Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 2 AND 

REAFFIRMATION OF COLLATERAL DOCUMENTS 

This Amendment No. 2 and Reaffirmation of Collateral Documents dated as of July 3, 2014 (this “Amendment”) is
entered into among Einstein Noah Restaurant Group, Inc., a Delaware corporation (the “Borrower”), each other Loan Party (as defined in the Credit Agreement referred to below) party hereto, each Lender (as defined in the Credit
Agreement referred to below) party to such Credit Agreement as of the date hereof and Bank of America, N.A., as administrative agent (the “Administrative Agent”) for the Lenders. Capitalized terms used herein but not defined herein
shall have the meanings provided in the Credit Agreement. 
 W I T N E S S E T H: 

WHEREAS, the Borrower, the other Loan Parties, the Lenders and the Administrative Agent are parties to that certain Amended and Restated
Credit Agreement dated as of December 6, 2012, as amended by that certain Omnibus Amendment No. 1 and Reaffirmation of Collateral Documents dated as of June 26, 2013 (the “Existing Credit Agreement”). The Existing
Credit Agreement, as amended by this Amendment, and as further amended, amended and restated, restated, supplemented, extended or otherwise modified and in effect from time to time is referred to herein as the “Credit Agreement”;
and 
 WHEREAS, upon entry of the Existing Credit Agreement, Term Loans were made or deemed made to the Borrower in the principal amount of
$100,000,000. Prior to the date hereof, the Borrower made amortization payments pursuant to the terms of the Existing Credit Agreement such that on the date hereof, immediately prior to the effectiveness of this Amendment, the aggregate outstanding
principal amount of Term Loans was $92,500,000; and 
 WHEREAS, the Borrower has requested, among other things, that the Lenders provide
additional term loans under the Term Facility in an aggregate amount of $7,500,000.00 (“Additional Term Loans”), such that immediately following the funding of the Additional Term Loans, the aggregate principal amount of the Term
Facility on the Second Amendment Effective Date shall be $100,000,000; and 
 WHEREAS, subject to the terms and conditions set forth in this
Amendment, the Lenders agree to provide such Additional Term Loans, and the Administrative Agent and the Lenders agree to amend certain other provisions of the Existing Credit Agreement as herein set forth. 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows: 
 SECTION 1. Amendments to Credit Agreement. As of the Second
Amendment Effective Date (as defined below), the Existing Credit Agreement (including all schedules and exhibits thereto) is hereby amended as set forth in Exhibit A attached hereto such that all of the newly inserted underscored provisions
and any formatting changes attached hereto shall be deemed to be inserted and all stricken text shall be deemed to be deleted therefrom. 

SECTION 2. Condition Precedent; Effective Date. The effective date of this Amendment shall be the date first set forth above (the
“Second Amendment Effective Date”), subject to satisfaction of the following conditions precedent on or prior to the Second Amendment Effective Date, unless waived by the Administrative Agent: 

 (a) The Administrative Agent’s receipt of the following, each of which shall be originals,
facsimiles or electronic copies (followed promptly by originals) unless otherwise specified, each, to the extent signed by a Loan Party, properly executed by a Responsible Officer of the signing Loan Party, and each in form and substance
satisfactory to the Administrative Agent and each of the Lenders: 
 (i) duly executed counterparts of this Amendment,
sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower; and 
 (ii) certificates
executed by a Responsible Officer of each Loan Party attaching (w) resolutions or other action authorizing (A) the execution and delivery of the Amendment and each other Loan Document, and (B) such Loan Party’s performance of all
of its agreements and obligations under the Amendment, the Credit Agreement and other Loan Documents and the transactions contemplated thereby, and that such resolutions or other action shall be in full force and effect on and as of the Second
Amendment Effective Date, duly adopted, not been amended, modified or revoked, (y) copies of the Organization Documents of such Loan Party, certified to be true, accurate and complete and in effect on the Second Amendment Effective Date, or
certifying that the Organization Documents of such Loan Party delivered to the Administrative Agent on the Restatement Effective Date were true, accurate and complete on the Restatement Effective Date and remain in effect on the Second Amendment
Effective Date without amendment, restatement, supplement or other modification from the copies of such documents delivered on the Restatement Effective Date, and (z) such other documents and certifications as the Administrative Agent may
reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of
properties or the conduct of its business requires such qualification, except to the extent that failure to do so, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect; and 

(iii) certificates attesting (i) to the Solvency of the Loan Parties on a consolidated basis before and after giving
effect to the Borrowings to occur on the Second Amendment Effective Date, from the Borrower’s chief financial officer and (ii) that the conditions set forth in clauses (e) and (g) of this Section 2 are satisfied from
a Responsible Officer of the Borrower; and 
 (iv) forecasts prepared by management of the Borrower of consolidated balance
sheets and statements of income or operations and cash flows of the Borrower and its Domestic Subsidiaries on an annual basis for the five Fiscal Years of the Borrower following the Second Amendment Effective Date, each in form and substance
reasonably satisfactory to the Administrative Agent; and 
 (v) such other assurances, certificates, documents, consents,
opinions, instruments or information as the Administrative Agent may reasonably request to effect the transactions contemplated hereby. 

(b) (i) All fees and expenses then due and owing to the Administrative Agent and the Arrangers and required to be paid on or before the
Second Amendment Effective Date, and (ii) all fees and expenses then due and owing to the Lenders and required to be paid on or before the Second Amendment Effective Date, in each case pursuant to that certain Second Amendment Fee Letter dated
June 16, 2014 by and among Bank of America, MLPF&S and the Borrower or this Amendment, shall have been paid. 

  
 2 

 (c) Unless waived by the Administrative Agent, the Borrower shall have paid (i) all
reasonable fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced prior to or on the Second Amendment Effective Date, plus such additional
amounts of fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter
preclude a final settling of accounts between the Borrower and the Administrative Agent and counsel to the Administrative Agent) and (ii) all other third party out-of-pocket expenses that are due and payable on or prior to the Second Amendment
Effective Date that have been previously invoiced to the Borrower. 
 (d) The Administrative Agent shall (i) hold an effective first
priority (subject to Liens permitted under Section 7.01 and entitled to priority pursuant to applicable Law) perfected security interest in and Lien upon the Collateral, and (ii) have received documents, instruments, filings or
endorsements reasonably satisfactory to the Administrative Agent evidencing the same, in each case, to the extent required by the Credit Agreement and the other Loan Documents. 

(e) No Default or Event of Default shall have occurred and be continuing both before and immediately after giving effect to the Amendment and
the transactions contemplated hereby. 
 (f) The Administrative Agent shall have received the results of Uniform Commercial Code lien
searches for the Borrower and the Guarantors, indicating no Liens other than permitted liens, and the results of such lien searches shall be otherwise satisfactory to the Administrative Agent. 

(g) The representations and warranties in the Loan Documents shall be true and correct in all material respects and no change, occurrence or
development shall have occurred or become known to the Administrative Agent since December 31, 2013 that has had or would reasonably be expected to have a Material Adverse Effect. 

SECTION 3. Loan Party Representations and Warranties. Each Loan Party hereby represents and warrants that (a) this Amendment
constitutes its legal, valid and binding obligation, enforceable against such Loan Party in accordance with the terms hereof, (b) after giving effect to this Amendment, (i) the representations and warranties contained in the Credit
Agreement are correct in all material respects (other than to the extent any such representation and warranty is already qualified by materiality, in which case such representation and warranty shall be correct in all respects) as though made on and
as of the date of this Amendment, except to the extent that any such representation or warranty specifically refers to an earlier date, in which case such representation or warranty was true and correct as of such earlier date, and (ii) no
Default or Event of Default has occurred and is continuing. 
 SECTION 4. Affirmation and Acknowledgment. Each Loan Party hereby
ratifies and confirms all of its Obligations to the Administrative Agent and the Lenders under the Credit Agreement, and the other Loan Documents, as amended hereby. Nothing contained herein shall constitute a waiver of, impair or otherwise affect,
any Obligations, any other obligation of the Loan Parties or any rights of the Administrative Agent or the Lenders relating thereto, except as expressly provided herein. This Amendment shall constitute a Loan Document. 

  
 3 

 SECTION 5. Reference to Credit Agreement and Effect on the Loan Documents. 

(a) Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”,
“hereof”, “herein”, or words of like import shall mean and be a reference to the Credit Agreement, as modified hereby, and each reference to the Credit Agreement in any other document, instrument or agreement executed and/or
delivered in connection with the Credit Agreement shall mean and be a reference to the Credit Agreement, as modified hereby. 
 (b) Except
as specifically set forth in Section 1 hereof, the Credit Agreement, all other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed. 

SECTION 6. Continued Validity of Collateral Documents. Each of the Loan Parties agrees that except as specifically amended by this
Amendment, each Collateral Document to which such Loan Party is a party shall remain in full force and effect, and each of the Loan Parties listed as signatories hereto reaffirms the continued validity of each such Collateral Document to which it is
a party and agrees and confirms that the Obligations are secured under and in accordance with the Collateral Documents to which such Loan Party is a party. Each of the Collateral Documents and this Amendment shall be read and construed as a single
agreement. All references in each of the Collateral Documents or any related agreement or instrument to the Collateral Documents shall hereafter refer to each of the Collateral Documents as amended hereby. 

SECTION 7. Expenses. The Loan Parties agree to pay to the Administrative Agent upon demand therefor an amount equal to any and all
reasonable out-of-pocket costs, expenses, and liabilities incurred or sustained by the Administrative Agent in connection with the preparation of this Amendment (including, without limitation, reasonable fees and expenses of legal counsel). Amounts
payable pursuant to this Section 7 shall be subject to the provisions of Section 10.04(a) of the Credit Agreement, as fully as if set forth therein. 

SECTION 8. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this
Amendment by facsimile or other electronic imaging methods shall be effective as delivery of a manually executed counterpart of this Amendment. 

SECTION 9. Governing Law. This Amendment shall be governed by and construed in accordance with the internal laws (as opposed to the
conflicts of laws provisions) of the State of New York. 
 SECTION 10. Section Titles. The section titles contained in this Amendment
are and shall be without substance, meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto. 

(Signature pages follow) 

  
 4 

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

			
	The Borrower:
	
	EINSTEIN NOAH RESTAURANT GROUP, INC.
		
	By:	 	/s/ John A. Coletta
		 	Name: John A. Coletta
		 	Title: Chief Financial Officer

  
 5 

 
			
	The Guarantors:
	
	EINSTEIN AND NOAH CORP.
		
	By:	 	/s/ John A. Coletta
		 	Name: John A. Coletta
		 	Title: Chief Financial Officer

  

			
	
	EINSTEIN/NOAH BAGEL PARTNERS, INC.
		
	By:	 	/s/ John A. Coletta
		 	Name: John A. Coletta
		 	Title: Chief Financial Officer

  

			
	
	CHESAPEAKE BAGEL FRANCHISE CORP.
		
	By:	 	/s/ John A. Coletta
		 	Name: John A. Coletta
		 	Title: Chief Financial Officer

  

			
	
	I. & J. BAGEL, INC.
		
	By:	 	/s/ John A. Coletta
		 	Name: John A. Coletta
		 	Title: Chief Financial Officer

  

			
	
	MANHATTAN BAGEL COMPANY, INC.
		
	By:	 	/s/ John A. Coletta
		 	Name: John A. Coletta
		 	Title: Chief Financial Officer

  
 6 

 
			
	The Administrative Agent:
	
	 BANK OF AMERICA, N.A., as

Administrative Agent

		
	By:	 	/s/ Kelly Weaver
		 	Name: Kelly Weaver
		 	Title: Assistant Vice President

  
 7 

 
			
	The Lenders:
	
	 BANK OF AMERICA, N.A., as a Lender, L/C Issuer

and Swing Line Lender

		
	By:	 	/s/ John Coppedge
		 	Name: John Coppedge
		 	Title: Sr. Vice President

  
 8 

 
			
	
	WELLS FARGO BANK, N.A., as a Lender
		
	By:	 	/s/ Sally Hoffman
		 	Name:  Sally Hoffman
		 	Title:    Managing Director

  
 9 

 
			
	
	COMPASS BANK, as a Lender
		
	By:	 	/s/ Joseph W. Nimmons
		 	Name:  Joseph W. Nimmons
		 	Title:    Sr. Vice President

  
 10 

 
			
	
	GE CAPITAL BANK, as a Lender
		
	By:	 	/s/ Dennis P. Leonard
		 	Name: Dennis P. Leonard
		 	Title:   Duly Authorized Signatory

  
 11 

 
			
	
	REGIONS BANK, as a Lender
		
	By:	 	/s/ Jake Nash
		 	Name: Jake Nash
		 	Title:   Managing Director

  
 12 

 
			
	
	BANK OF THE WEST, as a Lender
		
	By:	 	/s/ Daniel Burns
		 	Name: Daniel Burns
		 	Title:   Vice President

  
 13 

 Exhibit A 

Amendments to Existing Credit Agreement 

Please see attached. 

  
 14 

 CONFORMED COPY INCLUDING OMNIBUS AMENDMENT NO. 1 AND REAFFIRMATION OF COLLATERAL DOCUMENTS DATED AS OF
JUNE 26, 2013 AND AMENDMENT NO. 2 AND REAFFIRMATION OF COLLATERAL DOCUMENTS DATED AS OF JULY 3, 2014. 
 Published CUSIP Number:
28257RAA9 
 AMENDED AND RESTATED CREDIT AGREEMENT 

Dated as of December 6, 2012 

among 
 EINSTEIN NOAH
RESTAURANT GROUP, INC., 
 as the Borrower, 

THE OTHER LOAN PARTIES PARTY HERETO, 

THE LENDERS PARTY HERETO, 

and 
 BANK OF AMERICA,
N.A., 
 as Administrative Agent, Swing Line Lender and L/C Issuer, 

with 
 WELLS FARGO BANK,
NATIONAL ASSOCIATION, 
 as Syndication Agent, 

BBVA COMPASS, 
 as
Documentation Agent, 
 and 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 

WELLS FARGO SECURITIES, LLC and BBVA COMPASS, 

as Joint Lead Arrangers and Joint Bookrunners 
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I             DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	  
			
	 1.01.
	  	 Defined Terms
	  	 	1	  
			
	 1.02.
	  	 Other Interpretive Provisions
	  	 	36	  
			
	 1.03.
	  	 Accounting Terms
	  	 	37	  
			
	 1.04.
	  	 Rounding
	  	 	37	  
			
	 1.05.
	  	 Times of Day; Rates
	  	 	37	  
			
	 1.06.
	  	 Letter of Credit Amounts
	  	 	37	  
		
	 ARTICLE II             THE COMMITMENTS AND CREDIT
EXTENSIONS
	  	 	38	  
			
	 2.01.
	  	 The Loans
	  	 	38	  
			
	 2.02.
	  	 Borrowings, Conversions and Continuations of Loans
	  	 	39	  
			
	 2.03.
	  	 Letters of Credit
	  	 	40	  
			
	 2.04.
	  	 Swing Line Loans
	  	 	49	  
			
	 2.05.
	  	 Prepayments
	  	 	52	  
			
	 2.06.
	  	 Termination or Reduction of Commitments
	  	 	55	  
			
	 2.07.
	  	 Repayment of Loans
	  	 	55	  
			
	 2.08.
	  	 Interest
	  	 	56	  
			
	 2.09.
	  	 Fees
	  	 	57	  
			
	 2.10.
	  	 Computation of Interest and Fees
	  	 	58	  
			
	 2.11.
	  	 Evidence of Debt
	  	 	58	  
			
	 2.12.
	  	 Payments Generally; Administrative Agent’s Clawback
	  	 	59	  
			
	 2.13.
	  	 Sharing of Payments by Lenders
	  	 	61	  
			
	 2.14.
	  	 Cash Collateral
	  	 	62	  
			
	 2.15.
	  	 Defaulting Lenders
	  	 	63	  
			
	 2.16.
	  	 Increase in Revolving Credit Facility
	  	 	65	  
			
	 2.17.
	  	 Increase in Term Facility
	  	 	66	  
		
	 ARTICLE III            TAXES, YIELD PROTECTION AND
ILLEGALITY
	  	 	69	  
			
	 3.01.
	  	 Taxes
	  	 	69	  
			
	 3.02.
	  	 Illegality
	  	 	74	  
			
	 3.03.
	  	 Inability to Determine Rates
	  	 	74	  
			
	 3.04.
	  	 Increased Costs; Reserves on Eurodollar Rate Loans
	  	 	75	  

  
 i 

							
			
	 3.05.
	  	 Compensation for Losses
	  	 	77	  
			
	 3.06.
	  	 Mitigation Obligations; Replacement of Lenders
	  	 	77	  
			
	 3.07.
	  	 Survival
	  	 	78	  
		
	 ARTICLE IV            CONDITIONS PRECEDENT TO CREDIT
EXTENSIONS
	  	 	78	  
			
	 4.01.
	  	 Conditions of Initial Credit Extension
	  	 	78	  
			
	 4.02.
	  	 Conditions to all Credit Extensions
	  	 	81	  
		
	 ARTICLE V            REPRESENTATIONS AND WARRANTIES
	  	 	81	  
			
	 5.01.
	  	 Existence, Qualification and Power
	  	 	82	  
			
	 5.02.
	  	 Authorization; No Contravention
	  	 	82	  
			
	 5.03.
	  	 Governmental Authorization; Other Consents
	  	 	82	  
			
	 5.04.
	  	 Binding Effect
	  	 	82	  
			
	 5.05.
	  	 Financial Statements; No Material Adverse Effect
	  	 	82	  
			
	 5.06.
	  	 Litigation
	  	 	83	  
			
	 5.07.
	  	 No Default
	  	 	84	  
			
	 5.08.
	  	 Ownership of Property
	  	 	84	  
			
	 5.09.
	  	 Environmental Compliance
	  	 	84	  
			
	 5.10.
	  	 Insurance
	  	 	85	  
			
	 5.11.
	  	 Taxes
	  	 	85	  
			
	 5.12.
	  	 ERISA Compliance
	  	 	85	  
			
	 5.13.
	  	 Subsidiaries; Equity Interests
	  	 	86	  
			
	 5.14.
	  	 Margin Regulations; Investment Company Act
	  	 	87	  
			
	 5.15.
	  	 Disclosure
	  	 	87	  
			
	 5.16.
	  	 Compliance with Laws
	  	 	87	  
			
	 5.17.
	  	 Intellectual Property; Licenses, Etc
	  	 	87	  
			
	 5.18.
	  	 Solvency
	  	 	88	  
			
	 5.19.
	  	 Labor Matters
	  	 	88	  
			
	 5.20.
	  	 Collateral Documents
	  	 	88	  
			
	 5.21.
	  	 Unit Locations; Franchised Unit Locations
	  	 	88	  
			
	 5.22.
	  	 Franchise Agreements; License Agreements
	  	 	88	  
			
	 5.23.
	  	 Leases
	  	 	88	  
			
	 5.24.
	  	 Material Contracts
	  	 	88	  
			
	 5.25.
	  	 Use of Proceeds
	  	 	89	  
			
	 5.26.
	  	 Inactive Subsidiaries
	  	 	89	  

  
 ii 

							
			
	 5.27.
	  	 Compliance with OFAC Rules and Regulations
	  	 	89	  
		
	 ARTICLE VI            AFFIRMATIVE COVENANTS
	  	 	89	  
			
	 6.01.
	  	 Financial Statements
	  	 	89	  
			
	 6.02.
	  	 Compliance Certificates and Certain Reports Sent to Other Parties
	  	 	90	  
			
	 6.03.
	  	 Notices
	  	 	93	  
			
	 6.04.
	  	 Payment of Taxes, Other Claims Resulting in Liens and Material Obligations
	  	 	93	  
			
	 6.05.
	  	 Preservation of Existence, Permits, Licenses, Etc
	  	 	93	  
			
	 6.06.
	  	 Maintenance of Properties
	  	 	94	  
			
	 6.07.
	  	 Maintenance of Insurance
	  	 	94	  
			
	 6.08.
	  	 Compliance with Laws
	  	 	94	  
			
	 6.09.
	  	 Books and Records
	  	 	94	  
			
	 6.10.
	  	 Inspection Rights
	  	 	94	  
			
	 6.11.
	  	 Use of Proceeds
	  	 	95	  
			
	 6.12.
	  	 Covenant to Guarantee Obligations and Give Security
	  	 	95	  
			
	 6.13.
	  	 Compliance with Environmental Laws
	  	 	98	  
			
	 6.14.
	  	 Compliance with Terms of Leaseholds
	  	 	98	  
			
	 6.15.
	  	 Material Contracts
	  	 	98	  
			
	 6.16.
	  	 Control Agreements
	  	 	98	  
			
	 6.17.
	  	 Cash Collateral Accounts
	  	 	98	  
			
	 6.18.
	  	 Further Assurances
	  	 	99	  
			
	 6.19.
	  	 Interest Rate Hedging
	  	 	99	  
		
	 ARTICLE VII            NEGATIVE COVENANTS
	  	 	99	  
			
	 7.01.
	  	 Liens
	  	 	99	  
			
	 7.02.
	  	 Indebtedness
	  	 	101	  
			
	 7.03.
	  	 Investments
	  	 	102	  
			
	 7.04.
	  	 Fundamental Changes
	  	 	105	  
			
	 7.05.
	  	 Dispositions
	  	 	105	  
			
	 7.06.
	  	 Restricted Payments
	  	 	106	  
			
	 7.07.
	  	 Change in Nature of Business
	  	 	108	  
			
	 7.08.
	  	 Transactions with Affiliates
	  	 	108	  
			
	 7.09.
	  	 Burdensome Agreements
	  	 	108	  
			
	 7.10.
	  	 Use of Proceeds
	  	 	109	  

  
 iii 

							
			
	 7.11.
	  	 Financial Covenants
	  	 	109	  
			
	 7.12.
	  	 [Reserved]
	  	 	110	  
			
	 7.13.
	  	 Amendments of Organization Documents
	  	 	110	  
			
	 7.14.
	  	 Accounting Changes
	  	 	110	  
			
	 7.15.
	  	 Amendment, Etc
	  	 	110	  
			
	 7.16.
	  	 Inactive Subsidiaries
	  	 	110	  
			
	 7.17.
	  	 Sale-Leaseback Transactions
	  	 	110	  
			
	 7.18.
	  	 Sanctions
	  	 	110	  
		
	 ARTICLE VIII            EVENTS OF DEFAULT AND
REMEDIES
	  	 	110	  
			
	 8.01.
	  	 Events of Default
	  	 	110	  
			
	 8.02.
	  	 Remedies Upon Event of Default
	  	 	113	  
			
	 8.03.
	  	 Application of Funds
	  	 	113	  
		
	 ARTICLE IX ADMINISTRATIVE AGENT
	  	 	114	  
			
	 9.01.
	  	 Appointment and Authority
	  	 	114	  
			
	 9.02.
	  	 Rights as a Lender
	  	 	115	  
			
	 9.03.
	  	 Exculpatory Provisions
	  	 	115	  
			
	 9.04.
	  	 Reliance by Administrative Agent
	  	 	116	  
			
	 9.05.
	  	 Delegation of Duties
	  	 	117	  
			
	 9.06.
	  	 Resignation of Administrative Agent
	  	 	117	  
			
	 9.07.
	  	 Non-Reliance on Administrative Agent and Other Lenders
	  	 	119	  
			
	 9.08.
	  	 No Other Duties, Etc
	  	 	119	  
			
	 9.09.
	  	 Administrative Agent May File Proofs of Claim; Credit Bidding
	  	 	119	  
			
	 9.10.
	  	 Collateral and Guaranty Matters
	  	 	121	  
			
	 9.11.
	  	 Secured Cash Management Agreements and Secured Hedge Agreements
	  	 	121	  
		
	 ARTICLE X            MISCELLANEOUS
	  	 	122	  
			
	 10.01.
	  	 Amendments, Etc
	  	 	122	  
			
	 10.02.
	  	 Notices; Effectiveness; Electronic Communications
	  	 	124	  
			
	 10.03.
	  	 No Waiver; Cumulative Remedies; Enforcement
	  	 	126	  
			
	 10.04.
	  	 Expenses; Indemnity; Damage Waiver
	  	 	127	  
			
	 10.05.
	  	 Payments Set Aside
	  	 	129	  
			
	 10.06.
	  	 Successors and Assigns
	  	 	129	  
			
	 10.07.
	  	 Treatment of Certain Information; Confidentiality
	  	 	134	  
			
	 10.08.
	  	 Right of Setoff
	  	 	135	  

  
 iv 

							
			
	 10.09.
	  	 Interest Rate Limitation
	  	 	136	  
			
	 10.10.
	  	 Counterparts; Integration; Effectiveness
	  	 	136	  
			
	 10.11.
	  	 Survival of Representations and Warranties
	  	 	136	  
			
	 10.12.
	  	 Severability
	  	 	136	  
			
	 10.13.
	  	 Replacement of Lenders
	  	 	137	  
			
	 10.14.
	  	 Governing Law; Jurisdiction; Etc
	  	 	137	  
			
	 10.15.
	  	 Waiver of Jury Trial
	  	 	138	  
			
	 10.16.
	  	 No Advisory or Fiduciary Responsibility
	  	 	139	  
			
	 10.17.
	  	 Electronic Execution of Assignments and Certain Other Documents
	  	 	139	  
			
	 10.18.
	  	 USA PATRIOT Act
	  	 	140	  
			
	 10.19.
	  	 Advertisement, Promotion and Marketing
	  	 	140	  
			
	 10.20.
	  	 ENTIRE AGREEMENT
	  	 	140	  
			
	 10.21.
	  	 Transitional Arrangements
	  	 	140	  

  
 v 

					
	 SCHEDULES
	  	
			
		 	 1.01
	  	 Existing Letters of Credit

		 	 2.01-A
	  	 Restatement Effective Date - Commitments and Applicable Percentages

		 	 2.01-B
	  	 Second Amendment Effective Date - Commitments and Applicable Percentages

		 	 2.03
	  	 Certain Letters of Credit

		 	 5.03
	  	 Certain Authorizations

		 	 5.08(b)
	  	 Owned Real Property

		 	 5.08(c)
	  	 Leased Real Property (Lessee/Lessor)

		 	 5.09
	  	 Environmental Matters

		 	 5.12(d)
	  	 Pension Plans

		 	 5.13
	  	 Subsidiaries and Other Equity Investments; Loan Parties

		 	 5.17
	  	 Intellectual Property Matters

		 	 5.21
	  	 Unit Locations; Franchised Unit Locations

		 	 5.22
	  	 Franchise Agreements; License Agreements

		 	 5.23
	  	 Leases

		 	 5.26
	  	 Inactive Subsidiaries

		 	 7.01(b)
	  	 Existing Liens

		 	 7.02(d)
	  	 Existing Indebtedness

		 	 7.03(f)
	  	 Existing Investments

		 	 7.09
	  	 Burdensome Agreements

		 	 10.02
	  	 Administrative Agent’s Office, Certain Addresses for Notices

		
	 EXHIBITS
	  	
		
		 	 Form of

			
		 	 A
	  	 Committed Loan Notice

		 	 B
	  	 Swing Line Loan Notice

		 	 C-1
	  	 Term Note

		 	 C-2
	  	 Revolving Credit Note

		 	 D
	  	 Compliance Certificate

		 	 E-1
	  	 Assignment and Assumption

		 	 E-2
	  	 Administrative Questionnaire

		 	 F
	  	 Forms of U.S. Tax Compliance Certificate

  
 vi 

 CREDIT AGREEMENT 

This AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”) is entered into as of December 6 2012, among
EINSTEIN NOAH RESTAURANT GROUP, INC., a Delaware corporation (the “Borrower”), each other Loan Party (as defined herein) party hereto, each lender from time to time party hereto (collectively, the “Lenders”
and individually, a “Lender”), and BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer.  

PRELIMINARY STATEMENTS: 

The Borrower, certain of the Lenders, the Administrative Agent, the Swing Line Lender and the L/C Issuer are parties to that certain Credit
Agreement dated as of December 20, 2010 (as amended, amended and restated, supplemented or modified and in effect immediately prior to the date hereof, the “Existing Credit Agreement”), pursuant to which certain of the Lenders
made loans and other extensions of credit to the Borrower. 
 The Lenders are willing to amend and restate the Existing Credit Agreement and
make loans and other extensions of credit to the Borrower, all on the terms and conditions set forth herein. 
 The Borrower has requested,
among other things, that the Lenders provide additional Term Loans under the Term Facility in an aggregate amount of $7,500,000.00 (“Additional Term Loans”) and subject to the terms and conditions set forth in Second Amendment, the
Lenders agree to provide such Additional Term Loans to the Borrower. 
 In consideration of the mutual covenants and agreements herein
contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged (these preliminary statements being an integral part of this Agreement), the parties hereto hereby agree that, as of the
Restatement Effective Date, the Existing Credit Agreement shall be amended and restated in its entirety as follows: 
 ARTICLE I 

DEFINITIONS AND ACCOUNTING TERMS 

1.01. Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 

“Account Control Agreement” means any deposit account control agreement, securities account control agreement or similar
agreement entered into by a Loan Party, the Administrative Agent and the applicable financial institution, granting to the Administrative Agent, for the benefit of the Secured Parties, a perfected, first priority Lien and “control” (as
defined in the UCC) in the applicable deposit account or securities account of a Loan Party. 
 “Act” has the meaning
specified in Section 10.18. 

 “Administrative Agent” means Bank of America in its capacity as sole
administrative agent and collateral agent under any of the Loan Documents, or any successor administrative agent and collateral agent. 

“Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth
on Schedule 10.02, or such other address or account as the Administrative Agent may from time to time notify to the Borrower and the Lenders. 

“Administrative Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit E-2 or any
other form approved by the Administrative Agent. 
 “Additional Term Loans” has the meaning set forth in the Preliminary
Statements. 
 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through
one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Agent Fee
Letter” means that certain letter agreement dated November 21, 2012 by and among Bank of America and the Borrower. 

“Aggregate Commitments” means the Commitments of all the Lenders. 

“Aggregate Credit Exposures” means, at any time, in respect of (a) the Term Facility, the aggregate principal amount of
the Term Loans outstanding at such time and (b) in respect of the Revolving Credit Facility, the sum of (i) the unused portion of the Revolving Credit Facility at such time and (ii) the Total Revolving Credit Outstandings at such
time. 
 “Agreement” means this Credit Agreement. 

“Amendment and Reaffirmation” means that certain Amendment and Reaffirmation of Collateral Documents, dated as of the date
hereof, by and among the Loan Parties and the Administrative Agent. 
 “Applicable Percentage” means (a) in connection
with the Term Facility, with respect to any Term Lender at any time, the percentage (carried out to the ninth decimal place) of the Term Facility represented by the principal amount of such Term Lender’s Term Loans at such time, subject to
adjustment as provided in Sections 2.15 and 2.17, and (b) in respect of the Revolving Credit Facility, with respect to any Revolving Credit Lender at any time, the percentage (carried out to the ninth decimal place) of the
Revolving Credit Facility represented by such Revolving Credit Lender’s Revolving Credit Commitment at such time, subject to adjustment as provided in Sections 2.15 and 2.16. If the commitment of each Revolving Credit Lender to
make Revolving Credit Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02, or if the Revolving Credit Commitments have expired, then the Applicable Percentage of each
Revolving Credit Lender in respect of the Revolving Credit Facility shall be determined based on the Applicable Percentage of such Revolving Credit Lender in respect of the Revolving Credit Facility most recently in effect, giving effect to any
subsequent assignments. The initial Applicable Percentage of each Lender in respect of each Facility on the Restatement Effective Date is set forth opposite the name of such Lender on 

  
 2 

 
Schedule 2.01-A, the initial Applicable Percentage of each Lender in respect of each Facility on the Second Amendment Effective Date is set forth opposite the name of such Lender on Schedule 2.01-B or the Applicable Percentage of any Lender may be set forth in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable. 

“Applicable Rate” means: 

(a) for the period from the Restatement Effective Date to the date immediately preceding the First Amendment Effective Date, (i) with
respect to Eurodollar Rate Loans and Letter of Credit Fees, a rate of 4.00% per annum, (ii) with respect to Base Rate Loans, a rate of 3.00% per annum, and (iii) with respect to the Commitment Fee, a rate of 0.50% per annum;
and 
 (b) for the period from and after the First Amendment Effective Date to the date immediately preceding the Second Amendment Effective
Date, the following percentages per annum, based upon the Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(a): 

 

									
	 Applicable Rate

	 Pricing

Level
	  	 Consolidated

Leverage Ratio
	  	Eurodollar
Rate Loans
and Letter of
Credit Fees	 	Base Rate
Loans	 	Commitment
Fee
	 I
	  	32.50:1	  	3.25%	 	2.25%	 	0.45%
	 II
	  	32.00:1 but <2.50:1	  	2.75%	 	1.75%	 	0.40%
	 III
	  	31.50:1 but <2.00:1	  	2.25%	 	1.25%	 	0.35%
	 IV
	  	<1.50:1	  	1.75%	 	0.75%	 	0.30%

 Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Leverage Ratio
shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a); provided, however, that if a Compliance Certificate is not delivered when
due in accordance with such Section, then Pricing Level I shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain in effect until the date on which such
Compliance Certificate is delivered. The Applicable Rate in effect from the First Amendment Effective Date through the first Business Day immediately following the date the Compliance Certificate is delivered pursuant to Section 6.02(a)
for the Fiscal Quarter ended on or about September 30, 2013 shall be determined based upon Pricing Level I. 
 (c) from and after
the Second Amendment Effective Date, the following percentages per annum, based upon the Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(a):

  
 3 

									
	 Applicable Rate

	 Pricing
Level
	  	 Consolidated

Leverage Ratio
	  	Eurodollar
Rate Loans
and Letter of
Credit Fees	 	Base Rate
Loans	 	Commitment
Fee
	 I
	  	3 2.50:1	  	2.75%	 	1.75%	 	0.40%
	 II
	  	3 2.00 but <2.50:1	  	2.25%	 	1.25%	 	0.35%
	 III
	  	<2.00:1	  	1.75%	 	0.75%	 	0.30%

 Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Leverage Ratio shall become
effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a); provided, however, that if a Compliance Certificate is not delivered when due in
accordance with such Section, then Pricing Level I shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain in effect until the date on which such Compliance
Certificate is delivered. The Applicable Rate in effect from the Second Amendment Effective Date through the first Business Day immediately following the date the Compliance Certificate is delivered pursuant to Section 6.02(a) for the
Fiscal Quarter ended on or about June 30, 2014 shall be the Applicable Rate set forth in Pricing Level II. 
 Notwithstanding anything to the contrary
contained in this definition, the determination of the Applicable Rate for any period shall be subject to the provisions of Sections 2.08(b) and 2.10(b). 

“Applicable Revolving Credit Percentage” means with respect to any Revolving Credit Lender at any time, such Revolving Credit
Lender’s Applicable Percentage in respect of the Revolving Credit Facility at such time. 
 “Appropriate Lender”
means, at any time, (a) with respect to either the Term Facility or the Revolving Credit Facility, a Lender that has a Commitment with respect to such Facility or holds a Term Loan or a Revolving Credit Loan, respectively, at such time,
(b) with respect to the Letter of Credit Sublimit, (i) the L/C Issuer and (ii) if any Letters of Credit have been issued pursuant to Section 2.03(a), the Revolving Credit Lenders, and (c) with respect to the Swing
Line Sublimit, (i) the Swing Line Lender and (ii) if any Swing Line Loans are outstanding pursuant to Section 2.04(a), the Revolving Credit Lenders. 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or
(c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Arrangers” means MLPF&S,
Wells Fargo Securities and BBVA Compass, in their capacity as joint lead arrangers and joint bookrunners. 
 “Arrangers Fee
Letters” means each of (i) that certain letter agreement dated November 21, 2012 by and among Bank of America, MLPF&S, Wells Fargo, Wells Fargo Securities and the Borrower, and (ii) that certain letter agreement dated
December 4, 2012 by and between BBVA Compass and the Borrower. 

  
 4 

 “Assignment and Assumption” means an assignment and assumption entered into by a
Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit E-1 or any other form (including
electronic documentation generated by MarkitClear or other electronic platform) approved by the Administrative Agent. 

“Attributable Indebtedness” means, on any date of determination and without duplication, (a) in respect of 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, (b) in respect of any Synthetic Lease Obligation, the capitalized amount of
the remaining lease or similar payments under the relevant lease or other applicable agreement or instrument that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease or other agreement or
instrument were accounted for as a Capitalized Lease and (c) all Synthetic Debt of such Person. 
 “Audited Financial
Statements” means the audited consolidated balance sheet of the Borrower and its Domestic Subsidiaries for the Fiscal Year ended January 3, 2012, and the related consolidated statements of income or operations, shareholders’
equity and cash flows for such Fiscal Year of the Borrower and its Domestic Subsidiaries, including the notes thereto. 

“Availability Period” means in respect of the Revolving Credit Facility, the period from and including the Restatement
Effective Date to the earliest of (a) the Maturity Date, (b) the date of termination of the Revolving Credit Commitments pursuant to Section 2.06, and (c) the date of termination of the commitment of each Revolving Credit
Lender to make Revolving Credit Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant to Section 8.02. 

“Bank of America” means Bank of America, N.A. and its successors. 

“Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate
plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate” and (c) the Eurodollar Rate (based on clause (b) of the definition
thereof) plus 1.00%. The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’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 prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of
such change. 
 “Base Rate Loan” means a Revolving Credit Loan or a Term Loan that bears interest at a rate based on the
Base Rate. 
 “BBVA Compass” means Compass Bank. 

“Borrower” has the meaning specified in the introductory paragraph hereto. 

“Borrower Materials” has the meaning specified in Section 6.02. 

  
 5 

 “Borrower’s Review of Strategic Alternatives” means the Borrower’s
review of strategic alternatives available to it, including the transactions contemplated hereby, a business combination involving the Borrower and the sale of the Borrower, and/or the Borrower’s recapitalization. 

“Borrowing” means a Revolving Credit Borrowing, a Swing Line Borrowing or a Term Borrowing, as the context may require. 

“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, the state where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan, means any such day that is also a London Banking Day. 

“Capital Expenditures” means, with respect to any Person for any period, any expenditure (whether paid from operating cash or
financed or made pursuant to a Capitalized Lease) in respect of amounts paid or debt incurred in connection with the purchase or lease by such Person or any of its Subsidiaries of capital assets that would be required to be capitalized and shown on
the balance sheet of such Person in accordance with GAAP; provided that “Capital Expenditures” shall not include (x) expenditures funded with Net Cash Proceeds received by a Loan Party with respect to (a) any Disposition
by any Loan Party, or (b) any insurance or condemnation proceeds for assets being replaced, in each case, received or paid to the account of any Loan Party and referred to in Section 2.05(b)(i), so long as, in each case, the
Borrower is not required to repay the Obligations with such Net Cash Proceeds in accordance with Section 2.05(b)(i), (y) expenditures funded directly with proceeds of contractual reimbursement obligations owing by landlords of the
Loan Parties to the extent actually reimbursed in cash by landlords that are not Affiliates of any Loan Party and (z) for the avoidance of doubt, Permitted Acquisitions. 

“Capitalized Leases” means all leases that have been or should be, in accordance with GAAP, recorded as capitalized leases.

 “Cash Collateral Account” means a blocked, non-interest bearing deposit account of one or more of the Loan Parties for
the purpose of holding Cash Collateral at Bank of America (or another commercial bank selected in compliance with Section 6.17) in the name of the Administrative Agent and under the sole dominion and control of the Administrative Agent,
and otherwise established in a manner satisfactory to the Administrative Agent. 
 “Cash Collateralized Surety Bonds” means
Indebtedness of the Loan Parties in respect of surety bonds permitted under Section 7.02(h), to the extent such Indebtedness is fully cash collateralized with cash or Cash Equivalents that is subject to a Lien in favor of the holders of
such Indebtedness permitted under Section 7.01(f). 
 “Cash Collateralize” means to pledge and deposit with or
deliver to the Administrative Agent, for the benefit of one or more of the Administrative Agent, L/C Issuer or the Lenders, as collateral for L/C Obligations or obligations of Lenders to fund participations in respect of L/C Obligations, cash or
deposit account balances or, if the Administrative Agent and the L/C Issuer shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to the Administrative Agent and the L/C
Issuer. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. 

  
 6 

 “Cash Equivalents” means any of the following types of Investments, to the
extent owned by any Loan Party free and clear of all Liens (other than Liens created under the Collateral Documents): 
 (a)
readily marketable obligations issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality thereof having maturities of not more than 360 days from the date of acquisition thereof;
provided that the full faith and credit of the United States of America is pledged in support thereof; 
 (b) time
deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (i) (A) is a Lender or (B) is organized under the laws of the United States of America, any state thereof or the District of
Columbia or is the principal banking Subsidiary of a bank holding company organized under the laws of the United States of America, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or
the parent of which issues) commercial paper rated as described in clause (c) of this definition and (iii) has combined capital and surplus of at least $500,000,000, in each case with maturities of not more than 180 days from the date of
acquisition thereof; 
 (c) commercial paper issued by any Person organized under the laws of any state of the United States
of America and rated at least “Prime-1” (or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by S&P, in each case with maturities of not more than 180 days from the date of
acquisition thereof; 
 (d) Investments, classified in accordance with GAAP as current assets of the Loan Parties, in money
market investment programs registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating obtainable from either Moody’s or S&P, and the portfolios of which are limited
solely to Investments of the character, quality and maturity described in clauses (a), (b) and (c) of this definition; and 

(e) fully collateralized repurchase agreements with a term of not more than thirty (30) days for securities described in
clause (a) above (without regard to the limitation on maturity contained in such clause) and entered into with a financial institution satisfying the criteria described in clause (b) above or with any primary dealer and having a market
value at the time that such repurchase agreement is entered into of not less than 100% of the repurchase obligation of such counterparty entity with whom such repurchase agreement has been entered into. 

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

  
 7 

 “Cash Management Bank” means any Lender or an Affiliate of a Lender, in its
capacity as a party to a Cash Management Agreement with a Loan Party, or any Person that was a Lender or an Affiliate of a Lender at the time it entered into such Cash Management Agreement or was a party to a Cash Management Agreement on the
Restatement Effective Date, but has ceased to be a Lender (or whose Affiliate has ceased to be a Lender). 
 “CERCLA” means
the Comprehensive Environmental Response, Compensation and Liability Act of 1980. 
 “CERCLIS” means the Comprehensive
Environmental Response, Compensation and Liability Information System maintained by the U.S. Environmental Protection Agency. 

“CFC” means a Person that is a controlled foreign corporation under Section 957 of the Code. 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or
taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or
issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the
date enacted, adopted or issued. 
 “Change of Control” means an event or series of events by which: 

(a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934 (the “Exchange Act”), but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan)
other than the Equity Investors becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all
securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of 30% or more of the equity
securities of the Borrower entitled to vote for members of the board of directors or equivalent governing body of the Borrower on a fully-diluted basis (and taking into account all such securities that such “person” or “group”
has the right to acquire pursuant to any option right); or 
 (b) during any period of 12 consecutive months, a majority of
the members of the board of directors or equivalent governing body of the Borrower cease to be composed of individuals (i) who were members of that board of directors or equivalent 

  
 8 

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

(c) any Person or two or more Persons (other than the Equity Investors) acting in concert shall have acquired by contract or
otherwise, or shall have entered into a contract or arrangement that, upon consummation thereof, will result in its or their acquisition of the power to exercise, directly or indirectly, a controlling influence over the management or policies of the
Borrower, or control over the equity securities of the Borrower entitled to vote for members of the board of directors or equivalent governing body on a fully-diluted basis (and taking into account all such securities that such Person or Persons has
the right to acquire pursuant to any option right) representing 30% or more of the combined voting power of such securities; or 

(d) the Borrower shall cease, directly or indirectly, to own and control legally and beneficially all of the Equity Interests
in any of its Subsidiaries, unless otherwise permitted under Section 7.05. 
 “Class” means each separate class
of Loans comprising, as the context may require, all outstanding Revolving Credit Loans at such time or all outstanding Term Loans at such time. 

“Code” means the Internal Revenue Code of 1986. 

“Coke Beverage Marketing Agreement” means the Beverage Marketing Agreement, dated as of June 24, 2010, between the
Borrower and Coca-Cola FoodService, part of the Coca-Cola Company. 
 “Collateral” means all of the
“Collateral” referred to in the Collateral Documents and all of the other property that is or is intended under the terms of the Collateral Documents to be subject to Liens in favor of the Administrative Agent for the benefit of the
Secured Parties. 
 “Collateral Documents” means, collectively, each Account Control Agreement, the Guaranty and Security
Agreement, the Mortgages, if any, each intellectual property security agreement, each of the mortgages, collateral assignments, security agreements, pledge agreements or other similar agreements delivered to the Administrative Agent pursuant to
Section 6.12, and each of the other agreements, instruments or documents that creates or purports to create a Lien in favor of the Administrative Agent for the benefit of the Secured Parties. 

  
 9 

 “Commitment” means a Term Commitment or a Revolving Credit Commitment, as the
context may require. 
 “Committed Loan Notice” means a notice of (a) a Term Borrowing, (b) a Revolving Credit
Borrowing, (c) a conversion of Loans from one Type to the other, or (d) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which shall be substantially in the form of Exhibit A or such other form as
may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the
Borrower. 
 “Compliance Certificate” means a certificate substantially in the form of Exhibit D. 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes. 
 “Consolidated EBITDA” means, at any date of determination, an amount
equal to Consolidated Net Income for the most recently completed Measurement Period plus (a) the following to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest Charges, (ii) income tax
expense in accordance with GAAP, (iii) depreciation and amortization expense, (iv) non-cash compensation expenses arising from the issuance of Equity Interests, options to purchase Equity Interests and stock appreciation rights to the
employees of the Borrower, (v) Consolidated Restaurant Pre-Opening Costs, in an amount not to exceed $80,000 with respect to any New Operating Unit, for such Measurement Period, (vi) charges, expenses or losses reducing such Consolidated
Net Income which do not represent a cash item in such period; provided, however, that cash payments made in such period or in any future period in respect of such non-cash charges, expenses or losses shall be subtracted from
Consolidated EBITDA in the period when such payments are made, and (vii) any one-time costs, expenses, fees and management incentive payments paid or accrued during the 2012 Fiscal Year in connection with the Borrower’s Review of Strategic
Alternatives in an amount not to exceed $5,000,000 in the aggregate (in each case of or by the Borrower and its Domestic Subsidiaries on a consolidated basis for such Measurement Period), and minus (b) the following to the extent
included in calculating such Consolidated Net Income: (i) Federal, state, local and foreign income tax credits and (ii) all non-cash items increasing Consolidated Net Income (in each case of or by the Borrower and its Domestic Subsidiaries
on a consolidated basis for such Measurement Period). 
 “Consolidated EBITDAR” means, at any date of determination, an
amount equal to (without duplication) (a) Consolidated EBITDA for the most recently completed Measurement Period plus (b) Consolidated Rental Expense for the most recently completed Measurement Period. 

“Consolidated Fixed Charge Coverage Ratio” means, at any date of determination, the ratio of (a) (i) Consolidated
EBITDAR, less (ii) the aggregate amount of all Maintenance Capital Expenditures, less (iii) to the extent added back to Consolidated Net Income in connection with the calculation of Consolidated EBITDAR, the aggregate amount
of income tax expense in 

  
 10 

 
accordance with GAAP paid in cash, to (b) the sum of (i) Consolidated Interest Charges paid in cash, (ii) the aggregate principal amount of all regularly scheduled principal
payments or redemptions or similar acquisitions for value of outstanding debt for borrowed money and (iii) Consolidated Rental Expense paid in cash, in each case, of or by the Borrower and its Domestic Subsidiaries for the most recently
completed Measurement Period. 
 “Consolidated Funded Indebtedness” means, at any date of determination, for the Borrower
and its Domestic Subsidiaries on a consolidated basis, the sum of (a) the outstanding principal amount of all Indebtedness, whether current or long-term, for borrowed money (including the Obligations) and all Indebtedness evidenced by bonds,
debentures, notes, loan agreements or other similar instruments, (b) all purchase money Indebtedness, (c) all direct obligations arising under letters of credit (including standby and commercial), bankers’ acceptances, bank
guaranties, surety bonds and similar instruments, (d) all obligations in respect of the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business), (e) all Attributable
Indebtedness, (f) without duplication, all Guarantees with respect to outstanding Indebtedness of the types specified in clauses (a) through (e) above of Persons other than the Borrower or any such Domestic Subsidiary, and
(g) all Indebtedness of the types referred to in clauses (a) through (f) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which the Borrower or any
such Domestic Subsidiary is a general partner or joint venturer, unless such Indebtedness is expressly made non-recourse to the Borrower or any such Domestic Subsidiary; provided that Consolidated Funded Indebtedness shall not include the
Excluded Items. 
 “Consolidated Interest Charges” means, at any date of determination, the sum of (a) all interest,
premium payments, debt discount, fees, charges and related expenses in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as interest in
accordance with GAAP, and (b) the portion of rent expense under Capitalized Leases that is treated as interest in accordance with GAAP, in each case, of or by the Borrower and its Domestic Subsidiaries on a consolidated basis for the most
recently completed Measurement Period. 
 “Consolidated Leverage Ratio” means, at any date of determination, the ratio of
(a) Consolidated Funded Indebtedness as of such date to (b) Consolidated EBITDA of the Borrower and its Domestic Subsidiaries on a consolidated basis for the most recently completed Measurement Period. For purposes of calculating
Consolidated Leverage Ratio, such ratio (and any component definition thereof) shall be calculated on a Pro Forma Basis (a) in all instances hereunder, in the event that any Permitted Acquisition or Disposition of all or substantially all of
the assets of a Domestic Subsidiary (to the extent permitted under Section 7.05) shall have occurred during the relevant period of determination and (b) in connection with any Specified Transaction, in the event that the provisions
hereof requires Consolidated Leverage Ratio to be calculated as a condition to the making of such Specified Transaction. 

“Consolidated Net Income” means, at any date of determination, the net income (or loss) of the Borrower and its Domestic
Subsidiaries on a consolidated basis for the most recently completed Measurement Period determined in accordance with GAAP; provided that Consolidated Net Income shall exclude (a) extraordinary gains and extraordinary losses for such

  
 11 

 
Measurement Period, (b) the net income of any Subsidiary of the Borrower during such Measurement Period to the extent that the declaration or payment of dividends or similar distributions by
such Subsidiary of such income is not permitted by operation of the terms of its Organization Documents or any agreement, instrument or Law applicable to such Subsidiary during such Measurement Period, except that the Borrower’s equity in any
net loss of any such Subsidiary for such Measurement Period shall be included in determining Consolidated Net Income, and (c) any income (or loss) for such Measurement Period of any Person if such Person is not a Domestic Subsidiary of the
Borrower, except that the Borrower’s or any such Domestic Subsidiary’s equity in the net income of any such Person for such Measurement Period shall be included in Consolidated Net Income up to the aggregate amount of cash actually
distributed by such Person during such Measurement Period to the Borrower or such Domestic Subsidiary as a dividend or other distribution (and in the case of a dividend or other distribution to a Domestic Subsidiary, such Domestic Subsidiary is not
precluded from further distributing such amount to the Borrower as described in clause (b) of this proviso). 
 “Consolidated
Rental Expense” means, at any date of determination, all rent expense arising under operating leases of the Borrower and its Domestic Subsidiaries for the most recently completed Measurement Period. 

“Consolidated Restaurant Pre-Opening Costs” means “Start-up costs” (as such term is defined in SOP 98-5 (FASB
Codification 720-10) published by the American Institute of Certified Public Accountants) incurred by the Borrower and/or its Domestic Subsidiaries on a consolidated basis related to the acquisition, opening and organizing of New Operating Units,
such costs to include, without limitation, the cost of feasibility studies, staff-training, and recruiting and travel costs for employees engaged in such start-up activities. 

“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” 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. 

“Controlled Investment Affiliate” means as to any Person, any other Person which directly or indirectly, is in Control of, is
Controlled by, or is under common Control with, such Person and is organized primarily for making equity or debt investments in the Borrower and other portfolio companies. 

“Credit Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit Extension. 

“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. 

  
 12 

 “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
(a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate, if any, applicable to Base Rate Loans plus (iii) 2% per
annum; provided, however, that with respect to a Eurodollar 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% per
annum and (b) when used with respect to Letter of Credit Fees, a rate equal to the Applicable Rate plus 2% per annum. 

“Defaulting Lender” means, subject to Section 2.15(b), any Lender that (a) has failed to (i) fund all
or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s
determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the
Administrative Agent, the L/C Issuer, the Swing Line Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swing Line Loans) within two Business Days of the
date when due, (b) has notified the Borrower, the Administrative Agent, the L/C Issuer or the Swing Line Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect
(unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent,
together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower, to
confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause
(c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or
(ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit
Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender
or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement
of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that
a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of the effective date of such status, shall be 

  
 13 

 
conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.15(b)) as of the date established therefor by the
Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to the Borrower, the L/C Issuer, the Swing Line Lender and each other Lender promptly following such determination. 

“Designated Jurisdiction” means any country or territory to the extent that such country or territory itself is the subject
of any Sanction. 
 “Disposition” or “Dispose” means the sale, transfer, license, lease or other
disposition (including any sale and leaseback transaction) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated
therewith. 
 “Dollar” and “$” mean lawful money of the United States. 

“Domestic Subsidiary” means any Subsidiary that is organized under the laws of any political subdivision of the United
States. 
 “Eligible Assignee” means any Person that meets the requirements to be an assignee under
Section 10.06(b)(iii) and (v) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)). 

“Eligible Real Estate” means real property with a value in excess of $250,000 in which any Loan Party holds a fee-owned
interest for more than 180 consecutive days following its acquisition of such property. 
 “Environmental Laws” means any
and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the
protection of the environment or the release of any materials into the environment, including those related to hazardous substances or wastes, air emissions and discharges to waste or public systems. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), of the Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the
generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or
(e) any contract, agreement or other consensual arrangement pursuant to which 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 of capital stock of (or other
ownership or profit interests in) such Person, all of the warrants, options or other rights 

  
 14 

 
for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for
shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit
interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination. 

“Equity Investors” means, collectively, Greenlight Capital, Inc. and its Controlled Investment Affiliates. 

“ERISA” means the Employee Retirement Income Security Act of 1974. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with the Borrower within the
meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of the Borrower or
any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated
as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing
of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate a Pension Plan; (f) any event or
condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (g) the determination that any Pension Plan is considered an at-risk plan or a plan in
endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA; or (h) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent
under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate. 
 “Eurodollar Base Rate” has the meaning
specified in the definition of Eurodollar Rate. 
 “Eurodollar Rate” means (a) for any Interest Period with respect to
a Eurodollar Rate Loan, a rate per annum determined by the Administrative Agent pursuant to the following formula: 
  

			
	 Eurodollar Rate =
	  	 Eurodollar Base Rate

1.00 – Eurodollar Reserve Percentage

 Where, 

“Eurodollar Base Rate” means, for such Interest Period, the rate per annum equal to the London Interbank
Offered Rate (“LIBOR”), as published by Bloomberg (or other commercially available source providing quotations of LIBOR as designated by the 

  
 15 

 
Administrative Agent from time to time) at approximately 11:00 a.m., London time, two London Banking Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on
the first day of such Interest Period) with a term equivalent to such Interest Period; and 
 “Eurodollar Reserve
Percentage” means, for any day during any Interest Period, the reserve percentage (expressed as a decimal, carried out to five decimal places) in effect on such day, whether or not applicable to any Lender, under regulations issued from
time to time by the FRB for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently referred to as “Eurocurrency
liabilities”). The Eurodollar Rate for each outstanding Eurodollar Rate Loan shall be adjusted automatically as of the effective date of any change in the Eurodollar Reserve Percentage; 

or (b) for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about 11:00
a.m., London time determined two Business Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day; 

provided that to the extent a comparable or successor rate is approved by the Administrative Agent in connection herewith, the
approved rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate shall be
applied in a manner as otherwise reasonably determined by the Administrative Agent so long as the manner of such application is consistent with the manner in which the Administrative Agent generally makes determinations under its agreement with
similarly situated borrowers. 
 “Eurodollar Rate Loan” means a Revolving Credit Loan or a Term Loan that bears interest at
a rate based on clause (a) of the definition of Eurodollar Rate. 
 “Event of Default” has the meaning specified in
Section 8.01. 
 “Excess Revolving Availability” means, as of any date of determination, the amount by which
(a) the Revolving Credit Facility exceeds (b) the Total Revolving Credit Outstandings. 
 “Excluded Items” means
collectively, (a) Indebtedness under the Coke Beverage Marketing Agreement to the extent such Indebtedness is permitted under Sections 7.02(d) and (i) and (b) Cash Collateralized Surety Bonds, provided, that the
Coke Beverage Marketing Agreement shall only constitute an Excluded Item to the extent a default shall not have occurred and be continuing thereunder which permits The Coca-Cola Company to terminate such agreement (after giving effect to any
applicable cure periods) and to cause the “Advance” or similar advances thereunder to become due and payable. 
 “Excluded
Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise
Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing
such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, 

  
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 (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for
the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment
request by the Borrower under Section 10.13) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 3.01(a)(ii), a(iii) or (c), amounts with respect to
such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to
comply with Section 3.01(e) and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA. 
 “Existing
Credit Agreement” has the meaning specified in the preliminary statements hereto. 
 “Existing Revolving Credit
Loans” means the “Revolving Credit Loans” (as defined in the Existing Credit Agreement). 
 “Existing Term
Loans” means the “Term Loans” (as defined in the Existing Credit Agreement). 
 “Existing Letters of
Credit” means those letters of credit set forth on Schedule 1.01 hereto. 
 “Extraordinary Receipt” means
any cash received by or paid to or for the account of any Person not in the ordinary course of business, including tax refunds, pension plan reversions, proceeds of insurance (other than proceeds of business interruption insurance to the extent such
proceeds constitute compensation for lost earnings), condemnation awards (and payments in lieu thereof), indemnity payments, amounts received under, or in connection with, judgments or settlement of any dispute, and any purchase price adjustments;
provided, however, that “Extraordinary Receipts” shall not include (i) proceeds of issuances of Equity Interests of a Loan Party, (ii) proceeds of Dispositions or of the issuance or incurrence of Indebtedness or
(iii) amounts (other than proceeds of insurance, condemnation awards and purchase price adjustments) to the extent that, such amounts under this clause (iii) so received are, or are promptly to, be applied by the Loan Party for the purpose
of satisfying any indemnification or similar claim, or covering or reimbursing any losses of a Loan Party, in each case arising out of the event resulting in the receipt of such amounts. 

“Facility” means the Term Facility or the Revolving Credit Facility, as the context may require. 

“FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board. 

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

  
 17 

 “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 of New York 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 Bank of America on such day on
such transactions as determined by the Administrative Agent. 
 “Fee Letters” means, collectively, the Agent Fee Letter,
the First Amendment Fee Letter, the Second Amendment Fee Letter and each Arrangers Fee Letter. 
 “First Amendment Effective
Date” means June 27, 2013. 
 “First Amendment Fee Letter” means that certain letter agreement dated
June 14, 2013 by and among Bank of America, MLPF&S and the Borrower. 
 “Fiscal Quarter” means each period of
thirteen weeks ending on or about the Tuesday closest to March 31, June 30, September 30 and December 31 of each calendar year. 

“Fiscal Year” means the twelve month period ending on the Tuesday closest to December 31st of each calendar year. 

“Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the
Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. For purposes of this definition, the United States, each State thereof and the
District of Columbia shall be deemed to constitute a single jurisdiction. 
 “Foreign Subsidiary” means each Subsidiary
other than a Domestic Subsidiary. 
 “Franchise Agreements” means each of the agreements entered into from time to time by
any Loan Party pursuant to which such Loan Party as Franchisor agrees to allow a Franchisee to operate a restaurant facility using the “Einstein Bros. Bagel,” “Noah’s Bagel” or “Manhattan Bagel” restaurant
concepts. 
 “Franchisee” means each third party unaffiliated restaurant operator identified as a franchisee in any
Franchise Agreement. 
 “Franchised Unit Locations” means, collectively, the property comprising Franchised Unit Locations
described in Part (b) of Schedule 5.21 (as such Schedule may be updated from time to time with the written consent of the Administrative Agent). 

  
 18 

 “Franchisor” means any Loan Party. 

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

“Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to the L/C Issuer, such Defaulting
Lender’s Applicable Revolving Credit Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Revolving Credit Lenders or Cash
Collateralized in accordance with the terms hereof, and (b) with respect to the Swing Line Lender, such Defaulting Lender’s Applicable Revolving Credit Percentage of Swing Line Loans other than Swing Line Loans as to which such Defaulting
Lender’s participation obligation has been reallocated to other Revolving Credit Lenders in accordance with the terms hereof. 

“Fund” means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or
otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

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

“Governmental Authority” means the government of the United States or any other nation, or of any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining
to government (including any supra-national bodies such as the European Union or the European Central Bank). 
 “Growth Capital
Expenditures” means Capital Expenditures related to (a) the construction, acquisition or opening of New Operating Units or Unit Locations, (b) the remodeling or renovation of any existing Restaurant, (c) point of sale upgrade
initiatives at existing Restaurants, (d) store relocations and (e) other growth initiatives. 
 “Guarantee”
means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other
obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation,
(iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or

  
 19 

 
other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof
or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other
obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). Unless otherwise expressly limited by the terms of such Guarantee, 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, or if less with respect to facts and circumstances arising under clause (b) only, the value of the property securing such Indebtedness or obligation. The term
“Guarantee” (x) as a verb has a corresponding meaning and (y) shall not include warranties or indemnities for goods or services sold in the ordinary course of business or endorsements of instruments for deposit or
collection in the ordinary course of business. 
 “Guarantors” means, collectively, each Domestic Subsidiary (other than
the Inactive Subsidiaries) and each Foreign Subsidiary (to the extent no material adverse tax consequences would result therefrom) of the Borrower that executes the Guaranty and Security Agreement or any other guaranty of the Obligations. 

“Guaranty and Security Agreement” means the Guaranty and Security Agreement, dated as of the Original Closing Date, among the
Borrower, the Guarantors and the Administrative Agent. 
 “Hazardous Materials” means all explosive or radioactive
substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and
all other substances or wastes of any nature regulated pursuant to any Environmental Law. 
 “Hedge Bank” means any Lender
or an Affiliate of a Lender, in its capacity as a party to a Swap Contract with a Loan Party, or any Person that was a Lender or an Affiliate of a Lender at the time it entered into such Swap Contract or was a party to a Swap Contract on the
Restatement Effective Date, but has ceased to be a Lender (or whose Affiliate has ceased to be a Lender). 
 “Impacted
Loans” has the meaning specified in Section 3.03. 
 “Inactive Subsidiaries” means, each of
(a) Bay Area Bagel, Inc., (b) CR Bagel Leases, Inc., (c) DAB Industries, Inc. and (d) Manhattan Bagel Construction Corp., in each case, until such time that such Subsidiary becomes a Guarantor. 

“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: 

  
 20 

 (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 of all
direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; 

(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 trade accounts
payable in the ordinary course of business and, in each case, not past due for more than 90 days); 
 (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), whether or not such indebtedness shall have been
assumed by such Person or is limited in recourse; 
 (f) all Attributable Indebtedness in respect of Capitalized Leases and
Synthetic Lease Obligations of such Person and all Synthetic Debt of such Person; 
 (g) all obligations of such Person to
purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interest in such Person or any other Person or any warrant, right or option to acquire such Equity Interest, valued, in the case of a redeemable preferred
interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends, in each case only if such obligation to purchase, redeem, retire, defease or otherwise make any payment arises prior to the date that
is one calendar year after the Maturity Date; and 
 (h) all Guarantees of such Person in respect of any of the foregoing.

 For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a
joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless (x) such Indebtedness is expressly made non-recourse to such Person or (y) a portion of such
Indebtedness is expressly made non-recourse to such Person, in which case only such portion shall not constitute Indebtedness. The amount of any net obligation under any Swap Contract on any date of determination shall be deemed to be the Swap
Termination Value thereof as of such date. The amount of any Capitalized Lease or Synthetic Lease Obligation as of any date of determination shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date. 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on
account of any obligation of any Loan Party under any Loan Document, and (b) to the extent not otherwise described in (a), Other Taxes. 

“Indemnitee” has the meaning specified in Section 10.04(b). 

  
 21 

 “Information” has the meaning specified in Section 10.07. 

“Interest Payment Date” means, (a) as to any Eurodollar Rate Loan, the last day of each Interest Period applicable to
such Loan and the Maturity Date; provided, however, that if any Interest Period for a Eurodollar 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 Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is
disbursed, or converted to or continued as a Eurodollar Rate Loan, and ending on the date one, three or six months thereafter (in each case subject to availability), as selected by the 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, in the case of a Eurodollar Rate Loan, 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 pertaining to a Eurodollar Rate Loan 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 of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or interest in, another
Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor Guarantees Indebtedness of such other Person or (c) the purchase or other acquisition (in one transaction or a
series of transactions) of assets of another Person that constitute a business unit or all or substantially all of the business of, such Person. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested,
without adjustment for subsequent increases or decreases in the value of such Investment. 
 “IP Rights” has the meaning
specified in Section 5.17. 
 “IRS” means the United States Internal Revenue Service. 

“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the
Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance). 

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

  
 22 

 “Laws” means, collectively, all international, foreign, Federal, state and local
statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, 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 Applicable Revolving Credit Percentage. 
 “L/C Borrowing” means an extension of credit
resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made 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 increase of the amount thereof. 
 “L/C Issuer” means Bank of America in its capacity as issuer of Letters
of Credit hereunder, or any successor issuer of Letters of Credit hereunder in accordance with the terms hereof. 
 “L/C
Obligations” means, at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of
computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. 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.

 “Lease” means, collectively each lease of real property by any Loan Party related to a Restaurant or to the operation of
the business of the Loan Parties. 
 “Lender” has the meaning specified in the introductory paragraph hereto and, as the
context requires, includes the Swing Line Lender. 
 “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 Borrower and the Administrative Agent. 

“Letter of Credit” means any standby letter of credit issued hereunder, and shall include the Existing Letters of Credit.

  
 23 

 “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 L/C Issuer. 
 “Letter of Credit Expiration
Date” means the day that is seven days prior to the Maturity Date (or, if such day is not a Business Day, the next preceding Business Day). 

“Letter of Credit Fee” has the meaning specified in Section 2.03(h). 

“Letter of Credit Sublimit” means an amount equal to the lesser of (a) $20,000,000 and (b) the Revolving Credit
Facility. The Letter of Credit Sublimit is part of, and not in addition to, the Revolving Credit Facility. 
 “License
Agreement” means each of the license agreements entered into from time to time by any Loan Party pursuant to which such Loan Party as licensor agrees to allow a licensee to operate a restaurant facility using the “Einstein Bros.
Bagel,” “Noah’s Bagel” or “Manhattan Bagel” restaurant concept. 
 “Lien” means any mortgage,
pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest 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 financing lease having substantially the same economic effect as any of the foregoing).

 “Loan” means an extension of credit by a Lender to the Borrower under Article II in the form of a Term Loan, a
Revolving Credit Loan or a Swing Line Loan. 
 “Loan Documents” means, collectively, (a) this Agreement, (b) the
Notes, (c) the Amendment and Reaffirmation, (d) the Collateral Documents, (e) any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.14, (f) the Fee Letters and
(g) each Issuer Document. 
 “Loan Parties” means, collectively, the Borrower and each Guarantor. 

“London Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London
interbank eurodollar market. 
 “Maintenance Capital Expenditures” means Capital Expenditures, other than Growth Capital
Expenditures. 
 “Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon,
the operations, business, assets, properties, liabilities (actual or contingent) or condition (financial or otherwise) of the Borrower and its Subsidiaries taken as a whole, (b) a material impairment of the rights and remedies of the
Administrative Agent or any Lender under any Loan Document, or of the ability of any Loan Party to perform its obligations under any Loan Document to which it is a party, or (c) a material adverse effect upon the legality, validity, binding
effect or enforceability against any Loan Party of any Loan Document to which it is a party. 

  
 24 

 “Material Contract” means, with respect to each Loan Party, any contract
(including, without limitation, any Lease, License Agreement and Franchise Agreement) to which such Person is a party that the termination of which, either individually or in the aggregate, will cause a Material Adverse Effect. 

“Maturity Date” means July 3, 2019; provided, however, that if such date is not a Business Day, the Maturity Date shall
be the next preceding Business Day. 
 “Measurement Period” means, at any date of determination, the most recently
completed four Fiscal Quarters of the Borrower. 
 “Minimum Collateral Amount” means, at any time, (i) with respect to
Cash Collateral consisting of cash or deposit account balances provided to reduce or eliminate Fronting Exposure during the existence of a Defaulting Lender, an amount equal to 100% of the Fronting Exposure of the L/C Issuer with respect to Letters
of Credit issued and outstanding at such time, (ii) with respect to Cash Collateral consisting of cash or deposit account balances provided in accordance with the provisions of Section 2.14(a)(i) or (a)(ii), an amount equal
to 100% of the Outstanding Amount of all L/C Obligations, and (iii) with respect to Cash Collateral consisting of cash or deposit account balances provided in accordance with the provisions of Section 2.14(a)(iii), an amount equal
to 105% of the Outstanding Amount of all LC Obligations. 
 “MLPF&S” means Merrill Lynch, Pierce, Fenner &
Smith Incorporated and its successors. 
 “Moody’s” means Moody’s Investors Service, Inc. and any successor
thereto. 
 “Mortgage” means deeds of trust, trust deeds, deeds to secure debt and mortgages, in each case, covering the
Eligible Real Estate. 
 “Multiemployer Plan” means any employee benefit plan of the type described in
Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions. 

“Multiple Employer Plan” means a Plan which has two or more contributing sponsors (including the Borrower or any ERISA
Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA. 
 “Net
Cash Proceeds” means: 
 (a) with respect to any Disposition by any Loan Party, or any Extraordinary Receipt
received or paid to the account of any Loan Party, the excess, if any, of (i) the sum of cash and Cash Equivalents received by any Loan Party in connection with such transaction (including any cash or Cash Equivalents received by way of
deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) over (ii) the sum of (A) the principal amount of any Indebtedness that is secured by the applicable asset and that is
required to be repaid in connection with such transaction (other than Indebtedness under the Loan Documents), (B) the reasonable and 

  
 25 

 
customary out-of-pocket expenses incurred by any Loan Party in connection with such transaction, (C) income taxes reasonably estimated to be actually payable within two years of the date of
the relevant transaction as a result of any gain recognized in connection therewith; provided that, if the amount of any estimated taxes pursuant to subclause (C) exceeds the amount of taxes actually required to be paid in cash in
respect of such Disposition, the aggregate amount of such excess shall constitute Net Cash Proceeds and (D) amounts which are required to be reserved for on the balance sheet or otherwise required to be placed in escrow in connection with such
Disposition, casualty or condemnation and actually reserved for or actually placed in escrow, unless and until such amounts are no longer required to be subject to a reserve or are released to any Loan Party (at which such time, such reserved or
escrowed amounts shall constitute Net Cash Proceeds); and 
 (b) with respect to the incurrence or issuance of any
Indebtedness by any Loan Party, the excess of (i) the sum of the cash and Cash Equivalents received by any Loan Party in connection with such transaction (net of all taxes incurred by any Loan Party in connection therewith) over (ii) the
underwriting discounts and commissions, and other reasonable and customary out-of-pocket expenses, incurred by any Loan Party in connection therewith. 

“New Operating Units” means Restaurants, the ownership or operation of which started on a date after the Original Closing
Date. 
 “Non-Consenting Lender” means any Lender that does not approve any consent, waiver or amendment that
(i) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 10.01 and (ii) has been approved by the Required Lenders. 

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

“Note” means a Term Note or a Revolving Credit Note, as the context may require. 

“NPL” means the National Priorities List under CERCLA. 

“Obligations” means all 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, Letter of Credit, Secured Cash Management Agreement or Secured Hedge Agreement, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent,
due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the
debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. 
 “OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury. 
 “Organization Documents”
means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents 

  
 26 

 
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 December 20, 2010. 

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

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.06). 

“Outstanding Amount” means (a) with respect to Term Loans, Revolving Credit Loans and Swing Line Loans, on any date of
determination, the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Term Loans, Revolving Credit Loans and Swing Line Loans, as the case may be, occurring on such date, and
(b) with respect to any L/C Obligations on any date of determination, the amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the
L/C Obligations as of such date, including as a result of any reimbursements by the Borrower of Unreimbursed Amounts. 

“Participant” has the meaning specified in Section 10.06(d). 

“Participant Register” has the meaning specified in Section 10.06(d). 

“PBGC” means the Pension Benefit Guaranty Corporation. 

“Pension Act” means the Pension Protection Act of 2006. 

“Pension Funding Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any
installment payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act
and, thereafter, Section 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA. 

  
 27 

 “Pension Plan” means any employee pension benefit plan (including a Multiple
Employer Plan or a Multiemployer Plan) that is maintained or is contributed to by the Borrower and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code. 

“Permitted Acquisition” means an Investment by a Loan Party permitted under Section 7.03(g). 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Plan” means any employee benefit plan within the meaning of
Section 3(3) of ERISA (including a Pension Plan), maintained for employees of the Borrower or any ERISA Affiliate or any such Plan to which the Borrower or any ERISA Affiliate is required to contribute on behalf of any of its employees. 

“Platform” has the meaning specified in Section 6.02. 

“Prepayment Account” has the meaning specified in Section 2.05(b)(viii). 

“Pro Forma Basis” means, with respect to any Specified Transaction, the calculation of Consolidated Leverage Ratio (and any
component definition thereof) for the Measurement Period most recently ended prior to such Specified Transaction, as if such Specified Transaction had occurred immediately prior to the first day of such Measurement Period. For purposes of making
this pro forma calculation of Consolidated Leverage Ratio (and any component definition thereof), adjustments described in clauses (a), (b) and (c) below (all such adjustments to be reasonably acceptable to the
Administrative Agent) shall be included: 
 (a) (i) all Indebtedness (whether under this Agreement or otherwise), other
liabilities and any other balance sheet adjustments incurred, made or assumed in connection with a Specified Transaction shall be deemed to have been incurred, made or assumed as of the first day of the relevant Measurement Period, and (ii) all
Indebtedness which was repaid, released or satisfied in connection with a Specified Transaction, all Indebtedness of the Person acquired or to be acquired in a Permitted Acquisition constituting a Specified Transaction or which is attributable to
the business, business division, unit, restaurant or Person acquired or to be acquired or incurred in connection with such Permitted Acquisition which was or will have been repaid in connection with the consummation of such Permitted Acquisition
shall be deemed to have been repaid as of the first day of the relevant Measurement Period; 
 (b) other reasonable specified
cost savings, expenses and other income statement or operating statement adjustments which are attributable to the change in ownership resulting from a Permitted Acquisition constituting a Specified Transaction as may be approved by the
Administrative Agent, in its reasonable discretion, in writing shall be deemed to have been realized on the first day of the Measurement Period most recently ended; and 

  
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 (c) for purposes of calculating Consolidated EBITDA for the relevant Measurement
Period, the financial results of the business, business division, unit, restaurant or Person, as applicable, to be acquired in connection with a Permitted Acquisition constituting a Specified Transaction shall be calculated and included by reference
to the audited (if available) or management certified (if audited results are not available) and in any event, if audited or management certified results are not available, historical financial results (so long as such results are in form and
substance reasonably acceptable to the Administrative Agent) of such business, business division, restaurant or Person, as applicable, to be so acquired. 

“Public Lender” has the meaning specified in Section 6.02. 

“Recipient” means the Administrative Agent, any Lender, the L/C Issuer or any other recipient of any payment to be made by or
on account of any obligation of any Loan Party hereunder. 
 “Register” has the meaning specified in
Section 10.06(c). 
 “Related Parties” means, with respect to any Person, such Person’s Affiliates and the
partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates. 

“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day
notice period has been waived. 
 “Request for Credit Extension” means (a) with respect to a Borrowing, conversion or
continuation of Term Loans or 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 holding more than 50% of the sum of the (a) Total
Outstandings (with the aggregate amount of each Revolving Credit Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Revolving Credit 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; provided, that the amount of any participation in any Swing Line Loan and Unreimbursed Amounts that such Defaulting Lender has failed to fund that have not been reallocated to and funded
by another Lender shall be deemed to be held by the Lender that is the Swing Line Lender or L/C Issuer, as the case may be, in making such determination. 

“Required Revolving Lenders” means, at any date of determination, Revolving Credit Lenders holding more than 50% of the sum
of the (a) Total Revolving Credit Outstandings (with the aggregate amount of each Revolving Credit Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Revolving
Credit 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 

  
 29 

 
Total Revolving Credit Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Revolving Lenders; provided, that the
amount of any participation in any Swing Line Loan and Unreimbursed Amounts that such Defaulting Lender has failed to fund that have not been reallocated to and funded by another Lender shall be deemed to be held by the Lender that is the Swing Line
Lender or L/C Issuer, as the case may be, in making such determination. 
 “Required Term Lenders” means, at any date of
determination, Term Lenders holding more than 50% of the Term Facility on such date; provided that the portion of the Term Facility held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Term
Lenders. 
 “Responsible Officer” means the chief executive officer, president, chief financial officer, treasurer,
assistant treasurer or controller of a Loan Party and, solely for purposes of the (a) delivery of incumbency certificates pursuant to Section 4.01, the secretary or any assistant secretary of any Loan Party and (b) notices
given pursuant to Article II, any other officer or employee of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer or employee of the applicable Loan Party
designated in or pursuant to an agreement between the applicable Loan Party and the Administrative Agent. 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. 

“Restatement Effective Date” means December 6, 2012. 

“Restaurant” means a particular restaurant at a particular location that is owned (regardless of whether the real property is
owned or leased) and operated by the Borrower or any other Loan Party. 
 “Restricted Payment” means (a) any dividend
or other distribution (whether in cash, securities or other property) with respect to any capital stock or other Equity Interest of any Person or any of its Subsidiaries, or (b) 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 capital stock or other Equity Interest, or on account of any return of capital to any
Person’s stockholders, partners or members (or the equivalent of any thereof), or (c) any option, warrant or other right to acquire any such dividend or other distribution or payment, or (d) any management, consulting or similar fees,
allowances or similar arrangements directly or indirectly paid or payable by any Loan Party to an Affiliate thereof. 
 “Revolving
Credit Borrowing” means a borrowing consisting of simultaneous Revolving Credit Loans of the same Type and, in the case of Eurodollar 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 Borrower pursuant to Section 2.01(b), (b)

  
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purchase participations in L/C Obligations 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 opposite such Lender’s name on Schedule 2.01 under the caption “Revolving Credit Commitment” or opposite such caption 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, including without limitation, pursuant to Section 2.16 hereof. 

“Revolving Credit Exposure” means, as to each Revolving Credit Lender, at any time, the aggregate Outstanding Amount of the
Revolving Credit Loans of such Revolving Credit Lender, plus such Revolving Credit Lender’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Revolving Credit Lender’s
Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans at such time. 
 “Revolving Credit
Facility” means, at any time, the aggregate amount of the Revolving Credit Lenders’ Revolving Credit Commitments at such time. As of the Restatement Effective Date, the aggregate amount of the Revolving Credit Commitments is
$75,000,000. 
 “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), and shall include the Existing
Revolving Credit Loans. 
 “Revolving Credit Note” means a promissory note made by the Borrower in favor of a Revolving
Credit Lender evidencing Revolving Credit Loans made by such Revolving Credit Lender, substantially in the form of Exhibit C-2. 

“Sanction(s)” means any sanction administered or enforced by the United States Government (including, without limitation,
OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. and any
successor thereto. 
 “SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any
of its principal functions. 
 “Second Amendment” means that certain Amendment No. 2 and Reaffirmation of Collateral
Documents, dated June 16, 2014, among the Borrower, each other Loan Party party thereto, the Lenders party thereto and the Administrative Agent 

“Second Amendment Effective Date” means July 3, 2014. 

“Second Amendment Fee Letter” means that certain letter agreement dated June 16, 2014 by and among Bank of America,
MLPF&S and the Borrower. 

  
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 “Second Amendment Term Lenders” means each Lender with a Second Amendment Term
Loan Commitment as set forth on Schedule 2.01-B. 
 “Second Amendment Term Loan Commitments” means, as to any Term
Lender, its obligation to make an Additional Term Loan to the Borrower pursuant to Section 2.1(a)(ii) on the Second Amendment Effective Date in an aggregate principal amount not to exceed the amount set forth opposite such Term
Lender’s name on Schedule 2.01-B under the caption “Second Amendment Term Loan Commitment”. As of the Second Amendment Effective Date, the aggregate principal amount of all Second Amendment Term Loan Commitments of all Term
Lenders is $7,500,000. 
 “Secured Cash Management Agreement” means any Cash Management Agreement that is entered into by
and between any Loan Party and any Cash Management Bank. 
 “Secured Hedge Agreement” means any interest rate or currency
Swap Contract permitted under VII that is entered into by and between any Loan Party and any Hedge Bank. 
 “Secured
Parties” means, collectively, the Administrative Agent, the Lenders, the L/C Issuer, the Swing Line Lender, the Hedge Banks, the Cash Management Banks, each co-agent, sub-agent or attorney in fact appointed by the Administrative Agent from
time to time pursuant to Section 9.05, and the other Persons the Obligations owing to which are or are purported to be secured by the Collateral under the terms of the Collateral Documents. 

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

“Specified Transaction” means (a) a Permitted Acquisition, (b) any Restricted Payment made in accordance with
Section 7.06(c), (d), (e) or (g), (c) a Disposition of all or substantially all of the assets of a Domestic Subsidiary (to the extent permitted under Section 7.05), (d) an increase in the
Revolving Credit Facility in accordance with Section 2.16 or (e) an increase in the Term Facility in accordance with Section 2.17. 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity
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 

  
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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 Borrower. Notwithstanding the foregoing, no joint venture engaged primarily in the manufacturing or
commissary businesses that is created in connection with a Disposition permitted under Section 7.05(l) shall be a “Subsidiary” of the Borrower or any other Loan Party hereunder (it being understood and agreed that the Loan
Parties’ Equity Interests in such joint venture shall be pledged to the Administrative Agent to secure payment of all the Obligations). 

“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 Lender”
means Bank of America 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, shall be substantially in the form of Exhibit B or such other form as approved by the Administrative Agent (including any form on an electronic platform or electronic
transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower, 

  
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 “Swing Line Sublimit” means an amount equal to the lesser of (a) $5,000,000
and (b) the Revolving Credit Facility. The Swing Line Sublimit is part of, and not in addition to, the Revolving Credit Facility. 

“Syndication Agent” means Wells Fargo. 

“Synthetic Debt” means, with respect to any Person as of any date of determination thereof, all obligations of such Person in
respect of transactions entered into by such Person that are intended to function primarily as a borrowing of funds (including any minority interest transactions that function primarily as a borrowing) but are not otherwise included in the
definition of “Indebtedness” or as a liability on the consolidated balance sheet of such Person and its Subsidiaries in accordance with GAAP; provided that, the obligations of the Borrower and its Domestic Subsidiaries under
Leases shall not be considered Synthetic Debt. 
 “Synthetic Lease Obligation” means the monetary obligation of a Person
under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property (including sale and leaseback transactions), in each case, creating obligations that do not appear on the
balance sheet of such Person but which, upon the application of any Debtor Relief Laws to such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment); provided that, the obligations of the
Borrower and its Domestic Subsidiaries under Leases shall not be considered Synthetic Lease Obligations. 
 “Taxes” means
all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable
thereto. 
 “Term Borrowing” means a borrowing consisting of simultaneous Term Loans of the same Type and, in the case of
Eurodollar Rate Loans, having the same Interest Period made by each of the Term Lenders pursuant to Section 2.01(a). 

“Term Commitment” means, as to each Term Lender, (i) on the Restatement Effective Date, its obligation to make Term
Loans to the Borrower on the Restatement Effective Date pursuant to Section 2.01(a)(i) in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Term Lender’s name on Schedule
2.01-A under the caption “Term Commitment”, (ii) on the Second Amendment Effective Date, its obligation to make Additional Term Loans to the Borrower pursuant to Section 2.01(a)(ii) in an aggregate principal amount at
any one time outstanding not to exceed such Term Lender’s Second Amendment Term Loan Commitment, if any, or (iii) its obligation to make or maintain a Term Loan to the Borrowers in an aggregate principal amount at any one time outstanding
not to exceed the amount set forth opposite the caption “Term Commitment” in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in
accordance with this Agreement, including without limitation, pursuant to Section 2.17 hereof. 

  
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 “Term Facility” means, at any time, the aggregate principal amount of the Term
Loans of all Term Lenders outstanding at such time, subject to adjustments pursuant to Section 2.17 hereof. It is acknowledged and agreed that the Additional Term Loans are being made by the Second Amendment Term Lenders to the Borrower
on the Second Amendment Effective Date in the aggregate principal amount of the Second Amendment Term Loan Commitments in accordance with the terms of this Agreement. As of the Second Amendment Effective Date, the aggregate principal amount of the
Second Amendment Term Loan Commitments is $7,500,000 and aggregate principal amount of the Term Facility is $100,000,000. For the avoidance of doubt, the Additional Term Loans constitute a part of the Term Facility and constitute Term Loans. 

“Term Lender” means (a) at any time on or prior to the Restatement Effective Date, any Lender that has a Term Commitment
and/or Existing Term Loan at such time and (b) at any time after the Restatement Effective Date, any Lender that holds Term Loans at such time. 

“Term Loan” means an advance made by any Term Lender under the Term Facility, and shall include the Existing Term Loans. 

“Term Note” means a promissory note made by the Borrower in favor of a Term Lender evidencing Term Loans made by such Term
Lender, substantially in the form of Exhibit C 1. 
 “Threshold Amount” means $3,000,000. 

“Total Credit Exposure” means, as to any Lender at any time, the unused Commitments and Revolving Credit Exposure of such
Lender at such time. 
 “Total Liquidity” means, at any time, the sum of (i) Excess Revolving Availability at such
time and (ii) the aggregate amount of cash and Cash Equivalents of the Loan Parties that constitute unrestricted cash in accordance with GAAP set forth on the consolidated balance sheet of the Borrower and its Domestic Subsidiaries as at the
last date of the fiscal month of the Borrower then most recently ended for which financial statements have been provided to the Administrative Agent pursuant to Section 6.01(b) or (c) that are reasonably satisfactory to the
Administrative Agent. 
 “Total Revolving Credit Outstandings” means the aggregate Outstanding Amount of all Revolving
Credit Loans, Swing Line Loans and L/C Obligations. 
 “Total Outstandings” means the aggregate Outstanding Amount of all
Loans and all L/C Obligations. 
 “Transaction” means, collectively, (a) the entering into by the Loan Parties and
their applicable Subsidiaries of the Loan Documents, and (b) the payment of the fees and expenses incurred in connection with the consummation of the foregoing. 

“Type” means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan. 

  
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 “UCC” means the Uniform Commercial Code as in effect in the State of New York;
provided that, if perfection or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York,
“UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority. 

“Unit Locations” means, collectively, the real property comprising any Restaurant locations. 

“United States” and “U.S.” mean the United States of America. 

“Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i). 

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

 “U.S. Tax Compliance Certificate” has the meaning specified in Section 3.01(e)(ii)(B)(III). 

“Wells Fargo” means Wells Fargo Bank, National Association and its successors. 

“Wells Fargo Securities” means Wells Fargo Securities, LLC and its successors. 

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

  
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 (b) 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.” 
 (c) 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. 
 1.03. Accounting Terms. 

(a) Generally. All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all
financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a
manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the
computation of any financial covenant) contained herein, Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 on financial liabilities
shall be disregarded. 
 (b) Changes in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or
requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the
original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such
change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between
calculations of such ratio or requirement made before and after giving effect to such change in GAAP. 
 1.04. Rounding. Any
financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such
ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 

1.05. Times of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time
(daylight or standard, as applicable).  
 1.06. Letter of Credit Amounts. Unless otherwise specified herein, the
amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms

  
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or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the
maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time. 

ARTICLE II 
 THE
COMMITMENTS AND CREDIT EXTENSIONS 
 2.01. The Loans. 

(a) The Term Borrowing. 

(i) Subject to the terms and conditions set forth herein, (A) each Term Lender severally agreed to make a single loan to
the Borrower on the Restatement Effective Date in an amount equal to such Term Lender’s Term Commitment on the Restatement Effective Date less the outstanding principal amount of such Term Lender’s Existing Term Loans immediately
prior to the Restatement Effective Date, (B) each Existing Term Loan was deemed to be, and shall continue as, Term Loans hereunder and (C) on the Restatement Effective Date, after giving effect to clauses (A) and (B) above, the
Outstanding Amount of the Term Loans was $100,000,000 and each Term Lender held a portion of the Term Loan equal to its Applicable Percentage of the Term Facility set forth on Schedule 2.01-A (it being understood and agreed that, to the
extent necessary, assignments of the Term Loans among certain Term Lenders were deemed to have occurred on the Restatement Effective Date so that each Term Lender held a portion of the Term Loan equal to its Applicable Percentage of the Term
Facility set forth on Schedule 2.01-A). The Term Commitments of each Lender to make Term Loans on the Restatement Effective Date terminated upon the funding of the Term Loans on the Restatement Effective Date. 

(ii) Subject to the terms and conditions set forth in the Second Amendment, each Second Amendment Term Lender severally agrees
to make a single loan to the Borrower on the Second Amendment Effective Date in an amount not to exceed such Second Amendment Term Lender’s Second Amendment Term Loan Commitment. Such Additional Term Loan, together with the Term Loan made to
the Borrower on the Restatement Effective Date, constitute a single loan hereunder for all purposes from and after the Second Amendment Effective Date. The Term Borrowing on the Second Amendment Effective Date shall consist of Term Loans made
simultaneously by the Second Amendment Term Lenders in the full amount of their respective Second Amendment Term Loan Commitments. The Term Commitments of each Second Amendment Term Lender to make the Additional Term Loans shall terminate upon the
funding on the Second Amendment Effective Date of the Additional Term Loans. 
 (iii) Amounts borrowed under this
Section 2.01(a) and repaid or prepaid may not be reborrowed. At the Borrower’s option, Term Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 

  
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 (b) The Revolving Credit Borrowings. Subject to the terms and conditions set forth herein,
each Revolving Credit Lender severally agrees to make loans (each such loan, a “Revolving Credit Loan”) to the Borrower from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at
any time outstanding the amount of such Lender’s Revolving Credit Commitment; provided, however, that after giving effect to any Revolving Credit Borrowing, (i) the Total Revolving Credit Outstandings shall not exceed the
Revolving Credit Facility, and (ii) the Revolving Credit Exposure of any Revolving Credit Lender shall not exceed such Revolving Credit Lender’s Revolving Credit Commitment. Within the limits of each Revolving Credit Lender’s
Revolving Credit Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.01(b), prepay under Section 2.05, and reborrow under this Section 2.01(b). At the
Borrower’s option, Revolving Credit Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. Each Existing Revolving Credit Loan shall be deemed to be, and shall continue as, a Revolving Credit Loan hereunder (it being
understood and agreed that, to the extent necessary, assignments of the Revolving Credit Loans and Revolving Credit Commitments among certain Revolving Credit Lenders shall be deemed to have occurred on the Restatement Effective Date so that each
Revolving Credit Lender holds a portion of the Revolving Credit Loans and Revolving Credit Commitments equal to its Applicable Revolving Credit Percentage set forth on Schedule 2.01-A and Schedule 2.01-B). 

2.02. Borrowings, Conversions and Continuations of Loans. 

(a) Each Term Borrowing, each Revolving Credit Borrowing, each conversion of Term Loans or Revolving Credit Loans from one Type to the other,
and each continuation of Eurodollar Rate Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by telephone. Each such notice must be received by the Administrative Agent not later than 11:00
a.m. (x) three Business Days prior to the requested date of any Borrowing of, conversion to, or continuation of, Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans, and (y) on the requested date of any
Borrowing of Base Rate Loans. Each telephonic notice by the 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 Borrower. Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple 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 shall specify (i) whether
the Borrower is requesting a Term Borrowing, a Revolving Credit Borrowing, a conversion of Term Loans or Revolving Credit Loans from one Type to the other, or a continuation of Eurodollar 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 Term Loans or Revolving
Credit Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If the Borrower fails to specify a Type of Loan in a Committed Loan Notice or if the Borrower fails to give a timely notice
requesting a conversion or continuation, then the applicable Term Loans or 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 

  
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Period then in effect with respect to the applicable Eurodollar Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of, Eurodollar 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 month. 
 (b) Following
receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Applicable Percentage under the applicable Facility of the applicable Term Loans or Revolving Credit Loans, and if no timely notice
of a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans described in Section 2.02(a). In the case of a Term Borrowing or
a Revolving Credit Borrowing, each Appropriate Lender shall make the amount of its Loan available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 2:00 p.m. on the Business Day
specified in the applicable Committed Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial Credit Extension after the Restatement Effective Date,
Section 4.01), the Administrative Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative Agent either by (i) crediting the account of the Borrower on the books of Bank of
America 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 Borrower; provided, however, that
if, on the date a Committed Loan Notice with respect to a Revolving Credit Borrowing is given by the Borrower, there are L/C Borrowings outstanding, then the proceeds of such Revolving Credit Borrowing, first, shall be applied to the payment
in full of any such L/C Borrowings, and second, shall be made available to the Borrower as provided above. 
 (c) Except as otherwise
provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurodollar Rate Loan. During the existence of a Default, no Loans may be requested as, converted to, or continued as,
Eurodollar Rate Loans without the consent of the Required Lenders. 
 (d) The Administrative Agent shall promptly notify the Borrower and the
Lenders of the interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Borrower and the Lenders
of any change in Bank of America’s prime rate used in determining the Base Rate promptly following the public announcement of such change. 

(e) After giving effect to all Term Borrowings, all conversions of Term Loans from one Type to the other, and all continuations of Term Loans
as the same Type, there shall not be more than 8 Interest Periods in effect in respect of the Term Facility. 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 6 Interest Periods in effect in respect of the Revolving Credit Facility. 

2.03. Letters of Credit. 

(a) The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the
agreements of the Revolving Credit 

  
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Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Restatement Effective Date until the Letter of Credit Expiration
Date, to issue Letters of Credit for the account of the Borrower or its Domestic Subsidiaries (other than Inactive Subsidiaries), and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(b), and
(2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Domestic Subsidiaries (other than Inactive
Subsidiaries) and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Revolving Credit Facility,
(y) the Revolving Credit Exposure of any Revolving Credit Lender shall not exceed such Lender’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each
request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the 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 Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the 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 Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Restatement Effective Date shall be subject
to and governed by the terms and conditions hereof. 
 (ii) The 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 extension, unless the Required Revolving Lenders have approved such expiry date; or 

(B) the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the
Revolving Credit Lenders have approved such expiry date. 
 (iii) The L/C Issuer shall not be under any 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 the L/C Issuer from issuing such Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the
L/C Issuer shall prohibit, or request that the L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the L/C Issuer with respect to such Letter of Credit any restriction,
reserve or capital requirement (for which the L/C Issuer is not otherwise compensated hereunder) not in effect on the Restatement Effective Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not applicable on
the Restatement Effective Date and which the L/C Issuer in good faith deems material to it; 

  
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 (B) the issuance of such Letter of Credit would violate one or more policies of
the L/C Issuer applicable to letters of credit generally; 
 (C) except as otherwise agreed by the Administrative Agent and
the L/C Issuer, such Letter of Credit is in an initial stated amount of less than $100,000 (other than the Letters of Credit listed on Schedule 2.03); 

(D) such Letter of Credit is to be denominated in a currency other than Dollars; 

(E) any Lender is at that time a Defaulting Lender, unless the L/C Issuer has entered into arrangements, including the delivery
of Cash Collateral, satisfactory to the L/C Issuer (in its sole discretion) with the Borrower or such Lender to eliminate the L/C Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.15(a)(iv)) with
respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which the L/C Issuer has actual or potential Fronting Exposure, as it may elect in its
sole discretion; or 
 (F) such Letter of Credit contains any provisions for automatic reinstatement of the stated amount
after any drawing thereunder. 
 (iv) The L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not be
permitted at such time to issue such Letter of Credit in its amended form under the terms hereof. 
 (v) The L/C Issuer shall
be under no obligation to amend any Letter of Credit if (A) the 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. 
 (vi) The L/C Issuer shall act on behalf of the Revolving
Credit Lenders with respect to any Letters of Credit issued by it and the documents associated therewith, and the 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 the 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 the L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to the L/C Issuer. 

(b) Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit. (i) Each Letter of Credit shall
be issued or amended, as the case may be, upon the request of the Borrower delivered to the 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

  
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Responsible Officer of the Borrower. Such Letter of Credit Application may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided
by the L/C Issuer, by personal delivery or by any other means acceptable to the L/C Issuer. Such Letter of Credit Application must be received by the L/C Issuer and the Administrative Agent not later than 1:00 p.m. at least two Business Days (or
such later date and time as the Administrative Agent and the L/C Issuer may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. 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 satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(B) the amount 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; (G) the intended purpose and nature of the requested Letter of Credit; and (H) such other matters as the L/C Issuer may reasonably require. 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 satisfactory to the 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 L/C Issuer may reasonably require. Additionally, the Borrower shall furnish to the L/C Issuer and the Administrative Agent
such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the Administrative Agent may require. 

(ii) Promptly after receipt of any Letter of Credit Application, the 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 Borrower and, if not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the 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, the L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower (or the applicable
Domestic Subsidiary) or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each Letter of Credit, each Revolving
Credit Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Revolving Credit Lender’s Applicable
Revolving Credit Percentage times the amount of such Letter of Credit. 
 (iii) If the Borrower so requests in any
applicable Letter of Credit Application, the L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”);
provided that any such Auto-Extension Letter of Credit must permit the L/C Issuer to prevent any such extension 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 

  
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thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise
directed by the L/C Issuer, the Borrower shall not be required to make a specific request to the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Revolving Credit Lenders shall be deemed to have
authorized (but may not require) the L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that the L/C Issuer shall not permit
any such extension if (A) the L/C Issuer has determined that it would not be permitted at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause
(ii) 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 seven Business Days before the Non-Extension Notice Date (1) from the
Administrative Agent that the Required Revolving Lenders have elected not to permit such extension or (2) from the Administrative Agent, any Revolving Credit Lender or the Borrower that one or more of the applicable conditions specified in
Section 4.02 is not then satisfied, and in each such case directing the L/C Issuer not to permit such extension. 

(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 L/C Issuer will also deliver to the 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 L/C Issuer shall notify the Borrower and the Administrative Agent thereof. Not later than 1:00 p.m. on the date of any payment by the L/C Issuer under a Letter of Credit (each such date, an
“Honor Date”), the Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing. If the Borrower fails to so reimburse the L/C Issuer by such time, the Administrative
Agent shall promptly notify each Revolving Credit Lender of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Revolving Credit Lender’s Applicable Revolving Credit
Percentage thereof. In such event, the Borrower shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans 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 Facility and the conditions set forth in Section 4.02 (other than
the delivery of a Committed Loan Notice). Any notice given by the 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 shall upon any notice pursuant to Section 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the L/C Issuer at the Administrative
Agent’s Office in an amount equal to its Applicable Revolving Credit Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such 

  
 44 

 
notice by the Administrative Agent, 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 Base Rate Loan to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the L/C Issuer. 

(iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing of Base Rate Loans
because the conditions set forth in Section 4.02 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from the 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
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 Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant
to this Section 2.03(c) to reimburse the L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Revolving Credit Percentage of such amount shall be solely for the account of the
L/C Issuer. 
 (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse
the 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 L/C Issuer, the 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, however, 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 4.02 (other than delivery by the Borrower of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrower to reimburse the L/C Issuer for the amount of
any payment made by the 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 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), then, without limiting the other provisions of this Agreement, the 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 the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in
accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees 

  
 45 

 
customarily charged by the L/C Issuer in connection with the foregoing. If such 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 Revolving Credit Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the 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) At any time after the L/C Issuer has made a payment under any Letter of Credit and has
received from any Revolving Credit Lender such Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative Agent receives for the account of the L/C Issuer any payment in respect of the
related Unreimbursed Amount or interest thereon (whether directly from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Lender its
Applicable Revolving Credit Percentage thereof in the same funds as those received by the Administrative Agent. 
 (ii) If
any payment received by the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section 10.05 (including pursuant to any
settlement entered into by the L/C Issuer in its discretion), each Revolving Credit Lender shall pay to the Administrative Agent for the account of the L/C Issuer its Applicable Revolving Credit Percentage 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 Federal Funds Rate from time to time in effect. The obligations of the Revolving Credit Lenders
under this clause shall survive the payment in full of the Obligations and the termination of this Agreement. 
 (e) Obligations
Absolute. The obligation of the Borrower to reimburse the L/C Issuer for each drawing under each Letter of Credit 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 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 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; 

  
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 (iv) waiver by the L/C Issuer of any requirement that exists for the L/C
Issuer’s protection and not the protection of the Borrower or any waiver by the L/C Issuer which does not in fact materially prejudice the Borrower; 

(v) honor of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of
a draft; 
 (vi) any payment made by the L/C Issuer in respect of an otherwise complying item presented after the date
specified as the expiration date of, or the date by which documents must be received under such Letter of Credit if presentation after such date is authorized by the UCC or the ISP, as applicable; 

(vii) any payment by the 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 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; or 

(viii) 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, the Borrower or any of its Subsidiaries. 
 The
Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will
promptly notify the L/C Issuer. The Borrower shall be conclusively deemed to have waived any such claim against the L/C Issuer and its correspondents unless such notice is given as aforesaid. 

(f) Role of L/C Issuer. Each Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, the 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 Issuer, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of the 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 Revolving Credit Lenders or the Required Revolving Lenders, as applicable; (ii) any action taken or omitted in the absence of gross
negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. The 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, however, that this assumption is not intended to, and shall not, preclude the Borrower’s pursuing such rights and remedies as it
may 

  
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have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuer, the Administrative Agent, any of their respective Related Parties nor any correspondent,
participant or assignee of the L/C Issuer shall be liable or responsible for any of the matters described in clauses (i) through (viii) of Section 2.03(e); provided, however, that anything in such clauses to the
contrary notwithstanding, the Borrower may have a claim against the L/C Issuer, and the L/C Issuer may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the
Borrower which the Borrower proves were caused by the L/C Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful 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, the 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 the L/C Issuer shall not 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. The L/C Issuer may send a Letter of Credit or conduct any communication to or from
the beneficiary via the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) message or overnight courier, or any other commercially reasonable means of communicating with a beneficiary. 

(g) Applicability of ISP; Limitation of Liability. Unless otherwise expressly agreed by the L/C Issuer and the Borrower when a Letter of
Credit is issued (including any such agreement applicable to an Existing Letter of Credit), the rules of the ISP shall apply to each Letter of Credit. Notwithstanding the foregoing, the L/C Issuer shall not be responsible to the Borrower for, and
the L/C Issuer’s rights and remedies against the Borrower shall not be impaired by, any action or inaction of the L/C Issuer required or permitted under any Law, order, or practice that is required or permitted to be applied to any Letter of
Credit or this Agreement, including the Law or any order of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP, or in the decisions, opinions, practice statements, or official commentary of the ICC
Banking Commission, the Bankers Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or
practice. 
 (h) Letter of Credit Fees. The Borrower shall pay to the Administrative Agent for the account of each Revolving Credit
Lender in accordance, subject to Section 2.15, with its Applicable Revolving Credit Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate times the
daily amount available to be drawn under such Letter of Credit. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with
Section 1.06. Letter of Credit Fees shall be (i) due and payable on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the
Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in arrears. If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under 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. Notwithstanding anything to the contrary contained herein, upon the request of the Required Revolving
Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate. 

  
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 (i) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The
Borrower shall pay directly to the L/C Issuer, for its own account, a fronting fee with respect to each Letter of Credit in an amount equal to 0.25% per annum times the daily amount available to be drawn under such Letter of Credit. Such
fronting fee shall be (i) due and payable on the last Business Day of each March, June, September and December in respect of the most recently-ended quarterly period (or portion thereof, in the case of the first payment), commencing with the
first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in arrears. For purposes of computing the daily amount available to be
drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. In addition, the Borrower shall pay directly to the L/C Issuer for its own account the customary issuance,
presentation, amendment and other processing fees, and other standard costs and charges, of the 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 on demand
and are nonrefundable. 
 (j) Conflict with Issuer Documents. In the event of any conflict between the terms hereof and the terms of
any Issuer Document, the terms hereof shall control. 
 (k) Letters of Credit Issued for Domestic 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 Domestic Subsidiary, the Borrower shall be obligated to reimburse the L/C Issuer hereunder for any and all drawings under such Letter
of Credit. The Borrower hereby acknowledges that the issuance of Letters of Credit for the account of Domestic Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the businesses
of such Domestic Subsidiaries. 
 2.04. Swing Line Loans. 

(a) The Swing Line. Subject to the terms and conditions set forth herein, the Swing Line Lender, in reliance upon the agreements of the
other Lenders set forth in this Section 2.04, may in its sole discretion make loans (each such loan, a “Swing Line Loan”) to the Borrower from time to time on any Business Day during the Availability Period 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 Applicable Revolving Credit Percentage 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, however, that after giving effect to any Swing Line Loan, (i) the Total
Revolving Credit Outstandings shall not exceed the Revolving Credit Facility at such time, and (ii) the Revolving Credit Exposure of any Revolving Credit Lender at such time shall not exceed such Lender’s Revolving Credit Commitment, and
provided further that the Borrower shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrower may

  
 49 

 
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. 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 Revolving Credit Lender’s Applicable Revolving Credit Percentage times the amount of such Swing Line Loan. 
 (b)
Borrowing Procedures. Each Swing Line Borrowing shall be made upon the 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 (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
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 first proviso to the first sentence of Section 2.04(a), or (B) that one or more of the applicable conditions specified in Article IV is not then satisfied, then, subject to the terms and
conditions hereof, the Swing Line Lender may, in its sole discretion, 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 Borrower by crediting the account
of the Borrower on the books of the Swing Line Lender in immediately available funds. 
 (c) Refinancing of Swing Line Loans.
(i) The Swing Line Lender at any time in its sole and absolute discretion may request, on behalf of the Borrower (which hereby irrevocably authorizes the Swing Line Lender to so request on its behalf), that each Revolving Credit Lender make a
Base Rate Loan in an amount equal to such Lender’s Applicable Revolving Credit Percentage 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
Revolving Credit Facility and the conditions set forth in Section 4.02. The Swing Line Lender shall furnish the 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 Applicable Revolving Credit Percentage of the amount specified in such Committed Loan Notice available to the Administrative Agent in immediately available funds for the account
of the Swing Line Lender at the Administrative Agent’s Office not later than 1:00 p.m. on the day 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 Base Rate Loan to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the Swing Line Lender. 

  
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 (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 greater of the Federal Funds Rate and a rate determined by the Swing Line Lender in accordance with banking industry rules on interbank compensation, plus any administrative,
processing or similar fees customarily charged by the Swing Line Lender in connection with the foregoing. If such 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 Revolving Credit 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 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, however, 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 4.02. No such funding of risk participations shall relieve or otherwise impair the obligation of the 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 Revolving Credit Lender its Applicable Revolving Credit Percentage
thereof in the same funds as those received by the Swing Line Lender. 

  
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 (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 10.05 (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 Applicable Revolving Credit Percentage 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 Federal Funds Rate from time to time in effect. 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 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 Borrower 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 Revolving
Credit Lender’s Applicable Revolving Credit Percentage of any Swing Line Loan, interest in respect of such Applicable Revolving Credit Percentage shall be solely for the account of the Swing Line Lender. 

(f) Payments Directly to Swing Line Lender. The Borrower shall make all payments of principal and interest in respect of the Swing Line
Loans directly to the Swing Line Lender. 
 2.05. Prepayments. 

(a) Optional. (i) The Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay
Term Loans and Revolving Credit Loans in whole or in part without premium or penalty; provided that (A) such notice must be received by the Administrative Agent not later than 1:00 p.m. (1) three Business Days prior to any date of
prepayment of Eurodollar Rate Loans and (2) on the date of prepayment of Base Rate Loans; (B) any prepayment of Eurodollar Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof; and
(C) any prepayment of Base Rate Loans 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 Type(s) of Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each Lender of its receipt of each
such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable
on the date specified therein. Any prepayment of a Loan pursuant to this Section 2.05(a) shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to
Section 3.05. Each prepayment of the outstanding Term Loans pursuant to this Section 2.05(a) shall be applied to the principal installments thereof on a pro-rata basis, and each such prepayment shall be paid to the Lenders in
accordance with their respective Applicable Percentages in respect of each of the relevant Facilities. 

  
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 (ii) The Borrower 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 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. Each such notice shall specify the date and amount of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such
notice shall be due and payable on the date specified therein. 
 (b) Mandatory. (i) If any Loan Party Disposes of any property
or assets (other than any Disposition of any property permitted by Section 7.05(a) through Section 7.05(i)) which results in the realization by such Person of Net Cash Proceeds or such Loan Party receives Net Cash Proceeds
from insurance or condemnation proceeds, the Borrower shall prepay an aggregate principal amount of Loans equal to 100% of such Net Cash Proceeds in excess of $250,000 per occurrence or $1,000,000 (in the aggregate for such Net Cash Proceeds
received from and after the Restatement Effective Date) upon receipt thereof by such Person (such prepayments to be applied as set forth in clauses (v) and (vii) below); provided, however, that, with respect to any Net Cash
Proceeds described in this Section 2.05(b)(i), at the election of the Borrower (as notified by the Borrower to the Administrative Agent on or prior to the date of such Disposition or receipt of insurance or condemnation proceeds), and so
long as no Event of Default shall have occurred and be continuing, such Loan Party may reinvest all or any portion of such Net Cash Proceeds in assets used or useful in the business so long as within 180 days (or within 365 days if the applicable
Loan Party has entered into a binding contract for reinvestment within 180 days of receipt of such proceeds) after the receipt of such Net Cash Proceeds, such purchase shall have been consummated (in each case, as certified by the Borrower in
writing to the Administrative Agent); and provided further, however, that any such Net Cash Proceeds not subject to such definitive agreement or so reinvested shall be immediately applied to the prepayment of the Loans as set forth in
this Section 2.05(b)(i). 
 (ii) Upon the incurrence or issuance by any Loan Party of any Indebtedness (other
than Indebtedness expressly permitted to be incurred or issued pursuant to Section 7.02), the Borrower shall prepay an aggregate principal amount of Loans equal to 100% of all Net Cash Proceeds received therefrom immediately upon receipt
thereof by such Loan Party (such prepayments to be applied as set forth in clauses (v) and (vii) below). 
 (iii)
Upon any Extraordinary Receipt received by or paid to or for the account of any Loan Party, and not otherwise included in clause (i) or (ii) of this Section 2.05(b), the Borrower shall prepay an aggregate principal amount of
Loans equal to 100% of all Net Cash Proceeds received therefrom in excess of $250,000 per occurrence or $1,000,000 (in the aggregate for such Net Cash Proceeds received from and after the Restatement Effective Date) immediately upon receipt thereof
by such Person (such prepayments to be applied as set forth in clauses (v) and (vii) below); provided, however, that, with respect to any Net Cash Proceeds described in this Section 2.05(b)(iii), at the election
of the Borrower (as notified by the Borrower to the Administrative Agent on or prior to the date of receipt of such Net Cash Proceeds), and so long as no Event of Default shall have occurred and be continuing, such Loan Party may reinvest all or any
portion of such Net Cash Proceeds in assets used or useful in the business so long as 

  
 53 

 
within 180 days (or within 365 days if the applicable Loan Party has entered into a binding contract for reinvestment within 180 days of receipt of such proceeds) after the receipt of such Net
Cash Proceeds, such purchase shall have been consummated (in each case, as certified by the Borrower in writing to the Administrative Agent); and provided further, however, that any such Net Cash Proceeds not subject to such definitive
agreement or so reinvested shall be immediately applied to the prepayment of the Loans as set forth in this Section 2.05(b)(iii). 

(iv) [Intentionally omitted]. 

(v) Each prepayment of Loans pursuant to the foregoing provisions of this Section 2.05(b) shall be applied,
first, to the Term Facility (and the principal installments thereof on a pro rata basis) and second to the Revolving Credit Facility in the manner set forth in clause (vii) of this Section 2.05(b) (without a
reduction of the aggregate commitments thereunder). Each prepayment of Loans pursuant to the foregoing provisions of this Section 2.05(b) shall be (A) accompanied by all accrued interest on the amount prepaid, together with any
additional amounts required pursuant to Section 3.05 and (B) paid to the Lenders in accordance with their respective Applicable Percentages in respect of each of the relevant Facilities. 

(vi) If for any reason the Total Revolving Credit Outstandings at any time exceed the Revolving Credit Facility at such time,
the Borrower shall immediately prepay Revolving Credit Loans, Swing Line Loans and L/C Borrowings and/or Cash Collateralize the L/C Obligations (other than the L/C Borrowings) in an aggregate amount equal to such excess. 

(vii) Prepayments of the Revolving Credit Facility made pursuant to this Section 2.05(b), first, shall be
applied ratably to the L/C Borrowings and Swing Line Loans, second, shall be applied ratably to the outstanding Revolving Credit Loans, and, third, shall be used to Cash Collateralize the remaining L/C Obligations. Upon the drawing of
any Letter of Credit that has been Cash Collateralized, the funds held as Cash Collateral shall be applied (without any further action by or notice to or from the Borrower or any other Loan Party) to reimburse the L/C Issuer or the Revolving Credit
Lenders, as applicable. 
 (viii) Amounts to be applied as provided in this Section 2.05(b) to the prepayment of
Loans of any Class shall be applied first to reduce outstanding Base Rate Loans of such Class. Any amounts remaining after each such application shall, at the option of the Borrower, be applied to prepay Eurodollar Rate Loans of such Class
immediately and/or shall be deposited in a separate Prepayment Account for the Loans of such Class. The Administrative Agent shall apply any cash deposited in the Prepayment Account for any Class of Loans to prepay Eurodollar Rate Loans of such
Class on the last day of their respective Interest Periods (or, at the direction of the Borrower, on any earlier date) until all outstanding Loans of such Class have been prepaid or until all the allocable cash on deposit in the Prepayment Account
for such Class has been exhausted. For purposes of this Agreement, the term “Prepayment Account” for any Class of Loans shall mean an account established by the Borrower with the Administrative Agent and over

  
 54 

 
which the Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal for application in accordance with this Section 2.05(b). The
Prepayment Accounts shall not bear interest. If the maturity of the Loans has been accelerated pursuant Section 8.02, the Administrative Agent may, in its sole discretion, apply such funds to satisfy any of the Obligations in accordance
with Section 8.03. The Borrower hereby pledges and assigns to the Administrative Agent, for the benefit of the Secured Parties and to secure the Obligations, each Prepayment Account so established. 

2.06. Termination or Reduction of Commitments. 

(a) The Borrower may, upon notice to the Administrative Agent, terminate the Revolving Credit Facility, the Letter of Credit Sublimit or the
Swing Line Sublimit, or from time to time permanently reduce the Revolving Credit Facility, the Letter of Credit Sublimit or the Swing Line Sublimit; provided that (i) any such notice shall be received by the Administrative Agent not
later than 1:00 p.m. three Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $1,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) any
prepayment of a Revolving Credit Loan or Swing Line Loan or termination, cancellation or cash collateralization of any L/C Obligations necessary to effectuate a reduction under this Section 2.06 shall be accompanied by payment of
(A) accrued interest (or fees) on the amount prepaid to the date of prepayment and (B) any additional amounts required pursuant to Section 3.05 and (iv) the Borrower shall not terminate or reduce (A) the Revolving
Credit Facility if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Revolving Credit Outstandings would exceed the Revolving Credit Facility, (B) the Letter of Credit Sublimit if, after giving effect thereto,
the Outstanding Amount of L/C Obligations not fully Cash Collateralized hereunder would exceed the Letter of Credit Sublimit or (C) the Swing Line Sublimit if, after giving effect thereto and to any concurrent prepayments hereunder, the
Outstanding Amount of Swing Line Loans would exceed the Swing Line Sublimit. The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the Revolving Credit Facility, the Letter of Credit Sublimit or
the Swing Line Sublimit. Any such reduction shall be applied to the Revolving Credit Commitment of each Appropriate Lender according to its Applicable Revolving Credit Percentage. All fees accrued until the effective date of any termination of the
Aggregate Commitments shall be paid on the effective date of such termination. 
 (b) If after giving effect to any reduction or termination
of Revolving Credit Commitments under this Section 2.06, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the Revolving Credit Facility at such time, the Letter of Credit Sublimit or the Swing Line Sublimit, as the case
may be, shall be automatically reduced by the amount of such excess. 
 2.07. Repayment of Loans. 

(a) Term Loans. The Borrower has repaid the Term Loans as of the Second Amendment Effective Date such that the aggregate principal
amount of the Term Loans outstanding immediately prior to the Second Amendment Effective Date is $92,500,000. Following the Second Amendment Effective Date, the Borrower shall repay to the Term Lenders the aggregate principal amount of all Term
Loans outstanding on the following dates in the respective amounts set forth opposite such dates (which amounts shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in
Section 2.05): 

  
 55 

					
	 Date
	  	Amount	 
	 September 30, 2014
	  	$	1,250,000.00	  
	 December 31, 2014
	  	$	1,250,000.00	  
	 March 31, 2015
	  	$	1,250,000.00	  
	 June 30, 2015
	  	$	1,250,000.00	  
	 September 30, 2015
	  	$	1,250,000.00	  
	 December 31, 2015
	  	$	1,250,000.00	  
	 March 31, 2016
	  	$	1,250,000.00	  
	 June 30, 2016
	  	$	1,250,000.00	  
	 September 30, 2016
	  	$	1,250,000.00	  
	 December 31, 2016
	  	$	1,250,000.00	  
	 March 31, 2017
	  	$	1,250,000.00	  
	 June 30, 2017
	  	$	1,250,000.00	  
	 September 30, 2017
	  	$	1,250,000.00	  
	 December 31, 2017
	  	$	1,250,000.00	  
	 March 31, 2018
	  	$	1,250,000.00	  
	 June 30, 2018
	  	$	1,250,000.00	  
	 September 30, 2018
	  	$	1,250,000.00	  
	 December 31, 2018
	  	$	1,250,000.00	  
	 March 31, 2019
	  	$	1,250,000.00	  

 provided, however, that the final principal repayment installment of the Term Loans shall be repaid on the
Maturity Date and in any event shall be in an amount equal to the aggregate principal amount of all Term Loans outstanding on such date. 

(b) Revolving Credit Loans. The Borrower shall repay to the Revolving Credit Lenders on the Maturity Date the aggregate principal amount
of all Revolving Credit Loans outstanding on such date. 
 (c) Swing Line Loans. The Borrower shall repay each Swing Line Loan on the
earlier to occur of (i) the date ten Business Days after such Loan is made and (ii) the Maturity Date for the Revolving Credit Facility. 

2.08. Interest. 

(a) Subject to the provisions of Section 2.08(b), (i) each Eurodollar Rate Loan under a Facility shall bear interest on the outstanding
principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate for such Facility; (ii) each Base Rate Loan under a Facility 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 such Facility 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 the Revolving Credit Facility. 

  
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 (b) (i) If any amount of principal of any Loan is not paid when due (without regard to any
applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by
applicable Laws. 
 (ii) If any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is
not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders such amount shall thereafter bear interest at a fluctuating interest rate per
annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 
 (iii) While any Event of
Default exists under Section 8.01(f) or (g), all Obligations shall bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(iv) Upon the request of the Required Lenders, while any other Event of Default exists (other than as set forth in clauses
(b)(i) and (b)(iii) above), the Borrower shall pay interest on the principal amount of all outstanding Obligations at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by
applicable Laws. 
 (v) 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. 
 2.09. Fees. In addition to certain fees described in Sections 2.03(h) and (i): 

(a) Commitment Fee. The Borrower shall pay to the Administrative Agent for the account of each Revolving Credit Lender in accordance
with its Applicable Revolving Credit Percentage, a commitment fee equal to the Applicable Rate for Commitment Fee times the actual daily amount by which the Revolving Credit Facility exceeds the sum of (i) the Outstanding Amount of
Revolving Credit Loans and (ii) the Outstanding Amount of L/C Obligations, subject to adjustment as provided in Section 2.15. The commitment fee shall accrue at all times during the Availability Period, 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 on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the
Restatement Effective Date, and on the last day of the Availability Period. 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. 

  
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 (b) Other Fees. The Borrower shall pay to each of MLPF&S, Wells Fargo Securities, BBVA
Compass and the Administrative Agent for their own respective accounts fees in the amounts and at the times specified in the Fee Letters. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 

2.10. Computation of Interest and Fees. 

(a) All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurodollar Rate) shall be made
on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest 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. 
 (b) If, as a result of any restatement of or other adjustment to
the financial statements of the Borrower and its Domestic Subsidiaries or for any other reason, the Borrower or the Lenders determine that (i) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was
inaccurate and (ii) a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account
of the applicable Lenders or the L/C Issuer, as the case may be, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of
the United States, automatically and without further action by the Administrative Agent, any Lender or the L/C Issuer), an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of
interest and fees actually paid for such period. This Section 2.10(b) shall not limit the rights of the Administrative Agent, any Lender or the L/C Issuer, as the case may be, under Section 2.03(c)(iii), 2.03(h) or
2.08(b) or under Article VIII. The Borrower’s obligations under this Section 2.10(b) shall survive the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all other Obligations.

 2.11. Evidence of Debt. 

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

  
 58 

 
through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note, 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 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. 

2.12. Payments Generally; Administrative Agent’s Clawback. 

(a) General. All payments to be made by the Borrower shall be made free and clear of and without condition or deduction for any
counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at
the Administrative Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage in respect of the
relevant Facility (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. shall be deemed
received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following
Business Day, and such extension of time shall be reflected on computing interest or fees, as the case may be. 
 (b) (i) Funding by
Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans,
prior to 12:00 noon on the date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on
such date in accordance with Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance
upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower
severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrower to but
excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank 

  
 59 

 
compensation, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be
made by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the
Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such
Borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

(ii) Payments by Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received
notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the L/C Issuer hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the
Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Appropriate Lenders or the L/C Issuer, as the case may be, the amount due. In such event, if the Borrower has not in fact
made such payment, then each of the Appropriate Lenders or the L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the L/C Issuer, in immediately
available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation. 
 A notice of the Administrative Agent to any
Lender or the Borrower with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error. 
 (c)
Failure to Satisfy Conditions Precedent. 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 Borrower 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. 
 (d) Obligations of Lenders
Several. The obligations of the Lenders hereunder to make Term Loans, Revolving Credit Loans and Swing Line Loans, to fund participations in Letters of Credit and Swing Line Loans and to make payments pursuant to Section 10.04(c) are
several and not joint. The failure of any Lender to make any Loan, to fund any such participation or to make any payment under Section 10.04(c) 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, to purchase its participation or to make its payment under Section 10.04(c). 

  
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 (e) Funding Source. 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. 

(f) Insufficient Funds. If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all
amounts of principal, L/C Borrowings, interest and fees then due hereunder, such funds shall be applied (i) first, toward payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the
amounts of interest and fees then due to such parties, and (ii) second, toward payment of principal and L/C Borrowings then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and L/C
Borrowings then due to such parties. 
 2.13. Sharing of Payments by Lenders. If any Lender shall, by exercising any right of
setoff or counterclaim or otherwise, obtain payment in respect of (a) Obligations in respect of any the Facilities due and payable to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share
(according to the proportion of (i) the amount of such Obligations due and payable to such Lender at such time to (ii) the aggregate amount of the Obligations in respect of the Facilities due and payable to all Lenders hereunder and under
the other Loan Documents at such time) of payments on account of the Obligations in respect of the Facilities due and payable to all Lenders hereunder and under the other Loan Documents at such time obtained by all the Lenders at such time or
(b) Obligations in respect of any of the Facilities owing (but not due and payable) to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (according to the proportion of (i) the amount of
such Obligations owing (but not due and payable) to such Lender at such time to (ii) the aggregate amount of the Obligations in respect of the Facilities owing (but not due and payable) to all Lenders hereunder and under the other Loan
Documents at such time) of payment on account of the Obligations in respect of the Facilities owing (but not due and payable) to all Lenders hereunder and under the other Loan Documents at such time obtained by all of the Lenders at such time, then
the Lender receiving such greater proportion shall (A) notify the Administrative Agent of such fact, and (B) purchase (for cash at face value) participations in the Loans and subparticipations in L/C Obligations and Swing Line Loans of the
other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of Obligations in respect of the Facilities then due and
payable to the Lenders or owing (but not due and payable) to the Lenders, as the case may be, provided that: 
 (i) if
any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such
recovery, without interest; and 
 (ii) the provisions of this Section 2.13 shall not be construed to apply to
(A) any payment made by or on behalf of the Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (B) the application of Cash
Collateral provided for in Section 2.14 or (C) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or subparticipations in L/C Obligations or Swing Line Loans to any
assignee or participant, other than an assignment to the Borrower or any Subsidiary thereof (as to which the provisions of this Section 2.13 shall apply). 

  
 61 

 Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so
under applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of such Loan Party in the amount of such participation. 
 2.14. Cash Collateral. 

(a) Certain Credit Support Events. If (i) the L/C Issuer has honored any full or partial drawing request under any Letter of Credit
and such drawing has resulted in an L/C Borrowing, (ii) as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, (iii) the Borrower shall be required to provide Cash Collateral pursuant to
Section 8.02(c), or (iv) there shall exist a Defaulting Lender, the Borrower shall, immediately (in the case of clause (iii) above) or within one Business Day (in all other cases) following any request by the Administrative
Agent or the L/C Issuer, provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount (determined, in the case of Cash Collateral provided pursuant to clause (iv) above, after giving effect to
Section 2.15(a)(iv) and any Cash Collateral provided by the Defaulting Lender). 
 (b) Grant of Security Interest. The
Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuer and the Lenders, and
agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the
obligations to which such Cash Collateral may be applied pursuant to Section 2.14(c). If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative
Agent or the L/C Issuer as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent
additional Cash Collateral in an amount sufficient to eliminate such deficiency. All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in one or more blocked, non-interest bearing deposit
accounts at Bank of America. The Borrower shall pay on demand therefor from time to time all customary account opening, activity and other administrative fees and charges in connection with the maintenance and disbursement of Cash Collateral. 

(c) Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this
Section 2.14 or Sections 2.03, 2.04, 2.05, 2.15 or 8.02 in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations, obligations to fund participations
therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise
be provided for herein. 

  
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 (d) Release. Cash Collateral (or the appropriate portion thereof) provided to reduce
Fronting Exposure or to secure other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of
the applicable Lender (or, as appropriate, its assignee following compliance with Section 10.06(b)(vi))) or (ii) the determination by the Administrative Agent and the L/C Issuer that there exists excess Cash Collateral;
provided, however, (x) that Cash Collateral furnished by or on behalf of a Loan Party shall not be released during the continuance of a Default or Event of Default (and following application as provided in this
Section 2.14 may be otherwise applied in accordance with Section 8.03), (y) any such release shall be without prejudice to, and any disbursement or other transfer of Cash Collateral shall be and remain subject to, any
other Lien conferred under the Loan Documents and the other applicable provisions of the Loan Documents, and (z) the Person providing Cash Collateral and the L/C Issuer may agree that Cash Collateral shall not be released but instead held to
support future anticipated Fronting Exposure or other obligations. 
 2.15. Defaulting Lenders. 

(a) Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then,
until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law: 
 (i) Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 10.01 and the definitions of “Required
Lenders,” “Required Revolving Lenders” and “Required Term Lenders.” 
 (ii) Defaulting Lender
Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or
received by the Administrative Agent from a Defaulting Lender pursuant to Section 10.08, shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts
owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the L/C Issuer or Swing Line Lender hereunder; third, to Cash
Collateralize the L/C Issuer’s Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.14; fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding
of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to
be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the L/C
Issuer’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in 

  
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accordance with Section 2.14; sixth, to the payment of any amounts owing to the Lenders, the L/C Issuer or the Swing Line Lender as a result of any judgment of a court of
competent jurisdiction obtained by any Lender, the L/C Issuer or the Swing Line Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default
or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s
breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any
Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in
Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C
Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations and Swing Line Loans are held by the Lenders pro rata in accordance with their Applicable Percentages without
giving effect to Section 2.15(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this
Section 2.15(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

(iii) Certain Fees. 

(A) No Defaulting Lender shall be entitled to receive any fee payable under Section 2.09(a) for any period during
which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender). 

(B) Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender is a
Defaulting Lender only to the extent allocable to its Applicable Revolving Credit Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.14. 

(C) With respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause
(B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such Letter of Credit Fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in L/C
Obligations that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to the L/C Issuer the amount of any such Letter of Credit Fee otherwise payable to such Defaulting Lender to the extent
allocable to such L/C Issuer’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such Letter of Credit Fee. 

  
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 (iv) Reallocation of Applicable Percentages to Reduce Fronting Exposure.
During any period in which there is a Defaulting Lender, all or any part of such Defaulting Lender’s participation in L/C Obligations and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective
Applicable Revolving Credit Percentages (calculated without regard to such Defaulting Lender’s Revolving Credit Commitment) but only to the extent that (x) the conditions set forth in Section 4.02 are satisfied at the time of
such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent at such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such
reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Credit Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of
any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such
reallocation. 
 (v) Cash Collateral, Repayment of Swing Line Loans. If the reallocation described in clause
(a)(iv) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under applicable Law, (x) first, prepay Swing Line Loans in an amount equal to the
Swing Line Lenders’ Fronting Exposure and (y) second, Cash Collateralize the L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in Section 2.14. 

(b) Defaulting Lender Cure. If the Borrower, the Administrative Agent, the Swing Line Lender and the L/C Issuer agree in writing in
their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any
conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the
Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages
(without giving effect to Section 2.15(a)(iv)), whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of
the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver
or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 
 2.16. Increase in
Revolving Credit Facility. 
 (a) Request for Increase. Provided there exists no Default, upon notice to the Administrative
Agent (which shall promptly notify the Revolving Credit Lenders), the Borrower may, from time to time request an increase in the Revolving Credit Facility by an amount (for all such requests including any requests under Section 2.17
hereof) not exceeding $50,000,000; 

  
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provided that (i) any such request for an increase shall be in a minimum amount of $20,000,000, and (ii) the Borrower may make a maximum of two such requests (for all such
requests including any requests under Section 2.17 hereof). At the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Revolving Credit Lender is
requested to respond (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Revolving Credit Lenders). Each Revolving Credit Lender shall be offered an opportunity to increase its Revolving Credit
Commitment by an amount at least equal to its Applicable Revolving Credit Percentage of such requested increase. 
 (b) Lender Elections
to Increase. Each Revolving Credit Lender shall notify the Administrative Agent within such time period whether or not it agrees to increase its Revolving Credit Commitment and, if so, whether by an amount equal to, greater than, or less than
its Applicable Revolving Credit Percentage of such requested increase. Any Revolving Credit Lender not responding within such time period shall be deemed to have declined to increase its Revolving Credit Commitment. For the avoidance of doubt, no
Revolving Credit Lender shall be obligated to participate in such increase and the decision to participate in such increase shall be in the sole discretion of the applicable Revolving Credit Lender. 

(c) Notification by Administrative Agent; Additional Revolving Credit Lenders. The Administrative Agent shall notify the Borrower and
each Revolving Credit Lender of the Revolving Credit Lenders’ responses to each request made hereunder. To achieve the full amount of a requested increase, and subject to the approval of the Administrative Agent, the L/C Issuer and the Swing
Line Lender (which approvals shall not be unreasonably withheld), the Borrower may also invite additional Eligible Assignees to become Revolving Credit Lenders pursuant to a joinder agreement in form and substance satisfactory to the Administrative
Agent and its counsel. 
 (d) Effective Date and Allocations. If the Revolving Credit Facility is increased in accordance with this
Section 2.16, the Administrative Agent and the Borrower shall determine the effective date (the “Revolving Credit Increase Effective Date”) and the final allocation of such increase. The Administrative Agent shall
promptly notify the Borrower and the Revolving Credit Lenders of the final allocation of such increase and the Revolving Credit Increase Effective Date. 

(e) Conditions to Effectiveness of Increase. As a condition precedent to such increase, (i) the Borrower shall deliver to the
Administrative Agent a certificate of each Loan Party dated as of the Revolving Credit Increase Effective Date (in sufficient copies for each Lender) signed by a Responsible Officer of such Loan Party (A) certifying and attaching the
resolutions adopted by such Loan Party approving or consenting to such increase, and (B) in the case of the Borrower, certifying that, before and after giving effect to such increase, (x) the representations and warranties contained in
Article V and the other Loan Documents are true and correct on and as of the Revolving Credit Increase Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are
true and correct as of such earlier date, and except that for purposes of this Section 2.16, the representations and warranties contained in subsections (a), (b) and (c) of Section 5.05 shall be
deemed to refer to the most recent statements furnished pursuant to clauses (a), (b) and (c), 

  
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respectively, of Section 6.01, (y) no Default exists and (z) the Borrower shall have complied with the (1) covenant set forth in Section 7.11(a) on a Pro
Forma Basis and (2) covenant contained in Section 7.11(b) on a pro forma basis, and, in each case, attaching such supporting documentation and financial information as requested by the Administrative Agent and (ii) commitments
from applicable Lenders or Eligible Assignees shall have been received in an amount no less than the amount of such requested increase. So long as the Borrower shall have complied with all other conditions contained in this Section 2.16,
the Lenders hereby consent, without the need for further or subsequent consent but subject to Section 2.16(b), to an amendment to this agreement to the extent necessary to evidence and document an increase in the Revolving Credit
Facility so long as any terms applicable to any such increase are on the same terms as the existing Revolving Credit Facility. Any such amendment shall only require the consent of the Loan Parties and the Administrative Agent and the Lenders or
lenders participating in such increase. Each Loan Party shall acknowledge and agree that the Obligations of such Loan Party extend to and include the Obligations after giving effect to such increase. The Administrative Agent shall have received such
other assurances, certificates, documents or opinions as the Administrative Agent reasonably may require, including such assurances, certificates, documents or opinions as may be required to evidence such increase, the validity and enforceability of
the Obligations and the validity, perfection and first priority Lien securing the Obligations after giving effect to such increase. The Borrower shall prepay any Revolving Credit Loans outstanding on the Revolving Credit Increase Effective Date (and
pay any additional amounts required pursuant to Section 3.05) to the extent necessary to keep the outstanding Revolving Credit Loans ratable with any revised Applicable Revolving Credit Percentages arising from any nonratable increase in
the Revolving Credit Commitments under this Section 2.16. 
 (f) Conflicting Provisions. This Section 2.16
shall supersede any provisions in Section 2.13 or 10.01 to the contrary. 
 (g) Use of Proceeds. Notwithstanding
anything to the contrary contained in this Agreement, the proceeds of any increase in the Revolving Credit Facility pursuant to this Section 2.16 shall be used solely to fund Permitted Acquisitions. 

2.17. Increase in Term Facility. 

(a) Request for Increase. Provided there exists no Default, upon notice to the Administrative Agent (which shall promptly notify the
Term Lenders), the Borrower may from time to time, request an increase in the Term Loans by an amount (for all such requests including requests under Section 2.16 hereof) not exceeding $50,000,000; provided that (i) any such
request for an increase shall be in a minimum amount of $20,000,000, and (ii) the Borrower may make a maximum of two such requests (for all such requests including any requests under Section 2.16 hereof). At the time of sending such
notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Term Lender is requested to respond (which shall in no event be less than ten Business Days from the date of delivery of such notice
to the Term Lenders). Each Term Lender shall be offered an opportunity to increase its Term Loans by an amount at least equal to its Applicable Percentage of such requested increase. 

  
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 (b) Lender Elections to Increase. Each Term Lender shall notify the Administrative Agent
within such time period whether or not it agrees to increase its Term Loans and, if so, whether by an amount equal to, greater than, or less than its ratable portion (based on such Term Lender’s Applicable Percentage in respect of the Term
Facility) of such requested increase. Any Term Lender not responding within such time period shall be deemed to have declined to increase its Term Loans. For the avoidance of doubt, no Term Lender shall be obligated to participate in such increase
and the decision to participate in such increase shall be in the sole discretion of the applicable Term Lender 
 (c) Notification by
Administrative Agent; Additional Term Lenders. The Administrative Agent shall notify the Borrower and each Term Lender of the Term Lenders’ responses to each request made hereunder. To achieve the full amount of a requested increase, and
subject to the approval of the Administrative Agent (which approval shall not be unreasonably withheld), the Borrower may also invite additional Eligible Assignees to become Term Lenders pursuant to a joinder agreement in form and substance
satisfactory to the Administrative Agent and its counsel. 
 (d) Effective Date and Allocations. If the Term Loans are increased in
accordance with this Section 2.17, the Administrative Agent and the Borrower shall determine the effective date (the “Term Increase Effective Date”) and the final allocation of such increase. The Administrative Agent
shall promptly notify the Borrower and the Term Lenders of the final allocation of such increase and the Term Increase Effective Date. 
 (e)
Conditions to Effectiveness of Increase. As a condition precedent to such increase, (i) the Borrower shall deliver to the Administrative Agent a certificate of each Loan Party dated as of the Term Increase Effective Date (in sufficient
copies for each Lender) signed by a Responsible Officer of such Loan Party (A) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such increase, and (B) in the case of the Borrower, certifying
that, before and after giving effect to such increase, (x) the representations and warranties contained in Article V and the other Loan Documents are true and correct on and as of the Term Increase Effective Date, except to the extent
that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this Section 2.17, the representations and warranties
contained in subsections (a), (b) and (c) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a), (b) and (c), respectively, of
Section 6.01, (y) no Default exists, and (z) the Borrower shall have complied with the (1) covenant set forth in Section 7.11(a) on a Pro Forma Basis and (2) covenant contained in
Section 7.11(b) on a pro forma basis, and, in each case, attaching such supporting documentation and financial information as requested by the Administrative Agent and (ii) commitments from Term Lenders or Eligible Assignees shall
have been received in an amount no less than the amount of such requested increase. So long as the Borrower shall have complied with all other conditions contained in this Section 2.17, the Lenders hereby consent, without the need for
further or subsequent consent but subject to Section 2.17(b), to an amendment to this agreement to the extent necessary to evidence and document an increase in the Term Loans so long as any terms applicable to any such increase are on
the same terms as the existing Term Loans; provided that as of the Term Increase Effective Date, the amortization schedule for the Term Loans set forth in Section 2.07(a) shall be amended to increase the then-remaining unpaid
installments of principal 

  
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by an aggregate amount equal to the additional Term Loans being made on such date, such aggregate amount to be applied to increase such installments ratably in accordance with the amounts in
effect immediately prior to the Term Increase Effective Date. Any such amendment shall only require the consent of the Loan Parties and the Administrative Agent and the Lenders or lenders participating in such increase. Each Loan Party shall
acknowledge and agree that the Obligations of such Loan Party extend to and include the Obligations after giving effect to such increase. The Administrative Agent shall have received such other assurances, certificates, documents or opinions as the
Administrative Agent reasonably may require, including such assurances, certificates, documents or opinions as may be required to evidence such increase, the validity and enforceability of the Obligations and the validity, perfection and first
priority Lien securing the Obligations after giving effect to such increase. The additional Term Loans shall be made by the Term Lenders participating therein pursuant to the procedures set forth in Section 2.02. 

(f) Conflicting Provisions. This Section 2.17 shall supersede any provisions in Section 2.13 or 10.01 to
the contrary. 
 (g) Use of Proceeds. Notwithstanding anything to the contrary contained in this Agreement, the proceeds of any
increase in the Term Loans pursuant to this Section 2.17 shall be used solely to fund Permitted Acquisitions. 
 ARTICLE III

 TAXES, YIELD PROTECTION AND ILLEGALITY 

3.01. Taxes. 
 (a)
Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. (i) Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any
Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion of the Administrative Agent) require the deduction or withholding of any Tax from any such payment by the Administrative Agent or a Loan
Party, then the Administrative Agent or such Loan Party shall be entitled to make such deduction or withholding, upon the basis of the information and documentation to be delivered pursuant to subsection (e) below. 

(ii) If any Loan Party or the Administrative Agent shall be required by the Code to withhold or deduct any Taxes, including
both United States Federal backup withholding and withholding taxes, from any payment, then (A) the Administrative Agent shall withhold or make such deductions as are determined by the Administrative Agent to be required based upon the
information and documentation it has received pursuant to subsection (e) below, (B) the Administrative Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with the Code,
and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making of all required
deductions (including deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made. 

  
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 (iii) If any Loan Party or the Administrative Agent shall be required by any
applicable Laws other than the Code to withhold or deduct any Taxes from any payment, then (A) such Loan Party or the Administrative Agent, as required by such Laws, shall withhold or make such deductions as are determined by it to be required
based upon the information and documentation it has received pursuant to subsection (e) below, (B) such Loan Party or the Administrative Agent, to the extent required by such Laws, shall timely pay the full amount withheld or
deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as
necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum
it would have received had no such withholding or deduction been made. 
 (b) Payment of Other Taxes by the Borrower. Without limiting
the provisions of subsection (a) above, the Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any
Other Taxes. 
 (c) Tax Indemnifications. (i) Each of the Loan Parties shall, and does hereby, jointly and severally indemnify
each Recipient, and shall make payment in respect thereof within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this
Section 3.01) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such
Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or the L/C Issuer (with a copy to the
Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or the L/C Issuer, shall be conclusive absent manifest error. Each of the Loan Parties shall, and does hereby, jointly and severally indemnify the
Administrative Agent, and shall make payment in respect thereof within 10 days after demand therefor, for any amount which a Lender or the L/C Issuer for any reason fails to pay indefeasibly to the Administrative Agent as required pursuant to
Section 3.01(c)(ii) below. 
 (ii) Each Lender and the L/C Issuer shall, and does hereby, severally indemnify,
and shall make payment in respect thereof within 10 days after demand therefor, (x) the Administrative Agent against any Indemnified Taxes attributable to such Lender or the L/C Issuer (but only to the extent that any Loan Party has not already
indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (y) the Administrative Agent and the Loan Parties, as applicable, against any Taxes attributable to such
Lender’s failure to comply with the provisions of Section 10.06(d) relating to the maintenance of a Participant Register and (z) the Administrative Agent and the Loan Parties, as applicable, against any

  
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Excluded Taxes attributable to such Lender or the L/C Issuer, in each case, that are payable or paid by the Administrative Agent or a Loan Party in connection with any Loan Document, and any
reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to
any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender and the L/C Issuer hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender or the L/C Issuer,
as the case may be, under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause (ii). 

(d) Evidence of Payments. Upon request by the Borrower or the Administrative Agent, as the case may be, after any payment of Taxes by
any Loan Party or the Administrative Agent to a Governmental Authority as provided in this Section 3.01, the Borrower shall deliver to the Administrative Agent or the Administrative Agent shall deliver to the Borrower, as the case may
be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory to the Borrower
or the Administrative Agent, as the case may be. 
 (e) Status of Lenders; Tax Documentation. (i) Any Lender that is entitled to
an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative
Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if
reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the
Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of
such documentation (other than such documentation set forth in Section 3.01(e)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission
would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(ii) Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person, 

(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on
which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S.
federal backup withholding tax; 

  
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 (B) any Foreign Lender shall, to the extent it is legally entitled to do so,
deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon
the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 
 (I) in the
case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN establishing an exemption from,
or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN establishing an exemption from, or
reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty, 

(II) executed originals of IRS Form W-8ECI, 

(III) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c)
of the Code, (x) a certificate substantially in the form of Exhibit F-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of
the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed
originals of IRS Form W-8BEN, or 
 (IV) to the extent a Foreign Lender is not the beneficial owner, executed originals of
IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-2 or Exhibit F-3, IRS Form W-9, and/or other certification documents from each beneficial owner,
as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance
Certificate substantially in the form of Exhibit F-4 on behalf of each such direct and indirect partner; 
 (C) any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable Law as a basis for claiming exemption from or a
reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to
be made; and 

  
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 (D) if a payment made to a Lender under any Loan Document would be subject to
U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall
deliver to the Borrower and the Administrative Agent at the time or times prescribed by Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Law (including as
prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their
obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement. 
 (iii) Each Lender agrees that if any form or
certification it previously delivered pursuant to this Section 3.01 expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in
writing of its legal inability to do so. 
 (f) Treatment of Certain Refunds. Unless required by applicable Laws, at no time shall the
Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender or the L/C Issuer, or have any obligation to pay to any Lender or the L/C Issuer, any refund of Taxes withheld or deducted from funds paid for the account
of such Lender or the L/C Issuer, as the case may be. If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified by any Loan Party or with respect to
which any Loan Party has paid additional amounts pursuant to this Section 3.01, it shall pay to such Loan Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by such Loan
Party under this Section 3.01 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund), provided that each Loan Party, upon the request of the Recipient, agrees to repay the amount paid over to such Loan Party (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will the applicable Recipient be
required to pay any amount to any Loan Party pursuant to this subsection the payment of which would place the Recipient in a less favorable net after-Tax position than such Recipient would have been in if the Tax subject to indemnification and
giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This subsection shall not be construed to require any Recipient to
make available its tax returns (or any other information relating to its taxes that it deems confidential) to any Loan Party or any other Person. 

  
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 (g) Survival. Each party’s obligations under this Section 3.01 shall
survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender or the L/C Issuer, the termination of the Commitments and the repayment, satisfaction or discharge of all other
Obligations 
 3.02. Illegality. If any Lender determines that any Law has made it unlawful, or that any Governmental
Authority has asserted that it is unlawful, for any Lender or its Lending Office to make, maintain or fund Loans whose interest is determined by reference to the Eurodollar Rate, or to determine or charge interest rates based upon the Eurodollar
Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrower through
the Administrative Agent, (i) any obligation of such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended, and (ii) if such notice asserts the illegality of such Lender
making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be
determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no
longer exist. Upon receipt of such notice, (x) the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans (the
interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate), either on the last day of the
Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans and (y) if such notice asserts
the illegality of such Lender determining or charging interest rates based upon the Eurodollar Rate, the Administrative Agent shall, during the period of such suspension compute the Base Rate applicable to such Lender without reference to the
Eurodollar Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Eurodollar Rate. Upon any such prepayment or
conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted. Any Lender that requires a prepayment or conversion of existing outstanding Eurodollar Rate Loans, or notifies the Borrower of a suspension of its
obligation to make or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans, in each case pursuant to this Section 3.02, shall, upon the Borrower’s request, provide the Borrower evidence of the
applicable Law or applicable assertion or imposition by a Governmental Authority resulting in such prepayment, conversion or suspension. 

3.03. Inability to Determine Rates. If in connection with any request for a Eurodollar Rate Loan or a conversion to or
continuation thereof, (a) the Administrative Agent determines that (i) Dollar deposits are not being offered to banks in the London interbank Eurodollar market  

  
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for the applicable amount and Interest Period of such Eurodollar Rate Loan, or (ii) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest
Period with respect to a proposed Eurodollar Rate Loan or in connection with an existing or proposed Base Rate Loan (in each case with respect to clause (a) (i) above, “Impacted Loans”), or (b) the Administrative
Agent or the Required Lenders determine that for any reason the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such
Eurodollar Rate Loan, the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended (to the extent of the affected
Eurodollar Rate Loans or Interest Periods) and (y) in the event of a determination described in the preceding sentence with respect to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component in
determining the Base Rate shall be suspended, in each case until the Administrative Agent upon the instruction of the Required Lenders revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of,
conversion to or continuation of Eurodollar Rate Loans (to the extent of the affected Eurodollar Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Committed Borrowing of Base Rate
Loans in the amount specified therein. 
 Notwithstanding the foregoing, if the Administrative Agent has made the determination described in
clause (a)(i) of this section, the Administrative Agent, in consultation with the Borrower and the affected Lenders, may establish an alternative interest rate for the Impacted Loans, in which case, such alternative rate of interest shall apply with
respect to the Impacted Loans until (1) the Administrative Agent revokes the notice delivered with respect to the Impacted Loans under clause (a) of the first sentence of this section, (2) the Administrative Agent or the Required
Lenders notify the Administrative Agent and the Borrower that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (3) any Lender determines that any Law has made it
unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate of interest or to
determine or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions on the authority of such Lender to do any of the foregoing and provides the Administrative Agent and the Borrower written notice
thereof. 
 3.04. Increased Costs; Reserves on Eurodollar Rate Loans. 

(a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in the Eurodollar Rate or the L/C Issuer); 

(ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses
(b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or
capital attributable thereto; or 

  
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 (iii) impose on any Lender or the L/C Issuer or the London interbank market any
other condition, cost or expense affecting this Agreement or Eurodollar Rate Loans made by such Lender or any Letter of Credit or participation therein; 

and the result of any of the foregoing shall be to increase the cost to such Lender of making, converting to, continuing or maintaining any Loan the interest
on which is determined by reference to the Eurodollar Rate (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or the L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of
maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or the L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon
request of such Lender or the L/C Issuer, the Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer, as the case may be, for such additional costs
incurred or reduction suffered. 
 (b) Capital Requirements. If any Lender or the L/C Issuer determines that any Change in Law
affecting such Lender or the L/C Issuer or any Lending Office of such Lender or such Lender’s or the L/C Issuer’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of
return on such Lender’s or the L/C Issuer’s capital or on the capital of such Lender’s or the L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or
participations in Letters of Credit or Swing Line Loans held by, such Lender, or the Letters of Credit issued by the L/C Issuer, to a level below that which such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company
could have achieved but for such Change in Law (taking into consideration such Lender’s or the L/C Issuer’s policies and the policies of such Lender’s or the L/C Issuer’s holding company with respect to capital adequacy or
liquidity), then from time to time the Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding
company for any such reduction suffered. 
 (c) Certificates for Reimbursement. A certificate of a Lender or the L/C Issuer setting
forth evidence of such Change in Law and the amount or amounts necessary to compensate such Lender or the L/C Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section 3.04 and
delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or the L/C Issuer, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 

(d) Delay in Requests. Failure or delay on the part of any Lender or the L/C Issuer to demand compensation pursuant to the foregoing
provisions of this Section 3.04 shall not constitute a waiver of such Lender’s or the L/C Issuer’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender or the L/C
Issuer pursuant to the foregoing provisions of this Section 3.04 for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender or the L/C Issuer, as

  
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the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the L/C Issuer’s intention to claim compensation
therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). 

3.05. Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the
Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 

(a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the
Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 
 (b) any failure by the
Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower; or 

(c) any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the
Borrower pursuant to Section 10.13; 
 including any loss of anticipated profits and any loss or expense arising from the liquidation or
reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. The Borrower shall also pay any customary administrative fees charged by such Lender in connection with
the foregoing. 
 For purposes of calculating amounts payable by the Borrower to the Lenders under this Section 3.05, each
Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar Base Rate used in determining the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a
comparable amount and for a comparable period, whether or not such Eurodollar Rate Loan was in fact so funded. 
 3.06. Mitigation
Obligations; Replacement of Lenders. 
 (a) Designation of a Different Lending Office. If any Lender requests compensation
under Section 3.04, or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender, the L/C Issuer, or any Governmental Authority for the account of any Lender or the L/C Issuer pursuant to
Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then such Lender or the L/C Issuer shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking its Loans
hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender or the L/C Issuer, such designation or assignment (i) would eliminate or reduce amounts payable
pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender or the L/C
Issuer, as the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or the L/C Issuer, as the case may be. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any
Lender or the L/C Issuer in connection with any such designation or assignment. 

  
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 (b) Replacement of Lenders. If any Lender requests compensation under
Section 3.04, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01 and, in each case, such Lender
has declined or is unable to designate a different lending office in accordance with Section 3.06(a), the Borrower may replace such Lender in accordance with Section 10.13. 

3.07. Survival. All of the Borrower’s obligations under this Article III shall survive termination of the Aggregate
Commitments, repayment of all other Obligations, and resignation or removal of the Administrative Agent. 
 ARTICLE IV 

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS 

4.01. Conditions of Initial Credit Extension. The effectiveness of this Agreement is subject to satisfaction of the following
conditions precedent on or prior to the Restatement Effective Date, unless waived by the Administrative Agent: 
 (a) The
Administrative Agent’s receipt of the following, each of which shall be originals, facsimiles or electronic copies (followed promptly by originals) unless otherwise specified, each, to the extent signed by a Loan Party, properly executed by a
Responsible Officer of the signing Loan Party, and each in form and substance satisfactory to the Administrative Agent and each of the Lenders: 

(i) duly executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each
Lender and the Borrower; 
 (ii) a Note executed by the Borrower in favor of each Lender requesting a Note; 

(iii) duly executed counterparts of each other Loan Document sufficient in number for distribution to the Administrative Agent
and the Borrower, together with results of searches (including, without limitation, intellectual property and lien searches), dated on or before the Restatement Effective Date, together with copies of such other supporting documentation as may be
necessary or desirable showing that the Liens created by the Collateral Documents are the only Liens upon the Collateral, except Liens permitted pursuant to Section 7.01; 

(iv) [intentionally omitted]; 

(v) certificates executed by a Responsible Officer of each Loan Party attaching (w) resolutions or other action
authorizing the actions under the Loan Documents, (x) incumbency certificates, (y) copies of the Organization Documents of such Loan Party, certified to be true, accurate and complete and in effect on the Restatement Effective Date, or
certifying that the Organization Documents of such Loan Party delivered to the Administrative Agent on the Original Closing Date were true, accurate and complete on the Original Closing Date and remain in effect on the Restatement Effective Date
without amendment, restatement, supplement or other 

  
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modification from the copies of such documents delivered on the Original Closing Date, and (z) such other documents and certifications as the Administrative Agent may reasonably require to
evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct
of its business requires such qualification, except to the extent that failure to do so, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect; 

(vi) a favorable opinion of Bryan Cave LLP, counsel to the Loan Parties, addressed to the Administrative Agent and the other
Secured Parties, as to the matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request, in form, scope and substance reasonably satisfactory to the Administrative Agent; 

(vii) a favorable opinion of Brach Eichler L.L.C., local New Jersey counsel to the Loan Parties, addressed to the
Administrative Agent and the other Secured Parties, as to the matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request, in form, scope and substance reasonably satisfactory to the Administrative
Agent; 
 (viii) a certificate of a Responsible Officer of each Loan Party attaching copies of all consents, licenses and
approvals required, as of the date hereof, in connection with the consummation by such Loan Party of the Transaction (other than those delivered pursuant to clause (v) above), and the execution, delivery and performance by such Loan Party and
the validity against such Loan Party of the Loan Documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect; 

(ix) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in
Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or circumstance since January 3, 2012 that has had or would be reasonably expected to have, either individually or in the aggregate, a
Material Adverse Effect, and (C) as to calculations demonstrating that, on a Pro Forma Basis, the Consolidated Leverage Ratio for the Measurement Period most recently ended, after giving effect to the Borrowings to occur on the Restatement
Effective Date and after giving pro forma effect to the dividend to be made in accordance with Section 7.06(g), is not greater than 3.00:1.00; 

(x) a certificate attesting to the Solvency of the Loan Parties on a consolidated basis before and after giving effect to the
Borrowings to occur on the Restatement Effective Date and the dividend to be made in accordance with Section 7.06(g), from the Borrower’s chief financial officer; 

(xi) certificates of insurance and endorsements demonstrating coverage reasonably satisfactory to the Administrative Agent and
naming the Administrative Agent, on behalf of the Secured Parties, as an additional insured or loss payee, as the case may be, under all insurance policies maintained with respect to the assets and properties of the Loan Parties that constitute
Collateral; 

  
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 (xii) evidence that the Collateral Documents shall be effective to maintain in
favor of the Administrative Agent a legal, valid and enforceable first priority (subject to Liens permitted under Section 7.01 and entitled to priority pursuant to applicable Law) security interest in and Lien upon the Collateral, and
evidence that all filings, recordings, deliveries of instruments and other actions necessary in the opinion of the Administrative Agent to protect and preserve such security interests shall have been duly effected; 

(xiii) forecasts prepared by management of the Borrower of consolidated balance sheets and statements of income or operations
and cash flows of the Borrower and its Domestic Subsidiaries on an annual basis for the five Fiscal Years of the Borrower following the Restatement Effective Date, each in form and substance reasonably satisfactory to the Administrative Agent; 

(xiv) executed copies of any relevant Committed Loan Notices and Letter of Credit Applications; and 

(xv) such other assurances, certificates, documents, consents or opinions as the Administrative Agent, the L/C Issuer or any
Lender reasonably may require. 
 (b) (i) All fees and expenses then due and owing to the Administrative Agent and the Arrangers and required
to be paid on or before the Restatement Effective Date shall have been paid and (ii) all fees and expenses then due and owing to the Lenders and required to be paid on or before the Restatement Effective Date shall have been paid. 

(c) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable fees, charges and disbursements of counsel to the
Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced prior to or on the Restatement Effective Date, plus such additional amounts of such fees, charges and disbursements as shall constitute
its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and
the Administrative Agent and counsel to the Administrative Agent). 
 (d) The Administrative Agent shall have received an executed funds flow
statement in form and substance acceptable to the Administrative Agent. 
 (e) There shall not exist any action, suit, investigation,
litigation or proceeding pending or threatened in any court or before any arbitrator or governmental authority that, either individually or in the aggregate, has or would reasonably be expected to have a Material Adverse Effect on the Borrower or
its Subsidiaries, the Transaction, the Term Facility, the Revolving Credit Facility or any of the other transactions contemplated hereby. 

(f) The Administrative Agent shall have received all information about the Loan Parties required by the Act, including the identity of such
Loan Party, the name and address of such Loan Party and other information that will allow the Administrative Agent or any Lender, as applicable, to identify such Loan Party in accordance with the Act. 

  
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 Without limiting the generality of the provisions of the last paragraph of
Section 9.03, for purposes of determining compliance with the conditions specified in this Section 4.01, 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 Restatement
Effective Date specifying its objection thereto. 
 4.02. Conditions to all Credit Extensions. The obligation of each Lender
to honor any Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurodollar Rate Loans) is subject to the following conditions precedent: 

(a) The representations and warranties of the Borrower and each other Loan Party contained in Article V or any other Loan Document, or
which are contained in any document furnished at any time under or in connection herewith or therewith, shall be (i) true and correct as of the Restatement Effective Date and (ii) with respect to such representations and warranties of the
Borrower and each other Loan Party after the Restatement Effective Date, shall be true and correct in all material respects on and as of the date of such Credit Extension (other than to the extent that any representation and warranty is already
qualified by materiality, in which case, such representation and warranty shall be true and correct as of such date), except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be
true and correct as of such earlier date, and except that for purposes of this Section 4.02, the representations and warranties contained in Sections 5.05(a), (b) and (c) shall be deemed to refer to the
most recent statements furnished pursuant to Sections 6.01(a), (b) and (c), respectively. 
 (b) No Default shall
exist, or would result from such proposed Credit Extension or from the application of the proceeds thereof. 
 (c) The Administrative Agent
and, if applicable, the L/C Issuer shall have received a Request for Credit Extension in accordance with the requirements hereof. 
 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 Eurodollar Rate Loans) submitted by the Borrower shall be deemed to be a representation and warranty that
the conditions specified in Sections 4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension. 

ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

Each Loan Party represents and warrants to the Administrative Agent and the Lenders that: 

  
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 5.01. Existence, Qualification and Power. Each Loan Party (a) is duly
organized or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses,
authorizations, consents and approvals to (i) own or lease 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 and consummate the Transaction, and
(c) is duly qualified and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except
in each case referred to in clause (b)(i) or (c), to the extent that failure to do so, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 

5.02. Authorization; No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document to which
such Person is or is to be a party have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any of such Person’s Organization Documents, (b) conflict with
or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any Contractual Obligation to which such Person is a party of affecting such Person or the properties of such Person 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 Law. 

5.03. Governmental Authorization; Other Consents. 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 (a) the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document,
or for the consummation of the Transaction, (b) the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, (c) the perfection or maintenance of the Liens created under the Collateral Documents (including
the first priority nature thereof) or (d) the exercise by the Administrative Agent or any Lender of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the Collateral Documents, except for the
authorizations, approvals, actions, notices and filings listed on Schedule 5.03, all of which have been duly obtained, taken, given or made and are in full force and effect. All applicable waiting periods in connection with the Transaction
have expired without any action having been taken by any Governmental Authority restraining, preventing or imposing materially adverse conditions upon the Transaction or the rights of the Loan Parties freely to transfer or otherwise dispose of, or
to create any Lien on, any properties now owned or hereafter acquired by any of them. 
 5.04. Binding Effect. This Agreement
has been, and each other Loan Document, when delivered hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a
legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in accordance with its terms. 

5.05. Financial Statements; No Material Adverse Effect. 

  
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 (a) The Audited Financial Statements (i) were prepared in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein, (ii) fairly present the financial condition of the Borrower and its Domestic Subsidiaries as of the date thereof and their results of operations for the
period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, and (iii) show all material indebtedness and other liabilities, direct or contingent, of the
Borrower and its Domestic Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Indebtedness. 
 (b)
The unaudited consolidated balance sheet of the Borrower and its Domestic Subsidiaries dated on or about September 30, 2012, and the related consolidated statements of income or operations and cash flows for the Fiscal Quarter ended on the date
thereof (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly present the financial condition of the Borrower and its Domestic
Subsidiaries as of the date thereof and their results of operations for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments. 

(c) The unaudited consolidated balance sheet of the Borrower and its Domestic Subsidiaries dated on or about October 31, 2012, and the
related consolidated statements of income or operations and cash flows for the fiscal month ended on the date thereof (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise
expressly noted therein, and (ii) fairly present the financial condition of the Borrower and its Domestic Subsidiaries as of the date thereof and their results of operations for the period covered thereby, subject, in the case of clauses
(i) and (ii), to the absence of footnotes and to normal year-end audit adjustments. 
 (d) Since the date of the Audited
Financial Statements, 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. 

(e) The consolidated forecasted balance sheet, statements of income and cash flows of the Borrower and its Domestic Subsidiaries delivered
pursuant to Section 4.01(a)(xiii) and Section 6.01(d) were prepared in good faith on the basis of the assumptions stated therein, which assumptions were reasonable at the time prepared in light of the conditions existing at such
time, and represented, at the time of delivery, the Borrower’s reasonable estimate of its future financial condition and performance (it being understood that projections by their nature are inherently uncertain, actual results may differ from
projections and such differences may be material). 
 5.06. Litigation. There are no actions, suits, proceedings, claims or
disputes pending or, to the knowledge of each Loan Party, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against any Loan Party or against any of their properties or revenues that
(a) purport to affect or pertain to this Agreement, any other Loan Document or the consummation of the Transaction, or (b) either individually or in the aggregate, if determined adversely, would reasonably be expected to have a Material
Adverse Effect. 

  
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 5.07. No Default. Neither any Loan Party nor any Subsidiary thereof is in default
under or with respect to, or a party to, any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result from the
consummation of the transactions contemplated by this Agreement or any other Loan Document. 
 5.08. Ownership of Property.

 (a) Each Loan Party has good record and marketable title in fee simple to, or valid leasehold interests in, all real property
necessary or used in the ordinary conduct of its business, except for such defects in title as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The property of each Loan Party is subject to no
Liens, other than Liens permitted by Section 7.01. 
 (b) Schedule 5.08(b) sets forth a complete and accurate list of all
real property owned by each Loan Party as of the date hereof (or, to the extent such schedule is amended pursuant to Section 6.02(h), as of the date of such amendment), showing as of the date hereof (or, to the extent such schedule is
amended pursuant to Section 6.02(h), as of the date of such amendment) the street address, county or other relevant jurisdiction, state, record owner and book and fair value thereof. Each Loan Party has good, marketable and insurable fee
simple title to the real property owned by such Loan Party free and clear of all Liens, other than Liens permitted by Section 7.01. 

(c) Schedule 5.08(c) sets forth a complete and accurate list of all Leases of any Loan Party as of the date hereof (or, to the extent
such schedule is amended pursuant to Section 6.02(h), as of the date of such amendment), identifying whether such Person is the lessee or lessor under such Lease and showing as of the date hereof (or, to the extent such schedule is
amended pursuant to Section 6.02(h), as of the date of such amendment) the street address, county or other relevant jurisdiction, state, lessor, lessee, expiration date and annual rental cost thereof. Each such Lease is the legal, valid
and binding obligation of the Loan Party thereto, enforceable in accordance with its terms. 
 5.09. Environmental Compliance.

 (a) The Loan Parties are in compliance with existing Environmental Laws and, to the best of their knowledge, are not subject to any
claims alleging potential liability or responsibility for violation of any Environmental Law on their respective businesses, operations and properties, except as specifically disclosed in Schedule 5.09 or except where the failure to comply
therewith would not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 
 (b) Except as
otherwise set forth in Schedule 5.09, (i) none of the properties currently or formerly owned or operated by any Loan Party is listed or proposed for listing on the NPL or on the CERCLIS or any analogous foreign, state or local list or is
adjacent to any such property, (ii) there are no and never have been any underground or above-ground 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 any property currently owned or operated by 

  
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any Loan Party or, to the best of the knowledge of the Loan Parties, on any property formerly owned or operated by any Loan Party, (iii) there is no asbestos or asbestos-containing material
on any property currently owned or operated by any Loan Party and (iv) Hazardous Materials have not been released, discharged or disposed of on any property currently or formerly owned or operated by any Loan Party, except for any of the
foregoing that, either individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 
 (c)
Except as otherwise set forth in Schedule 5.09, (i) no Loan Party is undertaking, and has not completed, either individually or together with other potentially responsible parties, any investigation or assessment or remedial or response
action relating to any actual or threatened release, discharge or disposal 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 and (ii) all Hazardous Materials generated, used, treated, handled or stored at, or transported to or from, any property currently or formerly owned or operated by any Loan Party have been disposed of in a manner not reasonably expected to
result in a Material Adverse Effect. 
 5.10. Insurance. The properties of each Loan Party are insured with financially sound
and reputable insurance companies not Affiliates of the Borrower, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where
such Loan Party operates. 
 5.11. Taxes. Each Loan Party has filed all Federal, state and other material tax returns and
reports required to be filed, and have paid all Federal, state and other material taxes, assessments, fees and other governmental charges levied or imposed upon it or its properties, income or assets otherwise due and payable, except those which are
being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP. There is no proposed tax assessment against any Loan Party thereof that would, if made, either
individually or in the aggregate, have a Material Adverse Effect. No Loan Party is party to any tax sharing agreement. 
 5.12. ERISA
Compliance. 
 (a) Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other
Federal or state laws. Each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination letter from the Internal Revenue Service to the effect that the form of such Plan is
qualified under Section 401(a) of the Code and the trust related thereto has been determined by the Internal Revenue Service to be exempt from federal income tax under Section 501(a) of the Code, or an application for such a letter is
currently being processed by the Internal Revenue Service. To the knowledge of the Borrower, nothing has occurred that would prevent or cause the loss of such tax-qualified status. 

(b) There are no pending or, to the knowledge of the Borrower, threatened claims, actions or lawsuits, or action by any Governmental Authority,
with respect to any Plan that, either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any
Plan that, either individually or in the aggregate, has resulted or would reasonably be expected to result in a Material Adverse Effect. 

  
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 (c) (i) No ERISA Event has occurred, and neither the Borrower nor any ERISA Affiliate is aware of
any fact, event or circumstance that would reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan; (ii) the Borrower and each ERISA Affiliate has met all applicable requirements under the Pension
Funding Rules in respect of each Pension Plan, and no waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained; (iii) as of the most recent valuation date for any Pension Plan, the funding target
attainment percentage (as defined in Section 430(d)(2) of the Code) is 60% or higher and neither the Borrower nor any ERISA Affiliate knows of any facts or circumstances that would reasonably be expected to cause the funding target attainment
percentage for any such plan to drop below 60% as of the most recent valuation date; (iv) neither the Borrower nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of premiums, and there are no premium
payments which have become due that are unpaid; (v) neither the Borrower nor any ERISA Affiliate has engaged in a transaction that could reasonably be expected to be subject to Section 4069 or Section 4212(c) of ERISA; and
(vi) no Pension Plan has been terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance has occurred or exists that would reasonably be expected to cause the PBGC to institute proceedings under Title IV of ERISA
to terminate any Pension Plan. 
 (d) Neither the Borrower nor any ERISA Affiliate maintains or contributes to, or has any unsatisfied
obligation to contribute to, or liability under, any active or terminated Pension Plan other than (A) on the Restatement Effective Date, those listed on Schedule 5.12(d) hereto and (B) thereafter, Pension Plans not otherwise
prohibited by this Agreement. 
 5.13. Subsidiaries; Equity Interests. No Loan Party has any Subsidiaries other than those
specifically disclosed in Part (a) of Schedule 5.13, except for Subsidiaries created after the Restatement Effective Date to the extent permitted by this Agreement and Inactive Subsidiaries, and all of the outstanding Equity
Interests in such Subsidiaries have been validly issued, are fully paid and non-assessable and are owned by a Loan Party in the amounts specified on Part (a) of Schedule 5.13 free and clear of all Liens except those created under
the Collateral Documents. No Loan Party has any equity investments in any other corporation or entity other than those specifically disclosed in Part (b) of Schedule 5.13, except for Subsidiaries created after the Restatement
Effective Date to the extent permitted by this Agreement. All of the outstanding Equity Interests in the Borrower have been validly issued, are fully paid and non-assessable. Set forth on Part (c) of Schedule 5.13 is a complete and
accurate list of all Subsidiaries as of the date hereof (or, to the extent such schedule is amended pursuant to Section 6.02(h), as of the date of such amendment), showing as of the Restatement Effective Date (or, to the extent such
schedule is amended pursuant to Section 6.02(h), as of the date of such amendment), as to each Subsidiary, the jurisdiction of its incorporation, the address of its principal place of business and its U.S. taxpayer identification number
or, in the case of any Foreign Subsidiary that does not have a U.S. taxpayer identification number, its unique identification number issued to it by the jurisdiction of its incorporation. The copy of the charter of each Loan Party and each amendment
thereto provided pursuant to Section 4.01(a)(v) is a true and correct copy of each such document, each of which is valid and in full force and effect. 

  
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 5.14. Margin Regulations; Investment Company Act. 

(a) No Loan Party is engaged and will not 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. Following the application of the proceeds of each Borrowing or drawing under each Letter of Credit, not
more than 25% of the value of the assets (either of the Borrower only or of the Borrower and its Subsidiaries on a consolidated basis) subject to the provisions of Section 7.01 or Section 7.05 or subject to any restriction
contained in any agreement or instrument between a Loan Party and any Lender or any Affiliate of any Lender relating to Indebtedness and within the scope of Section 8.01(e) will be margin stock. 

(b) Neither a Loan Party, nor any Person Controlling a Loan Party, is or is required to be registered as an “investment company”
under the Investment Company Act of 1940. 
 5.15. Disclosure. No written report, financial statement, certificate or other
information furnished by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document
(in each case as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits any material fact necessary to make the statements made therein, in light of the circumstances under which they were
made, not misleading; provided that, with respect to projected financial information and other forward looking information, each Loan Party represents only that such information was prepared in good faith on the basis of the assumptions
stated therein, which assumptions were reasonable at the time prepared in light of the conditions existing at such time, and represented, at the time of delivery, such Loan Party’s reasonable estimate of its future financial condition and
performance (it being understood that projections by their nature are inherently uncertain, actual results may differ from projections and such differences may be material). 

5.16. Compliance with Laws. Each Loan Party is in compliance in all material respects with the requirements of all Laws and all
orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings
diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 

5.17. Intellectual Property; Licenses, Etc. Each Loan Party owns or possesses the right to use, all of the trademarks, service
marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights (collectively, “IP Rights”) that are reasonably necessary for the operation of its respective businesses, without
conflict with the rights of any other Person, and Schedule 5.17 sets forth a complete and accurate list of all such IP Rights owned or used by each Loan Party as of the date hereof (or, to the extent such schedule is amended pursuant to
Section 6.02(h), as of the date of such amendment). To the best knowledge of each Loan Party, no slogan or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be
employed, by any Loan Party or any of its Subsidiaries infringes upon any rights held by any other Person, except 

  
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for such infringements which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. Except as specifically disclosed in Schedule 5.17,
no claim or litigation regarding any of the foregoing is pending or, to the best knowledge of each Loan Party, threatened, which, either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. 

5.18. Solvency. The Loan Parties are, on a consolidated basis, Solvent.  

5.19. Labor Matters. There are no collective bargaining agreements or Multiemployer Plans covering the employees of the Loan
Parties as of the Restatement Effective Date and no Loan Party has suffered any strikes, walkouts, work stoppages or other material labor difficulty within the last five years, in each case except as did not, either individually or in the aggregate,
have a Material Adverse Effect. 
 5.20. Collateral Documents. The provisions of the Collateral Documents are effective
to create in favor of the Administrative Agent for the benefit of the Secured Parties a legal, valid and enforceable first priority Lien (subject to Liens permitted by Section 7.01) on all right, title and interest of the respective Loan
Parties in the Collateral described therein. Except for filings completed prior to the Restatement Effective Date and as contemplated hereby and by the Collateral Documents, no additional filings will be necessary to perfect or protect such
Liens. 
 5.21. Unit Locations; Franchised Unit Locations. Part (a) of Schedule 5.21 sets forth a complete
and accurate list of all Unit Locations held by any Loan Party as of the Restatement Effective Date (or, to the extent such schedule is amended pursuant to Section 6.02(h), as of the date of such amendment). Part (b) of Schedule
5.21 sets forth a complete and accurate list of all Franchised Unit Locations franchised by any Loan Party as Franchisor to any Franchisee as of the Restatement Effective Date (or, to the extent such schedule is amended pursuant to
Section 6.02(h), as of the date of such amendment). 
 5.22. Franchise Agreements; License Agreements. 

(a) Schedule 5.22 sets forth a complete and accurate list of all Franchise Agreements and License Agreements as of the Restatement
Effective Date (or, to the extent such schedule is amended pursuant to Section 6.02(h), as of the date of such amendment). 
 (b)
Each Franchise Agreement and License Agreement is in full force and effect, without any amendment or modification from the form or copy delivered to the Administrative Agent and the Lenders except for amendments permitted hereunder. 

5.23. Leases. There is a Lease in force for each Unit Location which is ground leased or space leased by any Loan Party. To the
extent requested in writing by the Administrative Agent, a correct and complete copy of each Lease has been delivered to the Administrative Agent and each Lease is in full force and effect without amendment or modification from the form or copy
delivered to the Administrative Agent and the Lenders except for amendments that, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. No default by any party exists under any such Lease that
would reasonably be expected to result in termination of such Lease, nor has any event occurred which, with the passage of time or the giving of notice, or both, would constitute such a default, except in each

  
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case, to the extent any such default, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. Schedule 5.23 contains a complete and
correct listing of all Leases as of the Restatement Effective Date (or, to the extent such schedule is amended pursuant to Section 6.02(h), as of the date of such amendment)  

5.24. Material Contracts. No default by any Loan Party, or to the knowledge of any Loan Party, by any other party, exists under
any Material Contract, other than defaults that would not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  

5.25. Use of Proceeds. The proceeds of the Loans shall be used in accordance with Section 6.11. 

5.26. Inactive Subsidiaries. Except as set forth in Schedule 5.26, none of the Inactive Subsidiaries engages in any
business or activity or owns any assets or has incurred any Indebtedness or any other liability other than (a) maintenance of its organizational existence, (b) tax and accounting administrative activities, and (c) activities
incidental to the businesses or activities described in clauses (a) and (b) of this Section 5.26. 

5.27. Compliance with OFAC Rules and Regulations. No Loan Party, nor, to the knowledge of any Loan Party, any Related Party of
any Loan Party, (i) is currently the subject of any Sanctions, or (ii) is located, organized or resident in a Designated Jurisdiction. 

ARTICLE VI 
 AFFIRMATIVE
COVENANTS 
 So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation (other than Obligations arising
solely out of any Secured Cash Management Agreement or Secured Hedge Agreement) shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, each Loan Party shall: 

6.01. Financial Statements. Deliver to the Administrative Agent and each Lender, in form and detail satisfactory to the
Administrative Agent and the Required Lenders: 
 (a) as soon as available, but in any event within 90 days after the end of each
Fiscal Year of the Borrower, a consolidated balance sheet of the Borrower and its Domestic Subsidiaries as at the end of such Fiscal Year, and the related consolidated statements of income or operations, changes in shareholders’ 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, such consolidated statements to be audited and accompanied by a
report and opinion of an independent certified public accountant of nationally recognized standing reasonably acceptable to the Required Lenders, 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; 

(b) as soon as available, but in any event within 45 days after the end of each of the first three Fiscal Quarters of each Fiscal Year of the
Borrower, an unaudited consolidated 

  
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balance sheet of the Borrower and its Domestic Subsidiaries as at the end of such Fiscal Quarter, and the related unaudited consolidated statements of income or operations and cash flows for such
Fiscal Quarter and for the portion of the Borrower’s 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 (provided that the balance sheet will be compared to the balance sheet from the prior Fiscal Year end), all in reasonable detail, such consolidated statements to be certified by the chief executive officer, chief
financial officer, treasurer or controller of the Borrower as fairly presenting, in all material respects, the financial condition, results of operations and cash flows of the Borrower and its Domestic Subsidiaries in accordance with GAAP, subject
only to normal year-end audit adjustments and the absence of footnotes; 
 (c) as soon as available, but in any event within 30 days after
the end of the first two fiscal months of each Fiscal Quarter of the Borrower, an unaudited consolidated balance sheet of the Borrower and its Domestic Subsidiaries as of the end of such month, and the related unaudited consolidated statements of
income or operations and cash flows for such month and for the portion of the Borrower’s Fiscal Year then ended setting forth in each case in comparative form the figures for the corresponding month of the previous Fiscal Year and the
corresponding portion of the previous Fiscal Year (provided that the balance sheet will be compared to the balance sheet from the prior Fiscal Year end), all in reasonable detail, such statements to be certified by the chief executive
officer, chief financial officer, treasurer or controller of the Borrower as fairly presenting, in all material respects, the financial condition, results of operations and cash flows of the Borrower and its Domestic Subsidiaries in accordance with
GAAP, subject only to normal year-end audit adjustments and the absence of footnotes; and 
 (d) as soon as available, but in any event
within 45 days after the end of each Fiscal Year of the Borrower, an annual business plan and budget of the Borrower and its Domestic Subsidiaries on a consolidated basis, including (i) forecasts prepared by management of the Borrower and
(ii) assumptions made in the formulation of such budget, in form satisfactory to the Administrative Agent and the Required Lenders, of consolidated balance sheets and statements of income or operations and cash flows of the Borrower and its
Domestic Subsidiaries on a quarterly basis for the immediately following Fiscal Year. 
 As to any information contained in materials furnished pursuant to
Section 6.02(c), the Borrower shall not be separately required to furnish such information under Section 6.01(a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Borrower to
furnish the information and materials described in Sections 6.01(a) and (b) above at the times specified therein. 

6.02. Compliance Certificates and Certain Reports Sent to Other Parties. Deliver to the Administrative Agent and each Lender, in
form and detail reasonably satisfactory to the Administrative Agent and the Required Lenders: 
 (a) concurrently with the delivery of the
financial statements referred to in Sections 6.01(a) and (b), (i) a duly completed Compliance Certificate signed by the chief executive officer, chief financial officer, treasurer or controller of the Borrower and (ii) a copy
of management’s discussion and analysis with respect to such financial statements; 

  
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 (b) promptly after any request by the Administrative Agent or any Lender, copies of any detailed
audit reports, management letters or recommendations submitted to the board of directors (or the audit committee of the board of directors) of any Loan Party by independent accountants in connection with the accounts or books of any Loan Party or
any of its Subsidiaries, or any audit of any of them; 
 (c) promptly after the same are available, copies of each annual report, proxy or
financial statement or other report or communication sent to the holders of public equity securities of the relevant Loan Party, and copies of all annual, regular, periodic and special reports and registration statements which such Loan Party has
filed with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, or with any national securities exchange, and in any case not otherwise required to be delivered to the Administrative Agent pursuant hereto; 

(d) to the extent applicable, promptly after the furnishing thereof, copies of any statement or report furnished to any holder of debt
securities of any Loan Party in excess of the Threshold Amount pursuant to the terms of any indenture, loan or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant to Section 6.01 or any other
clause of this Section 6.02; 
 (e) promptly, and in any event within 5 Business Days after receipt thereof by any Loan Party,
copies of each notice or other correspondence received from the SEC (or comparable 
 agency in any applicable non-U.S. jurisdiction)
concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other operational results of any Loan Party or any Subsidiary thereof, unless, in the case of an inquiry only, such inquiry relates to an
event or circumstance that would not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect ; 

(f) within 30 days after the end of each Fiscal Year of the Borrower, a report summarizing the insurance coverage (specifying type, amount and
carrier) in effect for each Loan Party and its Subsidiaries and containing such additional information as the Administrative Agent, or any Lender through the Administrative Agent, may reasonably specify; 

(g) promptly after the assertion or occurrence thereof, notice of any action or proceeding against or of any noncompliance by any Loan Party or
any of its Subsidiaries with any Environmental Law or Environmental Permit that would (i) reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect or (ii) cause any property described in the
Mortgages to be subject to any restrictions on ownership, occupancy, use or transferability under any Environmental Law; 
 (h) within 30
days after the end of each Fiscal Year of the Borrower (i) a report supplementing Schedules 5.08(b), 5.08(c), 5.13, 5.17, 5.21, 5.22, 5.23 and a description of such other changes in the
information included in such Schedules as may be necessary for such Schedules to be accurate and complete, each such report to be signed by a Responsible Officer of the Borrower and to be in a form reasonably satisfactory to the Administrative
Agent; provided that such report shall not constitute an amendment or modification of such Schedules without the written consent of the Administrative Agent; and 

  
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 (i) promptly after request therefor, such additional information regarding the business,
financial, legal or corporate affairs of any Loan Party or any of its Subsidiaries, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender may from time to time reasonably request. 

Documents required to be delivered pursuant to Section 6.01(a) or (b) or Section 6.02(c) (to the extent
any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a
link thereto on the Borrower’s website on the Internet at the website address listed on Schedule 10.02; (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each
Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); or (iii) on which the Borrower provides written notice to the Lenders that such documents are
available on the website of the SEC at http://www.sec.gov (to the extent such documents are available as described in such notice); provided that: (x) the Borrower shall deliver paper copies of such documents to the Administrative
Agent or any Lender upon its request to the Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (y) the Borrower shall notify the Administrative
Agent and each Lender (by facsimile or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. 

The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above,
and in any event shall have no responsibility to monitor compliance by the Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such
documents. 
 The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arrangers will make available to the
Lenders and the L/C Issuer materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on Intralinks, Syndtrak, ClearPar or another similar
electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to the Borrower or its
Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. The Borrower hereby agrees that so long as the Borrower is the
issuer of any outstanding debt or equity securities that are registered or issued pursuant to a private offering or is actively contemplating issuing any such securities, (w) all Borrower Materials that are intended by the Borrower for
distribution to Public Lenders 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 Borrower Materials
“PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Arrangers, the L/C Issuer and the Lenders to treat such Borrower Materials as not containing any material non-public information (although it may be
sensitive and proprietary) with respect to the Borrower or its securities for purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall
be treated as set forth in Section 10.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be made 

  
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available through a portion of the Platform designated “Public Side Information;” and (z) the Administrative Agent and the Arrangers shall be entitled to treat any Borrower
Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.” 

6.03. Notices. Promptly notify the Administrative Agent and each Lender: 

(a) of the occurrence of any Default of which a Responsible Officer of the Borrower has knowledge; 

(b) of the determination by any Responsible Officer of any Loan Party that any matter or change has resulted or would reasonably be expected to
result in, either individually or in the aggregate, a Material Adverse Effect; 
 (c) of the occurrence of any ERISA Event; 

(d) of any material change in accounting policies or financial reporting practices by any Loan Party or any Domestic Subsidiary thereof; 

(e) of the (i) occurrence of any Disposition of property or assets, or the receipt of any insurance proceeds or condemnation awards, for
which a Loan Party is required to make a mandatory prepayment pursuant to Section 2.05(b)(i), (ii) incurrence or issuance of any Indebtedness for which a Loan Party is required to make a mandatory prepayment pursuant to
Section 2.05(b)(ii), and (iii) receipt of any Extraordinary Receipt for which a Loan Party is required to make a mandatory prepayment pursuant to Section 2.05(b)(iii); and 

(f) of any notice of termination, non-renewal or default under any Material Contract. 

Each notice pursuant to this Section 6.03 (other than Section 6.03(e)) shall be accompanied by a statement of a
Responsible Officer of the relevant Loan Party setting forth details of the occurrence referred to therein and stating what action such Loan Party has taken and proposes to take with respect thereto. Each notice pursuant to
Section 6.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached. 

6.04. Payment of Taxes, Other Claims Resulting in Liens and Material Obligations. Pay and discharge as the same shall become due
and payable, all of its obligations and liabilities, including (a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless the same are being contested in good faith by appropriate
proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by the relevant Loan Party or Subsidiary thereof, (b) all lawful claims which, if unpaid, would by Law become a Lien upon its property, unless
such Lien is permitted under Section 7.01 and (c) all Indebtedness in excess of the Threshold Amount, as and when due and payable, but subject to any subordination provisions contained in any instrument or agreement evidencing such
Indebtedness. 
 6.05. Preservation of Existence, Permits, Licenses, Etc. 

  
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 (a) Preserve, renew and maintain in full force and effect its legal existence and good standing
under the Laws of the jurisdiction of its organization or formation except in a transaction permitted by Section 7.04 or 7.05, (b) preserve or renew all of its registered patents, copyrights, trademarks, trade names and
service marks, the non-preservation of which, either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect and (c) take all reasonable action to maintain all rights, privileges, permits, licenses and
franchises necessary or desirable in the normal conduct of its business, including, without limitation, any and all approvals by any Federal, state or local food authority necessary for the continued operation of any Restaurant operated by any Loan
Party, except to the extent that failure to do so, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 

6.06. Maintenance of Properties. 

(a) Maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working
order and condition, ordinary wear and tear excepted, (b) make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so, either individually or in the aggregate, would not reasonably be expected to
have a Material Adverse Effect and (c) use the standard of care typical in the industry in the operation and maintenance of its facilities. 

6.07. Maintenance of Insurance. 

(a) Maintain with financially sound and reputable insurance companies not Affiliates of the Borrower, 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 as are customarily carried under similar circumstances by such other Persons and
(b) use commercially reasonable efforts to cause such insurance companies to provide not less than 30 days’ prior notice to the Administrative Agent of termination, lapse or cancellation of such insurance. 

6.08. Compliance with Laws. Comply in all material respects with the requirements of all Laws and all orders, writs, injunctions
and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted, or
(b) the failure to comply therewith, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 

6.09. Books and Records. 

(a) Maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be
made of all financial transactions and matters involving the assets and business of each Loan Party and (b) maintain such books of record and account in material conformity with all applicable requirements of any Governmental Authority having
regulatory jurisdiction over such Loan Party. 
 6.10. Inspection Rights. Permit representatives and independent contractors
of the Administrative Agent to visit and inspect any of its properties, to examine its organizational, 

  
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financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public
accountants, all at the expense of the Borrower and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the relevant Loan Party; provided, however, that the
Borrower shall only be required to reimburse the expenses of the Administrative Agent for two such inspections and examinations in any Fiscal Year, unless an Event of Default has occurred and is continuing, in which case the Administrative Agent or
any Lender (or any of its respective representatives or independent contractors) (x) shall not be so limited and (y) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and without advance
notice.  
 6.11. Use of Proceeds. Use the proceeds of the Credit Extensions (a) in the case of the Loans made on
the Restatement Effective Date, (i) to make the dividend permitted by Section 7.06(g), (ii) to pay fees and expenses incurred in connection with the Facilities on the Restatement Effective Date, (iii) to pay costs,
expenses, fees and management incentive payments in connection with the Borrower’s Review of Strategic Alternatives, and (iv) for general corporate purposes, and (b) in the case of the Loans under the Revolving Credit Facility made at
any other time, for working capital and general corporate purposes (including Restricted Payments, acquisitions and Capital Expenditures permitted by this Agreement), in all cases, not in contravention of any Law or of any Loan Document. 

6.12. Covenant to Guarantee Obligations and Give Security. 

(a) Upon the formation or acquisition of any new direct or indirect Domestic Subsidiary of any Loan Party or, to the extent no material adverse
tax consequence would result, upon the formation or acquisition of any new direct or indirect Foreign Subsidiary of any Loan Party, then the relevant Loan Party shall, at the Borrower’s expense: 

(i) within 10 days after such formation or acquisition, furnish to the Administrative Agent a description of the real and
personal properties of such Subsidiary, in detail satisfactory to the Administrative Agent, 
 (ii) within 15 days after such
formation or acquisition, cause such Domestic Subsidiary and each direct and indirect parent of such Domestic Subsidiary (if it has not already done so) or cause such Foreign Subsidiary (to the extent no material adverse tax consequence would result
therefrom) to duly execute and deliver to the Administrative Agent a joinder to the Guaranty and Security Agreement and the Mortgages with respect to any Eligible Real Estate, and other security and pledge agreements (including, in the case of a
Foreign Subsidiary (to the extent no material adverse tax consequence would result therefrom), such local Law guaranties, mortgages, security and pledge agreements), as specified by and in form and substance satisfactory to the Administrative Agent
(including delivery of all pledged Equity Interests in and of such Subsidiary accompanied by undated transfer powers executed in blank, and instruments evidencing any pledged debt, indorsed in blank, or the local law equivalents thereto), securing
payment of all the Obligations and constituting Liens on all such real and personal properties, 

  
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 (iii) within 30 days after such formation or acquisition, cause such Domestic
Subsidiary and each direct and indirect parent of such Domestic Subsidiary (if it has not already done so) or cause such Foreign Subsidiary (to the extent no material adverse tax consequence would result therefrom) to take whatever action (including
the recording of Mortgages with respect to any Eligible Real Estate, the filing of Uniform Commercial Code financing statements (or equivalent filing in the jurisdiction of formation of the relevant Foreign Subsidiary), filings with applicable
copyright, trademark and patent registration offices, the giving of notices and the endorsement of notices on title documents or the local law equivalents thereto and any other documents and information of the types specified in
Section 4.01(a)(xii)) as may be necessary in the opinion of the Administrative Agent to vest in the Administrative Agent (or in any representative of the Administrative Agent designated by it) valid and subsisting Liens on the properties
purported to be subject to the deeds of trust, trust deeds, deeds to secure debt, Mortgages, joinders to the Guaranty and Security Agreement and security and pledge agreements delivered pursuant to this Section 6.12, enforceable against
all third parties in accordance with their terms, 
 (iv) within 60 days after such formation or acquisition, deliver to the
Administrative Agent, upon the request of the Administrative Agent in its reasonable discretion, a signed copy of a favorable opinion, addressed to the Administrative Agent and the other Secured Parties, of counsel for the Loan Parties acceptable to
the Administrative Agent as to the matters contained in clauses (i), (ii) and (iii) above, and as to such other matters as the Administrative Agent may reasonably request, and 

(v) as promptly as practicable after such formation or acquisition, deliver, upon the request of the Administrative Agent in
its reasonable discretion, to the Administrative Agent with respect to each parcel of Eligible Real Estate owned or held by the entity that is the subject of such formation or acquisition title reports, American Land Title Association Lender’s
Extended Coverage title insurance policies, surveys and engineering, soils and other reports, and environmental assessment reports, each in scope, form and substance satisfactory to the Administrative Agent; provided, however, that to
the extent that any Loan Party or any of its Subsidiaries shall have otherwise received any of the foregoing items with respect to such real property, such items shall, promptly after the receipt thereof, be delivered to the Administrative Agent.

 (b) Upon the formation or acquisition of any new first tier Foreign Subsidiary by any Loan Party, then the relevant Loan Party shall, at
the Borrower’s expense, duly execute and deliver to the Administrative Agent a pledge agreement in which 66% of the voting ownership interest in such Foreign Subsidiary and 100% of any non-voting Equity Interests in such Foreign Subsidiary is
pledged to secure payment of all the Obligations and to take all such other actions as may be necessary in the opinion of the Administrative Agent to vest in the Administrative Agent (or in any representative of the Administrative Agent designated
by it) valid and subsisting Liens on such ownership interest. 

  
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 (c) Upon the acquisition of any property by any Loan Party (other than leasehold interests), if
such property, in the reasonable judgment of the Administrative Agent, shall not already be subject to a perfected security interest in favor of the Administrative Agent for the benefit of the Secured Parties, then such Loan Party shall, at the
Borrower’s expense: 
 (i) within 10 days after such acquisition, furnish to the Administrative Agent a description of
such property so acquired in detail satisfactory to the Administrative Agent, 
 (ii) within 15 days after such acquisition,
duly execute and deliver to the Administrative Agent, a joinder to the Guaranty and Security Agreement, Mortgages for any Eligible Real Estate, and other security and pledge agreements, as specified by and in form and substance satisfactory to the
Administrative Agent, securing payment of all the Obligations of the applicable Loan Party under the Loan Documents and constituting Liens on all such properties, 

(iii) within 30 days after such acquisition, take whatever action (including the recording of Mortgages with respect to any
Eligible Real Estate, the filing of Uniform Commercial Code financing statements, filings with applicable copyright, trademark and patent registration offices, the giving of notices and the endorsement of notices on title documents and any other
documents and information of the types specified in Section 4.01(a)(xii)) as may be necessary in the opinion of the Administrative Agent to vest in the Administrative Agent (or in any representative of the Administrative Agent designated
by it) valid and subsisting Liens on such property, enforceable against all third parties, 
 (iv) within 60 days after such
acquisition, deliver to the Administrative Agent, upon the request of the Administrative Agent in its reasonable discretion, a signed copy of a favorable opinion, addressed to the Administrative Agent and the other Secured Parties, of counsel for
the Loan Parties acceptable to the Administrative Agent as to the matters contained in clauses (ii) and (iii) above and as to such other matters as the Administrative Agent may reasonably request, and 

(v) as promptly as practicable after any acquisition of Eligible Real Estate, deliver, upon the request of the Administrative
Agent in its reasonable discretion, to the Administrative Agent with respect to such Eligible Real Estate title reports, American Land Title Association Lender’s Extended Coverage title insurance policies, surveys and engineering, soils and
other reports, and environmental assessment reports, each in scope, form and substance satisfactory to the Administrative Agent; provided, however, that to the extent that any Loan Party shall have otherwise received any of the
foregoing items with respect to such real property, such items shall, promptly after the receipt thereof, be delivered to the Administrative Agent. 

(d) At any time upon the reasonable request of the Administrative Agent, promptly execute and deliver any and all further instruments and
documents and take all such other action as the Administrative Agent may deem necessary in obtaining the full benefits of, or (as applicable) in perfecting and preserving the Liens of, such guaranties, joinders to the Guaranty and Security
Agreement, Mortgages with respect to Eligible Real Estate, and other security and pledge agreements. 

  
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 (e) Notwithstanding anything to the contrary contained in this Section 6.12 or
elsewhere in this Agreement, no Loan Party shall be required to deliver or procure any leasehold mortgage or landlord consent or waiver. 

6.13. Compliance with Environmental Laws. Comply, and cause all lessees and other Persons operating or occupying its properties
to comply, in all material respects, with all applicable Environmental Laws and Environmental Permits; obtain and renew all Environmental Permits necessary for its operations and properties; and conduct any investigation, study, sampling and
testing, and undertake any cleanup, removal, remedial or other action necessary to remove and clean up all Hazardous Materials from any of its properties, in accordance with the requirements of all Environmental Laws; provided,
however, that no Loan Party shall be required to undertake any such cleanup, removal, remedial or other action to the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are
being maintained with respect to such circumstances in accordance with GAAP. 
 6.14. Compliance with Terms of Leaseholds.
Make all payments and otherwise perform all obligations in respect of all Leases to which any Loan Party is a party, keep such leases in full force and effect and not allow such leases to lapse or be terminated or any rights to renew such leases to
be forfeited or cancelled, notify the Administrative Agent of any default by any party with respect to such leases and cooperate with the Administrative Agent in all respects to cure any such default, except, in any case, where the failure to do so,
either individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 
 6.15.
Material Contracts. Perform and observe all the terms and provisions of each Material Contract to be performed or observed by it, maintain each such Material Contract in full force and effect, enforce each such Material Contract in
accordance with its terms, take all such action to such end as may be from time to time requested by the Administrative Agent and, upon request of the Administrative Agent, make to each other party to each such Material Contract such demands and
requests for information and reports or for action as any Loan Party is entitled to make under such Material Contract, except, in any case, where the failure to do so, whether individually or in the aggregate, would not reasonably be expected to
result in a Material Adverse Effect. 
 6.16. Control Agreements. Upon the request of the Administrative Agent, deliver
Account Control Agreements and such other agreements, documents and instruments as may be necessary, in the Administrative Agent’s determination, to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected, first
priority (subject to Liens permitted under Section 7.01 and entitled to priority pursuant to applicable Law) Lien and “control” (as defined in the UCC) on all deposit accounts and securities accounts of a Loan Party (other than
any account in which the aggregate amount of cash and Cash Equivalents in such account does not exceed $25,000 at any time).  

6.17. Cash Collateral Accounts. Maintain all Cash Collateral Accounts with Bank of America or another commercial bank located in
the United States, which has accepted the assignment of such accounts to the Administrative Agent for the benefit of the Secured Parties pursuant to the terms of the Guaranty and Security Agreement. 

  
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 6.18. Further Assurances. Promptly upon the reasonable request by the
Administrative Agent, or any Lender through the Administrative Agent, (a) correct any typographical or scrivener’s error that may be discovered in any Loan Document or in the execution, acknowledgment, filing or recordation thereof, and
(b) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Administrative Agent, or any Lender through the
Administrative Agent, may reasonably require from time to time in order to (i) to the fullest extent permitted by applicable Law, subject any Loan Party’s properties, assets, rights or interests to the Liens now or hereafter intended to be
covered by any of the Collateral Documents, (ii) perfect and maintain the validity, effectiveness and priority of any of the Collateral Documents and any of the Liens intended to be created thereunder and (iii) assure, convey, grant,
assign, transfer, preserve, protect and confirm more effectively unto the Secured Parties the rights granted or now or hereafter intended to be granted to the Secured Parties under any Loan Document or under any other instrument executed in
connection with any Loan Document to which any Loan Party is or is to be a party. 
 6.19. Interest Rate Hedging. Enter into
before the date that is 90 days after the Restatement Effective Date (or such later date to which the Administrative Agent may agree in its sole discretion), and thereafter maintain at all times for a period of at least two years after the
Restatement Effective Date, interest rate Swap Contracts on terms and with Persons reasonably satisfactory to the Administrative Agent, covering a notional amount of not less than 50% of the aggregate outstanding principal amount of the Term Loan
from time to time. 
 ARTICLE VII 

NEGATIVE COVENANTS 
 So
long as any Lender shall have any Commitment hereunder, any Loan or other Obligation (other than Obligations arising solely out of any Secured Cash Management Agreement or Secured Hedge Agreement) hereunder shall remain unpaid or unsatisfied, or any
Letter of Credit shall remain outstanding, no Loan Party shall (nor permit any Inactive Subsidiary to), directly or indirectly: 
 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, or sign, file or authorize the filing under the Uniform Commercial Code of any jurisdiction a
financing statement that names such Loan Party as debtor, other than the following:  
 (a) Liens pursuant to any Loan Document; 

(b) Liens existing on the date hereof and listed on Schedule 7.01(b) and any renewals or extensions thereof; provided that
(i) the property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased except as contemplated by Section 7.02(d), (iii) the direct or any contingent obligor with respect thereto is
not changed, and (iv) any renewal or extension of the obligations secured or benefited thereby is permitted under Section 7.02(d); 

  
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 (c) Liens for taxes not yet due or which are being contested in good faith and by appropriate
proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 

(d) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary
course of business which are not overdue for a period of more than 30 days or, if more than 30 days, which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are
maintained on the books of the applicable Person; 
 (e) pledges or deposits in the ordinary course of business in connection with
workers’ compensation, unemployment insurance and other social security legislation, other than any Lien imposed by ERISA; 
 (f)
deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

 (g) easements, rights-of-way, restrictions (including zoning restrictions) and other similar encumbrances or title defects affecting real
property which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable
Person; 
 (h) Liens securing judgments for the payment of money not constituting an Event of Default under Section 8.01(h) (or
securing appeal or other surety bonds related to such judgments); 
 (i) Liens securing Indebtedness permitted under
Section 7.02(f); provided that (i) such Liens do not at any time encumber any property other than the property financed by such Indebtedness and (ii) the Indebtedness secured thereby does not exceed the cost or fair
market value, whichever is lower, of the property being acquired on the date of acquisition; 
 (j) Liens not otherwise permitted by this
Section so long as (i) the aggregate outstanding principal amount of the obligations secured thereby does not exceed $2,000,000 at any time and (ii) the aggregate fair market value (determined as of the date such Lien is incurred) of the
assets encumbered thereby does not exceed (as to the Loan Parties) $3,000,000 at any one time; 
 (k) Liens on property of a Person existing
at the time such Person is merged into or consolidated with the Borrower or any Domestic Subsidiary of the Borrower or becomes a Domestic Subsidiary of the Borrower; provided that such Liens were not created in contemplation of such merger,
consolidation or Investment, do not extend to any assets other than those of the Person merged into or consolidated with the Borrower or such Domestic Subsidiary or acquired by the Borrower or such Domestic Subsidiary and are not for Consolidated
Funded Indebtedness (other than purchase money indebtedness permitted under Section 7.02(f)); 

  
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 (l) Liens arising in the ordinary course of business in favor of one or more financial
institutions in which any Loan Party maintains one or more deposit accounts in the ordinary course of business securing usual and customary fees and expenses (but not attorneys fees and expenses) directly relating to such deposit accounts,
provided that such Liens secure amounts outstanding for not more than thirty days from the date of incurrence; 
 (m) precautionary
Liens arising from filing UCC financing statements in respect of operating leases, provided that such Liens do not extend to any assets other than those subject of such operating lease; 

(n) Liens attaching to brokerage or securities accounts with respect to Investments permitted by Section 7.03 to secure usual and
customary fees incurred in the ordinary course in connection with the maintenance of such brokerage or securities accounts; and 
 (o) to the
extent constituting a Lien, non-exclusive licenses of IP Rights of a Loan Party in the ordinary course of business and substantially consistent with past practices for terms not exceeding five (5) years; 

provided, however, that this Section 7.01 shall not apply to treasury stock of the Borrower to the extent constituting margin stock
(within the meaning of Regulation U of the FRB). 
 7.02. Indebtedness. Create, incur, assume or suffer to exist any
Indebtedness, except: 
 (a) obligations (contingent or otherwise) existing or arising under any Swap Contract; provided that
(i) such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of either (x) directly mitigating risks associated with fluctuations in interest rates or foreign exchange rates or
(y) forward purchasing commodities at a fixed price in connection with any Loan Party’s operations and not for speculative purposes, and (ii) such Swap Contract does not contain any provision exonerating the non-defaulting party from
its obligation to make payments on outstanding transactions to the defaulting party; 
 (b) Indebtedness of (i) the Borrower owed to a
Guarantor that is a Domestic Subsidiary or (ii) a Guarantor that is a Domestic Subsidiary owed to the Borrower or another Guarantor that is a Domestic Subsidiary; 

(c) Indebtedness constituting the Obligations; 

(d) Indebtedness outstanding on the date hereof and listed on Schedule 7.02(d) and any refinancings, refundings, renewals or extensions
thereof; provided that the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses
reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder and the direct or any contingent obligor with respect thereto is not changed, as a result of or in connection with such
refinancing, refunding, renewal or extension; and provided, further, that the terms relating to principal amount, amortization, maturity, collateral (if any) and subordination (if any), and other material terms taken as a whole, of any
such refinancing, refunding, renewing or extending Indebtedness, and of any agreement entered into and of any instrument issued in connection therewith, are no less 

  
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favorable in any material respect to the Loan Parties or the Lenders than the terms of any agreement or instrument governing the Indebtedness being refinanced, refunded, renewed or extended and
the interest rate applicable to any such refinancing, refunding, renewing or extending Indebtedness does not exceed the then applicable market interest rate; 

(e) Guarantees of the Borrower or any Guarantor in respect of Indebtedness otherwise permitted hereunder of the Borrower or any other
Guarantor; 
 (f) Indebtedness in respect of Capitalized Leases, Synthetic Lease Obligations and purchase money obligations for fixed or
capital assets within the limitations set forth in Section 7.01(i); provided, however, that the aggregate amount of all such Indebtedness at any one time outstanding shall not exceed $5,000,000; 

(g) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn
by the Borrower or any other Loan Party in the ordinary course of business against insufficient funds, so long as such Indebtedness is repaid within three (3) Business Days; 

(h) Indebtedness resulting from surety and appeal bonds incurred in the ordinary course of business which, in each case, is consistent with
past practices; 
 (i) Indebtedness incurred after the Restatement Effective Date under the Coke Beverage Marketing Agreement (as in effect
on the Original Closing Date) in an aggregate principal amount not to exceed $1,000,000 at any one time outstanding; 
 (j) additional
Indebtedness of the Loan Parties (not otherwise permitted under this Section 7.02) in an aggregate principal amount not to exceed $10,000,000 at any one time outstanding; and 

(k) Indebtedness consisting of an obligation to pay a declared but yet unpaid Restricted Payment, so long as the declaration of such Restricted
Payment and the proposed payment of such Restricted Payment was not prohibited hereunder. 
 7.03. Investments. Make or hold
any Investments, except: 
 (a) Investments in the form of cash or Cash Equivalents; 

(b) advances to officers, directors and employees of the Borrower and Guarantors in an aggregate amount not to exceed $500,000 at any time
outstanding, for travel, entertainment, relocation and analogous ordinary business purposes; 
 (c) (i) Investments by the Borrower and its
Domestic Subsidiaries in their respective Domestic Subsidiaries outstanding on the date hereof, (ii) additional Investments by the Borrower and its Domestic Subsidiaries in Loan Parties that are Domestic Subsidiaries, and (iii) Investments
by the Borrower and its Domestic Subsidiaries in Foreign Subsidiaries in an amount not to exceed $1,000,000; 

  
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 (d) Investments consisting of extensions of credit in the nature of accounts receivable or notes
receivable arising from the sale or lease of goods or services or other grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to
the extent reasonably necessary in order to prevent or limit loss; 
 (e) Guarantees permitted under Section 7.02(e); 

(f) Investments existing on the date hereof (other than those referred to in Section 7.03(c)(i)) and set forth on Schedule
7.03(f); 
 (g) the purchase or other acquisition, in a single or a series of related transactions, of all of the Equity Interests in, or
all or substantially all of the property of, or all or substantially all of a business line or division from, any Person that, upon the consummation thereof, will (in the case of an acquisition of the Equity Interests in a Person) be wholly-owned
directly by the Borrower or one or more of the Guarantors (including as a result of a merger or consolidation or as a result of the purchase or other acquisition from a franchisee or licensee of a Loan Party of any restaurant operated by such
franchisee or licensee under a Franchise Agreement or License Agreement as a bagel or café concept); provided that, with respect to each purchase or other acquisition made pursuant to this Section 7.03(g): 

(i) any such newly-created or acquired Subsidiary shall comply with the requirements of Section 6.12 and/or, with
respect to any newly-acquired assets, the Borrower or such Guarantor shall comply with the requirements of Section 6.12; 

(ii) the lines of business of the Person to be (or the property of which is to be) so purchased or otherwise acquired shall
comply with Section 7.07; 
 (iii) (A) such purchase or other acquisition shall not include or result in any
contingent liabilities that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, and (B) the board of directors (or equivalent governing body) of the Borrower or such Guarantor, as the case
may be, is approving such transaction on a non-hostile basis; 
 (iv) (A) immediately before and after giving pro forma
effect to any such purchase or other acquisition, no Default shall have occurred and be continuing and (B) immediately after giving effect to such purchase or other acquisition, the Borrower and its Domestic Subsidiaries shall be in pro forma
compliance with the covenant set forth in Section 7.11(b), such compliance to be determined on the basis of the financial information most recently delivered to the Administrative Agent and the Lenders pursuant to
Section 6.01(a) or (b) as though such purchase or other acquisition had been consummated as of the first day of the fiscal period covered thereby; 

(v) immediately before and after giving effect to any such purchase or other acquisition, the Consolidated Leverage Ratio for
the Measurement Period most recently completed, on a Pro Forma Basis, shall not be greater than 0.25 less than the Consolidated Leverage Ratio required for such Measurement Period in accordance with Section 7.11(a), such compliance to be
determined on the financial information most recently delivered to the Administrative Agent and the Lenders pursuant to Section 6.01(a) or (b); 

  
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 (vi) (A) for each purchase or other acquisition with aggregate purchase
consideration of greater than $2,000,000, the Borrower shall have delivered to the Administrative Agent and each Lender, at least 5 Business Days prior to the date on which any such purchase or other acquisition is to be consummated, a certificate
of a Responsible Officer of the Borrower, in form and substance reasonably satisfactory to the Administrative Agent and the Required Lenders, certifying that all of the requirements set forth in this clause (g) have been satisfied or will be
satisfied on or prior to the consummation of such purchase or other acquisition, which such certificate shall be accompanied by such supporting documentation as may be required to demonstrate compliance with clauses (iv), (v) and
(vii) herein; and (B) all financial information in respect of such purchase or other acquisition reasonably requested by the Administrative Agent shall be in form, scope and substance satisfactory to the Administrative Agent; 

(vii) after giving effect to such purchase or other acquisition, the Excess Revolving Availability shall not be less than
$15,000,000; 
 (viii) any and all consents and approvals of any Governmental Authority or landlord consents, in each case
required or necessary for the consummation of such purchase or other acquisition, shall have been received; 
 (ix) for each
purchase or other acquisition with aggregate purchase consideration of greater than $2,000,000, the Borrower shall have delivered to the Administrative Agent and each Lender at least 5 Business Days prior to the consummation of such purchase or
other acquisition, copies, certified by a Responsible Officer of the Borrower to be true and complete of the purchase and sale documents, together with a complete set of schedules, exhibits, side letters and all other documents, instruments and
other material agreements executed in connection with such purchase or other acquisition in form and substance satisfactory to the Administrative Agent; and 

(x) the Borrower shall have delivered to the Administrative Agent evidence reasonably satisfactory to the Administrative Agent
that all liens and encumbrances with respect to the property purchased or otherwise acquired, other than Liens permitted under Section 7.01, have been discharged in full or arrangements therefor reasonably satisfactory to the
Administrative Agent have been made; 
 (h) Investments under any Swap Agreement permitted under Section 7.02(a); 

(i) any repurchase of shares of the Borrower’s Equity Interests permitted under Section 7.06; 

(j) Investments consisting of pledges and deposits permitted under Section 7.01; 

(k) Investments consisting of endorsements for collection or deposit in the ordinary course of business consistent with past practices; 

  
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 (l) Investments resulting from non-cash consideration received in connection with Dispositions
permitted by Section 7.05 so long as the amount of such non-cash consideration is permitted by Section 7.05; 
 (m)
any Loan Party may create a new Subsidiary, subject to Section 6.12; 
 (n) loans to franchisees and area developers of brands or
concepts owned or operated by any Loan Party or its Subsidiaries, in an amount not to exceed $4,000,000 in the aggregate at any time; and 

(o) other Investments not exceeding $1,000,000 in the aggregate in any Fiscal Year of the Borrower. 

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, so long as no Default or Event of Default shall have occurred and be continuing
at the time of any action described below or would result therefrom: 
 (a) any Guarantor that is a Domestic Subsidiary may merge or
consolidate with (i) the Borrower; provided that the Borrower shall be the continuing or surviving Person, or (ii) any one or more other Guarantors that are Domestic Subsidiaries. 

(b) any Loan Party (other than the Borrower) may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to
the Borrower or to another Loan Party that is a Domestic Subsidiary; 
 (c) in connection with any purchase or acquisition permitted under
Section 7.03(g), any Domestic Subsidiary of the Borrower may merge into or consolidate with any other Person or permit any other Person to merge into or consolidate with it; provided that the Person surviving such merger shall be
the Borrower or, if the other Person is not the Borrower, another Loan Party that is a Domestic Subsidiary; and 
 (d) any Loan Party may
dissolve any Inactive Subsidiary. 
 7.05. Dispositions. Make any Disposition or enter into any agreement to make any
Disposition, except: 
 (a) Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary
course of business or other assets (including abandonment of any IP Rights) to the extent the Loan Parties have determined in their reasonable business judgment that such assets are no longer useful in the business of the Loan Parties; 

(b) Dispositions of inventory in the ordinary course of business; 

(c) Dispositions of equipment or real 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 reasonably promptly applied to the purchase price of such replacement property; 

  
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 (d) Dispositions of property by the Borrower or any Guarantor to the Borrower or to another
Guarantor that is a Domestic Subsidiary; 
 (e) [intentionally omitted]; 

(f) non-exclusive licenses of IP Rights in the ordinary course of business and substantially consistent with past practice for terms not
exceeding five (5) years; 
 (g) sales or discounts without recourse of accounts receivable or notes receivable arising in the ordinary
course of business; 
 (h) leases and subleases of real property entered into by Loan Parties and their Domestic Subsidiaries, as lessors or
sublessors, in the ordinary course of business at arm’s length and on market terms; 
 (i) so long as no Event of Default is then
existing or would resulting therefrom, licenses of IP Rights to a present or future franchisee of any Loan Party, subject to franchisee and royalty arrangements entered into on an arm’s length basis and in the ordinary course of business; 

(j) Dispositions of the Equity Interests or the assets of any Inactive Subsidiary; 

(k) Dispositions of assets not otherwise permitted under clauses (a)-(j) above or clause (l) below not to exceed
(A) $10,000,000 in the aggregate for any calendar year and (B) $30,000,000 in the aggregate from and after the Restatement Effective Date; and 

(l) Dispositions of property by the Borrower or any Domestic Subsidiary consisting solely of one or more manufacturing or commissary businesses
or divisions, which are owned by such Person as of November 28, 2011; 
 provided, however, that (x) any Disposition pursuant to
this Section 7.05 (other than clause (d)) shall be for fair market value, (y) at least eighty percent (80%) of the consideration received by the Loan Parties in connection with any Disposition pursuant to this
Section 7.05 (other than clauses (d) and (l)) shall be in the form of cash received on the consummation of such Disposition and (z) this Section 7.05 shall not apply to treasury stock of the Borrower to the extent
constituting margin stock (within the meaning of Regulation U of the FRB). 
 7.06. Restricted Payments. Declare or make,
directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, or, in the case of any Subsidiary of the Borrower, issue or sell any Equity Interests, except that: 

(a) each Subsidiary of the Borrower may make Restricted Payments to the Borrower and any Subsidiaries of the Borrower that are Guarantors,
ratably according to their respective holdings of the type of Equity Interest in respect of which such Restricted Payment is being made; 

  
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 (b) the Borrower and each of its Domestic Subsidiaries may declare and make dividend payments or
other distributions payable solely in the common stock or other common Equity Interests of such Person; 
 (c) so long as no Default or Event
of Default shall have occurred and be continuing at the time of any action described below or would result therefrom, the Borrower may purchase, redeem or otherwise acquire, in a single transaction or a series of related transactions, Equity
Interests issued by it; provided that (i) immediately after giving effect to such transactions, (x) the Borrower and its Domestic Subsidiaries shall be in pro forma compliance with the financial covenant set forth in
Section 7.11(b), such compliance to be determined on the financial information most recently delivered to the Administrative Agent pursuant to Section 6.01(a) or (b) as though such transactions had been
consummated as of the first day of the fiscal period covered thereby, (y) the Total Liquidity shall not be less than $15,000,000, and (z) on a Pro Forma Basis, the Consolidated Leverage Ratio for the Measurement Period most recently
completed shall not be greater than 0.25 less than the Consolidated Leverage Ratio required for such Measurement Period in accordance with Section 7.11(a), such compliance to be determined on the financial information most recently
delivered to the Administrative Agent pursuant to Section 6.01(a) or (b), and (ii) prior to consummating such transactions pursuant to this clause (c), the Borrower shall deliver to the Administrative Agent (x) evidence
reasonably satisfactory to the Administrative Agent that the conditions set forth herein shall have been met, (y) all financial information in respect of such transactions reasonably requested by the Administrative Agent, which shall be in
form, scope and substance reasonably satisfactory to the Administrative Agent and (z) a certificate signed by a Responsible Officer of the Borrower certifying that the conditions contained in this clause (c), as applicable, have been satisfied
and after giving pro forma effect to such payment, attesting as to the Solvency of the Loan Parties on a consolidated basis; 
 (d) so long
as no Default or Event of Default shall have occurred and be continuing at the time of any action described below or would result therefrom, the Borrower may declare and pay cash dividends to the holders of its Equity Interests; provided that
(i) immediately after giving effect to such dividend, (x) the Borrower and its Domestic Subsidiaries shall be in pro forma compliance with the financial covenant set forth in Section 7.11(b), such compliance to be determined on
the financial information most recently delivered to the Administrative Agent pursuant to Section 6.01(a) or (b) as though such dividend had been paid as of the first day of the fiscal period covered thereby, (y) the
Total Liquidity shall not be less than $15,000,000, and (z) on a Pro Forma Basis, the Consolidated Leverage Ratio for the Measurement Period most recently completed shall not be greater than 0.25 less than the Consolidated Leverage Ratio
required for such Measurement Period in accordance with Section 7.11(a), such compliance to be determined on the financial information most recently delivered to the Administrative Agent pursuant to Section 6.01(a) or
(b), and (ii) the Borrower shall deliver to the Administrative Agent (x) evidence reasonably satisfactory to the Administrative Agent that the conditions set forth herein shall have been met, (y) all financial information in
respect of such dividend reasonably requested by the Administrative Agent, which shall be in form, scope and substance reasonably satisfactory to the Administrative Agent and (z) a certificate signed by a Responsible Officer of the Borrower
certifying that the conditions contained in this clause (d), as applicable, have been satisfied and after giving pro forma effect to such dividend, attesting as to the Solvency of the Loan Parties on a consolidated basis; 

  
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 (e) Intentionally omitted; 

(f) so long as no Default or Event of Default shall have occurred and be continuing at the time of any action described below or would result
therefrom, the Borrower may make management fees to the Equity Investors so long as (i) such management fees are subject to subordination provisions satisfactory to the Administrative Agent and (ii) such management fees do not exceed
$1,000,000 on an annual basis; 
 (g) so long as no Default or Event of Default shall have occurred and be continuing at the time of any
action described below or would result therefrom, the Borrower may, on or prior to December 31, 2012, declare and pay a one-time cash dividend to the holders of its Equity Interests in an amount which shall not exceed $70,000,000 in the
aggregate; provided that (x) immediately after giving effect to the declaration of such dividend, on a Pro Forma Basis, the Consolidated Leverage Ratio for the Measurement Period most recently completed shall not be greater than
3.00:1.00, such compliance to be determined on the financial information most recently delivered to the Administrative Agent pursuant to Section 6.01(a) or (b), and (y) the Borrower shall deliver to the Administrative Agent a
certificate signed by a Responsible Officer of the Borrower certifying that the conditions contained in this clause (g), as applicable, have been satisfied and after giving pro forma effect to such dividend, attesting as to the Solvency of the Loan
Parties on a consolidated basis; and 
 (h) so long as no Default or Event of Default shall have occurred and be continuing at the time of
any action described below or would result therefrom, the Borrower may declare and pay Restricted Payments in an amount which shall not exceed $1,500,000 in the aggregate, to Persons that, as of the record date for the dividend permitted under
clause (g) above, held unvested restricted Equity Interests in the Borrower, such Restricted Payments to be paid on or promptly following the date such unvested restricted Equity Interests vest. 

7.07. Change in Nature of Business. Engage in any material line of business substantially different from those lines of business
conducted by any Loan Party on the date hereof or any business substantially related or incidental thereto. Own, operate or franchise any restaurant concept other than a bagel or café restaurant concept. 

7.08. Transactions with Affiliates. Enter into any transaction of any kind with any Affiliate of the Borrower, whether or not in
the ordinary course of business, other than on fair and reasonable terms substantially as favorable to the relevant Loan Party as would be obtainable by such Loan Party at the time in a comparable arm’s length transaction with a Person other
than an Affiliate of the Borrower, except that any Loan Party (other than a Foreign Subsidiary) may enter into any transaction with any other Loan Party (other than a Foreign Subsidiary) to the extent permitted under this Agreement.  

7.09. Burdensome Agreements. Enter into or permit to exist any Contractual Obligation (other than this Agreement or any other
Loan Document) that (a) limits the ability (i) of any Subsidiary of the Borrower to make Restricted Payments to the Borrower or any Guarantor or to otherwise transfer property to, repay Indebtedness owing to, or invest in the Borrower or
any Guarantor, except for any agreement in effect on the date hereof and set forth on Schedule 7.09, (ii) of any Subsidiary of the Borrower to Guarantee the Indebtedness of the 

  
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Borrower or (iii) of the Borrower or any of its Subsidiaries to create, incur, assume or suffer to exist Liens on property of such Person; provided, however, that this
clause (iii) shall not prohibit (x) any negative pledge incurred or provided in favor of any holder of Indebtedness permitted under Section 7.02(f) solely to the extent any such negative pledge relates to the property
financed by or the subject of such Indebtedness, (y) restrictions on assets subject to agreements for permitted Dispositions under Section 7.05 (such restrictions to be limited to the assets subject to such Dispositions) and
(z) restrictions in lease agreements restricting the Loan Parties from assigning or pledging their rights under such lease agreements; or (b) requires the grant of a Lien to secure an obligation of such Person if a Lien is granted to
secure another obligation of such Person. 
 7.10. Use of Proceeds. Use the proceeds of any Credit Extension, whether directly
or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund
indebtedness originally incurred for such purpose. 
 7.11. Financial Covenants. 

(a) Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as at the end of any Fiscal Quarter of the Borrower ending
during the periods set forth below to be greater than the ratio set forth below opposite such applicable period: 
  

					
	 Period
	  	 Maximum
Consolidated
Leverage Ratio
	 
	 Restatement Effective Date through the ending date of the third Fiscal Quarter of 2013
	  	 	3.50:1.00	  
	 The first day of the fourth Fiscal Quarter of 2013 through the ending date of each Fiscal Quarter thereafter
	  	 	3.25:1.00	  

 (b) Consolidated Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge Coverage Ratio as of
the end of any Fiscal Quarter of the Borrower ending during the periods set forth below to be less than the ratio set forth opposite such applicable period: 
  

					
	 Period
	  	 Minimum
Consolidated
Fixed Charge
Coverage Ratio
	 
	 Restatement Effective Date through the ending date of the third Fiscal Quarter of 2013
	  	 	1.30:1.00	  
	 The first day of the fourth Fiscal Quarter of 2013 through the ending date of each Fiscal Quarter thereafter
	  	 	1.35:1.00	  

  
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 7.12. [Reserved].  

7.13. Amendments of Organization Documents. Amend any of its Organization Documents in a manner adverse to the Administrative
Agent or the Lenders.  
 7.14. Accounting Changes. Make any change in (a) accounting policies or reporting
practices, except as required by GAAP, or (b) its Fiscal Year or Fiscal Quarters. 
 7.15. Amendment, Etc. of Indebtedness
and Material Contracts. 
 (a) Amend, modify or change in any manner any term or condition of any Indebtedness set forth in
Schedule 7.02(d) in a manner adverse to the Administrative Agent or the Lenders, except for any refinancing, refunding, renewal or extension thereof permitted under Section 7.02(d) or (b) take any action, including, without
limitation, the cancellation, termination, amendment, modification or change of any Franchise Agreement or License Agreement that would reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect. 

7.16. Inactive Subsidiaries. Permit any Inactive Subsidiary to engage in any business or activity or own any assets or incur any
Indebtedness or other liabilities other than (a) maintaining its organizational existence, (b) participating in tax and accounting administrative activities, and (c) activities incidental to the businesses or activities described in
clauses (a) and (b) of this Section 7.16. 
 7.17. Sale-Leaseback Transactions. Enter into, or create,
incur, assume or suffer to exist any obligation in respect of any sale-leaseback transaction. 
 7.18. Sanctions.
Directly or indirectly, use the proceeds of any Credit Extension, or lend, contribute or otherwise make available such proceeds to any Subsidiary of any Loan Party, or to the knowledge of any Loan Party, any joint venture partner or other individual
or entity, to fund any activities of or business with any individual or entity, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or in any other manner that will result in a violation by any
individual or entity (including any individual or entity participating in the transaction, whether as a Lender, Arranger, Administrative Agent, L/C Issuer, Swing Line Lender, or otherwise) of Sanctions. 

ARTICLE VIII 
 EVENTS OF
DEFAULT AND REMEDIES 
 8.01. Events of Default. So long as any Lender shall have any Commitment hereunder, any Loan or
other Obligation (except Obligations arising solely out of any Secured Cash Management Agreement or Secured Hedge Agreement; provided that the exception contained in this parenthetical shall not apply to clause (a) below which
shall, in the event triggered, constitute an Event of Default if any Obligation remains unpaid or unsatisfied (including Obligations arising out of any Secured Cash Management 

  
 110 

 
Agreement or Secured Hedge Agreement)) hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, any of the following shall constitute an Event of Default:

 (a) Non-Payment. The Borrower or any other Loan Party fails to (i) pay when and as required to be paid herein, any amount of
principal of any Loan or any L/C Obligation or deposit any funds as Cash Collateral in respect of L/C Obligations, or (ii) pay within three (3) Business Days after the same becomes due, any interest on any Loan or on any L/C Obligation, or
any fee due hereunder, or (iii) pay within 5 days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or 

(b) Specific Covenants. Any Loan Party fails to perform or observe any term, covenant or agreement contained in (i) any of
Section 6.03(a), 6.05(a), 6.07, 6.10, 6.11, 6.15, 6.17, or Article VII, or (ii) any of Section 6.01, 6.02, 6.03 (other than clause (a) thereof),
6.08, or 6.12 and such failure shall continues for three (3) Business Days; or 
 (c) Other Defaults. Any Loan
Party fails to perform or observe any other covenant or agreement (not specified in Section 8.01(a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days
after the earlier of (i) the date upon which a Responsible Officer knew or should have known of such failure or (ii) the date upon which notice thereof is given to the Borrower by the Administrative Agent or any Lender; or 

(d) Representations and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf
of the Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be incorrect or misleading in any material respect (except that such materiality qualifier will not be
applicable to any representation, warranty, statement or certification that is already qualified or modified by materiality in the text thereof) when made or deemed made; or 

(e) Cross-Default. (i) Any Loan Party (A) fails to make any payment when due (after the expiration of any applicable grace or
cure periods set forth therein) (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an
aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount, or (B) fails to observe or perform
any other agreement or condition relating to any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause,
or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (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 be demanded or 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, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of
default under such Swap Contract as to which a Loan Party is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as defined in such Swap Contract) under such Swap Contract as to which a Loan Party is an
Affected Party (as defined in such Swap Contract) and, in either event, the Swap Termination Value owed by such Loan Party or such Subsidiary as a result thereof is greater than the Threshold Amount; or 

  
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 (f) Insolvency Proceedings, Etc. Any Loan Party 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 or similar officer for it
or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged
or unstayed for 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 60
calendar days, or an order for relief is entered in any such proceeding; or 
 (g) Inability to Pay Debts; Attachment. (i) Any
Loan Party becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part
of the property of any such Person and is not released, vacated or fully bonded within 45 days after its issue or levy; or 
 (h)
Judgments. There is entered against any Loan Party (i) one or more final judgments or orders for the payment of money in an aggregate amount (as to all such judgments and orders) exceeding $5,000,000 (to the extent not covered by
independent third-party insurance as to which the insurer is rated at least “A” by A.M. Best Company, has been notified of the potential claim and does not dispute coverage), or (ii) any one or more non-monetary final judgments that
have, or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period
of 20 consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or 

(i) 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 the Borrower or an ERISA Affiliate under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) the Borrower or any ERISA
Affiliate 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 in excess of
the Threshold Amount; or 
 (j) Invalidity of Loan Documents. Any 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 or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party or any other Person contests in any manner the validity or
enforceability of any provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any provision of any Loan Document, or purports to revoke, terminate or rescind any provision of any Loan
Document; or 

  
 112 

 (k) Change of Control. There occurs any Change of Control; or 

(l) Collateral Documents. Any Collateral Document after delivery thereof pursuant to Section 4.01 or 6.12 shall for
any reason (other than pursuant to the terms thereof) cease to create a valid and perfected first priority Lien (subject to Liens permitted under Section 7.01) on the Collateral purported to be covered thereby. 

8.02. Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent shall, at the
request of, or may, with the consent of, the Required Lenders, take any or all of the following actions: 
 (a) declare the commitment
of each Lender to make Loans and any obligation of the L/C Issuer 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 the Borrower; 

(c) require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the Minimum Collateral Amount with respect
thereto); and 
 (d) exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and
the L/C Issuer under the Loan Documents; 
 provided, however, that upon the occurrence of an actual or deemed entry of an order for relief
with respect to the Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans and any obligation of the L/C Issuer 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 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. 
 8.03. Application of Funds. 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, subject to the provisions of Sections 2.13 and 2.14 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 (including fees, charges
and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; 

  
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 Second, to payment of that portion of the Obligations constituting fees, indemnities and
other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuer) arising under the Loan Documents
and amounts payable under Article III, ratably among them in proportion to the respective amounts described in this clause Second payable to them; 

Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans,
L/C Borrowings and other Obligations arising under the Loan Documents, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Third payable to them; 

Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings and Obligations then
due and owing under Secured Hedge Agreements and Secured Cash Management Agreements, ratably among the Lenders, the L/C Issuer, the Hedge Banks and the Cash Management Banks in proportion to the respective amounts described in this clause
Fourth held by them; 
 Fifth, to the Administrative Agent for the account of the L/C Issuer, to Cash Collateralize that
portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower pursuant to Sections 2.03 and 2.14; 

Sixth, to all other Obligations; and 

Last, the balance, if any, after all of the Obligations have been paid in full, to the Borrower or as otherwise required by Law. 

Subject to Sections 2.03(c) and 2.14, 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. 
 Notwithstanding the foregoing, Obligations arising under
Secured Cash Management Agreements and Secured Hedge Agreements shall be excluded from the application described above if the Administrative Agent has not received written notice thereof from the applicable Cash Management Bank or Hedge Bank, as the
case may be. Each Cash Management Bank or Hedge Bank not a party to the Credit Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the
Administrative Agent pursuant to the terms of Article IX hereof for itself and its Affiliates as if a “Lender” party hereto. 

ARTICLE IX 

ADMINISTRATIVE AGENT 

9.01. Appointment and Authority. 

  
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 (a) Each of the Lenders and the L/C Issuer hereby irrevocably appoints Bank of America to act on
its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms
hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article IX are solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuer, and neither the Borrower
nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions. 
 (b) The Administrative Agent shall also
act as the “collateral agent” under the Loan Documents, and each of the Lenders (including in its capacities as a potential Hedge Bank and a potential Cash Management Bank) and the L/C Issuer hereby irrevocably appoints and authorizes the
Administrative Agent to act as the agent of such Lender and the L/C Issuer 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 9.05 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 and Article X (including Section 10.04(c), 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. 
 (c) It is understood and agreed that the use of the term
“agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any
applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. 

9.02. Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise
requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory
capacity for and generally engage in any kind of business with any Loan Party or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

 9.03. Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations except those expressly
set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent: 

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing; 

  
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 (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 the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of
the Lenders as shall be expressly provided for herein or in the other Loan Documents); provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the
Administrative Agent to liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture,
modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and 
 (c) shall not, except as
expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the
Person serving as the Administrative Agent or any of its Affiliates in any capacity. 
 The Administrative Agent shall not be liable for any
action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Sections 10.01 and 8.02) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable
judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given in writing to the Administrative Agent by the Borrower, a Lender or the L/C Issuer. 

The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (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 creation, perfection or priority of any Lien purported to be created by the Collateral Documents, (v) the value or the sufficiency of any Collateral, or (vi) 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. 

9.04. Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any
liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and
to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any
liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender
or the L/C Issuer, the Administrative Agent may presume that such 

  
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condition is satisfactory to such Lender or the L/C Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender or the L/C Issuer prior to the making of
such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken
or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
 9.05. Delegation of Duties.
The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more co-agents, sub-agents and attorneys in fact appointed by the Administrative
Agent. The Administrative Agent and any such co-agent, sub-agent and attorney in fact may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this
Article IX shall apply to any such co-agent, sub-agent and attorney in fact and to the Related Parties of the Administrative Agent and any such co-agent, sub-agent and attorney in fact, and shall apply to their respective activities in
connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent
that a court of competent jurisdiction determines in a final and non appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents. 

9.06. Resignation of Administrative Agent. 

(a) The Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuer and the Borrower. Upon receipt of
any such notice of resignation, the Required Lenders shall have the right, with the consent of the Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the
United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be
agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to) on behalf of the Lenders and the L/C Issuer, appoint a successor Administrative Agent
meeting the qualifications set forth above. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date. 

(b) If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the
Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove such Person as Administrative Agent and, with the consent of the Borrower, appoint a successor. If no such successor shall
have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall
nonetheless become effective in accordance with such notice on the Removal Effective Date. 
 (c) With effect from the Resignation Effective
Date or the Removal Effective Date (as applicable) (1) the retiring or removed Administrative Agent shall be discharged from its 

  
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duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the L/C Issuer
under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (2) except for any indemnity payments or other
amounts then owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and the L/C Issuer directly,
until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become
vested with all of the rights, powers, privileges and duties of the retiring (or removed) Administrative Agent (other than as provided in Section 3.01(g) and Section 3.07 and other than any rights to indemnity payments or
other amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Administrative Agent shall be discharged from all of its duties and
obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and
Section 10.04 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the
retiring or removed Administrative Agent was acting as Administrative Agent. 
 (d) Any resignation by Bank of America as Administrative
Agent pursuant to this Section shall also constitute its resignation as L/C Issuer and Swing Line Lender. If Bank of America resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with
respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto, including the right to require the Revolving Credit Lenders to make Base Rate Loans or fund risk
participations in Unreimbursed Amounts pursuant to Section 2.03(c). If Bank of America 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 Revolving Credit Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(c).
Upon the appointment by the Borrower of a successor L/C Issuer or Swing Line Lender hereunder (which successor shall in all cases be a Revolving Credit Lender other than a Defaulting Lender), (a) such successor shall succeed to and become
vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as applicable, (b) 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 (c) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements
satisfactory to the retiring L/C Issuer to effectively assume the obligations of the retiring L/C Issuer with respect to such Letters of Credit. 

  
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 9.07. Non-Reliance on Administrative Agent and Other Lenders. Each Lender and the
L/C Issuer acknowledges that it has, independently and without reliance upon the Administrative Agent, the L/C Issuer or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made
its own credit analysis and decision to enter into this Agreement and the other Loan Documents. Each Lender and the L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or
any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or
any related agreement or any document furnished hereunder or thereunder. 
 9.08. No Other Duties, Etc. Anything herein
to the contrary notwithstanding, none of the Arrangers, joint bookrunners, joint lead arrangers, documentation agents or syndication agents listed on the cover page hereto shall have any powers, duties or responsibilities under this Agreement or any
of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or the L/C Issuer hereunder. 

9.09. Administrative Agent May File Proofs of Claim; Credit Bidding. In case of the pendency of any proceeding under any Debtor
Relief Law or any 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 the 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, the L/C Issuer and the Administrative Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuer and the Administrative Agent under
Sections 2.03(h) and (i), 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 and the L/C Issuer to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent
to the making of such payments directly to the Lenders and the L/C Issuer, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and
counsel, and any other amounts due the Administrative Agent under Sections 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 or the L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any
Lender or the L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or the L/C Issuer or in any such proceeding. 

  
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 The Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction of
the Required Lenders, to, following the occurrence and during the continuance of an Event of Default, credit bid all or any portion of the Obligations (including accepting some or all of the Collateral in satisfaction of some or all of the Secured
Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the
provisions of the Bankruptcy Code of the United States, including under Sections 363, 1123 or 1129 of the Bankruptcy Code of the United States, or any similar Laws in any other jurisdictions to which a Loan Party is subject, (b) at any other
sale or foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable Law. In connection with
any such credit bid and purchase, the Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with Obligations with respect to contingent or unliquidated claims receiving contingent interests in
the acquired assets on a ratable basis that would vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) in the asset or assets so
purchased (or in the Equity Interests or debt instruments of the acquisition vehicle or vehicles that are used to consummate such purchase). In connection with any such bid (i) the Administrative Agent shall be authorized to form one or more
acquisition vehicles to make a bid, (ii) to adopt documents providing for the governance of the acquisition vehicle or vehicles (provided that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles,
including any disposition of the assets or Equity Interests thereof shall be governed, directly or indirectly, by the vote of the Required Lenders, irrespective of the termination of this Agreement and without giving effect to the limitations on
actions by the Required Lenders contained in clauses (a) through (i) of Section 10.01 of this Agreement, (iii) the Administrative Agent shall be authorized to assign the relevant Obligations to any such acquisition vehicle
pro rata by the Lenders, as a result of which each of the Lenders shall be deemed to have received a pro rata portion of any Equity Interests and/or debt instruments issued by such an acquisition vehicle on account of the assignment of the
Obligations to be credit bid, all without the need for any Secured Party or acquisition vehicle to take any further action, and (iv) to the extent that Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral
for any reason (as a result of another bid being higher or better, because the amount of Obligations assigned to the acquisition vehicle exceeds the amount of debt credit bid by the acquisition vehicle or otherwise), such Obligations shall
automatically be reassigned to the Lenders pro rata and the Equity Interests and/or debt instruments issued by any acquisition vehicle on account of the Obligations that had been assigned to the acquisition vehicle shall automatically be cancelled,
without the need for any Secured Party or any acquisition vehicle to take any further action. 

  
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 9.10. Collateral and Guaranty Matters. Each of the Lenders (including in its
capacities as a potential Cash Management Bank and a potential Hedge Bank) and the L/C Issuer irrevocably authorize the Administrative Agent, at its option and in its discretion: 

(a) to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon termination of the
Aggregate Commitments and payment in full of all Obligations (other than (A) contingent indemnification obligations and (B) obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements as to which
arrangements satisfactory to the applicable Cash Management Bank of Hedge Bank shall have been made) and the expiration or termination of all Letters of Credit (other than Letters of Credit as to which other arrangements satisfactory to the
Administrative Agent and the L/C Issuer shall have been made), (ii) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition permitted hereunder or under any
other Loan Document, or (iii) if approved, authorized or ratified in writing in accordance with Section 10.01; 
 (b) to
release any Guarantor from its obligations under the Guaranty and Security Agreement if such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder (provided, for the avoidance of doubt, that any such transaction requiring
an amendment, waiver or consent pursuant to Section 10.01 to be permitted hereunder that would release all or substantially all of the value of the guaranty under the Guaranty and Security Agreement, other than a transaction described in
Section 9.10(a)(i), shall be subject to the written consent of each Lender pursuant to Section 10.01(h)); and 
 (c)
to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 7.01(i). 

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 Guarantor from its obligations under the Guaranty and Security Agreement pursuant to this Section 9.10. In each case as specified in this
Section 9.10, the Administrative Agent will, at the Borrower’s expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral
from the assignment and security interest granted under the Collateral Documents or to subordinate its interest in such item, or to release such Guarantor from its obligations under the Guaranty and Security Agreement, in each case in accordance
with the terms of the Loan Documents and this Section 9.10. 
 The Administrative Agent shall not be responsible for or have a
duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon, or any certificate prepared
by any Loan Party in connection therewith, nor shall the Administrative Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral. 

9.11. Secured Cash Management Agreements and Secured Hedge Agreements. No Cash Management Bank or Hedge Bank that obtains the
benefits of Section 8.03, the Guaranty and Security Agreement, or any Collateral by virtue of the provisions hereof or of the Guaranty and Security Agreement or any Collateral Document shall have any right to notice of any action or to
consent to, direct or object to any action hereunder or under any other Loan Document or 

  
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otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided
in the Loan Documents. Notwithstanding any other provision of this Article IX to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to,
Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements unless the Administrative Agent has received written notice of such Obligations from the applicable Cash Management Bank or Hedge Bank, as the case may be.

 ARTICLE X 

MISCELLANEOUS 
 10.01.
Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the
Required Lenders and the Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which
given; provided, however, that no such amendment, waiver or consent shall: 
 (a) waive any condition set forth in
Section 4.02 as to any Credit Extension under (i) the Revolving Credit Facility without the written consent of the Required Revolving Lenders or (ii) the Term Facility without the written consent of the Required Term Lenders;

 (b) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without
the written consent of such Lender; 
 (c) postpone any date fixed by this Agreement or any other Loan Document for any payment (excluding
mandatory prepayments) of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under such other Loan Document without the written consent of each Lender entitled to such payment; 

(d) reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (iv) 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 entitled to such amount; provided, however, that only the consent
of the Required Lenders shall be necessary (i) to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest or Letter of Credit Fees at the Default Rate or (ii) to amend any
financial covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Loan or L/C Borrowing or to reduce any fee payable hereunder; 

(e) change (i) Section 2.13 or Section 8.03 in a manner that would alter the pro rata sharing of payments required
thereby without the written consent of each Lender or (ii) the order of application of any reduction in the Commitments or any prepayment of Loans among the Facilities from the application thereof set forth in the applicable provisions of
Section 2.05(b) in any manner that materially and adversely affects the Lenders under a Facility without the written consent of (A) if such Facility is the Term Facility, the Required Term Lenders, and (B) if such Facility is
the Revolving Credit Facility, the Required Revolving Lenders; 

  
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 (f) change (i) any provision of this Section 10.01 or the definition of
“Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder (other than
the definitions specified in clause (ii) of this Section 10.01(f)), without the written consent of each Lender or (ii) the definition of “Required Revolving Lenders,” or “Required Term Lenders”
without the written consent of each Lender under the applicable Facility; 
 (g) release all or substantially all of the Collateral in any
transaction or series of related transactions, without the written consent of each Lender; 
 (h) release all or substantially all of the
value of the guaranty under the Guaranty and Security Agreement, without the written consent of each Lender, except to the extent the release of any Domestic Subsidiary from the Guaranty and Security Agreement is permitted pursuant to
Section 9.10 (in which case such release may be made by the Administrative Agent acting alone); or 
 (i) impose any greater
restriction on the ability of any Lender under a Facility to assign any of its rights or obligations hereunder without the written consent of (i) if such Facility is the Term Facility, the Required Term Lenders and (ii) if such Facility is
the Revolving Credit Facility, the Required Revolving Lenders; 
 and provided, further, that (i) no amendment, waiver or consent shall,
unless in writing and signed by the L/C Issuer in addition to the Lenders required above, affect the rights or duties of the 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 and 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 the Administrative Agent under this Agreement or any other Loan Document, and (iv) the
Fee Letters may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any
amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders),
except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by
its terms affects any Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting Lender. 

Notwithstanding any provision herein to the contrary, but subject to Sections 2.16 and 2.17 to the extent applicable, this
Agreement may be amended with the written consent of the Required Lenders, the Administrative Agent and the Borrower (i) to add one or more additional 

  
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revolving credit or term loan facilities to this Agreement and to permit the extensions of credit and all related obligations and liabilities arising in connection therewith from time to time
outstanding to share ratably (or on a basis subordinated to the existing facilities hereunder) in the benefits of this Agreement and the other Loan Documents with the obligations and liabilities from time to time outstanding in respect of the
existing facilities hereunder, and (ii) in connection with the foregoing, to permit, as deemed appropriate by the Administrative Agent and approved by the Required Lenders, the Lenders providing such additional credit facilities to participate
in any required vote or action required to be approved by the Required Lenders or by any other number, percentage or class of Lenders hereunder. 

10.02. Notices; Effectiveness; Electronic Communications.  

(a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or
electronic mail as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 

(i) if to the Borrower or any other Loan Party, any Inactive Subsidiary, the Administrative Agent, the 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; and 

(ii) if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its
Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in effect for the delivery of notices that may contain material non-public information
relating to the Borrower). 
 Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall
be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given
at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in subsection (b) below shall be effective as provided in such
subsection (b). 
 (b) Electronic Communications. Notices and other communications to the Lenders and the L/C Issuer hereunder
may be delivered or furnished by electronic communication (including e-mail, FpML messaging, and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to
notices to any Lender or the L/C Issuer pursuant to Article II if such Lender or the L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication.
The Administrative Agent, the Swing Line Lender, the L/C Issuer or any Loan Party may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it;
provided that approval of such procedures may be limited to particular notices or communications. 

  
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 Unless the Administrative Agent otherwise prescribes, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written
acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of
notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii), if such notice, email or other communication is not sent during the
normal business hours of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient. 

(c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT
WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY,
INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM.
In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender, the L/C Issuer or any other Person for losses, claims, damages, liabilities
or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of Borrower Materials or notices through the Platform, any other electronic messaging service or
through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful
misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to the Borrower, any Lender, the L/C Issuer or any other Person for indirect, special, incidental, consequential or punitive
damages (as opposed to direct or actual damages). 
 (d) Change of Address, Etc. Each Loan Party, the Administrative Agent, the L/C
Issuer and the Swing Line Lender may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, facsimile or telephone number for
notices and other communications hereunder by notice to the Borrower, the Administrative Agent, the L/C Issuer and the Swing Line Lender. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the
Administrative Agent has on record (i) an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such
Lender. 

  
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Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or
similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including United States Federal and
state securities Laws, to make reference to Borrower Materials that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to the
Borrower or its securities for purposes of United States Federal or state securities Laws. 
 (e) Reliance by Administrative Agent, L/C
Issuer and Lenders. The Administrative Agent, the L/C Issuer and the Lenders shall be entitled to rely and act upon any notices (including telephonic or electronic notices, Committed Loan Notices, Letter of Credit Applications and Swing Line
Loan Notices) purportedly given by or on behalf of any Loan Party 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 Loan Party shall indemnify the Administrative Agent, the L/C Issuer, each Lender and the Related Parties of each of them 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 Loan Party. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by
the Administrative Agent, and each of the parties hereto hereby consents to such recording. 
 10.03. No Waiver; Cumulative Remedies;
Enforcement. No failure by any Lender, the L/C Issuer 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. 

Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies
hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the
Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders and the L/C Issuer; provided, however, that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its
own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) the L/C Issuer or the Swing Line Lender from exercising the rights and remedies that
inure to its benefit (solely in its capacity as L/C Issuer or Swing Line Lender, as the case may be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 10.08
(subject to the terms of Section 2.13), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law;
and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed

  
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to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding
proviso and subject to Section 2.13, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders. 

10.04. Expenses; Indemnity; Damage Waiver. 

(a) Costs and Expenses. The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and
its Affiliates (including the reasonable fees, disbursements and other charges of counsel for the Administrative Agent and all costs and expenses incurred by the Administrative Agent and its counsel in connection with the perfection and priority of
the security interests and Liens granted to the Administrative Agent pursuant to the Loan Documents, which may include complete UCC and other lien searches and requests for information listing the filings referenced in
Section 4.01(a)(xii) and post filing confirmatory searches and any amendments or modifications thereto), in each case, in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation,
execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications, waivers or other supplements of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby
shall be consummated), the due diligence undertaken in connection therewith and any other aspect of the Transaction, (ii) all reasonable out-of-pocket expenses incurred by the L/C Issuer in connection with the issuance, amendment, renewal or
extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Administrative Agent, any Lender or the L/C Issuer (including the fees, charges and disbursements of counsel), in
connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section 10.04, or (B) in connection with Loans made or Letters of
Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 

(b) Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent (and any co-agent, sub-agent and attorney in
fact thereof), the Arrangers, each Lender and the L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all
losses, claims, damages, liabilities and related expenses (including, without limitation, the fees, charges and disbursements of any counsel for any Indemnitee and any settlement costs), and shall indemnify and hold harmless each Indemnitee from all
fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrower or any other Loan Party) other than such Indemnitee and
its Related Parties arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties
hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any co-agent, sub-agent and attorney in fact thereof) and its
Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in Section 3.01), (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds
therefrom (including any refusal by the L/C Issuer to honor a demand for payment under a Letter 

  
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of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of
Hazardous Materials on or from any property owned or operated by any Loan Party or any of its Subsidiaries, or any Environmental Liability related in any way to a Loan Party or any of its Subsidiaries, or (iv) any actual or prospective claim,
litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party or any of the Borrower’s or such Loan
Party’s directors, shareholders or creditors, and regardless of whether any Indemnitee is a party thereto, provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages,
liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim
brought by the Borrower or any other Loan Party against an Indemnitee for a breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such Loan Party has obtained a final and
nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction. 
 (c) Reimbursement by Lenders.
To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under subsection (a) or (b) of this Section 10.04 to be paid by it to the Administrative Agent (or any co-agent, sub-agent or attorney
in fact thereof), the L/C Issuer, the Swing Line Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such co-agent, sub-agent or attorney in fact), the L/C Issuer, the Swing
Line Lender or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share of the Total Credit
Exposure at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender), such payment to be made severally among them based on such Lenders’ Applicable Percentage (determined as of the time
that the applicable unreimbursed expense or indemnity payment is sought); provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the
Administrative Agent (or any such co-agent, sub-agent or attorney in fact), the L/C Issuer or the Swing Line Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such
co-agent, sub-agent or attorney in fact), L/C Issuer or the Swing Line Lender in connection with such capacity. The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.12(d). 

(d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable Law, the Borrower shall not assert, and hereby
waives, and acknowledges that no other Person shall have, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection
with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee
referred to in subsection (b) above shall be liable for any damages arising from the use by others of any information or other materials distributed to such party by such Indemnitee through telecommunications, electronic or other information
transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of such
Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction. 

  
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 (e) Payments. All amounts due under this Section 10.04 shall be payable not
later than 10 Business Days after demand therefor. 
 (f) Survival. The agreements in this Section 10.04 and the indemnity
provisions of Section 10.02(e) shall survive the resignation of the Administrative Agent, the L/C Issuer and the Swing Line Lender, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment,
satisfaction or discharge of all the other Obligations. 
 10.05. Payments Set Aside. To the extent that any payment by or on
behalf of the Borrower is made to the Administrative Agent, the L/C Issuer or any Lender, or the Administrative Agent, the L/C Issuer 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 the Administrative Agent, the L/C Issuer 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 and the L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of
any amount so recovered from or repaid by the Administrative 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 Federal Funds Rate from time to time in effect. The
obligations of the Lenders and the L/C Issuer under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement. 

10.06. Successors and Assigns. 

(a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that neither the Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the
Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of Section 10.06(b), (ii) by way of
participation in accordance with the provisions of Section 10.06(d), or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 10.06(f) (and any other attempted assignment or
transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby,
Participants to the extent provided in subsection (d) of this Section 10.06 and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the L/C Issuer and the Lenders) any legal
or equitable right, remedy or claim under or by reason of this Agreement. 

  
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 (b) Assignments by Lenders. Any Lender may at any time assign to one or more assignees all
or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment(s) and the Loans (including for purposes of this Section 10.06(b), participations in L/C Obligations and Swing Line Loans) at
the time owing to it); provided that any such assignment shall be subject to the following conditions: 
 (i)
Minimum Amounts. 
 (A) in the case of an assignment of the entire remaining amount of the assigning Lender’s
Commitment under any Facility and the Loans at the time owing to it under such Facility or contemporaneous assignments to related Approved Funds that equal at least the amount specified in paragraph (b)(i)(B) of this Section in the aggregate
or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

(B) in any case not described in subsection (b)(i)(A) of this Section 10.06, the aggregate amount of the Commitment
(which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the
Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000, unless
each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed). 

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the
assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii) shall not apply to the Swing Line Lender’s rights and obligations in respect of Swing
Line Loans (it being understood that any assignment by a Lender hereunder shall consist of a pro rata portion of both its Revolving Credit Commitments and its outstanding Term Loans); 

(iii) Required Consents. No consent shall be required for any assignment except to the extent required by subsection
(b)(i)(B) of this Section 10.06 and, in addition: 
 (A) the consent of the Borrower (such consent not to be
unreasonably withheld or delayed) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund;
provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; 

  
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 (B) the consent of the Administrative Agent (such consent not to be unreasonably
withheld or delayed) shall be required for assignments in respect of (1) any Term Commitment or Revolving Credit Commitment if such assignment is to a Person that is not a Lender with a Commitment in respect of the applicable Facility, an
Affiliate of such Lender or an Approved Fund with respect to such Lender or (2) any Term Loan to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund; and 

(C) the consent of the L/C Issuer and the Swing Line Lender (such consent not to be unreasonably withheld or delayed) shall be
required for any assignment under the Revolving Credit Facility if such assignment is to a Person that is not a Lender with a Revolving Credit Commitment. 

(iv) Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an
Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the
case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 

(v) No Assignment to Certain Persons. No such assignment shall be made (A) to the Borrower or any of the
Borrower’s Affiliates or Subsidiaries, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B), or
(C) to a natural person. 
 (vi) Certain Additional Payments. In connection with any assignment of rights and
obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the
Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with
the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to
(x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the L/C Issuer or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full
pro rata share of all Loans and participations in Letters of Credit and Swing Line Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender
hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance
occurs. 

  
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 (vii) Subject to acceptance and recording thereof by the Administrative Agent
pursuant to subsection (c) of this Section 10.06, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its
obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be
entitled to the benefits of Sections 3.01, 3.04, 3.05 and 10.04 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided that, except to the extent otherwise
expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Upon request, the Borrower (at
its 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 subsection shall be treated for purposes of this Agreement as a
sale by such Lender of a participation in such rights and obligations in accordance with Section 10.06(d). 
 (c)
Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrower (and such agency being solely for tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption
delivered to it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans and L/C Obligations owing
to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each
Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. In addition, the Administrative Agent shall maintain on the Register
information regarding the designation, and revocation of designation, of any Lender as a Defaulting Lender. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable
prior notice. 
 (d) Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the
Administrative Agent, sell participations to any Person (other than a natural person, a Defaulting Lender or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such
Lender’s rights and/or obligations under this Agreement (including all or a portion of its 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 Borrower, the
Administrative Agent, the Lenders and the L/C Issuer shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be
responsible for the indemnity under Section 10.04(c) without regard to the existence of any participation. 

  
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 Any agreement or instrument pursuant to which a Lender sells such a participation shall provide
that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not,
without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to Section 10.01 that affects such Participant. The Borrower agrees that each Participant shall be entitled to
the benefits of Sections 3.01, 3.04 and 3.05 to the same extent (and subject to the same limitations) as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section (it
being understood that the documentation required under Section 3.01(e) shall be delivered to the Lender who sells the participation); provided that such Participant (A) agrees to be subject to the provisions of Sections
3.06 and 10.13 as if it were an assignee under paragraph (b) of this Section and (B) shall not be entitled to receive any greater payment under Sections 3.01 or 3.04, with respect to any participation, than
the Lender from whom it acquired the applicable participation would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the
applicable participation. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 3.06 with respect to
any Participant. To the extent permitted by Law, each Participant also shall be entitled to the benefits of Section 10.08 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 an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and
stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of
the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to
the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant
Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the
contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

(e) [Intentionally Omitted]. 

(f) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this
Agreement (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. 
 (g) Resignation as L/C
Issuer or Swing Line Lender after Assignment. Notwithstanding anything to the contrary contained herein, if at any time Bank of America 

  
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assigns all of its Revolving Credit Commitment and Revolving Credit Loans pursuant to Section 10.06(b), Bank of America may, (i) upon 30 days’ notice to the Borrower and the
Lenders, resign as L/C Issuer and/or (ii) upon 30 days’ notice to the Borrower, resign as Swing Line Lender. In the event of any such resignation as L/C Issuer or Swing Line Lender, the Borrower shall be entitled to appoint from among the
Lenders a successor L/C Issuer or Swing Line Lender hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of Bank of America as L/C Issuer or Swing Line Lender, as the
case may be. If Bank of America resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C
Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Revolving Credit Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)). If Bank of America 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). Upon the appointment of a successor L/C Issuer and or Swing Line Lender, (a) such successor shall succeed to and become
vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as the case may be, and (b) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any,
outstanding at the time of such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of America with respect to such Letters of Credit. 

10.07. Treatment of Certain Information; Confidentiality. Each of the Administrative Agent, the Lenders and the L/C Issuer
agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its Related Parties (it being understood that the Persons to whom such disclosure is made will
be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its
Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable Laws or by any subpoena or similar legal process, (d) to any other party
hereto, (e) in connection with 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,
(f) subject to an agreement containing provisions substantially the same as those of this Section 10.07, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or
obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 2.16(c) or Section 2.17(c) or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or
similar transaction under which payments are to be made by reference to any Loan Party and its obligations, this Agreement or payments hereunder, (g) on a confidential basis to (i) any rating agency in connection with rating the Borrower
or its Subsidiaries or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit
facilities provided hereunder, (h) with the consent of the Borrower or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section 10.07 or (y) becomes
available to the Administrative Agent, any Lender, the L/C 

  
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Issuer or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower. For purposes of this Section 10.07, “Information” means
all information received from the Borrower or any of its Subsidiaries relating to the Borrower or any of its Subsidiaries or any of their respective businesses, other than any such information that is available to the Administrative Agent, any
Lender or the L/C Issuer on a nonconfidential basis prior to disclosure by the Borrower or any of its Subsidiaries. Any Person required to maintain the confidentiality of Information as provided in this Section 10.07 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. In the event that any Lender is
required to disclose Information pursuant to clauses (b) or (c) above, such Lender agrees, to the extent that it is commercially reasonable and not in violation of applicable Law, to provide the Borrower with prior notice of such required
disclosures. 
 Each of the Administrative Agent, the Lenders and the L/C Issuer acknowledges that (a) the Information may include
material non-public information concerning the Borrower or a Subsidiary thereof, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material
non-public information in accordance with applicable Law, including United States Federal and state securities Laws. 
 10.08. Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by
applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the L/C Issuer
or any such Affiliate to or for the credit or the account of the Borrower or any other Loan Party against any and all of the obligations of the Borrower or such other Loan Party now or hereafter existing under this Agreement or any other Loan
Document to such Lender or the L/C Issuer or their respective Affiliates, irrespective of whether or not such Lender, L/C Issuer or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of
the Borrower or such other Loan Party may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender or the L/C Issuer different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness;
provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the
provisions of Section 2.15 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the L/C Issuer and the Lenders, and
(y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender,
the L/C Issuer and their respective Affiliates under this Section 10.08 are in addition to other rights and remedies (including other rights of setoff) that such Lender, the L/C Issuer or their respective Affiliates may have. Each Lender
and the L/C Issuer agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application. 

  
 135 

 10.09. 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 the Administrative 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 Borrower. In determining whether the interest
contracted for, charged, or received by the Administrative 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.

 10.10. Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different
parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect
to fees payable to the Administrative Agent, the L/C Issuer or any joint lead arranger constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or
written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received
counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging means (e.g. “pdf” or
“tif”) shall be effective as delivery of a manually executed counterpart of this Agreement. 
 10.11. 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. Such representations and warranties have been or will be relied upon by the Administrative Agent, the L/C Issuer and each Lender, regardless of any investigation made by the Administrative Agent, the L/C Issuer or any
Lender or on their behalf and notwithstanding that the Administrative Agent, the L/C Issuer or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any
Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding. 

10.12. Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or
unenforceable, (a) 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 (b) the parties shall endeavor in good faith negotiations
to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 10.12, if and to the extent that the enforceability of any provisions in this
Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, the L/C Issuer or the Swing Line Lender, as applicable, then such provisions shall be deemed to be in effect
only to the extent not so limited. 

  
 136 

 10.13. Replacement of Lenders. If the Borrower is entitled to replace a Lender
pursuant to the provisions of Section 3.06, or if any Lender is a Defaulting Lender or a Non-Consenting Lender, or if any other circumstance exists hereunder that gives the Borrower the right to replace a Lender as a party hereto, then
the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents
required by, Section 10.06), all of its interests, rights (other than its existing rights to payments pursuant to Sections 3.01 and 3.04) and obligations under this Agreement and the related Loan Documents to an Eligible
Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that: 

(a) the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 10.06(b); 

(b) such Lender shall have received payment of an amount equal to 100% of the outstanding principal of its Loans and L/C Advances, accrued
interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) from the assignee (to the extent of such outstanding principal and accrued
interest and fees) or the Borrower (in the case of all other amounts); 
 (c) in the case of any such assignment resulting from a claim for
compensation under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; 

(d) such assignment does not conflict with applicable Laws; and 

(e) in the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the
applicable amendment, waiver or consent. 
 A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a
result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 

10.14. Governing Law; Jurisdiction; Etc. 

(a) GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN
CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

  
 137 

 (b) SUBMISSION TO JURISDICTION. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND
UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF 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, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, 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 OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS
AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE
BORROWER OR ANY OTHER LOAN PARTY, OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 (c) WAIVER OF VENUE. THE BORROWER AND EACH
OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION 10.14. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN
INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 
 (d) SERVICE OF PROCESS. EACH PARTY HERETO
IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW 

10.15. Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR 

  
 138 

 
ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.15. 

10.16. No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby
(including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each of the Borrower and each other Loan Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that:
(i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent, the Arrangers and the Lenders are arm’s-length commercial transactions between the Borrower and its respective Affiliates, on the
one hand, and the Administrative Agent, the Arrangers and the Lenders, on the other hand, (B) each Loan Party has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each Loan
Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents, (ii) (A) the Administrative Agent, the Arrangers and the Lenders each is
and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Loan Parties or any of their respective Affiliates,
or any other Person and (B) none of the Administrative Agent, any Arranger or any Lender has any obligation to the Loan Parties or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations
expressly set forth herein and in the other Loan Documents, and (iii) the Administrative Agent, the Arrangers, the Lenders, and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from
those of the Loan Parties and their respective Affiliates, and none of the Administrative Agent, any Arranger or any Lender has any obligation to disclose any of such interests to the Loan Parties or any of their respective Affiliates. To the
fullest extent permitted by law, each Loan Party hereby waives and releases any claims that it may have against the Administrative Agent, the Arrangers or the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in
connection with any aspect of any transaction contemplated hereby. 
 10.17. Electronic Execution of Assignments and Certain Other
Documents. The words “execute,” “execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption or in any amendment or other modification hereof (including waivers and
consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which
shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

  
 139 

 10.18. USA PATRIOT Act. Each Lender that is subject to the Act (as hereinafter
defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Loan Parties that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“Act”), it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each Loan Party and other information that will allow such Lender or the
Administrative Agent, as applicable, to identify each Loan Party in accordance with the Act. Each Loan Party shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the
Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act. 

10.19. Advertisement, Promotion and Marketing. The Administrative Agent and each Lender may, upon receipt of the prior written
consent of the Borrower, include references to any Loan Party, and utilize any logo or other distinctive symbol associated with any Loan Party, in connection with any advertising, promotion or marketing undertaken by the Administrative Agent or such
Lender. 
 10.20. ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

10.21. Transitional Arrangements. On the Restatement Effective Date, this Agreement shall amend and restate and supersede the
Existing Credit Agreement in its entirety, except as provided in this Section 10.21. On the Restatement Effective Date, the rights and obligations of the parties evidenced by the Existing Credit Agreement shall be evidenced by this
Agreement and the other Loan Documents, the Existing Revolving Credit Loans shall continue as Revolving Credit Loans under this Agreement, the Existing Term Loans shall continue as Term Loans under this Agreement and the Existing Letters of Credit
issued by the L/C Issuer for the account of the Borrower or any Guarantor prior to the Restatement Effective Date shall continue as Letters of Credit under this Agreement, and the grant of security interests and Liens in the Collateral by the
Borrower and the Guarantors under the Existing Credit Agreement and the other “Loan Documents” (as defined in the Existing Credit Agreement) shall continue under this Agreement and the other Loan Documents, and shall not in any event be
terminated, extinguished or annulled but shall hereafter continue to be in full force and effect and be governed by this Agreement and the other Loan Documents. All Obligations under the Existing Credit Agreement and the other “Loan
Documents” (as defined in the Existing Credit Agreement) shall continue to be outstanding except as expressly modified by this Agreement and shall be governed in all respects by this Agreement and the other Loan Documents, it being agreed and
understood that this Agreement represents a modification of, and does not constitute a novation, satisfaction, payment or reborrowing of any Obligation under, the Existing Credit Agreement or any other “Loan Documents” (as defined in the
Existing Credit Agreement), nor does it operate as a waiver of any right, power or remedy of the Administrative Agent, the L/C Issuer or any Lender under any “Loan Documents” (as defined in the Existing Credit Agreement). In the event that
any payment made by any Loan Party under the Existing Credit 

  
 140 

 
Agreement must be disgorged or otherwise returned by any Lender thereunder, such Lender shall be entitled to the benefits of the Existing Credit Agreement and the Loan Parties shall
unconditionally be obligated to repay the same along with any applicable interest and fees. All interest, fees and expenses, if any, owing or accruing under or in respect of the Existing Credit Agreement through the Restatement Effective Date shall
be calculated as of the Restatement Effective Date (pro rated in the case of any fractional periods), and shall be paid on the Restatement Effective Date. The Loan Parties acknowledge, represent and warrant that, as of the Restatement Effective
Date, they have no claims, defenses or offsets with respect to the Existing Credit Agreement or any of the “Loan Documents” (as defined in the Existing Credit Agreement) and that immediately prior to the effectiveness of this Agreement,
the Existing Credit Agreement and such other Loan Documents are valid, binding and enforceable in accordance with the terms thereof. 

[Signature Pages Follow] 

  
 141 

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

			
	EINSTEIN NOAH RESTAURANT GROUP, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	GUARANTORS:
	
	EINSTEIN AND NOAH CORP.
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	EINSTEIN/NOAH BAGEL PARTNERS, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	CHESAPEAKE BAGEL FRANCHISE CORP.
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	I. & J. BAGEL, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	MANHATTAN BAGEL COMPANY, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	

 
			
	 BANK OF AMERICA, N.A., as

Administrative Agent

		
	By:	 	 
	Name:	 	
	Title:	 	

 
			
	BANK OF AMERICA, N.A., as a Lender, L/C Issuer and Swing Line Lender
		
	By:	 	 
	Name:	 	
	Title:	 	

 [OTHER LENDERS]Exhibit 4.1

 

Execution Version

 

 

 

SAEXPLORATION HOLDINGS, INC.

 

AND EACH OF THE GUARANTORS PARTY HERETO

 

10.000% SENIOR SECURED NOTES DUE 2019

 

 

 

INDENTURE

 

Dated as of July 2, 2014 

 

 

 

U.S. BANK NATIONAL ASSOCIATION

 

as Trustee and Noteholder Collateral Agent 

 

 

 

    	 

    	 

    

  

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1
	DEFINITIONS AND INCORPORATION BY REFERENCE
	 
	Section 1.01	Definitions	1
	Section 1.02	Other Definitions	23
	Section 1.03	Incorporation by Reference of TIA	24
	Section 1.04	Rules of Construction	24
	 	 	 
	ARTICLE 2
	THE NOTES
	 
	Section 2.01	Form and Dating	25
	Section 2.02	Execution and Authentication	26
	Section 2.03	Registrar and Paying Agent	27
	Section 2.04	Paying Agent to Hold Money in Trust	27
	Section 2.05	Holder Lists	27
	Section 2.06	Transfer and Exchange	27
	Section 2.07	Replacement Notes	36
	Section 2.08	Outstanding Notes	36
	Section 2.09	Treasury Notes	37
	Section 2.10	Temporary Notes	37
	Section 2.11	Cancellation	37
	Section 2.12	Overdue Interest	37
	Section 2.13	Persons Deemed Owners	38
	Section 2.14	Interest Payment Date; Record Date	38
	 	 	 
	ARTICLE 3
	REDEMPTION AND PURCHASE
	 
	Section 3.01	Notices to Trustee	38
	Section 3.02	Selection of Notes to Be Redeemed	38
	Section 3.03	Notice of Redemption	39
	Section 3.04	Effect of Notice of Redemption	40
	Section 3.05	Deposit of Redemption or Purchase Price	40
	Section 3.06	Notes Redeemed or Purchased in Part	40
	Section 3.07	Optional Redemption	40
	Section 3.08	No Sinking Fund Payments	41
	Section 3.09	Offer to Purchase by Application of Excess Proceeds or From Excess Cash Flow	41
	 	 	 
	ARTICLE 4
	COVENANTS
	 
	Section 4.01	Payment of Notes	44
	Section 4.02	Maintenance of Office or Agency	44
	Section 4.03	Corporate Existence; Insurance; Maintenance of Properties	45
	Section 4.04	Compliance Certificate	45
	Section 4.05	Taxes	46
	Section 4.06	Stay, Extension and Usury Laws	46
	Section 4.07	Restricted Payments	46
	Section 4.08	Incurrence of Indebtedness and Issuance of Preferred Stock	49

 

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	 	 	Page
	 	 	 
	Section 4.09	Liens	53
	Section 4.10	[Reserved]	54
	Section 4.11	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	54
	Section 4.12	Transactions with Affiliates	55
	Section 4.13	[Reserved]	57
	Section 4.14	Business Activities	57
	Section 4.15	Additional Note Guarantees	57
	Section 4.16	Designation of Restricted and Unrestricted Subsidiaries	57
	Section 4.17	Payments for Consent	58
	Section 4.18	Reports	58
	Section 4.19	Offer to Repurchase Upon Change of Control	60
	Section 4.20	Asset Sales	61
	 	 	 
	ARTICLE 5
	SUCCESSORS
	 	 	 
	Section 5.01	Merger, Consolidation, or Sale of Assets	64
	Section 5.02	Successor Corporation Substituted	65
	 	 	 
	ARTICLE 6
	DEFAULTS AND REMEDIES
	 
	Section 6.01	Events of Default	65
	Section 6.02	Acceleration	67
	Section 6.03	Other Remedies	67
	Section 6.04	Waiver of Past Defaults	68
	Section 6.05	Control by Majority	68
	Section 6.06	Limitation on Suits	68
	Section 6.08	Collection Suit by Trustee or Noteholder Collateral Agent	69
	Section 6.09	Trustee May File Proofs of Claim	69
	Section 6.10	Priorities	70
	Section 6.11	Undertaking for Costs	70
	 	 	 
	ARTICLE 7
	TRUSTEE
	 
	Section 7.01	Duties of Trustee	70
	Section 7.02	Rights of Trustee	71
	Section 7.03	Individual Rights of Trustee	72
	Section 7.04	Trustee’s Disclaimer	72
	Section 7.05	Notice of Defaults	72
	Section 7.06	Reports by Trustee to Holders of the Notes	73
	Section 7.07	Compensation and Indemnity	73
	Section 7.08	Replacement of Trustee	74
	Section 7.09	Successor Trustee by Merger, etc	75
	Section 7.10	Eligibility; Disqualification	75
	Section 7.11	Preferential Collection of Claims Against Company	75
	Section 7.12	Trustee in Other Capacities; Noteholder Collateral Agent and Paying Agent	75
	 	 	 
	ARTICLE 8
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	 
	Section 8.01	Option to Effect Legal Defeasance or Covenant Defeasance	76
	Section 8.02	Legal Defeasance and Discharge	76

 

    	ii

    	 

    

  

	 	 	Page
	 	 	 
	Section 8.03	Covenant Defeasance	77
	Section 8.04	Conditions to Legal or Covenant Defeasance	77
	Section 8.05	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	78
	Section 8.06	Repayment to Company	78
	Section 8.07	Reinstatement	79
	 	 	 
	ARTICLE 9
	AMENDMENT, SUPPLEMENT AND WAIVER
	 
	Section 9.01	Without Consent of Holders of Notes	79
	Section 9.02	With Consent of Holders of Notes	80
	Section 9.03	[Reserved]	82
	Section 9.04	Revocation and Effect of Consents	82
	Section 9.05	Notation on or Exchange of Notes	82
	Section 9.06	Trustee to Sign Amendments, etc	82
	 	 	 
	ARTICLE 10
	SATISFACTION AND DISCHARGE
	 
	Section 10.01	Satisfaction and Discharge	82
	Section 10.02	Application of Trust Money	83
	 	 	 
	ARTICLE 11
	NOTE GUARANTEES
	 
	Section 11.01	Guarantee	84
	Section 11.02	Limitation on Guarantor Liability	85
	Section 11.03	Execution and Delivery of Guarantee	85
	Section 11.04	Guarantors May Consolidate, etc., on Certain Terms	86
	Section 11.05	Releases	87
	 	 	 
	ARTICLE 12
	SECURITY
	 
	Section 12.01	Grant of Security Interests; Intercreditor Agreement	88
	Section 12.02	Recording and Opinions	89
	Section 12.03	Mortgages and Filings	91
	Section 12.04	Advances to Subsidiaries	92
	Section 12.05	Additional Collateral	92
	Section 12.06	Further Assurances	93
	Section 12.07	Release of Liens	93
	Section 12.08	Form and Sufficiency of Release	95
	Section 12.09	Authorization of Actions to be Taken by the Noteholder Collateral Agent Under the Security Documents	95
	Section 12.10	Authorization of Receipt of Funds by the Trustee Under the Security Documents	96
	Section 12.11	Replacement of Noteholder Collateral Agent	96
	 	 	 
	ARTICLE 13
	MISCELLANEOUS
	 
	Section 13.01	[Reserved]	96
	Section 13.02	Notices	96
	Section 13.03	Communication by Holders of Notes with Other Holders of Notes	98

 

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	 	 	Page
	 	 	 
	Section 13.04	Certificate and Opinion as to Conditions Precedent	98
	Section 13.05	Statements Required in Certificate or Opinion	98
	Section 13.06	Rules by Trustee and Agents	98
	Section 13.07	No Personal Liability of Directors, Officers, Employees and Stockholders	98
	Section 13.08	Governing Law	99
	Section 13.09	No Adverse Interpretation of Other Agreements	99
	Section 13.10	Successors	99
	Section 13.11	Severability	99
	Section 13.12	Counterpart Originals	99
	Section 13.13	Table of Contents, Headings, etc	99
	Section 13.14	Releases	99

 

	EXHIBITS

 

	Exhibit A	FORM OF NOTE
	Exhibit B	FORM OF CERTIFICATE OF TRANSFER
	Exhibit C	FORM OF CERTIFICATE OF EXCHANGE
	Exhibit D	FORM OF CERTIFICATE FROM ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
	Exhibit E	FORM OF NOTATION OF GUARANTEE
	Exhibit F	FORM OF SUPPLEMENTAL INDENTURE

 

NOTE: This Table of Contents shall not, for
any purpose, be deemed to be part of this Indenture.

 

    	iv

    	 

    

  

INDENTURE, dated as
of July 2, 2014 among SAExploration Holdings, Inc., a Delaware corporation, the Guarantors (as defined herein) and U.S. Bank National
Association, and any and all successors thereto, as trustee (in such capacity, the “Trustee”) and as Noteholder
Collateral Agent (in such capacity, the “Noteholder Collateral Agent”).

 

The Company, the Guarantors,
the Noteholder Collateral Agent and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit
of the Holders (as defined herein) of the 10.000% Senior Secured Notes due 2019 (the “Notes”):

 

ARTICLE 1

DEFINITIONS AND INCORPORATION

BY REFERENCE

 

Section 1.01        Definitions.

 

“ABL Agent”
has the meaning assigned to it in the Security Agreement. 

 

“Accession
Agreement” means an accession agreement, if any, to the Security Documents, in substantially the form provided therein,
entered into by the Company, the holders of any Pari Passu Indebtedness and the Noteholder Collateral Agent, from time to time.

 

“Acquired
Debt” means, with respect to any specified Person:

 

(1)      Indebtedness
of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of such specified Person
(regardless of the form of the applicable transaction by which such Person became a Subsidiary) or expressly assumed in connection
with the acquisition of assets from any Person, whether or not such Indebtedness is incurred in connection with, or in contemplation
of, such other Person merging with or into, or becoming a Restricted Subsidiary of, such specified Person or of such Indebtedness
being incurred in connection with the acquisition of assets; and

 

(2)        Indebtedness
secured by a Lien encumbering any asset acquired by such specified Person.

 

Acquired Debt will
be deemed to be incurred on the date the acquired Person becomes a Subsidiary or date of the applicable acquisition of assets.

 

“Additional
Interest” means all additional interest then owing on the Notes pursuant to the Registration Rights Agreement.

 

“Additional
Notes” means Notes (other than the Initial Notes) originally issued after the date of this Indenture under this Indenture
in accordance with Section 2.02 hereof, as part of the same class as the Initial Notes.

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, “control,” as used with respect to any
Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided that beneficial
ownership of 10% or more of the Voting Stock of a Person will be deemed to be control. For purposes of this definition, the terms
“controlling,” “controlled by” and “under common control with” have correlative meanings.

 

    	1

    	 

    

  

“Agent”
means any Registrar, co-registrar, Paying Agent or additional paying agent.

 

“Applicable
Premium” means, with respect to any Note on any redemption date, the greater of:

 

		(1)	1.0% of the principal amount of the Note; or

 

		(2)	the excess of:

 

		(a)	the present value at such redemption date of (i) the redemption price of the Note at January 15,
2017, (such redemption price being set forth in the table appearing in Section 3.07(b) hereof) plus (ii) all required interest
payments due on the Note through January 15, 2017 (excluding accrued but unpaid interest to such redemption date), computed using
a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over

 

		(b)	the principal amount of the Note.

 

Calculation of the Applicable Premium is
a responsibility of the Company and the Trustee shall not be responsible to calculate or verify any calculation related to the
Applicable Premium.

 

“Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules
and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange.

 

“Asset Sale”
means:

 

(1)        the
sale, lease, conveyance or other disposition of any assets by the Company or any of its Restricted Subsidiaries; provided
that the sale, lease, conveyance or other disposition of all or substantially all of the properties or assets of the Company and
its Restricted Subsidiaries taken as a whole will be governed by Section 4.19 and/or Section 5.01 and not by Section 4.20; and

 

(2)        the
issuance of Equity Interests by any of the Company’s Restricted Subsidiaries or the sale by the Company or any of its Restricted
Subsidiaries of Equity Interests in any of its Restricted Subsidiaries (other than directors' qualifying shares or other shares
required by law to be held by persons other than the Company or a Restricted Subsidiary).

 

Notwithstanding the preceding, none of
the following items will be deemed to be an Asset Sale:

 

		(1)	any single transaction or series of related transactions that involves assets having a Fair Market
Value of less than $1.0 million;

 

		(2)	a sale, lease, conveyance or other disposition of assets between or among the Company and/or its
Restricted Subsidiaries;

 

		(3)	an issuance of Equity Interests by a Restricted Subsidiary of the Company to the Company or to
a Restricted Subsidiary of the Company;

 

    	2

    	 

    

  

		(4)	(a) the sale, exchange, lease, conveyance or other transfer of property, products, services, equipment
or accounts receivable in the ordinary course of business and of damaged, worn-out or obsolete assets in the ordinary course of
business, (b) the abandonment or relinquishment of assets, the waiver of contract rights or the settlement, release or surrender
of contract, tort or other claims, in each case, in the ordinary course of business or (c) dispositions pursuant to condemnation
or similar involuntary dispositions;

 

		(5)	the granting of Liens not prohibited by Section 4.09 and dispositions in connection with Permitted
Liens;

 

		(6)	dispositions of Capital Stock of Unrestricted Subsidiaries; and

 

		(7)	a Restricted Payment that does not violate Section 4.07 or a Permitted Investment.

 

“Bankruptcy
Code” means Title 11 of the U.S. Code entitled "Bankruptcy" as now and hereinafter in effect, or any successor
statute.

 

“Beneficial
Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating
the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act),
such “person” will be deemed to have beneficial ownership of all securities that such “person” has the
right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only
after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding
meaning.

 

“Board of
Directors” means:

 

		(1)	with respect to a corporation, the board of directors of the corporation or any committee thereof
duly authorized to act on behalf of such board;

 

		(2)	with respect to a partnership, the board of directors of a direct or indirect general partner of
the partnership;

 

		(3)	with respect to a limited liability company, the direct or indirect managing member or members
or any controlling committee of managing members thereof; and

 

		(4)	with respect to any other Person, the board or committee of such Person serving a similar function.

 

“Business
Day” means any day other than a Saturday, Sunday, or other day on which banking institutions in New York, New York are
authorized or required by law to close.

 

“Capital Lease
Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a capital lease
that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP, and the Stated Maturity
thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which
such lease may be prepaid by the lessee without payment of a penalty.

 

“Capital Stock”
means:

 

		(1)	in the case of a corporation, capital stock;

 

    	3

    	 

    

  

		(2)	in the case of an association or business entity, any and all shares, interests, participations,
rights or other equivalents (however designated) in the equity of such entity;

 

		(3)	in the case of a partnership or limited liability company, partnership interests (whether general
or limited) or membership interests; and

 

		(4)	in the case of any other entity, any other interests or participations that confer on a Person
the right to receive a share of the profits and losses of, or distributions of assets of, the issuing entity,

 

but excluding from all
of the foregoing any debt securities convertible into or exchangeable for Capital Stock, whether or not such debt securities include
any right of participation with Capital Stock.

 

“Cash Equivalents”
means:

 

		(1)	United States dollars or any foreign currency in which the Company or any Restricted Subsidiary
conducts business;

 

		(2)	securities issued or directly and fully guaranteed or insured by the United States government or
any agency or instrumentality of the United States government (provided that the full faith and credit of the United States
is pledged in support of those securities) having maturities of not more than one year from the date of acquisition;

 

		(3)	certificates of deposit 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 commercial bank having capital and surplus in excess of $500.0 million and a Thomson Bank Watch Rating of “B”
or better or any commercial bank organized under the laws of another country that is a member of the Organisation for Economic
Co-operation and Development and has total assets in excess of $500.0 million;

 

		(4)	repurchase obligations with a term of not more than seven days for underlying securities of the
types described in clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in
clause (3) above;

 

		(5)	commercial paper having one of the two highest ratings obtainable from Moody’s or S&P
and, in each case, maturing within twelve months after the date of acquisition; and

 

		(6)	money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds
described in clauses (1) through (5) of this definition.

 

“Change of
Control” means the occurrence of any of the following:

 

		(1)	the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way
of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets
of the Company and its Subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d) of the
Exchange Act) other than a Permitted Holder;

 

    	4

    	 

    

  

		(2)	the adoption or the approval by the holders of Capital Stock of a plan relating to the liquidation
or dissolution of the Company;

 

		(3)	the consummation of any transaction (including, without limitation, any merger or consolidation),
the result of which is that any “person” (as defined above), other than a Permitted Holder, becomes the Beneficial
Owner, directly or indirectly, of more than 50% of the Voting Stock of the Company, measured by voting power rather than number
of shares; or

 

		(4)	the Company consolidates with, or merges with or into, any Person, or any Person consolidates with,
or merges with or into, the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of
the Company or such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction
where the Voting Stock of the Company outstanding immediately prior to such transaction is converted into or exchanged for Voting
Stock (other than Disqualified Stock) of the surviving or transferee Person constituting a majority of the outstanding shares of
such Voting Stock of such surviving or transferee Person (immediately after giving effect to such issuance).

 

“Clearstream”
means Clearstream Banking, S.A. or any successor thereto.

 

“Collateral”
has the meaning assigned to it in the Security Documents.

 

“Company”
means SAExploration Holdings, Inc., a Delaware corporation, until such time as another Person shall become the "Company"
pursuant to the applicable provisions of this Indenture, and thereafter "Company" shall mean such successor Person.

 

“Consolidated
Cash Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for
such period plus, without duplication:

 

		(1)	an amount equal to (i) any extraordinary, unusual or non-recurring loss plus (ii) any net loss
realized by such Person or any of its Restricted Subsidiaries in connection with an Asset Sale, to the extent such losses were
deducted in computing such Consolidated Net Income; plus

 

		(2)	provision for taxes based on income or profits of such Person and its Restricted Subsidiaries for
such period, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus

 

		(3)	the Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the extent
that such Fixed Charges were deducted in computing such Consolidated Net Income; plus

 

    	5

    	 

    

  

		(4)	depreciation, amortization (including amortization of intangibles but excluding amortization of
prepaid cash expenses that were paid in a prior period) and other non-cash charges and expenses (excluding any such non-cash charge
or expense to the extent that it represents an accrual of or reserve for cash charges or expenses in any future period or amortization
of a prepaid cash charges or expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period
to the extent that such depreciation, amortization and other non-cash charges or expenses were deducted in computing such Consolidated
Net Income; minus

 

		(5)	non-cash items increasing such Consolidated Net Income for such period, other than the accrual
of revenue in the ordinary course of business,

 

in each case, on a consolidated basis and
determined in accordance with GAAP.

 

Notwithstanding the
preceding, the provision for taxes based on the income or profits of, and the depreciation, amortization and other non-cash expenses
of, a Restricted Subsidiary of the Company other than a Guarantor will be added to Consolidated Net Income to compute Consolidated
Cash Flow of the Company only to the extent that a corresponding amount would be permitted at the date of determination to be dividended
to the Company by such Restricted Subsidiary without prior governmental approval (that has not been obtained), and without direct
or indirect restriction pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes,
rules and governmental regulations applicable to that Restricted Subsidiary or its stockholders.

 

“Consolidated
Net Income” means, with respect to any specified Person for any period, the aggregate of the Net Income of such Person
and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that:

 

		(1)	the Net Income (but not loss) of any Person that is not a Restricted Subsidiary or that is accounted
for by the equity method of accounting will be included only to the extent of the amount of dividends or similar distributions
paid in cash to the specified Person or a Restricted Subsidiary of the Person;

 

		(2)	the Net Income (but not loss) of any Restricted Subsidiary will be excluded to the extent that
the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that Net Income is not at the
date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly,
by 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;

 

		(3)	the cumulative effect of a change in accounting principles will be excluded; and

 

		(4)	notwithstanding clause (1) above, the Net Income of any Unrestricted Subsidiary will be excluded,
whether or not distributed to the specified Person or one of its Subsidiaries.

 

“Consolidated
Net Tangible Assets” means, with respect to any Person as of any date of determination, the amount which, in accordance
with GAAP, would be set forth under the caption “total assets” (or any like caption) on a consolidated balance sheet
of such Person and its Restricted Subsidiaries, less the sum of (1) all current liabilities and (2) goodwill and intangible assets,
in each case, in accordance with GAAP as of the end of the most recent fiscal quarter for which internal financial statements are
available.

 

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“Corporate
Trust Office of the Trustee” will be at the address of the Trustee specified in Section 13.02 hereof or such other address
as to which the Trustee may give notice to the Company, except as specified in Section 4.02.

 

“Credit Agreement”
means a new credit agreement to be entered into after the Issue Date among the Company, the guarantors party thereto and the lenders
from time to time party thereto, providing for borrowings in an amount not to exceed the amount of Indebtedness permitted pursuant
to Section 4.08(b)(1) including any related notes, Guarantees, collateral documents, security documents, instruments and agreements
executed in connection therewith, and, in each case, as amended, restated, modified, supplemented, renewed, refunded, replaced
(whether upon or after termination or otherwise) or refinanced (including by means of sales of debt securities to investors) in
whole or in part from time to time.

 

“Credit Facilities”
means one or more debt facilities (including, without limitation, the Credit Agreement) or commercial paper facilities, in each
case, with banks or other institutional lenders providing for revolving credit loans, term loans, receivables financing (including
through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such
receivables) or letters of credit, in each case, as amended, restated, modified, renewed, refunded, replaced (whether upon or after
termination or otherwise) or refinanced (including by means of sales of debt securities to institutional investors) in whole or
in part from time to time.

 

“Custodian”
means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto.

 

“Default”
means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 

“Definitive
Note” means a certificated Note registered in the name of the Holder thereof (other than in the name of the Depositary
or its nominee) and issued in accordance with Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such
Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note”
attached thereto.

 

“Depositary”
means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof
as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become
such pursuant to the applicable provision of this Indenture.

 

“Disqualified
Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for
which it is exchangeable, in each case, at the option of the holder of the Capital Stock), or upon the happening of any event,
matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder
of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature, except
to the extent that such Capital Stock is solely redeemable with, or solely exchangeable for, any capital stock of such Person that
is not Disqualified Stock. Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely
because the holders of the Capital Stock have the right to require the Company to repurchase such Capital Stock upon the occurrence
of a change of control or an asset sale will not constitute Disqualified Stock if the terms of such Capital Stock provide that
the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption
complies with Section 4.07. The amount of Disqualified Stock deemed to be outstanding at any time for purposes of this Indenture
will be the maximum amount that the Company and its Restricted Subsidiaries would become obligated to pay upon the maturity of,
or pursuant to any mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued dividends on or prior to the
date that is 91 days after the date on which the Notes mature.

 

    	7

    	 

    

  

“Domestic
Subsidiary” means any Restricted Subsidiary of the Company that was formed under the laws of the United States or any
state of the United States or the District of Columbia.

 

“Equity Interests”
means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is
convertible into, or exchangeable for, Capital Stock).

 

“Equity Offering”
means a public or private sale of Equity Interests of the Company by the Company (other than Disqualified Stock and other than
to a Subsidiary of the Company).

 

“Euroclear”
means Euroclear Bank, S.A./N.V., as operator of the Euroclear system, or any successor thereto.

 

“Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended, and any successor thereto, and the rules and regulations
of the SEC thereunder.

 

“Exchange
Notes” means the Exchange Notes issued in exchanges for Notes pursuant to the Registration Rights Agreement.

 

“Existing
Indebtedness” means Indebtedness of the Company and its Subsidiaries (other than Indebtedness under any Credit Facility,
the Notes and the Note Guarantees) in existence on the date of this Indenture, until such amounts are repaid.

 

“Excluded
Property” has the meaning assigned to it in the Security Agreement.

 

“Fair Market
Value” means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving
distress or necessity of either party, determined in good faith by the Chief Financial Officer or Board of Directors of the Company
(unless otherwise provided in this Indenture).

 

“Fixed Charge
Coverage Ratio” means with respect to any specified Person for any period, the ratio of the Consolidated Cash Flow of
such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any
of its Restricted Subsidiaries incurs, assumes, guarantees, repays, repurchases, redeems, defeases or otherwise discharges any
Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems Disqualified Stock or preferred
stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and on or prior
to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation
Date”), then the Fixed Charge Coverage Ratio will be calculated giving pro forma effect (in accordance with Regulation
S-X under the Securities Act) to such incurrence, assumption, Guarantee, repayment, repurchase, redemption, defeasance or other
discharge of Indebtedness, or such issuance, repurchase or redemption of Disqualified Stock or preferred stock, and the use of
the proceeds therefrom, as if the same had occurred at the beginning of the applicable four-quarter period.

 

    	8

    	 

    

  

In addition, for purposes
of calculating the Fixed Charge Coverage Ratio:

 

		(1)	acquisitions that have been made by the specified Person or any of its Restricted Subsidiaries,
including through mergers or consolidations, or any Person or any of its Restricted Subsidiaries acquired by the specified Person
or any of its Restricted Subsidiaries, and including any related financing transactions and including increases in equity ownership
of Restricted Subsidiaries of the specified Person, during the four-quarter period or subsequent to such period and on or prior
to the Calculation Date, or that are to be made on the Calculation Date, will be given pro forma effect in accordance with Regulation
S-X under the Securities Act as if they had occurred on the first day of the four-quarter reference period;

 

		(2)	the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance
with GAAP, and operations or businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded;

 

		(3)	the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP,
and operations or businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded, but
only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any
of its Restricted Subsidiaries following the Calculation Date;

 

		(4)	any Person that is a Restricted Subsidiary on the Calculation Date will be deemed to have been
a Restricted Subsidiary at all times during such four-quarter period;

 

		(5)	any Person that is not a Restricted Subsidiary on the Calculation Date will be deemed not to have
been a Restricted Subsidiary at any time during such four-quarter period; and

 

		(6)	if any Indebtedness bears a floating rate of interest, the interest expense on such Indebtedness
will be calculated as if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking
into account any Hedging Obligation applicable to such Indebtedness if such Hedging Obligation has a remaining term as at the Calculation
Date in excess of 12 months).

 

“Fixed Charges”
means, with respect to any specified Person for any period, the sum, without duplication, of:

 

		(1)	the consolidated interest expense of such Person and its Restricted Subsidiaries for such period,
whether paid or accrued, including, without limitation, amortization of debt issuance costs and original issue discount, non-cash
interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated
with Capital Lease Obligations, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’
acceptance financings, and net of the effect of all payments made or received pursuant to Hedging Obligations in respect of interest
rates; plus

 

		(2)	the consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized
during such period; plus

 

		(3)	any interest on Indebtedness of another Person that is guaranteed by such Person or one of its
Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such
Guarantee or Lien is called upon; plus

 

    	9

    	 

    

  

		(4)	all dividends, whether paid or accrued and whether or not in cash, on any series of preferred stock
of such Person or any of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests
of the Company (other than Disqualified Stock) or to the Company or a Restricted Subsidiary of the Company.

 

“Foreign Subsidiary”
means any Restricted Subsidiary of the Company that is not a Domestic Subsidiary.

 

“Foreign Subsidiary
Reorganization” means the transaction or transactions pursuant to which assets utilized primarily in the Company’s
non-U.S. operations and located in non-U.S. jurisdictions or titled in the name of a foreign branch of a Domestic Subsidiary of
the Company will be transferred to one or more Foreign Subsidiaries of the Company formed or to be formed in such respective non-U.S.
jurisdictions.

 

“GAAP”
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession,
which are in effect from time to time.

 

“Global Note
Legend” means the legend set forth in Section 2.06(f)(2) hereof, which is required to be placed on all Global Notes issued
under this Indenture.

 

“Global Notes”
means, individually and collectively, each of the Notes in global, book-entry form deposited with or on behalf of and registered
in the name of the Depository or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend
and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with
Section 2.01 hereof.

 

“Government
Securities” means securities that are:

 

		(1)	direct obligations of the United States of America for the timely payment of which its full faith
and credit is pledged, or

 

		(2)	obligations of a Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation
by the United States of America,

 

which, in either case, are not callable
or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company
as custodian with respect to any such Government Securities or a specific payment of principal of or interest on any such Government
Securities held by such custodian for the account of the holder of such depository receipt; provided that (except as required
by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt
from any amount received by the custodian in respect of the Government Securities or the specific payment of principal of or interest
on the Government Securities evidenced by such depository receipt.

 

    	10

    	 

    

 

“Guarantee”
means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct
or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement
agreements in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or
by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement
conditions or otherwise).

 

“Guarantors”
means (1) each Domestic Subsidiary of the Company on the date of this Indenture and (2) each other Subsidiary of the Company that
executes a Note Guarantee in accordance with the provisions of this Indenture, in each case, together with their respective successors
and assigns until the Note Guarantee of such Person has been released in accordance with the provisions of this Indenture.

 

“Hedging Obligations”
means, with respect to any specified Person, the obligations of such Person under:

 

		(1)	interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest
rate cap agreements and interest rate collar agreements;

 

		(2)	other agreements or arrangements designed to manage interest rates or interest rate risk; and

 

		(3)	other agreements or arrangements designed to protect such Person against fluctuations in currency
exchange rates or commodity prices.

 

“Holder”
means a Person in whose name a Note is registered.

 

“IAI Global
Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private
Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee that will be issued
in a denomination equal to the outstanding principal amount of the Notes initially sold to Institutional Accredited Investors.

 

“Immaterial
Subsidiary” means, as of any date, any Restricted Subsidiary whose total assets, as of that date, are less than $100,000
and whose total revenues for the most recent 12-month period for which consolidated financial statements are available do not exceed
$100,000 for such 12-month period; provided that a Restricted Subsidiary will not be considered to be an Immaterial Subsidiary
if it, directly or indirectly, guarantees or otherwise provides direct credit support for any Indebtedness of the Company.

 

“Indebtedness”
means, with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and trade payables), whether
or not contingent:

 

		(1)	in respect of borrowed money;

 

		(2)	evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement
agreements in respect thereof);

 

		(3)	in respect of banker’s acceptances;

 

		(4)	representing Capital Lease Obligations;

 

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		(5)	representing the balance deferred and unpaid of the purchase price of any property or services
due more than one year after such property is acquired or such services are completed; or

 

		(6)	representing any Hedging Obligations,

 

if and to the extent any of the preceding
items (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet of the specified
Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured
by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person) and, to the
extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person. Indebtedness shall
be calculated without giving effect to the effects of Statement of Financial Accounting Standards No. 133 and related interpretations
to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this Indenture
as a result of accounting for any embedded derivatives created by the terms of such Indebtedness.

 

“Indenture”
means this Indenture, pursuant to which the Notes will be issued, among the Company, the Guarantors, the Trustee and the Noteholder
Collateral Agent.

 

“Indirect
Participant” means a Person who holds a beneficial interest in a Global Note through a Participant.

 

“Initial Notes”
means the $150,000,000 aggregate principal amount of Notes issued under this Indenture on the date hereof.

 

“Institutional
Accredited Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1),
(2), (3) or (7) under the Securities Act.

 

“Intercreditor
Agreement” means any intercreditor agreement (i) whose terms are not materially less favorable to the Holders of the
Notes than those summarized in the Offering Memorandum under “Description of Notes—Security”, (ii) that is entered
into in connection with entering into any Credit Agreement and (iii) that is among the Noteholder Collateral Agent, the ABL Agent,
the Company, the Guarantors and any other parties thereto, as amended, supplemented or modified from time to time.

 

“Investments”
means, with respect to any specified Person, all direct or indirect investments by such Person in other Persons (including Affiliates)
in the forms of loans (including Guarantees or other obligations), advances or capital contributions (excluding commission, travel
and other advances to officers and employees made in the ordinary course of business), purchases or other acquisitions for consideration
of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on
a balance sheet of such specified Person prepared in accordance with GAAP. If the Company or any Subsidiary of the Company sells
or otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of the Company such that, after giving
effect to any such sale or disposition, such Person is no longer a Subsidiary of the Company, the Company will be deemed to have
made an Investment on the date of any such sale or disposition equal to the Fair Market Value of the Company’s Investments
in such Subsidiary that were not sold or disposed of in an amount determined as provided in Section 4.07(c) hereof. The acquisition
by the Company or any Restricted Subsidiary of the Company of a Person that holds an Investment in a third Person will be deemed
to be an Investment by the Company or such Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value
of the Investments held by the acquired Person in such third Person in an amount determined as provided in Section 4.07(c) hereof.
Except as otherwise provided in this Indenture, the amount of an Investment will be determined at the time the Investment is made
and without giving effect to subsequent changes in value.

 

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“Issue Date”
means the date of this Indenture.

 

“Kuukpik Joint
Venture” means Kuukpik/SAExploration, LLC, an Alaska limited liability company and a joint venture between SAExploration,
Inc. and Kuukpik Corporation.

 

“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of
such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other
title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in
and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any
jurisdiction.

 

“Moody’s”
means Moody’s Investors Service, Inc., or any successor to the rating agency business thereof.

 

“Mortgage”
means each mortgage, deed of trust, deed to secure debt and any other document or instrument under which any Lien on real property
owned by the Company or any Guarantor is granted to secure the obligations of the Company or any Guarantor under this Indenture.

 

“Net Income”
means, with respect to any specified Person, the net income (loss) of such Person, determined in accordance with GAAP and before
any reduction in respect of preferred stock dividends, excluding, however:

 

		(1)	any gain (but not loss), together with any related provision for taxes on such gain (but not loss),
realized in connection with (i) any Asset Sale or (ii) the disposition of any securities by such Person or any of its Restricted
Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its Restricted Subsidiaries; and

 

		(2)	any extraordinary gain (but not loss), together with any related provision for taxes on such extraordinary
gain (but not loss).

 

“Net Proceeds”
means the aggregate cash proceeds and Cash Equivalents received by the Company or any of its Restricted Subsidiaries in respect
of any Asset Sale (including, without limitation, any cash or Cash Equivalents received upon the sale or other disposition of any
non-cash consideration received in any Asset Sale), net of (1) the direct costs relating to such Asset Sale, including, without
limitation, the amount of any Indebtedness that is secured by such assets and which is required to be repaid by the Company or
Restricted Subsidiary, in connection with such transaction and legal, accounting and investment banking fees, brokers fees, sales
commissions, and any relocation expenses incurred as a result of the Asset Sale and taxes paid or payable as a result of the Asset
Sale after taking into account any available tax credits or deductions and any tax sharing arrangements and (2) any reserve for
adjustment, indemnification, earnout or similar obligations in respect of the sale price of such asset or assets established in
accordance with GAAP.

 

“Non-Recourse
Debt” means Indebtedness:

 

		(1)	as to which neither the Company nor any of its Restricted Subsidiaries (i) provides credit support
of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness), or (ii) is directly or indirectly
liable as a guarantor or otherwise;

 

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		(2)	no default with respect to which (including any rights that the holders of the Indebtedness may
have to take enforcement action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder
of any other Indebtedness of the Company or any of its Restricted Subsidiaries to declare a default on such other Indebtedness
or cause the payment of the Indebtedness to be accelerated or payable prior to its Stated Maturity; and

 

		(3)	as to which the lenders will not have any recourse to the stock or assets of the Company or any
of its Restricted Subsidiaries (other than Equity Interests of an Unrestricted Subsidiary).

 

“Non-U.S.
Person” means a Person who is not a U.S. Person as defined under Regulation S of the Securities Act.

 

“Note Guarantee”
means the Guarantee by each Guarantor of the Company’s obligations under this Indenture and the Notes, executed pursuant
to the provisions of this Indenture.

 

“Noteholder
Collateral Agent” means U.S. Bank National Association, in its capacity as collateral agent for the benefit of the Holders
of Notes under the Security Documents, together with its successors in such capacity.

 

“Notes”
means, collectively, the Notes originally issued under this Indenture as of the Issue Date, and any Additional Notes subsequently
issued, except if otherwise started herein.

 

“Obligations”
means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the
documentation governing any Indebtedness.

 

“Offering
Memorandum” means the Offering Memorandum dated June 25, 2014 of the Company and Guarantors relating to the Notes.

 

“Officer”
means, with respect to any Person, the Chairman of the Board, the Chairman, the Chief Executive Officer, the President, the Chief
Operating Officer, the Chief Financial Officer, the Chief Accounting Officer, the Treasurer, any Assistant Treasurer, the Controller,
the Secretary or any Vice-President of such Person; provided that, in the case of a limited or general partnership, limited liability
company or other Person that is not a corporation, the term “Officer” shall also include any of the foregoing officers
of a direct or indirect general partner, managing member or other similar Person.

 

“Officers’
Certificate” means a certificate signed on behalf of the Company by two Officers of the Company, one of whom must be
the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company,
that meets the requirements of Section 13.05 hereof; provided that, if this Indenture expressly calls for an Officers’
Certificate delivered by or signed on behalf of a Person other than the Company, then such certificate shall be signed by two Officers
of such Person, one of whom shall be the principal executive officer, principal financial officer, treasurer or principal accounting
officer of such Person or, in the case of a limited or general partnership, limited liability company or other Person that is not
a corporation, any of the foregoing Officers may be of a direct or indirect general partner, managing member or other similar Person.

 

    	14

    	 

    

  

“Opinion of
Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements
of Section 13.05 hereof. The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee.
Anything in this Indenture, the Note Guarantees or the Notes to the contrary notwithstanding, any such opinion of legal counsel
may rely, as to factual matters, on a certificate of an Officer of the Company or any Guarantor or any other appropriate Person
and on certificates and statements of governmental bodies and officials.

 

“Pari Passu
Indebtedness” means any Indebtedness (1) that is permitted to be incurred under Section 4.08 and (2) that is secured
by a Permitted Lien described in clause (3) of the definition of the Permitted Liens; provided that (i) it is so designated as
Pari Passu Indebtedness in an Officers’ Certificate delivered to the Noteholder Collateral Agent and (ii) an authorized representative
of the holders of such Indebtedness shall have executed and delivered an Accession Agreement.

 

“Participant”
means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or
Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream).

 

“Permitted
Business” means any business that is the same as, or reasonably related, ancillary or complementary to, any of the businesses
in which the Company or any of its Restricted Subsidiaries was engaged on the date of this Indenture, as described in the Offering
Memorandum, and any business reasonably related or complimentary thereto.

 

“Permitted
Holders” means any of (a) Jeff Hastings, Brian Beatty and Brent Whiteley, (b) any Related Party thereof and (c) any Person
acting in the capacity of an underwriter or initial purchaser in connection with a public or private offering of the Capital Stock
of the Company or any direct or indirect parent entity or securities convertible into or exchangeable or exercisable for such Capital
Stock.

 

“Permitted
Investments” means:

 

		(1)	any Investment in the Company or in a Restricted Subsidiary of the Company that is a Guarantor;

 

		(2)	any Investment in Cash Equivalents;

 

		(3)	any Investment by the Company or any Restricted Subsidiary of the Company in a Person, if as a
result of such Investment:

 

		(a)	such Person becomes a Restricted Subsidiary of the Company and a Guarantor; or

 

		(b)	such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially
all or any substantial portion of its assets or of any of its business units to, or is liquidated into, the Company or a Restricted
Subsidiary of the Company and a Guarantor;

 

		(4)	any Investment made as a result of the receipt of non-cash consideration from an Asset Sale (or
a transaction excluded from the definition thereof) that was made pursuant to and in compliance with Section 4.20;

 

		(5)	any acquisition of assets or Capital Stock solely in exchange for the issuance of Equity Interests
(other than Disqualified Stock) of the Company;

 

    	15

    	 

    

  

		(6)	any Investments received in compromise or resolution of (a) obligations of trade creditors or customers
that were incurred in the ordinary course of business of the Company or any of its Restricted Subsidiaries, including pursuant
to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or (b)
litigation, arbitration or other disputes.

 

		(7)	Investments represented by Hedging Obligations;

 

		(8)	loans or advances to employees made in the ordinary course of business of the Company or any Restricted
Subsidiary of the Company in an aggregate principal amount not to exceed $1.0 million at any one time outstanding;

 

		(9)	repurchases of the Notes or Exchange Notes;

 

		(10)	any Investment existing on, or made pursuant to binding commitments existing on, the date of this
Indenture and any Investment consisting of an extension, modification or renewal of any Investment existing on, or made pursuant
to a binding commitment existing on, the date of this Indenture; provided that the amount of any such Investment may be increased
(a) as required by the terms of such Investment or commitment as in existence on the date of this Indenture or (b) as otherwise
permitted under this Indenture;

 

		(11)	advances to customers in the ordinary course of business, prepaid expenses or deposits, and performance
guarantees of contracts or obligations other than Indebtedness;

 

		(12)	Investments in Foreign Subsidiaries as a result of the Foreign Subsidiary Reorganization;

 

		(13)	Investments in joint ventures in aggregate amount not to exceed $5.0 million, provided each such
joint venture is engaged in a Permitted Business;

 

		(14)	any Investment by any Foreign Subsidiary in any other Foreign Subsidiary or any Person, if as a
result the Person becomes a Foreign Subsidiary or the Person is merged or consolidated with or into a transfer or conveyance of
all or substantially all of its assets to, or is liquidated into, any Foreign Subsidiary; and

 

		(15)	other Investments in any Person having an aggregate Fair Market Value (measured on the date each
such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments
made pursuant to this clause (15) that are at the time outstanding, not to exceed $5.0 million.

 

“Permitted
Liens” means:

 

		(1)	Liens on assets of the Company or any Guarantor securing Indebtedness and other Obligations under
Credit Facilities that are permitted to be incurred by Section 4.08(b)(1);

 

    	16

    	 

    

  

		(2)	Liens to secure Indebtedness (including Capital Lease Obligations) permitted by Section 4.08(b)(4)
covering only the assets constructed or acquired with or financed by such Indebtedness; provided, however such Liens are
created within 180 days of the later of the acquisition, lease, completion of improvements, construction, repairs or additions
or commencement of full operation of the assets or property subject to such Lien and do not encumber any other assets or property
of the Company or any Restricted Subsidiary other than such assets or property and assets affixed or appurtenant thereto;

 

		(3)	Liens created for the benefit of (or to secure) (a) the Notes and the Note Guarantees, (b) Additional
Notes and Note Guarantees related to any Additional Notes and (c) Pari Passu Indebtedness, provided that, in the case of clauses
(b) or (c) at the time such Additional Notes or such Pari Passu Indebtedness is incurred and after giving pro forma effect thereto,
the Secured Leverage Coverage Ratio is not greater than 3.5 to 1.0;

 

		(4)	Liens in favor of the Company or the Guarantors;

 

		(5)	Liens on property of a Person existing at the time such Person becomes a Subsidiary of, or is merged
with or into or consolidated with, the Company or any Subsidiary of the Company; provided that such Liens were in existence prior
to the contemplation of such person becoming a Subsidiary or such merger or consolidation and do not extend to any assets other
than those of the Person that becomes a Subsidiary or is merged into or consolidated with the Company or the Subsidiary;

 

		(6)	Liens on property (including Capital Stock) existing at the time of acquisition of the property
by the Company or any Subsidiary of the Company; provided that such Liens were in existence prior to such acquisition and were
not incurred in contemplation of, such acquisition;

 

		(7)	Liens to secure the performance of statutory obligations, insurance, surety or appeal bonds, workers
compensation obligations, performance bonds or other obligations of a like nature incurred in the ordinary course of business (including
Liens to secure letters of credit issued to assure payment of such obligations);

 

		(8)	Liens existing on the date of this Indenture;

 

		(9)	(a) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent
or that are being contested in good faith by appropriate actions promptly instituted and diligently concluded; provided
that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor; (b) bankers’
Liens, rights of setoff, Liens arising out of judgments or awards not constituting an Event of Default and notices of lis pendens
and associated rights related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves
have been made; and (c) Liens on cash collateral for letters of credit or Hedging Obligations permitted by clauses (1), (9) and
(11)(a), respectively, of Section 4.08(b) securing, in the case of letters of credit, an amount not to exceed the face amount of
cash collateralized letters of credit for the benefit of the Company and/or the Guarantors and, in the case of Hedging Obligations,
not to exceed the amount of such Hedging Obligations;

 

    	17

    	 

    

  

		(10)	Liens imposed by law, such as carriers’, warehousemen’s, landlord’s and mechanics’
Liens, in each case, incurred in the ordinary course of business; Liens on property or assets under construction (and related rights)
in favor of a contractor or developer arising from progress or partial payments by a third party relating to such property or assets;
and Liens arising from UCC financing statement filings regarding operating leases entered into by the Company and its Restricted
Subsidiaries in the ordinary course of business or Liens occurring solely by the filing of a UCC statement, which filing has not
been consented to by the Company or Restricted Subsidiary;

 

		(11)	survey exceptions, easements or reservations of, or rights of others for, licenses, rights-of-way,
sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use
of real property or improvements or accessions that were not incurred in connection with Indebtedness and that do not in the aggregate
materially adversely affect the value of said properties or materially impair their use in the operation of the business of such
Person;

 

		(12)	Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred under this Indenture;
provided, however, that:

 

		(a)	the new Lien is limited to all or part of the same property and assets that secured or, under the
written agreements pursuant to which the original Lien arose, could secure the original Indebtedness (plus improvements and accessions
to such property, or proceeds or distributions thereof); and

 

		(b)	the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of
(i) the outstanding principal amount, or, if greater, committed amount, of the original Indebtedness and (ii) an amount necessary
to pay any fees and expenses, including premiums, related to such renewal, refunding, refinancing, replacement, defeasance or discharge;
and

 

		(13)	any extension, renewal or replacement, in whole or in part of any Lien described above in this
definition of “Permitted Liens” (other than Liens described in clause (1) of this definition of “Permitted Liens”);
provided that any such extension, renewal or replacement does not extend to any additional property or assets (plus improvements,
accessions, proceeds, replacements or dividends or distributions in respect thereof);

 

		(14)	Liens on cash, Cash Equivalents or other property arising in connection with the defeasance, discharge
or redemption of Indebtedness, which occurred in accordance with the provisions of this Indenture;

 

		(15)	Liens incurred in the ordinary course of business of the Company or any Guarantor of the Company
with respect to obligations that do not exceed $5.0 million at any one time outstanding;

 

		(16)	Liens securing Indebtedness of any Foreign Subsidiary;

 

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		(17)	Liens on any property in favor of domestic or govern governmental bodies to secure partial, progress,
advance or other payments pursuant to any contract or statute, not yet due and payable; and

 

		(18)	Liens encumbering deposits made to secure obligations arising from statutory, regulatory, contractual
or warranty requirements.

 

“Permitted
Refinancing Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries issued in exchange
for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge other Indebtedness of the
Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness); provided that:

 

		(1)	the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness
does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness renewed, refunded, refinanced, replaced,
defeased or discharged (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums,
incurred in connection therewith);

 

		(2)	such Permitted Refinancing Indebtedness has a final maturity date 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 renewed, refunded, refinanced, replaced, defeased or discharged, or has a final maturity date more than 91 days after the
final maturity date of the Notes;

 

		(3)	if the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged is subordinated
in right of payment to the Notes, such Permitted Refinancing Indebtedness is subordinated in right of payment to, the Notes on
terms, taken as a whole, at least as favorable to the Holders of Notes as those contained in the documentation governing the Indebtedness
being renewed, refunded, refinanced, replaced, defeased or discharged; and

 

		(4)	such Indebtedness is incurred either by the Company or by the Restricted Subsidiary who is the
obligor on the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged and is initially guaranteed only
by (a) Persons who were obligors on or guarantors of the Indebtedness being renewed, refunded, refinanced, replaced, defeased or
discharged or (b) a Guarantor in accordance with paragraph (10) of the definition of “Permitted Debt.”

 

“Person”
means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization,
limited liability company or government or other entity.

 

“Private Placement
Legend” means the legend set forth in Section 2.06(f)(1) hereof to be placed on all Notes issued under this Indenture
except where otherwise permitted by the provisions of this Indenture.

 

“QIB”
means a “qualified institutional buyer” as defined in Rule 144A.

 

“Redemption
Date” means the date of redemption established by the Company as set forth under Section 3.07 hereof.

 

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“Registration
Rights Agreement” means the Registration Rights Agreement to be entered into among Jefferies LLC, as the initial purchaser,
the Company and the Guarantors.

 

“Regulation
S” means Regulation S promulgated under the Securities Act.

 

“Regulation
S Global Note” means a Regulation S Temporary Global Note or Regulation S Permanent Global Note or both, as appropriate.

 

“Regulation
S Permanent Global Note” means a permanent Global Note substantially in the form of Exhibit A hereto bearing the Global
Note Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination
equal to the outstanding principal amount of the Regulation S Temporary Global Note upon expiration of the Restricted Period.

 

“Regulation
S Temporary Global Note” means a temporary Global Note substantially in the form of Exhibit A hereto and bearing the
Global Note Legend, the Private Placement Legend and the legend referred to in Section 2.06(f)(3) deposited with or on behalf of
and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount
of the Notes initially sold in reliance on Rule 903 of Regulation S.

 

“Related Party”
means:

 

		(1)	any controlling stockholder, 80% or more (based on voting power) owned Subsidiary, or immediate
family member (in the case of an individual) of a Person described in clause (a) of the definition of Permitted Holder; or

 

		(2)	any trust, corporation, partnership, limited liability company or other entity, the beneficiaries,
stockholders, partners, members, owners or Persons beneficially holding an 80% or more controlling interest of which consist of
any one or more Permitted Holders.

 

“Responsible
Officer” when used with respect to the Trustee, means any officer within the Corporate Trust Administration of the Trustee
(or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed
by any of the above designated officers, who in each case is responsible for the administration of this Indenture, and also means,
with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge
of and familiarity with the particular subject.

 

“Restricted
Definitive Note” means a Definitive Note bearing the Private Placement Legend.

 

“Restricted
Global Note” means a Global Note bearing the Private Placement Legend.

 

“Restricted
Investment” means an Investment other than a Permitted Investment.

 

“Restricted
Period” means the 40-day "distribution compliance period" as defined in Regulation S.

 

“Restricted
Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary.

 

“Rule 144”
means Rule 144 promulgated under the Securities Act.

 

    	20

    	 

    

  

“Rule 144A”
means Rule 144A promulgated under the Securities Act.

 

“Rule 144A
Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the
Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that
will be issued in a denomination equal to the outstanding principal amount of the Notes initially sold to QIBs.

 

“Rule 903”
means Rule 903 promulgated under the Securities Act.

 

“Rule 904”
means Rule 904 promulgated under the Securities Act.

 

“S&P”
means Standard & Poor's Rating Services or any successor to the rating agency business thereof.

 

“SEC”
means the U.S. Securities and Exchange Commission or any successor thereto.

 

“Secured Leverage
Coverage Ratio” means, as of any date of determination, the ratio of (1) consolidated total Indebtedness of the Company
and its Restricted Subsidiaries that is secured by Liens as of such date (provided that in making such calculation, the maximum
amount of Indebtedness that the Company is permitted to incur under Section 4.08(b)(1) shall be deemed outstanding and secured
by a Lien) to (2) the Company’s Consolidated Cash Flow for the most recently ended four full fiscal quarters for which internal
financial statements are available immediately preceding such date, determined on a pro forma basis to give effect to any adjustments
to as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Fixed Charge Coverage
Ratio.

 

“Securities
Act” means the U.S. Securities Act of 1933, as amended, or any successor thereto, and the rules and regulations of the
SEC thereunder.

 

“Security
Agreement” means the security agreement, dated as of the date of this Indenture, among the Noteholder Collateral Agent,
the Company and the Guarantors, as it may be amended or supplemented from time to time.

 

“Security
Documents” means, collectively, any Intercreditor Agreement, the Security Agreement, each Mortgage, each pledge agreement
and each document or other instrument (other than this Indenture) creating Liens in favor of the Noteholder Collateral Agent as
required by this Indenture, in each case, as the same may be amended or supplemented from time to time.

 

“Significant
Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02
of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date of this Indenture.

 

“Stated Maturity”
means, with respect to any installment of interest or principal of any Indebtedness, the date on which the payment of interest
or principal is scheduled to be paid in the documentation governing such Indebtedness, and will not include any contingent obligations
to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof.

 

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“Subsidiary”
means, with respect to any specified Person:

 

		(1)	any corporation, association or other business entity of which more than 50% of the total voting
power of shares of Capital Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting
agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers,
trustees or similar persons of the corporation, association or other business entity is at the time owned or controlled, directly
or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and

 

		(2)	any partnership or limited liability company of which (a) more than 50% of the capital accounts,
distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, are owned or
controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof,
whether in the form of membership, general, special or limited partnership interests or otherwise, and (b) such Person or any Subsidiary
of such Person is a controlling general partner or controlling managing member or otherwise controls such entity.

 

“TIA”
means the Trust Indenture Act of 1939, as amended, and the rules and regulations of the SEC thereunder.

 

“Treasury
Rate” means, as of any redemption date, the yield to maturity as of such redemption date of United States Treasury securities
with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become
publicly available at least two Business Days prior to the redemption date (or, if such Statistical Release is no longer published,
any publicly available source of similar market data)) most nearly equal to the period from the redemption date to January 15,
2017; provided, however, that if the then remaining term of the Notes to January 15, 2017 is not equal to the constant
maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate will be obtained by
linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury
securities for which such yields are given, and provided, further, that if the period from the redemption date to January 15, 2017,
is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity
of one year will be used.

 

“Trustee”
means U.S. Bank National Association until a successor replaces it in accordance with the applicable provisions of this Indenture
and thereafter means the successor serving hereunder.

 

“Uniform Commercial
Code” means the Uniform Commercial Code as in effect in any applicable jurisdiction from time to time.

 

“Unrestricted
Subsidiary” means any Subsidiary of the Company that is designated by the Board of Directors of the Company as an Unrestricted
Subsidiary pursuant to a resolution of the Board of Directors, but only to the extent that such Subsidiary:

 

		(1)	has no Indebtedness other than Non-Recourse Debt;

 

		(2)	except as permitted by Section 4.12 is not party to any agreement, contract, arrangement or understanding
with the Company or any Restricted Subsidiary of the Company unless the terms of any such agreement, contract, arrangement or understanding
are no less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who
are not Affiliates of the Company;

 

    	22

    	 

    

  

		(3)	is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has
any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s
financial condition or to cause such Person to achieve any specified levels of operating results; and

 

		(4)	has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness
of the Company or any of its Restricted Subsidiaries.

 

“U.S. Person”
means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act.

 

“Voting Stock”
of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election
of the Board of Directors of such Person.

 

“Weighted
Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing:

 

		(1)	the sum of the products obtained by multiplying (i) the amount of each then remaining installment,
sinking fund, serial maturity or other required payment of principal, including payment at final maturity, in respect of the Indebtedness,
by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment;
by

 

		(2)	the then outstanding principal amount of such Indebtedness.

 

Section 1.02       Other
Definitions.

 

	
          
	 	Defined in
	Term	 	Section
	 	 	 
	“ABL Priority Collateral”	 	12.07
	“Affiliate Transaction”	 	4.12
	“Asset Sale Offer”	 	4.20
	“Authentication Order”	 	2.02
	“Calculation Date”	 	1.01
	“Change of Control Offer”	 	4.19
	“Change of Control Payment”	 	4.19
	“Change of Control Payment Date”	 	4.19
	“Control Agreement”	 	12.01
	“Covenant Defeasance”	 	8.03
	“DTC”	 	2.03
	“Event of Default”	 	6.01
	“Excess Proceeds”	 	4.20
	“Financial Reports”	 	4.18
	“incur”	 	4.08
	“Indemnified Party”	 	7.07
	“Interest Payment Date”	 	2.14
	“Legal Defeasance”	 	8.02
	“Material Adverse Effect”	 	4.03
	“Notes Documents”	 	12.01
	“Notes Obligations”	 	12.01

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	 	 	Defined in
	Term	 	Section
	 	 	 
	“Offer Amount”	 	3.09
	“Offer Period”	 	3.09
	“Offer to Purchase”	 	3.09
	“Paying Agent”	 	2.03
	“Payment Default”	 	6.01
	“Permitted Debt”	 	4.08
	“Premises”	 	12.03
	“Purchase Date”	 	3.09
	“Record Date”	 	2.14
	“Registrar”	 	2.03
	“Restricted Payments”	 	4.07
	“Successor Guarantor”	 	11.04

 

Section 1.03       Incorporation
by Reference of TIA.

 

Whenever this Indenture
refers to a provision of the TIA, such provision is incorporated by reference in, and made a part of, this Indenture.

 

The following TIA terms
used in this Indenture have the following meanings:

 

“indenture
securities” means the Notes;

 

“indenture
security Holder” means a Holder of a Note;

 

“indenture
to be qualified” means this Indenture;

 

“indenture
trustee” or “institutional trustee” means the Trustee; and

 

“obligor”
on the Notes and the Guarantees means the Company and the Guarantors, respectively, and any successor obligor upon the Notes and
the Guarantees, respectively.

 

Prior to the filing
of any registration statement pursuant to the Registration Rights Agreement, anything in this Indenture or in any provision of
the TIA that is referred to herein to the contrary notwithstanding, if any provision of the TIA that is referred to in this Indenture
would require that any application, filing, report, other document or other information be provided to or filed with, or any request
or demand be made upon, the SEC or any securities exchange, then such provision shall not be deemed to be part of this Indenture
and neither the Trustee, the Noteholder Collateral Agent, any other Agent, the Company, any Guarantor or any other Person shall
be required to comply with such provision or file or otherwise provide any filing, report, document or other information to, or
make such demand or request to, the SEC or any securities exchange.

 

Section 1.04       Rules
of Construction.

 

Unless the context
otherwise requires:

 

(1)       a
term has the meaning assigned to it;

 

(2)       an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

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(3)       “or”
is not exclusive;

 

(4)       words
in the singular include the plural, and in the plural include the singular;

 

(5)       “will”
shall be interpreted to express a command;

 

(6)       provisions
apply to successive events and transactions;

 

(7)       references
to sections of or rules or regulations under the Securities Act or the Exchange Act will be deemed to include substitute, replacement
of successor sections or rules adopted by the SEC from time to time; and

 

(8)       references
to “interest” mean the interest rate then borne by the Notes, including any overdue interest required by Section 2.12
and any Additional Interest that may accrue on the Notes.

 

ARTICLE 2

THE NOTES

 

Section 2.01       Form
and Dating.

 

(a)       General.
The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A hereto. The Notes
may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of
its authentication. The Notes shall be in minimum denominations of $2,000 in principal amount and integral multiples of $1,000
in principal amount in excess thereof.

 

The terms and provisions
contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Company, the Guarantors,
the Noteholder Collateral Agent and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms
and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions
of this Indenture, the provisions of this Indenture shall govern and be controlling.

 

(b)       Global Notes.
Notes issued in global form will be substantially in the form of Exhibit A hereto (including the Global Note Legend thereon and
the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will
be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without the “Schedule of
Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such aggregate principal amount
of the outstanding Notes as will be specified therein, as such aggregate principal amount may from time to time be reduced or increased,
as appropriate, to reflect exchanges, cancellations and redemptions by endorsements on the schedule attached to such Global Note.
Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding
Notes represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions
given by the Holder thereof as required by Section 2.06 hereof.

 

(c)       Temporary
Global Notes. Notes offered and sold in reliance on Regulation S will be issued initially in the form of the Regulation S Temporary
Global Note, which will be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee, as Custodian
for the Depositary, and registered in the name of the Depositary or the nominee of the Depositary for the accounts of designated
agents holding on behalf of Euroclear or Clearstream, duly executed by the Company and authenticated by the Trustee as hereafter
provided.

 

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Following the termination
of the Restricted Period, beneficial interests in the Regulation S Temporary Global Note will be exchanged for beneficial interests
in the Regulation S Permanent Global Note pursuant to the Applicable Procedures upon receipt by the Trustee of (i) a written certificate
from the Depositary, together with certificates from Euroclear and Clearstream certifying that they have received certification
of non-United States beneficial ownership of 100% of the aggregate principal amount of the Regulation S Temporary Global Note (except
to the extent of any beneficial owner thereof who acquired a beneficial interest therein during the Restricted Period pursuant
to another exemption from registration under the Securities Act and who will take delivery of such beneficial interest in a Rule
144A Global Note or an IAI Global Note, each bearing the Private Placement Legend, all as contemplated by Section 2.06(b)(2) hereof),
and (ii) an Officers’ Certificate from the Company. Simultaneously with the authentication of the Regulation S Permanent
Global Note, the Trustee will cancel the Regulation S Temporary Global Note. The aggregate principal amount of the Regulation S
Temporary Global Note and the Regulation S Permanent Global Note may from time to time be increased or decreased by adjustments
made on the records of the Trustee and the Depositary at the direction of the Trustee, as the case may be, in connection with transfers
of interest as hereinafter provided.

 

(d)       Euroclear
and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and
“Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking”
and “Customer Handbook” (or in each case any successors thereto) of Clearstream will be applicable to transfers of
beneficial interests in the Regulation S Temporary Global Note and the Regulation S Permanent Global Note that are held by Participants
through Euroclear or Clearstream.

 

Section 2.02       Execution
and Authentication.

 

At least one Officer
must sign the Notes for the Company by manual or facsimile signature.

 

If an Officer whose
signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be valid.

 

A Note will not be
valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence that the Note has been
authenticated under this Indenture.

 

The Trustee will, upon
receipt of a written order of the Company signed by two Officers (an “Authentication Order”), authenticate Notes
for original issue that may be validly issued under this Indenture, including any Additional Notes. The aggregate principal amount
of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Company
pursuant to one or more Authentication Orders, except as provided in Section 2.07 hereof.

 

The Trustee may, with
the prior written consent of the Company (which consent will not be unreasonably withheld), appoint an authenticating agent reasonably
acceptable to the Company to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so.
Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent
has the same rights as an Agent to deal with Holders or an Affiliate of the Company.

 

    	26

    	 

    

  

Section 2.03       Registrar
and Paying Agent.

 

The Company will maintain
an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”)
and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar will keep a
register of the Notes and of their transfer and exchange, including the names and addresses of the Holders and the principal amounts
and interest on the Notes. The Company may appoint one or more co-registrars and one or more additional paying agents. The term
“Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent.
The Company may change any Paying Agent or Registrar without notice to any Holder. The Company will notify the Trustee in writing
of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity
as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or
Registrar.

 

The Company initially
appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. The
Company may from time to time appoint any other Person as a successor Depositary and thereupon terminate any predecessor Depositary.

 

The Company initially
appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes.

 

Section 2.04       Paying
Agent to Hold Money in Trust.

 

The Company will require
each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders
or the Trustee all money held by the Paying Agent for the payment of principal, premium, Additional Interest if any, or interest
on the Notes, and will notify the Trustee in writing of any default by the Company in making any such payment. While any such default
continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require
a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the
Company or a Guarantor) will have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it will
segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy
or reorganization proceedings relating to the Company, the Trustee will serve as Paying Agent for the Notes.

 

Section 2.05       Holder
Lists.

 

The Trustee will preserve
in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders
and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company will furnish to the Trustee
at least seven Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a
list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes,
including names and addresses of Holders in the possession of any Paying Agent other than the Trustee.

 

Section 2.06       Transfer
and Exchange.

 

(a)       Transfer
and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any
such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by the Company
for Definitive Notes if:

 

    	27

    	 

    

  

(1)       the
Depositary notifies the Company that the Depositary is unwilling or unable to continue to act as Depositary for the Global Notes
or that it has ceased to be a clearing agency registered under the Exchange Act and, in either case, the Company fails to appoint
a successor Depositary within 90 days after it obtains knowledge of such circumstances;

 

(2)       the
Company in its sole discretion notifies the Trustee in writing that the Company elects to cause the issuance of Definitive Notes;
provided that in no event shall the Regulation S Temporary Global Note be exchanged for Definitive Notes prior to (A) the
expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to this Indenture
and Rule 903(b)(3)(ii)(B) under the Securities Act; or

 

(3)       there
has occurred and is continuing an Event of Default with respect to the Notes and the Depositary or a Holder requests such exchange
(in which case only the requested portion of the Global Note shall be exchanged).

 

Upon the occurrence of any of the preceding
events in (1), (2) or (3) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global
Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof; provided that the exchange
of the Regulation S Temporary Global Note for the Regulation S Permanent Global Note must comply with the other applicable provisions
of this Indenture, including, without limitation, Section 2.01(c) and Regulation S. Every Note authenticated and delivered in exchange
for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Sections 2.07 or 2.10 hereof, shall
be authenticated and delivered in the form of, and shall be, a Global Note, except as otherwise expressly provided in this Section
2.06. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a), however, beneficial interests
in a Global Note may be transferred and exchanged as provided in Sections 2.06(b) or (c) hereof. Anything in this Indenture or
the Notes to the contrary notwithstanding, no Holder shall be entitled to receive, and the Company shall not be required to issue,
Definitive Notes except under the circumstances set forth in clause (1), (2) or (3) above of this Section 2.06(a).

 

(b)         Transfer
and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes
will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial
interests in the Restricted Global Notes will be subject to restrictions on transfer comparable to those set forth herein to the
extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with
either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable:

 

(1)       Transfer
of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons
who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer
restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted
Period, transfers of beneficial interests in the Regulation S Temporary Global Note may not be made to a U.S.
Person or for the account or benefit of a U.S. Person and may only be made in offshore transactions within the meaning of Regulation
S. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this
Section 2.06(b)(1).

 

(2)       All
Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial
interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar
either:

 

    	28

    	 

    

  

(A)        both:

 

(1)       a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the
beneficial interest to be transferred or exchanged; and

 

(2)       instructions
given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with
such increase; or

 

(B)        both:

 

(1)       a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred
or exchanged; and

 

(2)       instructions
given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be
registered to effect the transfer or exchange referred to in (1) above;

 

provided that in no event
shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Temporary Global Note
prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certifications required in respect
of such transfer or exchange pursuant to this Indenture or Rule 903 under the Securities Act.

 

Transfers and exchanges of beneficial interests
in the Regulation S Temporary Global Note for beneficial interests in the Regulation S Permanent Global Note shall be made at the
end of the Restricted Period in accordance with the Applicable Procedures and upon receipt of the certifications specified in Section
2.01(c).

 

Upon satisfaction of all of the requirements
for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable
under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(g)
hereof.

 

(3)       Transfer
of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred
to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies
with the requirements of Section 2.06(b)(2) above and the Registrar receives the following:

 

(A)       If the
transferee will take delivery in the form of a beneficial interest in the Rule 144A Global Note, then the transferor must deliver
a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof;

 

(B)       if the
transferee will take delivery in the form of a beneficial interest in the Regulation S Temporary Global Note, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and

 

    	29

    	 

    

  

(C)       if the
transferee will take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor must deliver a certificate
in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof,
if applicable.

 

(c)         Transfer or
Exchange of Beneficial Interests for Definitive Notes.

 

(1)        Beneficial
Interests in Restricted Global Notes to Restricted Definitive Notes. If in accordance with Section 2.06(a) a beneficial interest
in a Restricted Global Note is to be exchanged for a Restricted Definitive Note or transferred to a Person who takes delivery thereof
in the form of a Restricted Definitive Note, then, upon receipt by the Registrar of the following documentation:

 

(A)       if the
holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive
Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof;

 

(B)       if such
beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit
B hereto, including the certifications in item (1) thereof;

 

(C)       if such
beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904,
a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;

 

(D)       if such
beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance
with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof;

 

(E)       if such
beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration
requirements of the Securities Act other than those listed in subparagraphs (B) or (C) above, a certificate to the effect set forth
in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof;

 

(F)       if such
beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit
B hereto, including the certifications in item (3)(b) thereof; or

 

(G)       if such
beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate
to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,

 

the Trustee shall cause the aggregate principal
amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Company shall execute
and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate
principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this
Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of
such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect
Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive
Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the
Private Placement Legend and shall be subject to all restrictions on transfer contained therein.

 

    	30

    	 

    

 

(2)           Beneficial
Interests in Regulation S Temporary Global Note to Definitive Notes. Notwithstanding Sections 2.06(c)(1)(A) and (C) hereof,
a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred to a
Person who takes delivery thereof in the form of a Definitive Note prior to (A) the expiration of the Restricted Period and (B)
the receipt by the Registrar of any certifications required in respect of such transfer or exchange pursuant to this Indenture
or pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act, except in the case of a transfer pursuant to an exemption from the
registration requirements of the Securities Act other than Rule 903 or Rule 904.

 

(d)           Transfer
and Exchange of Definitive Notes for Beneficial Interests.

 

(1)           Restricted
Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes
to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Note to a
Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar
of the following documentation:

 

(A)        if
the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note,
a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof;

 

(B)         if
such Restricted Definitive Note is being transferred to a QIB a certificate to the effect set forth in Exhibit B hereto, including
the certifications in item (1) thereof;

 

(C)         if
such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;

 

(D)         if
such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item
(3)(a) thereof;

 

(E)         if
such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption from the
registration requirements of the Securities Act other than those listed in subparagraphs (B) or (C) of this Section 2.06(d)(1),
a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required
by item (3) thereof;

 

(F)         if
such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or

 

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(G)         if
such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,

 

the Trustee will cancel the Restricted
Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate
Restricted Global Note, in the case of clause (B) above, the Rule 144A Global Note, in the case of clause (C) above, the Regulation
S Global Note, and in all other cases, the IAI Global Note.

 

(e)           Transfer
and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s
compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange of Definitive Notes.
Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive
Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by
such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional certifications,
documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e).

 

(1)           Restricted
Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and registered in the
name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following:

 

(A)        If
the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B hereto,
including the certifications in item (1) thereof;

 

(B)         if
the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit
B hereto, including the certifications in item (2) thereof; and

 

(C)         if
the transfer will be made pursuant to any exemption from the registration requirements of the Securities Act other than those listed
in (B) or (C) of this Section 2.06(e), then the transferor must deliver a certificate in the form of Exhibit B hereto, including
the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable.

 

(f)           Legends.
The following legends will appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically
stated otherwise in the applicable provisions of this Indenture.

 

(1)           Private
Placement Legend.

 

(A)        Each
Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the legend
in substantially the following form (except that such legend need not be borne by a Regulation S Permanent Global Note or a Definitive
Note issued in exchange for an interest in a Regulation S Permanent Global Note in compliance with this Indenture):

 

    	32

    	 

    

 

“THIS SECURITY HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR OTHER SECURITIES
LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED
OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION.
THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER”
(AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS A NON-U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION
WITHIN THE MEANING OF REGULATION S PROMULGATED UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH THE LAWS APPLICABLE TO IT IN THE
JURISDICTION IN WHICH SUCH PURCHASE IS MADE OR (C) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING
OF RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT AND (2) AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY,
PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE
DATE HEREOF AND THE LAST DATE ON WHICH SAEXPLORATION HOLDINGS, INC. (THE “COMPANY”) OR ANY AFFILIATE OF THE COMPANY
WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) FOR
SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
OF A QUALIFIED INSTITUTIONAL BUYER TO WHICH NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) PURSUANT
TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S PROMULGATED UNDER
THE SECURITIES ACT AND IN ACCORDANCE WITH THE LAWS APPLICABLE TO IT IN THE JURISDICTION IN WHICH SUCH PURCHASE IS MADE, (D) TO
AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT
THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, FOR INVESTMENT
PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT,
(E) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S,
OR REGISTRAR’S, AS APPLICABLE, RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D) OR (F) TO REQUIRE THE
DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND IN EACH OF THE FOREGOING
CASES, A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR
TO THE TRUSTEE OR REGISTRAR. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION
DATE.”

 

    	33

    	 

    

 

(2)           Global
Note Legend. Each Global Note will bear a legend in substantially the following form:

 

“THIS GLOBAL NOTE IS HELD
BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS
HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED PURSUANT TO SECTION
2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE
INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY OR ITS NOMINEE WITH THE PRIOR WRITTEN CONSENT OF
THE COMPANY.

 

UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE
OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.”

 

(3)           Regulation
S Temporary Global Note Legend. The Regulation S Temporary Global Note will bear a Legend in substantially the following form:

 

PRIOR TO THE EXPIRATION OF THE
40-DAY "DISTRIBUTION COMPLIANCE PERIOD" (AS DEFINED IN REGULATION S), THIS NOTE MAY NOT BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S.
PERSON WITHIN THE MEANING OF REGULATION S, EXCEPT TO A PERSON REASONABLY BELIEVED TO BE A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED
IN RULE 144A) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A AND THE INDENTURE OR OTHERWISE IN ACCORDANCE WITH REGULATION
S.

 

    	34

    	 

    

 

(g)          Cancellation
and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged
for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such
Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior
to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery
thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented
by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary
at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred
to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note
will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction
of the Trustee to reflect such increase.

 

(h)           General
Provisions Relating to Transfers and Exchanges.

 

(1)           To
permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes and Definitive
Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request.

 

(2)           No
service charge will be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration
of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental
charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange
pursuant to Sections 2.10, 3.06, 3.09, 4.19, 4.20 and 9.05 hereof).

 

(3)           The
Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or in part,
except the unredeemed portion of any Note being redeemed in part.

 

(4)           All
Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will
be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the
Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 

(5)           Neither
the Registrar nor the Company will be required:

 

(A)        to
issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before
the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection;

 

(B)         to
register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of
any Note being redeemed in part; or

 

(C)         to
register the transfer of or to exchange a Note between a Record Date and the next succeeding Interest Payment Date.

 

(6)           Prior
to due presentment for the registration of a transfer of any Note, the Trustee, any Agent, the Guarantors and the Company may deem
and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment
of principal of and premium, if any, interest, or Additional Interest, if any, on such Notes and for all other purposes, and none
of the Trustee, any Guarantor, any Agent or the Company shall be affected by notice to the contrary.

 

    	35

    	 

    

 

(7)           The
Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof.

 

(8)           All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to
effect a registration of transfer or exchange may be submitted by facsimile or other electronic transmission.

 

(9)           The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among Participants) other than to require delivery of such certificates and other documentation or evidence as are expressly
required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine
compliance as to form with the express requirements hereof.

 

(i)            Exchange
Offer. Upon the occurrence of the exchange offer as contemplated by the Registration Rights Agreement, the Company shall issue
and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate (i) one or
more Global Notes without the legend required by Section 2.06(f)(1) in an aggregate principal amount equal to the principal amount
of the beneficial interests in the Restricted Global Notes accepted for exchange in such exchange offer and (ii) Definitive Notes
without the legend required by Section 2.06(f)(1) in an aggregate principal amount equal to the principal amount of the Restricted
Definitive Notes accepted for exchange in the exchange offer. Concurrently with the issuance of such Notes, the Trustee shall cause
the aggregate principal amount of the applicable Restricted Global Notes to be reduced accordingly, and the Company shall execute
and the Trustee shall authenticate and deliver to the Persons designated by the Holders of Definitive Notes so accepted Definitive
Notes in the appropriate principal amount.

 

Section 2.07          Replacement
Notes.

 

If any mutilated Note
is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Note, the Company will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement
Note if the Trustee’s requirements are met. If required by (i) the Trustee to protect the Trustee or (ii) the Company, an
indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the
Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The
Company may charge for its expenses in replacing a Note.

 

Every replacement Note
is an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally and proportionately
with all other Notes duly issued hereunder.

 

Section 2.08          Outstanding
Notes.

 

The Notes outstanding
at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation,
those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described
in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because
the Company or an Affiliate of the Company holds the Note; however, Notes held by the Company or a Subsidiary of the Company shall
not be deemed to be outstanding for purposes of Section 3.07(c) hereof.

 

    	36

    	 

    

 

If a Note is replaced
pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced
Note is held by a protected purchaser.

 

If the principal amount
of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue.

 

If the Paying Agent
(other than the Company, a Subsidiary of the Company or an Affiliate of any thereof) holds, on a redemption date or maturity date,
money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding
and will cease to accrue interest.

 

Section 2.09          Treasury
Notes.

 

In determining whether
the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company
or any Guarantor, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control
with the Company or any Guarantor, will be considered as though not outstanding, except that for the purposes of determining whether
the Trustee will be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the
Trustee knows are so owned will be so disregarded.

 

Section 2.10          Temporary
Notes.

 

Until certificates
representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, will
authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that
the Company considers appropriate for temporary Notes. Without unreasonable delay, the Company will prepare and the Trustee will
authenticate definitive Notes in exchange for temporary Notes.

 

Holders of temporary
Notes will be entitled to all of the benefits of this Indenture.

 

Section 2.11          Cancellation.

 

The Company at any
time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered
to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration
of transfer, exchange, payment, replacement or cancellation and will destroy canceled Notes (subject to the record retention requirement
of the Exchange Act). Certification of the destruction of all canceled Notes will be delivered to the Company upon written request.
The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation.

 

Section 2.12          Overdue
Interest.

 

To the extent permitted
by applicable law, the Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Code)
on overdue principal, premium, if any, and interest (without regard to any applicable grace period) from time to time on demand
at the rate equal to 2.00% per annum in excess of the then applicable interest rate (as set forth in the caption on the face of
the form of Note attached hereto as Exhibit A) on the Notes to the extent lawful to the Persons who are Holders on a subsequent
special record date, in each case consistent with Section 4.01 hereof. The Company will notify the Trustee in writing of the amount
of overdue interest proposed to be paid on each Note and the date of the proposed payment. The Company will fix or cause to be
fixed each such special record date and payment date; provided that no such special record date may be less than 10 days
prior to the related payment date for such overdue interest. At least 15 days before the special record date, the Company (or,
upon the written request of the Company, the Trustee in the name and at the expense of the Company) will mail or cause to be sent
to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid.

 

    	37

    	 

    

 

All reference to “interest”
in this Indenture and the Notes mean the initial interest rate borne by the Notes and, to the extent permitted by applicable law,
any increases in that rate to the extent overdue interest accrues on the Notes.

 

Section 2.13          Persons
Deemed Owners.

 

The Holder of a Note
may be treated as its owner for all purposes. Only Holders have rights under this Indenture and the Notes.

 

Section 2.14          Interest
Payment Date; Record Date.

 

Interest on outstanding
Notes will accrue at the rate of 10.000% per year and will be payable semi-annually in arrears on January 15 and July 15 of each
year, commencing on January 15, 2015 (each, an “Interest Payment Date”). The Company will make each interest
payment to the Holders of record on the immediately preceding January 1 and July 1 (each, a “Record Date”).
Interest on the Notes will accrue from the date of original issuance or, if interest has already been paid, from the date it was
most recently paid. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months.

 

ARTICLE 3

REDEMPTION AND PURCHASE

 

Section 3.01          Notices
to Trustee.

 

If the Company elects
to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it must furnish to the Trustee, at least
15 days (or such lesser number of days as the Trustee may agree to) before a notice of redemption is to be mailed to Holders of
Notes pursuant to Section 3.03, an Officers’ Certificate setting forth:

 

(1)           the
paragraph or section of this Indenture or the Notes pursuant to which the redemption shall occur;

 

(2)           the
redemption date;

 

(3)           the
principal amount of Notes to be redeemed; and

 

(4)           the
redemption price.

 

Section 3.02          Selection
of Notes to Be Redeemed.

 

If less than all of
the Notes are to be redeemed at any time, the Trustee or the Registrar will select Notes for redemption on a pro rata basis
(or, in the case of Global Notes, in such manner as the applicable Depositary may require), unless otherwise required by law or
applicable stock exchange requirements (provided a Responsible Officer of the Trustee knows of the listing of the Notes on a stock
exchange).

 

    	38

    	 

    

 

In the event of partial
redemption, the particular Notes to be redeemed will be selected, unless otherwise provided herein, not less than 30 nor more than
60 days prior to the redemption by the Trustee from the outstanding Notes not previously called for redemption.

 

The Trustee will promptly
notify the Company in writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption,
the principal amount thereof to be redeemed. Notes and portions of Notes selected will be in minimum amounts of $2,000 and integral
multiples of $1,000 in excess thereof; provided that any unredeemed portion of a Note redeemed in part must be an authorized
denomination; and provided further that if all of the Notes of a Holder are to be redeemed, the entire outstanding
amount of Notes held by such Holder shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture
that apply to Notes called for redemption also apply to portions of Notes called for redemption.

 

Section 3.03          Notice
of Redemption.

 

Subject to the provisions
of Section 3.09 hereof, at least 30 days but not more than 60 days before a redemption date, the Company will mail or cause to
be mailed, by first class mail, a notice of redemption to the Trustee and each Holder whose Notes are to be redeemed at its registered
address, except that, anything in this Indenture or the Notes to the contrary notwithstanding, redemption notices may be mailed
more than 60 days prior to a redemption date if the notice is issued in connection with a Covenant Defeasance or Legal Defeasance
of the Notes or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 10 hereof.

 

The notice will identify
the Notes to be redeemed and will state:

 

(1)           the
redemption date;

 

(2)           the
redemption price;

 

(3)           If
the Notes are being redeemed in part, the portion of the principal amount of such Notes to be redeemed and that, after the redemption
date upon surrender of such Notes, a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon
cancellation of the original Note;

 

(4)           the
name and address of the Paying Agent;

 

(5)           that
Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(6)           that,
unless the Company defaults in making such redemption payment, interest on Notes or portions thereof called for redemption ceases
to accrue on and after the redemption date;

 

(7)           the
paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and

 

(8)           that
no representation is made as to the correctness or accuracy of the CUSIP or ISIN number, if any, listed in such notice or printed
on the Notes.

 

    	39

    	 

    

 

At the Company’s
request, the Trustee will give the notice of redemption in the Company’s name and at its expense; provided, however,
that the Company has delivered to the Trustee, at least 45 days prior to the redemption date (or a shorter period as agreed to
by the Trustee), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information
to be stated in such notice as provided in this Section 3.03 above.

 

Section 3.04          Effect
of Notice of Redemption.

 

Once notice of redemption
is mailed in accordance with Section 3.03 hereof, Notes or portions thereof called for redemption become irrevocably due and payable
on the redemption date at the redemption price. A notice of redemption may not be conditional.

 

Section 3.05          Deposit
of Redemption or Purchase Price.

 

No later than 12:00
p.m. (noon) New York City time on the Redemption Date or, in the event of a purchase of Notes pursuant to Sections 4.19 or 4.20
hereof, the purchase date, the Company will deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption
or purchase price of and accrued interest on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent
will promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts
necessary to pay the redemption or purchase price of, and accrued interest on, all Notes to be redeemed or purchased.

 

If the Company complies
with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest will cease to accrue on
the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest
Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest shall be paid to the Person
in whose name such Note was registered at the close of business on such Record Date. If any Note called for redemption or properly
tendered for purchase and not withdrawn is not so paid on the applicable Redemption Date or purchase date, as applicable, because
of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, and, to the
extent permitted by applicable law, unpaid interest from the Redemption Date or purchase date, as applicable, to but excluding
the date on which such principal and interest is paid, in each case at the rate provided in the Notes and in accordance with Section
4.01 hereof.

 

Section 3.06          Notes
Redeemed or Purchased in Part.

 

Upon surrender of a
Note that is redeemed or purchased in part, the Company will issue and, upon receipt of an Authentication Order, the Trustee will
authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased
portion of the Note surrendered, provided that such Note shall be in an authorized denomination.

 

Section 3.07          Optional
Redemption.

 

(a)           Except
as set forth in clauses (c) and (d) of this Section 3.07, the Notes shall not be redeemable at the option of the Company prior
to January 15, 2017.

 

(b)           On
or after January 15, 2017, the Company may redeem the Notes, in whole or in part, at one time or from time to time, upon not less
than 30 nor (subject to the provisions of the first sentence of Section 3.03 of this Indenture) more than 60 days’ prior
written notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid
interest and Additional Interest, if any, on the Notes redeemed to the applicable Redemption Date, if redeemed during the periods
indicated below, subject to the rights of Holders of Notes on the relevant Record Date to receive interest on the relevant Interest
Payment Date:

 

    	40

    	 

    

  

	Period	 	Percentage	 
	On or after January 15, 2017 and prior to July 15, 2017	 	 	107.500	%
	On or after July 15, 2017 and prior to July 15, 2018	 	 	105.000	%
	On and after July 15, 2018	 	 	100.000	%

 

Unless the Company defaults in the payment
of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable
Redemption Date.

 

(c)           At
any time prior to January 15, 2017, the Company may, at its option, redeem up to 35% of the aggregate principal amount of Notes,
at one time or from time to time, issued under this Indenture, upon not less than 30 nor (subject to the provisions of the first
sentence of Section 3.03 of this Indenture) more than 60 days’ prior written notice, at a redemption price equal to 110%
of the principal amount, plus accrued and unpaid interest and Additional Interest, if any, to the applicable Redemption Date (subject
to the rights of Holders of Notes on the applicable Record Date to receive interest on the relevant Interest Payment Date), with
the net cash proceeds of Equity Offerings of the Company; provided that (i) at least 65% of the aggregate principal amount
of Notes originally issued under this Indenture (excluding Notes held by the Company and its Subsidiaries) remains outstanding
immediately after such redemption; and (ii) the redemption occurs within 90 days of the date of the closing of such Equity Offering.

 

(d)           At
any time prior to January 15, 2017, the Company may also, at its option, redeem the Notes, in whole or in part, at one time or
from time to time, upon not less than 30 nor (subject to the provisions of the first sentence of Section 3.03 of this Indenture)
more than 60 days’ prior written notice, at a redemption price equal to 100.000% of the principal amount of Notes redeemed
plus the Applicable Premium as of, and accrued and unpaid interest and Additional Interest, if any, to the applicable Redemption
Date, subject to the rights of Holders of Notes on the relevant Record Date to receive interest due on the relevant Interest Payment
Date in respect of then outstanding Notes.

 

(e)           Any
redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof.

 

Section 3.08          No
Sinking Fund Payments.

 

The Company is not
required to make mandatory redemption or sinking fund payments with respect to the Notes.

 

Section 3.09          Offer
to Purchase by Application of Excess Proceeds.

 

In the event that,
pursuant to Section 4.20 hereof, the Company shall be required to commence an Asset Sale Offer (an “Offer to Purchase”),
it will follow the procedures specified below and in Sections 4.20 (c), (d), (e) and (f):

 

(a)           The
applicable Offer to Purchase shall be made to all Holders and, in the case of an Asset Sale Offer pursuant to Section 4.20, all
holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in this
Indenture with respect to offers to purchase, prepay or redeem with the proceeds of sales of assets.

 

    	41

    	 

    

 

(b)           The
Asset Sale Offer will remain open for a period of at least 20 Business Days and not more than 30 Business Days from the date notice
of such offer is sent, except in each case to the extent that a longer period is required by applicable law (in either such case,
the “Offer Period”).

 

(c)           No
later than three Business Days after the termination of the applicable Offer Period (the “Purchase Date”), the
Company will apply all Excess Proceeds (after deducting from such Excess Proceeds an amount equal to all fees and expenses incurred
in connection with the applicable Asset Sale Offer and the purchase, prepayment or redemption of any applicable pari passu
Indebtedness), as applicable, (the “Offer Amount”), to the purchase of Notes and, in the case of an Asset Sale
Offer, such other pari passu Indebtedness (on a pro rata basis, if applicable, determined in the manner described
in Section 4.20) or, if less than the applicable Offer Amount has been tendered and not withdrawn (including, in the case of an
Asset Sale Offer, such pari passu Indebtedness to be repurchases, redeemed or repaid), all Notes tendered in response to
the Offer to Purchase and, in the case of an Asset Sale Offer, any such pari passu Indebtedness.

 

(d)           If
the applicable Purchase Date is on or after a Record Date and on or before the related Interest Payment Date, any accrued and unpaid
interest and Additional Interest, if any, will be paid to the Person in whose name a Note is registered at the close of business
on such Record Date, and no additional interest will be payable to Holders who tender Notes pursuant to the applicable Offer to
Purchase.

 

(e)           Upon
the commencement of an applicable Offer to Purchase, the Company will send, by first class mail, a notice to the Trustee and each
of the Holders. The notice will contain all instructions and materials necessary to enable Holders to tender Notes pursuant to
the applicable Offer to Purchase. The notice, which will govern the terms of the applicable Offer to Purchase, will state:

 

(1)           that
the Offer to Purchase is being made pursuant to this Section 3.09 and Section 4.20 hereof and the length of time the Offer to Purchase
will remain open;

 

(2)           the
Offer Amount, the purchase price and the Purchase Date;

 

(3)           that
any Note not tendered or accepted for payment will continue to accrue interest;

 

(4)           that,
unless the Company defaults in making such payment, any Note or portion thereof accepted for payment pursuant to the Offer to Purchase
will cease to accrue interest on and after the Purchase Date;

 

(5)           that
Holders electing to have a Note purchased pursuant to an Offer to Purchase may elect to have Notes purchased in minimum principal
amounts of $2,000 and integral multiples of $1,000 in principal amount in excess thereof, so long as, in the case of Notes surrendered
for repurchase in part, any portion of a Note not surrendered for repurchase is an authorized denomination;

 

(6)           that
Holders electing to have Notes purchased pursuant to such Offer to Purchase will be required to surrender the Notes, with the form
entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer,
to the Company, a depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice prior to the
close of business in The City of New York at least three Business Days prior to the last day of the applicable Offer Period;

 

    	42

    	 

    

 

(7)           that
Holders will be entitled to withdraw their election if the Company, the depositary, if appointed by the Company, or the Paying
Agent, as the case may be, receives, prior to the close of business in The City of New York at least three Business Days prior
to the last day of the applicable Offer Period, a facsimile transmission or letter setting forth the name of the Holder, the principal
amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such
Note purchased;

 

(8)           that,
if the aggregate principal amount of Notes and, in the case of an Asset Sale Offer, other applicable pari passu Indebtedness
surrendered by holders thereof exceeds the Offer Amount, the Trustee or the Registrar will select the Notes to be purchased on
a pro rata basis (with, in the case of an Asset Sale Offer, any applicable pari passu Indebtedness) in the manner provided
in Section 4.20 of this Indenture (with such adjustments as may be deemed appropriate so that only Notes in minimum denominations
of $2,000 and integral multiples of $1,000 in excess thereof, will be purchased and so that any unrepurchased portion of a Note
repurchased in part is an authorized denomination); and

 

(9)           that
Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of
the Notes surrendered (or transferred by book-entry transfer).

 

On or before the applicable
Purchase Date, the Company will, to the extent lawful, accept for payment, on a pro rata basis as provided in this Section
3.09 and in Section 4.20 hereof, to the extent necessary, the Offer Amount of Notes or portions thereof duly tendered pursuant
to the applicable Offer to Purchase and not duly withdrawn and, in the case of an Asset Sale Offer, any applicable pari passu
Indebtedness or if less than the Offer Amount has been tendered, all Notes duly tendered and not duly withdrawn and, in the case
of an Asset Sale Offer, all applicable pari passu Indebtedness and will deliver or cause to be delivered to the Trustee
the Notes properly accepted together with an Officers’ Certificate stating that such Notes or portions thereof were accepted
for payment by the Company in accordance with the terms of this Section 3.09. The Company, the Depositary or the Paying Agent,
as the case may be, will promptly (but in any case not later than five days after the Purchase Date) mail to each tendering Holder
an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase (or, in the
case of any Notes that are in global form, make such payment through the facilities of DTC or any other applicable Depositary),
and the Trustee, upon written request from the Company, will promptly authenticate and mail (or cause to be transferred by book
entry) to each such Holder a new Note, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note
not so accepted shall be promptly mailed or delivered by the Company (or, in the case of Global Notes, transferred by book entry)
to the Holder thereof. The Company will publicly announce the results of the applicable Offer to Purchase on the Purchase Date.

 

Other than as specifically
provided in this Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to the provisions of Sections
3.05 and 3.06 hereof. For purposes of clarity, the parties hereto agree that, anything in this Indenture or the Notes to the contrary
notwithstanding, interest on any Note or portion thereof accepted for repurchase by the Company pursuant to Section 3.09, 4.19
or 4.20 shall cease to accrue on and after the applicable purchase date unless the Company defaults in making the payment due on
such Note or portion thereof, as applicable, as provided herein.

 

The Company will comply
with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent
those laws and regulations are applicable in connection with each repurchase of Notes pursuant to this Section 3.09, or Sections
4.19 or 4.20 hereof, and, in the case of an Asset Sale Offer, any pari passu Indebtedness pursuant to an applicable Offer
to Purchase. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section
3.09, Section 3.05, Section 3.06, Section 4.19 or Section 4.20 of this Indenture or any definitions relating thereto, the Company
will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under such
provisions of this Indenture by virtue of such compliance.

 

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ARTICLE 4

COVENANTS

 

Section 4.01          Payment
of Notes.

 

The Company will pay
or cause to be paid the principal of, premium, Additional Interest, if any, and interest on, the Notes on the dates and in the
manner provided in this Indenture and the Notes. Principal, premium, Additional Interest, if any, and interest will be considered
paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. New York City
time on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all
principal, premium, Additional Interest, if any, and interest then due. The Company shall, to the extent permitted by law, pay
overdue interest, if any, in the same manner, on the dates and in the amounts set forth in the Notes and in this Indenture.

 

If a Holder of $10.0
million aggregate principal amount or more of Definitive Notes has given wire transfer instructions to the Company not later than
15 days prior to the applicable Interest Payment Date, date of maturity, redemption date or other purchase date, providing for
payments to be made to a bank located in the United States, the Company will pay all principal of, and interest and premium, Additional
Interest, if any, on, that Holder’s Notes in accordance with those instructions; provided that payments of principal and
premium, if any, shall be made only against surrender of the applicable Note. All other payments on the Notes will be made at the
office or agency of a Paying Agent unless the Company elects to make interest payments by check mailed to the Holders of the Notes
at their addresses as set forth in the register of Holders or by wire transfer.

 

Anything in this Indenture,
the Notes or the Note Guarantees to the contrary notwithstanding, if any Interest Payment Date, maturity date, Redemption Date,
repurchase date pursuant to Sections 3.09, 4.19 or 4.20 of this Indenture or other date on which any payment of principal, premium,
Additional Interest, if any, or interest on any Note is due is not a Business Date, then such payment need not be made on such
date, but such payment may be made on the next succeeding Business Day with the same force and effect as if made on the date such
payment was originally due, and no interest or other sum shall accrue on the amount payable for the period from and after the date
such payment was originally due nor shall any such delay in payment constitute a Default or Event of Default under this Indenture.

 

Section 4.02          Maintenance
of Office or Agency.

 

The Company will maintain
an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes
may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect
of the Notes and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and
any change in the location, of such office or agency. If at any time the Company fails to maintain any such required office or
agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made
or served at the Corporate Trust Office of the Trustee; provided, however, that, except as otherwise required by applicable law
or a court, no service of legal process may be made on the Company or any Guarantor at an office of the Trustee. Such office shall
initially be at U.S. Bank National Association, Corporate Trust Services, 5555 San Felipe, Suite 1150, Houston, Texas 77056.

 

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The Company may also
from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations. The Company will give prompt written notice to the Trustee of
any such designation or rescission and of any change in the location of any such other office or agency.

 

The Company hereby
designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.03
hereof.

 

Section 4.03          Corporate
Existence; Insurance; Maintenance of Properties.

 

(a)          Subject
to Article 5 and Sections 11.04 and 11.05 hereof, the Company shall do or cause to be done all things necessary to preserve and
keep in full force and effect:

 

(1)           its
corporate existence, and the corporate, partnership or other existence of each of its Restricted Subsidiaries, in accordance with
the respective organizational documents (as the same may be amended from time to time) of the Company or any such Restricted Subsidiary;
and

 

(2)           the
rights (charter and statutory), licenses and franchises of the Company and its Restricted Subsidiaries;

 

provided, however,
that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other
existence of any of its Restricted Subsidiaries, if the Board of Directors or an Officer of the Company shall determine that the
preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole,
and that the loss thereof would not have a material adverse effect on the Company and its subsidiaries, taken as a whole (a “Material
Adverse Effect”); provided further, that this Section 4.03 shall not prevent the sale or other disposition of
any Restricted Subsidiary of the Company or any assets of the Company or of any of its Restricted Subsidiaries (whether by merger,
consolidation, sale of Capital Stock or assets or otherwise) that does not violate Section 4.20 of this Indenture.

 

(b)           The
Company will (1) cause all properties used or useful in the conduct of its business or the business of any of its Restricted Subsidiaries
to be maintained and kept in good condition, repair and working order (subject to ordinary wear and tear) as, in the judgment of
the Company, may be necessary so that the business of the Company and its Restricted Subsidiaries may be properly conducted; provided
that this requirement shall not prevent the Company or any Restricted Subsidiary from discontinuing the use, operation or maintenance
of any of such properties or disposing of any of them, if such discontinuance or disposal is, in the judgment of the Company, desirable
in the conduct of the business of the Company and its Restricted Subsidiaries taken as a whole and does not violate Section 4.20
hereof; and (2) provide or cause to be provided, for itself and its Restricted Subsidiaries, insurance (including appropriate self
insurance) against loss or damage, that in the reasonable good faith judgment of the Board of Directors, the Chief Executive Officer
or the Chief Financial Officer of the Company is appropriate for the conduct of the business of the Company and its Subsidiaries,
including, but not limited to, products liability insurance, physical damage insurance and public liability insurance, with reputable
insurers and by such Restricted Subsidiaries as are then conducting business.

 

Section 4.04          Compliance
Certificate.

 

(a)           The
Company shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officers’ Certificate stating
that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision
of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations
under this Indenture, and further stating, as to each such Officer signing such certificate, that to his or her knowledge the Company
has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance
or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has occurred,
describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or
proposes to take with respect thereto).

 

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(b)           So
long as any of the Notes are outstanding, the Company will deliver to the Trustee, within ten Business Days of any Officer becoming
aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action
the Company is taking or proposes to take with respect thereto.

 

Section 4.05          Taxes.

 

The Company will pay,
and will cause each of its Restricted Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental
levies except such as are contested in good faith and by appropriate proceedings or other appropriate actions or if the Board of
Directors or any Officer of the Company shall determine that such failure will not have a Material Adverse Effect.

 

Section 4.06          Stay,
Extension and Usury Laws.

 

The Company and each
of the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any
manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and each of the Guarantors
(to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that
it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no such law has been enacted.

 

Section 4.07          Restricted
Payments.

 

(a)           The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly:

 

(1)           declare
or pay any dividend or make any other payment or distribution on account of the Company’s or any of its Restricted Subsidiaries
Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company
or any of its Restricted Subsidiaries) or to the direct or indirect holders of the Company’s or any of its Restricted Subsidiaries
Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified
Stock) of the Company and other than dividends or distributions payable to the Company or a Restricted Subsidiary of the Company);

 

(2)           purchase,
redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger or consolidation
involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company;

 

(3)           make
any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Indebtedness of the
Company or any Guarantor that is contractually subordinated in right of payment to the Notes or to the Note Guarantee of such Guarantor,
as the case may be (excluding any intercompany Indebtedness between or among the Company and/or any of its Restricted Subsidiaries),
except a payment of regularly scheduled interest or principal at the Stated Maturity thereof; or

 

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(4)           make
any Restricted Investment,

 

(all such payments and
other actions set forth in these clauses (1) through (4) above being collectively referred to as “Restricted Payments”),

 

unless, at the time of
and after giving effect to such Restricted Payment:

 

(1)           no
Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment;

 

(2)           the
Company would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment had
been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness
pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.08(a) hereof; and

 

(3)           such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its Restricted
Subsidiaries since the Issue Date (excluding Restricted Payments permitted by clauses (2), (3), (4), (5), (6), (7), (8), and (9)
of Section 4.07(b)), is less than the sum, without duplication, of:

 

(A)        50%
of the Consolidated Net Income of the Company for the period (taken as one accounting period) from the beginning of the fiscal
quarter in which the date of this Indenture occurs to the end of the Company’s most recently ended fiscal quarter for which
internal financial statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income for such
period is a deficit, less 100% of such deficit); plus

 

(B)         100%
of the aggregate net cash proceeds received by the Company or a Restricted Subsidiary since the date of this Indenture as a contribution
to its common equity capital or from the issue or sale of Equity Interests of the Company (other than Disqualified Stock) or from
the issue or sale of convertible or exchangeable Disqualified Stock or convertible or exchangeable debt securities of the Company
that have been converted into or exchanged for such Equity Interests (other than Equity Interests (or Disqualified Stock or debt
securities) sold to a Subsidiary of the Company); plus

 

(C)         to
the extent that any Unrestricted Subsidiary of the Company designated as such after the date of this Indenture is redesignated
as a Restricted Subsidiary after the date of this Indenture, the lesser of (i) the Fair Market Value of the Company’s Investment
in such Subsidiary as of the date of such redesignation or (ii) such Fair Market Value as of the date on which such Subsidiary
was originally designated as an Unrestricted Subsidiary after the date of this Indenture; plus

 

(D)         to
the extent that any Unrestricted Subsidiary of the Company designated as such after the date of this Indenture is redesignated
as a Restricted Subsidiary or it or any other Person is merged or consolidated into the Company or a Restricted Subsidiary, or
all of the assets of such Unrestricted Subsidiary or such other Person are transferred to the Company or a Restricted Subsidiary
after the date of this Indenture in a transaction that complies with the provisions of this Indenture, the lesser of (i) the Fair
Market Value of the aggregate amount of the Investments made by the Company and its Subsidiaries in such Subsidiary or such other
Person, determined as of the date of such redesignation or such other transaction, as applicable, or (ii) such Fair Market Value
as of the date on which such Subsidiary was originally designated as an Unrestricted Subsidiary after the date of this Indenture;
plus

 

    	47

    	 

    

 

(E)         100%
of any dividends received by the Company or a Restricted Subsidiary of the Company after the date of this Indenture from an Unrestricted
Subsidiary of the Company, to the extent that such dividends were not otherwise included in the Consolidated Net Income of the
Company for such period.

 

(b)           So
long as no Default has occurred and is continuing or would be caused thereby, the preceding provisions will not prohibit:

 

(1)           the
payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date of declaration
of the dividend or distribution or giving of the redemption notice, as the case may be, if at the date of declaration or notice,
the dividend, distribution or redemption payment would have complied with the provisions of this Indenture;

 

(2)           the
making of any Restricted Payment in exchange for, or out of the net cash proceeds of the substantially concurrent sale of, Equity
Interests of the Company (other than Disqualified Stock and other than Equity Interests issued or sold to a Subsidiary of the Company
or an employee stock ownership plan, or similar trust to the extent such sale to an employee stock ownership plan or similar trust
is financed by Indebtedness from or guaranteed by the Company or any Restricted Subsidiary of the Company unless such loans have
been repaid with cash on or prior to the date of determination) or from the substantially concurrent contribution of common equity
capital to the Company; provided that the amount of any such net cash proceeds that are utilized for any such Restricted Payment
will be excluded from clause (3)(B) of the preceding paragraph;

 

(3)           the
repurchase, redemption, defeasance or other acquisition or retirement for value of Indebtedness of the Company or any Guarantor
that is contractually subordinated to the Notes or to any Note Guarantee with the net cash proceeds from or in exchange for a substantially
concurrent incurrence of Permitted Refinancing Indebtedness;

 

(4)           the
payment of any dividend (or, in the case of any partnership, limited liability company, or other Person, any similar distribution)
by a Restricted Subsidiary of the Company to the holders of its Equity Interests on a pro rata basis;

 

(5)           the
repurchase, redemption or other acquisition or retirement for value of any Equity Interests of the Company or any Restricted Subsidiary
of the Company held by any current or former officer, director, consultant or employee of the Company or any of its Restricted
Subsidiaries pursuant to any equity subscription agreement, stock option agreement, shareholders’ agreement, equity incentive
plan or agreement or other similar plan or agreement; provided that the aggregate price paid for all such repurchased, redeemed,
acquired or retired Equity Interests may not exceed $1.0 million in any twelve month period;

 

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(6)           the
repurchase of Equity Interests deemed to occur upon the exercise of stock options or other equity awards to the extent such Equity
Interests represent a portion of the exercise price of those stock options or other equity awards and any repurchase or other acquisition
of Equity Interests made in lieu of or to satisfy withholding or similar taxes in connection with any exercise or exchange of stock
options, warrants, equity incentives, other equity awards or other rights to acquire Equity Interests;

 

(7)           the
declaration and payment of regularly scheduled or accrued dividends to holders of any class or series of Disqualified Stock of
the Company or any preferred stock of any Restricted Subsidiary of the Company issued after the date of this Indenture in compliance
with the covenant in Section 4.08;

 

(8)           payments
of cash, dividends, distributions, advances or other Restricted Payments by the Company or any Restricted Subsidiary of the Company
to allow the payment of cash in lieu of the issuance of fractional shares upon (i) the exercise of warrants, stock options, awards
under equity incentive plans or similar securities or (ii) the conversion or exchange of Capital Stock of any such Person or the
conversion or exchange of Indebtedness of any such Person that is convertible into or exchangeable for Capital Stock of such Person;
and

 

(9)           other
Restricted Payments in an aggregate amount not to exceed $5.0 million since the date of this Indenture.

 

(c)           The
amount of all Restricted Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment or, in
the case of a dividend or similar distribution, on the date of declaration thereof, of the assets or securities proposed to be
transferred or issued by the Company or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The
Fair Market Value of any assets or securities that are required to be valued by this covenant will be determined by the Board of
Directors or Chief Financial Officer of the Company. The Board of Directors’ or Chief Financial Officer’s determination
must be based upon an opinion or appraisal issued by an accounting, appraisal or investment banking firm of national standing if
the Fair Market Value exceeds $10.0 million. For purposes of determining compliance with this covenant, if a Restricted Payment
meets the criteria of more than one of the types of Restricted Payments described in clauses (1) through (9) above or the first
paragraph of this covenant, the Company, in its sole discretion, may divide or classify and from time to time divide, re-divide,
classify and reclassify such Restricted Payment among such clauses and/or first paragraph in any manner in compliance with this
covenant.

 

Section 4.08          Incurrence
of Indebtedness and Issuance of Preferred Stock.

 

(a)           The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”)
any Indebtedness (including Acquired Debt), and the Company will not issue any Disqualified Stock and will not permit any of its
Restricted Subsidiaries to issue any shares of preferred stock; provided, however, that the Company may incur Indebtedness
(including Acquired Debt) or issue Disqualified Stock and the Guarantors may incur Indebtedness (including Acquired Debt), if the
Fixed Charge Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which internal financial
statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified
Stock or such preferred stock is issued, as the case may be, would have been at least 2.0 to 1.0, determined on a pro forma basis
(including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified
Stock or the preferred stock had been issued, as the case may be, at the beginning of such four-quarter period.

 

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(b)           The
provisions of Section 4.08(a) hereof will not prohibit the incurrence of any of the following items of Indebtedness or issuances
of Disqualified Stock, as applicable (collectively, “Permitted Debt”):

 

(1)           the
incurrence by the Company and the Guarantors of additional Indebtedness and letters of credit under Credit Facilities in an aggregate
amount at any one time outstanding under this clause (1) (with letters of credit being deemed to have a principal amount equal
to the maximum potential liability of the Company and its Restricted Subsidiaries thereunder) not to exceed the greater of (a)
$20.0 million, less the aggregate amount of all permanent commitment reductions with respect to any revolving credit borrowings
under a Credit Facility that have been made by the Company or any of its Restricted Subsidiaries since the date of this Indenture
and (b) 19.0% of the Company’s Consolidated Net Tangible Assets, but in no event more than $30.0 million; provided, however,
that in no event shall the aggregate principal amount of Indebtedness under such Credit Facilities that is not revolving credit
borrowings exceed $8.0 million;

 

(2)           the
incurrence by the Company and its Restricted Subsidiaries of Existing Indebtedness;

 

(3)           the
incurrence by the Company and the Guarantors of Indebtedness represented by the Notes and the related Note Guarantees to be issued
on the date of this Indenture (but not any Additional Notes for the avoidance of doubt) and the Exchange Notes and the related
Note Guarantees to be issued pursuant to the Registration Rights Agreement;

 

(4)           the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations, mortgage
financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price
or cost of design, construction, installation or improvement of, or to lease property, plant, equipment or other assets (including
Capital Stock) used in the business of the Company or any of its Restricted Subsidiaries, in an aggregate amount, including all
Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred
pursuant to this clause (4) at any time outstanding not to exceed $5.0 million;

 

(5)           Indebtedness
(including Acquired Debt) of (x) the Company or any Guarantor incurred or issued to finance an acquisition of all or substantially
all of the assets of another Person (whether through merger, consolidation, the direct purchase of such assets or the acquisition
of Capital Stock of the person owning such assets) or (y) Persons that are acquired by the Company or a Guarantor; provided that
after giving effect to the incurrence of such Indebtedness, including all Permitted Refinancing Indebtedness incurred to renew,
refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (5), and such acquisition, merger
or consolidation (in each case with such pro forma adjustments as are contemplated by the definition of “Fixed Charge Coverage
Ratio”), the Company would have been able to incur $1.00 of additional Indebtedness pursuant to the first paragraph of this
covenant after giving effect to the incurrence of such Indebtedness pursuant to this clause (5);

 

(6)           the
incurrence by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net
proceeds of which are used to renew, refund, refinance, replace, defease or discharge any Indebtedness (other than intercompany
Indebtedness between or among the Company and/or any of its Restricted Subsidiaries) that was permitted by this Indenture to be
incurred under Section 4.08(a) hereof or clauses (2), (3), (4), (5), (6), (15) or (16) of this Section 4.08(b);

 

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(7)           the
incurrence by the Company or any of its Restricted Subsidiaries of intercompany Indebtedness between or among the Company and/or
any of its Restricted Subsidiaries; provided, however, that:

 

(A)        if
the Company or any Guarantor is the obligor on such Indebtedness and the payee is not the Company or a Guarantor, such Indebtedness
must be expressly subordinated to the prior payment in full in cash of all Obligations then due with respect to the Notes, in the
case of the Company, or the Note Guarantee of such Guarantor, in the case of a Guarantor; and

 

(B)       any
(i) subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other
than the Company or a Restricted Subsidiary of the Company, or (ii) sale or other transfer of any such Indebtedness to a Person
that is not either the Company or a Restricted Subsidiary of the Company will be deemed, in each case, to constitute an incurrence
of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by this clause
(7);

 

(8)           the
issuance by any of the Company’s Restricted Subsidiaries to the Company or to any of its Restricted Subsidiaries of shares
of preferred stock; provided, however, that any:

 

(A)        subsequent
issuance or transfer of Equity Interests that results in any such preferred stock being held by a Person other than the Company
or a Restricted Subsidiary of the Company; or

 

(B)        sale
or other transfer of any such preferred stock to a Person that is not either the Company or a Restricted Subsidiary of the Company,

 

will be deemed, in each case,
to constitute an issuance of such preferred stock by such Restricted Subsidiary that was not permitted by this clause (8);

 

(9)           the
incurrence by the Company or any of its Restricted Subsidiaries of Hedging Obligations in the ordinary course of business and not
for speculative purposes;

 

(10)         the
Guarantee by the Company or any of the Guarantors of Indebtedness of the Company or a Restricted Subsidiary of the Company that
was permitted to be incurred by another provision of Section 4.08; provided that if the Indebtedness being guaranteed is
subordinated to or pari passu with the Notes, then the Note Guarantee shall be subordinated or pari passu, as applicable,
to other Indebtedness of the Guarantor to the same extent as the Indebtedness guaranteed;

 

(11)         the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness in respect of workers’ compensation claims,
insurance contracts, self-insurance obligations, bankers’ acceptances, performance and surety bonds and other similar guarantees
of obligations not constituting Indebtedness in the ordinary course of business;

 

(12)         the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument inadvertently drawn against insufficient funds, so long as such Indebtedness
is covered within five Business Days following receipt by the Company or such Restricted Subsidiary of notice or such event;

 

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(13)         any
obligation arising from agreements of the Company or any Restricted Subsidiary of the Company providing for indemnification, adjustment
of purchase price, earn outs, or similar obligations, in each case, incurred or assumed in connection with the disposition or acquisition
of any business, assets or Capital Stock of a Restricted Subsidiary (including, without limitation, assets acquired by a Restricted
Subsidiary of the Company and any Person that, as a result of such transaction, becomes a Restricted Subsidiary of the Company)
in a transaction permitted by this Indenture, provided the maximum liability in respect of all such Indebtedness incurred in connection
with a disposition shall at no time exceed the gross proceeds including noncash proceeds (the Fair Market Value of such noncash
proceeds being measured at the time received and without giving effect to any subsequent changes in value) actually received by
the Company and its Restricted Subsidiaries in connection with such disposition;

 

(14)         Indebtedness
of the Company or a Restricted Subsidiary to the extent that the net proceeds thereof are promptly deposited to effect Legal Defeasance
or Covenant Defeasance of the Notes or to effect satisfaction and discharge of this Indenture;

 

(15)         the
incurrence by Foreign Subsidiaries of Indebtedness in an aggregate amount at any time outstanding pursuant to this clause (15),
including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness
incurred pursuant to this clause (15), not to exceed $8.0 million (or the equivalent thereof, measured at the time of each incurrence,
in applicable foreign currency); and

 

(16)         the
incurrence by the Company or any of the Guarantors of additional Indebtedness in an aggregate amount at any time outstanding, including
all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred
pursuant to this clause (16), not to exceed $10.0 million.

 

The Company will not
incur, and will not permit any Guarantor to incur, any Indebtedness (including Permitted Debt) that is contractually subordinated
in right of payment to any other Indebtedness of the Company or such Guarantor unless such Indebtedness is also contractually subordinated
in right of payment to the Notes and the applicable Note Guarantee on substantially identical terms; provided, however,
that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Company
solely by virtue of being unsecured or by virtue of being secured on a junior Lien basis.

 

For purposes of determining
compliance with this Section 4.08, in the event that an item of proposed Indebtedness meets the criteria of more than one of the
categories of Permitted Debt described in clauses (1) through (16) appearing above in this Section 4.08(b), or is entitled to be
incurred pursuant to Section 4.08(a), the Company will be permitted to classify and divide such item of Indebtedness on the date
of its incurrence, and later reclassify and redivide all or a portion of such item of Indebtedness among any one or more of such
clauses and/or Section 4.08(a), in any manner that complies with this Section 4.08. Indebtedness under Credit Facilities outstanding
on the date of this Indenture will initially be deemed to have been incurred on such date in reliance on the exception provided
by clause (1) of the definition of Permitted Debt. The accrual of interest or dividends on Disqualified Stock, the accretion or
amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with
the same terms, the reclassification of Disqualified Stock as Indebtedness due to a change in accounting principles, and the payment
of dividends on Disqualified Stock in the form of additional shares of the same class of Disqualified Stock will not be deemed
to be an incurrence of Indebtedness or an issuance of Disqualified Stock for purposes of this Section 4.08; provided, in
each such case, that the amount of any such accrual, accretion or payment is included in Fixed Charges (to the extent required
by the definition of such term) of the Company as accrued. For purposes of determining compliance with any U.S. dollar denominated
restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign
currency shall be utilized, calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was
incurred. Notwithstanding any other provision of this covenant, the maximum amount of Indebtedness that the Company or any Restricted
Subsidiary may incur pursuant to this covenant shall not be deemed to be exceeded solely as a result of fluctuations in exchange
rates or currency values. In determining the amount of Indebtedness outstanding, the outstanding amount of any particular Indebtedness
of any Person shall be counted only once and any obligation of such person or any other Person under any guarantee, Lien, letter
of credit or similar instrument supporting such Indebtedness shall be disregarded so long as it is permitted to be incurred by
the Person or Persons incurring such obligation.

 

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The amount of any Indebtedness
outstanding as of any date will be:

 

(1)           the
accreted value of Indebtedness, in the cause of any Indebtedness issued with original issue discount;

 

(2)           with
respect to contingent obligations, the maximum liability upon the occurrences of the contingency giving rise to the obligation;

 

(3)           with
respect to Hedging Obligations, the net amount payable, if any, by the specified Persons if such Hedging Obligations terminated
at that time due to default by such Person;

 

(4)           in
respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of:

 

(A)        the
Fair Market Value of such assets at the date of determination;

 

(B)         the
amount of such Indebtedness of the other Person;

 

(5)           the
maximum amount the Company and its Restricted Subsidiaries would become obligated to pay upon the maturity of, or pursuant to any
mandatory redemption provisions of, such Disqualified Stock, in the case of any Disqualified Stock;

 

(6)           the
amount of the liability in respect thereof determined in accordance with GAAP, in the case of Indebtedness issued at a price that
is less than the principal amount thereof; and

 

(7)           the
principal amount of the Indebtedness, in the case of any other Indebtedness.

 

Section 4.09          Liens.

 

The Company will not,
and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or suffer to exist any
Lien of any kind securing Indebtedness or trade payables on any asset or property now owned or hereafter acquired, except Permitted
Liens.

 

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Section 4.10          [Reserved]

 

Section 4.11          Dividend
and Other Payment Restrictions Affecting Restricted Subsidiaries.

 

(a)           The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist
or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to:

 

(1)           pay
dividends or make any other distributions to the Company or any of its Restricted Subsidiaries on its Capital Stock, or with respect
to any other interest or participation in, or measured by, its profits, or pay any Indebtedness owed to the Company or any of its
Restricted Subsidiaries;

 

(2)           make
loans or advances to the Company or any of its Restricted Subsidiaries; or

 

(3)           sell,
lease or transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries.

 

(b)          However,
the preceding restrictions will not apply to encumbrances or restrictions existing under or by reason of:

 

(1)           agreements
governing Existing Indebtedness and Collateral Documents as in effect on the date of this Indenture and any amendments, restatements,
modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided that the amendments,
restatements, modifications, renewals, supplements, refundings, replacements or refinancings are not materially more restrictive,
taken as a whole, with respect to such dividend and other payment restrictions than those contained in those agreements on the
date of this Indenture;

 

(2)           this
Indenture, the Notes, the Note Guarantees and the Security Documents and any amendments, restatements, modifications, supplements,
refunding, replacements or refinancings thereof;

 

(3)           agreements
or instruments (other than those referred to in the clauses (1), (2) or (3) in this Section 4.11(b)) governing Indebtedness permitted
to be incurred under the provisions of the covenant described in Section 4.08 and any amendments, restatements, modifications,
renewals, supplements, refundings, replacements or refinancings of those agreements or instruments; provided that the restrictions
therein are not materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than
those contained in (x) this Indenture, the Notes, the Note Guarantees and the Security Documents or (y) in the case of any amendments,
restatements, modifications, renewals, supplements, refundings, replacements or refinancings of any such agreements or instruments,
the agreements or instruments governing such Indebtedness;

 

(4)           applicable
law, rule, regulation, permit or order;

 

(5)           any
agreement or instrument governing Indebtedness or Capital Stock of a Person acquired by the Company or any of its Restricted Subsidiaries
as in effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection
with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties
or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided that, in
the case of Indebtedness, such Indebtedness was permitted by the terms of this Indenture to be incurred;

 

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(6)           customary
non-assignment provisions in contracts and licenses entered into in the ordinary course of business;

 

(7)           mortgage
financings and other Indebtedness, in each case incurred for the purpose of financing all or any part of the purchase price of
or cost of design, construction, installation or improvement of property, plant, equipment or other assets in the ordinary course
of business and Capital Lease Obligations that impose restrictions on the property that has been, is being or is to be purchased,
leased, designed, constructed, installed or improved, as the case may be, of the nature described in Section 4.11(a)(3);

 

(8)           any
agreement for the sale or other disposition of a Restricted Subsidiary (including, without limitation, by merger, consolidation
or sale or other disposition of Capital Stock) or any assets of a Restricted Subsidiary that restricts distributions by that Restricted
Subsidiary or of such assets pending such sale or other disposition;

 

(9)           Permitted
Refinancing Indebtedness; provided that the restrictions contained in the agreements governing such Permitted Refinancing
Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness
being refinanced;

 

(10)         Permitted
Liens and other Liens permitted to be incurred under the provisions of Section 4.09 that limit the right to dispose of the assets
subject to such Liens;

 

(11)         provisions
limiting the disposition or distribution of assets or property in joint venture agreements, partnership agreements, limited liability
company agreements, merger agreements, acquisition agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements
and other similar agreements (including agreements or restrictions entered into in connection with Investments permitted by the
terms of this Indenture to be made), which limitation is applicable only to the assets that are the subject of such agreements
pending the disposition or transfer of such assets; provided that such disposition or transfer complies with Section 4.20;

 

(12)         restrictions
on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; and

 

(13)         any
instrument governing Indebtedness of a Foreign Subsidiary; provided that such Indebtedness was not prohibited by the terms of this
Indenture.

 

Section 4.12          Transactions
with Affiliates.

 

(a)           The
Company will not, and will not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise
dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction,
contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each,
an “Affiliate Transaction”), unless:

 

(1)           the
Affiliate Transaction is on terms that are no less favorable to the Company or the relevant Restricted Subsidiary than those that
could reasonably be expected to have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with
an unrelated Person; and

 

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(2)           the
Company delivers to the Trustee:

 

(A)        with
respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of
$1.0 million, a resolution of the Board of Directors of the Company set forth in an Officers’ Certificate certifying that
such Affiliate Transaction complies with this covenant and that such Affiliate Transaction has been approved by a majority of the
Board of Directors of the Company; and

 

(B)        with
respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of
$10.0 million, an opinion as to the fairness to the Company or such Subsidiary of such Affiliate Transaction from a financial point
of view issued by an accounting, appraisal or investment banking firm of recognized standing.

 

(b)           the
following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of Section
4.12(a):

 

(1)           any
employment agreement, employee benefit plan, equity incentive plan, employee stock ownership plan, officer or director indemnification
agreement, compensation agreement or arrangement, customary benefit programs or arrangements for employees, officers or directors
(including vacation plans, health and life insurance plans, deferred compensation plans and retirement or savings plans) or any
similar agreement or arrangement entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business
and payments pursuant thereto;

 

(2)           payment
of reasonable and customary fees and reimbursements of expenses (pursuant to indemnity arrangements or otherwise) of directors
or officers of the Company or any of its Restricted Subsidiaries;

 

(3)           loans
or advances to employees in the ordinary course of business not to exceed $1.0 million in the aggregate at any one time outstanding;

 

(4)           transactions
between or among the Company and/or its Restricted Subsidiaries;

 

(5)           transactions
with a Person (other than an Unrestricted Subsidiary of the Company) that is an Affiliate of the Company solely because the Company
owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person;

 

(6)           any
issuance of Equity Interests (other than Disqualified Stock) of the Company to Affiliates of the Company;

 

(7)           Restricted
Payments that do not violate the provisions of this Indenture described in Section 4.07 and Permitted Investments; and

 

(8)           any
transactions between the Company or any Restricted Subsidiary of the Company and any Person, a director of which is also a director
of the Company or a Restricted Subsidiary; provided that such director abstains from voting as a director of the Company or the
Restricted Subsidiary, as applicable, in connection with the approval of the transaction.

 

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Section 4.13         
[Reserved]

 

Section 4.14          Business
Activities.

 

The Company will not,
and will not permit any of its Restricted Subsidiaries to, engage in any business other than Permitted Businesses, except to such
extent as would not be material to the Company and its Restricted Subsidiaries taken as a whole.

 

Section 4.15          Additional
Note Guarantees.

 

If the Company or any
of its Restricted Subsidiaries acquires or creates another Domestic Subsidiary (other than an Immaterial Subsidiary) after the
date of this Indenture, then the Company will:

 

(1)           cause
that newly acquired or created Domestic Subsidiary to execute a supplemental indenture pursuant to which it will become a Guarantor
in form and substance reasonably satisfactory to the Trustee;

 

(2)           execute
an amendment to the Registration Rights Agreement pursuant to which it becomes subject to the obligations of a Guarantor thereunder;

 

(3)           become
a party to the Security Documents and take all other actions required by the Security Documents to grant to the Noteholder Collateral
Agent for the benefit of the Holders a Lien, to the extent and in the manner required by the Security Documents, in assets that
constitute Collateral pursuant to this Indenture and Security Documents;

 

(4)           take
such further action and execute and deliver such other documents as may be reasonably requested by the Trustee or Noteholder Collateral
Agent to effect the foregoing; and

 

(5)           deliver
an Opinion of Counsel and such other documents as required by this Indenture, and to the Noteholder Collateral Agent as required
by the Security Documents.

 

Section 4.16          Designation
of Restricted and Unrestricted Subsidiaries.

 

(a)           The
Board of Directors of the Company may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if:

 

(1)           the
Company could make the Restricted Payment which is deemed to occur upon such designation as described in, and the amount calculated
pursuant to Section 4.07 equal to the appropriate Fair Market Value of all outstanding Investments owned by the Company and its
Restricted Subsidiaries in such Subsidiary at the time of such designation;

 

(2)           such
Restricted Subsidiary meets the definition of an “Unrestricted Subsidiary”;

 

(3)           the
designation would not constitute or cause (with or without the passage of time) a Default or Event of Default or no Default or
Event of Default would be in existence immediately following such designation; and

 

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(4)           the
Company delivers to the Trustee a certified copy of a resolution of the Board of Directors giving effect to such designation and
an Officers’ Certificate certifying that such designation complied with the preceding conditions.

 

(b)           If
a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value as of the date of such designation
of all outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted
Subsidiary will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted
Payments under Section 4.07 or under one or more clauses of the definition of “Permitted Investments,” as determined
by the Company.

 

(c)           If,
at any time, any Unrestricted Subsidiary designated as such would fail to meet the preceding requirements as an Unrestricted Subsidiary,
then such Subsidiary will thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness
of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness
is not permitted to be incurred as of such date under Section 4.08, the Company will be in default under Section 4.08.

 

(d)           The
Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the Company
if:

 

(1)           the
Company and its Restricted Subsidiaries could incur the Indebtedness which is deemed to be incurred upon such designation under
Section 4.08, equal to the total Indebtedness of such Subsidiary calculated on a pro forma basis as if such designation had occurred
at the beginning of the applicable four-quarter reference period following such designation;

 

(2)           the
designation would not constitute or cause a Default or Event of Default; and

 

(3)           the
Company delivers to the Trustee a certified copy of a resolution of the Board of Directors giving effect to such designation and
an Officers’ Certificate certifying that such designation complied with the preceding conditions, including the incurrence
of Indebtedness under Section 4.08.

 

Section 4.17          Payments
for Consent.

 

The Company will not,
and will not permit any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to
or for the benefit of any Holder of Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions
of this Indenture, the Notes, the Security Documents or the Registration Rights Agreement unless such consideration is offered
to be paid and is paid to all Holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation
documents relating to such consent, waiver or agreement.

 

Section 4.18          Reports.

 

(a)           Whether
or not required by the rules and regulations of the SEC, so long as any Notes are outstanding, the Company will furnish to the
Trustee or cause the Trustee to furnish to the Holders, within the time periods specified in the SEC’s rules and regulations,
including any permitted extensions thereof:

 

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(1)           all
quarterly reports on Form 10-Q and annual reports on Form 10-K that would be required to be filed with the SEC on such forms if
the Company were required to file such reports; and

 

(2)          
all current reports on Form 8-K that would be required to be filed with the SEC on such form if the Company were required to file
such reports.

 

(b)           All
such reports will be prepared in all material respects in accordance with all of the rules and regulations applicable to such reports.
Each annual report on Form 10-K will include a report on the Company’s consolidated financial statements by the Company’s
certified independent accountants. In addition, the Company will post the reports on its website within the time periods specified
in the rules and regulations applicable to such reports, including any permitted extensions thereof, and, following the consummation
of the exchange offer contemplated by the Registration Rights Agreement, the Company will file a copy of each of the reports referred
to in clauses (a)(1) and (a)(2) above with the SEC for public availability within those time periods (unless the SEC will not accept
such a filing).

 

(c)           If,
at any time after consummation of the exchange offer contemplated by the Registration Rights Agreement, the Company is no longer
subject to the periodic reporting requirements of the Exchange Act for any reason, the Company will nevertheless continue filing
the reports specified in Section 4.18(a) with the SEC within the time periods specified in Section 4.18(a) unless the SEC will
not accept such a filing. The Company will not take any action for the purpose of causing the SEC not to accept any such filings.
If, notwithstanding the foregoing, the SEC will not accept the Company’s filings for any reason, the Company will post the
reports referred to in Section 4.18(a) on its website within the time periods, including any permitted extensions thereof, that
would apply if the Company were required to file those reports with the SEC. Notwithstanding anything to the contrary in the foregoing,
if at any time any such reports are not filed by the Company, or are not accepted by the SEC for any reason, for inclusion on the
SEC’s EDGAR service (or any successor thereto), the Company will post such reports on a website no later than the date the
Company is required to provide those reports to the Trustee and the Holders of the Notes and maintain such posting for so long
as any Notes remain outstanding. Access to such reports on such website may be subject to a confidentiality acknowledgment; provided,
that no other conditions, including password protection, may be imposed on access to such reports other than a representation by
the Person accessing such reports that it is the Trustee, a Holder, a beneficial owner of the Notes, a bona fide prospective investor,
a securities analyst or a market maker.

 

(d)           The
Company will hold a quarterly conference call for the Holders and securities analysts to discuss such financial information no
later than ten business days after distribution of such financial information.

 

(e)           If
the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries, then the quarterly and annual financial information
required by the preceding paragraphs will include a reasonably detailed presentation, either on the face of the financial statements
or in the footnotes thereto, and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”,
of the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial
condition and results of operations of the Unrestricted Subsidiaries of the Company.

 

(f)           In
addition, the Company shall, for so long as any Notes remain outstanding, if at any time the Company is not required to file periodic
reports with the SEC the reports required by this Section 4.18, it will furnish to the Holders of Notes and to securities analysts
and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities
Act.

 

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Section 4.19          Offer
to Repurchase Upon Change of Control.

 

(a)           Upon
the occurrence of a Change of Control, the Company will make an offer (a “Change of Control Offer”) to each
Holder to repurchase all or any part (equal to a minimum principal amount of $2,000 and integral multiples of $1,000 in principal
amount in excess thereof) of that Holder’s Notes on the terms and subject to the conditions set forth in this Section 4.19.
In the Change of Control Offer, the Company will offer a payment (the “Change of Control Payment”) in cash equal
to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest and Additional Interest, if any,
on the Notes repurchased to the date of purchase, subject to the rights of Holders of Notes on the relevant Record Date to receive
interest due on the relevant Interest Payment Date. Within 30 days following any Change of Control, the Company will mail a notice
to the Trustee and each Holder describing the transaction or transactions that constitute the Change of Control and stating:

 

(1)           that
the Change of Control Offer is being made pursuant to this Section 4.19 and that all Notes duly tendered will be accepted for payment
and

 

(2)           the
purchase price and the purchase date, which shall be no earlier than 30 days and no later than 60 days from the date such notice
is mailed (the “Change of Control Payment Date”);

 

(3)           that
any Note not tendered will continue to accrue interest;

 

(4)           that,
unless the Company defaults in the payment of the Change of Control Payment, all Notes or portions thereof accepted for payment
pursuant to the Change of Control Offer will cease to accrue interest on and after the Change of Control Payment Date;

 

(5)           that
Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender the Notes, with
the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer the Notes by book-entry
transfer, to the Paying Agent at the address specified in the notice prior to the close of business in The City of New York on
the third Business Day preceding the Change of Control Payment Date;

 

(6)           that
Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business in The City
of New York on the second Business Day preceding the Change of Control Payment Date, a facsimile transmission or letter setting
forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing
his election to have the Notes purchased; and

 

(7)           that
Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion
of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount and integral multiples of $1,000.

 

The Company will comply
with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent
those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control. To
the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions of this Indenture,
the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations
under the Change of Control provisions of this Section 4.19 by virtue of such compliance.

 

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(b)           On
or before the Change of Control Payment Date, the Company will, to the extent lawful:

 

(1)           accept
for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer and not withdrawn;

 

(2)           deposit
with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered
and not withdrawn; and

 

(3)           deliver
or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate
principal amount of Notes or portions of Notes being purchased by the Company.

 

(c)           The
Paying Agent will promptly mail to each Holder of Notes properly tendered and not withdrawn the Change of Control Payment for such
Notes (or, in the case of any Notes that are in global form, make such payment through the facilities of DTC or any other applicable
Depositary), and the Company will execute and the Trustee will promptly authenticate and mail (or cause to be transferred by book
entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided
that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The Company will
publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date.

 

(d)           The
provisions described above in this Section 4.19 that require the Company to make a Change of Control Offer following a Change of
Control will be applicable whether or not any other provisions of this Indenture are applicable.

 

(e)           The
Company will not be required to make a Change of Control Offer upon a Change of Control if (1) a third party makes the Change of
Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable
to a Change of Control Offer made by the Company and purchases all Notes properly tendered and not withdrawn under the Change of
Control Offer, or (2) notice of redemption has been given pursuant to Section 3.03 hereof, unless and until there is a default
in payment of the applicable redemption price. Notwithstanding anything to the contrary contained in this Indenture, a Change of
Control Offer may be made in advance of a Change of Control, if a definitive agreement is in place for the Change of Control at
the time the Change of Control Offer is made.

 

Section 4.20          Asset
Sales.

 

(a)           The
Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless:

 

(1)           the
Company (or the Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at least equal
to the Fair Market Value (measured as of the date of the definitive agreement with respect to such Asset Sale) of the assets or
Equity Interests issued or sold or otherwise disposed of; and

 

(2)           at
least 75% of the consideration received in the Asset Sale by the Company or such Restricted Subsidiary is in the form of cash or
Cash Equivalents; provided, however, to the extent that any disposition in such Asset Sale was of Collateral, any consideration
received is pledged as Collateral under the Security Documents promptly after receipt of such non-cash consideration by the Company
or such Restricted Subsidiary, to the extent required by and, in accordance with the requirements set forth in this Indenture and
the Security Documents.

 

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For purposes of this
Section 4.20(a), each of the following will be deemed to be cash:

 

(A)       any
liabilities, as shown on the Company’s most recent consolidated balance sheet (or, if incurred after the date of such balance
sheet, as would have been shown on such consolidated balance sheet had they been incurred on or prior to its date), of the Company
or any Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes
or any Note Guarantee) that are assumed by the transferee of any such assets or any other Person, other than the Company or one
of its Subsidiaries, pursuant to a customary novation or indemnity agreement that releases the Company or such Restricted Subsidiary
from or indemnifies it against further liability;

 

(B)        any
securities, notes, or other obligations received by the Company or any of its Restricted Subsidiaries from such transferee that
are, subject to ordinary settlement periods, converted by the Company or such Restricted Subsidiary into cash, to the extent of
the cash received in that conversion; and

 

(C)        any
stock or assets of the kind referred to in clauses (2) or (4) of Section 4.20(b); and

 

(b)           Within
360 days after the receipt of any Net Proceeds from an Asset Sale, the Company or any Restricted Subsidiary may apply such Net
Proceeds:

 

(1)           to
repay Indebtedness and other Obligations under a Credit Facility; provided that, if the Indebtedness repaid is revolving
credit Indebtedness, to permanently reduce commitments with respect thereto in an amount equal to the principal amount so repaid;

 

(2)           to
acquire all or substantially all of the assets of, or any Capital Stock of, a Permitted Business or one or more Persons primarily
engaged in a Permitted Business, if, after giving effect to any such acquisition of Capital Stock, such Permitted Business or Person,
as the case may be, is or becomes a Restricted Subsidiary of the Company;

 

(3)           to
make a capital expenditure; or

 

(4)           to
acquire other assets that are not classified as current assets under GAAP and that are used or useful in a Permitted Business;
provided that the assets (including Voting Stock) acquired with the Net Cash Proceeds of a disposition of Collateral are pledged
as Collateral under the Security Documents promptly after receipt of such assets by the Company or one of its Restricted Subsidiaries,
to the extent required by and in accordance with the Security Documents.

 

Pending the final application
of any Net Proceeds, the Company or any Restricted Subsidiary may apply the Net Proceeds to temporarily reduce revolving credit
borrowings or otherwise invest the Net Proceeds in any manner that is not prohibited by this Indenture.

 

Any Net Proceeds from
Asset Sales that are not applied or invested as provided above in this Section 4.20(b) will constitute “Excess Proceeds.”
When the aggregate amount of Excess Proceeds exceeds $7.5 million, the Company will, within five days thereof, make an offer (an
“Asset Sale Offer”) to all Holders of Notes and all holders of other Indebtedness that is pari passu
with the Notes containing provisions similar to those set forth in this Indenture with respect to offers to purchase, prepay or
redeem with the proceeds of sales of assets, to purchase, prepay or redeem the maximum amount of principal of, and premium, if
any, and interest and Additional Interest, if any, on, the Notes and such other pari passu Indebtedness that may be purchased,
prepaid or redeemed out of the Excess Proceeds (after deducting therefrom all fees and expenses incurred in connection therewith).

 

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(c)           The
offer price for the Notes in any Asset Sale Offer will be equal to 100% of the principal amount plus accrued and unpaid interest
and Additional Interest, if any, to the date of purchase, prepayment or redemption, subject to the rights of Holders of Notes on
the relevant record date to receive interest due on the relevant Interest Payment Date, and will be payable in cash.

 

(d)           If
any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use those Excess Proceeds for any purpose
not otherwise prohibited by this Indenture.

 

(e)           If
the sum of the aggregate amount of principal of, and premium, if any, interest and Additional Interest, if any, on, the Notes and
other pari passu Indebtedness tendered into (or required to be prepaid or redeemed in connection with) such Asset Sale Offer
plus the aggregate amount of all fees and expenses incurred in connection with such Asset Sale Offer and the purchase, prepayment
or redemption of any such pari passu Indebtedness exceeds the amount of Excess Proceeds, the Trustee or the Registrar will,
after deducting from such Excess Proceeds an amount equal to all such fees and expenses, select the Notes to be purchased on a
pro rata basis with any such pari passu Indebtedness (except that any Notes represented in global form will be selected
by such method as DTC or the applicable Depositary, as the case may be, or its nominee may require), based on the amounts tendered
or required to be prepaid or redeemed (including, amounts required to be paid in respect of principal, premium, if any, interest
and Additional Interest, if any), with such adjustments as may be deemed appropriate so that Notes are repurchased in denominations
of $2,000 in principal amount and integral multiples of $1,000 in principal amount in excess thereof and so that any such pari
passu Indebtedness issued in specified authorized denominations is only repurchased in such authorized denominations or so
that any unrepurchased portion of a Note or such pari passu Indebtedness that is repurchased in part is an authorized denomination.
Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero.

 

(f)           The
Company will not and will not permit any of its Restricted Subsidiaries to, enter into or suffer to exist any agreement (other
than any agreement governing Credit Facilities for Indebtedness permitted to be incurred pursuant to clause (1) of the second paragraph
of Section 4.08 that would place any restriction of any kind (other than pursuant to law or regulation) on the ability of the Company
to make an Asset Sale Offer.

 

(g)           The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder
to the extent those laws and regulations are applicable in connection with each repurchase of Notes and any pari passu Indebtedness
pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the Asset
Sale provisions of this Indenture, the Company will comply with the applicable securities laws and regulations and will not be
deemed to have breached its obligations under the Asset Sale provisions of this Indenture by virtue of such compliance.

 

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ARTICLE 5

SUCCESSORS

 

Section 5.01          Merger,
Consolidation, or Sale of Assets.

 

(a)           The
Company will not, directly or indirectly: (1) consolidate or merge with or into another Person (whether or not the Company is the
surviving corporation); or (2) sell, assign, transfer, convey, lease or otherwise dispose of all or substantially all of the properties
or assets of the Company and its Restricted Subsidiaries taken as a whole, in one or more related transactions, to another Person,
unless:

 

(1)           either:
(A) the Company is the surviving corporation; or (B) the Person formed by or surviving any such consolidation or merger (if other
than the Company) or to which such sale, assignment, transfer, conveyance, lease or other disposition has been made is an entity
organized or existing under the laws of the United States, any state of the United States or the District of Columbia;

 

(2)           the
Person formed by or surviving any such consolidation or merger (if other than the Company) or the Person to which such sale, assignment,
transfer, conveyance, lease or other disposition has been made assumes all the obligations of the Company under the Notes and this
Indenture pursuant to a supplemental indenture, delivers to the Trustee an Opinion of Counsel required by this Indenture, including
as to the enforceability of the supplemental indenture and by amendment, supplement or other instrument joins the Security Documents
in form and substance reasonably required by the Security Documents and takes all other actions required by the Security Documents
to grant to the Noteholder Collateral Agent for the benefit of the Holders of the Notes, to the extent and subject to the exceptions
provided in the Security Documents and this Indenture, a Lien in assets that constitute Collateral pursuant to this Indenture and
the Security Documents;

 

(3)           immediately
after such transaction, no Default or Event of Default exists;

 

(4)           the
Company or the Person formed by or surviving any such consolidation or merger (if other than the Company), or to which such sale,
assignment, transfer, conveyance, lease or other disposition has been made would, on the date of such transaction after giving
pro forma effect thereto and any related financing transactions as if the same had occurred at the beginning of the applicable
four-quarter period, (a) be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage
Ratio test set forth in Section 4.08(a) hereof or (b) have a Fixed Charge Coverage Ratio equal to or greater than the actual Fixed
Charge Coverage Ratio for the Company for such four-quarter period; and

 

(5)           the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
merger or transfer and such supplemental indenture (if any) comply with this Indenture; provided that in giving an Opinion
of Counsel, counsel may rely on an Officers’ Certificate as to any matters of fact.

 

(b)           In
addition, the Company will not, directly or indirectly, lease all or substantially all of the properties and assets of it and its
Restricted Subsidiaries taken as a whole, in one or more related transactions, to any other Person, except as otherwise provided
for in Section 5.01(a).

 

(c)           This
Section 5.01 will not apply to any sale, assignment, transfer or conveyance, lease or other disposition of assets between or among
the Company and/or its Restricted Subsidiaries.

 

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(d)           Section
5.01(a)(3) and Section 5.01(a)(4) will not apply to (x) any merger or consolidation of the Company with or into one of its Restricted
Subsidiaries for any purpose or (y) with or into an Affiliate solely for the purpose of reincorporation the Company in another
jurisdiction.

 

Section 5.02          Successor
Corporation Substituted.

 

Upon any consolidation
or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties
or assets of the Company and its Restricted Subsidiaries in a transaction that is subject to, and that complies with the provisions
of, Section 5.01 hereof, the Company shall be automatically released from its obligations under this Indenture, the Notes, the
Registration Rights Agreement and the Security Documents and the successor Person formed by such consolidation or into or with
which the Company is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed
to, and be substituted for (so that from and after the date of such consolidation, merger, sale, assignment, transfer, lease, conveyance
or other disposition, the provisions of this Indenture, the Notes, the Note Guarantees and the Registration Rights Agreement referring
to the “Company” shall refer instead to the successor Person and not to the predecessor Company), and may exercise
every right and power of the Company under this Indenture with the same effect as if such successor Person had been named as the
Company herein and therein; provided, however, that, in the case of a lease of all or substantially all of the properties
or assets of the Company and its Restricted Subsidiaries taken as a whole, the predecessor Company shall not be released from its
obligations to pay the principal of and premium and Additional Interest, if any, and interest on the Notes.

 

ARTICLE 6

DEFAULTS AND REMEDIES

 

Section 6.01          Events
of Default.

 

Each of the following
is an “Event of Default”:

 

(1)           default
for 30 days in the payment when due of interest or Additional Interest, if any, with respect to the Notes;

 

(2)           default
in the payment when due (at maturity, upon redemption or otherwise) of the principal of, or premium, if any, on, the Notes;

 

(3)           failure
by the Company or any of its Restricted Subsidiaries to comply with the provisions of Sections 3.09, 4.19, 4.20 or 5.01 hereof;

 

(4)           failure
by the Company or any of its Restricted Subsidiaries for 60 days after written notice to the Company by the Trustee or the Holders
of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class to comply with any of the
other agreements in this Indenture or the Security Documents;

 

(5)           default
under any mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced any Indebtedness
for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or
any of its Restricted Subsidiaries), whether such Indebtedness or Guarantee exists, on, or is created after, the date of this Indenture,
if that default:

 

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(A)          is
caused by a failure to pay principal of, or interest or Additional Interest, if any, or premium, if any, on, such Indebtedness
prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”);
or

 

(B)         results
in the acceleration of such Indebtedness prior to its express maturity,

 

and, in each case, the principal amount
of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment
Default or the maturity of which has been so accelerated, aggregates $5.0 million or more; provided that if, prior to any
acceleration of the Notes, (i) any such Payment Default is cured or waived, (ii) any such acceleration is rescinded or (iii) such
Indebtedness is repaid, all Defaults and Events of Default under this Indenture resulting therefrom (but not any acceleration of
the Notes) shall be automatically rescinded, so long as such rescission does not conflict with any judgment or decree of any court
of competent jurisdiction;

 

(6)         failure
by the Company or any of its Restricted Subsidiaries to pay final, unappealable judgments entered by a court or courts of competent
jurisdiction aggregating in excess of $5.0 million, which judgments are not paid, discharged or stayed for a period of 60 days;

 

(7)         except
as permitted by this Indenture, any Note Guarantee is held in any judicial proceeding of any court of competent jurisdiction to
be unenforceable or invalid or ceases for any reason to be in full force and effect, or any Guarantor, or any Person acting on
behalf of any Guarantor, denies or disaffirms its obligations under its Note Guarantee;

 

(8)         breach
by the Company or any of its Restricted Subsidiaries of any representation or warranty or agreement in the Security Documents that
has a material adverse effect on the Holders of the Notes or on the Collateral (and the failure to cure such breach for 60 days)
or the repudiation by the Company or any of its Restricted Subsidiaries of any of their obligations under the Security Documents;

 

(9)         the
Liens created by the Security Documents shall at any time not constitute a valid and perfected Lien on any material portion of
the Collateral intended to be covered thereby (to the extent perfection by filing, registration, recordation or possession is required
by this Indenture or the Security Documents), or, except for expiration in accordance with its terms or amendment, modification,
waiver, termination or release in accordance with the terms of this Indenture or the applicable Security Document, any of the Security
Documents shall for whatever reason be terminated or cease to be in full force and effect (in each case, except in accordance with
the terms thereof or of this Indenture) or any material provisions of the Security Documents shall be unenforceable against the
Company or any of its Restricted Subsidiaries that is a party thereto, if any such case, such default continues for 60 days after
notice, or the enforceability of the Security Documents shall be contested by the Company or any Guarantor;

 

(10)        the
Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of its Restricted Subsidiaries that,
taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of applicable Bankruptcy Code:

 

(A)         commences
a voluntary case;

 

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(B)         consents
to the entry of an order for relief against it in an involuntary case;

 

(C)         consents
to the appointment of a custodian of it or for all or substantially all of its property;

 

(D)         makes
a general assignment for the benefit of its creditors; or

 

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

 

(11)        a
court of competent jurisdiction enters an order or decree under any Bankruptcy Code that:

 

(A)         is
for relief against the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary in an involuntary case;

 

(B)         appoints
a custodian of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries
of the Company that, taken together, would constitute a Significant Subsidiary or for all or substantially all of the property
of the Company or of any of its Restricted Subsidiaries that is a Significant Subsidiary or of any group of Restricted Subsidiaries
of the Company that, taken together, would constitute a Significant Subsidiary; or

 

(C)         orders
the liquidation of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary;

 

and the order
or decree remains unstayed and in effect for 90 consecutive days.

 

Section 6.02         Acceleration.

 

In the case of an Event
of Default specified in clause (10) or (11) of Section 6.01 hereof, with respect to the Company, any Restricted Subsidiary of the
Company that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute
a Significant Subsidiary, all outstanding Notes will become due and payable immediately without further action or notice. If any
other Event of Default occurs and is continuing, the Trustee, by written notice to the Company, or the Holders of at least 25%
in aggregate principal amount of the then outstanding Notes, by written notice to the Trustee and the Company, may declare all
the Notes to be due and payable immediately.

 

Section 6.03         Other
Remedies.

 

If an Event of Default
occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, Additional
Interest, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture.

 

The Trustee may maintain
a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission
by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the
right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted
by law.

 

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Section 6.04         Waiver
of Past Defaults.

 

Holders of a majority
in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of the Holders of all
of the Notes, rescind an acceleration or waive any existing Default or Event of Default and its consequences hereunder, if the
rescission would not conflict with any judgment or decree, except a continuing Default or Event of Default in the payment of interest,
including Additional Interest, or premium, if any, on, or the principal of, the Notes, premium, if any, or interest (including
Additional Interest, if any) on, the Notes (including in connection with an offer to purchase pursuant to Sections 4.19 or 4.20
of this Indenture). Upon any such waiver, such Default or Event of Default shall cease to exist, and any Event of Default arising
from any such Default shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to
any subsequent or other Default or impair any right consequent thereon.

 

Section 6.05         Control
by Majority.

 

Subject to Section
7.02(f), Holders of a majority in aggregate principal amount of the then outstanding Notes will have the right to direct the time,
method and place of conducting any proceeding for exercising any remedy available to the Trustee, subject to the exceptions set
forth in the next sentence. However, the Trustee may withhold from Holders of Notes notice of any continuing Default or Event of
Default if it determines that withholding notice is in their interest, except a Default or Event of Default relating to the payment
of principal, interest or premium or Additional Interest, if any.

 

Section 6.06         Limitation
on Suits.

 

Except to enforce the
right to receive payment of principal, premium, if any, or interest or Additional Interest, if any, when due, no Holder of a Note
may pursue any remedy with respect to this Indenture or the Notes unless:

 

(1)         such
Holder has previously given the Trustee written notice that an Event of Default is continuing;

 

(2)         Holders
of at least 25% in aggregate principal amount of the then outstanding Notes make a written request to the Trustee to pursue the
remedy;

 

(3)         such
holders have offered and, if requested, provided to the Trustee security or indemnity reasonably satisfactory to the Trustee against
any loss, liability or expense;

 

(4)         the
Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or indemnity;
and

 

(5)         Holders
of a majority in aggregate principal amount of the then outstanding Notes have not given the Trustee a direction inconsistent with
such request within such 60-day period.

 

A Holder of a Note
may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another
Holder of a Note.

 

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Section 6.07         Rights
of Holders of Notes to Receive Payment.

 

Notwithstanding any
other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium, if any, and interest
and any Additional Interest on the Note, on or after the respective due dates expressed in the Note (including in connection with
an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be
impaired or affected without the consent of such Holder; provided that a Holder shall not have the right to institute any
such suit for the enforcement of payment if and to the extent that the institution or prosecution thereof or the entry of judgment
therein would, under applicable law, result in the surrender, impairment, waiver or loss of the Lien of this Indenture upon any
property subject to such Lien.

 

Section 6.08         Collection
Suit by Trustee or Noteholder Collateral Agent.

 

If an Event of Default
specified in Sections 6.01(1) or (2) hereof occurs and is continuing, the Trustee or the Noteholder Collateral Agent may recover
judgment (a) in its own name, and (b)(1) in the case of the Trustee, as trustee of an express trust or (2) in the
case of the Noteholder Collateral Agent, as Noteholder Collateral Agent on behalf of the Holders, in each case against the Company
for the whole amount of principal of, premium, if any, and interest and any Additional Interest remaining unpaid on, the Notes
and interest on overdue principal and, to the extent permitted by applicable law, interest and such further amount as shall be
sufficient to cover the costs and expenses of collection, including the reasonable compensation, disbursements and advances of
the Trustee, the Noteholder Collateral Agent and their respective agents and counsel. Any amounts recovered by the Noteholder Collateral
Agent shall be promptly paid by it to the Trustee.

 

Section 6.09         Trustee
May File Proofs of Claim.

 

The Trustee shall be
authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims
of the Trustee or the Noteholder Collateral Agent (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Trustee, the Noteholder Collateral Agent and their respective agents and counsel) and the Holders of the Notes
allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or its property
and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any
such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the
Trustee or the Noteholder Collateral Agent, and in the event that the Trustee shall consent to the making of such payments directly
to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances
of the Trustee, the Noteholder Collateral Agent or their respective agents and counsel, and any other amounts due the Trustee or
the Noteholder Collateral Agent under the Security Documents and Section 7.07 hereof. To the extent that the payment of any such
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee
under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be
secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that
the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement
or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on
behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any
Holder, or to authorize the Trustee or the Noteholder Collateral Agent, as the case may be, to vote in respect of the claim of
any Holder in any such proceeding.

 

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Section 6.10         Priorities.

 

If the Trustee collects
any money or property pursuant to this Article 6, it shall pay out the money or property in the following order:

 

First:to
the Trustee, the Noteholder Collateral Agent, the Paying Agent and the Registrar for amounts due under Section 7.07 hereof, including
payment of all reasonable compensation and expenses incurred, and all reasonable disbursements and advances made, by the Trustee
or the Noteholder Collateral Agent, as the case may be, and the costs and expenses of collection;

 

Second:to
Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest and any Additional Interest,
ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium,
if any, interest and Additional Interest, if any, respectively; and

 

Third:to
the Company or to such party as a court of competent jurisdiction shall direct.

 

The Trustee may fix
a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10.

 

Section 6.11         Undertaking
for Costs.

 

In any suit for the
enforcement of any right or remedy under this Indenture or in any suit against the Trustee or the Noteholder Collateral Agent,
as the case may be, for any action taken or omitted by it as a Trustee or the Noteholder Collateral Agent, a court in its discretion
may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion
may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard
to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by
the Trustee or the Noteholder Collateral Agent, as the case may be, a suit by a Holder of a Note pursuant to Section 6.07 hereof,
or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes.

 

ARTICLE 7

TRUSTEE

 

Section 7.01         Duties
of Trustee.

 

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

 

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

 

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

 

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(2)         in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not they conform to the
requirements of this Indenture but need not confirm or investigate the accuracy of mathematical calculation or other facts stated
therein.

 

(c)          The
Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own bad faith
or willful misconduct, except that:

 

(1)         this
paragraph does not limit the effect of paragraph (b) of this Section 7.01;

 

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

 

(3)         the
Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 6.05 hereof.

 

(d)          Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs
(a), (b), and (c) of this Section 7.01.

 

(e)          No
provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability.

 

(f)          The
Trustee will not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(g)          Subject
to this Section 7.01, the Trustee shall not be liable for the failure to perform its duties and obligations hereunder to the extent
such failure is directly caused by the failure of the Company to perform its obligations hereunder.

 

Section 7.02         Rights
of Trustee.

 

(a)          The
Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, request, direction, consent, order, bond, note or other paper or document believed by it
to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated
in the document.

 

(b)          Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee
will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion
of Counsel. The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel will be full and complete
authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and
in reliance thereon.

 

(c)          The
Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent appointed
with due care.

 

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(d)          The
Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the
rights or powers conferred upon it by this Indenture.

 

(e)          Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will be sufficient
if signed by an Officer of the Company.

 

(f)          Subject
to the provisions of Section 7.01(a) of this Indenture, the Trustee will be under no obligation to exercise any of the rights or
powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders have offered to the
Trustee reasonable indemnity or security against any losses, liabilities and expenses that are incurred by it in compliance with
such request or direction.

 

(g)          The
right of the Trustee or an Agent to perform any discretionary act enumerated in this Indenture shall not be construed as a duty.

 

(h)          In
no event shall the Trustee, the Noteholder Collateral Agent or an Agent be responsible or liable for special, indirect, or consequential
loss or damage, as the case may be, of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether
the Trustee, the Noteholder Collateral Agent or Agent, as the case may be, has been advised of the likelihood of such loss or damage
and regardless of the form of action.

 

Section 7.03         Individual
Rights of Trustee.

 

The Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate
of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting
interest within the meaning of TIA Section 310(b), (other than a conflicting interest arising under the provisions of subparagraph
(1) of TIA Section 310(b) (including, for the avoidance of doubt, subclauses (1)(A), (B) and (C) and the proviso to such subparagraph
(1)) it must eliminate such conflict within 90 days or resign. (For purposes of clarity, the parties hereto agree that no "conflicting
interest" shall arise under TIA Section 310(b) because the Trustee is trustee under another Indenture under which the Company
or any Guarantor is an obligor.) Any Agent may do the same (subject to the above limitations and exclusions) with like rights and
duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof.

 

Section 7.04         Trustee’s
Disclaimer.

 

The Trustee will not
be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Security Documents or the
Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company
or upon the Company’s direction under any provision of this Indenture, it will not be responsible for the use or application
of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein
or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other
than its certificate of authentication.

 

Section 7.05         Notice
of Defaults.

 

If a Default or Event
of Default occurs and is continuing and if it is known to the Trustee, the Trustee will mail to Holders of Notes a notice of the
Default or Event of Default within 90 days after it occurs or if discovered later than 90 days, promptly after such discovery.
Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest or Additional Interest,
if any, on, any Note, the Trustee may withhold the notice if it determines that withholding the notice is in the interests of the
Holders of the Notes. The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer
of the Trustee has received written notice of such Default or Event of Default at the Corporate Trust Office of the Trustee.

 

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Section 7.06         Reports
by Trustee to Holders of the Notes.

 

(a)          Within
60 days after each December 15 commencing December 15, 2014, and for so long as Notes remain outstanding, the Trustee will mail
to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (excluding
TIA § 313(a)(5) and (6)) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding
the reporting date, no report need be transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee will
also transmit by mail all reports as required by TIA § 313(c)(1) and (3).

 

(b)          A
copy of each report at the time of its mailing to the Holders of Notes will be mailed by the Trustee to the Company.

 

Section 7.07         Compensation
and Indemnity.

 

(a)          The
Company will pay to the Trustee, Noteholder Collateral Agent, Paying Agent and Registrar (each, an “Indemnified Party”)
reasonable compensation for its acceptance of this Indenture and the Security Documents and services hereunder and thereunder as
agreed to in writing from time to time. The Trustee’s compensation will not be limited by any law on compensation of a Trustee
of an express trust. The Company will reimburse each Indemnified Party promptly upon request for all reasonable disbursements,
advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses may include the reasonable
compensation, disbursements and expenses of the Indemnified Party’s agents and counsel.

 

(b)          The
Company and the Guarantors will indemnify each Indemnified Party and their respective employees, officers and directors against
any and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration
of its duties under this Indenture or the Security Documents, including the costs and expenses (including reasonable compensation
and disbursement of its agents and counsel) of enforcing this Indenture against the Company and the Guarantors (including this
Section 7.07) and defending itself against any claim (whether asserted by the Company, the Guarantors, any Holder or any other
Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent
any such loss, liability or expense may be attributable to its negligence or bad faith or willful misconduct. Each Indemnified
Party will notify the Company promptly of any claim for which it may seek indemnity. Failure by the Indemnified Party to so notify
the Company will not relieve the Company or any of the Guarantors of their Obligations hereunder or under the Security Documents.
The Company or such Guarantor will defend the claim and the applicable Indemnified Party will cooperate in the defense. Each Indemnified
Party may have separate legal counsel and the Company will pay the reasonable fees and disbursements of such legal counsel; provided
that, anything herein to the contrary notwithstanding, neither the Company nor any Guarantor shall be required to pay the fees
and expenses of more than one firm of legal counsel for all of the Indemnified Parties in connection with any proceeding or related
proceedings, which legal counsel shall be selected by the Trustee. Neither the Company nor any Guarantor need pay for any settlement
made without the Company's consent, which consent will not be unreasonably withheld.

 

(c)          The
obligations of the Company and the Guarantors under this Section 7.07 will survive the satisfaction and discharge of this Indenture
and the termination of the Security Documents.

 

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(d)          To
secure the Company’s and the Guarantors’ payment Obligations in this Section 7.07, the Trustee and the Noteholder Collateral
Agent will have a Lien prior to the Notes on all money, Collateral or property held or collected by the Trustee, in its capacity
as Trustee, or the Noteholder Collateral Agent in its capacity as Noteholder Collateral Agent, except, in the case of the Trustee,
such funds that are held in trust to pay principal, premium, if any, interest and Additional Interest, if any, on particular Notes
pursuant to Article 8 or 10 hereof. Such Lien will survive the satisfaction and discharge of this Indenture.

 

(e)          When
an Indemnified Party incurs expenses or renders services after an Event of Default specified in Section 6.01(10) or (11) hereof
occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended
to constitute expenses of administration under any Bankruptcy Code.

 

(f)          The
Trustee will comply with the provisions of TIA § 313(b)(2) to the extent applicable.

 

Section 7.08         Replacement
of Trustee.

 

(a)          A
resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08.

 

(b)          The
Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders
of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and
the Company in writing. The Company may remove the Trustee if:

 

(1)         the
Trustee fails to comply with Section 7.10 hereof;

 

(2)         the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Code;

 

(3)         a
custodian or public officer takes charge of the Trustee or its property; or

 

(4)         the
Trustee becomes incapable of acting.

 

(c)          If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint
a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal
amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 

(d)          If
a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee,
the Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court
of competent jurisdiction for the appointment of a successor Trustee.

 

(e)          If
the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10
hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee.

 

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(f)          A
successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers
and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders. The retiring
Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the
Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the
Trustee pursuant to this Section 7.08, the Company’s Obligations under Section 7.07 hereof will continue for the benefit
of the retiring Trustee.

 

Section 7.09         Successor
Trustee by Merger, etc.

 

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

 

Section 7.10         Eligibility;
Disqualification.

 

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

 

This Indenture will
always have a Trustee who satisfies the requirements of TIA § 310(a)(5). The Trustee is subject to TIA § 310(b),
other than the provisions of subparagraph (1) of TIA Section 310(b) (including subclauses (A), (B), and (C) and of the proviso
to such subparagraph (1)) and other than the provisions of the penultimate paragraph of TIA Section 310(b) providing for an application
to the SEC. For purposes of clarity, the parties hereto agree that no “conflicting interest” shall arise under TIA
Section 310(b) because the Trustee is trustee under another indenture.

 

Section 7.11         Preferential
Collection of Claims Against Company.

 

The Trustee is subject
to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or
been removed shall be subject to TIA § 311(a) to the extent indicated therein.

 

Section 7.12         Trustee
in Other Capacities; Noteholder Collateral Agent and Paying Agent.

 

References to the
Trustee in Sections 7.01(b), (c)(2), (d), (e), (f), and (g). 7.02, 7.03, 7.04, 7.07, and 7.08 shall be understood to include the
Trustee when acting in its other capacities under this Indenture, including, without limitation, as Paying Agent and Noteholder
Collateral Agent. Without limiting the foregoing, and for the avoidance of doubt, such Sections shall be read to apply to the Noteholder
Collateral Agent and the Security Documents, mutatis mutandis, in addition to this Indenture. The privileges, rights, indemnities,
immunities and exculpatory provisions contained in this Indenture shall apply to the Trustee, whenever it is acting under the Notes
Documents.

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ARTICLE 8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section 8.01         Option
to Effect Legal Defeasance or Covenant Defeasance.

 

The Company may at
any time, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, elect
to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the applicable conditions set
forth below in this Article 8.

 

Section 8.02         Legal
Defeasance and Discharge.

 

Upon the Company’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company and each of the Guarantors will,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations
with respect to all outstanding Notes (including the Note Guarantees), this Indenture and the Security Documents and all of the
obligations with respect to their Note Guarantees on the date the conditions set forth below are satisfied (hereinafter, “Legal
Defeasance”). For this purpose, Legal Defeasance means that the Company and the Guarantors will be deemed to have paid
and discharged the entire Indebtedness represented by the outstanding Notes (including the Note Guarantees), which will thereafter
be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture
referred to in clauses (1) and (2) of this Section 8.02, and to have satisfied all their other obligations under such Notes, the
Note Guarantees, the Security Documents and this Indenture (and the Trustee and the Noteholder Collateral Agent, on demand of and
at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which
will survive until otherwise terminated or discharged hereunder:

 

(1)         the
rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or premium or Additional
Interest, if any, on such Notes when such payments are due, but solely from the trust referred to in Section 8.05 hereof;

 

(2)         the
Company’s obligations with respect to the Notes under Sections 2.06, 2.07, 2.10 and 4.02 hereof;

 

(3)         the
Company’s obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes, mutilated, destroyed,
lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust;

 

(4)         the
rights, powers, trusts, duties and immunities of the Trustee under this Indenture, and the Company’s and the Guarantors’
obligations in connection therewith; and

 

(5)         this
Article 8.

 

Subject to compliance
with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option
under Section 8.03 hereof.

 

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Section 8.03         Covenant
Defeasance.

 

Upon the Company’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and the Guarantors will, subject
to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the covenants
contained in Sections 3.09, 4.03, and 4.05 and Sections 4.07 through and including 4.20 hereof, and Section 5.01 hereof with respect
to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant
Defeasance”), and the Notes will thereafter be deemed not “outstanding” for the purposes of any direction,
waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but will
continue to be deemed “outstanding” for all other purposes hereunder. For this purpose, Covenant Defeasance means that,
with respect to the outstanding Notes and Note Guarantees, the Company and the Guarantors may omit to comply with and will have
no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by
reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision
herein or in any other document and such omission to comply will not constitute a Default or an Event of Default under Section
6.01 hereof or otherwise constitute a default under this Indenture, but, except as specified above and in the immediately following
sentence, the remainder of this Indenture and such Notes and Note Guarantees will be unaffected thereby. In addition, upon the
Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of
the conditions set forth in Section 8.04 hereof, Sections 6.01(3), (4), (5), (6), (7), (8) and (9) hereof will not constitute Events
of Default.

 

Section 8.04         Conditions
to Legal or Covenant Defeasance.

 

In order to exercise
either Legal Defeasance or Covenant Defeasance under either Sections 8.02 or 8.03 hereof:

 

(1)         the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S. dollars,
non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts
as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public
accountants, to pay the principal of, or interest, Additional Interest, if any, and premium, if any, on, the outstanding Notes
on the stated dates for payment thereof or on the applicable redemption date, as the case may be, and the Company must specify
whether the Notes are being defeased to such stated date for payment or to a particular redemption date;

 

(2)         in
the case of Legal Defeasance, the Company must deliver to the Trustee an Opinion of Counsel confirming that (a) the Company has
received from, or there has been published by, the Internal Revenue Service a ruling or (b) since the date of this Indenture, there
has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of
Counsel will confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax
purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such Legal Defeasance had not occurred;

 

(3)         in
the case of Covenant Defeasance, the Company must deliver to the Trustee an Opinion of Counsel confirming that the Holders of the
outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance
and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the
case if such Covenant Defeasance had not occurred;

 

(4)         no
Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit);

 

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(5)         such
Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the
Company or any of its Subsidiaries is bound (other than a Default or Event of Default resulting from the borrowing of funds to
be applied to such deposit);

 

(6)         the
Company must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the
intent of preferring the Holders of Notes over other creditors of the Company with the intent of defeating, hindering, delaying
or defrauding any creditors of the Company or others; and

 

(7)         the
Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel (which counsel may rely on an Officers'
Certificate as to matters of fact), each stating that all conditions precedent relating to the Legal Defeasance or the Covenant
Defeasance have been complied with.

 

Upon any Legal Defeasance
or Covenant Defeasance, all of the Collateral shall be released from all Liens arising under the Security Documents and this Indenture
and the Security Documents shall automatically terminate.

 

Section 8.05         Deposited
Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.

 

Subject to Section
8.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04
hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions
of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as
Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of
principal, premium, if any, interest and Additional Interest, if any, but such money need not be segregated from other funds except
to the extent required by law.

 

The Company will pay
and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government
Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such
tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.

 

Notwithstanding anything
in this Article 8 to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request of the Company
any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally
recognized investment bank, appraisal firm or firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in excess of the amount thereof
that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

Section 8.06         Repayment
to Company.

 

Subject to applicable
abandoned property laws, any money deposited (whether under this Article 8, Section 4.01 or any other provision of this Indenture
or any of the Security Documents) with the Trustee or any Paying Agent, or then held by the Company or any of its Subsidiaries,
in trust for the payment of the principal of, premium, if any, or interest or Additional Interest, if any, on, any Note and remaining
unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Company
on its request or (if then held by the Company or any of its Subsidiaries) will be discharged from such trust; and the Holder of
such Note will thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such
Paying Agent with respect to such trust money, and all liability of the Company or any of its Subsidiaries as trustee thereof,
will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment,
may at the expense of the Company cause to be published once, in the New York Times or The Wall Street Journal, notice that such
money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification
or publication, any unclaimed balance of such money then remaining will be repaid to the Company.

 

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Section 8.07         Reinstatement.

 

If the Trustee or Paying
Agent is unable to apply any U.S. dollars or non-callable Government Securities in accordance with Sections 8.02 or 8.03 hereof,
as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Company’s and the Guarantors’ Obligations under this Indenture and the Notes
and the Note Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Sections 8.02 or 8.03 hereof
until such time as the Trustee or Paying Agent is permitted to apply all such money and Government Securities in accordance with
Sections 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Company or any Guarantor makes any payment
of principal of, premium, if any, interest or Additional Interest, if any, on, any Note following the reinstatement of its obligations,
the Company or such Guarantor, as applicable, will be subrogated to the rights of the Holders of such Notes to receive such payment
from the money held by the Trustee or Paying Agent.

 

ARTICLE 9

AMENDMENT, SUPPLEMENT AND WAIVER

 

Section 9.01         Without
Consent of Holders of Notes.

 

Notwithstanding Section
9.02 of this Indenture, without the consent of any Holder of Notes, the Company, the Guarantors and the Trustee and, if any amendment
or supplement relates to any Security Document, the Noteholder Collateral Agent, may amend or supplement this Indenture, the Notes,
the Note Guarantees, and the Security Documents:

 

(1)         to
cure any ambiguity, defect or inconsistency;

 

(2)         to
provide for uncertificated Notes in addition to or in place of certificated Notes;

 

(3)         to
provide for the assumption of the Company’s or a Guarantor’s obligations to Holders of Notes and Note Guarantees in
the case of a merger or consolidation or sale, lease or other transfer of all or substantially all of the Company’s or such
Guarantor’s assets, as applicable;

 

(4)         to
make any change that would provide any additional rights or benefits to the Holders of Notes or that does not adversely affect
the legal rights under this Indenture of any such Holder in any material respect;

 

(5)         to
comply with the requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA;

 

(6)         
to conform the text of this Indenture, the Security Documents, the Notes or the Note Guarantees to any provision appearing under
the caption “Description of Notes” in the Offering Memorandum to the extent that such provision in such Description
of Notes was intended to be a substantially verbatim recitation of a provision of this Indenture, the Security Documents, the Notes
or the Note Guarantees, which intent may be evidenced by an Officers’ Certificate to that effect delivered to the Trustee;

 

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(7)         to
provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture as of the date of this
Indenture;

 

(8)         to
allow any Guarantor to execute a supplemental indenture and/or a Note Guarantee with respect to the Notes;

 

(9)         to
secure the Notes or the Note Guarantees pursuant to the requirements of Section 4.09 hereof or otherwise, including, without limitation,
entering into any amendment or waiver, or entering into any new agreement or instrument, to effect the granting, perfection, protection,
expansion or enhancement of any security interest in any Collateral or additional assets or property to become Collateral for the
benefit of the Holders of Notes, or as required by applicable laws to give effect to, or protect any security interest for the
benefit of the Holders of Notes, in any property or assets so that the security interests therein comply with applicable laws;

 

(10)        to
add any additional guarantees of the Notes or to evidence the release of any Guarantor from its Note Guarantee and such Guarantor’s
obligations under this Indenture and the Security Documents and the release of such Guarantor’s Collateral from the Liens
arising under this Indenture and the Security Documents, in each case as provided in this Indenture and the Security Documents;

 

(11)        to
evidence or provide for the acceptance of appointment under this Indenture of a successor trustee or a successor Noteholder Collateral
Agent;

 

(12)        to
enter into additional or supplemental Security Documents for the benefit of the Holders of the Notes; or

 

(13)        to
release Collateral when permitted or required by this Indenture or the Security Documents.

 

Upon the request of
the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental
indenture, and upon receipt by the Trustee of the documents described in Section 7.02(b) hereof, the Trustee and, if applicable,
the Noteholder Collateral Agent will join with the Company and the Guarantors in the execution of any amended or supplemental indenture
authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may
be therein contained, but the Trustee will not be obligated to enter into such amended or supplemental indenture that affects its
own rights, duties or immunities under this Indenture or otherwise.

 

Section 9.02         With
Consent of Holders of Notes.

 

Except as provided
in Section 9.01 and in the next three succeeding paragraphs of this Section 9.02, this Indenture, the Notes, the Note Guarantees,
or the Security Documents may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal
amount of the Notes then outstanding voting as a single class (including, without limitation, consents obtained in connection with
a purchase of, or tender offer or exchange offer for, Notes), and any existing Default or Event of Default or compliance with any
provision of this Indenture, the Notes or the Note Guarantees or the Security Documents may be waived with the consent of the Holders
of a majority in aggregate principal amount of the then outstanding Notes voting as a single class (including, without limitation,
consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes). Section 2.08 hereof
shall determine which Notes are considered to be “outstanding” for purposes of this Section 9.02.

 

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Without the consent
of each Holder of Notes affected, an amendment, supplement or waiver may not (with respect to any Notes held by a non-consenting
Holder):

 

(1)         reduce
the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver;

 

(2)         reduce
the principal of or change the fixed maturity of any Note or alter or waive any of the provisions with respect to the redemption
of the Notes (except provisions relating to minimum notice of redemption or Sections 3.09, 4.19 and 4.20 hereof);

 

(3)         reduce
the rate of or change the time for payment of interest, including Additional Interest and default interest, on any Note;

 

(4)         waive
a Default or Event of Default in the payment of principal of, or interest, Additional Interest, if any, or premium, on the Notes
(except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then
outstanding Notes and a waiver of the payment default that resulted from such acceleration);

 

(5)         make
any Note payable in money other than that stated in the Notes;

 

(6)         make
any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive
payments of principal of, or interest or Additional Interest, if any, or premium, on the Notes;

 

(7)         waive
a redemption payment with respect to any Note (other than a payment required by Sections 3.09, 4.19 or 4.20 hereof);

 

(8)         release
any Guarantor from any of its obligations under its Note Guarantee or this Indenture, except in accordance with the terms of this
Indenture; or

 

(9)         make
any change in the preceding amendment and waiver provisions.

 

In addition, the entering
into the Intercreditor Agreement by the Company and the Guarantors on terms that are materially worse for the Noteholder Collateral
Agent, when, taken as a whole, compared to those summarized in the Offering Memorandum under “Description of Notes—Security”
will require the consent of Holders of at least a majority in aggregate principal amount of the Notes then outstanding.

 

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In addition, any amendment
to, or waiver of, the provisions of this Indenture or any Security Documents that has the effect of releasing all or substantially
all of the Collateral from the Liens securing the Notes will require the consent of the holders of at least 66-2/3% in aggregate
principal amount of the Notes then outstanding.

 

Section 9.03         [Reserved]

 

Section 9.04         Revocation
and Effect of Consents.

 

Until an amendment,
supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and
every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even
if notation of the consent is not made on any Note. An amendment, supplement or waiver becomes effective in accordance with its
terms and thereafter binds every Holder.

 

The Company may, but
shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement
or waiver. If a record date is fixed, then notwithstanding the provisions of the immediately preceding paragraph, those Persons
who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to consent to
such amendment, supplement or waiver or to revoke any consent previously given, whether or not such Persons continue to be Holders
after such record date.

 

Section 9.05         Notation
on or Exchange of Notes.

 

The Trustee may place
an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange
for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the
amendment, supplement or waiver.

 

Failure to make the
appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.

 

Section 9.06         Trustee
to Sign Amendments, etc.

 

The Trustee and, if
required by this Article 9, the Noteholder Collateral Agent will sign any amended or supplemental indenture authorized pursuant
to this Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the
Trustee. The Company may not sign an amended or supplemental indenture until the Board of Directors of the Company approves it.
In executing any amended or supplemental indenture, the Trustee will be entitled to receive and (subject to Section 7.01 hereof)
will be fully protected in relying upon, in addition to the documents required by Section 13.04 hereof, an Officers’ Certificate
and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this
Indenture.

 

ARTICLE 10

SATISFACTION AND DISCHARGE

 

Section 10.01         Satisfaction
and Discharge.

 

This Indenture will
be discharged and will cease to be of further effect as to all Notes issued hereunder, when:

 

(1)         either:

 

(A)         all
Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose
payment money has been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee for cancellation;
or

 

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(B)         all
Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the mailing of a notice
of redemption or otherwise or will become due and payable within one year and the Company or any Guarantor has irrevocably deposited
or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars,
non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts
as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the
Notes not delivered to the Trustee for cancellation for principal, premium and accrued interest, including any Additional Interest,
to the date of maturity or redemption, as the case may be;

 

(2)         no
Default or Event of Default has occurred and is continuing on the date of the deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit) and the deposit will not result in a breach or violation of,
or constitute a default under, any other instrument to which the Company or any Guarantor is a party or by which the Company or
any Guarantor is bound;

 

(3)         the
Company or any Guarantor has paid or caused to be paid all other sums payable by it under this Indenture; and

 

(4)         the
Company has delivered irrevocable written instructions to the Trustee under this Indenture to apply the deposited money toward
the payment of the Notes at maturity or on the redemption date, as the case may be.

 

In addition, the Company must deliver an
Officers’ Certificate and an Opinion of Counsel (which counsel may rely on an Officers' Certificate as to matters of fact)
to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.

 

Notwithstanding the
satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause (B) of clause
(1) of this Section 10.01, the provisions of Sections 10.02 and 8.06 hereof will survive. In addition, nothing in this Section
10.01 will be deemed to discharge those provisions of Section 7.07 hereof, that, by their terms, survive the satisfaction and discharge
of this Indenture.

 

Upon any such satisfaction
and discharge, all of the Collateral shall be released from all Liens arising under the Security Documents and this Indenture and
the Security Documents shall automatically terminate.

 

Section 10.02         Application
of Trust Money.

 

Subject to the provisions
of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 10.01 hereof shall be held in trust and applied
by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of
the principal (and premium, if any) interest (and Additional Interest, if any) for whose payment such money has been deposited
with the Trustee; but such money need not be segregated from other funds except to the extent required by law.

 

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If the Trustee or Paying
Agent is unable to apply any money or Government Securities in accordance with Section 10.01 hereof by reason of any order or judgment
of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and
any Guarantor’s Obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred
pursuant to Section 10.01 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money and Government
Securities in accordance with Section 10.01 hereof; provided that if the Company or any Guarantor has made any payment of
principal of, premium, if any, or interest or Additional Interest, if any, on, any Notes because of the reinstatement of its obligations,
the Company or such Guarantor, as applicable, shall be subrogated to the rights of the Holders of such Notes to receive such payment
from the money or Government Securities held by the Trustee or Paying Agent; and provided, further, that no Default or Event of
Default under or as a result of any of the provisions of this Indenture that have been so revived or reinstated shall be deemed
to have occurred during the 90 days immediately following the date of such reinstatement.

 

ARTICLE 11

NOTE GUARANTEES

 

Section 11.01         Guarantee.

 

(a)          Subject
to this Article 11, each of the Guarantors hereby, jointly and severally, fully and unconditionally guarantees, and each Restricted
Subsidiary who hereafter becomes a Guarantor will jointly and severally, fully and unconditionally guarantee, on a senior basis
and a secured basis to the extent of the Collateral pledged by such Guarantor as set forth in Article 12 and the Security Documents,
to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and the Noteholder Collateral Agent and
their respective successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes, the Security
Documents or the Obligations of the Company hereunder or thereunder, that:

 

(1)         the
principal of, premium, if any, interest and Additional Interest, if any, on, the Notes will be promptly paid in full when due,
whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and, to the extent permitted
by applicable law, interest on the Notes, if any, and all other Obligations of the Company to the Holders or the Trustee and the
Noteholder Collateral Agent hereunder or thereunder or under any Security Document will be promptly paid in full or performed,
all in accordance with the terms hereof and thereof; and

 

(2)         in
case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid
in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration
or otherwise.

 

Failing payment when
due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and severally
obligated to pay the same immediately. The Guarantors agree that this is a guarantee of payment and not a guarantee of collection.

 

(b)          Each
Guarantor hereby agrees, to the extent permitted by applicable law, that its obligations hereunder are unconditional, irrespective
of the validity, regularity or enforceability of the Notes, any Security Document or this Indenture, the absence of any action
to enforce the same, any change in the time, manner or place or payment of, or in any other term of, all or any of the Company's
obligations under this Indenture or any other amendment or waiver of or any consent to any departure from the Notes, this Indenture
or any Security Agreement or any other agreement or instrument relating thereto, any pledge, exchange, release or non-perfection
or loss of priority of any Collateral, any release or amendment of the Note Guarantee of any other Guarantor, any exercise, non-exercise
or waiver of any right, remedy, power or privilege under or in respect of the Notes, this Indenture or any Security Document, any
waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against
the Company, any action to enforce the same, or any other circumstance which might otherwise constitute a legal or equitable discharge
or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court
in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest,
notice and all demands whatsoever and covenant that this Note Guarantee will not be discharged except by complete performance of
the Obligations contained in the Notes and this Indenture.

 

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(c)          If
any Holder, the Noteholder Collateral Agent or the Trustee is required by any court or otherwise to return to the Company, the
Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors,
any amount paid by either to the Trustee, the Noteholder Collateral Agent or such Holder, this Note Guarantee, to the extent theretofore
discharged, will be reinstated in full force and effect.

 

(d)          Each
Guarantor agrees that it will not be entitled to enforce any right of subrogation in relation to the Holders in respect of any
obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees, to the
extent permitted by applicable law, that, as between the Guarantors, on the one hand, and the Holders, the Noteholder Collateral
Agent and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided
in Article 6 hereof for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the Obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such
Obligations as provided in Article 6 hereof, such Obligations (whether or not due and payable) will forthwith become due and payable
by the Guarantors for the purpose of this Note Guarantee. The Guarantors will have the right to seek contribution from any non-paying
Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Note Guarantee.

 

Section 11.02         Limitation
on Guarantor Liability.

 

Each Guarantor, and
by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of
such Guarantor not constitute a fraudulent transfer or conveyance for purposes of any Bankruptcy Code, the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar federal or state or other law to the extent applicable to any Note Guarantee
or Guarantor. To effectuate the foregoing intention, the Trustee, the Noteholder Collateral Agent, the Holders and the Guarantors
hereby irrevocably agree that the Obligations of such Guarantor under this Indenture, the Note Guarantees and the Security Documents
will be limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent and fixed
liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive
contribution from or payments made by or on behalf of any other Guarantor in respect of the Obligations of such other Guarantor
under this Article 11, result in the Obligations of such Guarantor under its Note Guarantee not constituting a fraudulent transfer
or conveyance.

 

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Section 11.03         Execution
and Delivery of Guarantee.

 

To evidence its Note
Guarantee set forth in Section 11.01 hereof, each Guarantor hereby agrees that a notation of such Note Guarantee substantially
in the form attached as Exhibit E hereto will be signed by an Officer of such Guarantor (by manual or facsimile signature) and
endorsed on each Note authenticated and delivered by the Trustee and that this Indenture will be executed on behalf of such Guarantor
by one of its Officers.

 

Each Guarantor hereby
agrees that its Note Guarantee set forth in Section 11.01 hereof will remain in full force and effect notwithstanding any failure
to endorse on each Note a notation of such Note Guarantee.

 

If an Officer of a
Guarantor whose signature is on this Indenture or the Note Guarantee no longer holds such office at the time the Trustee authenticates
the Note on which such Note Guarantee is endorsed, the Note Guarantee will be valid nevertheless.

 

The delivery of any
Note by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Note Guarantee set forth in
this Indenture on behalf of the Guarantors.

 

In the event that the
Company or any of its Restricted Subsidiaries creates or acquires any Domestic Subsidiary (other than an Immaterial Subsidiary)
after the Issue Date, the Company will, if required by Section 4.15 hereof, cause such Domestic Subsidiary to comply with the provisions
of Section 4.15 hereof and this Article 11, to the extent applicable; provided that the Company shall not be required to
cause any such new Domestic Subsidiary to execute a notation of its Guarantee on any Notes that were issued prior to the time that
such Domestic Subsidiary became a Guarantor.

 

Section 11.04         Guarantors
May Consolidate, etc., on Certain Terms.

 

Except as otherwise
provided in Section 11.05 hereof, no Guarantor may sell or otherwise dispose of all or substantially all of its assets to, or consolidate
with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than the Company or another
Guarantor, unless:

 

(1)         immediately
after giving effect to that transaction, no Default or Event of Default exists; and

 

(2)         either
(A) (i) the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation
or merger (the “Successor Guarantor”), if other than such Guarantor, unconditionally assumes all the obligations
of such Guarantor under its Note Guarantee, this Indenture, the Security Documents and the Registration Rights Agreement pursuant
to a supplemental indenture to this Indenture, appropriate amendments to the Security Documents and an amendment to the Registration
Rights Agreement; (ii) the Successor Guarantor causes such amendments, supplements or other instruments to be executed, delivered,
filed and recorded in such jurisdictions as may be required by applicable law to preserve and protect the Liens under the applicable
Security Documents on the Collateral owned by or transferred to the Successor Guarantor, together with such financing statements
(or other filings) as may be required to perfect any security interests in such Collateral which may be perfected by the filing
of a financing statement or other filings or registrations under the Uniform Commercial Code, filings or registrations under any
other registries or the applicable law of any other relevant jurisdiction; (iii) the Collateral owned by or transferred to the
Successor Guarantor shall: (1) continue to constitute Collateral under this Indenture and the applicable Security Documents, (2)
be subject to Liens in favor of the Noteholder Collateral Agent for the benefit of the secured parties and (3) not be subject to
any Lien other than Permitted Liens; and (iv) the property and assets of the Person which is merged or consolidated with or into
the Successor Guarantor, to the extent that they are property or assets of the types which would constitute Collateral under the
applicable Security Documents, shall be treated as after-acquired property and the Successor Guarantor shall take such action as
may be reasonably necessary to cause such property and assets to be made subject to the Liens under the applicable Security Documents
all in the manner and to the extent required in this Indenture and the Security Documents; or (B) the Net Proceeds, if any, of
such sale or other disposition are applied in accordance with the applicable provisions of this Indenture and the Security Documents,

 

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provided, however,
that the transfer, sale or other disposition of all or substantially all of the assets of, directly or indirectly, the Guarantors
as a whole will also be governed by Article 5 and may be subject to Section 4.19 hereof.

 

In case of any such
consolidation, merger, sale or conveyance and, if the Successor Person was not immediately prior to such transaction a Guarantor,
upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory
in form to the Trustee, of the predecessor Guarantor’s obligations under the Note Guarantee endorsed upon the Notes and the
due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the predecessor Guarantor,
such successor Person will succeed to and be substituted for the predecessor Guarantor with the same effect as if it had been named
herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the Note Guarantees to be endorsed
upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee
(it being understood and agreed that such successor Person need not execute a notation of its Guarantee on Notes issued prior to
the time that it became a Guarantor). All the Note Guarantees so issued will in all respects have the same legal rank and benefit
under this Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as
though all of such Note Guarantees had been issued at the date of the execution hereof.

 

Except as set forth
in Articles 4 and 5 hereof, and notwithstanding clauses (1) and (2) above, nothing contained in this Indenture or in any of the
Notes or the Security Documents will prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor,
or will prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Company
or another Guarantor.

 

Section 11.05         Releases.

 

The Note Guarantee
of a Guarantor will be released:

 

(1)         in
connection with any sale or other disposition of all or substantially all of the assets of such Guarantor (including by way of
merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted
Subsidiary of the Company, if the sale or other disposition does not violate Section 4.20 hereof;

 

(2)         in
connection with any sale or other disposition of all of the Capital Stock of such Guarantor owned by the Company or any of its
Restricted Subsidiaries to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted
Subsidiary of the Company, if the sale or other disposition does not violate Section 4.20 hereof and the Guarantor ceases to be
a Restricted Subsidiary of the Company as a result of the sale or other disposition;

 

(3)         if
the Company designates any Restricted Subsidiary that is a Guarantor to be an Unrestricted Subsidiary in accordance with the applicable
provisions of this Indenture;

 

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(4)         upon
Legal Defeasance or Covenant Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in
accordance with Article 10 hereof; or

 

(5)         upon
the liquidation or dissolution of such Guarantor provided no Default or Event of Default has occurred and is continuing.

 

If the Note Guarantee
of a Guarantor is released, then such Guarantor will automatically be released from all of its Obligations under this Indenture,
the Security Documents and the Registration Rights Agreement and all Collateral of such Guarantor will be released from any Liens
arising under this Indenture or the Security Documents. Any Guarantor not released from its Obligations under its Note Guarantee
as provided in this Section 11.05 will, subject to Section 11.02, remain liable for the full amount of principal of and interest
and Additional Interest, if any, and premium, if any, on the Notes and for the other Obligations of any Guarantor under this Indenture
as provided in this Article 11.

 

ARTICLE 12

SECURITY

 

Section 12.01         Grant
of Security Interests; Intercreditor Agreement.

 

(a)          The
Company and the Guarantors:

 

(1)         shall
grant a security interest or mortgage lien, as applicable, in the Collateral as set forth in the Security Documents to the Noteholder
Collateral Agent for the benefit of the Holders, the Trustee and the Noteholder Collateral Agent to secure the due and punctual
payment of the Notes Obligations (as defined in the Security Agreement) and the performance of all other Obligations of the Company
and the Guarantors to the Holders, the Noteholder Collateral Agent and the Trustee under the Notes Documents (as defined in the
Security Agreement), subject to the terms of the Intercreditor Agreement, this Indenture and any other Permitted Liens;

 

(2)         hereby
covenant (A) to perform and observe their obligations under the Security Documents and (B) take any and all commercially reasonable
actions (including without limitation the covenants set forth in the Security Documents and in this Article) required to cause
the Security Documents to create and maintain, as security for the Obligations contained in the Notes Documents, valid and enforceable
and (in the case of security interests on personal property) perfected, in each case except as expressly provided herein or therein,
security interests or mortgage liens, as applicable, in and on all the Collateral, in favor of the Noteholder Collateral Agent,
superior to and prior to the rights of all third Persons except for Permitted Liens and so long as the Intercreditor Agreement
is in full force and effect except as otherwise provided in the Intercreditor Agreement and as may otherwise be limited by the
terms of the Security Documents; and

 

(3)         shall
do or cause to be done, at their sole cost and expense, all such actions and things as may be required by the provisions of the
Security Documents, to confirm to the Noteholder Collateral Agent the security interests in the Collateral contemplated hereby
and by the Security Documents, as from time to time constituted, so as to render the same available for the security and benefit
of the Notes Documents according to the intent and purpose herein and therein expressed.

 

(b)          Each
Holder, by its acceptance of a Note:

 

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(1)         appoints
the Noteholder Collateral Agent to act as its agent (and by its signature below, the Noteholder Collateral Agent accepts such appointment);

 

(2)         consents
and agrees to the terms of each of the Security Documents, as the same may be in effect or may be amended, restated, supplemented
or otherwise modified from time to time in accordance with their respective terms, and authorizes and directs the Noteholder Collateral
Agent to enter into the Security Documents and to perform its obligations and exercise its rights thereunder in accordance therewith;
and

 

(3)         appoints,
authorizes and, upon the Company’s request, directs the Noteholder Collateral Agent to enter, at any time including a future
date, into the Intercreditor Agreement with the ABL Agent acting for the benefit of financial institutions that become party to
the Credit Agreement, in form and substance reasonably satisfactory to the Noteholder Collateral Agent.

 

In connection with
entering into the Intercreditor Agreement pursuant to clause (3) of the preceding sentence or any Control Agreement (as defined
in the Security Agreement) pursuant to clause (2) of the preceding sentence, the Noteholder Collateral Agent shall be entitled
to receive and rely on, an Officers' Certificate and an Opinion of Counsel pursuant to Sections 13.04 and 13.05 that the entry
into the Intercreditor Agreement or such Control Agreement complies with the conditions relating thereto contained in this Indenture
or in the Security Agreement, as applicable.

 

(c)          This
Article 12, the Security Agreement and the other Security Documents (other than the Intercreditor Agreement) will be subject to
the terms, limitations and conditions set forth in the Intercreditor Agreement.

 

(d)          Subject
to the terms of the Security Documents and this Indenture, the Trustee will determine and will direct the Noteholder Collateral
Agent as to the circumstances and manner in which the Collateral will be disposed of and how remedies against Collateral are to
be exercised during the continuance of an Event of Default, including, but not limited to, the determination of whether to release
all or any portion of the Collateral from the Liens created by the Security Documents and whether to foreclose on the Collateral
following a Default or Event of Default; provided that the foregoing shall not prevent the Company or any of its Subsidiaries from
disposing of Collateral as expressly permitted under the provisions of this Indenture and the Security Documents.

 

Section 12.02         Recording
and Opinions.

 

(a)          The
Company shall, in accordance with and subject to the terms of the Security Documents, and shall cause each of the Guarantors to,
at their sole cost and expense, file UCC-1 financing statements in the applicable filing office naming the Company or a Guarantor,
as applicable, as debtor in order to perfect the security interest granted by them or under the Security Documents in the Collateral
of the Company and the Guarantors and deliver to the Noteholder Collateral Agent the certificates representing the Pledged Securities
(as defined in the Security Agreement), and take or cause to be taken, in accordance with the Security Documents, all commercially
reasonable action required to perfect (except as expressly provided in the Security Documents), maintain (with the priority required
under the Security Documents), preserve and protect the security interests or mortgage liens, as applicable, in the Collateral
granted by the Security Documents, including, in the case of personal property, (i) the filing of financing statements, continuation
statements, collateral assignments and any instruments of further assurance, in such manner and in such places as may be required
by law to preserve and protect fully the rights of the Holders, the Noteholder Collateral Agent, and the Trustee under the Notes
Documents in the Collateral pursuant to the terms of the Security Documents, and (ii) the delivery of the certificates, if any,
evidencing any certificated securities pledged under the Security Documents, duly endorsed in blank or accompanied by undated stock
powers or other instruments of transfer executed in blank. The Company and the Guarantors shall, in accordance with the Security
Documents, from time to time promptly pay all financing and continuation statement recording and/or filing fees, charges and recording
and similar taxes relating to the Notes Documents and any amendments hereto or thereto and any other instruments of further assurance
required pursuant thereto. Neither the Company nor any Guarantor will take any action, or omit to take any action, which action
or omission would adversely affect or impair in any material respect the security interests in the Collateral granted by the Company
and the Guarantors for the benefit of the Noteholder Collateral Agent, the Trustee or the Holders except as expressly set forth
in the Notes Documents. Neither the Trustee nor the Noteholder Collateral Agent shall have any duty to see to any perfection of
such security interest in the Collateral, including the recording or filing of any document or in confirming or maintaining the
perfection of any such liens.

 

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(b)          If
property of a type constituting Collateral is acquired by the Company or any Guarantor that is not automatically subject to a perfected
(to the extent required by the Security Agreement) security interest or mortgage lien, as applicable, under the Security Documents
or a Restricted Subsidiary of the Company becomes a new Guarantor, then the Company or such Guarantor, as applicable, will, as
soon as reasonably practicable after such property’s acquisition or such Subsidiary becoming a Guarantor,

 

(1)         grant
Liens on such property (or, in the case of a new Guarantor, all of its assets constituting the type that is Collateral) in favor
of the Noteholder Collateral Agent for the benefit of the Holders of the Notes (and, to the extent such grant would require the
execution and delivery of a Security Document), the Company or such Guarantor shall, if such property is personal property, execute
and deliver such Security Document on substantially the same terms as the Security Document covering personal property, Collateral
owned by the Company or a Guarantor on the Issue Date (but with such changes therein as may be necessary or appropriate to conform
to local law or practice), including execution of a supplement to the Security Agreement and, if such property is real property,
execute a new Mortgage or an amendment to an existing Mortgage granting a mortgage lien on such property as required by Section
12.03 hereof);

 

(2)         deliver
any certificates (including in the case of real property title insurance) and other documentation in respect thereof as required
by the Security Documents and, in the case of real property, Section 12.03 of this Indenture; and

 

(3)         in
the case of personal property, cause the security interest granted in such Security Document to be perfected to the same extent
and with the same priority as the Liens (subject to Permitted Liens) granted on Collateral owned by the Company or a Guarantor
on the Issue Date are perfected (including, with respect to Equity Interests of a Subsidiary or intercompany debt, perfection by
control to the extent required by the applicable Security Document, and in the case of real property, cause the new Mortgage or
amendment to the existing Mortgage, as applicable, to be filed or recorded as required by Section 12.03 hereof).

 

(c)          The
Company shall furnish to the Trustee and the Noteholder Collateral Agent (if other than the Trustee), on or within one month of
December 31 of each year, commencing December 31, 2014, an Opinion of Counsel with respect to Collateral as defined in the Security
Agreement that constitutes property covered by Article 9 of the UCC and as to which perfection may be accomplished by possession,
control or filing of a financial statement under Article 9 of the UCC either (1) stating that, in the opinion of such counsel,
all action necessary and required under the Security Documents to perfect or continue the perfection of the security interests
created by the Security Agreement in such Article 9 Collateral has been taken and reciting the details of such action or referring
to prior Opinions of Counsel in which such details are given or (2) stating that, in the Opinion of such Counsel, no such action
is necessary to perfect or continue the perfection of any security interest created under the Security Agreement. Such opinion
may be subject to the limitations and assumptions of any prior opinion (including the opinions delivered on the Issue Date in connection
with the offering of the Notes) to the extent such limitations and assumptions are applicable and other customary assumptions and
limitations.

 

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Section 12.03         Mortgages
and Filings.

 

Neither the Company
nor any of the Guarantors owns any real property in fee simple on the Issue Date. If any real property having a Fair Market Value
of more than $5.0 million shall be acquired by the Company or a Guarantor after the Issue Date that is not Excluded Property (as
defined in the Security Agreement) (individually and collectively, the “Premises”), the Company shall use commercially
reasonable efforts to deliver to the Noteholder Collateral Agent within 90 days of the Issue Date, or with respect to the Premises
acquired after the Issue Date, within 120 days of the date of acquisition of such Premises or, in the case of any Premises located
outside of the United States of America, within such period of time (which may be longer than 120 days after the date of acquisition
of such Premises), as may be reasonably necessary to obtain and deliver the following documents, (subject to the terms of the Intercreditor
Agreement):

 

(a)          fully
executed counterparts of Mortgages, duly executed by the Company or a Guarantor, as applicable, together with evidence of the completion
(or satisfactory arrangements for the completion), of all recordings and filings of such Mortgage and any financing statements
as may be necessary to create a valid, recorded Lien in favor of the Noteholder Collateral Agent (subject to no liens other than
Permitted Liens) against the properties purported to be covered thereby;

 

(b)          mortgagee’s
title insurance policies in favor of the Noteholder Collateral Agent, as mortgagee for the ratable benefit of the Noteholder Collateral
Agent and the Holders in an amount equal to the Fair Market Value of the Premises, insuring that title to such Premises is indefeasible
and that the interests created by the Mortgage constitute valid Liens thereon free and clear of all Liens, defects and encumbrances
other than Permitted Liens (including any defects or encumbrances that do not in the aggregate materially adversely affect the
value of said Premises or materially adversely impair their use in the operation of the Premises), together with such endorsements,
coinsurance and reinsurance, as the Company determines are customary and shall be accompanied by evidence of the payment in full
of all premiums thereon;

 

(c)          with
respect to each of the Premises, the most recent survey of such Premises, together with either (i) an updated survey certification
in favor of the Noteholder Collateral Agent from the applicable surveyor stating that, based on a visual inspection of the Premises
and the knowledge of the surveyor, there has been no change in the facts depicted in the survey or (ii) an affidavit from the Company
or a Guarantor, as applicable, stating that there has been no change, sufficient for the title insurance company to remove all
standard survey exceptions and issue the endorsements to the title insurance
policies;

 

(d)          a
flood zone certification respecting the Premises, if applicable;

 

(e)          an
opinion from local counsel in each state where a Premises is located and covering customary local counsel matters with respect
to the Mortgage;

 

(f)          copies
of all real property leases in which the Company or a Guarantor, as applicable, holds the lessor’s interest or other real
property agreements relating to possessory interests, if any, in each case that the Board of Directors or an Officer of the Company
determines, in the exercise of its reasonable discretion, are material with respect to the Company and its Restricted Subsidiaries
considered as a whole;

 

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(g)          copies
certified by the Secretary, Assistant Secretary or other Officer of the Company or a Guarantor, as applicable, of (i) all organizational
documents of the Company or a Guarantor, as applicable, and (ii) documents, evidencing the corporate authority of the Company or
a Guarantor, as applicable, to enter into the Mortgage;

 

(h)          evidence
that the Company or a Guarantor, as applicable, has made all notifications, registrations and filings, to the extent that applicable
laws, including without limitation environmental, health and safety laws, require such notifications, registrations and filings
in connection with the Mortgage or, with respect to Premises acquired after the Issue Date, the acquisition of the Premises;

 

(i)          evidence
of casualty and property insurance as required by the applicable Mortgage;

 

(j)          evidence
that all applicable mortgage or transfer taxes and filing or recording fees relating to the granting or recording of the applicable
Mortgage required hereunder have been paid in full; and

 

(k)          an
Officers’ Certificate reasonably certifying that all items in this Section 12.03 have been delivered.

 

Section 12.04         Advances
to Subsidiaries.

 

If the Company or any
Restricted Subsidiary makes any loans or other advances to Restricted Subsidiaries after the Issue Date, then such loans or other
advances will either (1) be evidenced by intercompany notes in favor of the Company or such Restricted Subsidiary and will be pledged
pursuant to the Security Documents as Collateral to secure the Notes, or (2) the Company will not, and will cause the applicable
Restricted Subsidiary not to, pledge or deliver any such intercompany note as security for Indebtedness to any other party. Any
such intercompany note will be payable upon demand. If the Restricted Subsidiary is not a party to the Intercompany Subordinated
Note (as defined in the Security Agreement), such Restricted Subsidiary shall, within 30 days of making such loan or advance, execute
and deliver to the Noteholder Collateral Agent a joinder to the Intercompany Subordinated Note in the form attached as Exhibit
3 to the Security Agreement.

 

Section 12.05         Additional
Collateral.

 

If property of a type
constituting Collateral is acquired by the Company or a Guarantor that is not automatically subject to a perfected security interest
under the Security Documents or a Restricted Subsidiary becomes a Guarantor, then the Company and such Guarantor, as applicable,
will, as soon as reasonably practicable after such property’s acquisition or such Subsidiary becoming a Guarantor:

 

(a) grant Liens
on such property (or, in the case of a new Guarantor, all of its assets constituting the type that is Collateral) in favor of the
Noteholder Collateral Agent for the benefit of the Holders of Notes (and, to the extent such grant would require the execution
and delivery of a Security Document, the Company or such Guarantor shall execute and deliver such Security Document on substantially
the same terms as the Security Documents covering Collateral owned by the Company or a Guarantor on the Issue Date including, with
respect to personal property, execution of a supplement to the Security Agreement and, with respect to fee-owned real property
having a Fair Market Value in excess of $5.0 million, execution of a new mortgage or an amendment to an existing mortgage);

 

(b) deliver certain
certificates in respect thereof as required by the Security Documents and, in the case of real property located in the United States,
a title insurance policy relating to any mortgage therein; and

 

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(c) to the extent
required by the Security Documents, cause the Lien granted in such Security Document to be duly perfected to the same extent and
with the same priority as the Liens (subject to Permitted Liens) granted on Collateral owned by the Company or a Guarantor on the
Issue Date are perfected (including, with respect to Equity Interests of a Subsidiary or intercompany debt, perfection by control
to the extent required by the applicable Security Document and, to the extent applicable to assets and property not constituting
Excluded Property, taking such action as may be required under the terms of the Security Document to be taken under the laws of
any applicable foreign jurisdiction to create, perfect and maintain the requisite priority of such Lien under such laws, including,
to the extent so required, entering into security documentation governed by foreign law).

 

In addition, to the
extent any disposition of assets or property in an Asset Sale is of Collateral, any non-cash consideration received by the Company
or any Restricted Subsidiary will be pledged as Collateral under the Security Documents as soon as reasonably practicable after
such sale, in accordance with the requirements set forth in the Security Documents.

 

Notwithstanding the
foregoing, the Board of Directors of the Company and the Guarantors shall have discretion to determine not to obtain or perfect
a security interest in non-U.S. assets or property under the circumstances described in Section 3.7 of the Security Agreement.

 

Section 12.06         Further
Assurances.

 

(a)          Neither
the Company nor any Guarantor will enter into any agreement that requires the proceeds received from any sale of Collateral to
be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person, other than as permitted or
required by this Indenture or the Security Documents (including, without limitation, the Intercreditor Agreement)..

 

(b)          
Subject to the terms of the Intercreditor Agreement, neither the Company nor any Guarantor will take or omit to take any action
which would adversely affect or impair in any material respect the Liens in favor of the Noteholder Collateral Agent with respect
to the Collateral, except as otherwise permitted or required by the Security Documents or this Indenture.

 

(c) The Company
shall, and shall cause each Guarantor to, at their sole cost and expense, (i) execute and deliver all such agreements and instruments
and take all further action as the Noteholder Collateral Agent may reasonably request to more fully or accurately describe the
property intended to be Collateral or the obligations intended to be secured by the Security Documents; and (ii) file any such
notice filings or other agreements or instruments as may be reasonably necessary or desirable under applicable law to perfect the
Liens created by the Security Documents.

 

(d) The Company
will, and shall cause its Subsidiaries to, as soon as reasonably practicable, following the Issue Date, terminate and release all
Liens on assets located outside the United States (other than Liens securing intercompany obligations between any Foreign Subsidiary,
on the one hand, and the Company or any Guarantor, on the other hand), or on any Equity Interests of any Foreign Subsidiaries owned
by the Company or any Guarantor, in each case that secured the obligations of the Company and its Subsidiaries under the credit
agreement among the Company, the subsidiaries party thereto, the lenders party thereto and MC Admin Co LLC, as administrative agent,
dated as of November 28, 2012, as amended.

 

Section 12.07         Release
of Liens.

 

(a)          Subject
to the terms of the Notes Documents and the Intercreditor Agreement, the Company and the Guarantors will be entitled to releases
of assets included in the Collateral from the Liens securing the Notes Obligations under the Notes Documents under any one or more
of the following circumstances and such Liens on such assets shall automatically, without the need for any further action by any
Person, be released, terminated and discharged:

 

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(1)         with
respect to any asset constituting Collateral, if such Collateral is sold or otherwise disposed of (including by way of merger or
consolidation, among other things) in accordance with the terms of Section 4.20 and the Security Documents and the Company has
delivered to the Noteholder Collateral Agent an Officers’ Certificate certifying to such effect; provided (a) any
cash received from a disposition of Collateral will be required to be deposited in a deposit account controlled by the Company
and held as Collateral subject to the Liens created by the applicable Security Documents pending its application or use in compliance
with Section 4.20 hereof and, from such deposit account, the Company or any Restricted Subsidiary may withdraw funds to deploy
the proceeds of an Asset Sale in compliance with Section 4.20 hereof; and (b) that to the extent that any disposition in such Asset
Sale was of Collateral, the non-cash consideration received will, to the extent required by the Security Documents, be pledged
as Collateral under the Security Documents as soon as reasonably practicable after such sale, in accordance with the requirements
set forth in this Indenture and the Security Documents;

 

(2)         if
any Guarantor is released from its Note Guarantee in accordance with the terms of this Indenture (including by virtue of such Guarantor
ceasing to be a Restricted Subsidiary), that Guarantor’s assets will also be released from the Liens securing its Note Guarantee
and its other Obligations under this Indenture, its Note Guarantees and the Security Documents.

 

(3)         if
required in accordance with the terms of the Intercreditor Agreement or any Security Document;

 

(4)         upon
Legal Defeasance or Covenant Defeasance pursuant to Article 8 hereof or satisfaction and discharge pursuant to Article 10 hereof;

 

(5)         if
such property or assets become Excluded Property;

 

(6)         with
the consent of the Holders of Notes of the requisite percentage of outstanding Notes in accordance with Article 9 of this Indenture;
or

 

(7)         if,
in connection with the exercise of the ABL Agent’s remedies in respect of any ABL Priority Collateral (as defined in the
Security Agreement), the ABL Agent, on behalf of holders of ABL Obligations, as defined in the Intercreditor Agreement, releases
any of its Liens on any part of the ABL Priority Collateral, then the Liens, if any, of the Noteholder Collateral Agent for the
benefit of the Holders of the Notes on the ABL Priority Collateral sold or disposed of in connection with such exercise will be
automatically, unconditionally and simultaneously released; and, in such event, the Noteholder Collateral Agent, on behalf of itself
and the Holders of the Notes, at the Company's expense, promptly will execute and deliver to the ABL Agent such termination statement,
releases and other documents as the ABL Agent may request in writing to effectively confirm such release.

 

(b)          Subject
to the terms of the Intercreditor Agreement, upon receipt of any necessary or proper instruments of termination, satisfaction or
release prepared by the Company or the Guarantors, as the case may be, the Noteholder Collateral Agent and, if applicable, the
Trustee, shall execute, deliver or acknowledge such instruments or releases to evidence the release of any Collateral permitted
to be released pursuant to this Indenture or the Security Documents, including the Intercreditor Agreement; provided that
(except for dispositions excluded from the definition of the term “Asset Sale”) the Company or the applicable Guarantor,
as the case may be, executes and delivers an Officers’ Certificate to the Noteholder Collateral Agent certifying that the
release of such Collateral is permitted under the terms of this Indenture and that all conditions precedent to such release have
been satisfied.

 

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(c)          The
release of any Collateral from the terms of the Security Documents pursuant to this Section 12.07 shall not be deemed to impair
the Collateral under the Notes Documents in contravention of the provisions thereof and hereof.

 

Section 12.08         Form
and Sufficiency of Release.

 

In the event that the
Company or any Guarantor has sold, exchanged, or otherwise disposed of or proposes to sell, exchange or otherwise dispose of any
portion of the Collateral that may be sold, exchanged or otherwise disposed of by the Company or any Guarantor to any Person other
than the Company or a Guarantor in accordance with the Notes Documents, and the Company or any Guarantor requests in writing that
the Noteholder Collateral Agent and, if applicable, the Trustee furnish a written disclaimer, release or quit-claim of any interest
in such property under the Notes Documents, the Noteholder Collateral Agent and, if applicable, the Trustee shall execute, acknowledge
and deliver to the Company or such Guarantor (in proper form prepared by the Company or such Guarantor) such an instrument promptly
after satisfaction of the conditions set forth herein for delivery of any such release. Notwithstanding the preceding sentence,
all purchasers and grantees of any property or rights purporting to be released herefrom shall be entitled to rely upon any release
executed by the Noteholder Collateral Agent hereunder as sufficient for the purpose of the Notes Documents and as constituting
a good and valid release of the property therein described from the Lien of the Notes Documents.

 

Section 12.09         Authorization
of Actions to be Taken by the Noteholder Collateral Agent Under the Security Documents.

 

Subject to the provisions
of the applicable Security Documents, the Trustee and each Holder, by acceptance of any Notes, agrees that (a) the Noteholder Collateral
Agent shall execute and deliver the Security Documents, and all agreements, documents and instruments incidental thereto, and act
in accordance with the terms thereof, (b) the Noteholder Collateral Agent may, in its sole discretion and without the consent of
the Trustee or the Holders, take all actions it deems necessary or appropriate in order to (i) preserve the Collateral or rights
under the Security Documents and (ii) collect and receive any and all amounts payable in respect of the Obligations of the Company
and the Guarantors hereunder and under the Notes Documents and (c) the Noteholder Collateral Agent shall have power to institute
and to maintain such suits and proceedings as it may deem expedient to prevent any impairment of the Collateral by any act that
may be unlawful or in violation of the Notes Documents, and such suits and proceedings as the Noteholder Collateral Agent may deem
expedient to preserve or protect its interests and the interests of the Holders in the Collateral (including the power to institute
and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment,
rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule
or order would impair the security interest thereunder or be prejudicial to the interests of the Noteholder Collateral Agent, the
Holders or the Trustee). Notwithstanding the foregoing, the Noteholder Collateral Agent may, at the expense of the Company, request
the direction of the Holders with respect to any such actions and upon receipt of the written consent of the Holders of a majority
in aggregate principal amount of the then outstanding Notes, shall take such actions; provided that all actions so taken
shall, at all times, be in conformity with the requirements of the Intercreditor Agreement, if applicable.

 

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Section 12.10         Authorization
of Receipt of Funds by the Trustee Under the Security Documents.

 

The Noteholder Collateral
Agent is authorized to receive any funds for the benefit of itself, the Trustee and the Holders distributed under the Security
Documents and to the extent not prohibited under the Intercreditor Agreement for turnover to the Trustee to make further distributions
of such funds to itself, the Trustee and the Holders in accordance with the provisions of Section 6.10 and the other provisions
of this Indenture.

 

Section 12.11         Replacement
of Noteholder Collateral Agent.

 

A resignation or removal
of the Noteholder Collateral Agent and appointment of a successor Noteholder Collateral Agent shall be effected pursuant to the
terms of the Security Agreement and this Section 12.11.

 

Subject to the appointment
and acceptance of a successor Noteholder Collateral Agent as provided below, the Noteholder Collateral Agent may resign at any
time by giving notice thereof to the Company, the Guarantors, the Trustee and the Holders. Upon receipt of such notice, the Company
shall appoint a successor Noteholder Collateral Agent. Upon acceptance by a successor Noteholder Collateral Agent of an appointment
to serve as Noteholder Collateral Agent hereunder and under the Notes Documents, such successor Noteholder Collateral Agent shall
thereupon succeed to and become vested with all the rights, powers, duties and obligations of the retiring Noteholder Collateral
Agent without further act. Any successor to U.S. Bank National Association by merger or acquisition of stock or acquisition of
the corporate trust business shall continue to be Noteholder Collateral Agent hereunder without further act on the part of the
parties hereto, unless such successor resigns as provided above.

 

Section 12.12 Conflicting Provisions.
Notwithstanding any other provision hereof to the contrary, with respect to Foreign Located Assets and Foreign Equity (each as
defined in the Security Agreement), in the event of any conflict or inconsistency between this Agreement and Article III of the
Security Agreement, the provisions of Article III of the Security Agreement shall control.

 

ARTICLE 13

MISCELLANEOUS

 

Section 13.01         [Reserved]

 

Section 13.02         Notices.

 

Any notice or communication
by the Company, any Guarantor, the Noteholder Collateral Agent or the Trustee to the others is duly given if in writing and delivered
in person or by first class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier
providing for next day business delivery, to the others’ address:

 

If to the Company and/or any Guarantor:

SAExploration Holdings, Inc.

1160 Dairy Ashford, Suite 160

Houston, Texas 77079

Attention: Chief Financial Officer

 

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

 

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Strasburger & Price, L.L.P.

909 Fannin Street, Suite 2300

Houston, Texas 77010

Attention: Garney Griggs, Esq.

 

If to the Trustee or Noteholder Collateral Agent:

 

U.S. Bank National Association

5555 San Felipe Street, Suite 1150

Houston, Texas 77056

Attention: Mauri J. Cowen

 

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

 

Thompson & Knight
LLP

333 Clay St., Suite
3300

Houston, Texas. 77002

Attention: Cassandra
G. Mott, Esq.

 

The Company, any Guarantor,
the Noteholder Collateral Agent or the Trustee, by notice to the others, may designate additional or different addresses for subsequent
notices or communications.

 

All notices and communications
(other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered;
five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by
facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day
delivery.

 

Any notice or communication
to a Holder may be delivered by hand, email or fax (if such Holder has provided an email address or fax number), or mailed by first
class mail, or by overnight air courier providing for next day delivery to its address shown on the register kept by the Registrar.
Failure to mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other
Holders.

 

If a notice or communication
is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.

 

If the Company mails
a notice or communication to Holders, it will mail a copy to the Trustee and each Agent at the same time.

 

Notwithstanding any
other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event (including any
notice of redemption) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given
to the Depositary for such Note (or its designee), pursuant to the customary procedures of such Depositary.

 

A copy of this Indenture
and the Security Documents may be requested from the Company in writing by a Holder for no charge.

 

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Section 13.03         Communication
by Holders of Notes with Other Holders of Notes.

 

Holders may communicate
pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture, the Note Guarantee, any Security
Document or the Notes. The Company, the Trustee, the Noteholder Collateral Agent, the Registrar and anyone else shall have the
protection of TIA § 312(c).

 

Section 13.04         Certificate
and Opinion as to Conditions Precedent.

 

Upon any request or
application by the Company to the Trustee or the Noteholder Collateral Agent, as the case may be, to take any action under this
Indenture or any Security Document, the Company shall furnish to the Trustee or the Noteholder Collateral Agent, as the case may
be, evidence of compliance with the conditions precedent, if any, provided for in this Indenture or any Security Document (including
any covenants compliance with which constitutes a condition precedent), to include:

 

(1)         an
Officers’ Certificate (which must include the statements set forth in Section 13.05 hereof) stating that, in the opinion
of the signers, all conditions precedent, provided for in this Indenture or any Security Document relating to the proposed action
have been satisfied; and

 

(2)         an
Opinion of Counsel (which must include the statements set forth in Section 13.05 hereof) stating that, in the opinion of such counsel,
all such conditions precedent have been satisfied.

 

Section 13.05         Statements
Required in Certificate or Opinion.

 

Each certificate or
opinion with respect to compliance with a condition provided for in this Indenture or any Security Document must include:

 

(1)         a
statement that the Person making such certificate or opinion has read such condition;

 

(2)         a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(3)         a
statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him
or her to express an informed opinion as to whether or not such condition has been satisfied; and

 

(4)         a
statement as to whether or not, in the opinion of such Person, such condition has been satisfied.

 

Section 13.06         Rules
by Trustee and Agents.

 

The Trustee may make reasonable
rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements
for its functions.

 

Section 13.07         No
Personal Liability of Directors, Officers, Employees and Stockholders.

 

No director, officer,
employee, incorporator or stockholder of the Company or any Guarantor, as such, will have any liability for any Obligations of
the Company or the Guarantors under the Notes, this Indenture, the Note Guarantees or the Security Documents or for any claim based
on, in respect of, or by reason of, such Obligations or their creation. Each Holder of Notes by accepting a Note waives and releases
all such liability. The waiver and release are part of the consideration for issuance of the Notes.

 

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Section 13.08         Governing
Law.

 

This Indenture, the Notes
and the Note Guarantees will be governed by and construed in accordance with the laws of the State of New York.

 

Section 13.09         No
Adverse Interpretation of Other Agreements.

 

To the extent permitted
by applicable law, this Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its
Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

 

Section 13.10         Successors.

 

All agreements of the
Company in this Indenture and the Notes will bind its successors to the extent provided in this Indenture. All agreements of the
Trustee and the Noteholder Collateral Agent in this Indenture will bind their successors. All agreements of each Guarantor in this
Indenture will bind its successors, except as otherwise provided in Section 11.05 hereof.

 

Section 13.11         Severability.

 

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

 

Section 13.12         Counterpart
Originals.

 

The parties may sign
any number of copies of this Indenture. Each signed copy or counterpart will be an original, but all of them together represent
the same agreement. This Indenture may be executed in multiple counterparts, which when taken together, shall constitute one instrument.
The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution
and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures
of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

Section 13.13         Table
of Contents, Headings, etc.

 

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

 

Section 13.14         Releases.

 

If any provision of this
Indenture provides that, upon the occurrence of specified events or the satisfaction of specified conditions, any Collateral shall
be released or the Company or any Guarantor shall be released from its obligations under this Indenture, any Security Document,
any Note or any Note Guarantee, then the Trustee and the Noteholder Collateral Agent shall execute and deliver (in each case at
the expense and request of the Company), such instruments, agreements, releases, termination statements, certificates and other
documents as the Company shall reasonably request in order to effect or evidence such release.

 

[Signatures on following page]

 

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

 

	 	SAEXPLORATION HOLDINGS, INC., as Issuer
	 	 	 
	 	By:	 /s/ Brent Whiteley
	 	 	Name: Brent Whiteley
	 	 	Title: Chief Financial Officer, General Counsel and

Secretary
	 	 	 
	 	SAEXPLORATION SUB, INC., as a Guarantor
	 	 	 
	 	By:	 /s/ Brent Whiteley
	 	 	Name: Brent Whiteley
	 	 	Title: Chief Financial Officer, General Counsel and

Secretary
	 	 	 
	 	SAEXPLORATION, INC., as a Guarantor
	 	 	 
	 	By:	 /s/ Brent Whiteley
	 	 	Name: Brent Whiteley
	 	 	Title: Chief Financial Officer, General Counsel and

Secretary
	 	 	 
	 	NES, LLC, as a Guarantor
	 	 	 
	 	By:	 /s/ Brent Whiteley
	 	 	Name: Brent Whiteley
	 	 	Title: Chief Financial Officer, General Counsel and

Secretary
	 	 	 
	 	SAEXPLORATION SEISMIC SERVICES (US)

LLC, as a Guarantor
	 	 	 
	 	By:	 /s/ Brent Whiteley
	 	 	Name: Brent Whiteley
	 	 	Title: Chief Financial Officer, General Counsel and

Secretary

 

[Signature Page to Indenture]

 

    	 

    	 

    

  

	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	By:	 /s/ Mauri J. Cowen
	 	 	Name: Mauri J. Cowen
	 	 	Title: Vice President
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as

Noteholder Collateral Agent
	 	 
	 	By:	 /s/ Mauri J. Cowen
	 	 	Name: Mauri J. Cowen
	 	 	Title: Vice President

 

[Signature Page to Indenture]

 

    	 

    	 

    

 

EXHIBIT A

 

 

 

[For Global Notes Only] THIS
GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT
OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY
MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED
PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO
SECTION 2.11 OF THIS INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT
OF THE COMPANY.

 

UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE
OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”),
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.

 

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[For Rule 144A/IAI/Temporary
Regulation S Notes] THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE
REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS
SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS
THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT),
(B) IT IS A NON-U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION WITHIN THE MEANING OF REGULATION S PROMULGATED
UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH, THE LAWS APPLICABLE TO IT IN THE JURISDICTION IN WHICH SUCH PURCHASE IS MADE OR
(C) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES
ACT AND (2) AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION
TERMINATION DATE”) WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH
SAEXPLORATION HOLDINGS, INC. (THE "COMPANY") OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR
OF SUCH SECURITY), ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER
TO WHICH NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) PURSUANT TO OFFERS AND SALES TO NON-U.S.
PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S PROMULGATED UNDER THE SECURITIES ACT AND IN ACCORDANCE
WITH THE LAWS APPLICABLE TO IT IN THE JURISDICTION IN WHICH SUCH PURCHASE IS MADE, (D) TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501 (A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY
FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW
TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (E) PURSUANT TO A REGISTRATION
STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S OR REGISTRAR’S, AS APPLICABLE,
RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATIONS AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND IN EACH OF THE FOREGOING CASES, A CERTIFICATE OF TRANSFER
IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE OR REGISTRAR.
THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

 

[For Temporary Regulation
S Notes] [PRIOR TO THE EXPIRATION OF THE 40-DAY "DISTRIBUTION COMPLIANCE PERIOD" (AS DEFINED IN REGULATION S), THIS NOTE
MAY NOT BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF WITHIN THE UNITED STATES OR TO,
OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON WITHIN THE MEANING OF REGULATION S, EXCEPT TO A PERSON REASONABLY BELIEVED TO BE
A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A AND THE INDENTURE
OR OTHERWISE IN ACCORDANCE WITH REGULATION S.]

 

    	A-2

    	 

    

  

[Face of Note]

 

CUSIP 144A: 78636X AA3

Reg S: U7787T AA5

IAI: 78636X AB1

 

10.000% Senior Secured Notes due 2019

	 	 
	No. ___	$____________

 

SAEXPLORATION HOLDINGS, INC.

 

promises to pay to               
or registered assigns, the principal sum of __________________________________________________________ DOLLARS [or such other amount
as shall be specified on the Schedule of Exchanges of Interests in the Global Note attached hereto]* on July 15, 2019.

 

Interest Payment Dates: January 15 and
July 15, commencing on January 15, 2015.

 

Record Dates: January 1 and July 1

 

Dated: _______________, 20__

  

	 	SAEXPLORATION  HOLDINGS, INC.
	 	   	         
	   	By:	           
	 	 	Name:  
	 	 	Title:

 

This is one of the Notes referred to

in the within-mentioned Indenture:

U.S. BANK NATIONAL ASSOCIATION,

  as Trustee

 

	By:	 	 	 
	 	Authorized Signatory	 	 

  

Dated:

 

*Applicable only to Global Notes

 

    	A-3

    	 

    

  

[Back of Note]

10.000% Senior Secured Notes due 2019

 

Capitalized terms used
herein and not defined herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

(1)         Interest.
SAExploration Holdings, Inc., a Delaware corporation (the “Company”), promises to pay interest on the principal
amount of this Note at a rate of 10.000% per annum, from July 2, 2014 until July 15, 2019. The Company will pay interest semi-annually
in arrears on January 15 and July 15 of each year (each, an “Interest Payment Date”). Interest on the Notes
will accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or
duly provided for, from the date of issuance; provided that if there is no existing default in the payment of interest,
and if this Note is authenticated between a record date referred to on the face hereof (each, a “Record Date”)
and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided
further that the first Interest Payment Date shall be January 15, 2015. To the extent permitted by applicable law, the Company
will pay interest (including post-petition interest in any proceeding under any Bankruptcy Code) on overdue principal, premium,
if any, and interest (without regard to any applicable grace period), from time to time on demand at a rate equal to 2% per annum
in excess of the interest rate set forth in the caption on the face of this Note to the Person who is the Holder of this Note on
a subsequent special record date, all as provided in the Indenture. All reference to “interest” in this Note and the
Indenture mean the initial interest rate borne by the Notes and, to the extent permitted by applicable law, any increases in that
rate to the extent overdue interest accrues on the Notes (unless the Indenture states otherwise). Interest will be computed on
the basis of a 360-day year comprised of twelve 30-day months. Anything in this Note, the Note Guarantees or the Indenture to the
contrary notwithstanding, if any Interest Payment Date, maturity date, Redemption Date, repurchase date pursuant to Sections 3.09,
4.19 or 4.20 of the Indenture or other date on which any payment of principal, premium, if any, interest or Additional Interest,
if any, on this Note is due is not a Business Date, then such payment need not be made on such date, but such payment may be made
on the next succeeding Business Day with the same force and effect as if made on the date such payment was originally due, and
no interest or other sum shall accrue on the amount payable for the period from and after the date such payment was originally
due nor shall any such delay in payment constitute a Default or Event of Default under the Indenture.

 

(2)         Method
of Payment. The Company will pay interest on the Notes to the Persons who are registered Holders of Notes at the close
of business on January 1 or July 1, as the case may be, next preceding the applicable Interest Payment Date, even if such Notes
are transferred or exchanged after such Record Date and on or before such Interest Payment Date, except as provided in Section
2.12 of the Indenture with respect to default and overdue interest and except that interest payable on redemption of any Note on
a Redemption Date that is not an Interest Payment Date, or any repurchase of any Note on a repurchase date pursuant to Sections
3.09, 4.19 or 4.20 of the Indenture that is not an Interest Payment Date, shall be paid to the Persons to whom such redemption
price or repurchase price, as the case may be, is payable. The Notes will be payable as to principal, premium, if any, interest
and Additional Interest, if any, at the office or agency of the Company maintained for such purpose, or, at the option of the Company,
payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided
that (1) payment by wire transfer of immediately available funds will be required with respect to principal of and interest and
premium on, all Global Notes (unless otherwise required by the applicable Depositary). In addition, if a Holder of $10.0 million
aggregate principal amount or more of Definitive Notes has given wire transfer instructions to the Company not later than 15 days
prior to the applicable Interest Payment Date, date of maturity, redemption date or other purchase date, providing for payments
to be made to a bank located in the United States, the Company will pay all principal of, and interest and premium, if any, on,
that Holder’s Notes in accordance with those instructions; provided that payments of principal and premium, if any, shall
be made only against surrender of the applicable Note. Such payment will be in such coin or currency of the United States of America
as at the time of payment is legal tender for payment of public and private debts. The principal of the Notes shall be payable
only upon surrender of any Note at the specified offices of the Paying Agent. If the due date for payment of the principal in respect
of any Note is not a Business Day at the place in which it is presented for payment, the Holder thereof shall not be entitled to
payment of the amount due until the next succeeding Business Day at such place.

 

    	A-4

    	 

    

  

(3)         Paying
Agent and Registrar. Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying
Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its
Subsidiaries may act in any such capacity; provided no Event of Default is continuing.

 

(4)         Indenture,
Registration Rights Agreement and Security Documents. The Company issued the Notes under an Indenture dated as of July
2, 2014 (the “Indenture”) among the Company, the Guarantors, the Noteholder Collateral Agent and the Trustee.
The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred
to the Indenture for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions
of the Indenture, the provisions of the Indenture shall govern and be controlling. The Indenture does not limit the aggregate principal
amount of Notes that may be issued thereunder. Holders are entitled to the benefits of the Registration Rights Agreement and the
Security Documents.

 

(5)         Ranking.
This Note shall constitute a senior obligation of the Company and the Obligation of the Company under the Indenture and this Note
shall be secured pursuant to the Security Documents and will be subject to the Intercreditor Agreement from and after such time
as the Noteholder Collateral Agent and any other parties thereto shall have entered into the Intercreditor Agreement.

 

(6)         Optional
Redemption. The Notes are subject to redemption at the option of the Company as provided in Article III of the Indenture.

 

(7)         No
Sinking Fund Payments. The Company is not required to make sinking fund payments with respect to the Notes.

 

(8)         Repurchase
at the Option of Holder.

 

(a)  If
there is a Change of Control, the Company will be required, on the terms and subject to the conditions set forth in the Indenture,
to make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to minimum
amounts of $2,000 in principal amount and integral multiples of $1,000 in principal amount in excess thereof) of each Holder’s
Notes at a purchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid
interest, thereon to the date of purchase (the “Change of Control Payment”), subject to the rights of Holders
on the relevant Record Date to receive interest due on the relevant Interest Payment Date in respect of then outstanding Notes.
Within 30 days following any Change of Control, the Company will mail a notice to each Holder setting forth the procedures governing
the Change of Control Offer as required by the Indenture.

 

    	A-5

    	 

    

  

(b)  If
the Company or a Restricted Subsidiary of the Company consummates an Asset Sale, the Company in circumstances specified in the
Indenture may be required to commence an offer (an “Asset Sale Offer”) to all Holders of Notes and all holders
of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in the Indenture
with respect to offers to purchase or redeem with the proceeds of sales of assets pursuant to Section 4.20 of the Indenture to
purchase the maximum principal amount of Notes and such other pari passu Indebtedness that may be purchased out of the Excess
Proceeds so long as they exceed $7.5 million (less the aggregate amount of all fees and expenses incurred in connection with such
Asset Sale Offer and any purchase, prepayment or redemption of any such pari passu Indebtedness) at an offer price in cash
in an amount equal to 100% of the principal amount thereof plus accrued and unpaid interest, thereon to the date of purchase, subject
to the right of Holders of Notes on the relevant Record Date to receive interest due on the relevant Interest Payment Date, all
on the terms and subject to the conditions set forth in the Indenture. Holders of Notes that are the subject of such an offer to
purchase will receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have such Notes
purchased by completing the form entitled “Option of Holder to Elect Purchase” attached to the Notes.

 

(9)         Notice
of Redemption. Notice of redemption will be mailed by or on behalf of the Company at least 30 days but not more than
60 days before the Redemption Date to the Trustee and each Holder whose Notes are to be redeemed at its registered address, except
that redemption notices may be mailed more than 60 days prior to a Redemption Date if the notice is issued in connection with a
Covenant Defeasance or Legal Defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant to Articles 8 or
10 thereof. Notes in denominations larger than $2,000 in principal amount may be redeemed in part but only in whole multiples of
$1,000 in principal amount (provided that any unredeemed portion of any Note must be in a principal amount of $2,000 or any integral
multiple of $1,000 in excess thereof), unless all of the Notes held by a Holder are to be redeemed.

 

(10)        Denominations,
Transfer, Exchange. The Notes are in registered form without coupons in denominations of $2,000 in principal amount
and integral multiples of $1,000 in principal amount in excess thereof. The transfer of Notes may be registered and Notes may be
exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted
by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption,
except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer
of any Notes for a period of 15 days before the day of any selection of Notes to be redeemed or during the period between a Record
Date and the corresponding Interest Payment Date.

 

(11)        Persons
Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. Only Holders have rights
under the Indenture and the Notes.

 

(12)        Amendment,
Supplement and Waiver. Subject to certain exceptions, the Indenture, the Notes, the Note Guarantees and Security Documents
may be amended or supplemented with the consent of the Holders of a majority in aggregate principal amount of the then outstanding
Notes, voting as a single class, and any existing Default or Event or Default or compliance with any provision of the Indenture,
the Notes, the Note Guarantees or the Security Documents may be waived with the consent of the Holders of a majority in aggregate
principal amount of the then outstanding Notes, voting as a single class. Without the consent of any Holder of a Note, the Indenture,
the Notes, the Note Guarantees and Security Documents may be amended or supplemented to cure any ambiguity, defect or inconsistency
and to effect certain other changes as set forth in the Indenture.

 

    	A-6

    	 

    

  

(13)        Defaults
and Remedies. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate
principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Notwithstanding the
foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will
become due and payable immediately without further action or notice. Holders may not enforce the Indenture, Security Documents
or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal
amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default in the payment
of principal or interest or Additional Interest, if any, or premium, if any,) if and so long as a committee of Trustees' Responsible
Officers in good faith determines that withholding the notice is in the interest of the Holders of the Notes. The Holders of a
majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of the Holders
of all of the Notes, rescind an acceleration or waive any existing Default or Event of Default and its consequences under the Indenture
except a continuing Default or Event of Default in the payment of interest or Additional Interest, if any, or premium, if any,
on, or the principal of, the Notes. The Company is required to deliver to the Trustee annually a statement regarding compliance
with the Indenture, and the Company is required, within 10 Business Days of any Officer of the Company becoming aware of any Default
or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default.

 

(14)        Trustee
Dealings with Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from,
and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were
not the Trustee.

 

(15)        No
Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Company or any Guarantor,
as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, the Note
Guarantees or the Security Documents or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration
for issuance of the Notes.

 

(16)        Authentication.
This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

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

 

(18)        CUSIP
Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the
Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as
a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained
in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon.

 

    	A-7

    	 

    

  

(19)        Governing
Law. THIS NOTE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

The Company will furnish
to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to:

 

SAExploration Holdings, Inc.

1160 Dairy Ashford, Suite 160

Houston, Texas, 77079

Attention: Chief Financial Officer

 

    	A-8

    	 

    

  

Assignment
Form

 

To assign this Note,
fill in the form below:

 

	 	 
	(I) or (we) assign and transfer this Note to:   	 
	 	 
	 	(Insert assignee’s legal name)
	 	 
	 	 
	(Insert assignee’s soc. sec. or tax I.D. no.)
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	(Print or type assignee’s name, address and zip code)

 

	and irrevocably appoint	 
	to transfer this Note on the books of the Company.  The agent may substitute another to act for him.

 

Date: _______________

 

	 	Your Signature:  	 
	 	(Sign exactly as your name appears on the face of this Note)

 

Signature Guarantee*: _________________________

 

*         Participant in a recognized Signature
Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

    	A-9

    	 

    

  

Option of Holder to Elect Purchase

 

If you want to elect
to have this Note purchased by the Company pursuant to Sections 4.19 or 4.20 of the Indenture, check the appropriate box below:

 

	 ̈ Section 4.19 	 	 ̈ Section 4.20

 

If you want to elect
to have only part of the Note purchased by the Company pursuant to Sections 4.19 or 4.20 of the Indenture, state the amount you
elect to have purchased (must be a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof, and the portion,
if any, of this Note that is not being tendered for purchase must be in a principal amount of $2,000 or an integral multiple of
$1,000 in excess thereof):

 

$_______________

 

Date: _______________

 

	 	Your Signature:  	 
	 	(Sign exactly as your name appears on the face of this Note)

 

	 	Tax Identification No.:  	 

 

Signature Guarantee*: _________________________

 

*           Participant in a recognized Signature
Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

    	A-10

    	 

    

  

Schedule
of Exchanges of Interests in the Global Note *

 

The following exchanges
of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been made:

 

	Date of Exchange	 	Amount of 

decrease in

 Principal Amount 

of 

this Global Note	 	Amount of

 increase in

 Principal Amount

of 

this Global Note	 	Principal Amount 

of this Global Note 

following such 

decrease 

or increase	 	Signature of 

authorized officer

of Trustee or

Custodian
	 	 	 	 	 	 	 	 	 

 

		*	This schedule should be included only if the Note is issued in global form. 

 

    	A-11

    	 

    

 

EXHIBIT B

 

FORM OF CERTIFICATE OF TRANSFER

 

SAExploration Holdings, Inc.

1160 Dairy Ashford, Suite 160

Houston, Texas 77079

Attention: Chief Financial Officer

 

U.S. Bank National Association

5555 San Felipe Street, Suite 1150

 

Houston, Texas, 77056

 

Re:   10.000%
Senior Secured Notes due 2019

 

Reference is hereby made to the Indenture,
dated as of July 2, 2014 (the “Indenture”), among SAExploration Holdings, Inc., as issuer (the “Company”),
the Guarantors party thereto and U.S. Bank National Association, as Trustee or Noteholder Collateral Agent. Capitalized terms used
but not defined herein shall have the meanings given to them in the Indenture.

 

___________________,
(the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex
A hereto, in the principal amount of $___________ in such Note[s] or interests (the “Transfer”), to ___________________________
(the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor
hereby certifies that:

 

[CHECK ALL THAT APPLY]

 

1.    ̈
Check if Transferee will take delivery of a beneficial interest in the Rule 144A Global Note or a Restricted Definitive Note
pursuant to Rule 144A. The Transfer is being effected pursuant to an in accordance with Rule 144A under the Securities
Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that
the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing
the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises
sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning
of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer is in compliance with any applicable blue
sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms
of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated
in the Private Placement Legend printed on the Rule 144A Global Note and/or the Restricted Definitive Note and in the Indenture
and the Securities Act.

 

2.     ̈
Check if Transferee will take delivery of a beneficial interest in the Regulation S Temporary Global Note, the Regulation
S Permanent Global Note or a Restricted Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant
to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies
that (i) the Transfer is not being made to a Person in the United States, as defined in Regulation S under the Securities Act,
and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person
acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction
was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person
acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts
have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii)
the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed
transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person, as defined
in Regulation S under the Securities Act, or for the account or benefit of a U.S. Person. Upon consummation of the proposed transfer
in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions
on Transfer enumerated in the Private Placement Legend printed on the Regulation S Permanent Global Note, the Regulation S Temporary
Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act.

 

    	B-1

    	 

    

  

3.     ̈
Check and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Restricted Definitive
Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected
in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive
Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the
United States, and accordingly the Transferor hereby further certifies that (check one):

 

(a)           ̈
such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;

 

or

 

(b)           ̈
such Transfer is being effected to the Company or a subsidiary thereof;

 

or

 

(c)           ̈
such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with
the prospectus delivery requirements of the Securities Act;

 

or

 

(d)           ̈
such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements
of the Securities Act other than Rule 144A, Rule 903 or Rule 904, and the Transferor hereby further certifies that it has not engaged
in any general solicitation or general advertising within the meaning of Regulation D under the Securities Act and the Transfer
complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive
Note and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee
in the form of Exhibit D to the Indenture and (2) an Opinion of Counsel provided by the Transferor or the Transferee (a copy of
which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities
Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest
or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the IAI
Global Note and/or the Restricted Definitive Notes and in the Indenture and the Securities Act.

 

    	B-2

    	 

    

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Company.

 

	 	 	 
	 	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: _______________________

 

    	B-3

    	 

    

  

ANNEX A TO CERTIFICATE OF TRANSFER

 

		1.	The Transferor owns and proposes to transfer the following:

 

[CHECK ONE OF (a) OR (b)]

 

		(a)	 ̈ a beneficial
interest in the:

 

		(i)	 ̈ Rule
144A Global Note (CUSIP __________), or

 

		(ii)	 ̈ Regulation
S Global Note (CUSIP _________), or

 

		(iii)	 ̈ IAI Global
Note (CUSIP _________); or

 

		(b)	 ̈ a Restricted
Definitive Note.

 

		2.	After the Transfer the Transferee will hold:

 

[CHECK ONE of (a), (b) or (c)]

 

		(a)	 ̈ a beneficial
interest in the:

 

		(i)	 ̈ Rule
144A Global Note (CUSIP __________), or

 

		(ii)	 ̈ Regulation
S Global Note (CUSIP _________), or

 

		(iii)	 ̈ IAI Global
Note (CUSIP _________), or

 

		(b)	 ̈ a Restricted
Definitive Note; or

 

		(c)	 ̈ an Unrestricted
Definitive Note.

 

in accordance with
the terms of the Indenture.

 

    	B-4

    	 

    

  

EXHIBIT C

  

FORM OF CERTIFICATE OF EXCHANGE

  

SAExploration Holdings, Inc.

1160 Dairy Ashford, Suite 160

Houston, Texas, 77079

Attention: Chief Financial Officer

 

U.S. Bank National Association

5555 San Felipe Street, Suite 1150

Houston, Texas, 77056

 

		Re:	10.000% Senior Secured Notes due 2019

 

(CUSIP ____________)

 

Reference is hereby
made to the Indenture, dated as of July 2, 2014 (the “Indenture”), among SAExploration Holdings, Inc., as issuer
(the “Company”), the Guarantors party thereto and U.S. Bank National Association, as Trustee and Noteholder
Collateral Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

__________________________,
(the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the
principal amount of $____________ in such Note[s] or interests (the “Exchange”). In connection with the Exchange,
the Owner hereby certifies that:

 

1.          Exchange
of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial
Interests in Restricted Global Notes

 

(a)    ̈
Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with
the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal
principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account
without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive
Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the
Restricted Definitive Note and in the Indenture and the Securities Act of 1933, as amended (the "Securities Act").

 

(b)    ̈
Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with
the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]  ̈
Rule 144A Global Note,  ̈ Regulation S Global Note, or  ̈
IAI Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the
Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to the applicable Restricted Global Note and pursuant to and in accordance with the Securities Act, and in compliance
with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance
with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the
Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act.

 

    	C-1

    	 

    

  

This certificate and
the statements contained herein are made for your benefit and the benefit of the Company.

 

	 	 	 
	 	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: ______________________

 

    	C-2

    	 

    

  

EXHIBIT D

  

FORM OF CERTIFICATE FROM

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

 

SAExploration Holdings, Inc.

1160 Dairy Ashford, Suite 160

Houston, Texas, 77079

Attention: Chief Financial Officer

 

U.S. Bank National Association

5555 San Felipe Street, Suite 1150

Houston, Texas, 77056

 

Re: 10.000%
Senior Secured Notes due 2019

 

Reference is hereby made to the Indenture,
dated as of July 2, 2014 (the “Indenture”), among SAExploration Holdings, Inc., as issuer (the “Company”),
the Guarantors party thereto and U.S. Bank National Association, as Trustee and Noteholder Collateral Agent. Capitalized terms
used but not defined herein shall have the meanings given to them in the Indenture.

 

In connection with
our proposed purchase of $____________ aggregate principal amount of:

 

(a)   ̈
a beneficial interest in a Global Note, or

 

(b)   ̈
a Definitive Note,

 

we confirm that:

 

1.          We
understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions
set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes
or any interest therein except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended
(the “Securities Act”).

 

2.          We
understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest
therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of
any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we will do
so only (A) to the Company or any subsidiary thereof, (B) for so long as the Notes are eligible for resale pursuant to Rule 144A
under the Securities Act, to a person we reasonably believe is a “qualified institutional buyer” as defined in Rule
144A under the Securities Act that purchases for its own account or for the account of a qualified institutional buyer to which
notice is given that the transfer is being made in reliance on Rule 144A under the Securities Act, (C) pursuant to offers and sales
to non-U.S. persons that occur outside the United States within the meaning of Regulation S promulgated under the Securities Act
and in accordance with the laws applicable to it in the jurisdiction in which such purchase is made, (D) to an institutional “accredited
investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act) that is acquiring such Notes or
such interest therein for its own account, or for the account of such an institutional accredited investor, for investment purposes
and not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act, (E) pursuant
to a registration statement which has been declared effective under the Securities Act, or (F) pursuant to another available exemption
from registration requirements of the Securities Act.

 

    	D-1

    	 

    

  

3.          We
understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you, the
Registrar and the Company such certifications, legal opinions and other information as you, the Registrar and the Company may reasonably
require to confirm that the proposed sale complies with the foregoing restrictions. We further understand that the Notes purchased
by us will bear a legend to the foregoing effect and to the effect set forth in Section 2 above.

 

4.          We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the
Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits
and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk
of our or its investment.

 

5.          We
are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of
which is an institutional “accredited investor” as defined above) as to each of which we exercise sole investment discretion.

 

You and the Company
are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.

 

	 	 	 
	 	 	[Insert Name of Accredited Investor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: _______________________

 

    	D-2

    	 

    

  

EXHIBIT E

  

FORM OF NOTATION OF GUARANTEE

 

For value received, each Guarantor (which
term includes any successor to such Guarantor under the Indenture referred to below) has, jointly and severally, fully and unconditionally
guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of July 2, 2014 (the
“Indenture”) among SAExploration Holdings, Inc., (the “Company”), the Guarantors party thereto
and U.S. Bank National Association, as trustee and as noteholder collateral agent (the “Trustee”), and the Noteholder
Collateral Agent (a) the due and punctual payment of the principal of, premium, if any, interest and Additional Interest, if any,
on, the Notes, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest, to the
extent permitted by applicable law, on overdue principal of and overdue interest on the Notes, if any, and the due and punctual
performance of all other obligations of the Company to the Holders or the Trustee all in accordance with the terms of the Indenture
and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will
be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity,
by acceleration or otherwise. The obligations of the Guarantors to the Holders of Notes and to the Trustee pursuant to the Note
Guarantee and the Indenture, and the limitations thereon, are expressly set forth in Article 11 of the Indenture and reference
is hereby made to the Indenture for the precise terms of the Note Guarantee.

 

This Note Guarantee shall be governed by
and construed in accordance with the law of the State of New York.

 

Capitalized terms used
but not defined herein have the meanings given to them in the Indenture.

 

[Signature Page Follows]

 

    	E-1

    	 

    

  

	 	SAEXPLORATION SUB, INC., as a Guarantor
	 	 
	 	By:	              
	 	Name:
	 	Title:
	 	 
	 	SAEXPLORATION, INC., as a Guarantor
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	NES, LLC, as a Guarantor
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	SAEXPLORATION SEISMIC SERVICES (US),

LLC, as a Guarantor
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	E-2

    	 

    

  

EXHIBIT F

 

 

FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 

Supplemental
Indenture (this “Supplemental Indenture”), dated as of ________________, 20__, among __________________
(the “Guaranteeing Subsidiary”), a subsidiary of SAExploration Holdings, Inc. (or its permitted successor),
a Delaware corporation (the “Company”), the Company, the other Guarantors (as defined in the Indenture referred
to herein) and U.S. Bank National Association, as trustee, and Noteholder Collateral Agent under the Indenture referred to below
(the “Trustee”).

 

WITNESSETH

 

WHEREAS, the Company
has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of July 2, 2014
providing for the issuance of 10.000% Senior Secured Notes due 2019 (the “Notes”);

 

WHEREAS, the Indenture
provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture
pursuant to which the Guaranteeing Subsidiary shall fully and unconditionally guarantee all of the Company’s Obligations
under the Notes and the Indenture on the terms and conditions set forth herein (the “Guarantee”); and

 

WHEREAS, pursuant to
Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

 

NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the
parties hereto mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes and the Noteholder Collateral
Agent as follows:

 

1.          Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

2.          Agreement
to Guarantee. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject to
the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article 11 thereof, and subject
to the limitations therein.

 

3.          No
Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Company or any Guarantor, as
such, will have any liability for any obligations of the Company or the Guarantors (including the Guaranteeing Subsidiary) under
the Notes, the Indenture, the Note Guarantees or the Security Documents or for any claim based on, in respect of, or by reason
of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver
and release are part of the consideration for issuance of the Notes.

 

4.          NEW
YORK LAW TO GOVERN. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK.

 

5.          Counterparts.
This Supplemental Indenture may be executed in multiple counterparts, which when taken together, shall constitute one instrument.
The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute
effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original
Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be
their original signatures for all purposes.

 

    	 

    	 

    

  

6.          Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

 

7.          The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency
of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by
the Guaranteeing Subsidiary and the Company.

 

    	F-2

    	 

    

 

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

 

Dated: _______________,
20__

 

	 	SAEXPLORATION  HOLDINGS, INC.
	 	 
	 	By:  	       
	 	 	Name:
	 	 	Title:
	 	 
	 	[Guaranteeing Subsidiary]
	 	 
	 	By:  	      
	 	 	Name:
	 	 	Title:
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	  AS TRUSTEE
	 	 	 
	 	By:  	    
	 	 	Authorized Signatory
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	  AS NOTEHOLDER COLLATERAL AGENT
	 	 	 
	 	By:  	      
	 	 	Authorized Signatory

 

    	F-3

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