION) IN SECTION 10.02. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE
LAW. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY
LAW. NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY LC ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THE
EXISTING CREDIT AGREEMENT, THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE PARENT BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION TO ENFORCE ANY OF ITS RIGHTS WITH RESPECT TO THE COLLATERAL OR UNDER THE
COLLATERAL DOCUMENTS. 
 SECTION 10.17. WAIVER OF RIGHT TO TRIAL BY JURY. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH
PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR
ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH
CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 10.17 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE
SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 SECTION 10.18. Binding Effect. This Agreement shall
become effective when it shall have been executed by the Borrowers, Holdings and the Administrative Agent and the Administrative Agent shall have been notified by each Lender, Swing Line Lender and L/C Issuer that each such Lender, Swing Line Lender
and L/C Issuer has executed it and thereafter shall be binding upon and inure to the benefit of the Borrowers, Holdings, each Agent and each Lender and their respective successors and assigns. 

 SECTION 10.19. Judgment Currency. If, for the purposes of obtaining judgment in any
court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could
purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of the Borrowers in respect of any such sum due from it to the Administrative Agent or the Lenders hereunder or
under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the
“Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent may in accordance
with normal banking procedures 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 Administrative Agent from any Borrower in the Agreement
Currency, such Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or the Person to whom such obligation was owing against such loss. If the amount of the Agreement Currency so
purchased is greater than the sum originally due to the Administrative Agent in such currency, the Administrative Agent agrees to return the amount of any excess to such Borrower (or to any other Person who may be entitled thereto under applicable
Law). 
 SECTION 10.20. Lender Action. Each Lender agrees that it shall not take or institute any actions or proceedings,
judicial or otherwise, for any right or remedy against any Loan Party under any of the Loan Documents or the Secured Hedge Agreements or agreements governing Cash Management Obligations (including the exercise of any right of setoff, rights on
account of any banker’s lien or similar claim or other rights of self-help), or institute any actions or proceedings, or otherwise commence any remedial procedures, with respect to any Collateral or any other property of any such Loan Party,
without the prior written consent of the Administrative Agent. The provision of this Section 10.20 are for the sole benefit of the Lenders and shall not afford any right to, or constitute a defense available to, any Loan Party. 

SECTION 10.21. USA PATRIOT Act. Each Lender and the Administrative Agent hereby notifies each Loan Party that pursuant to the
requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name, address and tax identification number of such Loan Party and other information that
will allow such Lender or the Administrative Agent, as applicable, to identify such Loan Party in accordance with the USA PATRIOT Act. This notice is given in accordance with the requirements of the USA PATRIOT Act and is effective as to the Lenders
and the Administrative Agent. 
 SECTION 10.22. No Advisory or Fiduciary Responsibility. In connection with all aspects
of each transaction contemplated hereby, each of Holdings and each Borrower acknowledges and agrees, and acknowledges its Affiliates’ understanding, that (i) the Revolving Credit Facility provided for hereunder and any related arranging or
other services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document) are an arm’s-length commercial transaction between the Borrowers and their Affiliates, on the
one hand, and the Agents, the Arrangers and the Lenders, on the other hand, and each Borrower is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated hereby and by the
other Loan Documents (including any amendment, waiver or other modification hereof or thereof); (ii) in connection with the process leading to such transaction, each of the Agents, the Arrangers and the Lenders is and has been acting solely as
a principal and is not the financial advisor, agent or fiduciary, for the Borrowers or any of their Affiliates, stockholders, creditors or employees or any other Person; (iii) none of the Agents, the Arrangers or the Lenders has assumed or will
assume an advisory, agency or fiduciary responsibility in favor of the Borrowers with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof
or of any other Loan Document (irrespective of whether any Agent or Lender has advised or is currently advising any Borrower or any of their Affiliates on other matters) and none of the Agents, the Arrangers or the Lenders has any obligation to the
Borrowers or any of their Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; (iv) the Agents, the Arrangers and the Lenders and their respective
Affiliates may be engaged in a broad range of transactions that involve interests that differ 

 
from, and may conflict with, those of the Borrowers and their Affiliates, and none of the Agents, the Arrangers or the Lenders has any obligation to disclose any of such interests by virtue of
any advisory, agency or fiduciary relationship; and (v) the Agents, the Arrangers and the Lenders have not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby
(including any amendment, waiver or other modification hereof or of any other Loan Document) and Holdings and the Borrowers have consulted their own legal, accounting, regulatory and tax advisors to the extent they have deemed appropriate. Each of
Holdings and each Borrower hereby waives and releases, to the fullest extent permitted by law, any claims that it may have against the Agents, Arrangers and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty.

 SECTION 10.23. No Personal Liability. No past, present or future director, officer, employee, incorporator, member,
partner or stockholder of any Borrower, Holdings or any Loan Party or any of their direct or indirect parent companies (other than the Borrowers, Holdings and any other Loan Party) shall have any liability for any obligations of the Borrowers or the
Loan Parties under the Loans, the Letters of Credit, the Guaranty, the Revolving Credit Facility, this Agreement or any other Loan Document or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Lender
hereby waives and releases all such liability. 
 SECTION 10.24. FCC. Notwithstanding anything to the contrary contained
herein or in any of the Loan Documents, neither the Administrative Agent or the Lenders, nor any of their agents, will take any action pursuant to the Collateral Documents that would constitute or result in any assignment of the FCC Authorizations
or any transfer of control thereof, within the meaning of 310(d) of the Communications Act of 1934 or other Communications Law, if such assignment of license or transfer of control thereof would require thereunder the prior approval of the FCC,
without first obtaining such approval of the FCC. 
 SECTION 10.25. Joint and Several Liability. All Loans, upon funding,
shall be deemed to be jointly funded to and received by the Borrowers. Each Borrower is jointly and severally liable under this Agreement for all Obligations, regardless of the manner or amount in which proceeds of Loans are used, allocated, shared
or disbursed by or among the Borrowers themselves, or the manner in which an Agent and/or any Lender accounts for such Loans or other Credit Extensions on its books and records. Each Borrower shall be liable for all amounts due to an Agent and/or
any Lender from the Borrowers under this Agreement, regardless of which Borrower actually receives Loans or other Credit Extensions hereunder or the amount of such Loans and Credit Extensions received or the manner in which such Agent and/or such
Lender accounts for such Loans or other Credit Extensions on its books and records. Each Borrower’s Obligations with respect to Loans and other Credit Extensions made to it, and such Borrower’s Obligations arising as a result of the joint
and several liability of such Borrower hereunder with respect to Loans made to the other Borrowers hereunder shall be separate and distinct obligations, but all such Obligations shall be primary obligations of such Borrower. The Borrowers
acknowledge and expressly agree with the Agents and each Lender that the joint and several liability of each Borrower is required solely as a condition to, and is given solely as inducement for and in consideration of, credit or accommodations
extended or to be extended under the Loan Documents to any or all of the other Borrowers and is not required or given as a condition of Credit Extensions to such Borrower. Each Borrower’s Obligations under this Agreement shall, to the fullest
extent permitted by law, be unconditional irrespective of (i) the release of any other Borrower pursuant to Section 9.12 or the validity or enforceability, avoidance, or subordination of the Obligations of any other Borrower or of any
promissory note or other document evidencing all or any part of the Obligations of any other Borrower, (ii) the absence of any attempt to collect the Obligations from any other Borrower, or any other security therefor, or the absence of any
other action to enforce the same, (iii) the waiver, consent, extension, forbearance, or granting of any indulgence by an Agent and/or any Lender with respect to any provision of any instrument evidencing the Obligations of any other Borrower,
or any part thereof, or any other agreement now or hereafter executed by any other Borrower and delivered to an Agent and/or any Lender, (iv) the failure by an Agent and/or any Lender to take any steps to perfect and maintain its security
interest in, or to preserve its rights to, any security or collateral for the Obligations of any other Borrower, (v) an Agent’s and/or any Lender’s election, in any proceeding instituted under the Bankruptcy Code, of the application
of Section 1111(b)(2) of the Bankruptcy Code, (vi) any borrowing or grant of a security interest by any other Borrower, as debtor-in-possession under Section 364 of the Bankruptcy Code, (vii) the disallowance of all or any
portion of an Agent’s and/or any Lender’s claim(s) for the repayment of the Obligations of any other Borrower under Section 502 of the Bankruptcy Code, or (viii) any other circumstances which might constitute a legal or equitable
discharge or defense of a guarantor or of any other Borrower. With respect to any Borrower’s Obligations arising as a result of the joint and several liability of the Borrowers hereunder with respect to Loans or other Credit Extensions made

 
to any of the other Borrowers hereunder, such Borrower waives, until the Obligations shall have been paid in full and this Agreement shall have been terminated, any right to enforce any right of
subrogation or any remedy which an Agent and/or any Lender now has or may hereafter have against any other Borrower, any endorser or any guarantor of all or any part of the Obligations, and any benefit of, and any right to participate in, any
security or collateral given to an Agent and/or any Lender to secure payment of the Obligations or any other liability of any Borrower to an Agent and/or any Lender. Upon any Event of Default, the Agents may proceed directly and at once, without
notice, against any Borrower to collect and recover the full amount, or any portion of the Obligations, without first proceeding against any other Borrower or any other Person, or against any security or collateral for the Obligations. Each Borrower
consents and agrees that the Agents shall be under no obligation to marshal any assets in favor of any Borrower or against or in payment of any or all of the Obligations. Notwithstanding anything to the contrary in the foregoing, none of the
foregoing provisions of this Section 10.25 shall apply to any Person released from its Obligations as a Subsidiary Borrower in accordance with Section 9.12. 
 SECTION 10.26. Contribution and Indemnification Among the Loan Parties. Each Borrower and each Subsidiary Guarantor, if any, is obligated to repay the Obligations as a joint and several obligor
under this Agreement. To the extent that any Borrower or any Subsidiary Guarantor shall, under this Agreement as a joint and several obligor, sell any of its assets to satisfy or otherwise repay any of the Obligations constituting Loans made to
another Borrower hereunder or other Obligations incurred directly and primarily by any other Borrower (an “Accommodation Payment”), then the Borrower or Subsidiary Guarantor making such Accommodation Payment shall be entitled to
contribution and indemnification from, and be reimbursed by, each of the other Borrowers and Subsidiary Guarantors, if any, in an amount, for each of such other Borrowers and Subsidiary Guarantors, if any, equal to a fraction of such Accommodation
Payment, the numerator of which fraction is such other Borrower’s (or Subsidiary Guarantor’s, as applicable) Allocable Amount (as defined below) and the denominator of which is the sum of the Allocable Amounts of all of the Borrowers and
Subsidiary Guarantors. As of any date of determination, the “Allocable Amount” of each Borrower and each Subsidiary Guarantors, if any, shall be equal to the maximum amount of liability for Accommodation Payments which could be
asserted against such Borrower or Subsidiary Guarantor hereunder without (a) rendering such Borrower or Subsidiary Guarantor “insolvent” within the meaning of Section 101(31) of the Bankruptcy Code, Section 2 of the Uniform
Fraudulent Transfer Act (“UFTA”) or Section 2 of the Uniform Fraudulent Conveyance Act (“UFCA”), (b) leaving such Borrower or Subsidiary Guarantor with unreasonably small capital or assets, within the
meaning of Section 548 of the Bankruptcy Code, Section 4 of the UFTA, or Section 5 of the UFCA, or (c) leaving such Borrower or Subsidiary Guarantor unable to pay its debts as they become due within the meaning of
Section 548 of the Bankruptcy Code or Section 4 of the UFTA, or Section 5 of the UFCA. All rights and claims of contribution, indemnification, and reimbursement under this Section shall be subordinate in right of payment to the prior
payment in full of the Obligations. The provisions of this Section shall, to the extent expressly inconsistent with any provision in any Loan Document, supersede such inconsistent provision. 

SECTION 10.27. Agency of the Parent Borrower for Each Other Borrower. Each of the other Borrowers irrevocably appoints the Parent
Borrower as its agent for all purposes relevant to this Agreement, including the giving and receipt of notices and execution and delivery of all documents, instruments, and certificates contemplated herein (including, without limitation, execution
and delivery to the Administrative Agent of Borrowing Base Certificates and Committed Loan Notices) and all modifications hereto. Any acknowledgment, consent, direction, certification, or other action which might otherwise be valid or effective only
if given or taken by all or any of the Borrowers or acting singly, shall be valid and effective if given or taken only by the Parent Borrower, whether or not any of the other Borrowers join therein, and the Agents and the Lenders shall have no duty
or obligation to make further inquiry with respect to the authority of the Parent Borrower under this Section 10.27; provided that nothing in this Section 10.27 shall limit the effectiveness of, or the right of the Agents and the
Lenders to rely upon, any notice (including, without limitation, a Committed Loan Notice), document, instrument, certificate, acknowledgment, consent, direction, certification or other action delivered by any Borrower pursuant to this Agreement.

 SECTION 10.28. Reinstatement. This Agreement shall continue to be effective, or be reinstated, as the case may be, if
at any time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by the Administrative Agent or any other Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or
reorganization of the Parent Borrower or any Subsidiary Borrower, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, any Borrower or any substantial part of its property, or
otherwise, all as though such payments had not been made. 

 SECTION 10.29. Express Waivers by Borrowers in Respect of Cross-Guaranties and
Cross-Collateralization. Each Borrower agrees as follows: 
 (a) Each Borrower hereby waives: (i) notice
of acceptance of this Agreement; (ii) notice of the making of any Loans, the issuance of any Letter of Credit or any other financial accommodations made or extended under the Loan Documents or the creation or existence of any Obligations;
(iii) notice of the amount of the Obligations, subject, however, to such Borrower’s right to make inquiry of the Administrative Agent to ascertain the amount of the Obligations at any reasonable time; (iv) notice of any adverse change
in the financial condition of any other Borrower or of any other fact that might increase such Borrower’s risk with respect to such other Borrower under the Loan Documents; (v) notice of presentment for payment, demand, protest, and notice
thereof as to any promissory notes or other instruments among the Loan Documents; and (vii) all other notices (except if such notice is specifically required to be given to such Borrower hereunder or under any of the other Loan Documents to
which such Borrower is a party) and demands to which such Borrower might otherwise be entitled. 
 (b) Each
Borrower hereby waives the right by statute or otherwise to require an Agent or any Lender to institute suit against any other Borrower or to exhaust any rights and remedies which an Agent or any Lender has or may have against any other Borrower.
Each Borrower further waives any defense arising by reason of any disability or other defense of any other Borrower (other than the defense of payment in full) or by reason of the cessation from any cause whatsoever of the liability of any such
Borrower in respect thereof. 
 (c) Each Borrower hereby waives and agrees not to assert against any Agent, any
Lender, or any L/C Issuer: (i) any defense (legal or equitable) other than a defense of payment, set-off, counterclaim, or claim which such Borrower may now or at any time hereafter have against any other Borrower or any other party liable
under the Loan Documents; (ii) any defense, set-off, counterclaim, or claim of any kind or nature available to any other Borrower (other than a defense of payment) against any Agent, any Lender, or any L/C Issuer, arising directly or indirectly
from the present or future lack of perfection, sufficiency, validity, or enforceability of the Obligations or any security therefor; (iii) any right or defense arising by reason of any claim or defense based upon an election of remedies by any
Agent, any Lender, or any L/C Issuer under any applicable law; (iv) the benefit of any statute of limitations affecting any other Borrower’s liability hereunder. 

(d) Each Borrower consents and agrees that, without notice to or by such Borrower and without affecting or impairing the
obligations of such Borrower hereunder, the Agents may (subject to any requirement for consent of any of the Lenders to the extent required by this Agreement), by action or inaction: (i) compromise, settle, extend the duration or the time for
the payment of, or discharge the performance of, or may refuse to or otherwise not enforce the Issuer Documents; (ii) release all or any one or more parties to any one or more of the Issuer Documents or grant other indulgences to any other
Borrower in respect thereof; (iii) amend or modify in any manner and at any time (or from time to time) any of the Issuer Documents; or (iv) release or substitute any Person liable for payment of the Obligations, or enforce, exchange,
release, or waive any security for the Obligations. 
 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]EX-4.3

 Exhibit 4.3 
 THE PROGRESSIVE 401(k) PLAN 
 (Amended and Restated Effective
January 1, 2009) 
 (Formerly known as “The Progressive Retirement Security Program”) 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE NO.	 
	 ARTICLE 1 INTRODUCTION
	  	 	1	  
			
	 1.1
	 	Name of Plan	  	 	1	  
	 1.2
	 	Effective Date	  	 	1	  
	 1.3
	 	Type and Purpose of Plan	  	 	1	  
		
	ARTICLE 2 DEFINITIONS	  	 	2	  
			
	 2.1
	 	Account	  	 	2	  
	 2.2
	 	Active LTSP Participant	  	 	2	  
	 2.3
	 	Active SDRP Participant	  	 	2	  
	 2.4
	 	Administrator	  	 	2	  
	 2.5
	 	ADP Test Safe Harbor Employer Matched Contributions	  	 	2	  
	 2.6
	 	Affiliated Company	  	 	2	  
	 2.7
	 	Anniversary Shares	  	 	2	  
	 2.8
	 	Article	  	 	2	  
	 2.9
	 	Beneficiary	  	 	2	  
	 2.10
	 	Board	  	 	3	  
	 2.11
	 	Brokerage Account	  	 	3	  
	 2.12
	 	Catch-Up Contributions	  	 	3	  
	 2.13
	 	Code or IRC	  	 	3	  
	 2.14
	 	Company	  	 	3	  
	 2.15
	 	Company Stock Fund	  	 	3	  
	 2.16
	 	Compensation	  	 	3	  
	 2.17
	 	Compensation Deferral Agreement	  	 	4	  
	 2.18
	 	Contributions	  	 	4	  
	 2.19
	 	Covered Employee	  	 	4	  
	 2.20
	 	Covered Employment	  	 	4	  
	 2.21
	 	Disability or Disabled	  	 	5	  
	 2.22
	 	Effective Date	  	 	5	  
	 2.23
	 	Eligible Compensation	  	 	5	  
	 2.24
	 	Employee	  	 	5	  
	 2.25
	 	Employer	  	 	5	  
	 2.26
	 	Employer Forfeiture Account	  	 	5	  
	 2.27
	 	Employer Matched Contributions	  	 	5	  
	 2.28
	 	Employer SDRP Contributions	  	 	6	  
	 2.29
	 	Employment	  	 	6	  
	 2.30
	 	Entry Date	  	 	6	  
	 2.31
	 	ERISA	  	 	6	  
	 2.32
	 	Excess ADP Contributions	  	 	6	  
	 2.33
	 	Excess Aggregate Contributions	  	 	6	  
	 2.34
	 	Excess Deferral	  	 	6	  

  
 i 

							
	 2.35
	 	Former Employer Supplemental Contribution Account	  	 	6	  
	 2.36
	 	Former Participant	  	 	6	  
	 2.37
	 	Former PAYSOP Account	  	 	6	  
	 2.38
	 	Fund	  	 	7	  
	 2.39
	 	Hardship	  	 	7	  
	 2.40
	 	Highly Compensated Employee	  	 	7	  
	 2.41
	 	Inactive LTSP Participant	  	 	8	  
	 2.42
	 	Inactive SDRP Participant	  	 	8	  
	 2.43
	 	Investment Funds	  	 	8	  
	 2.44
	 	Maternity or Paternity Absence	  	 	8	  
	 2.45
	 	Merger	  	 	9	  
	 2.46
	 	Non-highly Compensated Employee	  	 	9	  
	 2.47
	 	Normal Retirement Age	  	 	9	  
	 2.48
	 	Normal Retirement Date	  	 	9	  
	 2.49
	 	Participant	  	 	9	  
	 2.50
	 	Partnership Share	  	 	9	  
	 2.51
	 	Payroll Deduction Agreement	  	 	9	  
	 2.52
	 	Plan	  	 	9	  
	 2.53
	 	Plan Year	  	 	9	  
	 2.54
	 	Post-Tax Contributions	  	 	9	  
	 2.55
	 	Pre-Tax Contributions	  	 	9	  
	 2.56
	 	Qualified Domestic Relations Order (QDRO)	  	 	10	  
	 2.57
	 	Retirement	  	 	10	  
	 2.58
	 	Section	  	 	10	  
	 2.59
	 	Service, Hour of Service and Year of Service	  	 	10	  
	 2.60
	 	Spouse	  	 	10	  
	 2.61
	 	Stock	  	 	10	  
	 2.62
	 	Termination of Employment	  	 	10	  
	 2.63
	 	Trust	  	 	10	  
	 2.64
	 	Trust Agreement	  	 	10	  
	 2.65
	 	Trustee	  	 	11	  
	 2.66
	 	Valuation Date	  	 	11	  
		
	ARTICLE 3 PARTICIPATION	  	 	12	  
			
	 3.1
	 	Eligibility for Participation	  	 	12	  
	 3.2
	 	Commencement of Participation	  	 	12	  
	 3.3
	 	Transfers of Employment	  	 	12	  
	 3.4
	 	Suspension of Contributions	  	 	13	  
	 3.5
	 	Former Participants and Re-participation	  	 	13	  
		
	ARTICLE 4 DEPOSITS AND CONTRIBUTIONS	  	 	15	  
			
	 4.1
	 	Pre-Tax Contributions	  	 	15	  
	 4.2
	 	Post-Tax Contributions	  	 	19	  
	 4.3
	 	Employer Matched Contributions	  	 	20	  
	 4.4
	 	SDRP Contributions	  	 	21	  

  
 ii 

							
	 4.5
	 	Change in Amount of Contributions	  	 	22	  
	 4.6
	 	Suspension of Contributions	  	 	22	  
	 4.7
	 	Remittance of Contributions	  	 	23	  
	 4.8
	 	Return of Contributions	  	 	23	  
	 4.9
	 	Section 401(k) Safe Harbor Contributions	  	 	23	  
		
	ARTICLE 5 MAXIMUM CONTRIBUTIONS	  	 	33	  
			
	 5.1
	 	Limitations on Pre-Tax Contributions	  	 	33	  
	 5.2
	 	Limitations on Post-Tax Contributions and Employer Matched Contributions	  	 	40	  
		
	ARTICLE 6 ACCOUNTS	  	 	47	  
			
	 6.1
	 	Accounts	  	 	47	  
	 6.2
	 	Accounts Represent Undivided Interests	  	 	47	  
	 6.3
	 	Account Values	  	 	47	  
	 6.4
	 	Valuation of Investment Funds	  	 	47	  
	 6.5
	 	Allocation of Net Gain or Loss of Investment Funds to Accounts	  	 	48	  
	 6.6
	 	Basis of Valuation	  	 	48	  
	 6.7
	 	Administration of Pre-Tax Contribution Account	  	 	49	  
	 6.8
	 	Administration of Post-Tax Contribution Account	  	 	49	  
	 6.9
	 	Administration of Employer Matched Contribution Account	  	 	49	  
	 6.10
	 	Administration of Employer SDRP Contribution Account	  	 	49	  
	 6.11
	 	Administration of ADP Test Safe Harbor Employer Matched Contribution Account	  	 	49	  
	 6.12
	 	Administration of Former PAYSOP Account	  	 	50	  
	 6.13
	 	Administration of the Former Employer Supplemental Contribution Account	  	 	50	  
	 6.14
	 	Administration of the Suspense Account	  	 	50	  
	 6.15
	 	Administration of the Employer Forfeiture Account	  	 	51	  
	 6.16
	 	Crediting of Contributions	  	 	51	  
	 6.17
	 	Employee Contribution Records	  	 	51	  
	 6.18
	 	Unit Accounting	  	 	51	  
		
	ARTICLE 7 RETIREMENT, DISABILITY OR DEATH	  	 	52	  
			
	 7.1
	 	Benefit at Retirement	  	 	52	  
	 7.2
	 	Disability Benefit	  	 	52	  
	 7.3
	 	Death Benefit	  	 	52	  
		
	ARTICLE 8 VESTING AND TERMINATIONS	  	 	53	  
			
	 8.1
	 	Vesting	  	 	53	  
	 8.2
	 	Termination of Employment	  	 	54	  
	 8.3
	 	Forfeitures	  	 	55	  
	 8.4
	 	Reemployment	  	 	56	  

  
 iii

							
		
	ARTICLE 9 PAYMENT OF BENEFITS	  	 	58	  
			
	 9.1
	 	Application for Payment	  	 	58	  
	 9.2
	 	Time of Payment	  	 	58	  
	 9.3
	 	Form of Payment	  	 	63	  
	 9.4
	 	Determination of Value of Payment	  	 	64	  
	 9.5
	 	Claims Procedure	  	 	64	  
	 9.6
	 	Facility of Payment	  	 	66	  
	 9.7
	 	Repeal of the “Same Desk Rule”	  	 	66	  
	 9.8
	 	Minimum Distributions and Incidental Death Benefit Requirements	  	 	66	  
		
	ARTICLE 10 WITHDRAWALS AND LOANS DURING EMPLOYMENT	  	 	73	  
			
	 10.1
	 	In-Service Withdrawals from Pre-Tax Contribution Account or ADP Test Safe Harbor Employer Matched Contribution Account	  	 	73	  
	 10.2
	 	In-Service Withdrawals from Post-Tax Contribution Account	  	 	74	  
	 10.3
	 	In-Service Withdrawals from Employer Matched Contribution Account	  	 	74	  
	 10.4
	 	Withdrawals from Other Accounts	  	 	75	  
	 10.5
	 	Payment of Withdrawals	  	 	76	  
	 10.6
	 	Loans to Participants	  	 	77	  
		
	ARTICLE 11 SERVICE	  	 	83	  
			
	 11.1
	 	Service	  	 	83	  
	 11.2
	 	Prior Service Reinstated	  	 	85	  
	 11.3
	 	Year of Service	  	 	85	  
		
	ARTICLE 12 ADMINISTRATIVE COMMITTEE, PLAN OPERATION AND ADMINISTRATION	  	 	86	  
			
	 12.1
	 	The Plan Administrative Committee as Administrator of the Plan and Named Fiduciary	  	 	86	  
	 12.2
	 	Selection and Review of Plan Administrative Committee Members and Plan Administrative Committee Organization	  	 	86	  
	 12.3
	 	Powers and Responsibilities of the Administrator of the Plan	  	 	87	  
	 12.4
	 	Nondiscriminatory Exercise of Authority	  	 	88	  
	 12.5
	 	Reliance on Tables, etc.	  	 	89	  
	 12.6
	 	Limitation of Co-Fiduciary Liability and Indemnification	  	 	89	  
	 12.7
	 	Fees and Expenses	  	 	89	  
	 12.8
	 	Notices to Administrator	  	 	90	  
		
	ARTICLE 13 POWERS OF THE PLAN SPONSOR TO AMEND AND TERMINATE THE PLAN	  	 	91	  
			
	 13.1
	 	Amendment	  	 	91	  
	 13.2
	 	Termination	  	 	92	  
	 13.3
	 	Liquidation of the Fund	  	 	93	  

  
 iv 

							
	ARTICLE 14 ADOPTION OF THE PLAN BY OTHER EMPLOYERS	  	 	94	  
			
	 14.1
	 	Adoption with Approval	  	 	94	  
	 14.2
	 	Procedure for Adoption	  	 	94	  
	 14.3
	 	Effect of Adoption	  	 	94	  
	 14.4
	 	Termination of Adoption	  	 	95	  
		
	ARTICLE 15 LIMITATIONS OF ANNUAL ADDITIONS	  	 	96	  
			
	 15.1
	 	General Limitations	  	 	96	  
	 15.2
	 	Correction of Excess Annual Additions	  	 	96	  
	 15.3
	 	Aggregation of Plans of the Employer	  	 	98	  
	 15.4
	 	Definitions	  	 	101	  
	 15.5
	 	Top-Heavy Plan Requirements	  	 	109	  
		
	ARTICLE 16 THE PLAN INVESTMENT COMMITTEE AND THE INVESTMENT OF CONTRIBUTIONS	  	 	116	  
			
	 16.1
	 	Establishment of the Plan Investment Committee	  	 	116	  
	 16.2
	 	Selection and Review of Plan Investment Committee Members and Plan Investment Committee Organization	  	 	116	  
	 16.3
	 	Powers of the Plan Investment Committee	  	 	117	  
	 16.4
	 	Investment Funds	  	 	119	  
	 16.5
	 	Establishment and Administration of Company Stock Fund	  	 	119	  
	 16.6
	 	Establishment of Brokerage Accounts	  	 	120	  
	 16.7
	 	Deposit of Contributions	  	 	120	  
	 16.8
	 	Investment Elections of Participants and the Default Investment Fund	  	 	121	  
	 16.9
	 	Election to Transfer Interest Between Investment Funds	  	 	122	  
	 16.10
	 	Other Provisions Concerning Investment Elections and Transfers	  	 	122	  
	 16.11
	 	Former PAYSOP Accounts	  	 	124	  
	 16.12
	 	Reliance on Tables, etc.	  	 	124	  
	 16.13
	 	Limitation of Co-Fiduciary Liability and Indemnification	  	 	124	  
	 16.14
	 	Fees	  	 	125	  
	 16.15
	 	Notices to the Plan Investment Committee	  	 	125	  
		
	ARTICLE 17 MISCELLANEOUS PROVISIONS	  	 	126	  
			
	 17.1
	 	Headings	  	 	126	  
	 17.2
	 	Plan Not Contract of Employment	  	 	126	  
	 17.3
	 	Vested Rights	  	 	126	  
	 17.4
	 	Severability	  	 	126	  
	 17.5
	 	General Undertaking	  	 	126	  
	 17.6
	 	Action by Company	  	 	126	  
	 17.7
	 	No Responsibility for Acts of an Insurer	  	 	127	  
	 17.8
	 	Spendthrift	  	 	127	  
	 17.9
	 	Number and Gender	  	 	127	  
	 17.10
	 	Governing Law	  	 	127	  

  
 v 

							
	 17.11
	 	Merger, Consolidation, and Transfer of Assets	  	 	127	  
	 17.12
	 	Receipt of Assets from Qualified Plans	  	 	127	  
	 17.13
	 	Interpretation of Plan	  	 	129	  
	 17.14
	 	Satisfaction of Claims	  	 	129	  
	 17.15
	 	Service of Process	  	 	129	  
	 17.16
	 	Warranties	  	 	129	  
	 17.17
	 	Leased Employees	  	 	129	  
	 17.18
	 	Direct Rollover Distributions	  	 	130	  
	 17.19
	 	Plan Addenda	  	 	132	  
	 17.20
	 	Adjustment	  	 	132	  
	 17.21
	 	USERRA Model Amendment	  	 	133	  
	 17.22
	 	Electronic Communications	  	 	133	  
		
	 ADDENDUM Regarding Merger of Supplemental Retirement Plan (1994)
	  	 	Addenda	  
		
	 ADDENDUM Regarding Former Participants under the Midland Companies’ Employee Savings Plan
(1997)
	  	 	Addenda	  

  
 vi 

 ARTICLE 1 

INTRODUCTION 
  

	1.1	Name of Plan 

 Effective
January 1, 2009, this Plan shall be known as The Progressive 401(k) Plan. Prior to January 1, 2009, this Plan was known as The Progressive Retirement Security Program, and prior to July 1, 1994, as The Progressive Corporation
Long-Term Savings Plan. 
  

	1.2	Effective Date 

 Except as
otherwise expressly provided herein, this Plan, as amended and restated, shall be effective as of January 1, 2009, to reflect various design changes and to comply with the applicable provisions of the Economic Growth and Tax Relief and
Reconciliation Act of 2001, as amended (“EGTRRA”), the Pension Protection Act of 2006, as amended (“PPA”), and other legislation, regulations and published guidance, as applicable, included in the 2008 Cumulative List of Required
Changes. 
  

	1.3	Type and Purpose of Plan 

Pursuant to Code Section 401(a)(27), the Plan is hereby designated as a profit-sharing plan. The primary purpose of the Plan is to
encourage Employee savings, to facilitate Employee Stock ownership and to provide benefits upon a Participant’s or, Former Participant’s Retirement, death, Disability or Termination of Employment. Effective January 1, 2009, the Plan
became a “401(k) Safe Harbor Plan” as defined under Code Sections 401(k)(12) and 401(m)(11). In addition, the portion of the Plan subject to Participant investment directions made according to Article XVI is intended to constitute a plan
described in Section 404(c) of ERISA, and Department of Labor Regulation §2550.404c-1. 

 ARTICLE 2 

DEFINITIONS 
 The
following terms, when used herein with initial capital letters, shall have the meaning given to them in this Article 2. 
  

	2.1	Account shall mean one of several records maintained pursuant to Section 6 to record a Participant’s, Former Participant’s, or Beneficiary’s
interest in the Investment Funds. 

  

	2.2	Active LTSP Participant shall have the meaning set forth in Article 3. 

 

	2.3	Active SDRP Participant shall have the meaning set forth in Article 3. 

 

	2.4	Administrator , which is the administrator for purposes of ERISA and the plan administrator for purposes of the Code, shall mean the Plan Administrative
Committee (or, effective prior to January 1, 2009, the RSP Administrative Committee), as established and maintained according to Article 12 of the Plan. 

 

	2.5	ADP Test Safe Harbor Employer Matched Contributions shall mean those amounts contributed by the Employer pursuant to Section 4.9(b) hereof.

  

	2.6	Affiliated Company shall mean any corporation, trade or business if it and the Company are members of a controlled group of corporations, or are under common
control, or are members of an affiliated service group, within the meaning of Code Sections 414(b), 414(c), and 414(m), respectively; provided, however, that for purposes of Code Section 415, the definitions prescribed by Code Sections 414(b)
and 414(c) shall be modified as provided by Code Section 415(h) by substituting “more than 50%” common control for “at least 80%” common control. This term shall also include any entity required to be treated as an
Affiliated Company under Code Section 414(o). 

  

	2.7	Anniversary Shares shall mean such shares of Stock, if any, as may be awarded on or before February 28, 1992 to Employees by the Company upon completion of
five (5) year increments of Years of Service. 

  

	2.8	Article shall mean an Article of this Plan. 

  

	2.9	Beneficiary as to a Participant or Former Participant who is married at the time of his death, shall mean his Spouse or such other person(s) as he/she has
designated with the consent of his Spouse, and, as to a Participant or Former Participant who is not married at the time of his death, shall be such person(s) as he/she has designated. A Participant or Former Participant may elect to change his
Beneficiary designation at any time, provided that no such change shall be effective as to any married Participant or Former Participant who predeceases his Spouse, unless the Spouse has consented to the change. The Spouse’s consent shall not
be effective unless (a) the Spouse consents in writing to the change; (b) the election designates a specific Beneficiary, including any class of 

  
 2 

 
Beneficiaries or any contingent Beneficiaries, which such designation may not be changed without the Spouse’s consent (unless the Spouse expressly consents to the Participant’s ability
to change the designation without any further or future consent by the Spouse); (c) the Spouse’s consent acknowledges the effect of the Participant’s election; and (d) the Spouse’s consent is witnessed by a Plan
representative or notary public. If the Participant’s election designates a specific Beneficiary, the consent of the Spouse shall be irrevocable, but shall be effective only with respect to the particular Beneficiary designation to which it
pertains. 
 All Beneficiary designations (including changes) and consents of a Spouse shall be made in writing on such forms as
the Administrator shall prescribe, and shall become effective only when received by the Administrator; provided, however, that a Beneficiary designation (including a change) or a consent of a Spouse received by the Administrator after the
designating Participant’s death shall be disregarded. 
 In the absence of a Beneficiary designation, or if the designated
Beneficiary is no longer living or in existence at the time of the Participant’s or Former Participant’s death, all benefits due from the Plan upon the Participant’s or Former Participant’s death shall be paid to the
Participant’s or Former Participant’s (i) Spouse, if the Participant or Former Participant was married at the time of his/her death or (ii) estate, if the Participant or Former Participant was not married at the time of his/her
death. Notwithstanding the foregoing, consent of a Spouse shall not be required if the Participant or Former Participant and his/her Spouse are legally separated or the Spouse cannot be located. 

 

	2.10	Board shall mean the Board of Directors of the Company, 

  

	2.11	Brokerage Account as to each Participant shall mean a Participant’s interest in an Investment Fund consisting of Participant-managed brokerage accounts.

  

	2.12	Catch-Up Contributions shall mean those Pre-Tax Contributions designated by an Active LTSP Participant as Catch-Up Contributions in accordance with
Section 4.1(b) hereof. 

  

	2.13	Code or IRC shall mean the Internal Revenue Code of 1986, as the same may be amended from time to time. 

 

	2.14	Company shall mean The Progressive Corporation or its successor(s). 

 

	2.15	Company Stock Fund shall mean an Investment Fund consisting principally of Stock. 

 

	2.16	Compensation of a Participant or Former Participant for a Plan Year shall mean amounts that are received by him/her during such Plan Year from the Employer that
are reported as wages on IRS Form W-2 for such Plan Year, plus (i) the amount contributed by the Employer to the Trustee pursuant to a Compensation Deferral Agreement reduced by amounts required by Section 5.1(c), and
(ii)

  
 3 

 
amounts of pay reduced in accordance with an arrangement established by the Employer which qualifies under Code Section 125, 457, and, for Plan Years beginning on or after January 1,
2001, under Code Section 132(f)(4). Effective for Plan Years beginning on and after January 1, 1998, for purposes of the definition of Compensation, any reference to amounts under Code Section 125 shall include Deemed Section 125
Compensation as defined in Section 15.4(b)(i) of the Plan. 
 The Compensation of each Participant taken into account in
determining allocations for any Plan Year beginning on and after January 1, 2002, shall not exceed two hundred thousand dollars ($200,000), as adjusted for cost-of-living increases in accordance with Code Section 401(a)(17)(B).
Compensation means Compensation during the Plan Year or such other consecutive twelve (12) month period over which Compensation is otherwise determined under the Plan (the determination period). The cost-of-living adjustment in effect for a
calendar year applies to Compensation for the determination period that begins with or within such calendar year. 
  

	2.17	Compensation Deferral Agreement shall mean an arrangement pursuant to which the Employee agrees to reduce his Eligible Compensation, pursuant to Section 4.1
hereof, and the Employer agrees to contribute to the Plan the amount equal to the amount reduced as a Pre-Tax Contribution. The Compensation Deferral Agreement shall also serve to provide such other information about the Participant as the
Administrator shall require. 

  

	2.18	Contributions shall mean a Participant’s Pre-Tax Contributions and Post-Tax Contributions. 

 

	2.19	Covered Employee shall mean an Employee of the Employer, earning Eligible Compensation, excluding (i) any such Employee whose terms and conditions of
Employment are negotiated with the Employer by or through a certified or recognized collective bargaining organization unless such negotiation provides for his/her inclusion, (ii) those Employees classified by the Employer as temporary under
its personnel policies and procedures, (iii) Employees who are not residents of the United States, and, notwithstanding any provision of the Plan to the contrary, (iv) any person classified by an Employer or any Affiliated Company as an
independent contractor or as an employee of an entity other than an Employer or Affiliated Company. Notwithstanding the provisions of clause (ii) above, an Employee who has been classified by the Employer as temporary under its personnel
policies and procedures and who performs at least one thousand (1,000) Hours of Service during any twelve (12) consecutive month period beginning on his/her date of hire (or any anniversary thereof) shall be considered a Covered Employee
effective as of the first day following such twelve (12) consecutive month period. 

  

	2.20	Covered Employment shall mean the period or periods during which an Employee is a Covered Employee. 

  
 4 

	2.21	Disability or Disabled shall mean that a Participant shall be totally disabled (as total disability is defined in the Long-Term Disability Plan coverage provided
by the Company, whether or not such Participant is eligible for such coverage) following a period of nine (9) consecutive calendar months beginning on the first day of disability absence. 

 

	2.22	Effective Date shall mean January 1, 2009, except such earlier or later effective dates of particular provisions herein. 

 

	2.23	Eligible Compensation of a Participant shall mean his base salary, straight time hourly wages, overtime pay, vacation pay, holiday pay, jury duty pay, taxable
sick pay, military pay, bilingual differential pay, funeral pay, and back pay or retroactive salary adjustments, but shall exclude Compensation paid to exempt Employees in excess of holiday pay for work performed on any holiday; provided, however,
that back pay or retroactive salary adjustments of any of the foregoing items pursuant to any order, judgment, or consent agreement shall not be included in Eligible Compensation, unless specifically required according to such order, judgment or
consent agreement to which the Employer is subject or to which it is a party. Effective January 1, 2007, Eligible Compensation shall include Post-Severance Regular Pay, Post-Severance Leave Cash-Outs, and Post-Severance Payments for Qualified
Military Leave as defined in Section 15.4(b)(ii)(A), (B), and (C), but only to the extent such categories of Post-Severance Compensation would be included in Eligible Compensation, but for the Participant’s Severance from Employment.
Effective January 1, 2002, the maximum annual dollar amount that will be recognized as Eligible Compensation shall be the dollar limit provided under Code Section 401(a)(17)(A), which shall be automatically adjusted in according with Code
Section 401(a)(17)(B), and regulations thereunder, as described under Section 2.16 of the Plan. 

  

	2.24	Employee shall mean any person who renders services to an Employer or Affiliated Company as a common law employee (including any common law employee who is
employed as an officer). 

  

	2.25	Employer shall mean the Company. The term Employer shall also include any Affiliated Company which adopts the Plan pursuant to Article 14, but only for such
period as such company continues in its adoption of the Plan. 

  

	2.26	Employer Forfeiture Account shall mean the Account maintained and administered in accordance with Section 6.15 hereof. 

 

	2.27	Employer Matched Contributions shall mean those amounts contributed by the Employer for Plan Years prior to January 1, 2009, pursuant to Section 4.3
hereof. Effective for Plan Years beginning on or after January 1, 2009, the Employer Matched Contributions shall be replaced by the ADP Test Safe Harbor Employer Matched Contributions provided in accordance with Section 4.9(b) of the Plan.

  
 5 

	2.28	Employer SDRP Contributions shall mean those amounts contributed by the Employer pursuant to Section 4.4. 

 

	2.29	Employment shall mean the period or periods during which an individual is an Employee. 

 

	2.30	Entry Date shall mean the first day of the pay period coincident with or immediately following the date on which a Participant satisfies the requirements for
participation contained in Section 3.1(b). 

  

	2.31	ERISA shall mean the Employee Retirement Income Security Act of 1974, as the same may be amended from time to time hereafter. 

 

	2.32	Excess ADP Contributions shall mean the amount of the Pre-Tax Contributions of the Highly Compensated Employees for the Plan Year above the maximum amount
permitted under Section 5.1. 

  

	2.33	Excess Aggregate Contributions shall mean the amount of the Post-Tax Contributions and Employer Matching Contributions of the Highly Compensated Employees for
the Plan Year above the maximum amount of such Post-Tax Contributions and Employer Matching Contributions permitted under Section 5.2(d). 

  

	2.34	Excess Deferral shall mean a Pre-Tax Contribution in excess of the permitted maximum deferral amount set forth in Section 5.1(d), or an amount designated as
such by the Employee where the excess is generated by aggregation of pre-tax contributions to plans other than this Plan. Notwithstanding the foregoing, effective for Plan Years beginning January 1, 2002, shall mean those Pre-Tax Contributions
of a Participant, as determined under Section 5.1 of the Plan, that either (a) are made during the Participant’s taxable year and exceed the dollar limitations under Code Section 402(g) (including, if applicable, the dollar
limitation on Catch-Up Contributions defined in Code Section 414(v)) for such year; or (b) are made during the calendar year and exceed the dollar limitation under Code Section 402(g) (including, if applicable, the dollar limitation
on Catch-Up Contributions) for the Participant’s taxable year beginning in such calendar year, counting only Pre-Tax Contributions made under this Plan and any other plan maintained by the Employer. 

 

	2.35	Former Employer Supplemental Contribution Account , as to each Participant shall mean the Account derived from the Employer Supplemental Contributions (within
the meaning of the Plan as previously in effect), if any, made in respect of the Participant during periods that the Plan provided for such contributions. 

  

	2.36	Former Participant shall mean a Participant who has terminated Employment but who has one or more Accounts remaining in the Plan. 

 

	2.37	Former PAYSOP Account shall mean the Account described in Section 6.12. 

  
 6 

	2.38	Fund shall mean the assets held by the Trustee in accordance with the provisions of the Plan and the Trust Agreement. 

 

	2.39	Hardship shall mean an immediate and heavy financial need of a Participant arising from any of the following items: 

 

	 	(a)	Expenses for medical care described in Code Section 213(d) (determined without regard to whether the expenses exceed seven and one-half percent (7-1/2%)of adjusted
gross income) previously incurred by the Participant or his/her Spouse or dependents (as defined in Code Section 152), or necessary for such persons to obtain such care; 

 

	 	(b)	Purchase (excluding mortgage payments) of a principal residence for the Participant; 

 

	 	(c)	Payment of tuition, related educational fees, and room and board expenses, for the next twelve months of post-secondary education for the Participant or his/her Spouse
or dependents; 

  

	 	(d)	Prevention of the eviction of the Participant from his principal residence or the foreclosure on the mortgage of the Participant’s principal residence.

  

	 	(e)	Payments for burial or funeral expenses for the Participant’s deceased parent, Spouse, children or dependents; or 

 

	 	(f)	Expenses for the repair of damage to the Participant’s principal residence that would qualify for the casualty deduction under Code Section 165 (determined
without regard to whether the loss exceeds ten percent of adjusted gross income). 

 For the purpose of the
foregoing, a “dependent” is an individual defined in Code Section 152 without regard to Code Section 152(b)(1), (b)(2), and (d)(1)(B). 
  

	2.40	Highly Compensated Employee shall mean any Employee or former Employee who, during the Plan Year or the preceding Plan Year: 

 

	 	(a)	was at any time a five percent (5%) owner (as defined in Code Section 416(i)(1)); or 

 

	 	(b)	received annual Compensation from the Employer in excess of eighty thousand dollars ($80,000), as adjusted for increases in the cost-of-living;

 In determining which Employees are Highly Compensated Employees, an Employee not described in paragraph
(b) above for the preceding year will not be treated as failing under the category described in paragraph (b) for the current year. The Employer may adopt any reasonable, nondiscriminatory tie-breaking or rounding rules necessary to
determine which Employees are Highly Compensated Employees, provided that such rules are uniformly and 

  
 7 

 
consistently applied. In determining an individual’s Compensation under this section, Compensation (as described under Section 15.4(b)) from each Employer required to be aggregated
under Code Sections 414(b), (c), (m) and (o) will be taken into account. 
 A former Employee will
be treated as a Highly Compensated Employee if such Employee separated from service (or was deemed to have separated) prior to the Plan Year, performs no service for the Employer during the Plan Year, and was a Highly Compensated Employee for either
the separation year or any Plan Year ending on or after the Employee’s fifty-fifth (55th) birthday. Such determinations shall be based on the rules applicable to determining status as a Highly Compensated Employee as in effect for that determination year, in accordance with Temp. Treas.
Reg. § 1.414(q)-1T, A-4, and Internal Revenue Service Notice 97-75 (or superseding guidance). 
 In any event, the
determination of who is a Highly Compensated Employee will be made in accordance with Code Section 414(q) and the applicable regulations thereunder. 
  

	2.41	Inactive LTSP Participant shall have the meaning set forth in Article 3. 

 

	2.42	Inactive SDRP Participant shall have the meaning set forth in Article 3. 

 

	2.43	Investment Funds shall mean the funds established and/or selected from time to time by the Plan Investment Committee, except for the Default Investment Fund. The
Default Investment Fund shall mean the fund specified in the Trust Agreement and referred to in Section 16.8 of this Plan. 

  

	2.44	Maternity or Paternity Absence shall mean an absence from work by an Employee for any period: 

 

	 	(a)	By reason of pregnancy of the Employee, 

  

	 	(b)	By reason of the birth of a child of the Employee, 

  

	 	(c)	By reason of the placement of a child with the Employee in connection with the adoption of such child by such Employee, or 

 

	 	(d)	For purposes of caring for such child for a period immediately following such birth or placement. 

An absence will not be considered a “Maternity or Paternity Absence” unless the Employee provides the Administrator with
information within 5 working days demonstrating that the absence is for one of the four permitted reasons outlined above. 

Nothing in this Plan shall require the Employer, to grant a paid or unpaid leave of absence to any Employee. 

  
 8 

	2.45	Merger shall mean the merger of The Progressive Corporation Supplemental Retirement Plan into this Plan, effective July 1, 1994. 

 

	2.46	Non-highly Compensated Employee means an Employee not considered a Highly Compensated Employee under Section 2.40. 

 

	2.47	Normal Retirement Age shall mean attainment by the Participant of age 65. 

 

	2.48	Normal Retirement Date shall mean the first of the month following the date on which a Participant attains Normal Retirement Age. 

 

	2.49	Participant shall mean a Covered Employee who has satisfied and continues to satisfy the requirements set forth in Section 3.1(a) and/or 3.1(b) for
participation and shall include an Active LTSP Participant, Active SDRP Participant, Inactive LTSP Participant and Inactive SDRP Participant. 

  

	2.50	Partnership Share shall mean the share of Stock awarded on or before October 30, 1991 to all Employees upon completion of 30 calendar days from his/her date
of employment. 

  

	2.51	Payroll Deduction Agreement shall mean an arrangement pursuant to which an Employee agrees, pursuant to Section 4.2 hereof, to have a stipulated percentage
of his Eligible Compensation deducted from such Eligible Compensation and deposited in the Fund as a Post-Tax Contribution. The Payroll Deduction Agreement shall also serve to provide such other information about the Participant as the Administrator
shall require. 

  

	2.52	Plan shall mean, effective January 1, 2009, The Progressive 401(k) Plan, as set forth in this document, as the same may be amended or restated from time to
time hereafter. 

  

	2.53	Plan Year shall mean a calendar year. 

  

	2.54	Post-Tax Contributions shall mean those amounts contributed by the Participant pursuant to a Payroll Deduction Agreement and to Section 4.2 hereof. These
may have been formerly known as Optional Employee Contributions, but hereafter shall be Post-Tax Contributions. 

  

	2.55	Pre-Tax Contributions shall mean those amounts which the Employer is obligated to contribute to the Plan pursuant to a Compensation Deferral Agreement and to
Section 4.1 hereof. These may have been formerly known as Deferred Income Contributions, but hereafter shall be Pre-Tax Contributions. In addition, for the purposes of the Actual Deferral Percentage test or the Actual Contribution Percentage
test provided under Sections 5.1 and 5.2, respectively, the term Pre-Tax Contributions includes all pre-tax elective deferrals (including catch-up contributions) and Roth contributions (if any, to the extent permitted by the terms of the Plan)
contributed on behalf of the Participant in any plan maintained by the Employer. For purposes of this Plan, pre-tax elective deferrals 

  
 9 

	 	
mean a Participant’s Pre-Tax Contributions and catch-up contributions that are not includible in the Participant’s gross income at the time deferred. Roth contributions (if any, to the
extent permitted by the terms of the Plan) are a Participant’s Pre-Tax Contributions that are includible in the Participant’s gross income at the time deferred that have been irrevocably designated as a Roth contribution (if any, to the
extent permitted by the terms of the Plan) by the Participant in his/her salary reduction agreement. However, pre-tax elective deferrals shall not include any Pre-Tax Contributions properly distributed as Excess Annual Additions according to Code
Section 415 and Article 15 of the Plan. 

  

	2.56	Qualified Domestic Relations Order (QDRO) shall mean any judgment, decree or order as defined in Code Section 414(p) . 

 

	2.57	Retirement shall mean a Participant’s or Former Participant’s Termination of Employment on or after his/her Normal Retirement Date.

  

	2.58	Section shall mean a Section of this Plan, unless otherwise indicated by context. 

 

	2.59	Service, Hour of Service and Year of Service for purposes of this Plan are defined in Article 11 hereof, except that, for purposes of Article 3 Year of Service
shall mean any twelve (12) consecutive month period beginning on the date an Employee first performs on Hour of Service (or any anniversary thereof) during which the Employee completes at least one thousand (1,000) Hours of Service.
However, an Employee who is exempt under the provisions of the Fair Labor Standards Act shall be credited with forty-five (45) hours of service for each week that such Employee would have earned at least one (1) hour of service as defined
in subparagraphs (a)(i) through (iii) of Section 11.1 during such week. 

  

	2.60	Spouse shall mean the legal spouse of a Participant or Former Participant on the date of his/her death. 

 

	2.61	Stock means the Common Stock, one dollar ($1.00) par value, of the Company. 

 

	2.62	Termination of Employment shall mean the earlier of (i) the last day worked after which an Employee quits, retires, is discharged, or dies, or (ii) the
first anniversary of the first date of continuous absence from employment for any other reason. 

  

	2.63	Trust shall mean the Trust created and maintained by the Trust Agreement and known as The Progressive 401(k) Trust. 

 

	2.64	Trust Agreement shall mean the agreement of trust between the Company and Trustee executed in furtherance of the Plan, as the same may be amended from time to
time hereafter. 

  
 10 

	2.65	Trustee shall mean the person (or persons), bank or trust company selected from time to time by the Company to serve as Trustee (or co-Trustees) under the Plan.

  

	2.66	Valuation Date shall mean such date or dates as shall be established from time to time by the Administrator for the purpose of valuing the Investment Funds and
adjusting Accounts hereunder, which dates need not be uniform with respect to each Investment Fund or Account; provided, however, that each Investment Fund shall be valued, and each Account shall be adjusted no less often than quarterly.

  
 11 

 ARTICLE 3 

PARTICIPATION 
  

	3.1	Eligibility for Participation 

  

	 	(a)	Each Covered Employee shall be eligible to become an LTSP Participant in the Plan (pursuant to Section 3.2), after the later of (i) thirty (30) calendar
days from his/her date of employment or (ii) the date he/she becomes a Covered Employee. 

  

	 	(b)	Effective for Entry Dates prior to January 1, 2009, each Covered Employee shall be eligible to become an SDRP Participant in the Plan as of the Entry Date
coincident with or immediately following the date such Covered Employee both attains age twenty-one (21) and has completed a Year of Service, provided that such Covered Employee is a Covered Employee on such Entry Date. Effective for Entry
Dates on or after January 1, 2009, no Covered Employee shall be eligible to become an SDRP Participant in the Plan. 

  

	3.2	Commencement of Participation 

  

	 	(a)	A Covered Employee who meets the eligibility provisions of Section 3.1(a) hereof may become an Active LTSP Participant by filing a Compensation Deferral Agreement
or a Payroll Deduction Agreement with the Administrator and providing such other information as the Administrator shall require. The Compensation Deferral Agreement will stipulate the amount of the Participant’s Pre-Tax Contributions. The
Payroll Deduction Agreement will stipulate the amount of the Participant’s Post-Tax Contributions. Such Participant’s Pre-Tax Contributions and Post-Tax Contributions shall be effective as of the first payroll period next following receipt
and processing of the Participant’s Compensation Deferral Agreement or Payroll Deduction Agreement (as applicable) by the Administrator. 

  

	 	(b)	A Covered Employee who meets the eligibility provisions of Section 3.1(b) shall automatically become an Active SDRP Participant as of the next administratively
feasible payroll period following the Entry Date referred to in Section 3.1(b). 

  

	3.3	Transfers of Employment 

  

	 	(a)	An Active LTSP Participant who transfers from Covered Employment to Employment other than Covered Employment shall become an Inactive LTSP Participant and his/her
Contributions, if applicable, shall be suspended in accordance with Section 4.6 hereof. 

  

	 	(b)	 An Active SDRP Participant who transfers from Covered Employment to Employment other than Covered Employment shall become an Inactive

  
 12 

 
SDRP Participant and his/her SDRP Contributions shall cease automatically. 
  

	 	(c)	An Inactive LTSP Participant who transfers from Employment other than Covered Employment to Covered Employment will become an Active LTSP Participant on the date such
Employee resumes Covered Employment. Should such Active LTSP Participant elect to make Pre-Tax Contributions or Post-Tax Contributions hereunder, such Contributions will be effective with the first payroll period next following receipt and
processing of the Active Participant’s Compensation Deferral Agreement or Payroll Deduction Agreement (as applicable) by the Administrator. 

  

	 	(d)	An Inactive SDRP Participant who transfers from Employment other than Covered Employment to Covered Employment will become an Active SDRP Participant on the date such
Employee resumes Covered Employment. 

  

	3.4	Suspension of Contributions 

 An Active LTSP Participant whose Contributions are suspended pursuant to Section 4.6 at his/her option shall continue to be considered an Inactive LTSP Participant. 

 

	3.5	Former Participants and Re-participation 

  

	 	(a)	Termination of Employment shall cause an Active Participant or Inactive Participant to become and remain a Former Participant until such time he/she has no remaining
Accounts under the Plan. 

  

	 	(b)	A Former Participant who returns to Employment other than Covered Employment shall become an Inactive Participant. 

 

	 	(c)	Any individual who ceases to be an Active LTSP Participant or Inactive LTSP Participant (including Former Participants) because of a Termination of Employment and who
subsequently returns to Covered Employment will become an Active LTSP Participant on the date such Employee resumes Covered Employment. Should such Active LTSP Participant elect to make Pre-Tax Contributions or Post-Tax Contributions hereunder, such
Contributions will be effective with the first payroll period next following receipt and processing of the Active LTSP Participant’s Compensation Deferral Agreement or Payroll Deduction Agreement (as applicable) by the Administrator.

  

	 	(d)	 Any individual who ceases to be an Active SDRP Participant or Inactive SDRP Participant (including Former Participants) because of a Termination of
Employment and who subsequently returns to Covered Employment will become an Active SDRP Participant as of the next 

  
 13 

	 	
administratively feasible payroll period following the date such Employee resumes Covered Employment. 

  
 14 

 ARTICLE 4 

DEPOSITS AND CONTRIBUTIONS 
  

	4.1	Pre-Tax Contributions 

  

	 	(a)	Pre-Tax Contributions. Subject to Section 4.2 of the Plan, effective January 1, 2009, each Active LTSP Participant may, pursuant to a Compensation
Deferral Agreement or a Payroll Deduction Agreement, have the Employer contribute on his/her behalf an amount to the Plan known as Pre-Tax Contributions (described in Section 2.55) of not less than one percent (1%) or more than ninety-nine
and ninety-eight hundredths percent (99.98%) (in any percentage to one hundredth of a percent) of his/her Eligible Compensation subject to the limitations of Sections 5.1 and Article 15. In any event, the percentage of Pre-Tax Contributions
contributed under this Section 4.1, when combined with the percentage of Catch-Up Contributions described in subsection (b), below, and the percentage of Post-Tax Contributions contributed under Section 4.2, cannot exceed ninety-nine and
ninety-eight hundredths percent (99.98%) of the Active LTSP Participant’s Total Compensation in the aggregate. 

  

	 	(b)	Catch-Up Contributions. Notwithstanding the limits on Pre-Tax Contributions under Sections 5.1 or 15.1 of the Plan, all Active LTSP Participants who are eligible
to make Pre-Tax Contributions under this Plan and who have attained age fifty (50) (or would have attained age fifty (50) if the Participant had not died) before the last day of the Participant’s tax year shall be eligible to elect to
make Catch-Up Contributions in accordance with, and subject to the limitations of, Code Section 414(v). Any such elections shall be made in the same manner as Pre-Tax Contributions, pursuant to a Compensation Deferral Agreement or a Payroll
Deduction Agreement. An Active LTSP Participant may change his/her Catch-Up Contribution election prospectively, but not retroactively, in the same manner as an Active LTSP Participant may change an election to make Pre-Tax Contributions by giving
appropriate notice to the Plan Administrator within prescribed time limits. The following requirements and limitations shall apply to Catch-Up Contributions effective on or after January 1, 2002: 

 

	 	(i)	Determination of a Catch-Up Contribution. Catch-Up Contributions are Pre-Tax Contributions to the Plan that are in excess of an otherwise applicable statutory
limit, Employer-provided limit, or the Actual Deferral Percentage test limit, to the extent applicable. 

  

	 	(A)	 A statutory limit is a limit contained in the Internal Revenue Code on Pre-Tax Contributions or Annual Additions otherwise permitted to be made under
the Plan without regard to Code Section 414(v). Statutory limits include the 

  
 15 

	 	
requirement under Code Section 401(a)(30) that the Plan provide that the amount of all pre-tax deferrals under the Plan and all other plans (or contracts) maintained by the Employer and
members of a controlled group may not exceed the limitation in effect during a calendar year under Code Section 402(g)(1)(A) for taxable years that begin in such calendar year. 

 

	 	(B)	An Employer-provided limit is a limit on the Pre-Tax Contributions a Participant is otherwise permitted to make under the Plan without regard to Code
Section 414(v)) that is contained in the terms of the Plan, but is not a statutory limit or the Actual Deferral Percentage limit. An Employer-provided limit must be a limit on Pre-Tax Contributions that is otherwise permissible in accordance
with Code Section 401(k) and the regulations thereunder. 

  

	 	(C)	The Actual Deferral Percentage limit applied to determine permissible Catch-Up Contributions is the highest dollar amount of Pre-Tax Contributions that any Highly
Compensated Employee is otherwise permitted for a Plan Year by reason of the Actual Deferral Percentage test under Code Section 401(k)(3) without regard to Code Section 414(v) in Plan Years the test applies in accordance with
Section 5.1 of the Plan. Such limit is determined after taking into account all Pre-Tax Contributions (other than Catch-Up Contributions determined because of an Employer-provided limit or statutory limit) and Qualified Non-elective
Contributions or Qualified Employer Matched Contributions for the Plan Year in accordance with Code Section 401(k)(3) and the applicable regulations, and after any necessary correction under Code Section 401(k)(8). For purposes of the
Actuary Deferral Percentage limit, the definition of Compensation used for Actual Deferral Percentage testing may be used in the year-end determination of Catch-Up Contributions. 

The amount of Pre-Tax Contributions in excess of the applicable limit is generally determined as of the end of the Plan Year. In
addition, if the Employer-provided limit is changed during the Plan Year, the Employer may use a time-weighted average (for example, based on months) of the different Employer-provided limits as the single applicable Employer-provided limit. (The
definition of Compensation used for Actual Deferral Percentage testing may also be used to determine the weighted-average.) 

  
 16 

	 	(ii)	Treatment of Catch-Up Contributions. 

  

	 	(A)	A Pre-Tax Contribution that is treated as a Catch-Up Contribution is not subject to otherwise applicable limits, and the Plan will not be treated as failing otherwise
applicable nondiscrimination requirements because of Catch-Up Contributions. Catch-Up Contributions are not taken into account in applying the limits of Code Section 401(a)(30), 402(h), or 415(c) to other contributions or benefits under the
Plan. 

  

	 	(B)	Pre-Tax Contributions that are determined to be Catch-Up Contributions are subtracted from the Participant’s Pre-Tax Contributions for the Plan Year prior to
determining the Participant’s individual deferral ratio, regardless whether the such Participant is an Highly or Non-Highly Compensated Employee. The Plan will not be treated as failing Code Section 401(k)(8) because these Excess
Contributions are treated as Catch-Up Contributions and retained. 

  

	 	(C)	Amounts in excess of an applicable limit are treated as Catch-Up Contributions only to the extent that such excess amounts, combined with amounts previously treated as
Catch-Up Contributions for the Active LTSP Participant’s taxable year, do not exceed the dollar limitation set forth in Code Section 414(v)(2)(B)(i) or such successor provision as adjusted for cost-of-living increases under Code
Section 414(v)(2)(C). 

  

	 	(D)	 Without regard to their special treatment under certain nondiscrimination provisions and the limitations under the Internal Revenue Code identified
above, Catch-Up Contributions are Pre-Tax Contributions and remain subject to the applicable requirements for Pre-Tax Contributions. For example, Catch-Up Contributions are subject to the distribution and vesting restrictions of Code
Section 401(k)(2)(B) and (C), although the Plan provisions applicable to distributions of Pre-Tax Contributions that are treated as Catch-Up Contributions may differ from those applicable to other Pre-Tax Contributions under the Plan (as long
as each provision complies with the distribution restrictions of Code Section 401(k)(2)(B)). In addition, Excess ADP Contributions treated as Catch-Up Contributions nevertheless remain Excess ADP Contributions for purposes of Code
Section 411(a)(3)(G). Therefore, the Plan is permitted to provide that Employer Matched Contributions 

  
 17 

	 	
related to Excess ADP Contributions that are treated as Catch-Up Contributions are forfeited. 

  

	 	(E)	Catch-Up Contributions for the current Plan Year are not taken into account for purposes of the top-heavy requirements under Code Section 416 or the minimum
coverage test of Code Section 410(b). However, Catch-Up Contributions for prior years are taken into account in determining whether the Plan is top-heavy under Code Section 416, and for purposes of average benefit percentage testing to the
extent prior years’ contributions are taken into account (i.e., if accrued-to-date calculations are used). In addition, the Plan will not fail the requirements of Code Section 401(a)(4) merely because it permits only Catch-Up eligible
Participants to make Catch-Up Contributions, without regard to whether the group of Catch-Up eligible Participants would satisfy Code Section 410(b). Similarly, the Employer Matched Contribution formula as applied to Catch-Up eligible
Participants is not treated as a separate benefit, right, or feature under Treas. Reg. § 1.401(a)(4)-4 from the Employer Matched Contribution formula as applied to the other Participants. However, the Employer Matched Contributions under the
Plan must satisfy the Actual Contribution Percentage test under Code Section 401(m)(2) taking into account all Employer Matched Contributions, including Employer Matched Contributions on Catch-Up Contributions. 

 

	 	(iii)	Employer Matched Contributions. With respect to Employer Matched Contributions (or, effective January 1, 2009, ADP Test Safe Harbor Employer Matched
Contributions) that are contributed with respect to Catch-Up Contributions, the Plan will be deemed to specify that the Employer Matched Contribution or ADP Test Safe Harbor Employer Matched Contribution will be made based on Pre-Tax Contributions
that do not exceed the specified formula and limit for Employer Matched Contributions for that payroll period or other designated allocation period (and on such Pre-Tax Contributions that do not exceed a statutory limit), and that Employer Matched
Contributions on Pre-Tax Contributions in excess of the Actual Deferral Percentage test limit will be forfeited in the same manner as Employer Matched Contributions with respect to Excess ADP Contributions. 

 

	 	(iv)	 Universal Availability. All Catch-Up eligible Participants shall be allowed to make Catch-Up Contributions. For this purpose, all plans
maintained by the Employer and its Affiliates (all employers treated as a single employer under Code Section 414(b), (c), (m) or (o)) are treated as a single plan. If an applicable Employer plan

  
 18 

	 	
otherwise subject to Code Section 401(a)(4) provides for Catch-Up Contributions, all other applicable Employer plans in the controlled group that provide for elective deferrals (including
plans not subject to Code Section 401(a)(4)) must provide Catch-Up eligible Participants with the same effective opportunity to make Catch-Up Contributions. In addition, however, Participants described in Code Section 410(b)(3), including
collectively bargained employees, shall be disregarded for purposes of determining whether the Plan complies with the universal availability requirement. Further, plans affected by a merger and/or acquisition shall not be treated as failing the
universal availability requirement for the transition period described in Code Section 410(b)(6)(C), as provided in the regulations under Code Section 414(v). In addition, to the extent the Plan permits Catch-Up Contributions, the Plan
will satisfy Code Section 401(a)(4) only if all Catch-Up eligible Participants are provided with an effective opportunity to make the same dollar amount of Catch-Up Contributions. 

 

	 	(c)	Effective Opportunity to Defer. Effective January 1, 2006, for the purposes of Pre-Tax Contributions, (including Catch-Up Contributions) must be provided
with an “effective opportunity” to make or change elections at least once per year (or more frequently as permitted by the terms of the Plan). In addition, except for occasional, bona fide administrative considerations, Pre-Tax
Contributions made pursuant to a Participant’s Payroll Deduction Agreement cannot precede the earlier of (i) the performance of services relating to the contribution, and (ii) when the Compensation that is subject to the election or
salary reduction agreement would be payable to the individual in the absence of an election to defer. In addition, any prepayments permitted in accordance with Notice 2002-48 may not be taken into account for purposes of the Actual Deferral
Percentage and Actual Contribution Percentage tests. 

  

	4.2	Post-Tax Contributions 

Each Active LTSP Participant may elect, pursuant to a Payroll Deduction Agreement, to have the Employer contribute on his/her behalf an
amount to the Plan known as Post-Tax Contributions (as defined in Section 2.54) not less than one percent (1%) and not more than ninety-nine and ninety-eight hundredths percent (99.98%) (in any percentage to one hundredth of a
percent) of his/her Eligible Compensation, subject to the limitations of Section 5.2 and Article 15. However, any Active LTSP Participant who is a Highly Compensated Employee may elect to contribute Post-Tax Contributions in an amount not more
than fourteen percent (14%) of his/her Eligible Compensation, subject to the limitations of Section 5.2 and Article 15. In any event, the total percentage of Post-Tax Contributions contributed under this Section 4.2 by any Active LTSP
Participant, when combined with the percentage of Pre-Tax Contributions described in Section 4.1(a), and the percentage of Catch-Up Contributions 

  
 19 

 
described in Section 4.1(b), cannot exceed ninety-nine and ninety-eight hundredths percent (99.98%) of the Active LTSP Participant’s Total Compensation in the aggregate.

  

	4.3	Employer Matched Contributions 

 For Plan Years beginning prior to January 1, 2009, the Employer shall contribute in respect of each Active LTSP Participant Employer Matched Contributions equal to one hundred percent (100%) on
the first one percent (1%) and fifty percent (50%) on up to the next four percent (4%) of such Active LTSP Participant’s Pre-Tax Contributions and/or Post-Tax Contributions. For purposes of determining the amount of Employer
Matched Contributions to be allocated to each Active LTSP Participant for a particular payroll period, only Pre-Tax Contributions and Post-Tax Contributions attributable to such payroll period, both of which in the aggregate do not exceed five
percent (5%) of Eligible Compensation for such payroll period, will be taken into consideration. The Employer Matched Contribution will first be attributable to Pre-Tax Contributions, if any, and then to Post-Tax Contributions, if any. The
Employer, with the approval of its Board of Directors, may increase or decrease the amount of Employer Matched Contributions at any time and from time to time for any reason. Notwithstanding the foregoing, effective for Plan Years beginning on or
after January 1, 2009, the Employer Matched Contribution of this Section 4.3 shall be eliminated and replaced by the ADP Test Safe Harbor Employer Matched Contribution, which shall be contributed solely with respect to each Active LTSP
Participant’s Pre-Tax Contributions (including Catch-Up Contributions) and/or Post-Tax Contributions in accordance with Section 4.9(b) of the Plan. 
 In addition, effective January 1, 2006, for purposes of this Section 4.3, an Employer Matched Contribution is an Employer contribution to the Plan (including a contribution made at the
Employer’s discretion) on account of a Participant’s Pre-Tax Contributions or Post-Tax Contributions, if any, to this Plan or any other plan maintained by an Employer, and includes any forfeiture allocated on the basis of Participant
Pre-Tax Contributions, Employer Matched Contributions, or Post-Tax Contributions. 
  

	 	(i)	The determination of whether an Employer contribution is made on account of a Participant Pre-Tax Contribution or Post-Tax Contribution is made on the basis of all the
relevant facts and circumstances. An Employer contribution made to a defined contribution plan on account of contributions made by a Participant under an Employer-sponsored savings arrangement that are not held in a plan or arrangement that is
intended to be a qualified plan or other arrangement described in Treas. Reg. § 1.402(g)-1(b) is not an Employer Matched Contribution 

  
 20 

	 	(ii)	The Employer contribution will not be an Employer Matched Contribution that is made with respect to the Participant’s Pre-Tax Contributions if, except for
occasional, bona fide administrative considerations, it precedes the earlier of (A) the performance of services relating to the Pre-Tax Contribution, and (B) when the Compensation that is subject to the election or salary reduction
agreement would be payable to the individual in the absence of an election to defer. Further, an Employer contribution is not an Employer Matched Contribution made on account of the Participant Pre-Tax Contribution if it is contributed before the
Participant Pre-Tax Contribution. In addition, effective January 1, 2006, any Employer Matched Contribution for a prepayment of a Pre-Tax Contribution that is otherwise permitted according to Notice 2002-48 may not be taken into account for
purposes of the Actual Contribution Percentage test and the prepayment would not satisfy any Plan requirement to provide Employer Matched Contributions. 

  

	 	(iii)	The foregoing restriction on pre-funding in subsection (ii) does not apply to the allocation of forfeitures of Employer Matched Contributions.

  

	4.4	SDRP Contributions 

Effective for Plan Years prior to January 1, 2009, each pay period the Employer shall contribute a percentage of the FICA Taxable
Compensation paid to each Active SDRP Participant during such pay period determined in accordance with the following table, based on such Active SDRP Participant’s Years of Service, as defined in Section 2.59, as of the first day of such
pay period: 
  

			
	 YEARS OF
 SERVICE
	  	CONTRIBUTION
PERCENTAGE
	 Less than 5 years
	  	1%
	 At least 5 years but less than 10 years
	  	2%
	 At least 10 years but less than 15 years
	  	3%
	 At least 15 years but less than 20 years
	  	4%
	 20 years or more
	  	5%

 Each Employer SDRP Contribution shall be promptly allocated to such Active SDRP Participant’s Account
as soon as practicable after it is made. For 

  
 21 

 
purposes of this Section, an Active SDRP Participant’s “FICA Taxable Compensation” for a given Plan Year shall consist of that portion of his/her Eligible Compensation which is not
in excess of the dollar amount specified as the maximum contribution and benefit base applicable to old-age, survivors, and disability insurance under Title II of the Social Security Act, as in effect on the first day of such Plan Year (the
“Taxable Wage Base”). In a manner consistent with the foregoing, no Employer SDRP Contribution shall be allocated to an Active SDRP Participant’s Account during such individual’s initial year of eligibility for participation
where, as of such individual’s Entry Date (defined in Section 3.1(b)), the Active SDRP Participant’s Eligible Compensation had already equaled or exceeded the applicable Taxable Wage Base. 

Notwithstanding the foregoing, effective for Plan Years beginning on and after January 1, 2009, the Employer shall not make any
Employer SDRP Contributions. Each SDRP Account in existence prior to January 1, 2009, of any Active SDRP Participant or former SDRP Participant shall continue to be administered in accordance with Section 6.10 until such SDRP Account is
entirely distributed from the Plan. 
  

	4.5	Change in Amount of Contributions 

  

	 	(a)	The percentage of Eligible Compensation designated by a Participant as his/her Pre-Tax Contributions and/or Post-Tax Contributions shall continue in effect,
notwithstanding any change in his/her Eligible Compensation, until he/she elects to change such percentage. 

  

	 	(b)	An Active LTSP Participant may elect to change his/her percentage of Pre-Tax Contributions and/or Post-Tax Contributions by filing an election with the Administrator in
such manner as the Administrator shall specify. Any such change shall become effective with the first payroll period next following receipt and processing of the Participant’s revised Compensation Deferral Agreement or Payroll Deduction
Agreement (as applicable) by the Administrator. 

  

	4.6	Suspension of Contributions 

  

	 	(a)	An Active LTSP Participant may elect to suspend all of his/her Pre-Tax Contributions and/or Post Tax Contributions by filing a written election with the Administrator
on such forms as the Administrator shall specify. Such suspension shall become effective with the first payroll period next following receipt and processing of the suspension request by the Administrator. 

 

	 	(b)	 The Pre-Tax and Post-Tax Contributions of a Participant who becomes an Inactive LTSP Participant pursuant to Section 3.3(a) (Transfers of
Employment) shall be suspended automatically beginning with the first 

  
 22 

	 	
payroll period thereafter, and may not be resumed until he/she becomes an Active LTSP Participant pursuant to Article 3. 

 

	 	(c)	All suspensions of Pre-Tax and Post-Tax Contributions shall be indefinite in duration and a Participant shall not be permitted to make up such suspended Contributions.

  

	 	(d)	An Active LTSP Participant who has elected to suspend all of his/her Pre-Tax Contributions and/or Post-Tax Contributions shall be eligible to resume making such
Contributions as of the first payroll period next following receipt and processing of a new Compensation Deferral Agreement or Payroll Deduction Agreement (as applicable) by the Administrator. 

 

	4.7	Remittance of Contributions 

 It is the Company’s intent to remit Contributions to the Trustee as soon as practical after the close of the payroll period for which they are attributable. In no event, however, will Contributions
that are attributable to deductions from the Participant’s Eligible Compensation be remitted to the Trustee later than as required by the applicable statute and regulations. In no event will Employer Matched Contributions and Employer SDRP
Contributions be remitted to the Trustee later than ninety (90) days following the close of the month in which they are granted. 
  

	4.8	Return of Contributions 

Except as provided in Section 15.2, in Section 6.15 regarding forfeitures, and in this Section 4.8, the assets of the Plan
shall never revert to or be used by the Employer. Contributions made by the Employer to the Trust by reason of a mistake of fact may be returned to the Employer within one year after the payment of the contribution. Furthermore, contributions made
by the Employer to the Trust are conditioned upon the deductibility of the contribution under Code Section 404 and, to the extent the deduction is disallowed, may be returned to the Employer within one year after disallowance of the deduction.
Any amount returned to the Employer by reason of this Section 4.8 shall not include earnings attributable thereto and shall be reduced by any losses attributable thereto. 

 

	4.9	Section 401(k) Safe Harbor Contributions 

  

	 	(a)	 Precedence of Safe Harbor Provisions. Effective for Plan Years beginning on or after January 1, 2009, this Section 4.9 provides for
“Safe Harbor” contributions that are deemed to satisfy the nondiscrimination requirements in accordance with Code Sections 401(k)(12) and 401(m)(11) for the Plan Year (respectively, the “ADP Test Safe Harbor” and the “ACP
Test Safe Harbor”). To the extent that any other provision of the Plan is inconsistent with the Safe Harbor provisions of this Section 4.9, the provisions of this Section shall govern. Therefore, subject to the

  
 23 

	 	
termination and amendment provisions of subsection (e), effective for Plan Years beginning on or after January 1, 2009, the provisions relating to the Actual Deferral Percentage test of Code
Section 401(k)(3) (as described in Section 5.1 of the Plan), or the Actual Contribution Percentage test of Code Section 401(m)(2) (as described in Section 5.2 of the Plan) shall not apply to any Pre-Tax Contributions (as
described in Section 4.1), to the ADP Test Safe Harbor Employer Matched Contribution (as described in Section 4.9(b)), or to any ACP Test Safe Harbor Employer Matched Contribution (as described in Section 4.9(c). Notwithstanding the
foregoing, the Actual Contribution Percentage test of Code Section 401(m)(2) (as described in Section 5.2) shall continue to apply to Post-Tax Contributions and to any Employer Matched Contributions provided herein that do not satisfy the
ACP Test Safe Harbor requirements of Section 4.9(c). In addition, other than the requirements of the Actual Deferral Percentage and Actual Contribution Percentage tests of Code Sections 401(k)(3) and 401(m)(2), the provisions of this Plan that
reflect the general requirements that apply to “cash or deferred arrangements” and Employer Matched Contributions under Code Section 401(k) and 401(m), respectively, and the regulations thereunder, shall continue to apply as
appropriate. 

  

	 	(b)	The ADP Test Safe Harbor. The Actual Deferral Percentage test of Code Section 401(k)(3) and Section 5.1 of the Plan shall be deemed satisfied in any
Plan Year if this Plan satisfies the ADP Test Safe Harbor requirements of this subsection (b) for the Plan Year by: contributing Employer Matched Contributions that satisfy the ADP Test Safe Harbor Employer Matched Contribution requirements as
provided in subsections (b)(i) and (ii); satisfying the notice requirement in accordance with subsection (b)(iii); satisfying the Plan Year requirements of subsection (d); and satisfying any additional rules of subsection (e), as applicable.

  

	 	(i)	 The ADP Test Safe Harbor Employer Matched Contribution. Effective January 1, 2009, the Employer shall contribute for the Plan Year an ADP
Test Safe Harbor Employer Matched Contribution to the Plan on behalf of each Active LTSP Participant equal to one hundred percent (100%) of the Active LTSP Participant’s Pre-Tax Contributions (including Catch-Up Contributions) and/or
Post-Tax Contributions that do not exceed six percent (6%) of Compensation for the Plan Year. For purposes of determining the amount of ADP Test Safe Harbor Employer Matched Contributions to be allocated to each Active LTSP Participant for a
particular payroll period, only Pre-Tax Contributions (including Catch-Up Contributions) and Post-Tax Contributions attributable to such payroll period, both of which in the aggregate do not exceed six percent (6%) of Eligible Compensation for
such payroll period, will be taken into consideration. The ADP Test Safe Harbor Employer Matched 

  
 24 

	 	
Contribution will first be attributable to Pre-Tax Contributions (including Catch-Up Contributions), if any, and then to Post-Tax Contributions, if any. Notwithstanding the foregoing, the ADP
Test Safe Harbor Employer Matched Contribution for any Active LTSP Participant who is a Highly Compensated Employee (as defined in Section 2.40 of the Plan) for that Plan Year shall not, in any event, exceed twelve thousand dollars ($12,000).
The ADP Test Safe Harbor Employer Matched Contribution described in this Section 4.9(b)(i) is intended by the Employer to be an “enhanced matching formula” defined in Treas. Reg. § 1.401(k)-3(c)(3) that satisfies the ADP Test
Safe Harbor provisions of Code Section 401(k)(12) and satisfies the limitation on Safe Harbor matching contributions under Code Section 401(m)(11)(B). 

 

	 	(ii)	Restrictions Applicable to the ADP Test Safe Harbor Matching Contribution. 

 

	 	(A)	Forfeitures and Distributions. The Participant’s Account derived from ADP Test Safe Harbor Employer Matched Contributions shall be nonforfeitable and may
not be distributed earlier than Severance from Employment, death, disability, an event described in Code Section 401(k)(10), or the attainment of age fifty-nine and one-half (59-1/2). Hardship distributions of ADP Test Safe Harbor Employer
Matched Contributions are not permitted. 

  

	 	(B)	Restrictions on Relative Amounts of Contributions. The ADP Test Safe Harbor requirement of this subsection (b) is not satisfied if the ratio of ADP Test
Safe Harbor Employer Matched Contributions made on account of a Highly Compensated Employee’s Pre-Tax Contributions under the Plan for a Plan Year to Pre-Tax Contributions (expressed as a percentage of his/her Eligible Compensation) is greater
than the ratio of ADP Test Safe Harbor Employer Matched Contributions to Pre-Tax Contributions that would apply with respect to any eligible Non-Highly Compensated Employee with Pre-Tax Contributions at the same ratio of Eligible Compensation. In
addition, to be qualified as an “enhanced matching contribution,” the rate of ADP Test Safe Harbor Employer Matched Contributions made on behalf of an Active LTSP Participant under the Plan for a Plan Year to the Active LTSP
Participant’s Pre-Tax Contributions may not increase as the amount of an Active LTSP Participant’s Pre-Tax Contributions increases. For purposes of determining this ratio, Pre-Tax Contributions shall include Catch-Up Contributions.

  
 25 

	 	(C)	Frequency of Allocation of Safe Harbor Employer Matched Contributions. The ADP Test Safe Harbor requirements of this subsection (b) will not fail to be
satisfied merely because the Plan provides that the ADP Test Safe Harbor Employer Matched Contributions will be made separately with respect to each payroll period (or with respect to all payroll periods ending with or within each month or quarter
of a Plan Year) taken into account under the Plan for the Plan Year, provided that ADP Test Safe Harbor Employer Matched Contributions with respect to any Pre-Tax Contributions made during a Plan Year quarter are contributed to the Plan by the last
day of the immediately following Plan Year quarter. 

  

	 	(iii)	Safe Harbor Notice Requirement. Except as otherwise provided herein, at least thirty (30) days but not more than ninety (90) days before the beginning
of each Plan Year during which this Section 4.9 is in force, the Employer will provide each Active LTSP Participant a Safe Harbor notice that is sufficiently accurate and comprehensive to inform the Active LTSP Participant of his/her rights and
obligations under the Plan, and that is written in a manner calculated to be understood by the average Active LTSP Participant. If an Eligible Employee becomes an Active LTSP Participant after the ninetieth (90th) day before the beginning of
the Plan Year and does not receive the notice for that reason, the Safe Harbor notice must be provided no more than ninety (90) days before the Eligible Employee is eligible to become an Active LTSP Participant, but not later than the date
he/she becomes eligible in accordance with Section 3.1. 

  

	 	(A)	Minimum Content Requirement. Subject to the exceptions provided in subsection (B), below relating to cross-references to the summary plan description, a Safe
Harbor notice is not considered sufficiently accurate and comprehensive unless the notice accurately describes: 

  

	 	(1)	The ADP Test Safe Harbor Employer Matched Contribution formula (and/or an ACP Test Safe Harbor Employer Matched Contribution formula, if applicable) used under the
Plan; 

  

	 	(2)	Any other contributions under the Plan or matched contributions to another plan on account of Pre-Tax Contributions and/or Post-Tax Contributions under the Plan
(including the potential for any additional discretionary matched contributions) and the conditions under which such contributions are made; 

  
 26 

	 	(3)	The type and amount of Eligible Compensation that may be deferred under the Plan; 

 

	 	(4)	The procedures for making elections for Pre-Tax Contributions, including any administrative requirements that apply to such elections; 

 

	 	(5)	The periods available under the Plan for making or changing Pre-Tax Contributions elections; 

 

	 	(6)	Withdrawal and vesting provisions applicable to all contributions under the Plan; and 

 

	 	(7)	Information that makes it easy to obtain additional information about the Plan (including an additional copy of the summary plan description) such as telephone numbers,
addresses and, if applicable, electronic addresses, of individuals or offices from whom employees can obtain such plan information. 

  

	 	(B)	Notwithstanding the foregoing, the Plan will not fail to satisfy the minimum content requirements merely because the notice contains cross-references to the relevant
portions of the summary plan description in regards to information relating to any other contributions under the Plan (other than Safe Harbor contributions), but only in relation to information about another plan to which ADP Test or ACP Test Safe
Harbor Contributions will be made, and the type and amount of Eligible Compensation that may be deferred under the Plan. However, the cross-referenced sections of the summary plan description must provide the same information that would be provided
in accordance with the requirements listed in subsection (A), above, and the summary must have been provided (or is concurrently being provided) to Active LTSP Participants. All other information must be provided in the Safe Harbor notice, and may
not be cross-referenced. 

  

	 	(c)	 The ACP Test Safe Harbor. For purposes of this Section 4.9(c), the ADP Test Safe Harbor Employer Matched Contribution provided in
accordance with Section 4.9(b)(i) shall be deemed to satisfy the ACP Test Safe Harbor of Code Section 401(m)(11) in addition to satisfying the ADP Test Safe Harbor of Code Section 401(k)(12), as described in Section 4.9(b).
Therefore, the ACP Test Safe Harbor Employer Matched Contributions will be deemed to satisfy the Actual Contribution Percentage test of Code Section 401(m)(2), as described in Section 5.2 of the Plan. Notwithstanding the foregoing, any
Post-Tax Contributions must continue 

  
 27 

	 	
to satisfy the Actual Contribution Percentage test of Code Section 401(m)(2), as described in Section 5.2 of the Plan. 

 

	 	(d)	Plan Year Requirement. Except as provided in Section 4.9(e), below (and in accordance with Treas. Reg. § 1.401(k)-3(e) and (f) and §
1.401(m)-3(f) and (g), incorporated by reference herein), with respect to the ADP Test Safe Harbor Contribution and the ACP Test Safe Harbor Contributions, as appropriate, the Plan will fail to satisfy the requirements of Code
Section 401(k)(12) and Code Section 401(m)(11) for a Plan Year unless such Safe Harbor provisions are adopted before the first day of the Plan Year and remain in effect for an entire twelve (12) month Plan Year. However, if the Plan
has a short Plan Year as a result of changing its Plan Year, the Plan will not fail to satisfy the requirements of this Plan Section 4.9 merely because the Plan Year has less than twelve (12) months, provided: 

 

	 	(i)	The Plan satisfied the ADP Test Safe Harbor and/or ACP Test Safe harbor requirements for the immediately preceding Plan Year; and 

 

	 	(ii)	The Plan satisfies the ADP Test Safe Harbor and/or ACP Test Safe Harbor requirements (determined without regard to Treas. Reg. § 1.401(k)-3(g) or §
1.401(m)-3(h) for the immediately following Plan Year (or for the immediately following twelve (12) months if the immediately following Plan Year is less than twelve (12) months). 

In addition, a newly established plan (other than a successor plan within the meaning of Treas. Reg. § 1.401(k)-2(c)(2)(iii)) will
not be treated as violating the requirements of this subsection (d) merely because the Plan Year is less than twelve (12) months, provided that the Plan Year is at least three (3) months long (or, in the case of a newly established
Employer that establishes the Plan as soon as administratively feasible after the Employer comes into existence, a shorter period). Similarly, the Plan will not fail to satisfy the requirements of this subsection (d) for the first Plan Year in
which Pre-Tax Contributions and/or Employer Matched Contributions are added to an existing profit sharing arrangement for the first time, provided the plan is not a successor plan; and the amendment providing for Pre-Tax Contributions (and/or
Employer Matched Contributions), as appropriate, is made effective no later than three (3) months prior to the end of Plan Year. 
  

	 	(e)	Additional Rules. 

  

	 	(i)	Amendment and Termination. 

  

	 	(A)	 Permissible Reduction or Suspension of ADP Test and/or ACP Test Safe Harbor Contributions. A Plan that provides for ADP Test or ACP Test Safe
Harbor Employer Matched Contributions will not fail to satisfy the requirements of Code 

  
 28 

	 	
Section 401(k)(3) or 401(m)(2) for a Plan Year merely because the Plan is amended during a Plan Year to reduce or suspend Safe Harbor Employer Matched Contributions on future Pre-Tax
Contributions (and, if applicable, Post-Tax Contributions) provided that: 

  

	 	(1)	All Active LTSP Participants are provided the supplemental notice in accordance with the requirements provided in this subsection (A); 

 

	 	(2)	The reduction or suspension of Safe Harbor Employer Matched Contributions is effective no earlier than the later of thirty (30) days after Active LTSP Participants
are provided the notice described above, and the date the amendment is adopted; 

  

	 	(3)	Active LTSP Participants are given a reasonable opportunity (including a reasonable period after receipt of the supplemental notice) prior to the reduction or
suspension of Safe Harbor Employer Matched Contributions to change their Pre-Tax Contribution elections and, if applicable, their Post-Tax Contributions; 

  

	 	(4)	The Plan is amended to provide that the ADP test (and, if applicable, the ACP test) will be satisfied for the entire Plan Year in which the reduction or suspension
occurs using the current year testing method described in Treas. Reg. § 1.401(k)-2(a)(2)(ii); and 

  

	 	(5)	The Plan satisfies the requirements of the ADP Test or ACP Test Safe Harbor Contributions (other than this subsection (e)) with respect to amounts deferred through the
effective date of the amendment. 

 The requirement of a notice of suspension in according with this
Section 4.9(e)(i)(A) is satisfied if each Active LTSP Participant is given a notice (in writing or such other form as prescribed by the Commissioner) that explains the consequences of the amendment which reduces or suspends the ADP Test Safe
Harbor Employer Matched Contributions on future Pre-Tax Contributions and, if applicable, on future Post-Tax Contributions; the procedures for changing their Pre-Tax Contribution elections and, if applicable, their Post-Tax Contribution elections;
and the effective date of the amendment. 

  
 29 

	 	(B)	Plan Termination and Final Plan Year. The Plan will not fail to satisfy the ADP Test or ACP Test Safe Harbor Test requirements of Code Sections 401(k)(12) or
401(m)(11) if the Plan Year is less than twelve (12) months due to the termination of the Plan if subsection (1) or subsection (2) is satisfied: 

 

	 	(1)	Acquisition/Disposition or Substantial Business Hardship. If the termination of the Plan is on account of an acquisition or disposition transaction described in
Code Section 410(b)(6)(C), or if the termination is on account of the Employer’s substantial business hardship within the meaning of Code Section 412(d), the Plan remains an ADP Test Safe Harbor and/or ACP Test Safe Harbor Plan
provided that the Employer satisfies Code Sections 401(k)(12) and/or Code Section 401(m)(11) through the effective date of the Plan termination. 

  

	 	(2)	Other Termination. If the Employer terminates the Plan for any reason other than as described in subsection (I), above, the Employer must conduct the termination
under the provisions of subsection (e)(i)(A), (treating the termination as a reduction or elimination in Safe Harbor Contributions), above, except that the Employer need not provide Participants with the right to change their cash or deferred
elections. 

  

	 	(ii)	Contributions Taken into Account. An ADP Test or ACP Test Safe Harbor Contribution is taken into account for purposes of this Section 4.9 for a Plan Year if
and only if the contribution would be taken into account for such Plan Year under the rules of Treas. Reg. § 1.401(k)-2(a) or § 1.401(m)-2(a). Thus, for example, a Safe Harbor Employer Matched Contribution must be made within twelve
(12) months of the end of the Plan Year. Similarly, a Pre-Tax Contribution that would be taken into account for a Plan Year under Treas. Reg. § 1.401(k)-2(a)(4)(i)(B)(2) must be taken into account for such Plan Year for purposes of this
Section 4.9, even if the Eligible Compensation would have been received after the close of the Plan Year. 

  

	 	(iii)	 Early Participation Rules. Code Section 401(k)(3)(F) and Treas. Reg. § 1.401(k)-2(a)(1)(iii)(A), which provide an alternative
nondiscrimination rule for certain plans that provide for early participation, do not apply for purposes of Code Sections 401(k)(12) and 401(m)(11). Thus, the Plan is not treated as

  
 30 

	 	
satisfying the Safe Harbor rules of this Section 4.9 with respect to the Active LTSP Participants who have not completed the minimum age and service requirements of Code
Section 410(a)(1)(A) unless the Plan satisfies the Safe Harbor rules of this Section 4.9 with respect to such Active LTSP Participants. However, a Plan is permitted to apply the minimum coverage rules of Code Section 410(b)(4)(B) to
treat the Plan as two separate plans for purposes of Code Section 410(b) and apply the Safe Harbor requirements of this Section 4.9 to one plan and apply the requirements of Treas. Reg. § 1.401(k)-2 to the other plan.

  

	 	(iv)	Contributions Used Only Once. ADP Test or ACP Test Safe Harbor Matching or Safe Harbor Non-elective Contributions cannot be used to satisfy the requirements of
this Section 4.9 with respect to more than one plan. 

  

	 	(v)	Catch-Up Contributions. In addition to the foregoing, if the Plan provides for ADP Test Safe Harbor Employer Matched Contributions and/or ACP Test Safe Harbor
Employer Matched Contributions, then Catch-Up Contributions (as defined in Code Section 414(v)) will be taken into account in applying such contributions under the Plan. 

 

	 	(f)	Definitions. For purposes of the ADP Test and ACP Test Safe Harbor requirements of this Section 4.9, terms not otherwise defined in the Plan shall have the
following meanings: 

  

	 	(i)	“ACP Test Safe Harbor” is the Safe Harbor method of Code Section 401(m)(11) described in Section 4.9(c) of the Plan for satisfying the Actual
Contribution Percentage test of Code Section 401(m)(2). 

  

	 	(ii)	“ACP Test Safe Harbor Employer Matched Contributions” are Employer Matched Contributions described in Sections 4.9(c). 

 

	 	(iii)	“Active LTSP Participant” shall have the same meaning as provided under Section 2.2 of the Plan, and shall mean a Covered Employee who is eligible,
according to Article 3, to make Pre-Tax Contributions (including Catch-Up Contributions) and/or Post-Tax Contributions under the Plan for any part of the Plan Year, or who would be eligible to make such contributions but for a voluntary suspension
of contributions, or due to the imposition of statutory limitations, such as Code Sections 402(g) and 415.” 

  

	 	(iv)	“ADP Test Safe Harbor” is the Safe Harbor method of Code Section 401(k)(12) described in Section 4.9(b) of the Plan for satisfying the Actual
Deferral Percentage test of Code Section 401(k)(3). 

  
 31 

	 	(v)	“ADP Test Safe Harbor Employer Matched Contributions” are the Employer Matched Contributions described in Section 4.9(b)(i). 

 

	 	(vi)	“Covered Employee” shall have the same meaning as provided under Section 2.19 of the Plan, and shall mean an Employee who is eligible to be an Active
LTSP Participant according to Article 3. 

  

	 	(vii)	“Eligible Compensation” shall have the same meaning as defined in Section 2.23 of the Plan. 

  
 32 

 ARTICLE 5 

MAXIMUM CONTRIBUTIONS 
  

	5.1	Limitations on Pre-Tax Contributions 

 The
Actual Deferral Percentage test limitations on Pre-Tax Contributions as provided in this Section 5.1 shall apply to Pre-Tax Contributions contributed for Plan Years beginning prior to January 1, 2009. Effective for Plan Years beginning on
or after January 1, 2009, the Actual Deferral Percentage test shall be superseded by Section 4.9, providing for ADP Test Safe Harbor Contributions. 
  

	 	(a)	For purposes of determining the maximum Pre-Tax Contribution, contributions by the Employer designated as Pre-Tax Contributions shall be expressed as a ratio of
Eligible Compensation for each Participant and each Covered Employee who is eligible to be, but who is not, a Participant. 

  

	 	(b)	Except as otherwise provided herein, the individual deferral ratio and the Actual Deferral Percentage for each Participant, Covered Employee, and group of Participants
or Covered Employees for the Plan Year shall be determined in accordance with Code Section 401(k) and the regulations thereunder, including, but not limited to, the aggregation/disaggregation rules of Treas. Reg. § 1.401(k)-1(b)(4), the
testing rules of Treas. Reg. § 1.401(k)-2, and the definitions provided by Treas. Reg. § 1.401(k)-6, which such regulations are hereby incorporated herein 

The Actual Deferral Percentage for eligible Highly Compensated Employees for a Plan Year shall be the average of the ratios of the
eligible Highly Compensated Employees for that Plan Year. This will be compared to the Actual Deferral Percentage for the Non-highly Compensated Employees for the prior Plan Year, which will be the average of the ratios of the eligible Non-highly
Compensated Employees for the prior Plan Year. The Actual Deferral Percentage for any Plan Year for eligible Highly Compensated Employees shall not exceed the greater of either (i) or (ii) below: 

 

	 	(i)	One hundred and twenty-five percent (125%) of the Actual Deferral Percentage of the eligible Non-highly Compensated Employees for the prior Plan Year, or

  

	 	(ii)	The lesser of the amounts determined under (A) or (B) following (or such other amount as may be prescribed in applicable regulations under the Code to prevent
multiple use of the alternative limitation set forth in this clause (ii)): 

  

	 	(A)	Two hundred percent (200%) of the Actual Deferral Percentage of eligible Non-highly Compensated Employees for the prior Plan Year, or 

  
 33 

	 	(B)	The Actual Deferral Percentage of the eligible Non-highly Compensated Employees for the prior Plan Year plus two percentage points (2%). 

Notwithstanding any other provision of this Plan, the Pre-Tax Contributions shall be limited to the extent necessary to meet this test.
Further, any adjustments to the Actual Deferral Percentage for Non-highly Compensated Employees for the prior Plan Year shall be made in accordance with Notice 98-1 and any superseding guidance. 

 

	 	(c)	Procedure to Limit Pre-Tax Contributions 

  

	 	(i)	Prior to the End of the Plan Year 

 The Administrator may determine prior to the end of the Plan Year whether there is a reasonable expectation that the Actual Deferral Percentage results satisfy the test contained in Section 5.1(b).

 In the event that the test described in Section 5.1(b) will not be satisfied, the following procedure will be followed:

  

	 	(A)	The future Pre-Tax Contributions, previously authorized, for each Highly Compensated Employee whose Pre-Tax Contributions are at the highest dollar amount shall be
reduced by a uniform amount, not to exceed one dollar ($1.00) such that the Actual Deferral Percentage for the Highly Compensated Employees will satisfy a test in Section 5.1(b). If the test is still not satisfied after the adjustments in the
immediately preceding sentence have been made, then similar adjustments shall be made to the Pre-Tax Contributions for each Highly Compensated Active Participant whose Pre-Tax Contributions are at the next highest dollar amount until such time as
the Actual Deferral Percentage for the Highly Compensated Employees will satisfy a test in Section 5.1(b). The process shall continue until such time as a test in Section 5.1(b) is satisfied, or the reduction has eliminated all future
contributions. 

  

	 	(B)	Any such reduction of future, previously authorized Pre-Tax Contributions shall remain in force until the January 1 immediately following.

  

	 	(C)	The amount resulting from a reduction in a Participant’s future Pre-Tax Contribution in Section 5.1(c)(i)(B) shall be treated as taxable income to the
Employee for the month in which the reduction occurs and subsequent months through the end of the Plan Year. The Employer shall withhold those taxes required by law on such increase in taxable income. 

  
 34 

	 	(ii)	Subsequent to End of Plan Year 

  

	 	(A)	If it is determined subsequent to the end of the Plan Year that the test in Section 5.1(b) has not been met, the Excess ADP Contributions and the income allocable
thereto for the Highly Compensated Employees must be calculated. 

  

	 	(1)	Determination of Aggregate Amount of Excess 

 “Excess ADP Contributions” shall determined according to Code Section 401(k)(8)(B), and shall equal, with respect to any Plan Year, the total excess of (I) the aggregate amount of
Pre–Tax Contributions (including any Employer contributions actually taken into account in computing the Actual Deferral Percentage) of Highly Compensated Employees for such Plan Year, over (II) the maximum aggregate amount of such
contributions permitted by the Actual Deferral Percentage test of Section 5.1(b), which such maximum aggregate amount shall be based on the aggregate amount by which Pre–Tax Contributions (including any Employer contributions taken into
account for the Actual Deferral Percentage test) must be reduced to equal the highest permitted individual ratio included in the Actual Deferral Percentage for Highly Compensated Employees. To calculate the highest permitted individual ratio, the
ratio of the Highly Compensated Employee with the highest such ratio is hypothetically reduced by the amount required to equal the next highest ratio. This hypothetical percentage leveling process of each individual ratio shall be repeated until the
reduced aggregated ratios for all Highly Compensated Employees satisfies the Actual Deferral Percentage test of Section 5.1(b). The highest individual ratio remaining after the hypothetical percentage leveling process is equal to the highest
permitted ratio for purposes of determining the total Excess ADP Contributions. 
  

	 	(2)	Allocation of Excess Amount to Individuals 

 After determining the total amount of Excess ADP Contributions, such total Excess shall be allocated (to determine the corrective distribution amount for each individual) by reducing the Highly
Compensated Employee with the largest dollar amount of Pre–Tax Contributions (including Employer contributions taken 

  
 35 

 
into account for the Actual Deferral Percentage test) for the year in which the Excess arose until the first to occur of (I) the amount distributed equals the total Excess ADP Contributions,
or (II) the total dollar contributions of such Highly Compensated Employee equals the total dollar contributions of the Highly Compensated Employee with the next largest dollar amount of Pre–Tax Contributions (including Employer contributions
taken into account for the Actual Deferral Percentage test) for the year in which the Excess arose. This dollar amount leveling method shall continue in descending order of the next largest dollar amount until the total amount of Excess ADP
Contributions (determined under this paragraph (2)) has been allocated. For purposes of the preceding sentence, the “largest dollar amount” is determined after distribution of any Excess Deferrals according to Section 5.1(d).

  

	 	(3)	Designation and Distribution of Excess  

 Notwithstanding any contrary provision of the Plan, such Excess ADP Contributions (and the income determined according to paragraph (4), below) are to be designated as such by the Company and must be
distributed to the appropriate Highly Compensated Employee (as determined according to paragraph (2), above) within twelve months of the close of the Plan Year, reduced by Excess Deferrals previously distributed, if any. Notwithstanding the
foregoing, if such Excess ADP Contributions are distributed more than two and one-half (2-1/2) months after the last day of the Plan Year in which such excess amounts arose, a ten percent (10%) excise tax will be imposed on the Employer
maintaining the Plan with respect to such amounts. Any Employer Matched Contributions relating to such Excess ADP Contributions shall be considered to have been made in respect of the Highly Compensated Employee’s Post-Tax Contributions to the
extent possible, and otherwise shall be forfeited and applied in accordance with Section 6.15. 
 Notwithstanding the
foregoing to the contrary, effective for Plan Years beginning on or after January 1, 2002, with respect to Participants eligible to make Catch-up Contributions, as an alternative to 

  
 36 

 
distribution as provided by this subsection, Excess ADP Contributions may be recharacterized as Catch-Up Contributions in accordance with Treas. Reg. 1.414(v)-1(b)(1)(iii), up to the applicable
annual Catch-up Contribution limit provided by Treas. Reg. 1.414(v)-1(c) (as adjusted). In addition, effective for Plan Years beginning on or after January 1, 2006, any Employer Matched Contribution attributable to Excess ADP Contributions
shall be distributed if vested, and forfeited if non-vested. If forfeited, such forfeitures shall be applied to reduce Employer Matched Contributions and/or SDRP Contributions for the Plan Year in which such excess arose. However, to the extent the
applicable forfeiture exceeds Employer Matched Contributions and SDRP Contributions for the Plan Year, or to the extent the Employer has already contributed for such Plan Year, such forfeitures shall be allocated after all other forfeitures under
the Plan to the Employer Matched Contribution account of each Non-highly Compensated Employee who made Pre-Tax Contributions in the ratio that each such Participant’s Pre-Tax Contributions for the Plan Year bears to the total Pre-Tax
Contributions of all such Participants for such Plan Year. 
  

	 	(4)	Calculation of Income for Plan Year 

 The determination of allocable income to Excess ADP Contributions for the Plan Year is made by multiplying the net gain (as set forth in Article 6) for the Plan Year allocable to Pre-Tax Contributions by
a fraction, the numerator of which is the Excess ADP Contribution for the Highly Compensated Employee for the Plan Year and the denominator of which is the sum of (i) such Employee’s total Pre-Tax Contribution Account balance as of the
beginning of the Plan Year, plus (ii) such Employee’s Pre-Tax Contributions for the Plan Year. Notwithstanding the foregoing to the contrary, effective for Plan Years beginning on or after January 1, 2006, income or loss allocable to
the period between the end of the taxable year and seven (7) days prior to the date of distribution must be included in the distribution but only to the extent the Participant is or would be credited with allocable gains or losses on such
excess for such period if the Account had been distributed. 

  
 37 

	 	(d)	Maximum Deferral 

  

	 	(i)	Effective for Plan Years beginning on and after January 1, 2002, the maximum annual amount of any Participant’s Pre-Tax Contributions (including elective
deferrals made under any other qualified plan maintained by the Employer during any taxable year), shall be the applicable dollar limitation provided by Code Section 402(g)(1) as in effect for that taxable year or, effective for taxable years
beginning after December 31, 2006, as adjusted according to Code Section 402(g)(4), except to the extent permitted under Section 4.1(b), describing the availability of Catch-Up Contributions as defined under Code Section 414(v).

  

	 	(ii)       (A)	If the maximum deferral set forth in Section 5.1(d)(i) above is exceeded for a Non-highly Compensated Employee, such amount may not be considered when performing
the test in Section 5.1(b). 

  

	 	(B)	If a Highly Compensated Employee has an Excess Deferral, regardless of distribution after the close of the Plan Year as set forth in (v) below, it must be taken
into account in the performance of the test in Section 5.1(b). 

  

	 	(iii)	Corrective Distribution During Plan Year 

 If there has been an Excess Deferral, a corrective distribution may be made to the Employee during the Plan Year if: 
  

	 	(A)	The Employee requests such distribution and designates in writing the distribution as an Excess Deferral, and 

 

	 	(B)	The correcting distribution is made after the Plan received the amount of the Excess Deferral, and 

 

	 	(C)	The Plan designates in writing the distribution as a distribution of an Excess Deferral. 

For purposes of the foregoing, the Participant shall be deemed to have requested a corrective distribution if there is an excess based on
contributions to this Plan. 
  

	 	(D)	Calculation of Income During Plan Year 

 The income allocable to the Excess Deferral is to be distributed with the Excess Deferral. The determination of allocable income during the Plan Year is made by multiplying the income allocable to Pre-Tax
Contributions for the period from the beginning of the Plan Year to the date on which the 

  
 38 

 
distribution is made by a fraction, the numerator of which is the amount of Excess Deferral made by the Employee for the Plan Year, and the denominator of which is the sum of (i) such
Employee’s total Pre-Tax Contribution Account balance as of the beginning of the Plan Year plus (ii) such Employee’s Pre-Tax Contributions for such Plan Year through the date of distribution. 

 

	 	(iv)	Corrective Distribution After the End of the Plan Year 

  

	 	(A)	If the Employee notifies the Plan of the amount of Excess Deferrals not later than March 15 following the close of the Plan Year, then not later than April 15
following the close of the Plan Year, the Plan may distribute the Excess Deferrals and any income allocable to such amount (as determined according to paragraph (B), below). Notwithstanding the foregoing, Excess Deferrals with respect to any
Employee may be determined by the Plan apart from any Employee notice, and such determination may be made solely in reference to contributions made to this Plan. 

 

	 	(B)	Calculation of Income for the Plan Year 

 The determination of allocable income for the Plan Year is made by multiplying the net gain (as set forth in Article 6) for the Plan Year allocable to Pre-Tax Contributions by a fraction, the numerator of
which is the amount of Excess Deferrals made by the Employee in the Plan Year, and the denominator of which is the sum of (i) such Employee’s total Pre-Tax Contribution Account balance as of the beginning of the Plan Year, plus
(ii) such Employee’s Pre-Tax Contributions for the Plan Year. Notwithstanding the foregoing to the contrary, effective for Plan Years beginning on or after January 1, 2006, income or loss allocable to the period between the end of the
taxable year and seven (7) days prior to the date of distribution must be included in the distribution but only to the extent the Participant is or would be credited with allocable gains or losses on such excess for such period if the Account
had been distributed. 
 Notwithstanding the foregoing to the contrary, effective for Plan Years beginning on or after
January 1, 2006, any Employer Matched Contribution attributable to Excess Deferrals shall be distributed if vested, and forfeited if non-vested. If forfeited, such forfeitures shall be applied to reduce Employer Matched Contributions and/or
SDRP Contributions for the Plan Year in which such excess arose. However, to the extent the applicable forfeiture 

  
 39 

 
exceeds Employer Matched Contributions and SDRP Contributions for the Plan Year, or to the extent the Employer has already contributed for such Plan Year, such forfeitures shall be allocated
after all other forfeitures under the Plan to the Employer Matched Contribution account of each Non-highly Compensated Employee who made Pre-Tax Contributions in the ratio that each such Participant’s Pre-Tax Contributions for the Plan Year
bears to the total Pre-Tax Contributions of all such Participants for such Plan Year. 
  

	 	(v)	No corrective distribution of Excess Deferrals will be permitted after the April 15 following the close of the Plan Year for which there was a Pre-Tax
Contribution. 

  

	 	(vi)	Any Excess Deferral remaining in the Plan shall be subject to the Pre-Tax Contribution withdrawal restrictions found in Section 9.1 and shall be includible in the
Employee’s gross income when distributed from the Plan. 

  

	 	(e)	A Participant’s Pre-Tax Contributions may also be limited under Article 15. 

 

	5.2	Limitations on Post-Tax Contributions and Employer Matched Contributions 

 The Actual Contribution Percentage test provided in this Section 5.2 shall apply to Employer Matched Contributions and Post-Tax Contributions contributed prior to January 1, 2009. Effective for
Plan Years beginning on or after January 1, 2009, the Actual Contribution Percentage test shall be superseded by the Safe Harbor requirements of Section 4.9 with respect to ACP Test Safe Harbor Contributions. However, the Actual
Contribution Percentage test shall continue to apply to all Post-Tax Contributions. 
  

	 	(a)	 For purposes of determining the maximum Post-Tax Contribution and Employer Matched Contribution, a Contribution Deferral Percentage shall be determined
for each Participant and each Employee who is eligible to be, but who is not, a Participant. The “Contribution Deferral Percentage” shall mean the individual ratio (expressed as a percentage) of the Participant’s Contribution
Percentage Amounts to the Participant’s Compensation for the Plan Year. “Compensation” shall equal Compensation as defined under Section 2.16 of the Plan. The “Contribution Percentage Amounts” shall mean the sum of
Post-Tax Contributions, Employer Matched Contributions, and Qualified Matching Contributions (to the extent not taken into account for purposes of the Actual Deferral Percentage test) made under the Plan on behalf of the Participant for the Plan
Year. Such Contribution Percentage Amounts shall not include Employer Matched Contributions that are forfeited either to correct Excess Aggregate Contributions or because the contributions to

  
 40 

 
which they relate are Excess Deferrals, Excess Contributions, or Excess Aggregate Contributions. 
  

	 	(b)	The Contribution Deferral Percentage for each Participant and Covered Employee shall be determined in accordance with Code Section 401(m) and the regulations
thereunder. The Contribution Deferral Percentage for eligible Highly Compensated Employees for a Plan Year shall be the average of the ratios of the eligible Highly Compensated Employees for that Plan Year. This will be compared to the Contribution
Deferral Percentage for the Non-highly Compensated Employees for the prior Plan Year, which will be the average of the ratios of the eligible Non-highly Compensated Employees for the prior Plan Year. 

 

	 	(c)	The Contribution Deferral Percentage for any Plan Year for eligible Highly Compensated Employees shall not exceed the greater of either (i) or (ii) below:

  

	 	(i)	One hundred and twenty-five percent (125%) of the Contribution Deferral Percentage of the eligible Non-highly Compensated Employees for the prior Plan Year, or

  

	 	(ii)	The lesser of the amounts determined under (A) or (B) following (or such other amount as may be prescribed in applicable regulations under the Code to prevent
multiple use of the alternative limitation set forth in this clause (ii)): 

  

	 	(A)	Two hundred percent (200%) of the Contribution Deferral Percentage of eligible Non-highly Compensated Employees for the prior Plan Year, or

  

	 	(B)	The Contribution Deferral Percentage of the eligible Non-highly Compensated Employees for the prior Plan Year plus two percentage points (2%). 

Any adjustments to the Contribution Deferral Percentage for Non-highly Compensated Employees for the prior Plan Year shall be made in
accordance with Notice 98-1 and any superseding guidance. 
 Except as otherwise provided herein, the individual contribution
ratio for each Participant or Covered Employee, and the Actual Contribution Percentage for each group of Participants or Covered Employees for the Plan Year shall be determined in accordance with Code Section 401(m) and the regulations
thereunder, including, but not limited to, the aggregation/disaggregation rules of Treas. Reg. § 1.401(m)-1(b)(4), the testing rules of Treas. Reg. § 1.401(m)-2, the limits on disproportionate matching rates provided by Treas. Reg. §
1.401(m)-2(a)(4) and the definitions provided by Treas. Reg. § 1.401(k)-5, which such regulations are hereby incorporated herein. 

  
 41 

	 	(d)	Procedure to Limit Post-Tax and Employer Matched Contribution 

  

	 	(i)	Prior to the End of the Plan Year 

 The Administrator may determine prior to the end of the Plan Year whether there is a reasonable expectation that the Contribution Deferral Percentage results satisfy either of the tests contained in
Section 5.2(c). In the event that neither of the tests described in Section 5.2 will be satisfied, the following procedure will be followed: 
  

	 	(A)	The future unmatched Post-Tax Contributions, previously authorized, for each Highly Compensated Employee whose unmatched Post-Tax Contributions are at the highest
dollar amount shall be reduced by a uniform amount, not to exceed one dollar ($1.00) such that the Contribution Deferral Percentage for the Highly Compensated Employees will satisfy a test in Section 5.2(c). If a test in Section 5.2(c) is
still not satisfied after the adjustments in the immediately preceding sentence have been made, then similar adjustments shall be made to the unmatched Post-Tax Contributions for each Highly Compensated Active Participant whose unmatched Post-Tax
Contributions are at the next highest dollar amount until such time as the Contribution Deferral Percentage for the Highly Compensated Employees will satisfy a test in Section 5.2(c). This process shall continue until one of the tests is
satisfied, or there are no further unmatched Post-Tax Contributions to reduce, or the Contribution Deferral Percentage would be reduced below the highest level attributable to a Highly Compensated Employee. 

 

	 	(B)	 In the event that none of the tests described in Section 5.2(c) will be satisfied under (A) above, the future matched Post-Tax Contributions
and the Employer Matched Contributions attributable to them for each Highly Compensated Employee whose matched Post-Tax Contributions and Employer Matched Contributions attributable to them are at the highest dollar amount shall be reduced by a
uniforms amount, not to exceed one dollar ($1.00), such that the Contribution Deferral Percentage for the Highly Compensated Employees will satisfy a test in Section 5.2(c). If a test in Section 5.2(c) is still not satisfied after the
adjustments in the immediately preceding sentence have been made, then similar adjustments shall be made to the matched Post-Tax Contributions and attributable Employer Matched Contributions for each Highly Compensated Active

  
 42 

 
Participant whose matched Post-Tax Contributions and Employer Matched Contributions attributable to them are at the next highest dollar amount until such time as the Contribution Deferral
Percentage for the Highly Compensated Employees will satisfy a test in Section 5.2(c). This process shall continue until such time as a test in Section 5.2(c) is satisfied. 

 

	 	(C)	Any such reduction of future Post-Tax Contributions or Employer Matched Contributions shall remain in force until the January 1 immediately following.

  

	 	(D)	The amount resulting from a reduction in an Active Participant’s future Post-Tax Contribution in Section 5.2 will not be considered a Contribution and no
future Employer Matched Contributions will be made relating to such. 

  

	 	(ii)	Subsequent to the End of the Plan Year 

  

	 	(A)	If it is determined subsequent to the end of the Plan Year that the tests in Section 5.2(c) have not been met, the Excess Aggregate Contributions and the income
allocable thereto for the Highly Compensated Employees must be calculated. 

  

	 	(1)	 Determination of Aggregate Amount of Excess. “Excess Aggregate Contributions” shall determined according to Code
Section 401(m)(6)(B), and shall equal, with respect to any Plan Year, the total excess of (I) the aggregate amount of Contribution Deferral Percentage amounts actually taken into account in computing the Contribution Deferral Percentage of
Highly Compensated Employees for such Plan Year, over (II) the maximum aggregate amount of such contributions permitted by the Contribution Deferral Percentage test of Section 5.2(c), which such maximum aggregate amount shall be based on the
aggregate amount by which contributions taken into account for the Contribution Deferral Percentage test must be reduced to equal the highest permitted individual ratio included in the Contribution Deferral Percentage for Highly Compensated
Employees. To calculate the highest permitted individual ratio, the ratio of the Highly Compensated Employee with the highest such ratio is hypothetically reduced by the amount required to equal the next highest individual ratio. This hypothetical
percentage leveling process 

  
 43 

 
of each individual ratio shall be repeated until the reduced aggregated ratios for all Highly Compensated Employees satisfies the Contribution Deferral Percentage test of Section 5.2(c). The
highest individual ratio remaining after the hypothetical percentage leveling process is the highest permitted ratio for purposes of determining the total Excess Aggregate Contributions. 

 

	 	(2)	Allocation of Excess to Individuals. After determining the total amount of Excess Aggregate Contributions, such total Excess shall be allocated (to determine the
corrective distribution amount for each individual) by reducing the Highly Compensated Employee with the largest dollar amount of contributions taken into account for the Contribution Deferral Percentage test for the year in which the Excess arose
until the first to occur of (I) the amount distributed equals the total Excess Aggregate Contributions, or (II) the total dollar contributions of such Highly Compensated Employee equals the total dollar contributions of the Highly Compensated
Employee with the next largest dollar amount of contributions taken into account for the Contribution Deferral Percentage test for the year in which the Excess arose. This dollar amount leveling method shall continue in descending order of the next
largest dollar amount until the total amount of Excess Aggregate Contributions (determined under this paragraph (2)) has been allocated. For purposes of the preceding sentence, the “largest dollar amount” is determined after
distribution of any Excess ADP Contributions pursuant to Section 5.1(c)(ii)(A)(1) and Excess Deferrals according to Section 5.1(d). 

  

	 	(3)	 Designation and Distribution of Excess. Such Excess Aggregate Contributions (and the income determined according to paragraph (4), below) are to
be designated as such by the Company and to the extent consisting of Post-Tax Contributions, must be distributed to the appropriate Highly Compensated Employee (as determined according to paragraph (2), above) within twelve (12) months of the
close of the Plan Year. Notwithstanding the foregoing, if such Excess Aggregate Contributions are distributed more than two and one-half (2-1/2) months after the last day of the Plan Year in which such excess amounts arose, a ten percent
(10%) excise tax will be imposed 

  
 44 

 
on the Employer maintaining the Plan with respect to those amounts. Any distributed Excess Aggregate Contributions shall be treated as Annual Additions under the Plan. Further, to the extent such
distributed amounts consist of Employer Matched Contributions, such amounts shall be forfeited and applied in accordance with Section 6.15. 
 Notwithstanding the foregoing to the contrary, effective for Plan Years beginning on or after January 1, 2006, any Employer Matched Contribution attributable to the Excess Deferrals that are
distributed to a Participant shall be forfeited. Such forfeitures shall be applied to reduce Employer Matched Contributions and/or SDRP Contributions for the Plan Year in which such excess arose. However, to the extent the applicable forfeiture
exceeds Employer Matched Contributions and SDRP Contributions for the Plan Year, or to the extent the Employer has already contributed for such Plan Year, such forfeitures shall be allocated, after all other forfeitures under the Plan, to the
Employer Matched Contribution account of each Non-highly Compensated Employee who made Pre-Tax Contributions in the ratio that each such Participant’s Pre-Tax Contributions for the Plan Year bears to the total Pre-Tax Contributions of all such
Participants for such Plan Year. 
  

	 	(4)	 Calculation of Income for Plan Year. The income allocable to the Excess Aggregate Contribution must also be distributed within twelve months of
the close of the Plan Year. The determination of allocable income for the Plan Year is made by multiplying the net gain (as set forth in Article 6) for the Plan Year allocable to Post-Tax Contributions and Employer Matched Contributions by a
fraction, the numerator of which is the Excess Aggregate Contribution for the Highly Compensated Employee for the Plan Year and the denominator of which is the sum of (i) such Employee’s total Post-Tax Contribution Account balance plus
Employer Matched Contribution Account balance as of the beginning of the Plan Year plus (ii) such Employee’s Post-Tax Contributions and Employer Matched Contributions for the Plan Year. Notwithstanding the foregoing to the contrary,
effective for Plan Years beginning on or after January 

  
 45 

 
1, 2006, income or loss allocable to the period between the end of the taxable year and seven (7) days prior to the date of distribution must be included in the distribution but only to the
extent the Participant is or would be credited with allocable gains or losses on such excess for such period if the Account had been distributed. 
  

	 	(e)	A Participant’s Post-Tax and Employer Matched Contributions may also be limited under Article 15. 

  
 46 

 ARTICLE 6 

ACCOUNTS 
  

	6.1	Accounts 

 The
Administrator shall maintain in the name of each Participant or Former Participant such of the following Accounts as shall be applicable: 
  

	 	(a)	A Pre-Tax Contribution Account; 

  

	 	(b)	A Post-Tax Contribution Account; 

  

	 	(c)	An ADP Test Safe Harbor Employer Matched Contribution Account; 

  

	 	(d)	An Employer Matched Contribution Account; 

  

	 	(e)	An Employer SDRP Contribution Account; 

  

	 	(f)	A Former PAYSOP Account; and 

  

	 	(g)	A Former Employer Supplemental Contribution Account; 

 Such Accounts shall be administered in the manner hereinafter provided. 
  

	6.2	Accounts Represent Undivided Interests 

 The portion of balances standing to the credit of the Pre-Tax Contribution Account, the Post-Tax Contribution Account, the ADP Test Safe Harbor Employer Matched Contribution Account, the Employer Matched
Contribution Account, the Employer SDRP Contribution Account, the Former PAYSOP Account, the Former Employer Supplemental Contribution Account, the Employer Forfeiture Account and the suspense account referred to in Section 6.14 that is
invested in one of the Investment Funds shall represent an undivided interest in such fund. 
  

	6.3	Account Values 

 The value
of an Account on any date shall be its value determined on the coinciding or immediately preceding Valuation Date plus any contributions and other amounts subsequently credited thereto, and less any distributions and other amounts subsequently
charged thereto. 
  

	6.4	Valuation of Investment Funds 

 As of each Valuation Date, the Trustee shall compute the value of each investment Fund from which shall be determined the net gain and loss of such Fund since the immediately preceding Valuation Date.

  
 47 

 The net gain or loss shall include any unrealized and realized profits or losses, and any
dividends, interest, or other income and any expenses which are due or accrued, but shall not include contributions made by the Employer or a Participant and distributions made to a Participant, Former Participant or Beneficiary. The cost basis for
shares of Company Stock purchased since the prior Valuation Date shall be the average cost per share; such average based on all purchase and sale prices in the Fund since the prior Valuation Date. 

 

	6.5	Allocation of Net Gain or Loss of Investment Funds to Accounts 

  

	 	(a)	As of each Valuation Date, the net gain or loss of each Investment Fund shall be allocated among the appropriate Accounts in proportion to the ratio of:

  

	 	(i)	The value of the portion of each such Account that is, and has been continuously, invested in such Investment Fund as of the immediately preceding Valuation Date; to

  

	 	(ii)	The aggregate of the amounts computed under clause (i) above for all Accounts that are invested in such Investment Fund as of such immediately preceding Valuation
Date. 

  

	 	(b)	The Administrator may, however, adopt such procedures as it considers equitable to establish a proportionate crediting of the net gain or loss of the Investment Fund or
Investment Funds for contributions made since the last Valuation Date. 

  

	 	(c)	In determining the value of the appropriate Accounts under Section 6.5 as of the immediately preceding Valuation Date, there shall be excluded any amounts
forfeited in accordance with Section 8.3 since such date. 

  

	6.6	Basis of Valuation 

 In
determining the value of any Investment Fund pursuant to the provisions of Section 6.4, the Trustee shall use the following values: securities listed on any nationally recognized securities exchange shall be valued at the closing price reported
on any such exchange on the Valuation Date, or, if there were no sales on the Valuation Date, then at the quoted bid price on the Valuation Date. Securities not listed on a recognized stock exchange shall be valued at the quoted closing bid price on
the Valuation Date. A unit of participation in a common trust fund maintained by the Trustee or a share in a mutual fund shall be valued at the unit value, or share price respectively, in effect on the Valuation Date. Securities with respect to
which there were no available sale prices or bid prices on the Valuation Date, and any other investments, shall be valued at prices deemed by the Trustee to represent the fair market value thereof on the Valuation Date. 

  
 48 

	6.7	Administration of Pre-Tax Contribution Account 

  

	 	(a)	There shall be credited to the Pre-Tax Contribution Account of a Participant all Pre-Tax Contributions made pursuant to Section 4.1 and all Qualified Plan Rollover
Contributions made pursuant to Section 17.12 on behalf of such Participant. 

  

	 	(b)	There shall be charged against such Account withdrawals by the Participant pursuant to Section 10.1 hereof. 

 

	6.8	Administration of Post-Tax Contribution Account 

  

	 	(a)	There shall be credited to the Post-Tax Contribution Account of a Participant all Post-Tax Contributions made by such Participant under this Plan.

  

	 	(b)	There shall be charged against such Account withdrawals by the Participant in accordance with Section 10.2 hereof. 

 

	6.9	Administration of Employer Matched Contribution Account 

  

	 	(a)	There shall be credited to the Employer Matched Contribution Account of a Participant all Employer Matched Contributions made on behalf of such Participant under this
Plan. 

  

	 	(b)	There shall be charged against such Account withdrawals by the Active Participant in accordance with Section 10.3 hereof. 

 

	6.10	Administration of Employer SDRP Contribution Account 

 There shall be credited to the Employer SDRP Contribution Account of a Participant all Employer SDRP Contributions made on behalf of such Participant under this Plan. No withdrawals or loans are permitted
from such Account. Effective January 1, 2007, the Employer SDRP Contribution Account shall be divided into two sub-accounts. The first sub-account shall be known as the Pre-2007 Employer SDRP Contribution Sub-Account and shall contain all SDRP
Contributions relating to Plan Years prior to 2007. The second sub-account shall be known as the Post-2006 Employer SDRP Contribution Sub-Account shall contain all SDRP Contributions relating to Plan Years after 2006. 

 

	6.11	Administration of ADP Test Safe Harbor Employer Matched Contribution Account 

 

	 	(a)	There shall be credited to the ADP Test Safe Harbor Employer Matched Contribution Account of an Active LTSP Participant all ADP Test Safe Harbor Employer Matched
Contributions made on behalf of such Participant under this Plan. 

  
 49 

	 	(b)	There shall be charged against such Account any withdrawals by the Active LTSP Participant in accordance with Section 10.3 hereof. 

 

	6.12	Administration of Former PAYSOP Account 

 No further amounts shall be credited to the Former PAYSOP Account. Such Account shall consist of stock and funds of the Participant’s or Former Participant’s former PAYSOP and former
Supplemental PAYSOP Account (as such contributions ceased, effective December 31,1987). No withdrawals or loans are permitted from such Account. 
  

	6.13	Administration of the Former Employer Supplemental Contribution Account 

 No amounts attributable to Plan Years after 1988 shall be credited to the Former Employer Supplemental Contribution Account of a Participant or Former Participant (as such provision ceased to be effective
as of December 31, 1988). No withdrawals or loans are permitted from such Account. 
  

	6.14	Administration of the Suspense Account 

  

	 	(a)	Effective for Limitation Years prior to January 1, 2008, there shall be credited to a suspense account the amount of any Contributions, Employer Matched
Contributions and Employer SDRP Contributions for a Participant which are in excess of the amount permitted under Article 15 hereof. 

  

	 	(b)	The balance in such suspense account at the close of such Plan Year shall be accounted for as follows: 

 

	 	(i)	The Post–Tax Contributions and then Pre–Tax Contributions (if an excess still exists) considered as excess under (a) above, including gains or less
losses, shall be returned to the Participant before the end of the next Plan Year. 

  

	 	(ii)	All such other Contributions, Employer Matched Contributions and Employer SDRP Contributions that are considered as excess under (a) above shall remain credited to
this suspense account and reallocated in the following Plan Year as Employer Matched Contributions and Employer SDRP Contributions for such Plan Year (and succeeding Plan Years if necessary). 

The balance in the suspense account remaining after December 31, 2007, attributable to Excess Annual Additions arising prior to
January 1, 2008, shall be reallocated in accordance with the foregoing procedures. Excess Annual Additions attributable to Limitation Years after December 31, 2007 shall be corrected in accordance with Section 15.2 of the Plan.

  
 50 

	6.15	Administration of the Employer Forfeiture Account 

  

	 	(a)	There shall be credited to the Employer Forfeiture Account all funds creditable to such Account as provided in Section 8.3 hereof. 

 

	 	(b)	There shall be charged against such Account all amounts withdrawn from time to time and reallocated as Employer Matched Contributions or Employer SDRP Contributions.

  

	6.16	Crediting of Contributions 

Pre-Tax Contributions and Post-Tax Contributions shall be credited to the appropriate Account or Accounts of such Participants no later
than the end of the quarter for which such contributions are attributable or as soon thereafter as administratively possible. Employer Matched Contributions and Employer SDRP Contributions made for the benefit of Participants with respect to a
particular Plan Year shall be credited to the appropriate Accounts of such Participants no later than the end of the quarter for which such Contributions are attributable or as soon thereafter as administratively possible. 

 

	6.17	Employee Contribution Records 

 The Administrator shall maintain a Pre-Tax Contribution record in the name of each Participant or Former Participant, in which shall be entered in dollars and cents, the amount of each Pre-Tax
Contribution made on behalf of such Participant; and a Post-Tax Contribution record in which shall be entered, in dollars and cents, the amount of each Post-Tax Contribution made by such Participant. Each such record shall at all times carry a
current cumulative balance as of the preceding Valuation Date plus Contributions, distributions and withdrawals made in the interim since such Valuation Date. 
  

	6.18	Unit Accounting 

 The
Administrator may, for administrative purposes, establish unit values for one or more Investment Funds or any portion thereof and maintain the Accounts setting forth each Participant’s interest in such Investment Fund (or any portion thereof)
in terms of such units, all in accordance with such rules and procedures as the Administrator shall deem to be fair, equitable and administratively practicable. In the event that unit accounting is thus established for any Investment Fund (or any
portion thereof) the value of a Participant’s interest in that Investment Fund (or any portion thereof) at any time shall be an amount equal to the then value of a unit in such Investment Fund (or any portion thereof) multiplied by the number
of units then credited to the Participant. 

  
 51 

 ARTICLE 7 

RETIREMENT, DISABILITY OR DEATH 
  

	7.1	Benefit at Retirement 

Upon attaining his/her Normal Retirement Age hereunder, a Participant shall be one hundred percent (100%) vested in and eligible to
receive upon separation from service the value of his/her Pre-Tax Contribution Account, Post-Tax Contribution Account, Employer Matched Contribution Account, Employer SDRP Contribution Account, Former PAYSOP Account, and Former Employer Supplemental
Contribution Account in the manner provided in Article 9 hereof. 
  

	7.2	Disability Benefit 

 A
Participant who is Disabled shall be one hundred percent (100%) vested in and eligible to receive the value of his/her Pre-Tax Contribution Account, Post-Tax Contribution Account, Employer Matched Contribution Account, Employer SDRP
Contribution Account, Former PAYSOP Account, and Former Employer Supplemental Contribution Account in the manner provided in Article 9 hereof. 
  

	7.3	Death Benefit 

 Upon the
death of a Participant, his/her Beneficiary shall be eligible to receive one hundred percent (100%) of the value of his/her Pre-Tax Contribution Account, Post-Tax Contribution Account, Employer Matched Contribution Account, Employer SDRP
Contribution Account, Former PAYSOP Account, and Former Employer Supplemental Contribution Account in the manner provided in Article 9 hereof. Notwithstanding anything in the Plan to the contrary, as to each Participant for whom funds were
transferred to an Employer SDRP Contribution Account as a result of the Merger, such Participant’s Beneficiary shall not be entitled to receive the value of such Participant’s Employer SDRP Contribution Account, unless such Beneficiary is
named in a single written designation that expressly applies to both the Long-Term Savings Plan portion and the Self-Directed Retirement Plan portion of The Progressive 401(k) (formerly known as “The Progressive Retirement Security
Program”). In the absence of such a designation, such Participant’s Employer SDRP Contribution Account shall be paid upon such Participant’s death to such Participant’s “Beneficiary” under and within the meaning of The
Progressive Corporation Supplemental Retirement Plan, as in effect immediately prior to the Merger. 

  
 52 

 ARTICLE 8 

VESTING AND TERMINATIONS 
  

	8.1	Vesting 

 A Participant is
vested in his/her Accounts as follows: 
  

	 	(a)	Participant Accounts 

Each Participant and Former Participant is one hundred percent (100%) vested in his/her Pre-Tax Contribution Account, Post-Tax
Contribution Account, ADP Test Safe Harbor Employer Matched Contribution Account and Former PAYSOP Account. Such Accounts shall be administered in the manner hereinafter provided. 

 

	 	(b)	Employer Matched Contribution Account 

  

	 	(i)	Each Participant and Former Participant shall be vested in his/her Employer Matched Contribution Account in accordance with the following schedule:

  

					
	 Years of
 Service
	  	Vested
Percentage	 
	 Less than one
	  	 	0	% 
	 One but less than two
	  	 	25	% 
	 Two but less than three
	  	 	50	% 
	 Three but less than four
	  	 	75	% 
	 Four or more
	  	 	100	% 

  

	 	(ii)	Notwithstanding subsection (i) above, and due to the fact that class year vesting was eliminated effective December 31,1988, this transitional vesting section
shall apply to any participant for whom it produces a greater vested benefit than subsection (i) above. A Participant’s vested benefit in his/her Employer Matched Contribution Account as of December 31,1988 will be frozen (for
calculation purposes only) and the amount maintained separately. To calculate the vested percentage of a Participant’s Employer Matched Contribution Account, the frozen December 31,1988 balance will be added to the subsequent Employer
Matched Contributions. This sum will be multiplied by the appropriate vested percentage corresponding to the Participant’s Years of Service as determined in (i) above. Effective January 1, 2009, the above vesting schedule provided in
subsection (i), above, shall continue to apply to each Participant’s Employer Matched Contribution Account. 

  
 53 

	 	(c)	Former Employer Supplemental Contribution Account and Employer SDRP Contribution Account 

 

	 	(i)	Each Participant or Former Participant shall be fully vested in his/her Employer Supplemental Contribution Account. 

 

	 	(ii)	Effective January 1, 2007, each Participant or Former Participant shall be vested in his/her Employer SDRP Contribution Account in accordance with the following
schedules: 

  

	 	(A)	as to such Participant’s or Former Participant’s Pre-2007 Employer SDRP Contribution Sub-Account (defined in Section 6.10): 

 

					
	 Years of Service
	  	Vested Percentage	 
	 Less than five
	  	 	0	% 
	 Five or more
	  	 	100	% 

  

	 	(B)	as to such Participant’s or Former Participant’s Post-2006 Employer SDRP Contribution Sub-Account (defined in Section 6.10): 

 

					
	 Years of Service
	  	Vested Percentage	 
	 Less than three
	  	 	0	% 
	 Three or more
	  	 	100	% 

  

	 	(d)	Special Vesting Provisions for Midland Employees 

 Effective June 30, 1998, and notwithstanding anything to the contrary set forth in the Addendum attached hereto entitled “Addendum to The Progressive 401(k) (“Plan”) Re: Former
Participants Under The Midland Companies’ Employee Savings Plan” (the “Midland Addendum”), each Participant shall be fully vested in the balance of his/her Midland Matching Contribution Account, as defined in the Midland
Addendum. (Prior to January 1, 2009, the Midland Addendum was entitled “Addendum to The Progressive Retirement Security Program (“Plan”) Re: Former Participants Under The Midland Companies’ Employee Savings Plan.”)

  

	8.2	Termination of Employment 

The final vesting status of a Participant who terminates his/her Employment for any reason other than Retirement, Disability or death
shall be determined as of his/her Termination of Employment, taking into consideration the provisions of Section 11.1. Such Participant shall become a Former Participant and shall be eligible to receive the value of his/her Pre-Tax Contribution
Account, Post-Tax Contribution Account, Former PAYSOP Account, and the vested portion of his/her Employer Matched Contribution Account, the vested portion of his/her 

  
 54 

 
Employer SDRP Contribution Account and the vested portion of his/her Former Employer Supplemental Contribution Account as provided in Article 9 hereof. 

 

	8.3	Forfeitures 

  

	 	(a)	Effective prior to January 1, 2008, if a Former Participant who terminated Employment for reasons other than Retirement, Disability or death does not return to
Employment during the Plan Year in which his/her Termination of Employment occurs, or if he/she dies after his/her Termination of Employment during that Plan Year, then the following provisions shall apply to the non-vested portion of his/her
Employer Matched Contribution Account, Employer SDRP Contribution Account and Former Employer Supplemental Contribution Account: 

  

	 	(i)	If he/she is zero percent (0%) vested in his/her Employer SDRP Contribution Account and/or his/her Former Employer Supplemental Contribution Account, he/she shall be
deemed to have received a distribution of zero dollars ($0.00) from such Employer SDRP Contribution Account, and/or Former Employer Supplemental Contribution Account, as the case may be, and the balance of such Accounts) shall be provisionally
forfeited and such forfeiture shall be applied in accordance with Section 6.15 hereof. 

  

	 	(ii)	If he/she is less than one hundred percent (100%) vested in his/her Employer Matched Contribution Account, the non-vested portion of such Account shall be
provisionally forfeited and such forfeiture shall be applied in accordance with Section 6.15 hereof as of the earlier of (i) the date he/she receives a distribution of the vested portion of such Account, (ii) the fifth anniversary of
the date of his/her Termination of Employment or (iii) the date he/she dies. 

  

	 	(b)	Notwithstanding the foregoing subsection (a), effective on and after January 1, 2008, the following forfeiture provisions shall apply: 

 

	 	(i)	If a Former Participant who has an initial Employment date prior to January 1, 2008, terminates Employment for reasons other than Retirement, Disability or death
and does not return to Employment by the end of the calendar quarter in which his/her Termination of Employment occurs (or if he/she dies after his/her Termination of Employment), the non-vested portion of the Participant’s Employer Matched
Contribution Account, Employer SDRP Contributions Account and Former Employer Supplemental Contribution Account shall be provisionally forfeited. Such provisional forfeitures shall be applied in accordance with Section 6.15 hereof as of the end
of the quarter in which the Participant terminates employment, and shall be reinstated according to Section 8.4. 

  
 55 

	 	(ii)	If a Former Participant who has an initial Employment date on or after January 1, 2008, terminates Employment for reasons other than Retirement, Disability or
death and does not return to Employment by the end of the calendar quarter in which his/her Termination of Employment occurs (or if he/she dies after his/her Termination of Employment), the non-vested portion of the Participant’s Employer
Matched Contribution Account or the Employer SDRP Contributions Account shall be provisionally forfeited. Such provisional forfeitures shall be applied in accordance with Section 6.15 hereof as of the end of the quarter in which the Participant
terminates employment, and may be reinstated according to Section 8.4. However, any such provisional forfeitures shall become permanent, and such Former Participant’s forfeitures may not be reinstated according Section 8.4, as of the
earliest to occur: (A) the end of the calendar quarter in which falls the anniversary of the end of fifth consecutive Period of Severance, or (B) the date of the Participant’s death. 

In any event, effective for Plan Years beginning on or after January 1, 2006, a Participant’s Account attributable to the
Participant’s own contributions that remain nonforfeitable at all times shall not be taken into account for purposes of the application of vesting percentages to determine the forfeitable portion of any Employer contributions. Further, for
purposes of this Section 8.3, a Participant’s Account attributable to the Participant’s own contributions that remain nonforfeitable at all times shall be taken into account in determining whether the Participant has any vested
interest in his/her Account for purposes of applying any rule of parity. 
  

	8.4	Reemployment 

  

	 	(a)	Effective for Participants who have an initial Employment date prior to January 1, 2008, if a Participant who ceased to be an Employee returns to active Employment
as of any date, and regardless of the number of Periods of Severance, an amount equal to the value of the provisionally forfeited non-vested portion of his/her Employer Matched Contribution Account, Employer SDRP Contribution Account and Former
Employer Supplemental Contribution Account, determined as of the end of the calendar quarter in which the Participant last ceased to be an Employee according to Section 8.3, will be reinstated by crediting such amounts to the Employee’s
respective Employer Matched Contribution Account, Employer SDRP Contribution Account and Former Employer Supplemental Contribution Account. The amounts so reinstated will be made from any unapplied forfeitures then available under the Plan,
provided, however, that if unapplied forfeitures are less than the amount to be reinstated, the Employer will make a supplemental contribution to eliminate such insufficiency. 

  
 56 

	 	(b)	 Effective for Participants who have an initial Employment date on or after January 1, 2008, if such Participant ceased to be an Employee and
returns to active Employment prior to (i) the end of the calendar quarter in which falls the anniversary of the end of fifth (5th) consecutive Period of Severance, or (ii) the date of the Participant’s death, an amount equal to the
value of the provisionally forfeited non-vested portion of his/her Employer Matched Contribution Account and/or Employer SDRP Contribution Account, determined as of the end of the calendar quarter in which the Participant last ceased to be an
Employee according to Section 8.3, will be reinstated by crediting such amounts to the Employee’s respective Employer Matched Contribution Account and/or Employer SDRP Contribution Account. The amounts so reinstated will be made from any
unapplied forfeitures then available under the Plan, provided, however, that if unapplied forfeitures are less than the amount to be reinstated, the Employer will make a supplemental contribution to eliminate such insufficiency.

  
 57 

 ARTICLE 9 

PAYMENT OF BENEFITS 
  

	9.1	Application for Payment 

Application for distribution of benefits under this Plan shall be made by a Participant or Former Participant (or other claimant) in
accordance with Section 9.5 hereof and approved by the Administrator before payment commences. 
  

	9.2	Time of Payment 

  

	 	(a)	Distribution on Account of Retirement. Distribution of benefits to a Participant (or Former Participant) on account of Retirement shall be made as soon as
practicable after the Valuation Date coincident with or next following his/her Retirement, unless otherwise elected by the Participant (or Former Participant) pursuant to Section 9.2(i). 

 

	 	(b)	Distribution on Account of Disability. Distribution of benefits to a Participant on account of Disability shall be made as soon as practicable after the
Valuation Date coincident with or next following the Disabled Participant’s application pursuant to Section 9.1, unless otherwise elected by the Disabled Participant pursuant to Section 9.2(i). 

 

	 	(c)	Distribution at Required Beginning Date. Notwithstanding any provision of the Plan to the contrary, in no event will benefit payments to a Participant (or Former
Participant) commence later than such Participant’s Required Beginning Date. The calculation of the amount of any minimum distribution and the time limits on such distributions shall be governed by the overriding provisions of Section 9.8.
In the case of a Participant who had attained age seventy and one-half (70-1/2) on or after January 1, 1997, the Required Beginning Date shall mean the April 1 of the calendar year first following the calendar year determined as follows:

  

	 	(i)	in the case of a Participant who is not a five-percent (5%) owner, the calendar year in which the later of retirement or attainment of age seventy and one-half
(70-1/2) occurs; or 

  

	 	(ii)	in the case of a Participant who is a five-percent (5%) owner, the calendar year in which the Participant attains age seventy and one-half (70-1/2).

 Notwithstanding the foregoing, any Participant (other than a five-percent (5%) owner) attaining age seventy
and one-half (70-1/2) in calendar years beginning after December 31, 1995 may elect by April 1 of the calendar year following the year in which the Participant attained age seventy and one-half (70-1/2) to defer distributions until the
calendar year following the calendar year in which the Participant retires. If no such election is made the Participant will begin receiving distributions by the April 1 of the 

  
 58 

 
calendar year following the year in which the Participant attained age seventy and one-half (70-1/2). Any Participant (other than a five-percent (5%) owner) attaining age seventy and
one-half (70-1/2) in calendar years that begin prior to January 1, 1997 may elect to stop minimum distributions and recommence the payment of minimum distributions by the April 1 of the calendar year following the year in which the
Participant retires. With respect to the foregoing, there shall be a new annuity starting date upon recommencement that permits the Participant to change the elected form of benefit payment subject to any distribution consent requirements.

 Once distributions have begun to a five-percent (5%) owner under this Section 9.2(c), they must continue to be
distributed, even if the Participant ceases to be a five-percent (5%) owner in a subsequent year. 
 For purposes of this
Section 9.2(c), a Participant is treated as a five-percent (5%) owner if such Participant is a five-percent (5%) owner as defined in Code Section 416(i) as set forth in Section 15.5(h)(iii) of the Plan (determined in
accordance with Code Section 416 but without regard to whether the Plan is top heavy), at any time during the Plan Year ending with or within the calendar year in which such owner attains age 66-1/2 or any subsequent Plan Year. 

 

	 	(d)	Penalty for Early Distributions. Any individual who receives a distribution of benefits prior to age fifty-nine and one-half (59-1/2) shall be advised by the
Administrator that an additional federal income tax penalty may be imposed on all or a portion of such distribution unless made on account of death or Disability. 

 

	 	(e)	Distributions at Death. If a Participant (or Former Participant) dies after benefit payments have commenced, all benefits with respect to such Participant (or
Former Participant) shall be paid to his/her Beneficiary no less than as rapidly as the benefit payments were being distributed to the Participant prior to the death. In any event, if a Participant (or Former Participant) dies before or after
benefit payments have commenced, all benefits with respect to such Participant (or Former Participant) shall be paid to his/her Beneficiary in a lump sum as soon as practicable after the Valuation Date coincident with or next following his/her
death. 

 Notwithstanding the foregoing to the contrary, effective on or after January 1, 2003, benefits
following the death of the Participant shall satisfy the minimum distribution requirements of Section 9.8, and shall commence according to the following dates: 
  

	 	(i)	 If a Participant (or Former Participant) dies after benefit payments have commenced, all benefits with respect to such Participant (or Former
Participant) shall be paid to his/her Beneficiary no less than 

  
 59 

 
as rapidly as the benefit payments were being distributed to the Participant prior to the death. However, in no event shall such benefits be paid later than the December 31st that contains the fifth (5th) anniversary of the death. 

 

	 	(ii)	 If a Participant (or Former Participant) dies before benefit payments have commenced, all benefits with respect to such Participant (or Former
Participant) shall be paid to his/her Beneficiary no later than the December 31st that contains the fifth (5th) anniversary of the death. 

 In addition, if the balance of
the Participant’s (or Former Participant’s) Account is Five Thousand Dollars ($5,000) or less, the mandatory distribution of small Accounts of Section 9.2(h) shall apply. Effective on and after January 1, 2003, except to the
extent that the provisions of Section 9.2(h) apply, any Beneficiary may elect to receive a distribution of all benefits with respect to such Participant in a single lump sum payment in an in-kind distribution according to Section 9.3.

 With respect to distributions that require the consent of the Participant according to Section 9.2(i) (i.e., an Account
that is more than $5,000), all such distributions shall be made in a single lump sum payment at the time elected or required to be paid according to the terms of the Plan. Except for any required minimum distributions that had begun prior to
Participant’s death, distributions to any beneficiary shall be made in a single lump sum according to the Five-Year Rule according to Section 9.8. Notwithstanding the foregoing, a Participant may elect to receive any single lump sum
payment in cash or in an in-kind payment in Company Stock, according to Section 9.3. In addition, if the Participant’s Account has not been paid prior to the Participant’s Required Beginning Date, required minimum distributions shall
commence to Participant (or continue to be paid to the Participant’s beneficiary after Participant’s death) according to Section 9.8. 
  

	 	(f)	Distribution at Termination of Employment. Distribution of benefits to a Participant who terminates Employment for reasons other than Retirement, Disability or
death shall be made as soon as practicable after the Valuation Date coincident with or next following the date of his/her Termination of Employment where the Participant (or Former Participant) has made proper application, unless otherwise elected
by the Participant (or Former Participant) pursuant to Section 9.2(i). 

  

	 	(g)	Forms of Distribution. All distributions described in this Section 9.2 shall be provided in a single lump sum payment unless in-kind distributions are
elected to the extent available under Section 9.3. 

  
 60 

 With respect to distributions that require the consent of the Participant according to
Section 9.2(i) (i.e., an Account that is more than $5,000), all such distributions shall be made in a single lump sum payment at the time elected or required to be paid according to the terms of the Plan. Except for any required minimum
distributions that had begun prior to Participant’s death, distributions to any beneficiary shall be made in a single lump sum according to the Five-Year Rule according to Section 9.8. Notwithstanding the foregoing, a Participant may elect
to receive any single lump sum payment in cash or in an in-kind payment in Company Stock, according to Section 9.3. In addition, if the Participant’s Account has not been paid prior to the Participant’s Required Beginning Date,
required minimum distributions shall commence to Participant (or continue to be paid to the Participant’s beneficiary after Participant’s death) according to Section 9.8. 

 

	 	(h)	 Mandatory Distribution of Small Accounts. Notwithstanding anything provided in this Section 9.2 to the contrary, if the lump sum value of a
Participant’s, Former Participant’s or Beneficiary’s Account does not exceed Five Thousand Dollars ($5,000), as determined quarterly by the Administrator, and the Account is immediately distributable, as defined herein, the
Administrator shall direct that the lump sum value of such Accounts be paid in total in a single sum, in cash (unless the Participant, Former Participant or Beneficiary elects to receive all or a portion of the Account in an in-kind distribution
pursuant to Section 9.3), as soon as administratively feasible following the Participant’s termination of Employment whether or not application for payment has been made in accordance with Section 9.1. Where the amount to be
distributed cannot be determined, distribution may be delayed, but in no event beyond sixty (60) days after such amount is determined. Distribution will not be made without the consent of Participant, Former Participant or Beneficiary if the
Account is immediately distributable and the lump sum value of the Account exceeds Five Thousand Dollars ($5,000) at the time of the proposed distribution. Distributions that require consent shall be made according to Section 9.2(i) or
Section 9.2(e), as appropriate. For purposes of this Section 9.2(h), the aggregate balance of the Account is immediately distributable if any part of the Account could be distributed to the Participant , Former Participant or Beneficiary
before the Participant or Former Participant attains or would have attained (if not deceased) Normal Retirement Age. Notwithstanding the foregoing to the contrary, effective for distributions made after December 31, 2001, and with
respect to Participants (or Former Participants) who terminated Employment on or after January 1, 2001, for purposes of this Section 9.2(h), the value of the balance of the nonforfeitable portion of the Account shall be determined without
regard to that portion of the Account that is attributable to rollover contributions (and earnings allocable thereto) within the meaning of Code Sections 402(c), 403(a)(4), 403(b)(8), 408(d)(3)(A)(ii), and 457(e)(16). If the value of the
nonforfeitable Account balance as so determined is Five 

  
 61 

 
Thousand Dollars ($5,000) or less, the Administrator shall immediately distribute the entire nonforfeitable Account balance following distribution of the appropriate direct rollover notice in
accordance with this Section 9.2(h). In any event, the overriding provisions of Section 9.8 shall apply to the payment of death benefits to a Beneficiary. 
  

	 	(i)	Distributions that Require Consent. The written consent of the Participant (or Former Participant) must be obtained by the Administrator prior to the
commencement of distribution unless the Participant (or Former Participant) has attained his/her Required Beginning Date as defined by Section 9.2(c), has died, or the aggregate nonforfeitable balance of his/her Accounts does not exceed Five
Thousand Dollars ($5,000) as determined according to Section 9.2(h). Such written consent shall be obtained within the “Maximum Applicable Election Period” during which the written explanations shall be furnished and the Participant
shall provide written consent. Prior to January 1, 2007, the Maximum Applicable Election Period shall mean ninety (90) days, and effective on and after January 1, 2007, shall mean one hundred and eighty (180) days.

 If the Participant’s (Former Participant’s) consent is required under this
Section 9.2(i), and unless the Participant (or Former Participant) elects to delay such commencement (unless Section 9.2(c) or Section 9.2(e) apply), the distribution of the Participant’s (or Former Participant’s) interest
in the Plan shall begin no later than sixty (60) days following the end of the Plan Year in which occurs the latest of the following: (1) the Participant attains Normal Retirement Age, (2) the tenth (10th) anniversary of the year in which the Participant (or Former
Participant) commenced participation in the Plan, or (3) the Participant’s termination of Employment. If the Participant (or Former Participant) makes no affirmative election to delay commencement, the Participant (or Former Participant)
shall be assumed to have elected to delay the commencement of payment of benefits under the Plan until his/her Required Beginning Date, death, or subsequent election to commence distributions. Otherwise, the Administrator shall commence
distributions in accordance with Section 9.2(c) or Section 9.2(e), as appropriate, or as soon as reasonably practicable following the date the Administrator obtains the Participant’s written consent. 

 

	 	(j)	 Incorporation of Code Section 401(a)(9). Notwithstanding any provision of the Plan to the contrary (except for the application of the
overriding provisions of Section 9.8), all distributions under the Plan shall be made in accordance with regulations under Code Section 401(a)(9) (including Section 1.401(a)(9)-2 of the Income Tax Regulations). Furthermore, those
provisions reflecting Code Section 401(a)(9) (as included here by reference if not specifically stated) shall override any provision hereof inconsistent with Section 401(a)(9). However, notwithstanding the foregoing to the contrary, with
respect to distributions under the Plan made for calendar years beginning on or after January 1, 2002, the Plan 

  
 62 

 
shall apply the minimum distribution requirements of Code Section 401(a)(9) in accordance with the regulations under Code Section 401(a)(9) that were proposed on January 17, 2001.
The foregoing incorporation of the proposed regulations shall continue in effect until the date provided by the transition rules of the final regulations under Code Section 401(a)(9), as provided by Section 9.8(a) of the Plan. 

 

	 	(k)	Distributions Pursuant to Qualified Domestic Relations Orders. Rules and procedures shall be established regarding distributions to an alternate payee pursuant
to a Qualified Domestic Relations Order and in accordance with Code Section 414(p). Distributions to an alternate payee pursuant to the terms of a Qualified Domestic Relations Order shall be distributed in a single sum to an alternate payee as
soon as administratively feasible following the determination by the Administrator of the qualified status of the Qualified Domestic Relations Order. Notwithstanding the foregoing, if the value of the benefit awarded to the alternate payee according
to the Qualified Domestic Relations Order exceeds Five Thousand Dollars ($5,000) (as valued by the Administrator on a quarterly basis), the alternate payee may elect to delay distribution of the benefit until sixty (60) days after the end of
calendar in which the Participant attains age seventy and one-half (70-1/2) or, if earlier, has died. 

  

	 	(l)	Automatic Rollovers. Notwithstanding any of the foregoing provisions to the contrary, effective for mandatory distributions to Participants (or Former
Participants) described in Section 9.2(h) that exceed one thousand dollars ($1,000) and occur on or after March 28, 2005, if the Participant does not affirmatively elect to have such distribution paid in the form of a direct rollover
distribution to an eligible retirement plan specified by the Participant according to Section 17.18, or to receive the distribution in a lump sum in cash, then such distribution will be paid as a direct rollover distribution to an individual
retirement plan or account of a designated trustee or issuer in a manner consistent with Code Section 401(a)(31)(B) as provided by Section 17.18. For this purpose, the Administrator may execute the necessary documents to establish an
individual retirement plan or account on behalf of the Participant (or Former Participant), using such Participant’s most recent mailing address in the records of the Company, the Employer or Administrator, as appropriate. For purposes of
determining whether amounts exceed one thousand dollars ($1,000), portions of the Account attributable to Rollover Contributions shall be considered. 

  

	9.3	Form of Payment 

 Solely
for purposes of distributions described in this Article 9, a Participant, Former Participant or Beneficiary may elect to receive the value of his/her Account payable in cash or in-kind. An in-kind means a distribution in shares of

  
 63 

 
Company Stock (invested in the Company Stock Fund at the time of the election to commence the distribution), or in shares of securities held in his/her Brokerage Account at the time of the
election to commence the distribution. An in-kind distribution of shares of Company Stock shall be permitted only if the account is invested in at least one (1) share of Company Stock, as measured at the time of the election to commence
distribution. Unless the mandatory distribution of a small Account, according to Section 9.2(h), applies, an election to receive an in-kind distribution, or to delay commencement of distributions of any portion of the Account invested in the
Company Stock Fund or securities in a Brokerage Account may be made separately from an election to receive a single cash lump sum, or to delay commencement of the portion of the Account not invested in the Company Stock Fund or Brokerage Account, as
permitted according to Section 9.2(i) or Section 9.2(e), as appropriate. 
  

	9.4	Determination of Value of Payment 

 The value of the Accounts to be distributed to a Participant, Former Participant or Beneficiary shall be determined as soon as administratively practical after receipt of a written request for such
distribution. 
  

	9.5	Claims Procedure 

  

	 	(a)	The Administrator shall establish reasonable procedures under which a claimant, who may be a Participant, Former Participant or Beneficiary, or his/her duly authorized
representative, may present a claim for benefits under this Plan. 

  

	 	(b)	Unless such claim is allowed in full by the Administrator, written notice of the denial shall be furnished to the claimant within ninety (90) days (which may be
extended by a period not to exceed an additional ninety (90) days if special circumstances so require and written notice to the claimant is given prior to the expiration of the initial ninety (90) day period describing such circumstances
and indicating the date by which the Administrator expects to render its determination) setting forth the following in a manner calculated to be understood by the claimant: 

 

	 	(i)	The specific reason(s) for the denial; 

  

	 	(ii)	Specific reference(s) to any pertinent provision(s) of the Plan or rules promulgated pursuant thereto on which the denial is based; 

 

	 	(iii)	A description of any additional information or material as may be necessary to perfect the claim, together with an explanation of why it is necessary;

  

	 	(iv)	 A description of the Plan’s claims review procedures and the time limits applicable to such procedures, including a statement of the

  
 64 

 
claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on review; and 

 

	 	(v)	An explanation of the steps to be taken if the claimant wishes to resubmit his/her claim for review. 

 

	 	(c)	Within a reasonable period of time after the denial of the claim, but in any event, not to be more than sixty (60) days, the claimant or his/her duly authorized
representative may make written application to the Administrator for a review of such denial. The claimant or his/her representative, may, upon request and free of charge, review or receive copies of documents, records and other information relevant
to the claimant’s claim for benefits, and may submit written comments, documents, records and other information relating to the claim for benefits. 

  

	 	(d)	If an appeal is timely filed, the Administrator shall conduct a full and fair review of the claim and mail or deliver to the claimant its written decision within sixty
(60) days after the claimant’s request for review (which may be extended by a period not to exceed an additional sixty (60) days if special circumstances or a hearing so require and written notice to the claimant is given prior to the
expiration of the initial sixty (60) day period describing such special circumstances and indicating the date by which the Administrator expects to render its determination). In conducting its review, the administrator shall take into account
all comments, documents, records and other information submitted by the claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. The Administrator’s decision on
review shall: 

  

	 	(i)	Be written in a manner calculated to be understood by the claimant; 

  

	 	(ii)	State the specific reason(s) for the decision; 

  

	 	(iii)	Make specific reference to pertinent provision(s) of the Plan; 

  

	 	(iv)	State that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information
relevant to the claimant’s claim for benefits; and 

  

	 	(v)	Include a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA. 

 

	 	(e)	 If a period of time is extended, as permitted under Sections 9.5(b) and (d) above, due to a claimant’s failure to submit information to
decide a claim, the period for making the benefit determination on review shall be tolled from the date on which the notification of the extension is sent to the 

  
 65 

 
claimant until the date on which the claimant responds to the request for additional information. 
  

	9.6	Facility of Payment 

 If
the Administrator determines that a Participant, Former Participant or Beneficiary entitled to receive benefits under this Plan is (at the time such benefit is payable) a minor or physically, mentally or legally incompetent to receive such benefit
and that another person or an institution has legal custody of such minor or incompetent individual, the Administrator may cause payment to be made to such person or institution having custody of such Participant, Former Participant or Beneficiary.
Such payment, to the extent made, shall operate as a complete discharge of obligation by the Administrator, the Employer, the Trustee and the Fund. 
  

	9.7	Repeal of the “Same Desk Rule” 

 Effective for distributions that occur after December 31, 2001, regardless of when the severance from employment occurred, a Participant’s elective deferrals, qualified nonelective
contributions, qualified matching contributions, and earnings attributable to these contributions may be distributed on account of the Participant’s ‘severance from employment’. However, any such distribution shall be subject to the
other provisions of the Plan regarding distributions, other than provisions that require a separation from service before such amounts may be distributed. For the purpose of the repeal of the same desk rule under Code
Section 401(k)(2)(B)(i)(I), the Participant shall have a Severance from Employment when the Participant ceases to be an employee of any Employer maintaining the Plan. Effective January 1, 2006, Participant does not have a Severance from
Employment if, in connection with a change of employment, the Participant’s new employer maintains this Plan with respect to that Participant. In addition, a Participant does not have a Severance from Employment if such Participant merely
changes status by becoming a Leased Employee who performs services for an Employer. 
  

	9.8	Minimum Distributions and Incidental Death Benefit Requirements 

  

	 	(a)	 General Rules. The provisions of this Section 9.8 will apply for purposes of determining required minimum distributions for calendar years
beginning with the 2003 calendar year, as well as required minimum distributions for the 2002 Distribution Calendar Year that are made on or after January 1, 2003. However, if required minimum distributions for the 2002 Distribution Calendar
Year are made to a distributee prior to January 1, 2003, and the total amount of such distributions equals or exceeds the required minimum distributions as determined by applying this Section 9.8, then no additional distributions will be
required to be made to a distributee on or after January 1, 2003, with respect to the 2002 Distribution Calendar Year. Further, if required minimum distributions for the 2002 Distribution

  
 66 

 
Calendar Year are made to a distributee prior to January 1, 2003, and the total amount of such distributions is less than the amount determined by applying this Section 9.8, then the
required minimum distributions for the 2002 Distribution Calendar Year that are made on and after January 1, 2003 will be determined so that the total amount of required minimum distributions made to a distributee for the entire 2002
Distribution Calendar Year will be the amount determined by applying this Section 9.8. 
 The requirements of this
Section 9.8 will take precedence over any inconsistent provision of Section 9.2 and any other inconsistent provisions of the Plan. Further, all required minimum distributions described under Section 9.2(c) and this Section 9.8 of
the Plan, the determination of life expectancies, the identification of beneficiaries and the calculation of any minimum required distribution or distribution incidental to death shall be made in accordance with the final and amended regulations
published on April 17, 2002 and June 15, 2004 under Code Section 401(a)(9), which are hereby incorporated into this Plan. Such final and amended regulations shall override any inconsistent distribution provisions otherwise provided by
the Plan. 
 Further, notwithstanding the other provisions of this Section 9.8, distributions may be made under a
designation made before January 1, 1984, in accordance with Section 242(b)(2) of the Tax Equity and Fiscal Responsibility Act (“TEFRA”) and the provisions of the Plan that relate to Section 242(b)(2) of TEFRA. 

 

	 	(b)	Time and Manner of Distribution. 

  

	 	(i)	Time of Distribution—Required Beginning Date. The Participant’s entire interest under the Plan will be distributed, or begin to be distributed, to the
Participant no later than the Participant’s Required Beginning Date. 

  

	 	(ii)	Time of Distribution—Death Before Distributions Commence. If the Participant dies before distributions of his/her interest under the Plan commence, the
Participant’s entire interest will be distributed, or begin to be distributed, such distributions shall begin no later than the following, as appropriate: 

 

	 	(A)	If the Participant dies before distributions of his interest under the Plan begin, and regardless of whether there is or is not a Designated Beneficiary, the
Participant’s entire interest will be distributed according to the Five-Year Rule. 

  

	 	(B)	 Notwithstanding the foregoing, if the Participant’s surviving Spouse is the Participant’s sole Designated Beneficiary and the surviving
Spouse dies after the Participant but before 

  
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distributions to either the Participant or the surviving Spouse begin, this subsection (b)(ii) shall apply to the surviving Spouse’s beneficiaries as if the surviving Spouse were the
Participant. This means that distributions to the surviving Spouse must commence no later than December 31 of the year following the year of the Participant’s death, or if later, by the December 31 of the year the Participant would
have reached age seventy and one-half (70-1/2), unless the Participant or the surviving Spouse elected to apply the Five-Year Rule. An election to apply the Five-Year Rule must be made no later than the earlier of September 30 of the calendar
year in which the distribution would be required to commence under the Life Exemption Rule, or by September 30 of the calendar year that contains the fifth (5th) anniversary of the Participant’s death (or, if applicable, the surviving Spouse’s death). 

 

	 	(C)	Notwithstanding the foregoing, if the Participant’s surviving Spouse is the Participant’s sole Designated Beneficiary and the surviving Spouse dies after the
Participant but before distributions to either the Participant or the surviving Spouse commence, subsection (b)(iii)(A) shall apply to the surviving Spouse’s beneficiaries as if the surviving Spouse were the Participant.

 For purposes of Code Section 401(a)(9)(B), as provided by this subparagraph (b)(ii) and subsection
(d) of this Section 9.8 (unless subparagraph (b)(ii)(B) applies), required minimum distributions are considered to commence on the Participant’s Required Beginning Date without regard to payments made before that date solely for
purposes of determining compliance with Code Section 401(a)(9)(A)(ii). If subparagraph (b)(ii)(C) applies (when treating the surviving Spouse as the Participant), required minimum distributions are considered to commence on the date
distributions would have been required to commence to the surviving Spouse under subparagraph (b)(ii)(B). 
  

	 	(iii)	Form of Distribution. Unless the Participant’s interest is distributed in a single sum on or before the Required Beginning Date, as of the first
Distribution Calendar Year required minimum distributions will be made in accordance with subsections (c) and (d) of this Section 9.8. 

  
 68 

	 	(c)	Required Minimum Distributions During Participant’s Lifetime. 

  

	 	(i)	During the Participant’s lifetime, beginning at the Required Beginning Date, the required minimum amount that will be distributed for each Distribution Calendar
Year is the lesser of: 

  

	 	(A)	the quotient obtained by dividing the Participant’s Account Balance by the distribution period in the Uniform Lifetime Table set forth in
Section 1.401(a)(9)-9, Q&A-2, of the Treasury regulations, using the Participant’s age as of the Participant’s birthday in the Distribution Calendar Year; or 

 

	 	(B)	if the Participant’s sole Designated Beneficiary for the Distribution Calendar Year is the Participant’s surviving Spouse, the quotient obtained by dividing
the Participant’s Account Balance by the number in the Joint and Last Survivor Table set forth in Section 1.401(a)(9)-9, Q&A-1, of the Treasury regulations, using the Participant’s and surviving Spouse’s attained ages as of
the Participant’s and surviving Spouse’s birthdays in the Distribution Calendar Year. 

  

	 	(ii)	Required minimum distributions will be determined under this subsection (c) beginning with the first Distribution Calendar Year and up to and including the
Distribution Calendar Year that includes the Participant’s date of death. 

  

	 	(d)	Required Minimum Distributions after Participant’s Death. If the Participant dies, distribution of the remaining balance of his/her Account shall be
distributed according to Section 9.2(e). However, in no event shall distributions after Participant’s Required Beginning Date be less than the amount determined according to the following (i) or (ii). 

 

	 	(i)	Death On or After Date Required Minimum Distributions Commence. 

  

	 	(A)	If the Participant dies on or after the date required minimum distributions commence and there is a Designated Beneficiary, the minimum amount that will be distributed
for each Distribution Calendar Year after the year of the Participant’s death is the quotient obtained by dividing the Participant’s Account Balance by the longer of the remaining Life Expectancy of the Participant or the remaining Life
Expectancy of the Participant’s Designated Beneficiary, determined as follows: 

  
 69 

	 	(1)	The Participant’s remaining Life Expectancy is calculated using the age of the Participant in the year of death, reduced by one for each subsequent year.

  

	 	(2)	If the Participant’s surviving Spouse is the Participant’s sole Designated Beneficiary, the remaining Life Expectancy of the surviving Spouse is calculated
for each Distribution Calendar Year after the year of the Participant’s death using the surviving Spouse’s age as of the surviving Spouse’s birthday in that year. For Distribution Calendar Years after the year of the surviving
Spouse’s death, the remaining Life Expectancy of the surviving Spouse is calculated using the age of the surviving Spouse as of the surviving Spouse’s birthday in the calendar year of the surviving Spouse’s death, reduced by one for
each subsequent calendar year. 

  

	 	(3)	If the Participant’s surviving Spouse is not the Participant’s sole Designated Beneficiary, the Designated Beneficiary’s remaining Life Expectancy is
calculated using the age of the Beneficiary in the year following the year of the Participant’s death, reduced by one for each subsequent year. 

  

	 	(B)	If the Participant dies on or after the date required minimum distributions commence and there is no Designated Beneficiary as of September 30 of the year after
the year of the Participant’s death, the minimum amount that will be distributed for each Distribution Calendar Year after the year of the Participant’s death is the quotient obtained by dividing the Participant’s Account Balance by
the Participant’s remaining Life Expectancy calculated using the age of the Participant in the year of death, reduced by one for each subsequent calendar year. 

 

	 	(ii)	Death Before Date Required Minimum Distributions Commence. 

  

	 	(A)	Except as provided herein, if the Participant dies before the date required minimum distributions commence, distribution of the Participant’s Account Balance will
be made in accordance with subparagraph (b)(ii) regardless of whether there is or is not a Designated Beneficiary. 

  

	 	(B)	 If the Participant dies before the date required minimum distributions commence, the Participant’s surviving Spouse is the Participant’s sole
Designated Beneficiary, and the 

  
 70 

 
surviving Spouse dies before distributions are required to commence to the surviving Spouse under subparagraph (b)(ii)(A), this subparagraph (d)(ii) will apply as if the surviving Spouse were the
Participant. 
  

	 	(e)	Definitions. The following definitions shall apply for purposes of this Section 9.8. 

 

	 	(i)	Designated Beneficiary. A Designated Beneficiary shall mean the individual who is designated as the Beneficiary under Section 2.9 of the Plan and is the
Designated Beneficiary under Code Section 401(a)(9) and Treasury Regulation § 1.401(a)(9)-4, Q&A-1. 

  

	 	(ii)	Distribution Calendar Year. A Distribution Calendar Year shall mean a calendar year for which a minimum required distribution is required. For distributions
beginning before the Participant’s death, the first Distribution Calendar Year is the calendar year immediately preceding the calendar year which contains the Participant’s Required Beginning Date. For distributions beginning after the
Participant’s death, the first Distribution Calendar Year is the calendar year in which distributions are required to commence pursuant to subparagraph (b)(ii). The required minimum distribution for the Participant’s first Distribution
Calendar Year will be made on or before the Participant’s Required Beginning Date. The required minimum distribution for other Distribution Calendar Years, including the required minimum distribution for the Distribution Calendar Year in which
the Participant’s Required Beginning Date occurs, will be made on or before December 31 of that Distribution Calendar Year. 

  

	 	(iii)	Five-Year Rule. The term “Five-Year Rule” refers to the requirement that a Participant’s entire interest be distributed to the Designated
Beneficiary or Beneficiary by December 31 of the calendar year containing the fifth anniversary of the Participant’s death. 

  

	 	(iv)	Life Expectancy. For purposes of applying this Section 9.8, Life Expectancy shall mean as computed by use of the Single Life Table in Treasury Regulation
§1.401(a)(9)-9, Q&A-1. 

  

	 	(v)	Life Expectancy Rule. The term “Life Expectancy Rule” refers to the requirement that any portion of a Participant’s interest payable to a
Designated Beneficiary begin to be distributed by December 31 of the calendar year following the calendar year of the Participant’s death, and paid over the life (or Life Expectancy) of the Designated Beneficiary. 

  
 71 

	 	(vi)	Participant’s Account Balance. The Participant’s Account Balance, as that term is used in this Section 9.8 for purposes of determining required
minimum distributions, means the Participant’s total Account balance under the Plan as of the last valuation date in the calendar year immediately preceding the Distribution Calendar Year (valuation calendar year) increased by the amount of any
contributions made and allocated or forfeitures allocated to the Account balance as of dates in the valuation calendar year after the valuation date and decreased by distributions made in the valuation calendar year after the valuation date. The
Account balance for the valuation calendar year includes any amounts rolled over or transferred to the Plan either in the valuation calendar year or in the Distribution Calendar Year if distributed or transferred in the valuation calendar year.

  

	 	(vii)	Required Beginning Date. The Required Beginning Date shall be the date specified in Section 9.2(c) of the Plan. 

  
 72 

 ARTICLE 10 

WITHDRAWALS AND LOANS DURING EMPLOYMENT 
  

	10.1	In-Service Withdrawals from Pre-Tax Contribution Account or ADP Test Safe Harbor Employer Matched Contribution Account 

In-service withdrawals from a Participant’s Pre-Tax Contribution Account or ADP Test Safe Harbor Employer Matched Contribution
Account shall be governed by the following limitations. 
  

	 	(a)	Age 59-/12 In-Service Distributions of Pre-Tax Contribution Account. If a Participant has attained age fifty-nine and one-half (59-1/2), such Participant may at
any time, by filing written application with the Administrator, make an in-service withdrawal from his/her Pre-Tax Contribution Account and, effective January 1, 2009, from his/her ADP Test Safe Harbor Employer Contribution Account. The minimum
withdrawal from each such account shall be one thousand dollars ($1,000.00) (or, effective prior to January 1, 2009, not less than two hundred and fifty dollars ($250.00)) for each such withdrawal. 

 

	 	(b)	Hardship Withdrawals 

  

	 	(i)	If a Participant has not attained age fifty-nine and one-half (59-1/2), such Participant may make an in-service withdrawal from his/her Pre-Tax Contribution Account
only in the event of Hardship and only to the extent that such in-service withdrawal is necessary to satisfy the Hardship. The Participant must request the withdrawal in writing from the Administrator. The minimum withdrawal in the event of a
Hardship shall be one thousand dollars ($1,000) (or, effective prior to January 1, 2009, not less than two hundred and fifty dollars ($250.00)). In any event, effective January 1, 2009, withdrawals on account of a Hardship shall not be
permitted to be made from the Participant’s ADP Test Safe Harbor Employer Matched Contribution Account. 

  

	 	(ii)	A request for an in-service withdrawal will be deemed to be necessary to satisfy a Hardship only if all of the following requirements are met: 

 

	 	(A)	The amount of the withdrawal does not exceed the amount of the Hardship plus amounts necessary to pay any federal, state or local income taxes or penalties reasonably
anticipated to result from the withdrawal, and 

  

	 	(B)	The Participant has obtained all withdrawals (other than Hardship withdrawals) and all nontaxable loans available under this Plan and any other plan maintained by the
Employer, and 

  
 73 

	 	(C)	The Participant certifies in writing that the amount of the requested Hardship withdrawal is necessary to satisfy an immediate and heavy financial need and that such
need cannot reasonably be relieved (i) through reimbursement or compensation by insurance or otherwise, (ii) by liquidation of assets, (iii) by discontinuing Plan contributions, (iv) by other distributions or non-taxable loans
from any other plans maintained by Progressive or any other current or former employer of the Participant or (v) by borrowing from commercial sources on reasonable commercial terms. 

 

	 	(c)	The amount of the Pre-Tax Contribution Account available for withdrawal shall include: 

 

	 	(i)	The Pre-Tax Contributions and earnings as of December 31, 1988, and 

  

	 	(ii)	The Pre-Tax Contributions made on or after January 1,1989, but shall not include any income on such Account subsequent to that date. 

 

	10.2	In-Service Withdrawals from Post-Tax Contribution Account 

  

	 	(a)	A Participant may at any time file a written application with the Administrator to make a voluntary withdrawal of not less than one thousand dollars ($1,000.00) (or,
prior to January 1, 2009, not less than two hundred and fifty dollars ($250.00)) from his/her Post-Tax Contribution Account for any reason. 

  

	 	(b)	The entire Post-Tax Contribution Account balance including income attributable to such Account, is available for withdrawal. Any withdrawal will be processed as
follows: 

  

	 	(i)	First, from the pre-1987 Post-Tax Contribution Account balance, 

  

	 	(ii)	Next, from income on the pre-1987 Post-Tax Contribution Account balance together with Contributions (and income thereon) made to the post-1986 Post-Tax Contribution
Account. 

 Such amount shall be on a pro rata basis between Contributions and income thereon,
pursuant to Code Section 72. 
  

	10.3	In-Service Withdrawals from Employer Matched Contribution Account 

  

	 	(a)	An Active Participant may file a written application with the Administrator to make a withdrawal from his/her vested Employer Matched Contribution Account balance
attributable to contributions not to exceed the following: 

  
 74 

	 	(i)	if the Active Participant has been a Participant in the Plan for less than five (5) years, an amount equal to the sum of all Employer Matched Contributions made in
respect to such Participant at least two (2) years prior to the date of the withdrawal; or 

  

	 	(ii)	if the Active Participant has been a Participant in the Plan for at least five (5) years, the entire vested balance of such Participant’s Employer Matched
Contribution Account. 

 The Participant shall specify from which account or accounts such distribution shall be
withdrawn. Unless otherwise limited according to subsections (i) or (ii), above, the minimum withdrawal for each such Account shall be, effective January 1, 2009, one thousand dollars ($1,000.00). An Active Participant may make such a
withdrawal no more frequently than once per Plan Year. 
  

	 	(b)	An in-service withdrawal from an Active Participant’s Employer Matched Contribution Account is not available unless the Active Participant has filed an application
and is eligible to receive a withdrawal of Contributions pursuant to either Section 10.1 or 10.2 of the Plan, subject to the further requirement that a withdrawal of all available Post-Tax Contributions pursuant to Section 10.2 must first
occur. 

  

	 	(c)	Notwithstanding, effective January 1, 2009, in-service withdrawals shall not be permitted according to this Section 10.3 of the Participant’s ADP Test
Safe Harbor Employer Matched Contribution Account (as provided according defined under Section 4.9 of the Plan). In addition, except as otherwise provided, the ADP Test Safe Harbor Employer Matched Contribution Account shall be treated as a
Pre-Tax Contribution Account, for purposes of the restrictions on in-service withdrawals of Pre-Tax Contributions as provided under this Article 10. 

  

	10.4	Withdrawals from Other Accounts 

  

	 	(a)	Except as provided otherwise herein, no withdrawals under any circumstances shall be available from the non-vested portion of the Employer Matched Contribution Account
and the non-vested portion of the Employer SDRP Contribution Account. 

  

	 	(b)	An Active Participant who is at least age fifty-nine and one-half (59-1/2) may file a written application with the Administrator to make a withdrawal from his/her

  

	 	(i)	vested Employer SDRP Contribution Account balance; 

  

	 	(ii)	Former PAYSOP Account balance, and/or 

  

	 	(iii)	Former Employer Supplemental Contribution Account balance. 

  
 75 

 The Participant shall specify from which account or accounts such distribution shall be
withdrawn. The minimum withdrawal from each such account shall be not less than one thousand dollars ($1,000.00) (or, prior to January 1, 2009, not less than two hundred and fifty dollars ($250.00)) for each such withdrawal. 

 

	 	(c)	No withdrawals are available to anyone other than an Active Participant and Inactive Participants as specifically noted in Sections 10.1, 10.2, or 10.3, and this
Section 10.4; that is, no Former Participants or Beneficiaries are eligible to make withdrawals from any Accounts, as they may request distribution pursuant to Section 9.1. 

 

	10.5	Payment of Withdrawals 

The payment of in-service withdrawals according to Sections 10.1, 10.2, 10.3 or 10.4 shall be governed by the following procedures:

  

	 	(a)	Withdrawals shall be processed not less frequently than bi-weekly. Withdrawals shall be distributed as soon as practicable after the date the Participant’s
application for withdrawal is received, provided full documentation is enclosed. 

  

	 	(b)	The amount of the withdrawal shall be based upon the value of the Participant’s Pre-Tax Contribution Account, Post-Tax Contribution Account, vested Employer
Matched Contribution Account (as restricted by Section 10.3), vested Employer SDRP Contribution Account, vested Former PAYSOP Account, vested Former Employer Supplemental Contribution Account (as such are permitted by Section 10.4), or ADP
Test Safe Harbor Employer Matched Contribution Account (as limited by Section 10.1), as applicable, determined as of the Valuation Date coincident with or immediately preceding the Administrator’s receipt of a request for such withdrawal;
provided, however, all Stock shall be valued using the closing price on the business day immediately preceding the date the withdrawal is processed. 

  

	 	(c)	Unless the Participant otherwise directs in writing, each withdrawal shall be charged to each of the Investment Funds (other than the Brokerage Account) in which any
portion of his/her Accounts are invested in the proportion that the balance held in such Investment Fund bears to the aggregate balance held in all such Investment Funds. Notwithstanding anything in this Plan to the contrary, no withdrawals shall be
made from any Participant’s Brokerage Account. 

  

	 	(d)	Effective January 1, 2009, the Administrator may deduct, in its discretion, from the proceeds of any withdrawal according to Sections 10.1, 10.2, 10.3 or 10.4, all
or a portion of the transaction fee imposed by any third party administrator for processing such withdrawals. 

  
 76 

	10.6	Loans to Participants 

  

	 	(a)	Loans to Be Provided on a Reasonably Equivalent Basis. As approved by the Administrator, a Participant may at any time borrow an amount as set forth in
Section 10.6(b) under the terms and conditions of this Section 10.6. In accordance with Section 408(b)(1)(A) of ERISA, loans shall be made available to all eligible participants or their beneficiaries on a reasonably equivalent basis,
subject to the limitations provided under this Section 10.6. Notwithstanding the foregoing, effective July 30, 2002, loans shall not be made available to any director or executive officer of the Company (or equivalent thereof) to the
extent that the extension of credit is prohibited to such individuals by Section 402 of the Sarbanes-Oxley Act of 2002 (which added subsection (c) to Section 13 of the Securities Exchange Act of 1934). 

 

	 	(b)	Terms and Conditions of Loans. The Administrator shall investigate each application for a loan. In addition to such rules and regulations as the Administrator
may adopt, all loans shall comply with the following terms and conditions: 

  

	 	(i)	An application for a loan by a Participant shall be made to the Administrator in such manner as the Administrator shall prescribe. The loan application will include a
promissory note executed by the borrowing Participant obligating the Participant to repay the loan through payroll deduction of substantially level payments made no less frequently than quarterly within the term described in
Section 10.6(b)(vi). Notwithstanding the foregoing, effective January 1, 2004, Participants who terminate Employment at the time a loan is outstanding may arrange with the Administrator to continue to repay the loan through substantially
level payments, no less frequently than quarterly, by a method of automatic or electronic withdrawals or debits from a financial institution (commonly known as “ACH” debits). However, any such arrangement for repayment through ACH debits
shall be provided exclusively according to procedures and policies established by the Administrator. 

  

	 	(ii)	Effective prior to January 1, 2009, loans will not be available for the purchase of a primary residence. Effective for applications received on or after
January 1, 2009, loans shall be available for the purchase of a dwelling unit that, within a reasonable time after such purchase, is to be used as the principal residence of the Participant. Whether the dwelling unit is to be a primary
residence of the Participant shall be determined at the time the loan is made. 

  

	 	(iii)	 Each loan shall be secured by the borrower’s entire right, title and interest in and to the trust fund (not to exceed the amount of the loan),
evidenced by the Participant’s collateral promissory note for 

  
 77 

 
the amount of the loan, including interest, payable to the order of the Trustee. 
  

	 	(iv)	The minimum loan amount shall be One Thousand Dollars ($1,000). 

  

	 	(v)	The loan amount requested must be a multiple of One Hundred Dollars ($100). The outstanding balance of each loan amount (plus the highest outstanding balance of all
other loans made from this Plan within the immediately preceding twelve-month period) shall not exceed the lesser of: 

  

	 	(A)	Fifty Thousand Dollars ($50,000); or 

  

	 	(B)	Fifty percent (50%) of the Participant’s vested Account(s) based on the Participant’s Pre-Tax Contribution Account, Post-Tax Contribution Account, and
Employer Matched Contribution Account. 

 Notwithstanding the foregoing to the contrary, effective for loan
applications received on or after January 1, 2008, the foregoing requirement that loan applications must be made in One Hundred Dollar ($100) increments is eliminated. Participants may apply for loans in any whole dollar amount except as
otherwise limited herein. 
  

	 	(vi)	Effective January 1, 1999, the period of repayment of any loan shall not exceed four (4) years. 

 

	 	(vii)	Repayment Options: A loan may be prepaid without penalty by paying the entire balance of the loan plus accrued interest in a lump sum payment. In addition, effective
January 1, 2008, a Participant may make loan payments in addition to the scheduled installment payments (regardless of when such loan was made). Such additional loan payments shall be applied to the outstanding principal of the loan as of the
date received. All such additional loan payments must be made according to the uniform payment procedures established by the Administrator and the Administrator reserves the right to refuse any additional payment that does not comply with such
payment procedures. 

  

	 	(viii)	 Each loan shall bear interest at a rate to be set and reviewed periodically by the Administrator and, in determining the interest rate, the
Administrator shall take into consideration commercial interest rates currently being charged by persons in the business of lending money for loans which would be made under similar circumstances. The Administrator shall not discriminate among

  
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Participants in the matter of interest rates. To the extent permitted by law, the interest rate on any loan will not be adjusted. 

 

	 	(ix)	Effective January 1, 1999, no application for a loan by the Participant will be approved if it would cause the Participant to have more than two (2) loans
outstanding. 

  

	 	(x)	Effective January 1, 1999, the Administrator may deduct from the proceeds of each loan any fee, not to exceed Fifty Dollars ($50.00), imposed by any third party
administrator for processing loans. Effective for new loans provided on and after November 1, 2002, the Administrator may deduct from the Participant’s Account balance (1) a loan origination fee not to exceed Fifty Dollars ($50.00),
and (2) a quarterly transaction charge not to exceed Three Dollars and Seventy-Five Cents ($3.75). 

  

	 	(c)	Value of Participant’s Accounts for Purposes of Loans. Loans shall be processed not less frequently than bi-weekly. For all purposes relating to loans, the
value of the Participant’s Account shall be determined as of the Valuation Date coinciding with or immediately following receipt of a loan application by the Administrator; provided, however, all Stock shall be valued using the closing price on
the business day immediately preceding the date the withdrawal is processed. 

  

	 	(d)	Repayment of Loans at Termination. A Participant whose Employment terminates shall have thirty days (30) days from the date of termination to arrange for
periodic repayment through ACH debits as described under Section 10.6(b)(i), or to repay the loan in full to avoid treatment of the outstanding loan balance as in default. Repayment in full must be made by check or money order in a single lump
sum for the remaining loan balance plus accrued interest. However, unless repayment is suspended as permitted under Section 10.6(k), a Participant whose active Employment terminates as a result of a leave of absence approved by his/her Employer
may continue to repay his/her loan in installments payable in the amounts and at the times that payroll deduction payments would have been made had he/she continued in active Employment. 

 

	 	(e)	 Default of Loans. In the event of a default on any loan the entire outstanding principal balance of the loan plus all accrued interest shall be
immediately due and payable and the Administrator is authorized (to the extent permitted by law) to take any and all actions necessary or appropriate to collect such sums. However, foreclosure on and reduction of a Participant’s Plan benefits
in repayment of a loan shall not occur until an event has occurred which would entitle the Participant or his/her Beneficiary to receive a distribution of his/her Plan benefits, provided that the amount of such distribution shall be reduced by the
outstanding principal amount of the loan plus all accrued interest. Interest shall 

  
 79 

 
continue to accrue until the defaulted loan is repaid (such as by offset). For purposes of the preceding provisions, “default” means any of the following events: 

 

	 	(i)	failure by any Participant whose Employment has terminated to satisfy Section 10.6(d) by arranging for continued periodic repayment (as permitted under
Section 10.6(b)(i)), or repaying the entire outstanding principal balance of the loan plus accrued interest; or 

  

	 	(ii)	any other failure of a Participant to make any required payment of principal or interest on any loan within thirty (30) days following the date such payment was
due. 

 Effective January 1, 2004, if the Participant applies for a second loan following a defaulted loan,
the value of the defaulted loan that has been treated as a deemed distribution (including the interest that accrues following the deemed distribution), and that has not been repaid (such as through an offset), shall be treated as outstanding for
purposes of applying the maximum limits of Section 10.6(b)(v). Further, the second loan shall not be treated as a deemed distribution only if there is an arrangement between the Administrator and the Participant, enforceable under applicable
law, under which repayment of the second loan shall be made exclusively by payroll withholding. An agreement does not fail to be enforceable merely because one of the parties has the right to revoke the arrangement prospectively. In any event, if
the Participant revokes the agreement for payroll withholding, the outstanding balance of the second loan shall be treated as a deemed distribution in the same manner as a defaulted loan according to the above subsections (i) or (ii) of
this Section 10.6(e). 
  

	 	(f)	Incorporation of Statute and Regulations. Anything in this Section 10.6 to the contrary notwithstanding, all loans will comply with the terms of Code
Section 72(p) and the regulations thereunder. 

  

	 	(g)	Source of Funds for Loans. The source of funds for each loan shall be those Trust assets comprising first, the Participant’s Post-Tax Contribution Account,
followed by the Participant’s Pre-Tax Contribution Account, and finally, the vested portion of the Participant’s Employer Matched Contribution Account. Within each such Account funds for the Participant’s loan shall be withdrawn from
each Investment Fund (other than the Brokerage Account) in which any portion of such Account is invested in the proportion that the balance held in such Investment Fund bears to the aggregate balance held in all such Investment Funds, unless the
Participant elects otherwise in writing. Notwithstanding anything in this Plan to the contrary, funds invested in a Brokerage Account shall not be available for loans to any Participant. 

  
 80 

	 	(h)	Investment of Loan Payments. Funds paid by a Participant in repayment of a loan shall be invested in the same manner as the Participant has elected for Pre-Tax
and/or Post-Tax Contributions, as applicable. 

  

	 	(i)	Suspension of Loan Application for Pending Qualified Domestic Relations Order. Notwithstanding the foregoing, no loan shall be made to a Participant during the
period in which the Administrator is making a determination of whether a domestic relations order affecting the Participant’s Account is a Qualified Domestic Relations Order. Further, if the Administrator is in receipt of a Qualified Domestic
Relations Order with respect to any Participant’s Account, it may prohibit such Participant from obtaining a loan until the alternate payee’s rights under such order are satisfied. 

 

	 	(j)	Transfer of Loan Notes to Alternate Payees or Beneficiaries. In the event that a payment is required to be made to a Beneficiary upon the death of a Participant
or an alternate payee pursuant to a Qualified Domestic Relations Order, while the Participant whose Account is the subject of such order has a loan outstanding, the Administrator, in its discretion, may direct that the Participant’s promissory
note be transferred to such Beneficiary or alternate payee, as applicable. 

  

	 	(k)	Suspension of Repayment During a Leave of Absence. Notwithstanding the foregoing provisions to the contrary, effective January 1, 2003, the following
provisions shall apply: 

  

	 	(i)	Loan repayments may be suspended for up to one (1) year in the case of an approved leave of absence (other than for Qualified Military Service, as described in
(ii) below). A leave of absence will be “approved” according to uniform human resources policies and procedures of the Company. To qualify for suspension of loan repayments, the Participant must be on leave-without-pay. Effective
January 1, 2004, interest shall continue to accrue during such leave. When such approved leave of absence ends (or after one year, if earlier) the loan repayment schedule shall be revised (“reamortized”) and that revised repayment
schedule shall commence as soon as administratively feasible following the end of such period of suspension (or after one year, if earlier). However, the combined total of the suspension period and reamortized schedule shall not extend the term of
the loan beyond the earlier of (1) the original repayment date as extended by the length of the approved leave of absence, or (2) a total repayment period (including the period of approved leave of absence) of five (5) years. Further,
the reamortized payment amount shall not be less than the original repayment amount. 

  
 81 

	 	(ii)	Loans to Participants who experience a leave of absence due to Qualified Military Service, as defined by Code Section 414(u), will be automatically suspended for
the period of Qualified Military Service. Upon return from Qualified Military Service, the original repayment date on the outstanding loans may be extended for the period of time that the Participant was on a leave of absence due to Qualified
Military Service and the repayment schedule shall be revised accordingly. Interest shall continue to accrue during such leave. If the Participant fails to return to active employment following the leave of absence due to Qualified Military Service,
for purposes of these loan procedures the Participant shall be treated as terminated as of a date determined by uniform policies and procedures. In any event, the period of the suspension, the reamortization of the loan, the maximum repayment
period, the maximum interest rate that accrues during the absence, and the determination of the Participant’s termination from employment for failing to return after the leave of absence shall be determined in a manner consistent with Code
Section 414(u), any related published guidance, or any related state or federal law such as the Soldiers’ and Sailors’ Civil Relief Act Amendments of 1942. 

  
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 ARTICLE 11 

SERVICE 
  

	11.1	Service 

 An
Employee’s eligibility for benefits under the Plan shall be based on his Period of Service. For purposes of this Article 11, the following terms shall have the meanings shown. 

 

	 	(a)	Hour of Service shall mean each hour credited to an Employee in accordance with the following provisions: 

 

	 	(i)	An Employee shall be credited with one Hour of Service for each hour for which such Employee is paid, or entitled to payment, by an Employer for the performance of
duties during the applicable computation period, with such Hours of Service being credited for the Plan Year in which the duties were performed. 

  

	 	(ii)	An Employee shall be credited with an Hour of Service for each hour for which back pay, irrespective of mitigation of damages, has been either awarded or agreed to by
an Employer for the performance of services during a Plan Year, with such Hours of Service being credited for the Plan Year or Plan Years to which the award or agreement pertains (rather than the Plan Year or Plan Years in which the award,
agreement, or payment is made). 

  

	 	(iii)	 An Employee also shall be credited with one Hour of Service for each hour for which he/she is paid, or entitled to payment, by an Employer on account
of a period of time during which no duties are performed (irrespective of whether the employment relationship has terminated) due to vacation, holiday, illness, incapacity (including disability), layoff, jury duty, military duty or leave of absence
but excluding payments for reimbursement for medical or medically related expenses and payments under a plan maintained solely for the purpose of complying with applicable workmen’s compensation or unemployment compensation and disability
insurance laws; provided, however, that not more than five hundred and one (501) Hours of Service shall be credited to an Employee under this paragraph (c), on account of any single continuous period during which the Employee performs no duties
for an Employer (whether or not such period occurs in a single computation period). A payment shall be deemed to be made by or due from an Employer regardless of whether such payment is made by or due from the Employer directly, or indirectly
through, among others, a trust fund, or insurer, to which the Employer contributes or pays premiums. Such Hours of Service shall be credited for the Plan Year or, on a 

  
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ratable basis, for the Plan Years with respect to which the payments are made. 
 Notwithstanding any provision of this subparagraph (a) to the contrary, the provisions of Department of Labor Regulations Section 2530.200b-2 and 2530.200b-3 are incorporated herein by
reference. 
  

	 	(b)	Period of Severance shall mean the period of time which begins on an Employee’s Termination of Employment date and which ends if he/she again completes an
Hour of Service. 

  

	 	(c)	Period of Service shall include the periods described in (i) and (ii) below. 

 

	 	(i)	Period of Service shall include each period of time beginning on an Employee’s date of employment or re-employment, as applicable, and ending on his/her next
succeeding Termination of Employment. 

  

	 	(ii)	Period of Service shall include the Period of Severance following an Employee’s Termination of Employment date which resulted from his/her having quit, retired, or
been discharged, if he/she again performs an Hour of Service before the first anniversary of the earlier of: 

  

	 	(A)	The date on which he/she quit, retired, or was discharged, or 

  

	 	(B)	The date on which he/she began an absence during which he/she quit, retired, or was discharged. 

 

	 	(iii)	An Employee’s Period of Service shall be determined by aggregating all the periods required to be taken into account under this Section 11.1(c) with less than
whole years aggregated on the basis that twelve (12) months equals one (1) year and where any beginning or final fraction of a month shall equal one twelfth (1/12th) of a Year of Service. If the final month of employment includes the
annual anniversary of their first date of employment, the Employee must work through such anniversary date in order to receive that month of Service. 

  

	 	(d)	Determination of Termination of Employment 

  

	 	(i)	A Termination of Employment shall be deemed not to have occurred when an Employee is or has been absent from his employment either with or without pay due to:

  

	 	(A)	 A leave of absence granted by the Employer, provided the Employee resumes his employment promptly on the termination of such leave. The decision of the
Employer on 

  
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all questions of leaves of absence shall be final and conclusive. 
  

	 	(B)	Service in the Armed Forces of the United States, including the Merchant Marine, to the extent the Employee retains reemployment rights with the Employer by law. Should
an Employee fail to report for employment within the time required by law, or should he/she take employment elsewhere following military service before resuming employment with the Company, his/her Termination of Employment date shall be deemed to
be the day he/she loses his reemployment rights with the Company under the law. 

  

	 	(ii)	The Termination of Employment for a Maternity or Paternity Absence shall be the first anniversary of the first day of absence from employment due to a Maternity or
Paternity Absence. 

  

	11.2	Prior Service Reinstated 

Upon reemployment of an Employee whose Termination of Employment under Section 11 .1 occurred on or after the Effective Date as
defined in Section 2.22, whether or not distribution has been made, any pre-break Period of Service shall be restored as of the date of his employment. 
 Notwithstanding the foregoing to the contrary, effective with respect to Participants with an initial Employment date on or after January 1, 2008, any Period of Service earned prior to a Period of
Severance will be restored following the Participant’s return to active Employment for the purpose of determining the vested portion of the Participant’s Account, including any provisionally forfeited portion that was reinstated according
to Section 8.4(b). However, such restored Periods of Service and Periods of Service earned by such Participants following a return to active Employment will not be applied to determine the vested portion of the Participant’s Account that
was permanently forfeited according to Section 8.3(b). 
  

	11.3	Year of Service 

 An
Employee shall be credited with one Year of Service for each full year in his/her Period of Service. 

  
 85 

 ARTICLE 12 

ADMINISTRATIVE COMMITTEE, PLAN OPERATION AND ADMINISTRATION 

 

	12.1	The Plan Administrative Committee as Administrator of the Plan and Named Fiduciary 

Effective July 1, 2005, the RSP Administrative Committee shall be the administrator for purposes of ERISA and the Plan Administrator
for purposes of the Code, with such powers and duties as provided herein except for the powers, duties and authority delegated and allocated to the Plan Investment Committee according to Article 16 of the Plan, and to the Trustee according to the
Trust Agreement. The RSP Administrative Committee, as the Administrator, shall be a Named Fiduciary, as defined under ERISA, with authority to control and manage the operation and administration of the Plan. Effective January 1, 2009, the
“RSP Administrative Committee” shall be known as the “Plan Administrative Committee.” 
  

	12.2	Selection and Review of Plan Administrative Committee Members and Plan Administrative Committee Organization 

The Plan Administrative Committee shall be composed of not less than three (3) individuals who are selected by the Board of Directors
of the Company (the “Board”). 
  

	 	(a)	Acceptance of Membership. Any person who is appointed as a member of the Plan Administrative Committee shall signify his/her acceptance by filing written
acceptance with the Board. A member may resign by delivering his/her written resignation to the Board, and such resignation shall be effective when delivered to the Board. A member also shall be deemed to have resigned effective as of the date such
member is no longer employed by the Company or any Employer. 

  

	 	(b)	Removal of Member of the Plan Administrative Committee by the Board. Each member shall be subject to removal by the Board in its sole discretion, and at any
time. 

  

	 	(c)	 Procedure for Action by the Plan Administrative Committee. The Plan Administrative Committee shall meet periodically. The members of the Plan
Administrative Committee shall act by a majority of their number present at any meeting, but at any time there are fewer than three (3) members present shall only act unanimously. The members of the Plan Administrative Committee may act without
a meeting by a resolution or written memorandum signed and approved by all members. The members may authorize one (1) or more of them to make any payment in its behalf, or to execute or deliver any instrument. The Plan Administrative Committee
may request any officer or employee of the Company or any Employer, or the Company’s outside counsel to attend meetings of the 

  
 86 

 
Committee or to meet with any members of, or consultants to, the Plan Administrative Committee. 
  

	 	(d)	Compensation for Services. The members of the Plan Administrative Committee shall serve without additional compensation for their services other than the
compensation received as employees of the Company or any Employer, but all reasonable expenses incurred in the performance of their duties shall be paid or reimbursed by the Company. Unless otherwise determined by the Board, or unless required by
any federal or state law, no member of the Plan Administrative Committee shall be required to provide any bond or other security in any jurisdiction. 

  

	12.3	Powers and Responsibilities of the Administrator of the Plan 

 The Administrator shall have the exclusive and discretionary power and authority to manage the Plan in all of its details, including, but not limited to, the following: 

 

	 	(a)	Make, enforce and publish such uniform and nondiscriminatory procedures as it deems necessary or proper for the efficient administration of the Plan.

  

	 	(b)	The right to construe the Plan provisions, decide matters arising thereunder, determine eligibility and compute the amount of benefits payable to any Participant,
Former Participant, Beneficiary, or Alternate Payee under the Plan, including the right to resolve or remedy any ambiguities, inconsistencies or omissions; such interpretations shall be final and binding. 

 

	 	(c)	The right to review, interpret and implement any domestic relations order according to the requirements under the Code and ERISA, including the right to resolve or
remedy (or to require that the interested parties to such domestic relations order resolve or remedy) any ambiguities, inconsistencies or omissions related to the process of determining whether any such order is a qualified domestic relations order
according to the Code and ERISA, including any appeals resulting from such determination. All such interpretations shall be final and binding. 

  

	 	(d)	The right to resolve all appeals as provided under Section 9.5 of the Plan, including the right to require any person to furnish such information as it may request
for the purpose of the proper administration of the Plan as a condition to receiving the payment of any benefits under the Plan, and to establish and maintain appropriate written claims and appeals procedures in compliance with 29 C.F.R.
§ 2560.503-1. 

  

	 	(e)	The right, pursuant to the Plan and the Trust Agreement provisions, to authorize disbursements from the Trust. 

  
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	 	(f)	The right and responsibility to keep such records and submit such filings, elections, applications, returns or other documents or forms as may be required under ERISA,
the Code or other applicable law. 

  

	 	(g)	Establish reasonable procedures for communicating the Plan terms to Participants, Former Participants, Beneficiaries, Alternate Payees or other persons.

  

	 	(h)	Be the Named Fiduciary responsible for communications with Participants as needed to maintain Plan compliance with Section 404(c) of ERISA as provided in Sections
16.8 and 16.9, including, but not limited to, the receipt and transmittal of Participant directions as to the investment of their account(s) under the Plan, the administration of Brokerage Accounts (including establishing and maintaining procedures
for engaging in investment transactions) and the establishment and maintenance of Participant Investment Direction Procedures as described in Section 16.10. 

 

	 	(i)	The right to charge individual Participant Accounts all or a portion of certain transactional fees in accordance with reasonable procedures which may be revised from
time to time in the discretion of the Administrator. 

  

	 	(j)	The right to appoint, delegate, review and/or remove, without limitation, such persons, agents, counsel, accountants, consultants and administrative service providers
as may be desirable or necessary to assist in administering the Plan. 

  

	 	(k)	Notwithstanding Section 12.3(j) above to the contrary, the right to periodically review any administrative service provider that also serves as the Trustee (or is
an affiliate of the Trustee), which such review may be coordinated with the periodic review of the Trustee as undertaken by the Plan Investment Committee under Article 16. 

 

	 	(l)	The right to exercise the other powers that are expressly granted to it herein, or that are impliedly necessary for it to carry out any of its responsibilities
hereunder. 

 The Administrator shall be deemed to have properly and prudently exercised all such power and
authority, unless it has abused its discretion by acting arbitrarily and capriciously. 
  

	12.4	Nondiscriminatory Exercise of Authority 

 The Administrator shall exercise its authority in a nondiscriminatory manner so that all persons similarly situated will receive substantially the same treatment. 

  
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	12.5	Reliance on Tables, etc. 

To the extent permitted by law, the Administrator may rely upon, and shall be fully protected in any action taken or suffered by it in
good faith in the reliance upon, all tables, valuations, certificates, opinions and reports which are furnished by any accountant, Trustee, counsel or other expert or specialist who is retained by the Administrator to assist it in administering the
Plan. 
  

	12.6	Limitation of Co-Fiduciary Liability and Indemnification 

 To the extent permitted by law, no member of the Plan Administrative Committee or any other person to whom powers and rights of the Administrator have been delegated and allocated shall be liable for any
neglect, omission or wrongdoing of any co-fiduciary of the Plan with which that member or delegate has or had no knowledge or involvement. 
 In addition to whatever rights of indemnification to which employees, officers and directors of the Company or any Employer may be entitled under the articles of incorporation, regulations, or bylaws of
the Company, or any Employer, under any provision of law, or under any other agreement, the Company shall satisfy any liability actually and reasonably incurred by any such employee, member of the Plan Administrative Committee, officer or director,
including expenses, attorneys’ fees, judgments, fines and amounts paid in settlement, in connection with any threatened, pending, or completed action, suit, or proceeding which is related to the exercise or failure to exercise by such person or
persons of any of the powers, authority, responsibilities, or discretion of the Company or the Administrator provided under the Plan or the Trust Agreement, or reasonably believed by such person or persons to be provided thereunder, and any action
taken by such person or persons in connection therewith. However, any indemnification of any person or persons to whom the powers or rights of the Administrator have been properly delegated shall be subject to the terms and conditions of any
agreement that delegated such powers and responsibilities. 
  

	12.7	Fees and Expenses 

 Some
or all expenses incurred prior to or in connection with the termination of the Plan that shall arise in connection with the administration of the Plan, including but not limited to the compensation of the Trustee, service provider or recordkeeper,
if any; administrative expenses and proper charges and disbursements of the Trustee, if any; and compensation and other expenses and charges of any counsel, accountant, specialist, service provider or recordkeeper or other person who shall be
employed by the Administrator in connection with the administration thereof may be paid from the Trust Fund to the extent not paid by the Company. Effective January 1, 2009, transaction fees for certain distributions may be charged to the
Participant’s Account, as determined in the discretion of the Administrator. 

  
 89 

	12.8	Notices to Administrator 

The Administrator shall designate one or more addresses where notices and other communications to the Administrator shall be sent. No
notice or other communication shall be considered to have been given to or received by the Administrator until it has been delivered to the Administrator’s attention at one of such designated addresses. 

  
 90 

 ARTICLE 13 

POWERS OF THE PLAN SPONSOR TO AMEND AND TERMINATE THE PLAN 

 

	13.1	Amendment 

 The Board of
Directors (the “Board”) of the Company reserves the sole and exclusive right to amend the Plan and the related Trust Agreement at any time and for any reason as to all Employers, including any such retroactive amendment deemed necessary or
appropriate (including, without limitation, where necessary to meet the requirements of the Code, ERISA and other laws and regulations). Any amendment of the Plan or Trust Agreement shall be approved by written action of the Board. Reference to the
Board in this Article 13, Article 14, or any other provision of the Plan shall include any Committee or Subcommittee of the Board to which the Board has delegated such authority in accordance with the Board’s regulations or procedures of
corporate governance. Notwithstanding the foregoing, the Company, through its Board or otherwise, may not: 
  

	 	(a)	amend the Plan or Trust Agreement in such manner as would cause or permit any part of the assets of the Trust to be diverted to purposes other than for the exclusive
benefit of Participants, Former Participants and their Beneficiaries (except as permitted herein), unless such amendment is permitted by law, governmental regulation or ruling; 

 

	 	(b)	amend the Plan or Trust Agreement retroactively in such a manner as would deprive any Participant or Former Participant of any benefit to which he/she was entitled
under the Plan by reason of Contributions, Employer Matched Contributions or Employer SDRP Contributions made prior to the amendment, unless such amendment is necessary to conform the Plan or Trust Agreement to, or satisfy the conditions of, any
law, governmental regulation or ruling, or to permit the Plan and the related Trust to meet the requirements of Code Sections 401(a) and 501(a), accordingly; 

 

	 	(c)	amend the Plan or Trust Agreement in such manner as would increase the duties or liabilities of the Trustee or reduce its fee for services thereunder, unless the
Trustee consents thereto in writing; 

  

	 	(d)	amend the Plan to reduce a Participant’s vesting percentage determined as of the later of the date such amendment is effective or adopted; or

  

	 	(e)	amend the Plan to revise the vesting schedule unless: 

  

	 	(i)	Each Participant’s vesting percentage under such amendment is not less at any time than the vesting percentage determined without regard to such amendment; or

  

	 	(ii)	 Each Participant who has completed three (3) or more Years of Service (whether or not consecutive) is permitted to make an

  
 91 

 
election to have his/her vesting percentage determined without respect to such amendment; such an election shall be irrevocable and shall be made within the period beginning with the date on
which such amendment is adopted and ending no later than the latest of the following: 
  

	 	(A)	Sixty (60) days after the day such amendment is adopted; 

  

	 	(B)	Sixty (60) days after the date such amendment becomes effective; or 

  

	 	(C)	Sixty (60) days after the day the Participant is issued written notice of the amendment. 

 

	13.2	Termination 

 The Company
has established the Plan with the intention and expectation that all contributions will be continued indefinitely, but the Company will have no obligation whatsoever to maintain the Plan for any given length of time and may discontinue contributions
under the Plan, terminate the Plan or permit any Employer to withdraw from the Plan at any time for any reason by written action of the Board (in the same manner as amending the Plan according to Section 13.1), without any liability whatsoever
for any such discontinuance, termination or withdrawal. In the event of the termination or partial termination of the Plan or the complete discontinuance of contributions under the Plan, the balance of each affected Participant’s Accounts shall
be nonforfeitable. Upon termination of the Plan, the Trustee will distribute to each Participant, Former Participant or Beneficiary, as the case may be, the value of the Participant’s, Former Participant’s or Beneficiary’s Accounts
determined as of the Valuation Date coinciding with or immediately following the date of termination, in a single lump sum cash payment. However, if distributions are limited by Code Section 401(k)(2)(B)(i)(II) and the regulations thereunder,
distributions will be made to Participants and Former Participants only in accordance with Articles 7 and/or 10, as appropriate. Upon the completion of distributions to all Participants, Former Participants or Beneficiaries, as the case may be, no
Participant, Former Participant, Beneficiary or person claiming under or through them, shall have any claims in respect of the Plan. Effective for Plan Years beginning on or after January 1, 2006, for purposes of the limitation on distributions
following termination of the Plan without the establishment or maintenance by the Employer of a replacement defined contribution plan, as limited by Code Section 401(k)(2)(B)(i)(II) and the regulations thereunder, the establishment or
maintenance of an ESOP, SEP, SIMPLE IRA, 403(b) plan, or a 457(b) or (f) plan will not prevent distribution following the termination of this Plan. 

  
 92 

	13.3	Liquidation of the Fund 

The Trust and the Fund shall continue in existence after the termination of the Plan for such period of time as may be required to
complete the liquidation thereof in accordance with the terms of this Article 13. 

  
 93 

 ARTICLE 14 

ADOPTION OF THE PLAN BY OTHER EMPLOYERS 
  

	14.1	Adoption with Approval 

Any Affiliated Company or corporation (hereinafter referred to as “Participating Employer”) may adopt and become a party to this
Plan with the consent of the Company and subject to such terms and conditions as the Company may require or approve. 
  

	14.2	Procedure for Adoption 

 A
Participating Employer may adopt the Plan and become an Employer hereunder by executing an instrument in writing evidencing such adoption by its Board of Directors and filing a copy thereof with the Company. Upon approval of the Participating
Employer’s adoption of the Plan by the Company and the delivery to the Trustee of the instruments evidencing the Participating Employer’s adoption of the Plan and the Company’s approval thereof, the Participating Employer’s
adoption of the Plan shall be effective as of the date specified in said instruments. 
  

	14.3	Effect of Adoption 

  

	 	(a)	If there is more than one Participating Employer hereunder, the costs and expenses in connection with the Plan and Fund each year shall be shared by all Participating
Employers. 

  

	 	(b)	Each Participating Employer shall also pay for that portion of the Contribution of the Participating Employer attributable to Pre-Tax Contributions made under the Plan
by its Covered Employees, but the Contributions of Participating Employers included in an affiliated group under the Code with the Company may be paid by the Company on behalf of itself and the other Participating Employers or may be allocated among
such Participating Employers by the Company as will permit the deduction for purposes of federal taxes. 

  

	 	(c)	Each Participating Employer, as a condition of continued participation in this Plan, delegates to the Company the sole power and authority to establish and amend the
Plan, including the power and authority to: 

  

	 	(i)	Appoint and remove the Trustee; 

  

	 	(ii)	Consent to the adoption of this Plan by other Participating Employers; 

  

	 	(iii)	Amend or terminate the Plan or Trust according to Section 13.1; and 

  
 94 

	 	(iv)	Determine the amount of all Employer Matched or Employer SDRP Contributions. 

 

	 	(d)	Effective July 1, 2005, each Participating Employer, as a condition of continued participation in this Plan, delegates to the Administrator the sole power and
authority to administer and operate the Plan as provided under Article 12 of the Plan, and delegates to the Plan Investment Committee the certain duties and responsibilities specified in Article 16 of the Plan to the extent such powers and authority
are not allocated to the Trustee according to the Trust Agreement. 

  

	14.4	Termination of Adoption 

  

	 	(a)	Each Participating Employer may elect separately to withdraw from the Plan, but amendments may be made only by the Company as provided under Section 13.1. Any such
withdrawal shall be expressed in an instrument in writing executed by the withdrawing Participating Employer on order of its Board of Directors and filed with the Company and the Trustee. 

 

	 	(b)	Upon withdrawal from the Plan by a Participating Employer, and subject to the provisions of ERISA, the Code, and other applicable law, the portion of the Fund
attributable to the proportionate interests of the Participants affected by said termination of participation may, in the discretion of the Company: 

  

	 	(i)	Be retained in the Fund and benefits paid in accordance with the terms of the Plan in effect at the time the Participating Employer terminated its participation in the
Plan; 

  

	 	(ii)	Be transferred (along with the liability for the payment of benefits) to another qualified retirement plan maintained by the Participating Employer terminating
participation in the Plan; or 

  

	 	(iii)	Be dealt with in any other manner consistent with the provisions of ERISA, the Code, or other applicable law. 

In the event the portion of the Fund attributable to the proportionate interests of the Participants and Former Participants affected by
the termination of participation of a Participating Employer is retained in the Fund, the Administrator may direct the Trustee to segregate such portion of the Fund. 

  
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 ARTICLE 15 

LIMITATIONS OF ANNUAL ADDITIONS 
  

	15.1	General Limitations 

 Notwithstanding any
provision of the Plan to the contrary, except to the extent permitted under Section 4.1 of the Plan in relation to the availability of Catch-Up Contributions under Code Section 414(v), effective for Limitation Years beginning on and after
January 1, 2002, total Annual Additions contributed or allocated to the Accounts of a Participant under this Plan for any Limitation Year shall not exceed the Maximum Permissible Amount, which is equal to the lesser of: 

 

	 	(a)	forty thousand dollars ($40,000), as adjusted for increases in the cost-of-living under Code Section 415(d), or 

 

	 	(b)	one hundred percent (100%) of the Participant’s Compensation, within the meaning of Code Section 415(c)(3) and as defined in Section 15.4 of the
Plan, for the Limitation Year. 

 However, the Compensation limitation referenced in subsection (b), above, shall not apply to
Annual Additions comprised of contributions to a post-retirement account for a key employee (as defined in Code Section 419A(d)(1)) or to a Section 401(h) individual medical benefit account defined in Code Section 415(l)(1).

 The Annual Addition limitations provided under this Article 15 shall be generally effective Limitation Years beginning on or after
January 1, 2002, except for such earlier and later effective dates as provided herein. In addition, the provisions of this Article 15 that were effected by the final regulations under Code Section 415 that were published April 5, 2007
(72 Fed. Reg. 16878) are effective for Limitation Years beginning on or after January 1, 2008. For Limitation Years beginning on or after January 1, 2008, the Annual Addition limitations provided under this Article 15 shall, at all times,
comply with the provisions of Code Section 415 and the final regulations published April 5, 2007 (72 Fed. Reg. 16878), as may be subsequently revised, which such regulations and subsequent guidance are specifically incorporated by
reference except as otherwise provided herein. For Limitation Years beginning before January 1, 2008, the Annual Addition limitations as provided under this Article 15 shall, at all times, comply with the provisions of Code Section 415 and
the final regulations published January 7, 1981 (46 Fed. Reg. 1687), as amended subsequently by published regulations, notices and rulings, which are hereby incorporated by reference except as otherwise provided herein. 

 

	15.2	Correction of Excess Annual Additions 

  

	 	(a)	 Prior to the determination of a Participant’s actual total Compensation for a Plan Year, the maximum Annual Additions allocated to this Plan for a
Participant may be determined on the basis of a reasonable estimation of his/her Compensation for a Plan Year with Contributions then 

  
 96 

 
appropriately limited by suspension or reduction of such Contributions to this Plan on behalf of such Participant. 
  

	 	(b)	Effective for Limitation Years prior to January 1, 2008, if Annual Additions attributable to this Plan (after application of Section 15.3) exceed the Maximum
Permissible Amount defined in Section 15.1 due to a reasonable error in estimating a Participant’s annual Compensation or under other limited facts and circumstances which the Commissioner of Internal Revenue finds justifiable, such excess
Post-Tax Contributions and attributable income shall be returned to Employees in a manner consistent with the return of Excess Contributions under Section 5.2 (except that the Employer Matched Contribution attributable to any returned or
Post-Tax Contributions shall be deposited in a suspense account as described below). Should an excess remain after returning excess Post-Tax Contributions, such excess Pre-Tax Contributions and attributable income shall be returned to Employees in a
manner consistent with the return of Excess Contributions under Section 5.2 (except that the Employer Matched Contribution attributable to any returned or Pre-Tax Contributions shall be deposited in a suspense account as described below).
Should an excess remain after returning excess Pre-Tax Contributions, and an excess remains that is comprised of Employer Matched Contributions, ADP Test Safe Harbor Employer Matched Contributions, or Employer SDRP Contributions, such excess shall
be allocated to a suspense account established and administered in accordance with Section 6.14. Any such excess shall be allocated in accordance with Section 6.14 in that Plan Year and in the succeeding Plan Years, as necessary, to reduce
future Employer Matched Contribution and/or Employer SDRP Contribution as appropriate. 

 The foregoing correction
methods shall apply only to Limitation Years beginning prior to January 1, 2008. For Limitation Years beginning on or after January 1, 2008, corrections to Excess Annual Additions attributable to this Plan (after the application of
Section 15.3) shall be made in manner consistent with the Employee Plans Compliance Resolution Program under Revenue Procedure 2006-27, Revenue Procedure 2008-50, or subsequent published guidance, as appropriate. For purposes of inclusion as an
Annual Addition, if, in a particular Limitation Year, the Employer allocates an amount to a Participant’s Account because of an erroneous forfeiture in a prior Limitation Year, or because of an erroneous failure to allocate amounts in a prior
Limitation Year, the corrective allocation will not be considered an Annual Addition with respect to the Participant for that particular Limitation Year in which the correction occurs, but will be considered an Annual Addition for the prior
Limitation Year to which it relates. For purposes of the foregoing sentence, if the amount so contributed in the particular Limitation Year takes into account actual investment gains attributable to the period subsequent to the year to which the
contribution relates, the portion of the total contribution that 

  
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consists of such gains is not considered as an Annual Addition for any Limitation Year. In any event, the foregoing correction methods shall not prohibit the reversion to the Employer of Excess
Annual Additions upon termination of the Plan. 
  

	15.3	Aggregation of Plans of the Employer 

  

	 	(a)	General Aggregation Rules. 

  

	 	(i)	For purposes of determining the Maximum Permissible Amount, all defined contribution plans (without regard to whether a plan has been terminated) ever maintained by the
Employer (or maintained by a Predecessor Employer, as defined herein) under which the Participant receives Annual Additions are treated as one defined contribution plan. However, in no event shall a Participant’s Annual Additions be double
counted in the application of these aggregation rules. The total Annual Additions shall be determined, and the Maximum Permissible Amount shall be applied taking into account the aggregation rules provided herein, and the aggregation rules not
otherwise provided herein as provided by Treas. Reg. § 1.415(f)-1, which are incorporated by reference herein. However, any increase in allocations under this Plan resulting from the application of such rules in effect as of a Limitation
Year beginning on or after January 1, 2008, shall apply only to Participants who have completed at least one (1) Hour of Service with the Employer after December 31, 2007. Two or more defined contribution plans that are not required
to be aggregated pursuant to Code Section 415(f) and the rules under Treas. Reg. § 1.415(f)-1 as of the first day of a Limitation Year do not fail to satisfy the Annual Addition limitations of Code Section 415 with respect to a
Participant for the Limitation Year merely because they are aggregated later in that Limitation Year, provided that no Annual Additions are credited to the Participant’s account after the date on which the Plans are required to be aggregated.

  

	 	(ii)	Combining Predecessor Employer Plans and the Plans of a Formerly Affiliated Employer . 

 

	 	(A)	 Plans of a Predecessor Employer. If the Employer maintains a plan that provides a benefit which was allocated to the Participant or which the
Participant had accrued while performing services for a former Employer, the former Employer is a Predecessor Employer with respect to the Participant in the Plan. A former entity that antedates the Employer is also a Predecessor Employer with
respect to a Participant if, under the facts and circumstances, the Employer constitutes a continuation of all or a portion of the 

  
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trade or business of the former entity. For purposes of this Section 15.3, the plan of the Predecessor Employer shall be treated as if it had terminated immediately prior to the event giving
rise to the Predecessor Employer relationship with sufficient assets to pay Participants’ benefits under the Plan, and had distributed all such benefits to Participants or had purchased annuities to provide such benefits. In that case, the
Employer and the Predecessor Employer shall be treated as if they were a single employer immediately prior to such event and as unrelated employers immediately after the event; and if the event giving rise to the Predecessor Employer relationship is
a benefit transfer, the transferred benefits shall be excluded in determining the benefits provided under the plan of the Predecessor Employer. The rules of Treas. Reg. § 1.415(f)-1(c) are hereby incorporated herein. 

 

	 	(B)	Formerly Affiliated Plans. For purposes of this Section 15.3, a formerly affiliated plan of the Employer is a plan that, immediately prior to the cessation
of affiliation, was actually maintained by the Employer and, immediately after the cessation of affiliation, is not actually maintained by the Employer. For this purpose, cessation of affiliation means the event that causes an entity to no longer be
considered the employer, such as the sale of a member controlled group of corporations, as defined in Code Section 414(b), as modified by Code Section 415(h), to an unrelated corporation, or that causes a plan to not actually be maintained
by the Employer, such as transfer of plan sponsorship outside a controlled group. For purposes of this Section 15.3, the “formerly affiliated plans of the Employer” shall be treated as a plan maintained by the Employer, but the
formerly affiliated plan shall be treated as if it had terminated immediately prior to the cessation of affiliation with sufficient assets to pay Participants’ benefits under the Plan and had distributed all such benefits to Participants or had
purchased annuities to provide such benefits, as appropriate. The rules of Treas. Reg. § 1.415(f)-1(b) are hereby incorporated herein. 

  

	 	(iii)	 Multiple Limitation Years of Aggregated Plans. Except as may otherwise apply in accordance with Section this Section 15.3, where an
Employer maintains more than one defined contribution plan, those plans may provide for different limitation years. If the aggregated plans of the Employer have different limitation years, and if a Participant is credited with Annual Additions in
only one defined contribution plan, in determining whether the Annual 

  
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Addition limitations are satisfied, only the Limitation Year applicable to that Plan is considered. However, if such plans have different limitation years, and if a Participant is credited with
Annual Additions in more than one defined contribution plan, each such plan that is required to be aggregated in accordance with Code Section 415(f) and Treas. Reg. § 1.415(f)-1 must satisfy the maximum Annual Addition limitation in effect
for each such plan’s limitation year by taking into account the Participant’s Annual Additions under all plans as if they had been contributed to that single plan during the Limitation Year. 

 

	 	(iv)	Special Rules. The limitations of this Section 15.3 shall be determined and applied taking into account the rules in Treas. Reg. § 1.415(f)-1(d),
(e) and (h), as incorporated by reference herein. 

  

	 	(b)	Special Aggregation Rules. In addition to the foregoing aggregation rules, this subsection (b) applies if the Participant is covered under a welfare benefit
fund as defined in Code Section 419(e), an individual medical account defined in Code Section 415(l)(2), or a simplified employee pension defined in Section 408(k) that are or have been maintained by the Employer that provides an
Annual Addition during any Limitation Year. 

  

	 	(i)	Measuring Total Annual Additions. The Annual Additions credited to a Participant’s Account under this Plan for any such Limitation Year will not exceed the
Maximum Permissible Amount, reduced by the Annual Additions credited to a Participant’s Account under the welfare benefit funds, individual medical accounts and simplified pension plans for the same Limitation Year. Any Excess Annual Addition
that is allocated to this Plan according the subsection (ii), below, will be corrected according to Section 15.2, as appropriate. 

  

	 	(ii)	 Allocating Excess Annual Additions of Aggregated Plans. If, pursuant to estimating total Participant’s Compensation, determining actual
Compensation, or as a result of the allocation of forfeitures, a Participant’s Annual Additions under this Plan, and such other defined contribution plans that are required to be aggregated, would result in an Excess Annual Addition for a
Limitation Year, the Excess Annual Addition will be deemed to consist of the Annual Additions last allocated, except that Annual Additions attributable to a welfare benefit fund or an individual medical account will be deemed to have been allocated
first regardless of the actual allocation date. If an Excess Annual Addition is allocated to a Participant on an allocation date of this Plan that coincides with an allocation date of another qualified defined contribution plan, the excess amount
attributable to this Plan shall be a pro rata portion of the excess amount determined by the ratio of the Annual Additions that would have been allocated 

  
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to the Participant under this Plan to the total Annual Additions that would have been allocated to the Participant under all such defined contribution plans or arrangements providing Annual
Additions (with the ratio being determined without regard to the limitations imposed by this Article 15). Any Excess Annual Addition allocated to this Plan according to the foregoing will be corrected in the manner described in Section 15.2, as
appropriate. 
  

	15.4	Definitions 

 The terms
used for purposes of the maximum Annual Addition limitations of Sections 15.1, 15.2 and 15.3 shall have the following meanings, except as defined otherwise by this Plan: 

 

	 	(a)	Annual Addition means the contributions and additions described in subsection (i), excluding the amounts described in subsection (ii), and including the
provisions and definitions of subsection (iii). 

  

	 	(i)	Annual Additions includes the sum of the following amounts allocated on behalf of a Participant for a Limitation Year: 

 

	 	(A)	Employer contributions, including but not limited to Pre-Tax Contributions, Employer Matched Contributions, ADP Test Safe Harbor Employer Matched Contributions,
Employer SDRP Contributions, Partnership Share Contribution, if applicable; Anniversary Share Contributions, if applicable; 

  

	 	(B)	Forfeitures; and 

  

	 	(C)	Employee contributions, including but not limited to Post-Tax Contributions. 

 

	 	(ii)	The following contributions or transactions will not be treated as or give rise to an Annual Addition: 

 

	 	(A)	a transfer contribution, or any contribution made by a Participant that qualifies under law as a Rollover Contribution, as defined in Section 17.12;

  

	 	(B)	any Catch-Up Contributions made in accordance with Code Section 414(v) and Treas. Reg. §1.414(v)-1; 

 

	 	(C)	loan repayments; 

  

	 	(D)	 “restorative payments” are payments made to restore losses to the Plan resulting from actions by a fiduciary for which there is reasonable
risk of liability for a breach of fiduciary duty under Title I of ERISA, including Department of Labor 

  
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settlement agreements and corrections under the Voluntary Fiduciary Correction Program; 
  

	 	(E)	Excess Deferrals that are distributed in accordance with Treas. Reg. §1.402(g)-1(e)(2) or § 1.402(g)-1(e)(3); 

 

	 	(F)	repayments of amounts described in Code Section 411(a)(7)(B) (in accordance with Code Section 411(a)(7)(C)) and Code Section 411(a)(3)(D); and

  

	 	(G)	the reinvestment of dividends on Employer securities under an employee stock ownership plan pursuant to Code Section 404(k)(2)(A)(iii)(II).

  

	 	(iii)	The foregoing definition of Annual Addition shall be adjusted by the following provisions and definitions: 

 

	 	(A)	Employer Contributions. Except as specifically excluded herein, Annual Additions shall include Employer Contributions made to a defined contribution plan (within
the meaning of Code Section 414(i) (including the portion of a plan treated as a defined contribution plan under the rules of Code Section 414(k)) that is a plan described in Code Section 401(a) which includes a trust which is exempt
from tax under section 501(a); an annuity plan described in Code Section 403(a); or a simplified employee pension described in Code Section 408(k). In addition, contributions to the following types of arrangements are treated as
contributions to defined contribution plans for purposes of the limitation on Annual Additions: 

  

	 	(1)	Pursuant to Code Section 415(l)(1), contributions allocated to any individual medical benefit account which is part of a pension or annuity plan established
pursuant to Code Section 401(h) are treated as contributions to a defined contribution plan. 

  

	 	(2)	Pursuant to Code Section 419A(d)(2), amounts attributable to medical benefits allocated to an account established for a Key Employee (any employee who, at any time
during the plan year or any preceding plan year, is or was a Key Employee as defined in Code Section 416(i), as defined in Section 15.5 of this Plan) pursuant to Code Section 419A(d)(1) are treated as contributions to a defined
contribution plan. 

  
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	 	(B)	Employee Contributions. An Employee Contribution that is an Annual Addition includes mandatory Employee contributions (as defined in Code
Section 411(c)(2)(C) and regulations promulgated thereunder) to a defined benefit that is maintained by the Employer, as well as voluntary (after-tax) Employee Contributions to a defined contribution plan maintained by the Employer. However,
for purposes of the Annual Addition limitations provided in this Article 15, Employee contributions shall not include any Employee contributions to a simplified employee pension plan described in Section 408(k). 

 

	 	(C)	Forfeitures. A forfeiture is the reallocation to Participant accounts of nonvested Employer Contributions that were previously forfeited under the terms of the
Plan. 

  

	 	(D)	Contributions for Leased Employees Treated as Annual Additions. Except as provided herein, if the Employer is a Recipient for whom a Leased Employee (within the
meaning of Code Section 414(n)(2)) performs services, the Leased Employee is treated as an Employee of the Recipient, but contributions or benefits provided by the Leasing Organization that are attributable to services performed for the
Recipient are treated as provided under a plan maintained by the Recipient, and thus will be Annual Additions of the Recipient. Notwithstanding the foregoing, pursuant to Code Section 414(n)(5), the foregoing of this subsection does not apply
to a Leased Employee with respect to services performed for a recipient if: (1) the Leased Employee is covered by a plan that is maintained by the Leasing Organization and that meets the requirements of Code Section 414(n)(5)(B); and
(2) Leased Employees (determined without regard to this subsection (D) do not constitute more than twenty percent (20%) of the Recipient’s workforce who are Nonhighly Compensated Employees. 

 

	 	(E)	Excess Contributions. Employer or Employee Contributions do not fail to be Annual Additions merely because they are Excess ADP Contributions (in accordance with
Code Section 401(k)(8)(B)) or Excess Aggregate Contributions (in accordance with Code Section 401(m)(6)(B)), or merely because Excess ADP Contributions or Excess Aggregate Contributions are corrected through distribution.

  

	 	(F)	Rules Regarding the Timing of Contributions. Effective for Limitation Years beginning on or after January 1, 2008, the following timing rules shall apply:

  
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	 	(1)	Date of Allocation. An Annual Addition is credited to the Participant’s Account for a particular Limitation Year if it is allocated to the
Participant’s Account under the terms of the Plan as of any date within that Limitation Year. Similarly, an Annual Addition that is made pursuant to a corrective amendment that complies with the requirements of Treas. Reg. §
1.401(a)(4)-11(g) is credited to the Participant’s Account for a particular Limitation Year if it is allocated to the Participant’s Account under the terms of the corrective amendment as of any date within that Limitation Year. However, if
the allocation of an Annual Addition is dependent upon the satisfaction of a condition (such as continued employment or the occurrence of an event) that has not been satisfied by the date as of which the Annual Additions are allocated under the
terms of the Plan, Annual Additions are considered allocated for purposes of the definition of Annual Addition as of the date the condition is satisfied. 

  

	 	(2)	Date of Employer Contributions. For purposes of the definition of Annual Addition, Employer contributions are not treated as credited to a Participant’s
Account for a particular Limitation Year unless the contributions are actually made to the Plan no later than thirty (30) days after the end of the period described in Code Section 404(a)(6) applicable to the taxable year with or within
which the particular Limitation Year ends. If contributions are made to a plan after the end of the period during which contributions can be made and treated as credited to a Participant’s account for a particular Limitation Year, allocations
attributable to those contributions are treated as credited to the Participant’s Account for the Limitation Year during which those contributions are made. 

 

	 	(3)	Date of Employee Contributions. For purposes of the definition of Annual Additions, Employee Contributions, whether voluntary or mandatory, are not treated as
credited to a Participant’s Account for a particular Limitation Year unless the contributions are actually made to the Plan no later than thirty (30) days after the close of that Limitation Year. 

  
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	 	(4)	Date for Forfeitures. A forfeiture is treated as an Annual Addition for the Limitation Year that contains the date as of which it is allocated to a
Participant’s Account as a forfeiture. 

  

	 	(5)	Treatment of Elective Contributions as Plan Assets. The extent to which elective contributions constitute plan assets for purposes of the prohibited transaction
provisions of Code Section 4975 and Title I of ERISA, is determined in accordance with regulations and rulings issued by the Department of Labor. See 29 C.F.R. 2510.3-102. 

 

	 	(6)	Treatment of Certain Contributions Made Pursuant to Veterans’ Reemployment Rights. If, in a particular Limitation Year, an employer contributes an amount to
an employee’s account with respect to a prior Limitation Year and such contribution is required by reason of such employee’s rights under Chapter 43 of Title 38, United States Code, resulting from qualified military service, as specified
in Code Section 414(u)(1), then such contribution is not considered an Annual Addition with respect to the individual for that particular Limitation Year in which the contribution is made, but, in accordance with Code Section 414(u)(1)(B),
is considered an Annual Addition for the Limitation Year to which the contribution relates. 

  

	 	(b)	Compensation, for purposes of the maximum Annual Addition limitations of this Article 15, shall mean wages as defined by Code Section 3401(a) for the
purposes of income tax withholding at the source but determined without regard to any rules that limit the remuneration included in wages based on the nature or location of the employment or the services performed (such as the exception for
agricultural labor in Code Section 3401(a)(2)), paid by the Employer or Affiliated Employer. The determination of Compensation shall be adjusted by the following provisions. 

 

	 	(i)	 Compensation Paid or Made Available. For purposes of applying the Annual Addition limitations under this Article 15, Compensation for any Plan
Year beginning after December 31, 1991, is the compensation actually paid or includible in gross income during such Plan Year. For Limitation Years beginning after December 31, 1997, Compensation paid or made available during such
Limitation Year shall include amounts that would otherwise be included in Compensation but for an election under Code Sections 125(a), 402(e)(3), 402(h)(1)(B), 402(k), or 457(b) or, for Limitation

  
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Years beginning on or after January 1, 2001, an election under Code Section 132(f)(4). In addition, effective for Plan Years and limitation years beginning on and after January 1,
1998, for purposes of the definition of Compensation, the reference to Code Section 125 will include any amounts not available to a Participant in cash in lieu of group health coverage because the Participant in unable to certify that he/she
has other health coverage (“Deemed Section 125 Compensation”). Such an amount will be treated as Deemed Section 125 Compensation only if the Employer does not request or collect information regarding the Participant’s other
health coverage as part of the enrollment process for the health plan. 
  

	 	(ii)	Post-Severance Compensation. In addition to the foregoing, for Limitation Years beginning on or after January 1, 2007, for purposes of the Annual Addition
limitations under this Article 15, Compensation shall include Post-Severance Compensation, which shall mean payments defined in subsection (A), below, as adjusted by subsections (B) through (E). 

 

	 	(A)	Regular Pay. Post-Severance Compensation means regular compensation for services during the Participant’s regular working hours, or compensation for
services outside the Participant’s regular working hours (such as overtime or shift differential), commissions, bonuses, or other similar payments, and, absent a Severance from Employment, the payments would have been paid to the Participant
while continuing in employment with the Employer. To be included in Post-Severance Compensation, payments described in this subsection (A) must be made by the later of two and one-half (2-1/2) months after the Participant’s Severance from
Employment with the Employer maintaining the Plan, or by the end of the Limitation Year that includes the date of the Participant’s Severance from Employment. The types of payments described in this subsection (A) will not be included in
Post-Severance Compensation if received after such time limitation. Likewise, any payment that is not described as Post-Severance Compensation in this subsection (b)(ii) is not considered Compensation if paid after Severance from Employment with the
Employer maintaining the Plan, even if it is paid within the foregoing time limits. Thus, Compensation does not include severance pay, or parachute payments within the meaning of Code Section 280G(b)(2), if they are paid after Severance from
Employment with the Employer maintaining the Plan. 

  
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	 	(B)	Leave Cash-Outs. In addition, Post-Severance Compensation shall include payment of unused accrued bona fide sick, vacation or other leave that the Participants
would have been able to use if employment with the Employer had not terminated, and such payments were made by the later of two and one-half (2-1/2) months after the Participant’s Severance from Employment with the Employer maintaining the
Plan, or the end of the Limitation Year that includes the date of the Participant’s Severance from Employment with the Employer maintaining the Plan. The types of payments described in this subsection (B) will not be included in
Post-Severance Compensation if received after such time limitation. 

  

	 	(C)	Nonqualified Deferred Payments. Post-Severance Compensation shall exclude any payment received by the Participant after Severance from Employment pursuant to a
nonqualified unfunded deferred compensation plan, regardless or whether such payment is includable in the Participant’s wages or taxable income. 

  

	 	(D)	Payments for Qualified Military Service. Post-Severance Compensation shall include amounts paid to an individual who does not currently perform services for the
Employer by reason of qualified military service (within the meaning of Code Section 414(u)(1)) to the extent these payments do not exceed the amounts the individual would have received if the individual had continued to perform services for
the Employer rather than entering qualified military service, but only as long as such amounts are treated as wages for reporting purposes. 

  

	 	(E)	Disability Payments. Post-Severance Compensation shall exclude salary continuation payments made after Severance from Employment to any Participant who is
permanently and totally disabled as defined in Code Section 22(e)(3). 

  

	 	(iii)	Back Pay. Payments awarded by an administrative agency or court or pursuant to a bona fide agreement by an Employer to compensate a Participant for lost wages
are Compensation within the meaning of Code Section 415(c)(3) for the Limitation Year to which the back pay relates, but only to the extent such payments represent wages that would otherwise be included in Compensation as defined herein.

  

	 	(iv)	 Foreign Compensation. Amounts paid to a Eligible Employee as remuneration for services do not fail to be treated as Compensation

  
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for a Limitation Year (and are not excluded from the definition of Compensation pursuant to Treas. Reg. § 1.415(c)-2(c)(4)) merely because those amounts may not be includible in the
individual’s gross income on account of the location of the services. Similarly, remuneration for services does not fail to be treated as Compensation during a Limitation Year for purposes of Code Section 415 (and are not excluded from of
Compensation pursuant to Treas. Reg. § 1.415(c)-2(c)(4)) merely because those amounts are paid by an Affiliate with respect to which all Compensation paid to the Participant by such Affiliate is excluded from gross income. Thus, for example,
the determination of whether an amount is treated as Compensation for a Limitation Year for purpose of Code Section 415 is made without regard to the exclusions from gross income under Code Sections 872, 893, 894, 911, 931, and 933. However,
with respect to a nonresident alien who is not an Eligible Employee and thus not a Participant in a Plan, payments shall not be treated as Compensation for a Limitation Year for purposes of Code Section 415 to the extent the such payments are
excludable from gross income and are not effectively connected with the conduct of a trade or business within the United States, but only if this rule is applied uniformly to all such individuals. For purposes of this paragraph, a nonresident alien
has the same meaning as in Code Section 7701(b)(1)(B). 
  

	 	(v)	Compensation of Employees of Controlled Groups of Corporations. In the case of a individual who is an employee of two or more corporations which are members of a
controlled group of corporations (as defined in Code Section 414(b) as modified by Code Section 415(h)) of which the Employer is a member, the term Compensation for such individual includes Compensation from all such employers that are
members of the group, regardless of whether the individual’s particular employer has a qualified plan. This special rule is also applicable to an individual who is an employee of two or more trades or businesses (whether or not incorporated)
that are under common control (as defined in Code Section 414(c) as modified by Code Section 415(h)), to an individual who is an employee of two or more members of an affiliated service group as defined in Code Section 414(m), and to
an employee of two or more members of any group of Employers who must be aggregated and treated as one Employer pursuant to Code Section 414(o). 

  

	 	(vi)	 Application of Code Section 401(a)(17) Limits. Effective for Limitation Years beginning on and after January 1, 2008, a
Participant’s Compensation shall not include Compensation in excess of the limitation under Code Section 401(a)(17). The adjusted annual limit under Code Section 401(a)(17) shall apply to

  
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Limitation Years beginning with or within the calendar year of the date of the adjustment to the annual limit under Code Section 401(a)(17). 

 

	 	(c)	Defined contribution plan, for purposes of the maximum Annual Addition limitations, means a qualified plan as defined in Code Section 414(i).

  

	 	(d)	Employer, for purposes of the maximum Annual Limitations of this Article 15, means the Company that adopts this Plan, and all Affiliated Employers of the
Company, which shall include all members of a controlled group of corporations, as defined in Code Section 414(b) (as modified by Code Section 415(h)), all commonly controlled trades or businesses as defined in Code Section 414(c) (as
modified, except in the case of a brother-sister group of trades or businesses under common control, by Code Section 415(h)), or affiliated service groups, as defined in Code Section 414(m), of which the Adopting Employer is a part, and
any other entity required to be aggregated with the Employer pursuant to Code Section 414(o). 

  

	 	(e)	Excess Annual Addition, for purposes of the maximum Annual Addition limitations of this Article 15, means the excess of the Participant’s Annual Addition
for the Plan Year over the maximum Annual Addition permitted under Section 15.1 for the Limitation Year. 

  

	 	(f)	Limitation Year means the Plan Year, which is the calendar year. If the Limitation Year is changed, the new Limitation Year must begin on a date within the
Limitation Year in which such change is made. If a short Limitation Year is created as a result of a change in the Limitation Year, Annual Additions may not exceed the amount determined under Section 15.1(a) (the statutory limitation)
multiplied by a fraction, the numerator of which is the number of months in the short Limitation Year and the denominator of which is twelve (12). 

  

	 	(g)	Severance from Employment, for purposes of the maximum Annual Addition limitations and top-heavy rules of this Article 15, means, effective for Limitation Years
beginning on or after January 1, 2007, for purposes of the Annual Limitations under Code Section 415, a Participant’s termination from employment from the Employer. A Participant does not have a Severance from Employment if, in
connection with a change in employment, the Participant’s new (unrelated) employer maintains the Plan with respect to that Participant. 

  

	15.5	Top-Heavy Plan Requirements 

  

	 	(a)	 General Rule. For any Plan Year for which this Plan is a top-heavy plan, as determined in accordance with Section 15.5(b), below,
notwithstanding any other provisions of this Plan to the contrary, this Plan shall be subject to the vesting provisions of Section 15.5(c) and the Minimum Contribution 

  
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provisions of Section 15.5(d). Notwithstanding the foregoing, the top-heavy requirements provided by this Section 15.5 shall not apply and the Plan shall not be top-heavy in any year
the extent the Plan consists solely of a cash or deferred arrangement that meets the requirements of Code Section 401(k)(12) and matching contributions subject to Code Section 401(m)(11). 

 

	 	(b)	Top-Heavy Plan. This Plan shall be a top-heavy plan for any Plan Year if, as of the Determination Date: 

 

	 	(i)	the Top-Heavy Ratio for this Plan exceeds sixty percent (60%) and this Plan is not part of any Required Aggregation Group or Permissive Aggregation Group;

  

	 	(ii)	this Plan is a part of a Required Aggregation Group but not part of a Permissive Aggregation Group, and the top-heavy ratio for the group exceeds sixty percent (60%);
or 

  

	 	(iii)	this Plan is a part of a Required Aggregation Group and part of a Permissive Aggregation Group, and the top-heavy ratio for the Permissive Aggregation Group exceeds
sixty percent (60%). 

  

	 	(c)	Vesting Provisions. Each Participant who has completed at least three (3) Years of Service and has completed an Hour of Service during any Plan Year in
which the Plan is a top-heavy plan shall have a nonforfeitable right to the benefits under this Plan. The minimum vesting schedule applies to all benefits within the meaning of Code Section 411(a)(7) except those attributable to Participant
Pre-Tax and Post-Tax Contributions, in addition to benefits attributable to allocations made before the effective date of Code Section 416 and benefits allocated before the Plan became top-heavy. The Minimum Contributions under
Section 15.5(d) may not be forfeited upon a Participant’s withdrawal of deductible voluntary Participant contributions, nondeductible voluntary Participant contributions, Participant Pre-Tax Contributions, Roth Contributions (if any, to
the extent permitted by the terms of the Plan), Employer Matched Contributions, ADP Test Safe Harbor Employer Matched Contributions, or SDRP Contributions. 

 Each Participant’s nonforfeitable benefit shall not be less than his/her nonforfeitable benefit determined as of the last day of the last Plan Year in which the Plan was a top-heavy plan. If the Plan
ceases to be top-heavy, each Participant with three (3) or more years of service, whether or not consecutive, shall have his/her nonforfeitable accrued benefit determined in accordance with this Section 15.5, and separately in accordance
with the terms of Article 8, and such will be considered an amendment to the vesting schedule to be governed by Section 13.1(e). Effective for Plan Years beginning after December 31, 2001, this Section 15.5(c) shall not

  
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apply to the Account of any Participant who does not have an Hour of Service in the Plan Year in which the Plan is determined to be top-heavy. 

 

	 	(d)	Definition of Minimum Contribution. Each Covered Employee who is a Non-Key Employee (as defined herein), and who was employed by the Employer on the last day of
the Plan Year, shall be entitled to have a Minimum Contribution made on his/her behalf by the Employer of not less than the lesser of: 

  

	 	(i)	Three percent (3%) of the Covered Employee’s Compensation for such Plan Year, or 

 

	 	(ii)	The largest percentage of Employer contributions and forfeitures, as a percentage of Compensation, that is allocated to the Account of any Key Employee for such Plan
Year (the “Minimum Contribution”). 

 Pre-Tax Contributions may not be used to satisfy the Minimum
Contribution required under this Section 15.5. Notwithstanding, effective for Plan Years beginning after December 31, 2001, Employer Matched Contributions shall be taken into account for purposes of satisfying the Minimum Contribution
requirements of Code Section 416(c)(2) and this Section 15.5 of the Plan. The preceding sentence shall apply with respect to Employer Matched Contributions or ADP Test Safe Harbor Employer Matched Contributions (to the extent the top-heavy
requirements apply to the Plan). Employer Matched Contributions that are used to satisfy the Minimum Contribution requirements shall be treated as Employer Matched Contributions for purposes of the actual contribution percentage test and other
requirements of Code Section 401(m). 
 If, in any top-heavy year, the highest percentage of Employer contributions and
forfeitures allocated to any Key Employee is less than three percent (3%), amounts allocated as a result of any Key Employee’s Pre-Tax Contributions and Roth Contributions (if any, to the extent permitted by the Plan) must be included in
determining the value of Employer contribution made on behalf of such Key Employees. Each Participant who is employed by the Employer on the last day of the Plan Year will be entitled to receive an allocation of the Minimum Contribution for such
Plan Year. The Minimum Contribution applies, even though, under other Plan provisions, the Participant would not otherwise be entitled to receive an allocation of Employer contribution, or would have received a lesser allocation for the year because
the Participant fails to make mandatory contributions, Participant Pre-Tax Contributions, or Roth Contributions (if any, to the extent permitted by the terms of the Plan), the Participant’s Compensation is less than a stated amount, or the
Participant fails to complete one thousand (1,000) Hours of Service during the Plan Year. 

  
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	 	(e)	Definitions. For purposes of this Section 15.5, the following definitions shall apply: 

 

	 	(i)	Compensation means, effective for Plan Years beginning prior to January 1, 1998, for purposes of determining the Minimum Contribution or for identifying a
Key Employee, Compensation as defined in Section 2.16 of the Plan, however, excluding any Pre-Tax Contributions made pursuant to Section 4.1. Effective for Plan Years beginning on or after January 1, 1998, Compensation shall be
Compensation for purposes of Code Section 415(c)(3), as defined in Section 15.4(b) of the Plan, but as limited by the annual limitation under Code Section 401(a)(17). 

 

	 	(ii)	Determination Date means for any Plan Year the last day of the immediately preceding Plan Year (except that for the first Plan Year of this Plan the
determination date means the last day of such Plan Year). 

  

	 	(iii)	Key Employee means, effective for any Plan Year beginning after December 31, 2001, any Participant or former Participant (including any deceased
Participant) who at any time during the Plan Year that includes the Determination Date, was an officer of the Employer having annual Compensation greater than one hundred-thirty thousand dollars ($130,000) (as adjusted under Code
Section 416(i)(1) for Plan Years beginning after December 31, 2002), a five percent (5%) owner of the Employer, or a one percent (1%) owner of the Employer having annual Compensation of more than one hundred-fifty thousand
dollars ($150,000). For this purpose, annual Compensation means Compensation defined herein, within the meaning of Code Section 415(c)(3). The determination of who is a Key Employee will be made in accordance with Code Section 416(i)(1)
and the applicable regulations and other guidance of general applicability issued thereunder. 

  

	 	(iv)	Non-Key Employee means any Participant (and any Beneficiary of an Participant) who is not a Key Employee as defined above. 

 

	 	(v)	Permissive Aggregation Group means the Required Aggregation Group of plans, plus any other plan or plans of the Employer that, when considered as a group with
the Required Aggregation Group, would continue to satisfy the requirements of Code Sections 401(a)(4) and 410. 

  

	 	(vi)	 Required Aggregation Group means (A) each qualified plan of the Employer in which at least one Key Employee participates or participated at
any time during the Plan Year or any of the four (4) preceding Plan Years (regardless of whether the plan has 

  
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terminated), and (B) any other qualified plan of the Employer that enables a plan described in (A) to meet the requirements of Code Sections 401(a)(4) or 410. 

 

	 	(vii)	The top heavy ratio shall be determined in accordance with the following: 

 

	 	(A)	If the Employer maintains one or more defined contribution plans (including any simplified employee pension plan) and the Employer has not maintained any defined
benefit plan that, during the five (5) year period ending on the Determination Date has or has had accrued benefits, the top-heavy ratio for this Plan alone (or for the Required or Permissive Aggregation Group, as appropriate) is a fraction,
the numerator of which is the sum of the Account balances of all Key Employees as of the Determination Date (including any part of any Account balance distributed, effective for Plan Years beginning prior to January 1, 2002, in the five
(5) year period ending on the Determination Date, or, effective for Plan Years beginning after December 31, 2001, including any part of any Account balance distributed by reason of Severance from Employment, death or disability in the one
(1) year period ending on the Determination Date and, for all other events, distributed in the five (5) year period ending on the Determination Date), and the denominator of which is the sum of all Account balances (including any part of
any Account balance distributed, effective for Plan Years beginning prior to January 1, 2002, in the five (5) year period ending on the Determination Date, or, effective for Plan Years beginning after December 31, 2001, including any
part of any Account balance distributed by reason of Severance from Employment, death or disability in the one (1) year period ending on the Determination Date and, for all other events, distributed in the five (5) year period ending on
the Determination Date), both computed in accordance with Code Section 416 and the regulations thereunder. Both the numerator and the denominator of the top-heavy ratio will be increased to reflect any contribution not actually made as of the
Determination Date, but which is required to be taken into account on that date under Code Section 416 and the regulations thereunder. 

  

	 	(B)	 If the Employer maintains one or more defined contribution plans (including any simplified employee pension plan) and the Employer maintains or has
maintained one or more defined benefit plans that, during the five (5) year period ending on the Determination Date has or has had any 

  
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accrued benefits, the top-heavy ratio for any Required or Permissive Aggregation Group, as appropriate, is a fraction, the numerator of which is the sum of Account balances under the aggregated
defined contribution plan or plans for all Key Employees, determined in accordance with (A), above, plus the present value of accrued benefits under the aggregated defined benefit plan or plans for all Key Employees as of the Determination Date, and
the denominator of which is the sum of the Account balances under the aggregated defined contribution plans for all Participants, determined in accordance with (A), above, plus the present value of accrued benefits under the defined benefit plan or
plans for all Participants as of the Determination Date, all determined in accordance with Code Section 416 and the regulations thereunder. The accrued benefits under a defined benefit plan in both the numerator and the denominator of the
top-heavy ratio will be increased for, effective for Plan Years beginning prior to January 1, 2002, distributions occurring in the five (5) year period ending on the Determination Date, or, effective for Plan Years beginning after
December 31, 2001, any part of any Account balance distributed by reason of Severance from Employment, death or disability in the one (1) year period ending on the Determination Date and, for all other events, distributed in the five
(5) year period ending on the Determination Date). 
  

	 	(C)	 For purposes of subsections (A) and (B), above, the value of Account balances and the present value of accrued benefits will be determined as of
the most recent Valuation Date that falls within or ends with the twelve (12) month period ending on the Determination Date for the first and second Plan Years of a defined benefit plan, except as provided in Code Section 416. Effective
for Plan Years beginning after December 31, 2001, the Account balances and accrued benefits of a Participant (1) who is not a Key Employee but who was a Key Employee in a prior year, or (2) who has not been credited with at least one
Hour of Service with any Employer maintaining the Plan at any time during the one (1) year period (or the five (5) period in determining whether the Plan is top-heavy for Plan Years beginning before January 1, 2002) ending on the
Determination Date will be disregarded. The calculation of the top-heavy ratio, and the extent to which distributions, rollovers and transfers are taken into account, will be made in accordance with Code Section 416. Deductible employee
contributions will not be taken into account for purposes of computing the top-heavy ratio. 

  
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When aggregating plans, the value of Account Balances and accrued benefits will be calculated with reference to the Determination Dates that fall within the same calendar year. 

For purposes of the foregoing, the accrued benefit of a Participant other than a Key Employee will be determined under the method, if
any, that uniformly applies for accrual purposes under all defined benefit plans maintained by the Employer, or, if there is no such method, as if such benefit accrued not more rapidly than the slowest accrual rate permitted under the fractional
rule of Code Section 411(b)(1)(C). 
  

	 	(f)	Collective Bargaining Rules. The provisions of Sections 15.5(b), 15.5(c) and 15.5(d) do not apply with respect to any Employee included in a unit of Employees
covered by a collective bargaining agreement under which retirement benefits were the subject of good faith bargaining. 

  
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 ARTICLE 16 

THE PLAN INVESTMENT COMMITTEE AND THE INVESTMENT OF 
 CONTRIBUTIONS 
  

	16.1	Establishment of the Plan Investment Committee 

 Participants, Former Participants, Beneficiaries and Alternate Payees shall make investment decisions with respect to their Accounts in accordance with the Plan terms. Effective July 1, 2005, the RSP
Investment Committee shall have the power and authority, as provided under this Article 16, to select the Investment Funds that shall be available for the foregoing investment decisions. The RSP Investment Committee shall be a Named Fiduciary, as
defined under ERISA, solely in regard to the authority to select Investment Funds. Effective January 1, 2009, the “RSP Investment Committee” shall be known as the “Plan Investment Committee.” 

 

	16.2	Selection and Review of Plan Investment Committee Members and Plan Investment Committee Organization 

The Plan Investment Committee shall be composed of not less than three (3) individuals who are selected by the Board of Directors of
the Company (the “Board”). 
  

	 	(a)	Acceptance of Membership. Any person who is appointed as a member of the Plan Investment Committee shall signify his/her acceptance by filing written acceptance
with the Board. A member may resign by delivering his/her written resignation to the Board, and such resignation shall be effective when delivered to the Board. A member also shall be deemed to have resigned effective as of the date such member is
no longer employed by the Company or any Employer. 

  

	 	(b)	Removal of Member of the Plan Investment Committee by the Board. Each member shall be subject to removal by the Board in its sole discretion, and at any time.

  

	 	(c)	 Procedure for Action by the Plan Investment Committee. The Plan Investment Committee shall meet periodically. The members of the Plan Investment
Committee shall act by a majority of their number present at any meeting, but, at any time there are fewer than three (3) members present, shall only act unanimously. The members of the Plan Investment Committee may act without a meeting by a
resolution or written memorandum signed and approved by all members. The members may authorize one (1) or more of them to make any payment in its behalf, or to execute or deliver any instrument. The Plan Investment Committee may request any
officer or employee of the Company, or any Employer, or the Company’s outside counsel to attend meetings of the Plan Investment 

  
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Committee or to meet with any members of, or consultants to, the Plan Investment Committee. 

  

	 	(d)	Compensation for Services. The members of the Plan Investment Committee shall serve without additional compensation for their services other than the
compensation received as employees of the Company or any Employer, but all reasonable expenses incurred in the performance of their duties shall be paid or reimbursed by the Company. Unless otherwise determined by the Board, or unless required by
any federal or state law, no member of the Plan Investment Committee shall be required to provide any bond or other security in any jurisdiction. 

  

	16.3	Powers of the Plan Investment Committee 

 The Plan Investment Committee’s power and authority regarding the selection of Investment Funds includes, but is not limited to, the following: 

 

	 	(a)	The responsibility to select and periodically review the performance of the Investment Funds (except for the Default Investment Fund described in Section 16.8)
made available as investment choices under the Plan, including the responsibility and the duty to periodically review the continued suitability of Company Stock as an investment choice under the Plan through the Company Stock Fund. In this regard,
the Plan Investment Committee may choose to offer as Investment Funds any investment vehicles as determined in its discretion according to the Investment Policy, as described in Section 16.3(b), including, but not limited to:
(i) securities issued by investment companies which are advised by affiliates of the Trustee, (ii) guaranteed investment contracts chosen by the Trustee, (iii) collective investment trusts maintained by the Trustee for qualified
plans, and (iv) Participant-managed brokerage accounts. 

 The Plan Investment Committee shall meet
periodically to review the Investment Funds currently available (including the Company Stock Fund, but not including the Default Investment Fund) and to consider from time to time other Investment Funds as may be appropriate. The Plan Investment
Committee shall establish an Investment Policy by which to select and periodically review each Investment Fund according to Section 16.3(b). The Plan Investment Committee may obtain independent investment advice or counsel for assistance in the
selection and review of any Investment Fund, or may fully or partially delegate the duty of Investment Fund selection and review to an independent investment advisor or manager, as further detailed in Section 16.3(f). 

 

	 	(b)	 Develop and implement an Investment Policy by which Investment Funds, including the Company Stock Fund, will be selected, reviewed or removed. The
Investment Policy shall establish standards for the consideration of each Investment Fund, including, but not limited to, (i)

  
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whether the Investment Fund furthers the purposes of the Plan, taking into consideration the risk of loss and opportunity for gain; (ii) the economic performance of the Investment Fund;
(iii) administrative or investor fees charged to Participants, to the Plan, or to the Funds themselves; and (iv) the administrative practices of each Fund. 

The Investment Policy shall be reviewed periodically and revised as appropriate. The Plan Investment Committee may obtain independent
investment advice or counsel for assistance in the development and the maintenance of any such Investment Policy, or may allocate and delegate the duty to develop and maintain any such Investment Policy to an independent investment manager or
advisor, as described in Section 16.3(d). 
  

	 	(c)	The right and the duty to determine the terms, conditions, procedures and limitations applicable to Brokerage Accounts available in connection with Participant
investment choices, and provided by Section 16.6, below. 

  

	 	(d)	The power to review periodically the performance of the Plan Trustee. The Plan Investment Committee shall submit the results of its periodic review of the Plan Trustee
to the Board, including any recommendation for the removal and replacement of the Plan Trustee. Notwithstanding the foregoing, pursuant to Section 12.3(j), the Plan Investment Committee shall coordinate its review of the Trustee with the Plan
Administrative Committee to the extent that the Trustee (or its affiliate) provides administrative services to the Plan. 

  

	 	(e)	The power to review periodically the method of compliance with the requirements of ERISA Section 404(c), including coordinating with the Plan Administrative
Committee in providing investment information to Participants, Former Participants, Beneficiaries and Beneficiaries in this respect. 

  

	 	(f)	 The right to appoint, delegate, review and/or remove, without limitation, such persons, agents, counsel, accountants or consultants to provide
investment educational services or investment advice to Participants as may be desirable or necessary to assist in the investment and management of Plan assets. In particular, the Plan Investment Committee shall have the right to appoint, delegate,
review and/or remove an independent investment manager or managers, and/or independent investment advisor or advisors, as described by Section 402(c)(3) of ERISA, to whom the Plan Investment Committee shall delegate and allocate investment
duties to manage any assets of the Plan, including the power to recommend and/or select the available Plan Investment Funds, provide advice regarding the Company Stock Fund, acquire and dispose of Trust Fund assets, provide investment advice and/or
education to Participants and Beneficiaries, and to perform such other services as the 

  
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Plan Investment Committee shall deem necessary or desirable in connection with the management of Plan assets. Any such investment manager or advisor shall (i) be registered as an Investment
Adviser under the Investment Advisers Act of 1940; (ii) be a bank, as defined in the Investment Advisers Act of 1940; or (iii) be an insurance company qualified to manage, acquire or dispose of qualified plan assets under the laws of more
than one state; and (iv) acknowledge in writing to the Plan Investment Committee that he/she is (or they are) a fiduciary with respect to the Plan. The Plan Investment Committee shall establish reasonable and uniform procedures, including an
appropriate Investment Policy or Investment Policies, as described in Section 16.3(b), and provide guidance to and limitations for such investment managers or advisors. 

 

	 	(g)	The right to exercise the other powers that are expressly granted to it herein, or that are impliedly necessary for it to carry out any of its responsibilities
hereunder. 

 The Plan Investment Committee shall be deemed to have properly and prudently exercised all such power
and authority, unless it has abused its discretion by acting arbitrarily and capriciously. 
  

	16.4	Investment Funds 

 The
Trustee shall establish and maintain the Company Stock Fund, as required by Section 16.5 of the Plan, and, effective July 1, 2005, such other Investment Funds as are specified from time to time by the Plan Investment Committee according to
Section 16.3(a). Each such Investment Fund shall be held and administered by the Trustee as a separate, common fund within the Trust Fund, and the interest of each Participant or Former Participant under the Plan in any such Investment Fund
shall be an undivided interest. 
  

	16.5	Establishment and Administration of Company Stock Fund 

 Company Stock shall be made available through the Company Stock Fund as an available investment choice in the same manner as any other Investment. Stock to be held in the Company Stock Fund shall be
purchased by the Trustee at fair market value on the open market or from the Company through the sale of treasury Stock or the issuance of authorized but previously unissued shares at the option of the Company. Such Stock may also be obtained
through the exercise of stock rights. 
 Effective July 1, 2005, the Trustee shall vote or tender shares of Company Stock
held in the Company Stock Fund according to guidelines provided under the Trust Agreement for voting or tendering shares of Company Stock. 
 Effective April 8, 2003 and prior to July 1, 2005, the Trustee shall vote the shares of Company Stock allocated to such Participant’s or Former Participant’s in accordance with such
Participant’s or Former Participant’s directions, which 

  
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directions shall be communicated in writing or by such other means as may be agreed upon by the Trustee and the Company. Except as otherwise required by law, the Trustee shall not vote shares of
Company Stock allocated to a Participant’s Account for which the Trustee has received no directions from the Participant. 

Effective April 8, 2003 and prior to July 1, 2005, the Trustee shall vote the shares of Company Stock held in the Company Stock
Fund which have not been allocated to Participants’ or Former Participants’ Accounts as of the record date of any meeting of shareholders of the Company in the same proportion as those allocated shares for which voting instructions are
received by the Trustee. 
  

	16.6	Establishment of Brokerage Accounts 

 A system of Brokerage Accounts shall be established and made available in connection with Participant self-directed investment choices. The Plan Investment Committee shall determine the terms and
conditions applicable to Brokerage Accounts including, without limitation, (a) limitations on the types of investments which may be purchased and held in such accounts, (b) the extent to, and the conditions under, which Participants may
select investment managers or advisors with respect to such Brokerage Accounts, and (c) any fees to be charged with respect to such accounts. All such terms, conditions and limitations shall apply uniformly to similarly situated Participants.

  

	16.7	Deposit of Contributions 

All Employer Matched Contributions (for periods prior to April 1, 2002), Partnership Shares, Anniversary Shares, and contributions to
the Former PAYSOP Account shall be invested by the Trustee in the Company Stock Fund at all times. Effective for periods beginning January 1, 1999 and prior to April 1, 2002, any Participant who is one hundred percent (100%) vested in
his/her Employer Matched Contribution Account may elect to transfer any portion of such Account to or from any of the Investment Funds available under the Plan in accordance with Section 16.9. All Pre-Tax Contributions, Post-Tax Contributions,
Employer SDRP Contributions and Qualified Plan Rollover Contributions and contributions to the Former Employer Supplemental Contribution Account made hereunder in respect of a Participant shall be invested by the Trustee in such Investment Funds as
the Administrator shall direct, based on the Participant’s investment election made in accordance with Section 16.8 (or, in the case of a Participant who fails to make such an investment election, in the Default Investment Fund identified
according to Section 16.8) and shall be credited to the Participant’s Accounts in accordance with Article 6. 
 In
addition, Employer Matched Contributions made on or after April 1, 2002 and effective January 1, 2009, ADP Test Safe Harbor Employer Matched Contributions shall be invested by the Trustee in such Investment Funds as the

  
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Administrator (or the delegate of the Administrator) shall direct, based on the Participant’s investment election made in accordance with Section 16.8 (or, in the case of a Participant
who fails to make such an investment election, in the Default Investment Fund as identified according to Section 16.8) and shall be credited to the Participant’s Accounts in accordance with Article 6. Further, effective on or after
April 1, 2002, any Participant, regardless of the vested status of his/her Employer Matched Contribution Account, may elect to transfer any portion of such Account to or from any of the Investment Funds available under the Plan in accordance
with Section 16.9. 
  

	16.8	Investment Elections of Participants and the Default Investment Fund 

 Each Participant shall make an investment election in the manner prescribed by the Administrator, regarding his/her Pre-Tax Contributions, Post-Tax Contributions, ADP Test Safe Harbor Employer Matched
Contributions, Employer SDRP Contributions, Qualified Plan Rollover Contributions, contributions to the Former Employer Supplemental Contribution Account and, effective April 1, 2002, Employer Matched Contributions. Such Participant investment
election shall specify that such Pre-Tax Contributions, Post-Tax Contributions, ADP Test Safe Harbor Employer Matched Contributions, Employer SDRP Contributions, Qualified Plan Rollover Contributions, contributions to the Former Employer
Supplemental Contribution Account, and, effective April 1, 2002, Employer Matched Contributions shall be deposited in one or more of the Investment Funds, effective April 1, 2002, in whole percentages, a multiple of 1%, and, in the
aggregate, equal 100%. Each Participant’s investment election shall remain in effect until he/she changes it in accordance with such procedures and limitations as are prescribed by the Administrator. Each investment election change made by a
Participant pursuant to this Section 16.8 shall apply only to Pre-Tax Contributions, Post-Tax Contributions, Employer ADP Test Safe Harbor Employer Matched Contributions, SDRP Contributions, Qualified Plan Rollover Contributions, contributions
to the Former Employer Supplemental Contribution Account, and, effective April 1, 2002, Employer Matched Contributions received by the Trustee after the change is implemented under the Plan and Trust. Pre-Tax Contributions, Post-Tax
Contributions, ADP Test Safe Harbor Employer Matched Contributions, Employer SDRP Contributions, Qualified Plan Rollover Contributions, contributions to the Former Employer Supplemental Contribution Account, and, effective April 1, 2002,
Employer Matched Contributions deposited in an Investment Fund pursuant to this Section 16.8 may be transferred to another Investment Fund only in accordance with Section 16.9. 

In the event a Participant’s election under this Section 16.8 or Section 16.9 as of any pertinent date is incomplete, or in
the event no election is effectively made under such provisions by a Participant with respect to all or any portion of the Participant’s account or contributions described herein, the Participant shall be deemed to have chosen to invest or
transfer such portion of the Participant’s account or contributions into the Default Investment Fund. 

  
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 In any event, the portion of the Plan subject to Participant investment directions made in
accordance with Plan terms is intended to constitute a plan described in Section 404(c) of ERISA, and Department of Labor Regulation § 2550.404c-1, and therefore the fiduciaries of the Plan are intended to be relieved of liability for any
losses which are the direct and necessary result of investment directions given by such Participant. 
  

	16.9	Election to Transfer Interest Between Investment Funds 

 Subject to Section 16.7, a Participant who has an interest in any Investment Fund may elect to transfer all or a portion of such interest to any of the other Investment Funds in accordance with such
procedures and limitations as are prescribed by the Administrator. 
  

	16.10	Other Provisions Concerning Investment Elections and Transfers 

 The ability of Participants to direct investments under the Plan shall be subject to such guidelines, instructions, limitations or policies established by the Administrator (“Participant Investment
Direction Procedures”), and all such Participant Investment Direction Procedures shall be applied in a uniform and nondiscriminatory manner. The Participant Investment Direction Procedures prescribed by the Administrator may include, without
limitation, provisions which: 
  

	 	(a)	limit transfers to specified dollar amounts or percentages; 

  

	 	(b)	limit to not less than once per calendar quarter (or more frequently as permitted by the Participant Investment Direction Procedures) the number of transfers that each
Participant may make each Plan Year (subject to the rules of the Investment Funds in which the Participant’s Account is or is to be invested); 

  

	 	(c)	limit to not less than once per calendar quarter (or more frequently as permitted by the Participant Investment Direction Procedures) the number of investment election
changes that each Participant may make each Plan Year (subject to the rules of the Investment Funds in which the Participant’s Account is or is to be invested); 

 

	 	(d)	limit the dates as of which transfers and investment election changes may become effective; 

 

	 	(e)	impose waiting periods or other restrictions in connection with multiple transfers in and out of the same Investment Fund; 

 

	 	(f)	provide procedures relating to the Default Investment Fund (as such Fund is identified under Section 16.8) for the portion of the Participant’s Account
described in Section 16.8 for which the Participant provides no investment elections; 

  
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	 	(g)	provide the name, address and phone number of the Administrator (and, if applicable, the person or persons to act on its behalf) as the Named Fiduciary responsible for
providing information to the Participant or Beneficiary upon request relating to Participant-directed investments; 

  

	 	(h)	communicate any restrictions on the exercise of voting, tender and similar rights (if any) (as such policies and restrictions are established by the Plan Investment
Committee and the Trustee, as appropriate) related to a Participant-directed investment; 

  

	 	(i)	communicate the procedures for maintaining the confidentiality of information relating to the purchase, holding and sale of Company Stock, and the exercise of voting,
tender and similar rights, by Participants and their Beneficiaries, except as delegated to the Trustee according to the Trust Agreement; 

  

	 	(j)	describe any transaction fees and investment expenses which affect the balances of the portion of a Participant’s Account subject to Participant investment
directions; and 

  

	 	(k)	communicate the general procedures for the dissemination of investment and other information relating to the designated investment alternatives as deemed necessary or
appropriate, including but not limited to a description of the investment vehicles available under the Plan, any designated “investment manager,” and a description of the additional information which may be obtained upon request from the
Plan’s fiduciary designated to provide such information. 

 Any information regarding investments available
under the Plan, to the extent not required to be described in the Participant Investment Direction Procedures, may be provided by the Administrator to the Participant in one (1) or more written documents which are separate from the Participant
Investment Direction Procedures and are not thereby incorporated by reference into this Plan. The Administrator may, at its discretion, revise the Participant Investment Direction Procedures by including such instructions, guidelines or policies as
it deems necessary or appropriate to ensure proper administration of the Plan, and may interpret the same accordingly. However, any such exercise of the right to revise and implement the Participant Investment Direction Procedures shall not cause to
delegate to the Administrator any rights and duties over the management and investment of the assets of the Plan otherwise allocated and delegated to the Plan Investment Committee by this Article 16, or to the Trustee by the Trust Agreement.

 Each investment election and investment election change made in accordance with the Plan, and with the Participant Investment
Direction Procedures established by the Administrator, shall be given effect as soon as practicable following the date such investment election or investment election change is 

  
 123

 
received by the Administrator or its delegate, according to administrative procedures established by the Administrator or its delegate. 

 

	16.11	Former PAYSOP Accounts 

Notwithstanding Section 16.7 to the contrary, prior to April 1, 2002, a Participant who has held a Former PAYSOP Account for at
least ten (10) years and who has attained age 55 may elect to transfer all or any portion of the balance of his/her Former PAYSOP Account from the Company Stock Fund to any of the other Investment Funds at any time. Effective April 1,
2002, any Participant who has a Former PAYSOP Account may elect to transfer all or any portion of the balance of his/her Former PAYSOP Account from the Company Stock Fund to any of the other Investment Funds at any time. 

 

	16.12	Reliance on Tables, etc. 

To the extent permitted by law, the Plan Investment Committee may rely upon, and shall be fully protected in any action taken or suffered
by it in good faith in reliance upon, all tables, valuations, certificates, opinions and reports which are furnished by any accountant, Trustee, counsel or other individual or entity retained by the Plan Investment Committee. 

 

	16.13	Limitation of Co-Fiduciary Liability and Indemnification 

 To the extent permitted by law, no member of the Plan Investment Committee or any other person to whom powers and rights in relation to the investment and management of Plan assets have been delegated and
allocated shall be liable for any neglect, omission or wrongdoing of any co-fiduciary of the Plan with which that member or delegate has or had no knowledge or involvement. 
 In addition to whatever rights of indemnification to which employees, officers and directors of the Company or any Employer may be entitled under the articles of incorporation, regulations, or bylaws of
the Company, or any such Employer, under any provision of law, or under any other agreement, the Company shall satisfy any liability actually and reasonably incurred by any such employee, member of the Plan Investment Committee, officer or director,
including expenses, attorneys’ fees, judgments, fines and amounts paid in settlement, in connection with any threatened, pending, or completed action, suit, or proceeding which is related to the exercise or failure to exercise by such person or
persons of any of the powers, authority, responsibilities, or discretion of the Company or the Plan Investment Committee provided under the Plan or the Trust Agreement, or reasonably believed by such person or persons to be provided thereunder, and
any action taken by such person or persons in connection therewith. However, any indemnification of any person or persons to whom the powers or rights of the Plan Investment Committee have been properly delegated shall be subject to the terms and
conditions of any agreement that delegated such powers and responsibilities. 

  
 124

	16.14	Fees 

 Some or all
expenses incurred prior to or in connection with the termination of the Plan that shall arise in connection with the management or investment of the Assets of the Plan, including but not limited to the compensation of the Trustee, service provider
or recordkeeper, if any; administrative expenses and proper charges and disbursements of the Trustee, if any; compensation and other expenses and charges of any counsel, accountant, specialist, service provider or recordkeeper, or other person who
shall be employed by the Plan Investment Committee in connection with the management or investment of Plan assets shall be paid from the Trust Fund, if any, to the extent not paid by the Company. Effective January 1, 2009, transaction fees for
certain distributions may be charged to the Participant’s Account, as determined in the discretion of the Administrator. 
  

	16.15	Notices to the Plan Investment Committee 

 The Plan Investment Committee shall designate one (1) or more addresses where notices and other communications to the Committee shall be sent. No notice or other communication shall be considered to
have been given to or received by the Committee until it has been delivered to the Plan Investment Committee’s attention at one of such designated addresses. 

  
 125

 ARTICLE 17 

MISCELLANEOUS PROVISIONS 
  

	17.1	Headings 

 The headings of
the Plan have been inserted for convenience of reference only and are not to be deemed controlling in any constructions of the provisions herein (other than with respect to defined terms). 

 

	17.2	Plan Not Contract of Employment 

 The existence of the Plan shall not create or change any contract of Employment between the Employer and its Employees, whether Participants or Former Participants hereunder or not. The right of the
Employer to take corrective, disciplinary or other action with respect to its Employees, including terminating their respective Employment at any time for any reason, shall not be affected by any provision of this Plan, and the Employer will not be
deemed responsible to provide continuing Employment for any reason, at any time solely by reason of this Plan. 
  

	17.3	Vested Rights 

 No person
shall have any vested rights under the Plan except to the extent that such rights may accrue to him/her as provided under the Plan. Furthermore, any person with vested rights under the Plan shall look solely to the Plan and the assets thereunder for
satisfaction of such vested rights. 
  

	17.4	Severability 

 If any
provision of the Plan shall be invalid, such provision shall be fully severable, and the remainder of the Plan and the application thereof shall not be affected thereby. 

 

	17.5	General Undertaking 

 All
parties to this Plan and any persons claiming any interest whatsoever hereunder shall perform all and any acts that may be necessary for carrying out its terms. This Plan and the acts and decisions of the parties hereto, shall be binding upon the
heirs, executors, administrators, successors, and assignees of any party hereto or any persons claiming any benefit hereunder. 
  

	17.6	Action by Company 

 Except
as explicitly provided under Section 13.1 regarding the approval of Plan amendments, whenever, under the terms of the Plan or Trust Agreement, the Company is required or permitted to take action, such action may be taken by any officer of the
Company, unless otherwise restricted or governed by the terms of the Plan or Trust Agreement or by action of the Board of Directors. 

  
 126

	17.7	No Responsibility for Acts of an Insurer 

 Neither the Employer, the Company, the Administrator nor the Trustee shall be responsible for any action or inaction of an insurer, nor shall they be required to institute legal action in connection with
the same. 
  

	17.8	Spendthrift 

 Benefits and
interests under this Plan shall not be anticipated, assigned (in law or in equity), alienated, subjected to attachment, garnishment, levy, execution, or other legal or equitable process, or be otherwise subject to the claim of creditors, except
under the terms of a Qualified Domestic Relations Order. Further, the foregoing limitations shall not apply with respect to an offset to a Participant’s interest under the Plan against an amount that the Participant is ordered or required to
pay the Plan with respect to a judgment, order or decree issued, or a judgment entered into, on or after August 5, 1997, if such judgment, order or decree satisfies Code Section 401(a)(13)(C) and, if applicable, Code
Section 401(a)(13)(D). 
  

	17.9	Number and Gender 

 Any use of the singular shall be interpreted to include the plural and the plural the singular. Any use of the masculine, feminine or neuter shall be interpreted to include the masculine, feminine and
neuter, as the context shall require. 
  

	17.10	Governing Law 

 To the
extent not preempted by Federal law, the provisions of the Plan shall be construed, regulated and administered under the laws of the State of Ohio. 
  

	17.11	Merger, Consolidation, and Transfer of Assets 

 Before this Plan can be merged or consolidated with any other plan, or its assets or liabilities transferred to another plan, each Participant in the Plan must be entitled to receive a benefit immediately
after the merger, transfer or consolidation (as if the Plan had then terminated) which is equal to or greater than the benefit he/she would have been entitled to receive immediately before the merger, consolidation or transfer (as if the Plan had
then terminated). 
  

	17.12	Receipt of Assets from Qualified Plans 

 An Employee (whether or not otherwise a Participant) may make a rollover contribution to the Plan at any time consisting of a “Retirement Plan Rollover Contribution” or an “Individual
Retirement Account Rollover Contribution” as defined below. 

  
 127

 Any rollover contribution shall be held in the Participant’s Pre-Tax Contribution
Account, shall be invested in accordance with the direction of the Participant pursuant to Article 16 and shall be distributed as provided in Articles 7 and 9. 
  

	 	(a)	A “Retirement Plan Rollover Contribution” means an “eligible rollover distribution” within the meaning of Section 402(c)(4) as defined under
Section 17.18(b). The Employee may transfer any portion of the cash he/she receives in such distribution ( or the cash proceeds of the sale of other property received in such distribution) to the trust under this Plan provided that the
Administrator receives such amounts from the Employee on or before the 45th day after the day on which he/she received the property distributed. The maximum amount which may be transferred shall not exceed the fair market value of all the property
received in the distribution reduced by (a) the sum of (i) the amount of the Employee’s own contributions under such Plan and (ii) any other amounts considered as contributed by him (determined by applying Section 72(f) )
less (b) any amounts previously distributed to him from such other plan and not includible in his gross income. The amount so transferred must consist of cash distributed from such other plan or any portion of the cash proceeds from the sale of
distributed property other than cash, to the extent permitted by Code Section 402(c). 

 Notwithstanding the
foregoing definition of “Retirement Plan Rollover Contribution,” effective for distributions made after December 31, 2001, an “eligible rollover distribution” that is a Retirement Plan Rollover Contribution shall include a
distribution from: a qualified Plan described in Code Section 401(a) or 403(a), including after-tax Employee contributions; an annuity contract described in Code Section 403(b), excluding after-tax Employee contributions; and an eligible
Plan under Code Section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state. For purposes of the foregoing, an eligible rollover distribution
includes those transfers made directly from the plan or from the Employee. 
  

	 	(b)	“Individual Retirement Account Rollover Contribution” means the entire amount received by an Employee from an individual retirement account representing the
entire amount in the account (the “qualifying amount”) if no part of the amount in the account is attributable to any source other than a rollover contribution from (i) an employee’s trust described in Code Section 401(a),
which is exempt from tax under Code Section 501(a), or (ii) a qualified annuity plan meeting the requirements of Code Section 403(a) and any earnings on such sums. An Individual Retirement Account Rollover Contribution will be
accepted only if the entire qualifying amount was received by the Employee in cash and only such cash amount is included in the Individual Retirement Account Rollover Contribution. 

  
 128

 Notwithstanding the foregoing, effective for distributions made after December 31,
2001, an “Individual Retirement Account Rollover Contribution” shall include an Employee rollover from a conduit or rollover IRA of an eligible rollover distribution from a qualified plan described in Code Section 401(a) or 403(a); an
annuity contract described in Code Section 403(b); an eligible plan under Code Section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a
state. 
  

	 	(c)	Notwithstanding the foregoing paragraphs (a) or (b) to the contrary, effective for distributions made after December 31, 2001, the Plan will accept a
rollover contribution of the portion of a distribution from an individual retirement account or annuity described in Code Section 408(a) or 408(b) that is, in any case, eligible to be rolled over and would otherwise be includible in gross
income. 

  

	17.13	Interpretation of Plan 

It is the intent of the Company that this Plan shall qualify under Code Section 401(a) and Code Section 501 and meets all
applicable requirements of ERISA. Accordingly, the Plan and Trust Agreement shall be construed and interpreted in such manner as to give effect to this intent and shall be administered at all times and in all respects in a nondiscriminatory manner.

  

	17.14	Satisfaction of Claims 

Any payment to any Participant, Former Participant or Beneficiary in accordance with the terms of the Plan, shall, to the extent thereof,
be in full satisfaction of all claims hereunder, whether they be against the Employer, the Company, the Administrator, or the Trustee, any of whom may require the Participant, Former Participant or Beneficiary (or legal representative), as a
condition precedent to such payment to execute a release and receipt therefor. 
  

	17.15	Service of Process 

 The
Administrator shall be the designated agent of the Plan for the service of process in connection with all matters affecting the Plan. 
  

	17.16	Warranties 

 Neither the
Company, any Employer, the Administrator, nor the Trustee warrant against any loss or diminution in the value of Accounts. 
  

	17.17	Leased Employees 

Notwithstanding anything herein to the contrary, any person who, with respect to any Employer or Affiliated Company, is a leased employee
shall be treated as an Employee for all Plan purposes, except eligibility to participate, entitlement to 

  
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Contributions and Employer Matched Contributions and Crediting of Service. For purposes of the preceding sentence, “leased employee” means any person who provides services to a
recipient, but who is not an employee of the recipient, if (i) such services are provided pursuant to an agreement between the recipient and any other person (“leasing organization”) (ii) such person has performed such services
for the recipient (or for the recipient and related persons) on a substantially full-time basis for a period of at least one (1) year and (iii) such services are performed under the primary direction or control by the recipient Employer by
employees, excluding, however, any such person who (i) is covered by a plan which is maintained by the leasing organization and which (1) is a money purchase pension plan with a non-integrated employer contribution rate for each
participant of at least ten percent (10%) of Compensation as defined in Section 15/4(b) of the Plan, (2) is a plan that provides full and immediate vesting, and (3) is a plan that permits each employee of the leasing organization
(other than employees who perform substantially all of their services for the leasing organization) to immediately participate in such plan and (ii) performs services for a recipient as to which leased employees (determined without regard to
the preceding provisions) do not constitute more than twenty percent (20%) of the recipient’s non-highly compensated work force. However, if any such leased employee becomes an Employee, he/she shall be credited with Service for all
periods that he/she was, with respect to any Employer or Affiliated Company, a leased employee, in accordance with and subject to the provisions and limitations of Article 11 of the Plan, as if he/she had been an Employee during such periods.
Notwithstanding the foregoing, to the contrary, effective January 1, 2007, an Eligible Employee will not become a Leased Employee if such Eligible Employee does not incur a Severance from Employment because the Eligible Employee merely changes
status by becoming a Leased Employee, but continues to perform substantially the same services for the Employer. 
  

	17.18	Direct Rollover Distributions 

 This Section applies to distributions made on or after January 1, 1993. Notwithstanding any provision of the Plan to the contrary that would otherwise limit a distributee’s election under this
Section, a distributee may elect, at the time and in the manner prescribed by the Plan Administrator, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct
rollover. 
  

	 	(a)	 Eligible rollover distribution. An eligible rollover distribution is any distribution of all or any portion of the balance to the credit of the
distributee, except that an eligible rollover distribution does not include: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the
distributee or the joint lives (or joint life expectancies) of the distributee and the distributee’s designated beneficiary, or for a specified period of ten years or more; any distribution to the extent such distribution is required under
Section 401(a)(9); any hardship distribution 

  
 130

 
described in Section 401(k)(2)(B)(i)(IV) made in accordance with IRS Notice 99–1 or superseding guidance; and the portion of any distribution that is not includible in gross income
(determined without regard to the exclusion for net unrealized appreciation with respect to employer securities). Effective for distributions made after December 31, 2001, for purposes of these direct rollover provisions, any amount that is
distributed on account of any type of hardship shall not be an eligible rollover distribution and the distributee may not elect to have any portion of such a distribution paid directly to an eligible retirement plan. In addition, effective for
distributions made after December 31, 2001, a portion of a distribution shall not fail to be an eligible rollover distribution merely because the portion consists of Post-Tax Contributions which are not includible in gross income. However, such
portion may be transferred to: an individual retirement account or annuity described in Code Section 408(a) or (b); a qualified defined contribution plan described in Code Section 401(a) or 403(a) that agrees to separately account for
amounts so transferred, including separately accounting for the portion of such distribution which is includible in gross income and the portion of such distribution which is not so includible; or effective January 1, 2007, to a defined benefit
plan or an annuity contract described in Code Section 403(b), as long as the distribution is a direct rollover and the receiving plan separately accounts for the after-tax amounts (and earnings thereon). 

 

	 	(b)	Eligible retirement plan. An eligible retirement plan is an individual retirement account described in Section 408(a), an individual retirement annuity
described in Section 408(b), an annuity plan described in Code Section 403(a), or a qualified trust described in Code Section 401(a), that accepts the distributee’s eligible rollover distribution. However, in the case of an
eligible rollover distribution to the surviving spouse, an eligible retirement plan is an individual retirement account or individual retirement annuity. In addition, effective for distributions made after December 31, 2001, an eligible
retirement plan shall also mean an annuity contract described in Code Section 403(b) and an eligible plan under Code Section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a
state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this Plan. In addition, effective for distributions made after December 31, 2007, an eligible rollover distribution may
be rolled over into a Roth IRA as long as the distribution is a direct rollover and the distribution otherwise satisfies Code Section 408A(c). The definition of eligible retirement plan shall also apply in the case of a distribution to a
surviving spouse, or to a spouse or former spouse who is the alternate payee under a qualified domestic relation order, as defined in Code Section 414(p). 

 

	 	(c)	 Distributee. A distributee includes an employee or former employee. In addition, the employee’s or former employee’s surviving spouse
and the 

  
 131

 
employee’s or former employee’s spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Code Section 414(p), are distributees
with regard to the interest of the spouse or former spouse. 
  

	 	(d)	Direct rollover. A direct rollover is a payment by the plan to the eligible retirement plan specified by the distributee. 

 

	 	(e)	Tax-Free Direct Rollovers by Non-Spouse Beneficiaries. Notwithstanding the foregoing Section 17.18(c), or any other provision of the Plan to the contrary,
effective for distributions occurring on or after February 26, 2007, as permitted by Code Section 402(c)(11) (added by Section 829 of the Pension Protection Act of 2006), a distributee of a direct rollover may include the
Participant’s non-Spouse Designated Beneficiary. In the case of a non-Spouse Designated Beneficiary, the direct rollover may be made only to an individual retirement account or annuity described in Code Section 408(a) or 408(b) (an
‘IRA’) that is established on behalf of the Designated Beneficiary and that will be treated as an inherited IRA within the meaning of Code Section 408(d)(3)(C) pursuant to the provisions of Code Section 402(c)(11). Also, in this
case, the determination of any required minimum distribution under Code Section 401(a)(9) that is ineligible for rollover shall be made in accordance with Notice 2007-7, Q&A 17 and 18, 2007-5 I.R.B. 395, or with any subsequent published
guidance. 

  

	17.19	Plan Addenda 

 The
Addendum attached hereto entitled “Addendum to The Progressive 401(k) (formerly known as The Progressive Retirement Security Program)) (“Plan”) Re: Former Participants Under The Progressive Corporation Supplemental Retirement
Plan” (“SRP Addendum) is hereby incorporated herein by reference and made a part hereof. In addition, the Addendum attached hereto entitled “Addendum to The Progressive 401(k) (“Plan”) Re: Former Participants Under The
Midland Companies’ Employee Savings Plan” (“Midland Addendum”) (formerly known as the “Addendum to The Progressive Retirement Security Program (the “Plan”) Re: Former Participants Under The Midland Companies’
Employee Savings Plan”) is hereby incorporated herein by reference and made a part hereof. 
  

	17.20	Adjustment 

 In the event
of any merger, reorganization, consolidation, recapitalization, share dividend, share split, combination of shares or other change in corporate structure of the Company affecting the Stock, such substitution or adjustment shall be made in the
aggregate number of shares of Stock available for issuance under the Plan, and the number of shares of Stock held in the Plan, as may be approved by the Company, in its sole discretion. 

  
 132

	17.21	USERRA Model Amendment 

Notwithstanding any provision of this plan to the contrary, effective December 12, 1994, contributions, benefits and service credit
with respect to qualified military service will be provided in accordance with Code Section 414(u). Loan repayments will be suspended under this plan as permitted under Code Section 414(u). 

 

	17.22	Electronic Communications 

Notwithstanding any provision in this Plan to the contrary, Compensation Deferral Agreements and cancellations or amendments thereto,
investment elections, changes or transfers, loans, withdrawal elections, and any other decision or election by a Participant (or Beneficiary) under this Plan may be accomplished by electronic or telephonic means which are not otherwise prohibited by
law and which are in accordance with procedures and/or systems approved or arranged by the Administrator or its delegates. 
 IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its duly authorized officers as of this 15th day of December, 2008. 

 

			
	THE PROGRESSIVE CORPORATION
		
	By:	 	/s/ Charles E. Jarrett
		
	Title:	 	Secretary

  
 133

 ADDENDUM TO THE PROGRESSIVE 401(k) 

(FORMERLY KNOWN AS THE PROGRESSIVE RETIREMENT SECURITY 
 PROGRAM) (“PLAN”) 
 RE: FORMER PARTICIPANTS UNDER

 THE PROGRESSIVE CORPORATION 
 SUPPLEMENTAL RETIREMENT PLAN 
 This Addendum sets forth certain provisions governing
Participants in the Plan who were “Participants” under and within the meaning of The Progressive Corporation Supplemental Retirement Plan (“SRP”) prior to the merger of the SRP into this Plan effective July 1, 1994
(“Merger”). To the extent the provisions of this SRP Addendum are inconsistent with the regular provisions of the Plan, the provisions of this Addendum shall control. 

 

	 	1.	Each person who is a “Participant” within the meaning of the SRP immediately prior to the Merger shall for all purposes of the Plan become a Participant
within the meaning of the Plan as of July 1, 1994. 

  

	 	2.	There will, from time to time on or after July 1, 1994, be delivered to the Trustee certain assets previously held under the SRP (“Transferred Assets”).
Each Participant’s share of such Transferred Assets shall be deposited and held in an Employer SDRP Contribution Account for such Participant in accordance with the provisions of this Plan governing Employer SDRP Contribution Accounts and shall
be invested in accordance with the Participant’s investment election then in effect pursuant to Article 16 of the Plan, if any, and if no investment election is then in effect, such Transferred Assets shall be invested in an Investment Fund
consisting of guaranteed investment contracts, or a similar successor Default Investment Fund. 

  
 Addenda

 ADDENDUM TO THE PROGRESSIVE 401(k) (“PLAN”) 

RE: FORMER PARTICIPANTS UNDER 
 THE MIDLAND COMPANIES’ 
 EMPLOYEE SAVINGS PLAN 

(“MIDLAND ADDENDUM”) 
 (Formerly Known as the “Addendum to The Progressive Retirement Security Program (“Plan”) RE: Former Participants Under The Midland Companies’ Employee Savings Plan”)

 This Midland Addendum sets forth certain provisions governing Participants in the Plan who were “Participants” under and within
the meaning of The Midland Companies’ Employee Savings Plan (“Midland Plan”) prior to the merger of the Midland Plan into this Plan effective December 31, 1997 (“Merger”). To the extent the provisions of this Midland
Addendum are inconsistent with the regular provisions of the Plan, the provisions of this Addendum shall control. 
  

	 	1.	Each person who is a “Participant” under and within the meaning of the Midland Plan immediately prior to the Merger shall for all purposes of the Plan become
a Participant under and within the meaning of the Plan as of December 31, 1997. 

  

	 	2.	There will, from time to time on or after December 31, 1997, be delivered to the Trustee certain assets previously held under the Midland Plan (“Transferred
Midland Assets”). The Company shall provide, or cause to be provided, to the Trustee a breakdown of all Transferred Midland Assets received by the Trustee in respect of each Participant showing the portion of such Participant’s Transferred
Assets that is attributable to each of the following types of contributions made to the Midland Plan in respect of such Participant: 

  

	 	(i)	salary reduction contributions 

  

	 	(ii)	company matching contributions 

  

	 	(iii)	rollover contributions 

 Each
Participant’s share of Transferred Assets attributable to salary reduction contributions or rollover contributions under the Midland Plan shall be held in a Pre-Tax Contribution Account for such Participant in accordance with the provisions of
this Plan governing Pre-Tax Contributions. Each Participant’s share of Transferred Assets attributable to company matching contributions under the Midland Plan shall be deposited and held in an account to be known as a “Midland Matching
Contribution Account” for such Participant. Each Midland Matching Contribution Account shall be treated for all Plan purposes as if it were an 

  
 Addenda

 
Employer Matched Contribution Account, except that amounts held in each Midland Matching Contribution Account shall be subject to the original vesting schedule of the Midland Plan and shall not
be required to be invested in the Company Stock Fund. Each Participant’s share of Transferred Assets shall be invested in accordance with the Participant’s investment election then in effect pursuant to Article 16 of the Plan, if any, and
if no investment election is then in effect, such Transferred Assets shall be invested in an Investment Fund consisting of guaranteed investment contracts, or a similar successor fund. 

  
 Addenda

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