Document:

Fourth Amendment, dated as of April 14, 2010

 EXECUTION COPY 

Exhibit 10.1 

FOURTH AMENDMENT 

FOURTH AMENDMENT, dated as of April 14, 2010 (this “Amendment”), to the FIVE-YEAR CREDIT AGREEMENT, dated as of
July 14, 2005, as amended by the First Amendment thereto dated as of April 12, 2006, the Second Amendment thereto dated as of July 18, 2007 and the Third Amendment thereto dated as of March 26, 2008, among AUTONATION, INC., a
Delaware corporation (the “Borrower”), the lenders party thereto (the “Lenders”), J.P. MORGAN SECURITIES INC. (“JPMorgan”) and BANC OF AMERICA SECURITIES LLC, as co-lead arrangers and joint
bookrunners, BANK OF AMERICA, N.A., as syndication agent, JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the “Administrative Agent”), and the other agents party thereto (as amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”). 
 W I T N E S
S E T H : 
 WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to make, and have
made, certain loans and other extensions of credit to the Borrower; 
 WHEREAS, the Borrower has requested certain amendments to
the Credit Agreement as more fully set forth herein; 
 WHEREAS, the Lenders have agreed to such amendments but only on the
terms and conditions contained in this Amendment. 
 NOW, THEREFORE, the parties hereto hereby agree as follows: 

SECTION 1. Defined Terms. Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have
the meanings given to them in the Credit Agreement (as defined after giving effect to this Amendment). 
 SECTION 2.
Amendments. Effective as of the date on which all the conditions precedent set forth in Section 4 of this Amendment shall be satisfied (such date, the “Effective Date”), the Credit Agreement, including all exhibits and
schedules thereto, shall be amended to read in its entirety as set forth in Exhibit A to this Amendment. 

SECTION 3. Lender Addendum. By executing this Amendment on or prior to the Effective Date, each institution not a party to
the Credit Agreement prior to the Effective Date agrees to and shall, as of the Effective Date, join the Credit Agreement (as amended pursuant to this Amendment) as a Lender. 

SECTION 4. Conditions to Effectiveness. This Amendment shall become effective upon the date on which each of the following
shall have been received or waived by the Administrative Agent in its discretion (except that the Administrative Agent may not waive receipt of clauses (i), (ii), (iii), (iv), (x), (xi) and (xii) of this Section 4), each in form and
substance satisfactory to the applicable recipient: 
 (i) the Administrative Agent shall have received this Amendment, executed
and delivered by a duly authorized officer of (a) the Borrower and (b) the Required Lenders (including, in any event, each Lender providing a portion of the Extended Facilities), together with all schedules and exhibits hereto and
acknowledged by the Administrative Agent; 

 (ii) the Administrative Agent shall have received an acknowledgment and consent
(“Acknowledgment and Consent”), substantially in the form of Exhibit B hereto, duly executed and delivered by each Guarantor; 

(iii) the Administrative Agent shall have received the favorable written opinion or opinions with respect to the Amendment and related
Loan Documents executed on the Effective Date and the transactions contemplated thereby of (A) in-house legal counsel to the Borrower and (B) Skadden, Arps, Slate, Meagher & Flom LLP, special counsel to the Borrower and
Guarantors, in each case dated the Effective Date, addressed to the Administrative Agent and the Lenders and reasonably satisfactory to the Administrative Agent; 

(iv) the Administrative Agent shall have received resolutions of the boards of directors or other appropriate governing body (or of the
appropriate committee thereof) of the Borrower and each Guarantor certified by its secretary or assistant secretary as of the Effective Date, approving this Amendment, adopting the Loan Documents to be executed by such Person, and authorizing the
execution and delivery thereof; 
 (v) the Administrative Agent shall have received specimen signatures of officers or other
appropriate representatives executing the Loan Documents on behalf of the Borrower and each Guarantor, certified by the secretary or assistant secretary of such Borrower or Guarantor; 

(vi) the Administrative Agent shall have received any changes to the Organizational Documents of the Borrower and each Guarantor since
the First Amendment Effective Date or since last provided to the Administrative Agent prior to the Effective Date, certified as true and correct by its secretary or assistant secretary; 

(vii) the Administrative Agent shall have received any changes to the Operating Documents of the Borrower and each Guarantor since the
First Amendment Effective Date or since last provided to the Administrative Agent prior to the Effective Date, certified as of the Effective Date as true and correct by its secretary or assistant secretary; 

(viii) the Administrative Agent shall have received certificates issued as of a recent date by the Secretaries of State of the respective
jurisdictions of formation of the Borrower and each Guarantor as to the due existence and good standing of such Person; 
 (ix)
the Administrative Agent shall have received a Borrowing Notice in respect of the Extended Term Loans in each case requested to be made on the Effective Date in accordance with the Credit Agreement (after giving effect to this Amendment);

 (x) the Borrower shall have purchased, defeased, discharged or redeemed at least 80% of the aggregate principal amount
outstanding of the Year 2006 Senior Notes using cash on hand (not resulting from borrowings under the Credit Agreement) or proceeds from the Year 2010 Senior Notes; 

(xi) the Borrower shall have repaid the Term Loans under the Credit Agreement to the extent contemplated by the “Lender
Commitments” section of the Term Sheet provided to the Lenders in connection with this Amendment, using cash on hand (not resulting from borrowings under the Credit Agreement) or proceeds from the Year 2010 Senior Notes; and 

(xii) the Administrative Agent shall have received evidence that all fees payable by the Borrower on or before the Effective Date to the
Administrative Agent, JPMorgan and the Lenders (or their affiliates) in connection with this Amendment, have been paid in full, including the fees and 

 

 2 

 
expenses of counsel to the Administrative Agent to the extent invoiced at least one (1) Business Day prior to or on the Effective Date (which may include amounts constituting reasonable
estimates of such fees and expenses incurred or to be incurred in connection with the transaction; provided that no such estimate shall thereafter preclude the final settling of accounts as to such fees and expenses) in each case to the extent
agreed upon in the Engagement Letter, dated March 31, 2010, among the Administrative Agent, JPMorgan and the Borrower (the “Engagement Letter”). 

SECTION 5. Waivers. By executing this Amendment, each Lender party hereto agrees: 

(a) to waive any costs described in Section 4.5(a) of the Credit Agreement incurred by such Lender to the extent they may arise in
connection with this Amendment or the transactions contemplated thereby; 
 (b) in connection with (i) the repayment of the
Term Loans described in Section 4(xi) hereof or (ii) the reduction of any Revolving Credit Commitment occurring on or about the Effective Date, to waive any notice requirements set forth in Section 2.10(a) or (b) of the Credit
Agreement; 
 (c) that, notwithstanding anything to the contrary in the Credit Agreement, Term Loans made or outstanding on the
Effective Date may be converted to Eurodollar Loans on two (2) Business Days’ notice to the Administrative Agent delivered on or before 2:00 p.m. on the Effective Date. 

SECTION 6. Representations and Warranties. The Borrower hereby represents and warrants to the Administrative Agent and each
Lender that (before and after giving effect to this Amendment): 
 (a) Each Loan Party has the power and authority to execute,
deliver and perform this Amendment and the Acknowledgement and Consent (the “Amendment Documents”) to which it is a party and, in the case of the Borrower, to borrow under the Credit Agreement as amended by this Amendment (the
“Amended Credit Agreement”). Each Loan Party has taken all necessary corporate or other action to authorize the execution, delivery and performance of the Amendment Documents to which it is a party and, in the case of the Borrower,
to authorize the borrowings under the Amended Credit Agreement. No material consent, approval or authorization of or filing, registration or qualification with, any Governmental Authority or other authority or any other Person on the part of the
Borrower or any Subsidiary is required as a condition to the execution, delivery, performance or consummation of the transactions contemplated by this Amendment or the Acknowledgement and Consent, except consents, approvals, filings, registrations
or qualifications which have been obtained or effected, as the case may be and are in full force and effect. Each Amendment Document has been duly executed and delivered on behalf of each Loan Party that is a party thereto. Each Amendment Document
constitutes a legal, valid and binding obligation of each Loan Party that is a party thereto, enforceable against each such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

(b) The execution, delivery and performance of the Amendment Documents will not violate any applicable law, rule or regulation or
conflict with any material indenture, agreement or other instrument to which the Borrower is a party, or by which the properties or assets of the Borrower is bound and will not result in the creation or imposition of any Lien, charge or encumbrance
of any nature whatsoever upon any of the properties or assets of the Borrower pursuant to any such agreement. 
  

 3 

 (c) Each of the representations and warranties made by any Loan Party herein or in the Loan
Documents as amended by this Amendment is true and correct in all material respects on and as of the Effective Date, as if made on and as of such date (except that any representation or warranty which by its terms is made as of an earlier date shall
be true and correct as of such earlier date). 
 (d) There does not exist any Default or Event of Default. 

SECTION 7. Payment of Expenses. The Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable
and documented out-of-pocket costs and expenses incurred in connection with this Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and
disbursements of counsel to the Administrative Agent, in each case to the extent agreed upon in the Engagement Letter. 

SECTION 8. No Other Amendment or Waivers; Confirmation. Except as expressly provided hereby, all of the terms and provisions
of the Credit Agreement, the Facility Guaranties and the other Loan Documents are and shall remain in full force and effect. The amendments contained herein (including Exhibit A) shall not be construed as an amendment of any other provision of the
Credit Agreement, the Facility Guaranties or the other Loan Documents or for any purpose except as expressly set forth herein or a consent to any further or future action on the part of the Borrower that would require the waiver or consent of the
Administrative Agent or the Lenders. 
 SECTION 9. GOVERNING LAW; WAIVER OF JURY TRIAL; MISCELLANEOUS.

 (a) THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK.  
 (b) EACH PARTY HERETO HEREBY AGREES AS SET FORTH IN SUBSECTION 11.14 OF THE CREDIT AGREEMENT AS IF SUCH
SECTION WERE SET FORTH IN FULL HEREIN. 
 (c) On and after the Effective Date, each reference in the Credit Agreement to
“this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”,
“thereunder”, “thereof”, or words of like import referring to the Credit Agreement shall mean and be a reference to the Amended Credit Agreement. 

(d) This Amendment may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of
said counterparts taken together shall be deemed to constitute one and the same instrument. A set of the copies of this Amendment and the Acknowledgement and Consent signed by all the parties shall be lodged with the Borrower and the Administrative
Agent. This Amendment may be delivered by facsimile or electronic transmission of the relevant signature pages hereof. 
 (e)
The Administrative Agent shall give notice to the Borrower and each of the Lenders promptly upon the occurrence of the “Effective Date.” 

(f) The execution and delivery of this Amendment by any Lender shall be binding upon each of its successors and assigns (including
assignees of its Loans in whole or in part prior to effectiveness hereof). 
  

 4 

 SECTION 10. Severability. If any provision of this Amendment shall be determined
to be illegal or invalid as to one or more of the parties hereto, then such provision shall remain in effect with respect to all parties, if any, as to whom such provision is neither illegal nor invalid, and in any event all other provisions hereof
shall remain effective and binding on the parties hereto. 
 SECTION 11. Headings. Section headings used herein are
for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment. 

[Signature Pages Follow] 
  

 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective proper and duly authorized officers as of the day and year first above written. 
  

					
	AUTONATION, INC.
		
	By:	 	/s/ C. Coleman G. Edmunds
		 	Name:	 	C. Coleman G. Edmunds
		 	Title:	 	 Sr. Vice President, Deputy General

Counsel and Assistant Secretary

					
	JPMORGAN CHASE BANK, N.A., as Administrative Agent and as Lender
		
	By:	 	/s/ Robert P. Kellas
		 	Name:	 	Robert P. Kellas
		 	Title:	 	Executive Director

									
	Name of Lender:	 	 WELLS FARGO BANK, N.A.

As a Lender

		 	By:	 	/s/ Manuel Comas
		 	Name:	 	Manuel Comas
		 	Title:	 	Senior Vice President

 

											
	Name of Lender:	 	Bank of America, N.A.
			
		 	By:	 	/s/ M. Patricia Kay
		 		 	Name:	 	M. Patricia Kay
		 		 	Title:	 	Senior Vice President

 

											
	Name of Lender:	 	Toyota Motor Credit Corporation
			
		 	By:	 	/s/ Mark Doi
		 		 	Name:	 	Mark Doi
		 		 	Title:	 	National Dealer Credit Manager

											
	Name of Lender:	 	Comerica Bank, a Texas Banking Assoc.
			
		 	By:	 	/s/ David M. Garbarz
		 		 	Name:	 	David M. Garbarz
		 		 	Title:	 	SVP

											
	Name of Lender:	 	SunTrust Bank
			
		 	By:	 	/s/ Michael Silverman
		 		 	Name:	 	Michael Silverman
		 		 	Title:	 	Managing Director

											
	Name of Lender:	 	Sovereign Bank
			
		 	By:	 	/s/ Steven Fahringer
		 		 	Name:	 	Steven Fahringer
		 		 	Title:	 	Vice President

											
	Name of Lender:	 	Fifth Third Bank, An Ohio Banking Corporation
			
		 	By:	 	/s/ John A. Marian
		 		 	Name:	 	John A. Marian
		 		 	Title:	 	Vice President

											
	Name of Lender:	 	MIZUHO CORPORATE BANK, LTD.
			
		 	By:	 	/s/ Robert Gallagher
		 		 	Name:	 	Robert Gallagher
		 		 	Title:	 	Authorized Signatory

											
	Name of Lender:	 	MIZUHO CORPORATE BANK (USA)
			
		 	By:	 	/s/ Robert Gallagher
		 		 	Name:	 	Robert Gallagher
		 		 	Title:	 	Senior Vice President

											
	Name of Lender:	 	Union Bank, NA
			
		 	By:	 	/s/ Megan R. Webster
		 		 	Name:	 	Megan R. Webster
		 		 	Title:	 	Vice President

											
	Name of Lender:	 	E.Sun Commercial Bank, Ltd., Los Angeles Branch
			
		 	By:	 	/s/ Benjamin Lin
		 		 	Name:	 	Benjamin Lin
		 		 	Title:	 	EVP & General Manager

											
	Name of Lender:	 	The Bank of East Asia, Limited, New York Branch
			
		 	By:	 	/s/ Kenneth Pettis
		 		 	Name:	 	Kenneth Pettis
		 		 	Title:	 	Senior Vice President
			
		 	By:	 	/s/ Kitty Sin
		 		 	Name:	 	Kitty Sin
		 		 	Title:	 	Senior Vice President

											
	Name of Lender:	 	Chang Hwa Commercial Bank, Ltd., New York Branch
			
		 	By:	 	/s/ Eric Y.S. Tsai
		 		 	Name:	 	Eric Y.S. Tsai
		 		 	Title:	 	VP & General Manager

											
	Name of Lender:	 	US Bank, National Association
			
		 	By:	 	/s/ Steven L. Sawyer
		 		 	Name:	 	Steven L. Sawyer
		 		 	Title:	 	Vice President

 EXHIBIT A 

Amended Credit Agreement 

 EXECUTION COPY 

 
  

CREDIT AGREEMENT 

by and among 

AUTONATION, INC., 

as Borrower, 

JPMORGAN CHASE BANK, N.A., 

as Administrative Agent and as Lender, 

and 
 BANK OF
AMERICA, N.A., 
 as Syndication Agent and as Lender, 

and 
 WACHOVIA
BANK, NATIONAL ASSOCIATION, SUNTRUST BANK and 
 TOYOTA MOTOR CREDIT CORPORATION, 

as Documentation Agents and as Lenders, 

and 
 THE LENDERS
PARTY HERETO FROM TIME TO TIME 
 July 14, 2005 

As amended pursuant to the Fourth Amendment, dated as of April 14, 2010 

 

			
	J.P. MORGAN SECURITIES INC.
                                         
           BANC OF AMERICA SECURITIES LLC
	Co-Lead Arrangers and Joint Bookrunners

  

 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
			
		  	ARTICLE I	  	
			
		  	DEFINITIONS	  	
			
	1.1	  	Definitions	  	1
	1.2	  	Rules of Interpretation	  	26
	1.3	  	Accounting for Permitted Acquisitions	  	27
	1.4	  	Accounting for Derivatives	  	28
	1.5	  	Accounting and Financial Determinations	  	28
			
		  	ARTICLE II	  	
			
		  	THE LOANS	  	
			
	2.1	  	Term Loans	  	28
	2.2	  	Procedure for Term Loan Borrowing	  	29
	2.3	  	Repayment of Term Loans	  	29
	2.4	  	Revolving Credit Commitments	  	29
	2.5	  	Competitive Bid Loans	  	31
	2.6	  	Payment of Interest	  	35
	2.7	  	Payment of Principal	  	35
	2.8	  	Non-Conforming Payments	  	36
	2.9	  	Pro Rata Payments	  	36
	2.10	  	Reductions and Prepayment	  	37
	2.11	  	Decrease in Amounts	  	38
	2.12	  	Conversions and Elections of Subsequent Interest Periods	  	38
	2.13	  	Fees	  	38
	2.14	  	Deficiency Advances; Failure to Purchase Participations	  	39
	2.15	  	Intraday Funding	  	39
	2.16	  	Use of Proceeds	  	40
	2.17	  	Swing Line	  	40
	2.18	  	Increased Amounts	  	42
			
		  	ARTICLE III	  	
			
		  	LETTERS OF CREDIT	  	
			
	3.1	  	Letters of Credit	  	43
	3.2	  	Reimbursement and Participations	  	44
	3.3	  	Governmental Action	  	47
	3.4	  	Letter of Credit Fee	  	47
	3.5	  	Administrative Fees	  	47

  

 i 

					
	 	  	ARTICLE IV	  	 
			
		  	CHANGE IN CIRCUMSTANCES	  	
			
	4.1	  	Increased Cost and Reduced Return	  	47
	4.2	  	Limitation on Types of Loans	  	49
	4.3	  	Illegality	  	49
	4.4	  	Treatment of Affected Loans	  	50
	4.5	  	Compensation	  	50
	4.6	  	Taxes	  	51
	4.7	  	Replacement Lenders	  	52
	4.8	  	Defaulting Revolving Lenders	  	53
			
		  	ARTICLE V	  	
			
		  	CONDITIONS TO MAKING LOANS AND ISSUING LETTERS OF CREDIT	  	
			
	5.1	  	[INTENTIONALLY OMITTED]	  	55
	5.2	  	Conditions of Loans	  	55
	5.3	  	Supplements to Schedules	  	56
			
		  	ARTICLE VI	  	
			
		  	REPRESENTATIONS AND WARRANTIES	  	
			
	6.1	  	Representations and Warranties	  	57
			
		  	ARTICLE VII	  	
			
		  	AFFIRMATIVE COVENANTS	  	
			
	7.1	  	Financial Reports, Etc.	  	61
	7.2	  	Maintain Properties	  	63
	7.3	  	Existence, Qualification, Etc.	  	63
	7.4	  	Regulations and Taxes	  	63
	7.5	  	Insurance	  	63
	7.6	  	True Books	  	63
	7.7	  	Right of Inspection	  	64
	7.8	  	Observe all Laws	  	64
	7.9	  	Governmental Licenses	  	64
	7.10	  	Covenants Extending to Subsidiaries	  	64
	7.11	  	Officer’s Knowledge of Default	  	64
	7.12	  	Suits or Other Proceedings	  	64
	7.13	  	Notice of Discharge of Hazardous Material or Environmental Complaint	  	64
	7.14	  	Environmental Compliance	  	64
	7.15	  	Employee Benefit Plans	  	65
	7.16	  	Continued Operations	  	66
	7.17	  	Use of Proceeds	  	66
	7.18	  	New Subsidiaries	  	66

  

 ii 

					
		  	ARTICLE VIII	  	
			
		  	NEGATIVE COVENANTS	  	
			
	8.1	  	Financial Covenants	  	66
	8.2	  	Indebtedness	  	67
	8.3	  	Liens	  	67
	8.4	  	Merger, Consolidation or Fundamental Changes	  	68
	8.5	  	Transactions with Affiliates	  	68
	8.6	  	Compliance with ERISA, the Code and Foreign Benefit Laws	  	69
	8.7	  	Fiscal Year	  	69
	8.8	  	Change in Control	  	69
	8.9	  	Limitations on Upstreaming	  	69
	8.10	  	Subsidiary Guaranties	  	70
	8.11	  	Manufacturer Consents	  	70
			
		  	ARTICLE IX	  	
			
		  	EVENTS OF DEFAULT AND ACCELERATION	  	
			
	9.1	  	Events of Default	  	70
	9.2	  	Administrative Agent to Act	  	72
	9.3	  	Cumulative Rights	  	73
	9.4	  	No Waiver	  	73
	9.5	  	Allocation of Proceeds	  	73
			
		  	ARTICLE X	  	
			
		  	THE ADMINISTRATIVE AGENT	  	
			
	10.1	  	Appointment	  	73
	10.2	  	Delegation of Duties	  	74
	10.3	  	Exculpatory Provisions	  	74
	10.4	  	Reliance by Administrative Agent	  	74
	10.5	  	Notice of Default	  	75
	10.6	  	Non-Reliance on Agents and Other Lenders	  	75
	10.7	  	Indemnification	  	75
	10.8	  	Agent in its Individual Capacity	  	76
	10.9	  	Successor Administrative Agent	  	76
	10.10	  	Other Agents, etc.	  	76
			
		  	ARTICLE XI	  	
			
		  	MISCELLANEOUS	  	
			
	11.1	  	Assignments and Participations	  	76
	11.2	  	Notices	  	79
	11.3	  	Right of Set-off; Adjustments	  	80
	11.4	  	Survival	  	81
	11.5	  	Expenses	  	81
	11.6	  	Amendments and Waivers	  	81

  

 iii 

					
	11.7	  	Counterparts; Facsimile Signatures	  	82
	11.8	  	Termination	  	83
	11.9	  	Indemnification; Limitation of Liability	  	83
	11.10	  	Severability	  	84
	11.11	  	Entire Agreement	  	84
	11.12	  	Agreement Controls	  	84
	11.13	  	Usury Savings Clause	  	84
	11.14	  	Governing Law; Waiver of Jury Trial	  	85
	11.15	  	Confidentiality	  	86
	11.16	  	Releases of Facility Guarantees	  	86
	11.17	  	MANUFACTURER CONSENTS	  	86
	11.18	  	USA Patriot Act Notice	  	87

  

			
	EXHIBIT A	  	Revolving Credit Commitments and Term Loan Amounts
	EXHIBIT B	  	Form of Assignment and Assumption
	EXHIBIT C	  	Notice of Appointment (or Revocation) of Authorized Representative
	EXHIBIT D-1	  	Form of Borrowing Notice—Revolving Credit Facility
	EXHIBIT D-2	  	Form of Borrowing Notice – Term Facility
	EXHIBIT D-3	  	Form of Borrowing Notice—Swing Line
	EXHIBIT E	  	Compliance Certificate
	EXHIBIT F	  	Form of Interest Rate Selection Notice
	EXHIBIT G	  	Form of Competitive Bid Quote Request
	EXHIBIT H	  	Form of Competitive Bid Quote
	EXHIBIT I-1	  	Form of Opinion of Borrower’s In-House Counsel
	EXHIBIT I-2	  	Form of Opinion of Borrower’s Special Counsel
	EXHIBIT J	  	Form of Facility Guaranty
	EXHIBIT K	  	Form of Commitment Increase Agreement
	EXHIBIT L	  	Form of Added Lender Agreement
	EXHIBIT M	  	Form of U.S. Tax Compliance Certificate
		
	Schedule 1.1(a)	  	Existing Issuing Banks and Existing Letters of Credit
	Schedule 1.1(b)	  	Manufacturer Consents
	Schedule 1.1(c)	  	Existing Vehicle Lenders
	Schedule 6.1(c)	  	Subsidiaries and Investments in Other Persons
	Schedule 6.1(g)	  	Litigation
	Schedule 6.1(k)	  	Consenting Manufacturers
	Schedule 6.1(l)	  	ERISA
	Schedule 6.1(n)	  	Environmental Issues
	Schedule 7.5	  	Insurance
	Schedule 8.3	  	Existing Liens
	Schedule 8.9	  	Limitations on Upstreaming

  

 iv 

 CREDIT AGREEMENT 

THIS CREDIT AGREEMENT, dated as of July 14, 2005 (the “Agreement”), is made by and among: 

AUTONATION, INC., a Delaware corporation (the “Borrower”); and 

JPMORGAN CHASE BANK, N.A., a national banking association organized and existing under the laws of the United States of America
(“JPMorgan Chase Bank”), each other lender signatory hereto on the Closing Date, each Person which may hereafter execute and deliver an Assignment and Assumption with respect to this Agreement pursuant to Section 11.1 and each
Person which hereafter becomes an Added Lender pursuant to Section 2.18 (hereinafter JPMorgan Chase Bank and such other lenders and Added Lenders may be referred to individually as a “Lender” or collectively as the
“Lenders”); and 
 JPMORGAN CHASE BANK, N.A., in its capacity as administrative agent for the Lenders (in such
capacity, the “Administrative Agent”); 
 W I T N E S S E T H: 

WHEREAS, the Borrower has requested that the Lenders make available revolving credit facilities in an aggregate amount of
$638,620,512.53, with a sublimit of $200,000,000 for the issuance of standby letters of credit and a sublimit of $25,000,000 for swing line loans; and 

WHEREAS, the Borrower has requested that the Lenders make available term loan facilities in an aggregate amount of
$533,387,179.65; and 
 WHEREAS, the Lenders are willing to make such revolving credit facilities and term loan
facilities available to the Borrower upon the terms and conditions set forth herein; 
 NOW, THEREFORE, the Borrower, the
Lenders and the Administrative Agent hereby agree as follows: 
 ARTICLE I 

Definitions 

1.1 Definitions. For the purposes of this Agreement, in addition to the definitions set forth above, the following terms shall
have the respective meanings set forth below: 
 “Absolute Rate” has the meaning assigned to such term
in Section 2.5(c)(ii)(C) hereof. 
 “Acquisition” means the acquisition of (i) a
controlling equity interest in another Person (including the purchase of an option, warrant or convertible or similar type security to acquire such a controlling interest at the time it is exercised by the holder thereof), whether by purchase of
such equity interest or upon exercise of an option or warrant for, or conversion of securities into, such equity interest, or (ii) assets of another Person which constitute all or substantially all of the assets of such Person or of a line or
lines of business conducted by such Person. 
 “Acquisition Adjustments” means with respect to any
Permitted Acquisition the adjustments provided for in Section 1.3. 

 “Added Commitments” has the meaning assigned to such term in
Section 2.18 hereof. 
 “Added Lender” has the meaning assigned to such term in
Section 2.18 hereof. 
 “Adjusted Consolidated EBITDA” means Consolidated EBITDA
minus any Consolidated Interest Expense related to Vehicle Secured Indebtedness. 
 “Administrative
Agent” has the meaning assigned to such term in the preamble hereto. 
 “Advance” means a
borrowing under (i) the Revolving Credit Facility, consisting of the aggregate principal amount of a Base Rate Loan or a Eurodollar Loan, as the case may be, (ii) the Swing Line consisting of a Base Rate Loan, (iii) the Competitive
Bid Facility consisting of a Competitive Bid Loan or (iv) the Term Facility, consisting of the aggregate principal amount of a Base Rate Loan or a Eurodollar Loan, as the case may be. 

“Affiliate” means, with respect to any Person, any other Person (i) which directly or indirectly through
one or more intermediaries controls, or is controlled by, or is under common control with such Person; (ii) which beneficially owns or holds 5% or more of any class of the outstanding Voting Securities of such Person; or (iii) 5% or more
of any class of the outstanding Voting Securities of which is beneficially owned or held by such Person. The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of voting stock, by contract or otherwise. 
 “Agent-Related
Persons” means the Administrative Agent (including any successor administrative agent), together with its Affiliates (including, in the case of JPMorgan Chase Bank in its capacity as the Administrative Agent, J.P. Morgan Securities Inc.), and
the officers, directors, employees and attorneys-in-fact of such Persons and Affiliates. 
 “Agents”
means the collective reference to the Administrative Agent and the Syndication Agent and Documentation Agents referred to on the cover page hereof. 

“Agreement” has the meaning assigned to such term in the preamble hereto, as amended, restated, supplemented or
otherwise modified from time to time. 
 “Aggregate Exposure” means, with respect to any Lender at any
time, an amount equal to the sum of (a) the aggregate then unpaid principal amount of such Lender’s Term Loans and (b) the amount of such Lender’s Revolving Credit Commitment then in effect or, if the Revolving Credit Commitments
have been terminated, the amount of such Lender’s Outstanding Revolving Credit Obligations then in effect. 

“Aggregate Exposure Percentage” means, with respect to any Lender at any time, the ratio (expressed as a
percentage) of such Lender’s Aggregate Exposure at such time to the Aggregate Exposure of all Lenders at such time. 

“Applicable Base Rate Margin” means, for any Facility, that number of basis points per annum set forth in the
Pricing Grid under the heading “Applicable Base Rate Margin” with respect to such Facility. 

“Applicable Commitment Fee” for each Extended Revolving Credit Lender means (a) that number of basis points
per annum set forth on the Pricing Grid under the heading “Applicable Commitment Fee”, multiplied by (b) such Lender’s Extended Available Revolving Credit Commitment. 

 

 2 

 “Applicable Eurodollar Margin” means, for any Facility, that
number of basis points per annum set forth on the Pricing Grid under the heading “Applicable Eurodollar Margin” for such Facility. 

“Applicable Facility Fee” for each Non-Extended Revolving Credit Lender means (a) that number of basis
points per annum set forth on the Pricing Grid under the heading “Applicable Facility Fee”, multiplied by (b) such Lender’s Non-Extended Revolving Credit Commitment. 

“Applicable Lending Office” means, for each Lender and for each Type of Loan, the “Lending Office” of
such Lender (or of an Affiliate of such Lender) designated for such Type of Loan on the signature pages hereof or such other office of such Lender (or an Affiliate of such Lender) as such Lender may from time to time specify to the Administrative
Agent and the Borrower by written notice in accordance with the terms hereof as the office by which its Loans of such Type are to be made and maintained. 

“Applicable Margin” means the Applicable Base Rate Margin or Applicable Eurodollar Margin, as applicable.

 “Applications and Agreements for Letters of Credit” means, collectively, the Applications and
Agreements for Letters of Credit executed by the Borrower from time to time and delivered to the applicable Issuing Bank to support the issuance of Letters of Credit. 

“Assignment and Assumption” shall mean an Assignment and Assumption substantially in the form of Exhibit
B (with blanks appropriately filled in) delivered to the Administrative Agent in connection with an assignment of a Lender’s interest under this Agreement pursuant to Section 11.1. 

“Authorized Representative” means any of the Chairman, Vice Chairmen, President, Executive Vice Presidents or
Vice Presidents of the Borrower and, with respect to financial matters, the Treasurer or Chief Financial Officer of the Borrower or any other person expressly designated by the Board of Directors of the Borrower (or the appropriate committee
thereof) as an Authorized Representative of the Borrower, as set forth from time to time in a certificate in the form attached hereto as Exhibit C. 

“Automobile Retailing Activities” means new and used vehicle retailing, renting, leasing, financing, servicing,
repairing and related or complementary activities, including but not limited to the selling of finance and insurance related products and other aftermarket parts and accessories. 

“Base Rate” means the sum of: 

(a) on any day, the greatest of (i) the sum of the Federal Funds Rate in effect on such day plus
one-half of one percent ( 1/2%), (ii) the Prime
Rate in effect on such day or (iii) the Eurodollar Rate that would be calculated as of such day (or, if such day is not a Business Day, as of the next preceding Business Day) in respect of a proposed Eurodollar Loan with a one-month Interest
Period plus one percent (1.0%) 
  

 3 

 plus 

(b) the Applicable Base Rate Margin; 

provided, that in the case of Swing Line Loans, the Base Rate shall be the rate determined in accordance with
Section 2.17(b). 
 “Base Rate Loan” means a Loan for which the rate of interest is
determined by reference to the Base Rate. 
 “Base Rate Refunding Loan” means a Base Rate Revolving
Credit Loan or Swing Line Loan made either to (i) satisfy Reimbursement Obligations arising from a drawing under a Letter of Credit or (ii) pay JPMorgan Chase Bank in respect of Swing Line Outstandings. 

“Board” means the Board of Governors of the Federal Reserve System (or any successor body). 

“Borrower” has the meaning assigned to such term in the preamble hereto. 

“Borrowing Notice” means the notice delivered by an Authorized Representative in connection with an Advance
under the Revolving Credit Facility, the Term Facility or the Swing Line, in the forms attached hereto as Exhibits D-1, D-2 and D-3 respectively. 

“Business Day” means (i) with respect to any Eurodollar Loan or any Competitive Bid Loan at the Eurodollar
Competitive Rate, any day which is a Business Day, as described below, and on which the relevant international financial markets are open for the transaction of business contemplated by this Agreement in New York City and in the relevant interbank
eurodollar market, and (ii) with respect to any other Loan and for any other purposes hereof, any day which is not a Saturday, Sunday or a day on which banks in the State of New York are authorized or obligated by law, executive order or
governmental decree to be closed. 
 “Capital Leases” means all leases which have been or should be
capitalized in accordance with GAAP (including Statement No. 13 of the Financial Accounting Standards Board) applied on a Consistent Basis. 

“Change in Control” means (i) if any Person or group of Persons acting in concert, other than the Permitted
Investors, shall own or control, directly or indirectly, more than 35% of the outstanding securities (on a fully diluted basis and taking into account any Voting Securities or contract rights exercisable, exchangeable or convertible into equity
securities) of the Borrower having voting rights in the election of directors; or (ii) the replacement or resignation (other than by reason of death, illness or incapacity), within any two-year period, of a majority of the members of the Board
of Directors of the Borrower (the “Board”) or a change in the size of the Board, within any two-year period, which results in members of the Board who were in office at the beginning of such two-year period constituting less than a
majority of the members of the Board (unless such replacement, resignation or change in size of the Board shall have been effected or initiated by a majority of the members of the Board in office at the beginning of such two-year period or whose
Board nomination or appointment were previously so approved). 
 “Closing Date” means July 14,
2005. 
  

 4 

 “Code” means the Internal Revenue Code of 1986, as amended, any
successor provision or provisions and any regulations promulgated thereunder. 
 “Commitment” means, as
to any Lender, the sum of the Revolving Credit Commitment and the Extended Incremental Term Commitment of such Lender. 

“Competitive Bid Borrowing” has the meaning assigned to such term in Section 2.5(b) hereof.

 “Competitive Bid Facility” means the facility described in Section 2.5 hereof providing
for Competitive Bid Loans to the Borrower. 
 “Competitive Bid Loans” means the Loans bearing interest
at an Absolute Rate or a Eurodollar Competitive Rate provided for in Section 2.5 hereof. 

“Competitive Bid Quote” means an offer in accordance with Section 2.5 hereof by a Revolving Credit
Lender to make a Competitive Bid Loan with one single specified interest rate. 
 “Competitive Bid Quote
Request” has the meaning assigned to such term in Section 2.5(b) hereof. 
 “Compliance
Certificate” means a certificate in the form of Exhibit E furnished to the Administrative Agent and Lenders by the Borrower pursuant to Section 7.1 hereof. 

“Consenting Manufacturers” means the Manufacturers listed on Schedule 6.1(l). 

“Consistent Basis” in reference to the application of GAAP means the accounting principles (including
interpretations of GAAP) observed in the period referred to are comparable in all material respects to those observed in the preparation of the audited financial statements of the Borrower referred to in Section 6.1(e)(i) hereof.

 “Consolidated Capitalization Ratio” means the ratio of (a) the sum of Consolidated
Funded Indebtedness plus Vehicle Secured Indebtedness to (b) the sum of Consolidated Total Capitalization plus Vehicle Secured Indebtedness. 

“Consolidated EBITDA” means, with respect to the Borrower and its Subsidiaries for any period of computation
thereof during such period, the sum of, without duplication, (i) Consolidated Net Income, plus (ii) Consolidated Interest Expense during such period, plus (iii) taxes on income during such period, plus (iv) amortization during
such period, plus (v) depreciation during such period (with the exclusion of any depreciation related to Vehicles), plus (vi) non-cash charges arising from share-based payments (as defined in accordance with GAAP) to employees and
directors, plus (vii) to the extent reflected as a charge in the statement of Consolidated Net Income for such period, the amortization or expense of all premiums, fees and expenses payable to the extent related to Indebtedness and plus
(viii) to the extent reflected as a charge in the statement of Consolidated Net Income for such period, any non-cash impairment charge or asset write-off of the Borrower and its Subsidiaries to the extent reflected as a charge pursuant to
Financial Accounting Standards Board Statement No. 142 “Goodwill and Other Intangible Assets” or Financial Accounting Standards Board Statement No. 144 “Accounting for the Impairment or Disposal of Long-Lived Assets”
and the amortization of intangibles or non-cash write-off of assets arising pursuant to Financial Accounting Standards Board Statement No. 141 or No. 141 (revised 2007) “Business Combinations” (or any revisions or successor
standards 
  

 5 

 
with respect to such Financial Accounting Standards Board Statement covering substantially the same subject matter) minus (b) any cash payments made during such period in respect of items
described in clause (viii) above subsequent to the fiscal quarter in which the relevant non-cash charges were reflected as a charge in the statement of Consolidated Net Income; the foregoing to be determined on a consolidated basis in
accordance with GAAP applied on a Consistent Basis subject to the Acquisition Adjustments. 
 “Consolidated
Funded Indebtedness” means Funded Indebtedness of the Borrower and its Subsidiaries, determined on a consolidated basis in accordance with GAAP applied on a Consistent Basis. 

“Consolidated Interest Expense” means, with respect to any period of computation thereof, the gross interest
expense of the Borrower and its Subsidiaries, including without limitation (i) the amortization of debt discounts and (ii) the portion of any liabilities incurred in connection with Capital Leases allocable to interest expense, all
determined on a consolidated basis in accordance with GAAP applied on a Consistent Basis, subject to the Acquisition Adjustments. 

“Consolidated Leverage Ratio” means, as at the date of computation thereof, the ratio of Consolidated Funded
Indebtedness (determined as at such date) to Adjusted Consolidated EBITDA (for the Four-Quarter Period ending on (or most recently ended prior to) such date). 

“Consolidated Net Income” means, for any period of computation thereof, the net income from continuing
operations of the Borrower and its Subsidiaries, but excluding all extraordinary gains or losses, all as determined in accordance with GAAP applied on a Consistent Basis, subject to Acquisition Adjustments. 

“Consolidated Shareholders’ Equity” means at any time as of which the amount thereof is to be determined,
the sum of the following in respect of the Borrower and its Subsidiaries (determined on a consolidated basis and excluding intercompany items among the Borrower and its Subsidiaries and any upward adjustment after December 31, 2004 due to
revaluation of assets): (i) the amount of issued and outstanding share capital, plus (ii) the amount of additional paid-in capital and retained income (or, in the case of a deficit, minus the amount of such deficit), minus (iii) the
amount of any foreign currency translation adjustment which is included in the equity section of the consolidated balance sheet (whether positive or negative), minus (iv) the absolute value of any treasury stock and the absolute value of any
stock subscription receivables, plus (v) to the extent deducted in calculating the foregoing amount, any non-cash impairment charge or asset write-off of the Borrower and its Subsidiaries pursuant to Financial Accounting Standards Board
Statement No. 142 “Goodwill and Other Intangible Assets” or Financial Accounting Standards Board Statement No. 144 “Accounting for the Impairment or Disposal of Long-Lived Assets” and the amortization of intangibles or
non-cash write-off of assets arising pursuant to Financial Accounting Standards Board Statement No. 141 or No. 141 (revised 2007) “Business Combinations” (or any revisions or successor standards with respect to such Financial
Accounting Standards Board Statements covering substantially the same subject matter), in each case with respect to this clause (v) to the extent occurring after December 31, 2007 (which amount in the aggregate equals approximately
$1,500,000,000 after taxes as of March 31, 2010) and only to the extent no cash payments have been subsequently made in respect of such items; the foregoing to be determined on a consolidated basis in accordance with GAAP applied on a
Consistent Basis. 
  

 6 

 “Consolidated Tangible Assets” means Consolidated Total Assets
minus the book value of all Intangible Assets of the Borrower and its Subsidiaries. 
 “Consolidated
Tangible Unencumbered Assets” means Consolidated Tangible Assets excluding assets encumbered by a Lien (other than a Lien permitted by Section 8.3(ii), (iii), (v), (viii) or (xi)). 

“Consolidated Total Assets” means assets of the Borrower and its Subsidiaries as determined in accordance with
GAAP applied on a Consistent Basis. 
 “Consolidated Total Capitalization” means, as at any time as of
which the amount thereof is to be determined, the sum of Consolidated Funded Indebtedness plus Consolidated Shareholders’ Equity. 

“Contingent Obligation” of any Person means all contingent liabilities required (or which, upon the creation or
incurring thereof, would be required) to be included in the consolidated financial statements (including footnotes) of such Person in accordance with GAAP applied on a Consistent Basis, including Statement No. 5 of the Financial Accounting
Standards Board, and any Guaranty Obligation. 
 With respect to Contingent Obligations (such as litigation and
pension plan liabilities), such liabilities shall be computed at the amount which, in light of all the facts and circumstances existing at the time, represent the present value of the amount which can reasonably be expected to become an actual or
matured liability. 
 “Continue”, “Continuation”, and “Continued” shall refer to
the continuation pursuant to Section 2.12 hereof of a Loan of one Type as a Loan of the same Type from one Interest Period to the next Interest Period. 

“Control Investment Affiliate” means, as to any Person, any other Person that (a) directly or indirectly,
is in control of, is controlled by, or is under common control with, such Person and (b) is organized by such Person primarily for the purpose of making equity or debt investments in one or more companies. For purposes of this definition,
“control” of a Person means the power, directly or indirectly, to direct or cause the direction of the management and policies of such Person whether by contract or otherwise. 

“Convert”, “Conversion”, and “Converted” shall refer to a conversion pursuant to
Section 2.12 of one Type of Loan into another Type of Loan. 
 “Default” means any event or
condition which, with the giving or receipt of notice or lapse of time or both, would constitute an Event of Default hereunder. 

“Default Rate” means an interest rate equal to (a) with respect to a Base Rate Loan under the Revolving
Credit Facility, the Base Rate otherwise applicable to such Loan plus 2% per annum; (b) with respect to a Eurodollar Loan under the Revolving Credit Facility, the Eurodollar Rate otherwise applicable to such Loan plus
2% per annum; (c) with respect to a Base Rate Loan under the Term Facility, the Base Rate otherwise applicable to such Loan plus 2% per annum; (d) with respect to a Eurodollar Loan under the Term Facility, the Eurodollar
Rate otherwise applicable to such Loan plus 2% per annum; and (e) with respect to a Competitive Bid Loan under the Revolving Credit Facility, the Absolute Rate or Eurodollar Competitive Rate otherwise applicable to such Loan
plus 2% per annum; in each case to the fullest extent permitted by applicable law. 
  

 7 

 “Defaulting Lender” means any Lender, as reasonably determined by
the Administrative Agent, that (a) in the case of any Revolving Credit Lender, has (i) failed to fund any portion of its Revolving Credit Loans or Participations in Letters of Credit or Swing Line Loans within three Business Days of the
date required to be funded by it hereunder and such failure is continuing, (ii) notified the Borrower, the Administrative Agent, any Issuing Bank, the Swing Line Lender or any Lender in writing that it does not intend to comply with any of its
funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or under other agreements in which it commits to extend credit,
(iii) failed, within three Business Days after receipt of request by the Administrative Agent, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund prospective Revolving Credit Loans and
Participations in then outstanding Letters of Credit and Swing Line Loans or (iv) otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within three Business Days of
the date when due, unless the subject of a good faith dispute, or (b) in the case of any Lender, has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has
taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment, unless, in the case of any Lender referred to in this clause (b), the Borrower and the Administrative Agent shall be
satisfied that such Lender intends, and has all approvals required to enable it, to continue to perform its obligations as a Lender hereunder. 

“Dollars” and the symbol “$” means dollars constituting legal tender for the payment of public and
private debts in the United States of America. 
 “Eligible Special Purpose Entity” means any Person
which is or is not a Subsidiary of the Borrower which has been formed by or for the benefit of the Borrower or any Subsidiary for the purpose of (i) financing or refinancing, leasing, selling or securitizing Vehicles or related receivables and
which finances, refinances or securitizes Vehicles or related receivables of, leases Vehicles to or purchases Vehicles or related receivables from the Borrower or any Subsidiary; or (ii) financing or refinancing consumer receivables, leases,
loans or retail installment contracts; provided that AutoNation Financial Services Corp. shall not be deemed an Eligible Special Purpose Entity. 

“Employee Benefit Plan” means (i) any employee benefit plan, including any Pension Plan, within the meaning
of Section 3(3) of ERISA which (A) is maintained for employees of the Borrower or any of its Subsidiaries or ERISA Affiliates or is assumed by the Borrower or any of its Subsidiaries or ERISA Affiliates in connection with any Acquisition
or (B) has at any time within the last six (6) years been maintained for the employees of the Borrower or any current or former Subsidiary or ERISA Affiliate and (ii) any plan, arrangement, understanding or scheme maintained by the
Borrower or any Subsidiary or ERISA Affiliate that provides retirement, deferred compensation, employee or retiree medical or life insurance, severance benefits or any other benefit covering any employee or former employee and which is administered
under any Foreign Benefit Law or regulated by any Governmental Authority other than the United States of America. 

“Environmental Laws” means, collectively, the Comprehensive Environmental Response, Compensation and Liability
Act of 1980, as amended, the Superfund Amendments and Reauthorization Act of 1986, the Resource Conservation and Recovery Act, the Toxic Substances 

 

 8 

 
Control Act, as amended, the Clean Air Act, as amended, the Clean Water Act, as amended, any other “Superfund” or “Superlien” law or any other applicable statute, law,
ordinance, code, rule, regulation, order or decree, of the United States or any foreign nation or any province, territory, state, protectorate or other political subdivision thereof, regulating, relating to, or imposing liability or standards of
conduct concerning, any hazardous, toxic or dangerous waste, substance or material. 
 “ERISA” means,
at any date, the Employee Retirement Income Security Act of 1974, as amended, and the regulations thereunder, all as the same shall be in effect at such date. 

“ERISA Affiliate”, as applied to the Borrower, means any Person or trade or business which is a member of a
group which is under common control with the Borrower, who together with the Borrower, is treated as a single employer within the meaning of Section 414(b) and (c) of the Code. 

“Eurodollar Competitive Rate” means, for the Interest Period for any Competitive Bid Loan at a Eurodollar
Competitive Rate, the rate of interest per annum determined pursuant to the following formula: 
  

									
	 Eurodollar

Competitive
 Rate
	 	 =
	  	         Interbank Offered
Rate        
 1 – Reserve Requirement

applicable to such

Competitive Bid Loan
	  	+ or -	  	a margin
	 	  	  	  

 “Eurodollar Loan” or “Eurodollar
Rate Loan” means a Loan for which the rate of interest is determined by reference to the Eurodollar Rate. 

“Eurodollar Rate” means, for the Interest Period for any Eurodollar Loan, the rate of interest per annum
determined pursuant to the following formula: 
  

									
	 Eurodollar

Rate      =
	 		  	         Interbank Offered
Rate        
 1 – Reserve Requirement

applicable to such Eurodollar

Loan
	  	      +	  	 Applicable

Eurodollar
 Margin

	 	  	  	  

 “Event of Default” means any of the
occurrences set forth as such in Section 9.1 hereof, provided that any requirement for notice or lapse of time, or both, has been satisfied. 

“Excluded Subsidiaries” means, collectively, (a) all Eligible Special Purpose Entities, (b) each
Subsidiary organized solely for the purpose of engaging in the insurance business, (c) Rosecrans Holdings, L.L.C. and Auto By Internet, Inc. and (d) any Subsidiary organized or incorporated outside of the United States. 

“Executive Officer” means the President, Chief Executive Officer, Treasurer, Chief Financial Officer or General
Counsel of the Borrower. 
  

 9 

 “Existing Credit Agreement” means this Agreement as in effect
immediately prior to the Fourth Amendment Effective Date. 
 “Existing Vehicle Lenders” means those
financial institutions listed on Schedule 1.1(c). 
 “Existing Vehicle Secured Indebtedness”
means Indebtedness arising under floorplan arrangements with the Existing Vehicle Lenders described on Schedule 1.1(c). 

“Extended Available Revolving Commitment” means, as to any Extended Revolving Lender at any time, an amount
equal to the excess, if any, of (a) such Lender’s Extended Revolving Credit Commitment then in effect over (b) the sum of such Lender’s Extended Revolving Credit Loans then outstanding and such Lender’s Participation
in the Letter of Credit Outstandings. 
 “Extended Facilities” means the collective reference to the
Extended Revolving Credit Facility and the Extended Term Facility. 
 “Extended Incremental Term
Commitment” means, as to any Lender, the obligation of such Lender, if any, to make an Extended Term Loan to the Borrower in a principal amount not to exceed the amount set forth under the heading “Extended Incremental Term
Commitment” opposite such Lender’s name on Exhibit A attached hereto. 
 “Extended
Outstanding Revolving Credit Obligations” means the sum of (i) the Extended Revolving Credit Outstandings, (ii) Letter of Credit Outstandings (ratably allocated to the Extended Revolving Credit Facility according to the Revolving
Percentages of the Revolving Credit Lenders), (iii) Swing Line Outstandings (ratably allocated to the Extended Revolving Credit Facility according to the Revolving Percentages of the Revolving Credit Lenders thereunder), and
(iv) outstanding Competitive Bid Loans, all as at the date of determination thereof. 
 “Extended
Revolving Credit Commitment” means with respect to each Extended Revolving Credit Lender, the obligation of such Lender to make Extended Revolving Credit Loans to the Borrower and purchase Participations up to an aggregate principal amount at
any one time outstanding not to exceed the amount set forth for such Lender on Exhibit A attached hereto, as the same may be increased or decreased from time to time pursuant to this Agreement. 

“Extended Revolving Credit Facility” means the facility described in Section 2.4(a) hereof providing
for Extended Revolving Credit Loans to the Borrower and Participations in respect of Letters of Credit and Swing Line Loans by the Extended Revolving Credit Lenders in the aggregate principal amount of the Extended Total Revolving Credit Commitment
less the aggregate amount of outstanding Competitive Bid Loans. 
 “Extended Revolving Credit Lenders”
means each Lender that has an Extended Revolving Credit Commitment or that holds Extended Revolving Credit Loans. 

“Extended Revolving Credit Loans” means a Loan made pursuant to the Extended Revolving Credit Facility.

 “Extended Revolving Credit Outstandings” means, as of any date of determination, the aggregate
principal amount of all Extended Revolving Credit Loans then outstanding. 
  

 10 

 “Extended Revolving Credit Stated Maturity Date” means
July 18, 2014. 
 “Extended Revolving Credit Termination Date” means the earlier of
(a) July 18, 2014 and (b) the date on which the Borrower shall have terminated the Extended Revolving Credit Commitments pursuant to Section 2.10(a). 

“Extended Revolving Percentage” means, as to any Revolving Credit Lender at any time, the percentage which such
Lender’s Extended Revolving Credit Commitment then constitutes of the Extended Total Revolving Credit Commitment (or, at any time after the Extended Revolving Credit Commitments shall have expired or terminated, the percentage which the
aggregate principal amount of such Lender’s Extended Revolving Credit Loans then outstanding constitutes of the Extended Revolving Credit Outstandings); provided that each Extended Revolving Percentage of each Extended Revolving Credit
Lender shall be increased or decreased to reflect any assignments to or by such Lender effected in accordance with Section 11.1 hereof and any voluntary or mandatory reductions in such committed amounts. 

“Extended Term Facility” means the Extended Incremental Term Commitments and the Extended Term Loans.

 “Extended Term Lender” means each Lender that has an Extended Incremental Term Commitment or that
holds an Extended Term Loan. 
 “Extended Term Loan Outstandings” means, as of any date of
determination, the aggregate principal amount of all Extended Term Loans then outstanding. 
 “Extended Term
Loan Stated Maturity Date” means July 18, 2014. 
 “Extended Term Loans” means term loans
converted to, or made as, “Extended Term Loans”, as described in Section 2.1(a). 
 “Extended
Total Revolving Credit Commitment” means $581,582,051.61, as increased from time to time in accordance with Section 2.18 and as reduced from time to time in accordance with Section 2.10 and Section 2.11,
which shall be made available by the Lenders to the Borrower until the Extended Revolving Credit Termination Date. 

“Facility” means each of the Extended Revolving Credit Facility, Non-Extended Revolving Credit Facility,
Extended Term Facility and Non-Extended Term Facility, as applicable. 
 “Facility Guaranty” means each
Guaranty Agreement between one or more Guarantors and the Administrative Agent for the benefit of the Administrative Agent and the Lenders, delivered as of the Closing Date and otherwise pursuant to Section 7.18, as the same may be
amended, modified or supplemented. 
 “Facility Termination Date” means such date as all of the
following shall have occurred: (a) termination of the Revolving Credit Facility, the Term Facility, the Letter of Credit Facility, the Competitive Bid Facility and the Swing Line and payment in full of all Revolving Credit Outstandings, all
Term Loan Outstandings, the outstanding principal of all Competitive Bid Loans, all Swing Line Outstandings and, except as provided in clause (b), all Letter of Credit Outstandings, together with all accrued and unpaid interest and fees thereon,
(b) the undrawn portion of Letters of Credit and all letter of credit fees relating thereto accruing after such date to 
  

 11 

 
the respective expiry dates of the Letters of Credit (which fees shall be payable solely for the account of the applicable Issuing Bank and shall be computed based on interest rates and the
Applicable Eurodollar Margin for the Extended Revolving Credit Facility then in effect) shall be fully cash collateralized in a manner consistent with the terms of Section 9.1(B) or otherwise provided for pursuant to arrangements
satisfactory to the applicable Issuing Bank; and (c) the Borrower shall have fully, finally and irrevocably paid and satisfied in full all other Obligations then due and owing (except for Obligations consisting of continuing indemnities and
other contingent Obligations of the Borrower or any Guarantor that may be owing to any Agent-Related Person or any Lender pursuant to the Loan Documents that expressly survive termination of this Agreement). 

“FASB 133” means Statement of Financial Accounting Standards No. 133 (or any revisions or successor
standards with respect to such Financial Accounting Standards Board Statement covering substantially the same subject matter). 

“Federal Funds Rate” means, for any day, the weighted average of the rates on overnight federal funds
transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business
Day, the average of the quotations for the day of such transactions received by JPMorgan Chase Bank from three federal funds brokers of recognized standing selected by it. 

“First Amendment Effective Date” means April 12, 2006. 

“Fiscal Year” means the period of the Borrower beginning on the first day of January of each calendar year and
ending on December 31 of such calendar year. 
 “Foreign Benefit Law” means any applicable
statute, law, ordinance, code, rule, regulation, order or decree of any foreign nation or any province, state, territory, protectorate or other political subdivision thereof regulating, relating to, or imposing liability or standards of conduct
concerning, any Employee Benefit Plan. 
 “Four-Quarter Period” means a period of four full consecutive
fiscal quarterly periods, taken together as one accounting period. 
 “Fourth Amendment” means the
Fourth Amendment, dated as of April 14, 2010, to this Agreement. 
 “Fourth Amendment Documents”
means the Fourth Amendment and the Acknowledgment and Consent executed by certain Subsidiaries in accordance with the Fourth Amendment. 

“Fourth Amendment Effective Date” means the Effective Date as defined in Section 2 of the Fourth Amendment.

 “Funded Indebtedness” means, with respect to the Borrower and its Subsidiaries, without duplication,
all indebtedness in respect of money borrowed, including without limitation all Capital Leases and the deferred purchase price of any property or asset, evidenced by a promissory note, bond or similar written obligation for the payment of money
(including, but not limited to, conditional sales or similar title retention agreements), all determined in accordance with GAAP applied on a Consistent Basis, and all undrawn amounts of letters of credit in excess

  

 12 

 
of $150,000,000 in the aggregate, Guaranty Obligations (excluding Guaranty Obligations with respect to obligations of Subsidiaries that are not Funded Indebtedness), Synthetic Lease Obligations
and any reimbursement obligations under letters of credit, provided, Vehicle Secured Indebtedness and Vehicle Receivables Indebtedness shall be excluded from the calculation of Funded Indebtedness. 

“GAAP” means those principles of accounting set forth in pronouncements of the Financial Accounting Standards
Board, the American Institute of Certified Public Accountants or which have other substantial authoritative support and are applicable in the circumstances as of the date of a report, as such principles are from time to time supplemented and
amended. 
 “Government Securities” means direct obligations of, or obligations the timely payment of
principal and interest on which are fully and unconditionally guaranteed by, the United States of America. 

“Governmental Authority” shall mean any Federal, state, municipal, national or other governmental department,
commission, board, bureau, agency or instrumentality or political subdivision thereof or any entity or officer exercising executive, legislative or judicial, regulatory or administrative functions of or pertaining to any government, any court or any
arbitrator, in each case whether a state of the United States, the United States or foreign nation, state, province or other governmental instrumentality. 

“Guarantors” means, at any date, the Subsidiaries which are required to be parties to a Facility Guaranty at
such date. 
 “Guaranty Obligation” means, as to any Person, any (a) guaranty by such Person of
Indebtedness of, or other obligation payable by, any other Person or (b) assurance, agreement, letter of responsibility, letter of awareness, undertaking or arrangement given by such Person to an obligee of any other Person with respect to the
payment of an obligation by, or the financial condition of, such other Person, whether direct or indirect or contingent, including any purchase or repurchase agreement covering such obligation or any collateral security therefor, any agreement to
provide funds (by means of loans, capital contributions or otherwise) to such other Person, any agreement to support the solvency or level of any balance sheet item of such other Person or any “keep-well” or other arrangement of whatever
nature given for the purpose of assuring or holding harmless such obligee against loss with respect to any obligation of such other Person; provided, however, that the term Guaranty Obligation shall not include endorsements of
instruments for deposit or collection in the ordinary course of business. The amount of any Guaranty Obligation shall be computed at the amount which, in the light of all facts and circumstances existing at the time, represents the present value of
the amount which can reasonably be expected to become an actual or matured liability. 
 “Hazardous
Material” means and includes any pollutant, contaminant, or hazardous, toxic or dangerous waste, substance or material (including without limitation petroleum products, asbestos-containing materials and lead), the generation, handling, storage,
transportation, disposal, treatment, release, discharge or emission of which is subject to any Environmental Law. 

“Increased Commitment Date” has the meaning assigned to such term in Section 2.18 hereof.

 “Increasing Lender” has the meaning assigned to such term in Section 2.18 hereof.

  

 13 

 “Indebtedness” means with respect to any Person, without
duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances of any kind, including all Funded Indebtedness, all Vehicle Secured Indebtedness, all Vehicle Receivables Indebtedness, and all Rate
Hedging Obligations (but excluding any premiums, fees and deposits received in the ordinary course of business), (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such
Person under conditional sale or other title retention agreements relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts
payable or other like obligations incurred in the ordinary course of business), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien
on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (f) all Guaranty Obligations of such Person with respect to Indebtedness of others, (g) all Capital Lease obligations of such
Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and (i) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances. 

“Indemnified Liabilities” has the meaning therefor provided in Section 11.9. 

“Intangible Assets” means all assets of the Borrower and its Subsidiaries which would be treated as intangible
assets, such as (without limitation) goodwill (whether representing the excess of cost over book value of assets acquired or otherwise), capitalized debt cost and expenses, unamortized debt discount and expense, consignment inventory rights,
patents, trademarks, trade names, copyrights, franchises and licenses, all as determined in accordance with GAAP applied on a Consistent Basis. 

“Interbank Offered Rate” means, with respect to any Eurodollar Rate Loan or any Competitive Bid Loan at a
Eurodollar Competitive Rate, with respect to each day during each Interest Period pertaining thereto, the rate per annum determined on the basis of the rate for deposits in Dollars for a period equal to such Interest Period commencing on the first
day of such Interest Period appearing on the Reuters Screen LIBOR01 Page as of 11:00 A.M., London time, two Business Days prior to the beginning of such Interest Period. In the event that such rate does not appear on such page (or otherwise on such
screen), the “Interbank Offered Rate” shall be determined by reference to such other comparable publicly available service for displaying eurodollar rates as may be selected by the Administrative Agent or, in the absence of such
availability, by reference to the rate at which the Administrative Agent is offered Dollar deposits at or about 11:00 A.M., New York City time, two Business Days prior to the beginning of such Interest Period in the interbank eurodollar market where
its eurodollar and foreign currency and exchange operations are then being conducted for delivery on the first day of such Interest Period for the number of days comprised therein. 

“Interest Period” (a) for each Eurodollar Loan means a period commencing on the date such Eurodollar Loan
is made or Converted or Continued and each subsequent period commencing on the last day of the immediately preceding Interest Period for such Eurodollar Loan, and ending, at the Borrower’s option, on the date one, three or six months thereafter
or, subject to market availability to all Lenders, one week, two months or twelve months thereafter, as notified to the Administrative Agent by the Authorized Representative three (3) Business Days prior to the beginning of such Interest
Period; provided, that, 
 (i) if the Authorized Representative fails to notify the Administrative Agent
of the length of an Interest Period three (3) Business Days prior to the first day of such 
  

 14 

 
Interest Period, the Loan for which such Interest Period was to be determined shall be deemed to be a Base Rate Loan bearing interest at the Base Rate, as of the first day thereof; 

(ii) if an Interest Period for a Eurodollar Loan would end on a day which is not a Business Day such Interest Period shall
be extended to the next Business Day (unless such extension would cause the applicable Interest Period to end in the succeeding calendar month, in which case such Interest Period shall end on the next preceding Business Day); and 

(iii) on any day, with respect to all Revolving Credit Loans, Term Loans and Competitive Bid Loans, there shall not be in
effect (x) more than ten (10) Interest Periods, or (y) more than one (1) Interest Period having a term of one (1) week; 

(b) for each Competitive Bid Loan at an Absolute Rate means the period commencing on the date of such Loan and ending on
such date as may be mutually agreed upon by the Borrower and the Lender or Lenders making such Competitive Bid Loan or Loans, as the case may be, comprising such Competitive Bid Loan; provided that no Interest Period for a Competitive Bid
Loan at an Absolute Rate shall be for a period of less than seven (7) or greater than 90 days; and 
 (c)
for each Competitive Bid Loan at a Eurodollar Competitive Rate means the period commencing on the date such Competitive Bid Loan is made and ending, at the Borrower’s option, on the date one week or one, two, three, six or (to the extent
available) twelve months thereafter as notified by the Borrower to such Lender by the Authorized Representative three (3) Business Days prior to the beginning of such Interest Period; provided that if an Interest Period for such Loan
would end on a day which is not a Business Day, such Interest Period shall be extended to the next Business Day (unless such extension would cause the applicable Interest Period to end in the succeeding calendar month, in which case such Interest
Period shall end in the next preceding Business Day). 
 “Interest Rate Selection Notice” means the
written notice delivered by an Authorized Representative in connection with the election of a subsequent Interest Period for any Eurodollar Loan or Competitive Bid Loan bearing interest at a Eurodollar Competitive Rate or the Conversion of any
Eurodollar Rate Loan or Competitive Bid Loan bearing interest at a Eurodollar Competitive Rate into a Base Rate Loan or the Conversion of any Base Rate Loan into a Eurodollar Rate Loan or Competitive Bid Loan bearing interest at a Eurodollar
Competitive Rate, in the form of Exhibit F. 
 “Issuing Banks” means the Lenders who agree from
time to time (upon the request of Borrower) to issue (provided that no Lender shall be obligated to do so) Letters of Credit in accordance with Section 3.1 and “Issuing Bank” means any one of such Issuing Banks. On any date of
determination, no more than four (4) Lenders may be Issuing Banks hereunder. 
 “JPMorgan Chase
Bank” shall have the meaning assigned to such term in the preamble hereto. 
 “Lender” shall as of
any date have the meaning assigned to such term in the preamble hereto so long as such Lender still holds a Term Loan, a Revolving Credit Loan or a Revolving Credit Commitment as of such date. 

 

 15 

 “Letter of Credit” means a standby letter of credit issued by an
Issuing Bank for the account of the Borrower in favor of a Person advancing credit or securing an obligation on behalf of the Borrower or any of its Subsidiaries. 

“Letter of Credit Commitment” means with respect to each Revolving Credit Lender, the obligation of such Lender
to acquire Letter of Credit Participations up to an aggregate stated amount at any one time outstanding equal to such Lender’s Revolving Percentage of the Total Letter of Credit Commitment as the same may by increased or decreased from time to
time pursuant to this Agreement. 
 “Letter of Credit Facility” means the facility described in
Article III hereof providing for the issuance by the Issuing Banks for the account of the Borrower of Letters of Credit in an aggregate stated amount at any time outstanding not exceeding the Total Letter of Credit Commitment. 

“Letter of Credit Outstandings” means all undrawn amounts of Letters of Credit plus Reimbursement Obligations.

 “Lien” means any interest in property securing any obligation owed to, or a claim by, a Person other
than the owner of the property, whether such interest is based on the common law, statute or contract, and including but not limited to the lien or security interest arising from a mortgage, encumbrance, pledge, security agreement, conditional sale
or trust receipt or a lease, consignment or bailment for security purposes. For the purposes of this Agreement, the Borrower and its Subsidiaries shall be deemed to be the owners of any property which either of them have acquired or hold subject to
a conditional sale agreement, financing lease, or other arrangement pursuant to which title to the property has been retained by or vested in some other Person for security purposes. 

“Loan” or “Loans” means any of the Revolving Credit Loans, Term Loans, Competitive Bid Loans or Swing
Line Loans. 
 “Loan Documents” means this Agreement, the Notes, the Applications and Agreements for
Letters of Credit, the Facility Guaranties, the Fourth Amendment and all other instruments and documents heretofore or hereafter executed or delivered to and in favor of any Lender or the Administrative Agent in connection with the Loans or the
Letters of Credit made, issued or created under this Agreement, as the same may be amended, modified or supplemented from time to time. 

“Loan Parties” means the collective reference to the Borrower and the Guarantors. 

“Manufacturer” means a vehicle manufacturer or distributor which is party to a dealer agreement, franchise
agreement or framework agreement with, or binding upon, the Borrower or any Retail Subsidiary. 

“Manufacturer Consents” means, collectively, (a) those consent letters described on Schedule 1.1(b)
attached hereto on the date hereof, and (b) any additional written consent by a Manufacturer to the Loan Documents and the transactions contemplated thereby which consent is added to Schedule 1.1(b) and is in form and substance
reasonably acceptable to the Administrative Agent. 
  

 16 

 “Material Adverse Effect” means a material adverse effect on
(i) the business, properties, operations, business prospects, or condition, financial or otherwise, of the Borrower and its Subsidiaries, taken as a whole, (ii) the ability of the Borrower to pay or perform its obligations, liabilities and
indebtedness under the Loan Documents as such payment or performance becomes due in accordance with the terms thereof, or (iii) the rights, powers and remedies of the Administrative Agent or any Lender under any Loan Document or the validity,
legality or enforceability thereof. 
 “Moody’s” means Moody’s Investors Service, Inc., a
Delaware corporation. 
 “Mortgage Facilities” means one or more debt facilities with banks,
manufacturers and/or other entities providing for borrowings by the Borrower or a Subsidiary secured primarily by real estate, in each case as such facilities are amended, modified or supplemented from time to time. 

“Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to
which the Borrower or any ERISA Affiliate is making, or is accruing an obligation to make, contributions or has made, or been obligated to make, contributions within the preceding six (6) Fiscal Years. 

“Non-Extended Facilities” means the collective reference to the Non-Extended Revolving Credit Facility and the
Non-Extended Term Facility. 
 “Non-Extended Outstanding Revolving Credit Obligations” means the sum of
(i) the Non-Extended Revolving Credit Outstandings, (ii) Letter of Credit Outstandings (ratably allocated to the Non-Extended Revolving Credit Facility according to the Revolving Percentages of the Revolving Credit Lenders thereunder), and
(iii) Swing Line Outstandings (ratably allocated to the Non-Extended Revolving Credit Facility according to the Revolving Percentages of the Revolving Credit Lenders thereunder). 

“Non-Extended Revolving Credit Commitment” means with respect to each Non-Extended Revolving Credit Lender, the
obligation of such Lender to make Non-Extended Revolving Credit Loans to the Borrower and purchase Participations up to an aggregate principal amount at any one time outstanding not to exceed the amount set forth for such Lender on Exhibit A
attached hereto, as the same may be increased or decreased from time to time pursuant to this Agreement. 

“Non-Extended Revolving Credit Facility” means the facility described in Section 2.4(a) hereof
providing for Non-Extended Revolving Credit Loans to the Borrower and Participations in respect of Letters of Credit and Swing Line Loans by the Non-Extended Revolving Credit Lenders in the aggregate principal amount of the Non-Extended Total
Revolving Credit Commitment. 
 “Non-Extended Revolving Credit Lenders” means each Lender that has a
Non-Extended Revolving Credit Commitment or that holds Non-Extended Revolving Credit Loans. 
 “Non-Extended
Revolving Credit Loans” means a Loan made pursuant to the Non-Extended Revolving Credit Facility. 

“Non-Extended Revolving Credit Outstandings” means, as of any date of determination, the aggregate principal
amount of all Non-Extended Revolving Credit Loans then outstanding. 
  

 17 

 “Non-Extended Revolving Credit Stated Maturity Date” means
July 18, 2012. 
 “Non-Extended Revolving Credit Termination Date” means the earlier of
(a) July 18, 2012 and (b) the date on which the Borrower shall have terminated the Non-Extended Revolving Credit Commitments pursuant to Section 2.10(a). 

“Non-Extended Revolving Percentage” means, as to any Revolving Credit Lender at any time, the percentage which
such Lender’s Non-Extended Revolving Credit Commitment then constitutes of the Non-Extended Total Revolving Credit Commitment (or, at any time after the Non-Extended Revolving Credit Commitments shall have expired or terminated, the percentage
which the aggregate principal amount of such Lender’s Non-Extended Revolving Credit Loans then outstanding constitutes of the Non-Extended Revolving Credit Outstandings); provided that each Non-Extended Revolving Percentage of each
Non-Extended Revolving Credit Lender shall be increased or decreased to reflect any assignments to or by such Lender effected in accordance with Section 11.1 hereof and any voluntary or mandatory reductions in such committed amounts.

 “Non-Extended Term Facility” means the Non-Extended Term Loans. 

“Non-Extended Term Loan Stated Maturity Date” means July 18, 2012. 

“Non-Extended Term Loans” means term loans maintained as “Non-Extended Term Loans”, as described in
Section 2.1(a). 
 “Non-Extended Total Revolving Credit Commitment” means $57,038,460.92, as
reduced from time to time in accordance with Section 2.10 and Section 2.11, which shall be made available by the Lenders to the Borrower until the Non-Extended Revolving Credit Termination Date. 

“Notes”: means the collective reference to any promissory note evidencing Loans. 

“Obligations” means the obligations, liabilities and Indebtedness of the Borrower with respect to (i) the
principal and interest on the Loans, (ii) the Reimbursement Obligations and (iii) the payment and performance of all other obligations, liabilities and Indebtedness of the Borrower hereunder, under any one or more of the other Loan
Documents or with respect to the Loans. 
 “Operating Documents” means with respect to any corporation,
limited liability company, partnership, limited partnership, limited liability partnership or other legally authorized incorporated or unincorporated entity, the bylaws, operating agreement, partnership agreement, limited partnership agreement or
other applicable documents relating to the operation, governance or management of such entity. 

“Organizational Action” means with respect to any corporation, limited liability company, partnership, limited
partnership, limited liability partnership or other legally authorized incorporated or unincorporated entity, any corporate, organizational or partnership action (including any required shareholder, member or partner action), or other similar
action, as applicable, taken by such entity. 
 “Organizational Documents” means with respect to any
corporation, limited liability company, partnership, limited partnership, limited liability partnership or other legally authorized incorporated or unincorporated entity, the articles of incorporation, certificate of incorporation, articles of
organization, certificate of limited partnership, certificate of formation or other applicable organizational or charter documents relating to the creation of such entity. 
  

 18 

 “Outstanding Revolving Credit Obligations” means the sum of
(i) the Revolving Credit Outstandings, (ii) Letter of Credit Outstandings, (iii) Swing Line Outstandings, and (iv) outstanding Competitive Bid Loans, all as at the date of determination thereof. 

“Participation” means, with respect to any Revolving Credit Lender (other than JPMorgan Chase Bank with respect
to a Swing Line Loan, and other than the applicable Issuing Bank with respect to a Letter of Credit), the extension of credit represented by the participation of such Lender hereunder in (a) the rights of JPMorgan Chase Bank in respect of a
Swing Line Loan made or (b) the liability of the applicable Issuing Bank in respect of Letters of Credit issued, and the rights of the applicable Issuing Bank in respect of Reimbursement Obligations, all in accordance with the terms hereof. All
Participations shall be allocated ratably under the Extended Revolving Credit Facility and the Non-Extended Revolving Credit Facility according to the respective Revolving Percentages of the Revolving Credit Lenders. 

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

“Pension Plan” means any employee pension benefit plan within the meaning of Section 3(2) of ERISA, other
than a Multiemployer Plan, which is subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA and which (i) is maintained for employees of the Borrower or any of its ERISA Affiliates or is
assumed by the Borrower or any of its ERISA Affiliates in connection with any Acquisition or (ii) has at any time during the last six (6) years been maintained for the employees of the Borrower or any current or former ERISA Affiliate.

 “Permitted Acquisition” means an Acquisition effected with the consent and approval of the Board of
Directors (or the appropriate committee thereof) or other applicable governing body of such Person being acquired and the duly obtained approval of such shareholders or other holders of equity interests in such Person as may be required to be
obtained under applicable law, the charter documents of or any shareholder agreements or similar agreements pertaining to such Person, which Person derives the majority of its revenues from Automobile Retailing Activities. 

“Permitted Indebtedness” means (i) the endorsement of negotiable instruments for deposit or collection or
similar transactions in the ordinary course of business and (ii) Indebtedness owing to the Borrower or a Subsidiary. 

“Permitted Investor” means (a) any Person that, on the Closing Date, owns more than 10% of the outstanding
securities of the Borrower having voting rights in the election of directors and (b) any Control Investment Affiliate of any such Person. 

“Person” means an individual, partnership, corporation, limited liability company, trust, unincorporated
organization, association, joint venture or a government or agency or political subdivision thereof. 

“Pricing Grid” means the applicable table set forth below setting forth the number of basis points to be
utilized in calculating each of (i) the Applicable Eurodollar Margin with respect to Revolving Credit Loans and Swing Line Loans, (ii) the Applicable Base Rate Margin with respect to Revolving Credit Loans and Swing Line Loans,
(iii) the Applicable Eurodollar Margin with respect to Term Loans, (iv) the Applicable Base Rate Margin with respect to Term Loans, (v) the Applicable Facility Fee and (vi) the Applicable Commitment Fee. 

 

 19 

 EXTENDED FACILITIES: 

 

							
	 Consolidated Leverage Ratio
	  	Applicable
Commitment Fee	  	Applicable
Eurodollar Margin	  	Applicable Base
Rate Margin
				
	 Greater than or equal to 3.0 to 1.0
	  	50.0	  	250.0	  	150.0
				
	 Greater than or equal to 2.0 to 1.0 but less than 3.0 to 1.0
	  	50.0	  	225.0	  	125.0
				
	 Greater than or equal to 1.50 to 1.0 but less than 2.0 to 1.0
	  	37.5	  	200.0	  	100.0
				
	 Less than 1.50 to 1.0
	  	25.0	  	175.0	  	75.0

 Until the first date
after the Fourth Amendment Effective Date on which financial statements and a Compliance Certificate are delivered to the Lenders pursuant to Section 7.1, the Consolidated Leverage Ratio for the purposes of the Pricing Grid set forth above
shall be deemed to be greater than or equal to 2.0 to 1.0 but less than 3.0 to 1.0. For the purposes of the Pricing Grid set forth above, changes in the rates set forth therein resulting from changes in the Consolidated Leverage Ratio shall become
effective on the date that is three Business Days after the date on which financial statements and a Compliance Certificate are delivered to the Lenders pursuant to Section 7.1 and shall remain in effect until the next change to be effected
pursuant to this paragraph. If any financial statements or the Compliance Certificate referred to above are not delivered within the time periods specified in Section 7.1, then, until the date that is three Business Days after the date on which
such financial statements and Compliance Certificate are delivered, the highest rate set forth in each column of such Pricing Grid shall apply. Each determination of the Consolidated Leverage Ratio pursuant to such Pricing Grid shall be made in a
manner consistent with the determination thereof pursuant to Section 8.1. 
 NON-EXTENDED FACILITIES: 

 

											
	 Ratings
	  	Applicable
Facility
Fee	  	Applicable
Eurodollar
Margin
(Revolving
Credit Loans)	  	Applicable
Base Rate
Margin
(Revolving
Credit Loans)	  	Applicable
Eurodollar
Margin
(Term Loans)	  	Applicable
Base Rate
Margin
(Term
Loans)
						
	 Baa1 / BBB+ or higher
	  	8.0	  	42.0	  	0	  	50.0	  	0
						
	 Baa2 / BBB
	  	10.0	  	52.5	  	0	  	62.5	  	0

  

 20 

											
	 Ratings
	  	Applicable
Facility
Fee	  	Applicable
Eurodollar
Margin
(Revolving
Credit Loans)	  	Applicable
Base Rate
Margin
(Revolving
Credit Loans)	  	Applicable
Eurodollar
Margin
(Term Loans)	  	Applicable
Base Rate
Margin
(Term
Loans)
						
	 Baa3 / BBB-
	  	12.5	  	62.5	  	0	  	75.0	  	0
						
	 Ba1 / BB+
	  	15.0	  	72.5	  	0	  	87.5	  	0
						
	 Ba2 / BB
	  	20.0	  	92.5	  	0	  	112.5	  	12.5
						
	 Ba3 / BB- or lower
	  	25.0	  	125.0	  	25.0	  	150.0	  	50.0

 For the purposes of
the Pricing Grid set forth above, (a) if the Ratings from the Rating Agencies fall within different levels: (i) if one Rating is one level higher than the other Rating, the Pricing Grid level will be based on the higher Rating and
(ii) otherwise, the Pricing Grid level will be based on the Rating that is one level higher than the lower Rating and (b) changes in the rates set forth therein shall become effective on and as of the date of any public announcement by any
Rating Agency of any Rating that indicates a different rate should be applicable. 
 “Prime Rate” means
the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank as its prime rate in effect at its principal office in New York City (the Prime Rate not being intended to be the lowest rate of interest charged by JPMorgan
Chase Bank in connection with extensions of credit to debtors). 
 “Principal Office” means the office
of the Administrative Agent at JPMorgan Chase Bank, N.A., Loan & Agency, 1111 Fannin Street, 10th Floor, Houston, Texas 77002, Attention: Syed Abbas or such other office and address as the Administrative Agent may from time to time
designate. 
 “Quotation Date” has the meaning assigned to such term in Section 2.5(b)
hereof. 
 “Rate Hedge Value” means, with respect to each contract, instrument or other arrangement
creating a Rate Hedging Obligation, the net obligations of the Borrower or any Subsidiary thereunder equal to the termination value thereof as determined in accordance with its provisions (if such Rate Hedging Obligation has been terminated) or the
mark to market value thereof as determined on the basis of available quotations from any recognized dealer in, or from Bloomberg or other similar service providing market quotations for, the applicable Rate Hedging Obligation (if such Rate Hedging
Obligation has not been terminated). 
 “Rate Hedging Obligations” means, without duplication, any and
all obligations of the Borrower or any Subsidiary, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under
(i) any and all agreements, devices or arrangements designed to protect at least one of the parties thereto from the fluctuations of interest rates, exchange rates or forward rates applicable to such party’s assets, liabilities or exchange
transactions, including, but not limited to, Dollar-denominated or cross-currency interest rate exchange agreements, forward currency exchange agreements, interest rate cap or collar 

 

 21 

 
protection agreements, forward rate currency or interest rate options, puts, warrants and those commonly known as interest rate “swap” agreements; (ii) all other “derivative
instruments” as defined in FASB 133 and which are subject to the reporting requirements of FASB 133; and (iii) any and all cancellations, buybacks, reversals, terminations or assignments of any of the foregoing. For purposes of any
computation hereunder, each Rate Hedging Obligation shall be valued at the Rate Hedge Value thereof. 

“Rating” means the rating assigned by any Rating Agency to the Loans. 

“Rating Agencies” means S&P and Moody’s. 

“Reimbursement Obligation” shall mean at any time, the obligation of the Borrower with respect to any Letter of
Credit to reimburse the applicable Issuing Bank and the Revolving Credit Lenders to the extent of their respective Participations (including by the receipt by such Issuing Bank of proceeds of Revolving Credit Loans pursuant to
Section 3.2) for amounts theretofore paid by such Issuing Bank or the Lenders pursuant to a drawing under such Letter of Credit. 

“Required Lenders” means, as of any date, the holders of more than 50% of the sum of (i) the Term Loan
Outstandings and (ii) the Total Revolving Credit Commitments then in effect or, if the Revolving Credit Commitments have been terminated, the Outstanding Revolving Credit Obligations. 

“Reserve Requirement” means, for any day as applied to any Eurodollar Loan or Competitive Rate Loan bearing
interest at a Eurodollar Competitive Rate during any Interest Period, the reserve percentage (expressed as a decimal, rounded upward to the next 1/100th of 1%), if any, in effect on such day with respect to such Eurodollar Loan or Competitive Rate
Loan under regulations issued from time to time by the Board 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 and the Eurodollar Competitive Rate for each outstanding Competitive Bid Loan bearing interest at a Eurodollar Competitive Rate shall be adjusted
automatically as of the effective date of any change in the Reserve Requirement. 
 “Retail Subsidiary”
means a Subsidiary which is engaged in the sale or distribution of new or used motor vehicles, or both, and/or parts and accessories used in connection with motor vehicles. 

“Revolving Credit Commitments” means the collective reference to the Extended Revolving Credit Commitments and
the Non-Extended Revolving Credit Commitments. 
 “Revolving Credit Facility” means the collective
reference to the Extended Revolving Credit Facility and the Non-Extended Revolving Credit Facility. 

“Revolving Credit Lenders” means, as the context may require, the Extended Revolving Credit Lenders, the
Non-Extended Revolving Credit Lenders, or all such Lenders. 
 “Revolving Credit Loan” means a Loan
made pursuant to the Revolving Credit Facility. 
 “Revolving Credit Outstandings” means, as of any
date of determination, the aggregate principal amount of all Revolving Credit Loans then outstanding. 
  

 22 

 “Revolving Credit Stated Maturity Date” means, as applicable, with
respect to Extended Revolving Credit Loans, the Extended Revolving Credit Stated Maturity Date or with respect to Non-Extended Revolving Credit Loans, the Non-Extended Revolving Credit Stated Maturity Date. Each reference herein to “Revolving
Credit Stated Maturity Date” shall be deemed to be a reference to the relevant Revolving Credit Stated Maturity Date with respect to the relevant Revolving Credit Facility. 

“Revolving Credit Termination Date” means, as applicable, with respect to the Extended Revolving Credit
Facility, the Extended Revolving Credit Termination Date or with respect to the Non-Extended Revolving Credit Facility, the Non-Extended Revolving Credit Termination Date. Each reference herein to “Revolving Credit Termination Date” shall
be deemed to be a reference to the relevant Revolving Credit Termination Date with respect to the relevant Revolving Credit Facility. 

“Revolving Percentage” means, as to any Revolving Credit Lender at any time, the percentage which such
Lender’s Revolving Credit Commitment then constitutes of the Total Revolving Credit Commitment (or, at any time after the Revolving Credit Commitments shall have expired or terminated, the percentage which the aggregate principal amount of such
Lender’s Revolving Credit Loans then outstanding constitutes of the Total Revolving Credit Outstandings); provided that each Revolving Percentage of each Revolving Credit Lender shall be increased or decreased to reflect any assignments
to or by such Lender effected in accordance with Section 11.1 hereof and any voluntary or mandatory reductions in such committed amounts; and provided, further, that in the case of interest payments and fees payable
pursuant to Section 2.13(a) or 3.4(i), “Revolving Percentage” shall refer to the Extended Revolving Percentage or the Non-Extended Revolving Percentage, as applicable. 

“S&P” means Standard & Poor’s Rating Group, a division of The McGraw-Hill Companies.

 “Senior Note Guaranty” means the collective reference to the Year 2006 Senior Note Guaranty and the
Year 2010 Senior Note Guaranty. 
 “Senior Note Indenture” means the collective reference to the Year
2006 Senior Note Indenture and the Year 2010 Senior Note Indenture. 
 “Senior Notes” means the
collective reference to the Year 2006 Senior Notes and the Year 2010 Senior Notes. 
 “Subsidiary”
means any corporation or other entity in which more than 50% of its outstanding voting stock or more than 50% of all equity interests is owned directly or indirectly by the Borrower and/or by one or more of the Borrower’s Subsidiaries.

 “Subsidiary Securities” means the shares of capital stock or the other equity interests issued by or
equity participations in any Subsidiary, whether or not constituting a “security” under Article 8 of the Uniform Commercial Code as in effect in any jurisdiction. 

“Swing Line” means the revolving line of credit established by JPMorgan Chase Bank in favor of the Borrower
pursuant to Section 2.17. 
 “Swing Line Lender” means JPMorgan Chase Bank in its capacity
as the Lender in respect of Swing Line Loans. 
  

 23 

 “Swing Line Loan” means a Loan made by JPMorgan Chase Bank to the
Borrower pursuant to Section 2.17. 
 “Swing Line Outstandings” means, as of any date of
determination, the aggregate principal amount of all Swing Line Loans then outstanding. 
 “Synthetic Lease
Obligations” means all monetary obligations of a lessee under any tax retention or other synthetic leases which is treated as an operating lease under GAAP but the liabilities under which are or would be characterized as indebtedness of such
Person for tax purposes or upon the insolvency of such Person. The amount of Synthetic Lease Obligations in respect of any synthetic lease at any date of determination thereof shall be equal to the aggregate purchase price of any property subject to
such lease less the aggregate amount of payments of rent theretofore made which reduce the lessee’s obligations under such synthetic lease and which are not the financial equivalent of interest. 

“Term Facility” means the collective reference to the Extended Term Facility and the Non-Extended Term Facility.

 “Term Lender” means any Extended Term Lender or Non-Extended Term Lender. 

“Term Loan” means the collective reference to the Extended Term Loans and the Non-Extended Term Loans.

 “Term Loan Outstandings” means, as of any date of determination, the aggregate principal amount of
all Term Loans then outstanding. 
 “Term Percentage” means, as to any Term Lender at any time, the
percentage which the aggregate principal amount of such Lender’s Term Loans then outstanding constitutes of the aggregate principal amount of the Term Loans then outstanding; provided, that each Term Percentage of each Term Lender shall
be increased or decreased to reflect any assignments to or by such Lender effected in accordance with Section 11.1 hereof. 

“Termination Event” means: (i) a “Reportable Event” described in Section 4043 of ERISA and
the regulations issued thereunder (other than an event for which the 30-day notice requirement has been waived by applicable regulation); or (ii) the withdrawal of the Borrower or any ERISA Affiliate from a Pension Plan during a plan year in
which it was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or was deemed such under Section 4062(e) of ERISA; or (iii) the termination of a Pension Plan, the filing of a notice of intent to terminate a
Pension Plan or the treatment of a Pension Plan amendment as a termination under Section 4041 of ERISA; or (iv) the institution of proceedings to terminate a Pension Plan by the PBGC; or (v) any other event or condition which would
constitute grounds under Section 4042(a) of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; or (vi) the partial or complete withdrawal (within the meaning of Title IV of ERISA) of the Borrower
or any ERISA Affiliate from a Multiemployer Plan; or (vii) the imposition of a Lien pursuant to Section 430(k) of the Code or Section 303(k) of ERISA; or (viii) any event or condition which results in the reorganization or
insolvency of a Multiemployer Plan under Section 4241 or Section 4245 of ERISA, respectively; or (ix) any event or condition which results in the termination of a Multiemployer Plan under Section 4041A of ERISA or the institution
by the PBGC of proceedings to terminate a Multiemployer Plan under Section 4042 of ERISA; or (x) any event or condition with respect to any Employee Benefit Plan which is regulated by any Foreign Benefit Law that results in the termination
of such Employee Benefit Plan or the revocation of such Employee Benefit Plan’s authority to operate under the applicable Foreign Benefit Law. 
  

 24 

 “Total Letter of Credit Commitment” means an amount not to exceed
$200,000,000. 
 “Total Revolving Credit Commitment” means the sum of the Extended Total Revolving
Credit Commitment and the Non-Extended Total Revolving Credit Commitment. 
 “Total Revolving Credit
Outstandings” means the sum of the Extended Revolving Credit Outstandings and the Non-Extended Revolving Credit Outstandings. 

“Type” shall mean any type of Loan (i.e., a Base Rate Loan or a Eurodollar Loan). 

“Vehicle Receivables Indebtedness” means Indebtedness incurred by any Eligible Special Purpose Entity to
finance, refinance or guaranty the financing or refinancing of consumer receivables, leases, loans or retail installment contracts incurred in the sale, transfer or lease of Vehicles; provided (x) such Indebtedness shall in accordance
with GAAP on a Consistent Basis not appear as an asset or liability on the balance sheet of the Borrower or any of its Subsidiaries; (y) no assets other than the Vehicles, consumer receivables, leases, loans, retail installment contracts or
related proceeds (including, without limitation, proceeds from insurance, Vehicles and other obligations under such receivables, leases, loans or retail installment contracts) to be so financed or refinanced secure such Indebtedness; and
(z) neither the Borrower nor any of its Subsidiaries other than such Eligible Special Purpose Entity shall incur any liability with respect to such Indebtedness other than liability arising by reason of (1) a breach of a representation or
warranty or customary indemnities in each case contained in any instrument relating to such Indebtedness or (2) customary interests retained by the Borrower or its Subsidiaries in such assets or Indebtedness. 

“Vehicle Secured Indebtedness” means, collectively, (a) the Existing Vehicle Secured Indebtedness and
(b) Indebtedness incurred by the Borrower, any Subsidiary or any Eligible Special Purpose Entity to lease, finance or refinance or guaranty the leasing, financing or refinancing of Vehicles or related receivables, which Indebtedness in the case
of this clause (b) is secured by the Vehicles or related receivables so financed and (but only to the extent permitted by the last sentence of this definition) other assets, to the extent, at any date of determination thereof, the amount of
such Indebtedness does not exceed the depreciated book value of the Vehicles so financed or the book value of such related receivables, in each case plus the book value of any other assets securing such Indebtedness (in the aggregate, “Security
Book Value”) as determined in accordance with GAAP applied on a Consistent Basis. It is understood that, to the extent the amount of such Indebtedness exceeds the associated Security Book Value, such excess amount shall not constitute
“Vehicle Secured Indebtedness” and, accordingly, shall constitute “Funded Indebtedness”. On the date any Vehicle Secured Indebtedness is incurred and on any date any lien is granted securing such Indebtedness, the percentage of
Security Book Value contributed by Vehicles and related receivables financed thereby shall not be less than 85% of the total Security Book Value with respect to such Indebtedness. 

“Vehicles” means all now existing or hereafter acquired new and used automobiles, sport utility vehicles, trucks
and vans of all types and descriptions, whether held for sale, lease, rental or operational purposes, which relate to the Borrower’s or any Subsidiary’s Automobile Retailing Activities. 

 

 25 

 “Voting Securities” means shares of capital stock issued by a
corporation, or equivalent interests in any other Person, the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even if the
right so to vote has been suspended by the happening of such a contingency. 
 “Year 2006 Senior Note
Guaranty” means each Guaranty Agreement delivered by the Guarantors for the benefit of the holders of the Year 2006 Senior Notes. 

“Year 2006 Senior Note Indenture” means the Indenture dated April 12, 2006 among the Borrower, the
guarantors party thereto and Wells Fargo Bank, N.A. pursuant to which the Borrower has issued the Year 2006 Senior Notes, as amended, restated, supplemented or otherwise modified from time to time. 

“Year 2006 Senior Notes” means the Borrower’s 7% Senior Notes due April 15, 2014 and the Floating Rate
Senior Notes due April 15, 2013 issued pursuant to the Year 2006 Senior Note Indenture and shall include the notes issued in exchange therefor (as contemplated by the Year 2006 Senior Note Indenture and the registration rights agreement
described therein), as amended, restated, supplemented or otherwise modified from time to time. 
 “Year
2010 Senior Note Guaranty” means each Guaranty Agreement delivered by the Guarantors for the benefit of the holders of the Year 2010 Senior Notes. 

“Year 2010 Senior Note Indenture” means the Indenture dated April 12, 2010 among the Borrower, the
guarantors party thereto and Wells Fargo, N.A. pursuant to which the Borrower has issued the Year 2010 Senior Notes, as amended, restated, supplemented or otherwise modified from time to time. 

“Year 2010 Senior Notes” means the Borrower’s 6.750% Senior Notes due April 15, 2018, as amended,
restated, supplemented or otherwise modified from time to time. 
 1.2 Rules of Interpretation. 

(a) The headings, subheadings and table of contents used herein or in any other Loan Document are solely for convenience
of reference and shall not constitute a part of any such document or affect the meaning, construction or effect of any provision thereof. 

(b) Except as otherwise expressly provided, references in any Loan Document to articles, sections, paragraphs, clauses,
annexes, appendices, exhibits and schedules are references to articles, sections, paragraphs, clauses, annexes, appendices, exhibits and schedules in or to such Loan Document. 

(c) All definitions set forth herein or in any other Loan Document shall apply to the singular as well as the plural form
of such defined term, and all references to the masculine gender shall include reference to the feminine or neuter gender, and vice versa, as the context may require. 

(d) When used herein or in any other Loan Document, words such as “hereunder”, “hereto”,
“hereof” and “herein” and other words of like import shall, unless the context clearly indicates to the contrary, refer to the whole of the applicable document and not to any particular article, section, subsection, paragraph or
clause thereof. 
  

 26 

 (e) References to “including” means including without limiting the
generality of any description preceding such term, and such term shall not limit a general statement to matters similar to those specifically mentioned. 

(f) Except as otherwise expressly provided, all dates and times of day specified herein shall refer to such dates and
times at New York City. 
 (g) Whenever interest rates or fees are established in whole or in part by reference
to a numerical percentage expressed as “    %”, such arithmetic expression shall be interpreted in accordance with the convention that 1% = 100 basis points. 

(h) Each of the parties to the Loan Documents and their counsel have reviewed and revised, or requested (or had the
opportunity to request) revisions to, the Loan Documents, and any rule of construction that ambiguities are to be resolved against the drafting party shall be inapplicable in the construing and interpretation of the Loan Documents and all exhibits,
schedules and appendices thereto. 
 (i) Any reference to an officer of the Borrower or any other Person by
reference to the title of such officer shall be deemed to refer to each other officer of such Person, however titled, exercising the same or substantially similar functions. 

(j) All references to any agreement or document as amended, modified or supplemented, or words of similar effect, shall
mean such document or agreement, as the case may be, as amended, modified or supplemented from time to time only as and to the extent permitted therein and not prohibited by the Loan Documents. 

(k) Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the
successors and permitted assigns of such party and all covenants, provisions and agreements by or on behalf of the Borrower which are contained in the Loan Documents shall inure to the benefit of the successors and permitted assigns of the
Administrative Agent, the Lenders, or any of them. 
 1.3 Accounting for Permitted Acquisitions. With respect to any
Permitted Acquisition consummated on or after the Closing Date, the following shall apply: 
 For each
Four-Quarter Period that includes the date of a Permitted Acquisition, Consolidated EBITDA and Consolidated Interest Expense shall include the results of operations of the Person or assets so acquired, which amounts shall be determined on a
historical pro forma basis and which may include such adjustments as are permitted under Regulation S-X of the Securities and Exchange Commission; provided, however, Consolidated Interest Expense shall be adjusted on a historical pro
forma basis to (i) eliminate interest expense accrued during such period on any Indebtedness repaid in connection with such Permitted Acquisition and (ii) include interest expense on any Indebtedness (including Indebtedness hereunder)
incurred, acquired or assumed in connection with such Permitted Acquisition (“Incremental Debt”) calculated (x) as if all such Incremental Debt had been incurred as of the first day of such Four-Quarter Period and (y) at the
following interest rates: (I) for all periods subsequent to the date of the Permitted Acquisition and for Incremental Debt assumed or acquired in the Permitted Acquisition and in effect prior to the date of Permitted Acquisition, at the actual
rates of interest applicable thereto, and (II) for all periods prior to the actual incurrence of such Incremental Debt, equal to the rate of interest actually applicable to such Incremental Debt hereunder or under other financing documents
applicable thereto as at the end of each affected Four-Quarter Period. 
  

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 1.4 Accounting for Derivatives. In making any computation under
Section 8.1, all adjustments to such computation or amount resulting from the application of FASB 133 shall be disregarded. 

1.5 Accounting and Financial Determinations. Except as provided in Section 1.3, where the character or amount of any
asset or liability or item of income or expense is required to be determined, or any accounting computation is required to be made, for the purpose of this Agreement, such determination or calculation shall, to the extent applicable, be made in
accordance with GAAP applied on a Consistent Basis except insofar as: 
 (a) the Borrower shall have elected
(with the concurrence of its independent public accountant and upon prior written notification to the Lenders) to adopt more recently promulgated GAAP (which election shall continue to be effective for subsequent years); and 

(b) the Administrative Agent and the Required Lenders shall have consented to such election (it being understood that such
consent may be conditioned upon the implementation of such changes to Article VIII as are appropriate to reflect such adoption of more recently promulgated GAAP and it being further understood that such consent shall be deemed to have been
given upon the implementation of such changes). 
 Upon a change in GAAP which becomes effective after the Closing Date which
would have a material effect on the Borrower’s consolidated financial statements and the assets and liabilities reflected therein or otherwise affect the calculation or the application of the covenants contained in Article VIII hereof,
such change shall not be given effect for purposes hereof until sixty (60) days from the otherwise effective date of such change. Prior to such effectiveness the Administrative Agent, the Lenders and the Borrower shall in good faith negotiate
to amend the pertinent provisions of this Agreement to account for such change to the extent appropriate to effect the substance thereof as of the Closing Date. If such an amendment is not entered into with respect to any such change, such change
shall not be given effect for purposes hereof. The Borrower shall provide to the Administrative Agent and the Lenders, upon request, comfort from its accountants that, without giving effect to such change in GAAP, upon their review of the
calculations set forth in the Compliance Certificate prepared on a Consistent Basis, nothing has come to their attention that would lead them to believe the Borrower was not in compliance with the financial covenants contained in this Agreement.

 Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be
construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Statement of Financial Accounting Standards 159 (or any other Financial Accounting Standard having a similar result
or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein. 

ARTICLE II 

The Loans 

2.1 Term Loans. (a) Each Term Lender that is not an Extended Term Lender shall maintain hereunder a portion of its Term Loan
outstanding under the Existing Credit Agreement as a “Non-Extended Term Loan” in the principal amount specified for such Lender on Exhibit A. Subject to the terms and conditions hereof, (i) each Extended Term Lender agrees to
convert a portion of its Term Loan outstanding under the Existing Credit Agreement to an “Extended Term Loan” in the principal amount specified for such Lender on Exhibit A and (ii) each Term Lender that has an Extended
Incremental Term Commitment severally agrees to make a term loan (which shall be an “Extended Term Loan”) to the Borrower on the Fourth Amendment Effective Date in an amount not to exceed the amount of the Extended Incremental Term
Commitment of such Lender. 
  

 28 

 (b) The Term Loans may from time to time be Eurodollar Loans or Base Rate Loans, as
determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.12. 

2.2 Procedure for Term Loan Borrowing. With respect to borrowings under the Extended Incremental Term Commitments, which shall
initially be Base Rate Loans, the Borrower shall give the Administrative Agent irrevocable notice in the form of a borrowing notice (which notice shall be substantially in the form of a Borrowing Notice for Revolving Credit Loans, mutatis
mutandis, which shall have been received by the Administrative Agent prior to 12:00 Noon, New York City time, on the proposed borrowing date, which shall be a Business Day) requesting that the relevant Term Lenders make Extended Term Loans on
the Fourth Amendment Effective Date and specifying the amount to be borrowed. Upon receipt of such notice the Administrative Agent shall promptly notify each relevant Term Lender thereof. Not later than 1:30 P.M., New York City time, on the Fourth
Amendment Effective Date, each relevant Term Lender shall, pursuant to the terms and subject to the conditions of this Agreement, make available to the Administrative Agent at the Principal Office an amount in immediately available funds equal to
the incremental Extended Term Loan to be made by such Lender. The Administrative Agent shall credit the account of the Borrower on the books of such office of the Administrative Agent with the aggregate of the amounts made available to the
Administrative Agent by the relevant Term Lenders in immediately available funds. The Borrower shall take such actions as may be reasonably requested by the Administrative Agent such that, as soon as practicable after the Fourth Amendment Effective
Date, each Extended Term Lender holds a ratable share of each Extended Term Loan having a particular Interest Period. 
 2.3
Repayment of Term Loans. The Non-Extended Term Loan of each Non-Extended Term Lender shall mature and be payable in full on the Non-Extended Term Loan Stated Maturity Date. The Extended Term Loan of each Extended Term Lender shall mature and
be payable in full on the Extended Term Loan Stated Maturity Date. 
 2.4 Revolving Credit Commitments. 

(a) Commitments. Subject to the terms and conditions of this Agreement, each Revolving Credit Lender severally agrees to make
Advances to the Borrower, from time to time until the Revolving Credit Termination Date, on a pro rata basis as to the total borrowing requested by the Borrower under the Revolving Credit Facility on any day determined by its Revolving Percentage up
to but not exceeding the Revolving Credit Commitment of such Lender, provided, however, that the Revolving Credit Lenders will not be required and shall have no obligation to make any Advance (i) so long as not all of the conditions
under Section 5.2 hereof have been fulfilled, (ii) so long as a Default or an Event of Default has occurred and is continuing or (iii) if the Administrative Agent has accelerated the maturity of the Revolving Credit Loans as a
result of an Event of Default in accordance with Section 9.1 hereof; provided further, however, that immediately after giving effect to each such Advance, the principal amount of Outstanding Revolving Credit Obligations shall not
exceed the Total Revolving Credit Commitment. Within such limits, the Borrower may borrow, repay and reborrow hereunder, on any Business Day, until, but (as to borrowings and reborrowings) not including, the applicable Revolving Credit Termination
Date; provided, however, that (x) no Eurodollar Loan that is a Revolving Credit Loan shall be made which has an Interest Period that extends beyond the applicable Revolving Credit Stated Maturity Date and (y) each Revolving Credit
Loan that is a Eurodollar Loan may, subject to the provisions of Section 2.12, be repaid only on the last day of the Interest Period with respect thereto unless the Borrower has paid any amounts due pursuant to Section 4.5
hereof. All borrowings of Revolving 
  

 29 

 
Credit Loans shall be made ratably under the Extended Revolving Credit Facility and the Non-Extended Revolving Credit Facility according to the respective Revolving Percentages of the Revolving
Credit Lenders. 
 (b) Amounts. The aggregate unpaid principal amount of the Extended Outstanding Revolving Credit
Obligations shall not exceed at any time an amount equal to the Extended Total Revolving Credit Commitment. The aggregate unpaid principal amount of the Non-Extended Outstanding Revolving Credit Obligations shall not exceed at any time an amount
equal to the Non-Extended Total Revolving Credit Commitment. Each Loan under the Revolving Credit Facility, other than a Swing Line Loan or a Base Rate Refunding Loan, and each Conversion thereof under Section 2.12, shall be in a
principal amount of (i) at least $10,000,000, and, if greater than $10,000,000, an integral multiple of $1,000,000, in the case of Eurodollar Loans, or (ii) at least $5,000,000 and, if greater than $5,000,000, an integral multiple of
$1,000,000, in the case of Base Rate Loans. 
 (c) Advances and Rate Selection. (i) An Authorized Representative
shall give the Administrative Agent (1) at least three (3) Business Days’ irrevocable telephonic notice of each Revolving Credit Loan that is a Eurodollar Loan (whether representing an additional borrowing hereunder or the Conversion
of borrowing hereunder from Base Rate Loans or other Eurodollar Loans to Eurodollar Loans) prior to 12:00 Noon; and (2) irrevocable telephonic notice of each Revolving Credit Loan that is a Base Rate Loan (other than Base Rate Refunding Loans
to the extent the same are effective without notice pursuant to Section 2.4(c)(iv)) representing an additional borrowing hereunder prior to 12:00 noon on the day of such proposed Base Rate Loan. Each such borrowing notice, which shall be
effective upon receipt by the Administrative Agent, shall specify the amount of the borrowing, the Type of Loan, the date of borrowing and, if a Eurodollar Loan, the Interest Period to be used in the computation of interest. The Authorized
Representative shall provide the Administrative Agent written confirmation of each such telephonic notice on the same day by telefacsimile transmission in the form of a Borrowing Notice, for additional Advances, or in the form attached hereto as
Exhibit F as to selection or Conversion of interest rates as to outstanding Revolving Credit Loans, in each case with appropriate insertions, but failure to provide such confirmation shall not affect the validity of such telephonic notice.
The duration of the initial Interest Period for each Revolving Credit Loan that is a Eurodollar Loan shall be as specified in the initial Borrowing Notice. The Borrower shall have the option to elect the duration of subsequent Interest Periods and
to Convert the Revolving Credit Loans (other than Swing Line Loans) in accordance with Section 2.12 hereof. If the Administrative Agent does not receive a notice of election of duration of an Interest Period or to Convert by the time
prescribed hereby and by Section 2.12 hereof, the Borrower shall be deemed to have elected as to any Revolving Credit Loan, to Convert such Loan to (or Continue such Loan as) a Base Rate Loan bearing interest at the Base Rate until the
Borrower notifies the Administrative Agent in accordance with this Section and Section 2.12. 
 (ii) Notice of
receipt of each Borrowing Notice shall be provided by the Administrative Agent to each Revolving Credit Lender by telefacsimile or telephonic notice with reasonable promptness on the same day as Administrative Agent’s receipt of such Borrowing
Notice. 
 (iii) Not later than 3:00 P.M. on the date specified for each Advance under the Revolving Credit Facility, each
Revolving Credit Lender shall, pursuant to the terms and subject to the conditions of this Agreement, make the amount of the Loan or Loans to be made by it on such day available to the Administrative Agent, by depositing or transferring the proceeds
thereof in immediately available funds at the Principal Office. The amount so received by the Administrative Agent shall, subject to the terms and conditions of this Agreement, be made available to the Borrower by delivery of the proceeds thereof as
shall be directed in the applicable Borrowing Notice by the Authorized Representative. 
  

 30 

 (iv) If a drawing is made under any Letter of Credit, the Borrower shall reimburse the
Issuing Bank for such drawing by paying to the Administrative Agent an amount equal to such drawing not later than 2:00 P.M. on (A) the Business Day (which may be the date such drawing is made) that the Borrower receives notice of such drawing,
if the Borrower shall have received such notice prior to 10:00 a.m., or (B) the Business Day immediately following the day that the Borrower receives such notice, if such notice is received by the Borrower on a day other than a Business Day or
after 10:00 a.m. on a Business Day. Notwithstanding the foregoing, if a drawing is made under any Letter of Credit, such drawing is honored by the Issuing Bank thereunder, and the Borrower shall not immediately fully reimburse such Issuing Bank in
respect of such drawing, (y) provided that the conditions to making a Revolving Credit Loan as herein provided shall then be satisfied, the Reimbursement Obligation arising from such drawing shall be paid to such Issuing Bank by the
Administrative Agent without the requirement of notice to or from the Borrower from immediately available funds which shall be advanced as a Base Rate Refunding Loan by each Lender under the Revolving Credit Facility in an amount determined with
reference to such Revolving Credit Lender’s Revolving Percentage of such Reimbursement Obligation, and (z) if the conditions to making a Revolving Credit Loan as herein provided shall not then be satisfied, each of the Revolving Credit
Lenders shall fund by payment to the Administrative Agent (for the benefit of the Issuing Bank) in immediately available funds the purchase from such Issuing Bank of their respective Participations in the related Reimbursement Obligation based on
their respective Revolving Percentages. If a drawing is presented under any Letter of Credit in accordance with the terms thereof and the Borrower shall not immediately reimburse the Issuing Bank thereunder in respect thereof as provided above, then
notice of such drawing shall be provided promptly by such Issuing Bank to the Administrative Agent and the Administrative Agent shall provide notice to each Revolving Credit Lender by telephone or telefacsimile transmission. If notice to the
Revolving Credit Lenders of a drawing under any Letter of Credit is given by the Administrative Agent at or before 2:00 P.M. on any Business Day, each Revolving Credit Lender shall, pursuant to the conditions specified in this
Section 2.4(c)(iv), either make a Base Rate Refunding Loan or fund the purchase of its Participation in the amount of such Lender’s Revolving Percentage of such drawing or payment and shall pay such amount to the Administrative
Agent for the account of the Issuing Bank at the Principal Office in Dollars and in immediately available funds before 2:30 P.M. on the same Business Day. If notice to the Revolving Credit Lenders of a drawing under a Letter of Credit is given by
the Administrative Agent after 2:00 P.M. on any Business Day, each Revolving Credit Lender shall, pursuant to the conditions specified in this Section 2.4(c)(iv), either make a Base Rate Refunding Loan or fund the purchase of its
Participation in the amount of such Lender’s Revolving Percentage of such drawing and shall pay such amount to the Administrative Agent for the account of the Issuing Bank at the Principal Office in Dollars and in immediately available funds
before 2:00 P.M. on the next following Business Day. Any such Base Rate Refunding Loans shall be advanced as, and shall continue as, a Base Rate Loan unless and until the Borrower Converts such Base Rate Loan in accordance with the terms of
Section 2.12. 
 2.5 Competitive Bid Loans. 

(a) In addition to Revolving Credit Loans, at any time after the termination of the Non-Extended Revolving Credit Commitments and provided
no Default or Event of Default exists hereunder, the Borrower may, as set forth in this Section 2.5, request the Revolving Credit Lenders to make offers to make Competitive Bid Loans to the Borrower in Dollars. The Revolving Credit
Lenders may, but shall have no obligation to, make such offers and the Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this Section 2.5. There may be no more than ten (10) Interest
Periods, and no more than one (1) one-week Interest Periods, for all Revolving Credit Loans and Competitive Bid Loans outstanding at the same time (for which purpose Interest Periods for each Eurodollar Revolving Credit Loan and each
Competitive Bid Loan shall be deemed to be different Interest Periods even if they are coterminous). The aggregate principal amount of all Outstanding Revolving Credit Obligations shall not exceed the Total Revolving Credit Commitment at any time.
The aggregate principal amount of all outstanding Competitive Bid Loans shall not exceed one hundred percent (100%) of the Total Revolving Credit Commitment at any time. 

 

 31 

 (b) When the Borrower wishes to request offers to make Competitive Bid Loans, it shall give
the Administrative Agent and the Revolving Credit Lenders notice (a “Competitive Bid Quote Request”) to be received no later than 12:00 Noon on (A) the fourth Business Day prior to the date of borrowing proposed therein, in the case
of a Competitive Bid Quote Request for Competitive Bid Loans at the Eurodollar Competitive Rate or (B) the Business Day prior to the date of borrowing proposed therein, in the case of a Competitive Bid Quote Request for Competitive Bid Loans at
the Absolute Rate (or, in any such case, such other time and date as the Borrower and the Administrative Agent may agree). The Borrower may request offers to make Competitive Bid Loans for up to three (3) different Interest Periods in a single
notice; provided that the request for each separate Interest Period shall be deemed to be a separate Competitive Bid Quote Request for a separate borrowing (a “Competitive Bid Borrowing”) and there shall not be outstanding at any
one time more than four (4) Competitive Bid Borrowings. Each such Competitive Bid Quote Request shall be substantially in the form of Exhibit G attached hereto and shall specify as to each Competitive Bid Borrowing: 

(i) the proposed date of such borrowing, which shall be a Business Day; 

(ii) the aggregate amount of such Competitive Bid Borrowing, which shall be at least $10,000,000 (or in increments of
$1,000,000 in excess thereof) but shall not cause the limits specified in Section 2.5(a) hereof to be violated; 

(iii) the duration of the Interest Period applicable thereto; 

(iv) whether the Competitive Bid Quote Request for a particular Interest Period is seeking quotes for Competitive Bid
Loans at the Absolute Rate or the Eurodollar Competitive Rate; 
 (v) whether the Borrower shall have the right
to prepay a requested Competitive Bid Loan; and 
 (vi) the date on which the Competitive Bid Quotes are to be
submitted if it is before the proposed date of borrowing (the date on which such Competitive Bid Quotes are to be submitted is called the “Quotation Date”). 

Except as otherwise provided in this Section 2.5(b), no more than two (2) Competitive Bid Quote Requests shall be given within five
(5) Business Days (or such other number of days as the Borrower and the Administrative Agent may agree) of any other Competitive Bid Quote Request. 

(c) (i) Each Revolving Credit Lender may submit one or more Competitive Bid Quotes, each containing an offer to make a Competitive Bid
Loan in response to any Competitive Bid Quote Request; provided that, if the Borrower’s request under Section 2.5(b) hereof specified more than one Interest Period, such Lender may make a single submission containing one or more
Competitive Bid Quotes for each such Interest Period. Each Competitive Bid Quote must be submitted to the Borrower not later than 9:30 A.M. on (A) the third Business Day prior to the proposed date of borrowing, in the case of a Competitive Bid
Quote Request for Competitive Bid Loans at the Eurodollar Competitive Rate or (B) the Quotation Date, in the case of a Competitive Bid Quote Request for Competitive Bid Loans at the Absolute Rate (or, in any such case, such other time and date
as the Borrower and the Administrative Agent may agree) provided that if JPMorgan Chase Bank is receiving quotes as provided in Section 2.5(g), any Competitive Bid Quote may be submitted by JPMorgan Chase Bank (or its applicable
Lending 
  

 32 

 
Office) only if JPMorgan Chase Bank (or such applicable Lending Office) notifies the Borrower of the terms of the offer contained therein not later than 9:15 A.M. on the Quotation Date. Any
Competitive Bid Quote so made shall be irrevocable except with the consent of the Administrative Agent given on the instructions of the Borrower. 

(ii) Each Competitive Bid Quote shall be substantially in the form of Exhibit H attached hereto and shall specify: 

(A) the proposed date of borrowing and the Interest Period therefor; 

(B) the principal amount of the Competitive Bid Loan for which each such offer is being made, which principal amount shall
be at least $5,000,000 (or in increments of $1,000,000 in excess thereof); provided that the aggregate principal amount of all Competitive Bid Loans for which a Lender submits Competitive Bid Quotes may not exceed the principal amount of the
Competitive Bid Borrowing for a particular Interest Period for which offers were requested; 
 (C) in the case of
a Competitive Bid Quote for Competitive Bid Loans at an Absolute Rate, the rate of interest per annum (rounded upwards, if necessary, to the nearest 1/10,000th of 1%) offered for each such Competitive Bid Loan (the “Absolute Rate”);

 (D) in the case of a Competitive Bid Quote for Competitive Bid Loans at the Eurodollar Competitive Rate, the
positive or negative margin to be added to or deducted from the Interbank Offered Rate; and 
 (E) the identity
of the quoting Lender. 
 Unless otherwise agreed by the Administrative Agent and the Borrower, no Competitive Bid Quote shall contain
qualifying, conditional or similar language or propose terms other than or in addition to those set forth in the applicable Competitive Bid Quote Request and, in particular, no Competitive Bid Quote may be conditioned upon acceptance by the Borrower
of all (or some specified minimum) of the principal amount of the Competitive Bid Loan for which such Competitive Bid Quote is being made. Any subsequent Competitive Bid Quote submitted by a Revolving Credit Lender that amends, modifies or is
otherwise inconsistent with a previous Competitive Bid Quote submitted by such Lender with respect to the same Competitive Bid Quote Request shall be disregarded by the Borrower unless such subsequent Competitive Bid Quote is submitted solely to
correct a manifest error in such former Competitive Bid Quote. 
 (d) The Borrower shall as promptly as practicable after the
Competitive Bid Quote is submitted (but in any event not later than 12:00 Noon on (A) in the case of a Competitive Bid Loan at an Absolute Rate, the Quotation Date (or such other time and date as the Borrower and the Administrative Agent may
agree) or (B) in the case of a Competitive Bid Loan at a Eurodollar Competitive Rate, the third Business Day prior to the proposed date of borrowing) notify the Administrative Agent and Revolving Credit Lenders of (x) the aggregate
principal amount of the Competitive Bid Borrowing for which Competitive Bid Quotes have been received as well as the ranges of bids submitted for each Interest Period requested, (y) the respective principal amounts and Absolute Rates or
Eurodollar Competitive Rates, as the case may be, so offered by each Revolving Credit Lender (identifying the Lender that made each Competitive Bid Quote), and (z) its acceptance or nonacceptance of the Competitive Bid Quotes. In the case of
acceptance, such notice shall specify the aggregate principal amount of offers for each Interest Period that are accepted. The Borrower may accept any Competitive Bid Quote in whole or in part (provided that any Competitive Bid Quote accepted
in part shall be at least $5,000,000 or in increments of $1,000,000 in excess thereof); provided that: 

(i) the aggregate principal amount of each Competitive Bid Borrowing may not exceed the applicable amount set forth in the
related Competitive Bid Quote Request; 
  

 33 

 (ii) the aggregate principal amount of each Competitive Bid Borrowing shall
be at least $5,000,000 (or an increment of $1,000,000 in excess thereof) but shall not cause the limits specified in Section 2.5(a) hereof to be violated; 

(iii) except as provided below, acceptance of Competitive Bid Quotes for any Interest Period may be made only in ascending
order of Absolute Rates or Eurodollar Competitive Rates, as the case may be, beginning with the lowest rate so offered; and 

(iv) the Borrower may not accept any Competitive Bid Quote where such Competitive Bid Quote fails to comply with
Section 2.5(c)(ii) hereof or otherwise fails to comply with the requirements of this Agreement (including, without limitation, Section 2.5(a) hereof). 

Any of the conditions above notwithstanding, the Borrower may, in its sole discretion, accept a Competitive Bid Quote that does not contain the lowest
Absolute Rate or Eurodollar Competitive Rates, as the case may be, where acceptance of the Competitive Bid Quote containing the lowest Absolute Rate or Eurodollar Competitive Rate, as the case may be, would be less favorable to the Borrower or would
cause the principal amount of Outstanding Revolving Credit Obligations to exceed the Total Revolving Credit Commitment. 
 If
Competitive Bid Quotes are made by two or more Revolving Credit Lenders with the same Absolute Rates or Eurodollar Competitive Rates, as the case may be, for a greater aggregate principal amount than the amount in respect of which Competitive Bid
Quotes are accepted for the related Interest Period after the acceptance of all Competitive Bid Quotes, if any, of all lower Absolute Rates or Eurodollar Competitive Rates, as the case may be, offered by any Revolving Credit Lender for such related
Interest Period, the principal amount of Competitive Bid Loans in respect of which such Competitive Bid Quotes are accepted shall be allocated by the Borrower among such Lenders as nearly as possible (in amounts of at least $1,000,000 or in
increments of $100,000 in excess thereof) in proportion to the aggregate principal amount of such Competitive Bid Quotes. Determinations by the Borrower of the amounts of Competitive Bid Loans and the lowest bid after adjustment as provided in
Section 2.5(d)(iii) shall be conclusive in the absence of manifest error. 
 (e) Any Revolving Credit Lender whose
offer to make any Competitive Bid Loan has been accepted shall, not later than 1:00 P.M. on the date specified for the making of such Loan, make the amount of such Loan available to the Borrower as shall be directed by the Authorized Representative
in Dollars and in immediately available funds. 
 (f) From time to time, the Borrower shall furnish such information to the
Administrative Agent as the Administrative Agent may request relating to the making of Competitive Bid Loans, including the amounts, interest rates, dates of borrowings and maturities thereof. 

(g) The Borrower may request the Administrative Agent to receive the Competitive Bid Quotes, in which event the Administrative Agent
shall (A) in the case of a Competitive Bid Loan at the Absolute Rate, as promptly as practicable after the Competitive Bid Quote is submitted (but in no event later than 10:00 A.M. on the Quotation Date) or (B) in the case of a Competitive
Bid Loan at the Eurodollar Competitive Rate, by 10:00 A.M. on the date a Competitive Quote is submitted, notify the 

 

 34 

 
Borrower of the terms of any Competitive Bid Quote submitted by a Revolving Credit Lender that is in accordance with Section 2.5(c) hereof. The Administrative Agent’s notice to
the Borrower shall specify (A) the aggregate principal amount of the Competitive Bid Borrowing for which Competitive Bid Quotes have been received and (B) the respective principal amounts and Absolute Rates or Eurodollar Competitive Rate,
as the case may be, offered by each Revolving Credit Lender (identifying the Lender that made each Competitive Bid Quote). Not later than 12:00 Noon on (A) the third Business Day prior to the proposed date of borrowing, in the case of
Competitive Bid Loans at the Eurodollar Competitive Rate or (B) the Quotation Date (or, in any such case, such other time and date as the Borrower and the Administrative Agent may agree), the Borrower shall notify the Administrative Agent of
their acceptance or nonacceptance of the Competitive Bid Quotes so notified to it (and the failure of the Borrower to give such notice by such time shall constitute nonacceptance) and the Administrative Agent shall promptly notify each affected
Lender. Together with each notice of a request for Competitive Bid Quotes which the Borrower requires the Administrative Agent to issue pursuant to this paragraph (g), the Borrower shall pay to the Administrative Agent for the account of the
Administrative Agent a bid administration fee of $1,500.00. 
 2.6 Payment of Interest. (a) The Borrower shall pay
interest (i) to the Administrative Agent at the Principal Office for the account of each Lender on the outstanding and unpaid principal amount of each Revolving Credit Loan and each Term Loan made by such Lender for the period commencing on the
date of such Loan until such Loan shall be due at the Eurodollar Rate or the Base Rate, as elected or deemed elected by the Borrower or otherwise applicable to such Loan as herein provided, (ii) to each Revolving Credit Lender making a
Competitive Bid Loan at its Applicable Lending Office, at the applicable Absolute Rate or Eurodollar Competitive Rate, as the case may be, and (iii) to the Administrative Agent in the case of each Swing Line Loan, at the Base Rate;
provided, however, that if any amount shall not be paid when due (at maturity, by acceleration or otherwise), all amounts outstanding hereunder shall bear interest thereafter at a fluctuating interest rate per annum equal to the
Default Rate, or (in each case) the maximum rate permitted by applicable law, whichever is lower, from the date such amount was due and payable until the date such amount is paid in full. 

(b) Interest on the outstanding principal balance of each Loan shall be computed on the basis of (x) in the case of Loans, other
than Loans bearing interest based on the Prime Rate, a year of 360 days and calculated for the actual number of days elapsed and (y) in the case of Loans bearing interest based on the Prime Rate, a year of 365-366 days and calculated for the
actual number of days elapsed. Interest on the outstanding principal balance of each Loan shall be paid (a) quarterly in arrears, such payment to be made not later than the third (3rd) Business Day of each April, July, October and January,
on each Base Rate Loan, (b) on the last day of the applicable Interest Period for each Eurodollar Loan and Competitive Bid Loan, but in no event less frequently than at the end of each three month period and (c) upon payment in full of the
principal amount of such Loan at the Revolving Credit Termination Date. 
 2.7 Payment of Principal. The principal amount
of the Non-Extended Revolving Credit Outstandings shall be due and payable to the Administrative Agent for the benefit of each applicable Lender in full on the Non-Extended Revolving Credit Stated Maturity Date, or earlier as herein expressly
provided. The principal amount of the Extended Revolving Credit Outstandings shall be due and payable to the Administrative Agent for the benefit of each applicable Lender in full on the Extended Revolving Credit Stated Maturity Date, or earlier as
herein expressly provided. The principal amount of all Swing Line Outstandings shall be due and payable to the Administrative Agent for the benefit of the Swing Line Lender in full on the Extended Revolving Credit Stated Maturity Date, or earlier as
herein expressly provided. The principal amount of all Competitive Bid Loans shall be due and payable to the Lender making such Competitive Bid Loan in full on the last day of the Interest Period therefor, or earlier as herein expressly provided.
The principal amount of all Term Loans shall be due and payable to each 
  

 35 

 
Term Lender making such Term Loan as provided in Section 2.3, or earlier as herein expressly provided. Prepayments of Term Loans may not be reborrowed. The principal amount of
Eurodollar Loans may only be prepaid at the end of the applicable Interest Period, unless the Borrower shall pay to the applicable Lenders the amounts, if any, required under Section 4.5. The principal amount of Competitive Bid Loans may
only be prepaid at the end of the applicable Interest Period, unless (i) the Borrower shall have retained in the Competitive Bid Quote Request with respect to such Competitive Bid Loans the right of prepayment, and (ii) the Borrower shall
have paid to the Lender making such Competitive Bid Loans which bear interest at a Eurodollar Competitive Rate or to the Administrative Agent, as applicable, the amounts, if any, required under Section 4.5. The Borrower shall furnish the
Administrative Agent telephonic notice of its intention to make a principal payment (including Competitive Bid Loans) prior to 12:00 noon on the date of such payment. All payments of principal on Loans other than Competitive Bid Loans and Swing Line
Loans shall be in the amount of (i) $10,000,000, or such greater amount which is an integral multiple of $1,000,000, in the case of Eurodollar Loans, or (ii) $5,000,000, or such greater amount which is an integral multiple of $1,000,000,
in the case of Base Rate Loans. Optional prepayments of Revolving Credit Loans shall be applied ratably to the outstanding balance of the Revolving Credit Loans. Optional prepayments of Term Loans shall be applied ratably to the outstanding balance
of the Term Loans. 
 2.8 Non-Conforming Payments. (a) Each payment of principal (including any prepayment) and
payment of interest (other than principal and interest on Competitive Bid Loans which shall be paid to the Lender making such Loans) shall be made to the Administrative Agent at the Principal Office, for the account of each applicable Lender’s
Applicable Lending Office, in Dollars and in immediately available funds before 2:00 P.M. on the date such payment is due. The Administrative Agent may, but shall not be obligated to, debit the amount of any such payment which is not made by such
time to any ordinary deposit account, if any, of the Borrower with the Administrative Agent. 
 (b) The Administrative Agent
shall deem any payment by or on behalf of the Borrower hereunder that is not made both (a) in Dollars and in immediately available funds and (b) prior to 2:00 P.M. on the date payment is due to be a non-conforming payment. Any such payment
shall not be deemed to be received by the Administrative Agent until the time such funds become available funds. The Administrative Agent shall give prompt telephonic notice to the Authorized Representative and each of the applicable Lenders
(confirmed in writing) if any payment is non-conforming. Interest shall continue to accrue on any principal as to which a non-conforming payment is made until such funds become available funds (but in no event less than the period from the date of
such payment to the next succeeding Business Day) at the applicable rate of interest per annum specified in Section 2.6(a) until the date such amount is paid in Dollars and in immediately available funds. 

(c) In the event that any payment hereunder becomes due and payable on a day other than a Business Day, then such due date shall be
extended to the next succeeding Business Day; provided that interest shall continue to accrue during the period of any such extension. 

2.9 Pro Rata Payments. Except as otherwise provided herein, (a) each payment and prepayment on account of the principal of
and interest on the Revolving Credit Loans and the fees described in Section 2.13(a) hereof shall be made to the Administrative Agent in the aggregate amount payable to the Revolving Credit Lenders for the account of the Revolving Credit
Lenders pro rata based on their applicable Revolving Percentages, (b) each payment and prepayment on account of the principal of and interest on the Term Loans shall be made to the Administrative Agent in the aggregate amount payable to the
Term Lenders for the account of the Term Lenders pro rata based on their applicable Term Percentages and each principal prepayment of the Term Loans shall be applied to reduce the Term Loans pro rata based upon the respective then remaining
principal amounts thereof, (c) each payment of principal and interest on the Competitive Bid Loans shall be made to (i) the Administrative Agent for the 

 

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account of the respective Lender making such Competitive Bid Loan if the Borrower has elected that the Administrative Agent act under Section 2.5(g) hereof and (ii) otherwise
directly to the Lender making such Competitive Bid Loan, (d) each payment of principal and interest on Swing Line Loans shall be made to the Administrative Agent for the account of JPMorgan Chase Bank, (e) all payments to be made by the
Borrower for the account of each of the Lenders on account of principal, interest and fees, shall be made without set-off or counterclaim except as provided in Section 4.6, and (f) the Administrative Agent will distribute such
payments when received to the Lenders as provided for herein and subject to Section 4.6. 
 2.10 Reductions and
Prepayment. (a) Reductions. The Borrower shall, by notice from an Authorized Representative, have the right from time to time (but not more frequently than twice during each Fiscal Year), upon not less than three (3) Business
Days irrevocable written notice to the Administrative Agent to reduce the Total Revolving Credit Commitment without premium or penalty. The Administrative Agent shall give each Revolving Credit Lender, within one (1) Business Day of receipt of
such notice from the Borrower, telephonic notice (confirmed in writing) of such reduction. Each such reduction shall be in the aggregate amount of $10,000,000 or such greater amount which is in an integral multiple of $1,000,000, and shall
permanently reduce the Total Revolving Credit Commitment. Any such reduction in the Total Revolving Credit Commitment shall be allocated ratably to the Extended Revolving Credit Commitments and the Non-Extended Revolving Credit Commitments unless
(i) no Revolving Credit Loans or funded Participations are outstanding at the time thereof and (ii) if any Swing Line Obligations or Letter of Credit Obligations are outstanding, the conditions to extensions of credit set forth in
Section 5.2 can be satisfied, in which case such reduction may be allocated ratably to the Revolving Credit Commitments under either the Extended Revolving Credit Facility or the Non-Extended Revolving Credit Facility, as selected by the
Borrower, and, in such case, any unfunded Participations shall automatically be reallocated ratably among all Revolving Lenders based on their Revolving Percentages after giving effect to such reduction of the Revolving Credit Commitments. No such
reduction shall be permitted that results in the payment of any Eurodollar Loan other than on the last day of the Interest Period of such Loan unless such prepayment is accompanied by amounts due, if any, under Section 4.5. Each
reduction of the Total Revolving Credit Commitment shall be accompanied by payment of the Revolving Credit Loans to the extent that the aggregate Outstanding Revolving Credit Obligations exceed the Total Revolving Credit Commitment after giving
effect to such reduction, together with accrued and unpaid interest on the amounts prepaid. In no event shall the Borrower be entitled to reduce the Total Revolving Credit Commitment if, as a result of and after giving effect to such reduction, the
aggregate Outstanding Revolving Credit Obligations exceed the Total Revolving Credit Commitment. 
 (b) Optional
Prepayments. The Borrower may at any time and from time to time, subject to Section 2.7, prepay the Loans, in whole or in part, without premium or penalty, upon irrevocable prior notice which notice may be given by telephone (to be
promptly confirmed in writing, including by facsimile) delivered to the Administrative Agent no later than 12:00 Noon, New York City time, three Business Days prior thereto in the case of Eurodollar Rate Loans and no later than 12:00 Noon, New York
City time, one Business Day prior thereto in the case of Base Rate Loans, which notice shall specify the date and amount of prepayment and whether the prepayment is of Eurodollar Rate Loans or Base Rate Loans. Upon receipt of any such notice the
Administrative Agent shall promptly notify each relevant Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with (except in the case of Revolving Credit
Loans that are Base Rate Loans and Swing Line Loans) accrued interest to such date on the amount prepaid. Optional prepayments of Revolving Credit Loans shall be applied ratably to the outstanding balance of the Revolving Credit Loans. Optional
prepayments of Term Loans shall be applied ratably to the outstanding balance of the Term Loans. 
  

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 (c) Non-Extended Revolving Credit Stated Maturity Date. If, on the Non-Extended
Revolving Credit Stated Maturity Date, after giving effect to the termination of the Non-Extended Revolving Credit Commitments and any payments made on such date pursuant to Section 2.7, the aggregate Outstanding Revolving Credit Obligations
exceed the Revolving Credit Commitments, then the Borrower shall prepay Revolving Credit Loans and Swing Line Loans to eliminate such excess and, in the event that the Borrower fails to comply with such preceding requirement, the Extended Revolving
Credit Commitments shall automatically terminate on the Non-Extended Revolving Credit Stated Maturity Date; provided, that Borrower may use the proceeds of Extended Revolving Credit Loans to repay Non-Extended Revolving Credit Loans on the
Non-Extended Revolving Credit Stated Maturity Date. 
 2.11 Decrease in Amounts. The amount of the Total Revolving Credit
Commitment which shall be available to the Borrower shall be reduced by the aggregate amount of all Swing Line Outstandings, Letter of Credit Outstandings and all outstanding Competitive Bid Loans. 

2.12 Conversions and Elections of Subsequent Interest Periods. Subject to the limitations set forth below and in Article IV
hereof, the Borrower may: 
 (a) upon notice to the Administrative Agent on or before 12:00 noon on any Business
Day Convert all or a part of Eurodollar Loans to Base Rate Loans on the last day of the Interest Period for such Eurodollar Loans; and 

(b) provided that no Default or Event of Default shall have occurred and be continuing and on three (3) Business
Days’ notice to the Administrative Agent on or before 12:00 noon: 
 (i) elect a subsequent Interest Period
for all or a portion of Eurodollar Loans to begin on the last day of the current Interest Period for such Eurodollar Loans; or 

(ii) Convert Base Rate Loans (other than Swing Line Loans) to Eurodollar Loans on any Business Day. 

Notice of any such elections or Conversions shall specify the effective date of such election or Conversion and, with respect to
Eurodollar Loans, the Interest Period to be applicable to the Loan as Continued or Converted. Each election and Conversion pursuant to this Section 2.12 shall be subject to the limitations on Eurodollar Loans set forth in the definition
of “Interest Period” herein and in Article IV hereof. All such Continuations or Conversions of Loans shall be effected pro rata based on the Revolving Percentages or Term Percentages of the applicable Lenders, as the case may be.

 2.13 Fees. (a) Facility Fee; Commitment Fee. (i) Until the Non-Extended Revolving Credit Termination
Date, the Borrower agrees to pay to the Administrative Agent, for the benefit of each Non-Extended Revolving Credit Lender based on such Lender’s Non-Extended Revolving Credit Commitment, the quarterly portion of the Applicable Facility Fee for
such Lender. Such fees shall be payable quarterly in arrears, such payments to be made not later than the third (3rd) Business Day of each April, July, October and January to and on the Non-Extended Revolving Stated Maturity Date.
Notwithstanding the foregoing, so long as any Lender fails to make available any portion of its Non-Extended Revolving Credit Commitment when requested, such Lender shall not be entitled to receive payment of its pro rata share of such fee until
such Lender shall make available such portion. Such fee shall be calculated on the basis of a year of 360 days for the actual number of days elapsed. 

(ii) Until the Extended Revolving Credit Termination Date (or such earlier date on which the Extended Revolving Credit Commitments have
terminated), the Borrower agrees to pay to the 
  

 38 

 
Administrative Agent, for the benefit of each Extended Revolving Credit Lender based on such Lender’s Extended Available Revolving Credit Commitment, the quarterly portion of the Applicable
Commitment Fee for such Lender. Such fees shall be payable quarterly in arrears, such payments to be made not later than the third (3rd) Business Day of each April, July, October and January to and on the Extended Revolving Credit Termination
Date (or such earlier date on which the Extended Revolving Credit Commitments have terminated). Such fee shall be calculated on the basis of a year of 360 days for the actual number of days elapsed. 

(b) Agent Fees. The Borrower agrees to pay to the Administrative Agent, for the Administrative Agent’s individual account, an
annual Administrative Agent’s fee to be payable in advance and annually thereafter on the anniversary of the Closing Date such amounts as agreed to by the Administrative Agent and the Borrower in writing. 

2.14 Deficiency Advances; Failure to Purchase Participations. No Lender shall be responsible for any default of any other Lender
in respect of such other Lender’s obligation to make any Loan or Advance hereunder nor shall the Revolving Credit Commitment or Extended Incremental Term Commitment of any Lender hereunder be increased as a result of such default of any other
Lender. Without limiting the generality of the foregoing or the provisions of Section 2.15, in the event any Lender shall fail to advance funds to the Borrower as herein provided, the Administrative Agent may in its discretion, but shall
not be obligated to, advance to the Borrower all or any portion of such amount or amounts (each, a “deficiency advance”) and shall thereafter be entitled to payments of principal of and interest on such deficiency advance in the same
manner and at the same interest rate or rates to which such other Lender would have been entitled had it made such Advance; provided that, (i) such defaulting Lender shall not be entitled to receive payments of principal, interest or fees with
respect to such deficiency advance until such deficiency advance (together with interest thereon as provided in clause (ii)) shall be paid by such Lender and (ii) upon payment to the Administrative Agent from such other Lender of the entire
outstanding amount of each such deficiency advance, together with accrued and unpaid interest thereon, from the most recent date or dates interest was paid to the Administrative Agent by the Borrower on each Loan comprising the deficiency advance at
the Federal Funds Rate, then such payment shall be credited in full payment of such deficiency advance and the Borrower shall be deemed to have borrowed the amount of such deficiency advance from such other Lender as of the most recent date or
dates, as the case may be, upon which any payments of interest were made by the Borrower thereon. 
 2.15 Intraday
Funding. Without limiting the provisions of Section 2.14, unless the Borrower or any Lender has notified the Administrative Agent not later than 12:00 Noon of the Business Day before the date any payment (including in the case of
Lenders any Advance) to be made by it is due, that it does not intend to remit such payment, the Administrative Agent may, in its discretion, assume that Borrower or each Lender, as the case may be, has timely remitted such payment in the manner
required hereunder and may, in its discretion and in reliance thereon, make available such payment (or portion thereof) to the Person entitled thereto as otherwise provided herein. If such payment was not in fact remitted to the Administrative Agent
in the manner required hereunder, then: 
 (i) if Borrower failed to make such payment, each applicable Lender
shall forthwith on demand repay to the Administrative Agent the amount of such assumed payment made available to such Lender, together with interest thereon in respect of each day from and including the date such amount was made available by the
Administrative Agent to such Lender to the date such amount is repaid to the Administrative Agent at the Federal Funds Rate; and 

(ii) if any Lender failed to make such payment, the Administrative Agent shall be entitled to recover such corresponding
amount forthwith upon the Administrative Agent’s 
  

 39 

 
demand therefor, the Administrative Agent promptly shall notify the Borrower, and the Borrower shall promptly pay such corresponding amount to the Administrative Agent in immediately available
funds upon receipt of such demand. The Administrative Agent also shall be entitled to recover interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the
Borrower to the date such corresponding amount is recovered by the Administrative Agent, (A) from such Lender at a rate per annum equal to the daily Federal Funds Rate or (B) from the Borrower, at a rate per annum equal to the interest
rate applicable to the Loan which includes such corresponding amount. Until the Administrative Agent shall recover such corresponding amount together with interest thereon, such corresponding amount shall constitute a deficiency advance within the
meaning of Section 2.14. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its commitments hereunder or to prejudice any rights which the Administrative Agent or the Borrower may have against any Lender
as a result of any default by such Lender hereunder. 
 2.16 Use of Proceeds. The proceeds of the Loans and the Letters
of Credit issued pursuant to the Letter of Credit Facility shall be used by the Borrower and its Subsidiaries to repay indebtedness, finance acquisitions and for working capital, capital expenditures, share repurchases and other general corporate
purposes of the Borrower and its Subsidiaries. 
 2.17 Swing Line. (a) Notwithstanding any other provision of this
Agreement to the contrary, in order to administer the Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Administrative Agent and the Revolving Credit Lenders, JPMorgan Chase Bank, in its individual
capacity and not as Administrative Agent, and subject to the provisions of Section 2.17(c), shall make available Swing Line Loans to the Borrower prior to the Extended Revolving Credit Termination Date. JPMorgan Chase Bank shall not make
any Swing Line Loan pursuant hereto (i) if to the actual knowledge of JPMorgan Chase Bank the Borrower is not in compliance with all the conditions to the making of Loans set forth in this Agreement, (ii) if after giving effect to such
Swing Line Loan, the Swing Line Outstandings exceed $25,000,000, or (iii) if after giving effect to such Swing Line Loan, the aggregate Outstanding Revolving Credit Obligations exceed the Total Revolving Credit Commitment. Swing Line Loans
shall be limited to Base Rate Loans unless JPMorgan Chase Bank and the Borrower shall agree otherwise. The Borrower may borrow, repay and reborrow under this Section 2.17. Unless notified to the contrary by JPMorgan Chase Bank,
borrowings under the Swing Line shall be made in the minimum amount of $1,000,000 or, if greater, in amounts which are integral multiples of $100,000, or in the amount necessary to effect a Base Rate Refunding Loan, upon irrevocable telephonic
notice, by an Authorized Representative of Borrower made to JPMorgan Chase Bank not later than 12:30 P.M. on the Business Day of the requested borrowing. The Borrower shall provide the Administrative Agent written confirmation of each such
telephonic notice on the same day by telefacsimile or electronic transmission in the form of a Borrowing Notice. Each such Borrowing Notice shall specify the amount of the borrowing, and the date of borrowing, and shall be in the form of Exhibit
D-3, with appropriate insertions. Unless notified to the contrary by JPMorgan Chase Bank, each repayment of a Swing Line Loan shall be in an amount which is an integral multiple of $100,000 or the aggregate amount of all Swing Line Outstandings.
If the Borrower instructs JPMorgan Chase Bank to debit any demand deposit account of the Borrower in the amount of any payment with respect to a Swing Line Loan, or JPMorgan Chase Bank otherwise receives repayment, after 2:00 P.M. on a Business Day,
such payment shall be deemed received on the next Business Day. 
 (b) Swing Line Loans shall bear interest at the Base Rate
applicable to Extended Revolving Credit Loans or at any rate otherwise mutually agreed upon by JPMorgan Chase Bank and the Borrower. The interest payable on Swing Line Loans is solely for the account of JPMorgan Chase Bank, and all accrued and
unpaid interest on Swing Line Loans shall be payable on the dates and in the manner provided in Section 2.6 with respect to interest on Base Rate Loans. 

 

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 (c) Upon the making of a Swing Line Loan, each Revolving Credit Lender shall be deemed to
have purchased from JPMorgan Chase Bank a Participation therein in an amount determined with reference to such Lender’s Revolving Percentage of such Swing Line Loan. Upon demand made by JPMorgan Chase Bank, each Revolving Credit Lender shall,
according to its Revolving Percentage of such Swing Line Loan, promptly provide to JPMorgan Chase Bank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Revolving Credit Lender pursuant to demand of
JPMorgan Chase Bank of the purchase price of its Participation shall be deemed (i) provided that the conditions to making Revolving Credit Loans shall be satisfied, a Base Rate Refunding Loan under Section 2.4 until the Borrower
converts such Base Rate Loan in accordance with the terms of Section 2.12, and (ii) in all other cases, the funding by each Revolving Credit Lender of the purchase price of its Participation in such Swing Line Loan. The obligation
of each Revolving Credit Lender to so provide its purchase price to JPMorgan Chase Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event.
Simultaneously with the making of each such payment by a Revolving Credit Lender to JPMorgan Chase Bank to fund such Lender’s purchase price of a Participation in such Swing Line Loan pursuant to clause (ii) of this paragraph, such Lender
shall, automatically and without any further action on the part of JPMorgan Chase Bank or such Lender, have the right to enforce its Participation in an amount equal to such payment (excluding the portion thereof constituting interest accrued prior
to the date the Revolving Credit Lender made its payment) in the related rights of JPMorgan Chase Bank with respect to obligations of the Borrower as to such Swing Line Loan (it being understood that the interest component thereof accruing after the
date referred to in the previous parenthetical shall be based on the Base Rate applicable to the relevant Revolving Facility). 

The Borrower, at its option and subject to the terms hereof, may request an Advance pursuant to Section 2.4 in an amount
sufficient to repay Swing Line Outstandings on any date and the Administrative Agent shall provide from the proceeds of such Advance to JPMorgan Chase Bank the amount necessary to repay such Swing Line Outstandings (which JPMorgan Chase Bank shall
then apply to such repayment) and credit any balance of the Advance in immediately available funds in the manner directed by the Borrower pursuant to Section 2.4(c)(iii). The proceeds of such Advances shall be paid to JPMorgan Chase Bank
for application to the Swing Line Outstandings and the Revolving Credit Lenders shall then be deemed to have made Revolving Credit Loans in the amount of such Advances. The Swing Line shall continue in effect until the Extended Revolving Credit
Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in full. Notwithstanding the foregoing, the Swing Line Outstandings shall be immediately due and payable at any time upon notice by
JPMorgan Chase Bank or the Administrative Agent to the Borrower. In the event the Revolving Credit Lenders have funded Participations in any Swing Line Loan, then at the time payment (in fully collected, immediately available funds) of any principal
amount of, or interest on, such Swing Line Loan, in whole or in part, is received by JPMorgan Chase Bank or the Administrative Agent, JPMorgan Chase Bank or the Administrative Agent (as applicable) shall promptly pay to each Revolving Credit Lender
an amount equal to its Revolving Percentage of such payment from the Borrower. 
 (d) Subject to the provisions of
Section 2.10(c), on the Non-Extended Revolving Credit Termination Date (and without any further action), and so long as the Extended Revolving Credit Commitments shall not have terminated at or prior to such time (whether pursuant to
Article IX or otherwise), the Participations in respect of all outstanding Swing Line Loans shall be reallocated among the Extended Revolving Lenders in accordance with their Revolving Percentages as of such date (after giving effect to the
termination of the Non-Extended Revolving Credit Commitments) and the Non-Extended Revolving Lenders shall be released from their Participations in respect of such outstanding Swing Line Loans. 

 

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 2.18 Increased Amounts. (a) The Borrower shall have the right from time to time,
without the consent of the Lenders, subject to the terms of this Section 2.18 and provided that the Borrower has obtained any required consents of third parties, to effectuate, (i) prior to the date of any voluntary reduction of the Extended
Total Revolving Credit Commitment (other than any reduction pursuant to Section 4.8(e)), an increase in the Extended Total Revolving Credit Commitment under this Agreement in an aggregate amount not to exceed $200,000,000 and (ii) in
addition to any increases pursuant to clause (i), from and after the date on which the Borrower takes any action pursuant to Section 4.8(e), an increase in the Extended Total Revolving Credit Commitment in the amount equal to or less than (in
the discretion of the Borrower) the amount of such terminated Revolving Credit Commitment of such Defaulting Lender, in each case, by adding to this Agreement one or more Persons acceptable to the Borrower and reasonably acceptable to the
Administrative Agent, who shall, upon completion of the requirements of this Section 2.18, constitute an “Extended Revolving Credit Lender” or “Extended Revolving Credit Lenders” hereunder (each an “Added Lender”), or
by allowing one or more Extended Revolving Credit Lenders in their sole discretion to increase their respective Extended Revolving Credit Commitments hereunder (each an “Increasing Lender”), so that such increased Extended Revolving Credit
Commitments shall equal the aggregate increase in the Extended Total Revolving Credit Commitment effectuated pursuant to this Section 2.18; provided that (A) the aggregate addition of or increase in the Extended Revolving Credit Commitment of
any Lender to be effected under this Section 2.18 (collectively, the “Added Commitments”) shall be, other than increases pursuant to clause (ii) above, in an amount not less than $5,000,000, and, if greater than $5,000,000, an
integral multiple of $1,000,000, (B) no increase in or added Extended Revolving Credit Commitments pursuant to this Section 2.18 shall result in the sum of the Extended Total Revolving Credit Commitment hereunder exceeding $781,582,051.61,
(C) no Lender’s Extended Revolving Credit Commitment shall be increased under this Section 2.18 without the consent of such Lender, and (D) there shall not exist any Default or Event of Default immediately prior to and immediately
after giving effect to any such Added Commitment. The Borrower shall deliver or pay, as applicable, to the Administrative Agent not later than five (5) Business Days prior to any such increase in the Extended Total Revolving Credit Commitment
each of the following items with respect to each Added Lender and Increasing Lender: 
 (i) a written notice of
Borrower’s intention to increase the Extended Total Revolving Credit Commitment pursuant to this Section 2.18, which shall specify each Added Lender and Increasing Lender, the proposed effective date for the increase in Extended
Revolving Credit Commitments, the amounts of the Added Commitments of each such Lender that will result (which amounts shall be subject to confirmation by the Administrative Agent), and such other information as is reasonably requested by the
Administrative Agent; 
 (ii) documents in the form of Exhibit K or Exhibit L, as may be required
by the Administrative Agent, executed and delivered by each Added Lender and each Increasing Lender, pursuant to which it becomes a party hereto or increases its Extended Revolving Credit Commitment; and 

(iii) a non-refundable processing fee of $3,500 with respect to each Added Lender or Increasing Lender for the sole
account of the Administrative Agent. 
 (b) Upon receipt of any notice referred to in clause (a)(i) above, the Administrative
Agent shall promptly notify each Lender thereof and shall distribute an amended Exhibit A (which shall be deemed effective as of the Increased Commitment Date referred to below and thereupon incorporated into this Agreement) to reflect any
changes therein resulting from such increase. Upon execution and 
  

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delivery of the documents and the payment of the fee as described above, and upon delivery to the Administrative Agent by each Added Lender and Increasing Lender for further delivery to the
Borrower or other Revolving Credit Lenders (as applicable) of immediately available, freely transferable funds in an amount equal to, for each Added Lender, such Added Lender’s Revolving Percentage (after giving effect to all Added Commitments)
of Extended Revolving Credit Outstandings and funded Participations and, for each Increasing Lender, the product of the increase in such Increasing Lender’s Revolving Percentage (after giving effect to all Added Commitments) multiplied by the
sum of Extended Revolving Credit Outstandings and funded Participations, as applicable (the “Increased Commitment Date”), (x) each such Added Lender shall constitute a “Revolving Credit Lender” for all purposes under this
Agreement and related documents without any acknowledgment by or the consent of the other Lenders, with an Extended Revolving Credit Commitment as specified in such documents and revised Exhibit A, (y) each such Increasing Lender’s
Extended Revolving Credit Commitment shall increase as specified in such documents and revised Exhibit A, and each other Lender’s Revolving Percentage shall be adjusted to reflect the Added Commitments and shall be specified in such
revised Exhibit A, as the case may be. As of the Increased Commitment Date, (i) the respective Revolving Percentages of the Lenders shall be deemed modified as appropriate to correspond to such Added Commitments, and (ii) on the
Increased Commitment Date, to the extent necessary to keep all outstanding Revolving Credit Loans and funded Participations ratable among all Revolving Credit Lenders in accordance with any revised Revolving Percentages arising from any Added
Commitments under this Section 2.18, all Interest Periods then outstanding shall be deemed to be terminated without further action or consent of the Borrower and the Borrower shall pay any additional amounts required pursuant to
Section 4.5 in connection therewith). In addition, if there are at such time outstanding any Extended Revolving Credit Outstandings and funded Participations, each Extended Revolving Credit Lender whose Revolving Percentage has been
decreased as a result of the increase in the Extended Total Revolving Credit Commitment shall be deemed to have assigned, without recourse, to each Added Lender and Increasing Lender such portion of such Lender’s Extended Revolving Credit
Outstandings or funded Participations as shall be necessary to effectuate such adjustment in Revolving Percentages. Each Increasing Lender and Added Lender (i) shall be deemed to have assumed such portion of such Extended Revolving Credit
Outstandings and funded Participations and (ii) shall fund to each other Extended Revolving Credit Lender on the Increased Commitment Date the amount of Extended Revolving Credit Outstandings and funded Participations assigned to it by such
Lender. The Borrower agrees to pay to the Extended Revolving Credit Lenders on demand any and all amounts required pursuant to Section 4.5 resulting from any such assignment of Extended Revolving Credit Outstandings. 

(c) This Section 2.18 shall supersede any provisions in Section 11.1 and 11.6 to the contrary. 

ARTICLE III 

Letters of Credit 

3.1 Letters of Credit. (a) The Issuing Banks agree, subject to the terms and conditions of this Agreement, upon request of
the Borrower, to issue from time to time for the account of the Borrower Letters of Credit upon delivery to the applicable Issuing Bank of an Application and Agreement for Letter of Credit relating thereto in form and content acceptable to such
Issuing Bank; provided, that (i) no Issuing Bank shall issue (or renew) any Letter of Credit if it has been notified by the Administrative Agent or has actual knowledge that a Default or Event of Default has occurred and is continuing,
(ii) the aggregate Letter of Credit Outstandings shall not exceed the Total Letter of Credit Commitment and (iii) no Letter of Credit shall be issued (or renewed) if, after giving effect thereto, Letter of Credit Outstandings plus
Revolving Credit Outstandings plus Swing Line Outstandings plus outstanding Competitive Bid Loans shall exceed the Total Revolving Credit Commitment. No Letter of Credit shall 

 

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have an expiry date (including all rights of the Borrower or any beneficiary named in such Letter of Credit to require renewal, but not any renewal options that are subject to the approval of the
Issuing Bank) or payment date occurring later than the earlier to occur of one year after the date of its issuance or the fifth Business Day prior to the Extended Revolving Credit Stated Maturity Date. Each request by the Borrower for the issuance
or renewal of a Letter of Credit, whether pursuant to an Application and Agreement for Letter of Credit or otherwise, shall constitute its certification that the conditions specified in Section 5.2 with respect to such issuance or
renewal have been satisfied. At any one time during the term of this Agreement, not more than four (4) different Revolving Credit Lenders shall be allowed to act as an Issuing Bank. 

(b) Subject to the provisions of Section 2.10(c), on the Non-Extended Revolving Credit Termination Date (and without any further
action), and so long as the Extended Revolving Credit Commitments shall not have terminated at or prior to such time (whether pursuant to Article IX or otherwise), the Participations in respect of all outstanding Letters of Credit shall be
reallocated among the Extended Revolving Lenders in accordance with their Revolving Percentages as of such date (after giving effect to the termination of the Non-Extended Revolving Credit Commitments) and the Non-Extended Revolving Lenders shall be
released from their Participations in respect of such outstanding Letters of Credit. 
 3.2 Reimbursement and
Participations. 
 (a) The Borrower hereby unconditionally agrees to pay to the applicable Issuing Bank immediately on
demand at its Applicable Lending Office all amounts required to pay all drafts drawn under any Letters of Credit and all reasonable expenses incurred by an Issuing Bank in connection with the Letters of Credit, and in any event and without demand to
place in possession of the applicable Issuing Bank (which shall include Advances under the Revolving Credit Facility if permitted by Section 2.4 and Swing Line Loans if permitted by Section 2.17) sufficient funds to pay all
debts and liabilities arising under any Letter of Credit. The Borrower’s obligations to pay an Issuing Bank under this Section 3.2, and such Issuing Bank’s right to receive the same, shall be absolute and unconditional and
shall not be affected by any circumstance whatsoever. Each Issuing Bank agrees to give the Borrower prompt notice of any request for a draw under a Letter of Credit, but failure to provide such notice shall not affect the parties’ Obligations
with respect thereto. Each Issuing Bank may charge any account the Borrower may have with it for any and all amounts such Issuing Bank pays under a Letter of Credit, plus reasonable charges and reasonable expenses as from time to time agreed to by
such Issuing Bank and the Borrower; provided that to the extent permitted by Section 2.4(c)(iv) and Section 2.17, such amounts shall be paid pursuant to Advances under the Revolving Credit Facility or, if the Borrower shall
elect, by Swing Line Loans. The Borrower agrees that an Issuing Bank may, in its sole discretion, accept or pay, as complying with the terms of any Letter of Credit, any drafts or other documents otherwise in order which may be signed or issued by
an administrator, executor, trustee in bankruptcy, debtor in possession, assignee for the benefit of creditors, liquidator, receiver, attorney in fact or other legal representative of a party who is authorized under such Letter of Credit to draw or
issue any drafts or other documents. The Borrower agrees to pay an Issuing Bank interest on any Reimbursement Obligations not paid when due hereunder at the Default Rate applicable to Base Rate Loans under the Extended Revolving Credit Facility.

 (b) In accordance with the provisions of Section 2.4(c), each Issuing Bank shall notify the Administrative Agent
(and shall also notify the Borrower) of any drawing under any Letter of Credit as promptly as practicable following the receipt by the Issuing Bank of such drawing, but failure to provide such notice shall not affect the parties’ Obligations
with respect thereto. 
 (c) Each Revolving Credit Lender (other than the applicable Issuing Bank) shall automatically acquire
on the date of issuance thereof, a Participation in the liability of such Issuing Bank 
  

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in respect of each Letter of Credit in an amount equal to such Lender’s Revolving Percentage of such liability, and to the extent that the Borrower is obligated to pay such Issuing Bank
under Section 3.2(a), each Revolving Credit Lender (other than the Issuing Bank) thereby shall absolutely, unconditionally and irrevocably assume, and shall be unconditionally obligated to pay to such Issuing Bank, its Revolving
Percentage of the liability of such Issuing Bank under such Letter of Credit in the manner and with the effect provided in Section 2.4(c)(iv). With respect to drawings under any of the Letters of Credit, each Revolving Credit Lender,
upon receipt from the Administrative Agent of notice of a drawing in the manner described in Section 2.4(c)(iv), shall promptly pay to the Administrative Agent for the account of the applicable Issuing Bank, prior to the applicable time
set forth in Section 2.4(c)(iv), its Revolving Percentage of such drawing. Simultaneously with the making of each such payment by a Revolving Credit Lender to an Issuing Bank, such Lender shall, automatically and without any further
action on the part of such Issuing Bank or such Lender, acquire a Participation in an amount equal to such payment (excluding the portion thereof constituting interest accrued prior to the date such Lender made its payment) in the related
Reimbursement Obligation of the Borrower. The Reimbursement Obligations of the Borrower shall be immediately due and payable upon notice to the Borrower, whether in Advances made in accordance with Section 2.4(c)(iv) or otherwise. Each
Revolving Credit Lender’s obligation to make payment to the Administrative Agent for the account of an Issuing Bank pursuant to Section 2.4(c)(iv) and this Section 3.2(c), and the right of such Issuing Bank to receive
the same, shall be absolute and unconditional, shall not be affected by any circumstance whatsoever and shall be made without any offset, abatement, withholding or reduction whatsoever. In the event the Revolving Credit Lenders have purchased
Participations in any Reimbursement Obligation as set forth above, then at any time payment (in fully collected, immediately available funds) of such Reimbursement Obligation, in whole or in part, is received by the applicable Issuing Bank or the
Administrative Agent from the Borrower, such Issuing Bank or Administrative Agent shall promptly pay to each Revolving Credit Lender an amount equal to its Revolving Percentage of such payment from the Borrower. If any Revolving Credit Lender is
obligated to pay but does not pay amounts to the Administrative Agent for the account of an Issuing Bank in full upon such request as required by this Section 3.2(c), such Lender shall, on demand, pay to the Administrative Agent for the
account of such Issuing Bank interest on the unpaid amount for each day during the period commencing on the date of notice given to such Lender pursuant to Section 2.4(c) until such Lender pays such amount to the Administrative Agent for
the account of such Issuing Bank in full at the Federal Funds Rate. 
 (d) As soon as practical following the issuance of a
Letter of Credit, the applicable Issuing Bank shall notify the Administrative Agent, and the Administrative Agent shall notify each Revolving Credit Lender, of the date of issuance of such Letter of Credit, the stated amount and the expiry date of
such Letter of Credit. Promptly following the end of each calendar quarter, each Issuing Bank shall deliver to the Administrative Agent a notice describing the aggregate undrawn amount of all Letters of Credit at the end of such quarter. Upon the
request of any Revolving Credit Lender from time to time, each Issuing Bank shall deliver to the Administrative Agent, and the Administrative Agent shall deliver to such Lender, any other information reasonably requested by such Lender with respect
to the Letter of Credit Outstandings. 
 (e) Each issuance by an Issuing Bank of a Letter of Credit shall, in addition to the
conditions precedent set forth in Article V, be subject to the conditions that (x) such Letter of Credit be in such form and contain such terms as shall be reasonably satisfactory to the Issuing Bank consistent with the then current
practices and procedures of such Issuing Bank with respect to similar letters of credit, (y) the issuance of such Letter of Credit shall not violate any written policy of the Issuing Bank, and (z) the Borrower shall have executed and
delivered such other instruments and agreements relating to such Letters of Credit as the Issuing Bank shall have reasonably requested consistent with such practices and procedures. Except as otherwise provided therein, all Letters of Credit shall
be governed by the rules of the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance). 

 

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 (f) Without limiting the generality of the provisions of Section 11.9, the
Borrower hereby agrees to indemnify and hold harmless each Issuing Bank, each other Revolving Credit Lender and the Administrative Agent from and against any and all claims and damages, losses, liabilities, and reasonable costs and expenses which
such Issuing Bank, such other Revolving Credit Lender or the Administrative Agent may incur (or which may be claimed against such Issuing Bank, such other Revolving Credit Lender or the Administrative Agent) by any Person by reason of or in
connection with the issuance or transfer of or payment or failure to pay under any Letter of Credit; provided that the Borrower shall not be required to indemnify an Issuing Bank, any other Revolving Credit Lender or the Administrative Agent for any
claims, damages, losses, liabilities, costs or expenses to the extent, but only to the extent, (i) caused by the willful misconduct or gross negligence of the party to be indemnified or (ii) caused by the failure of an Issuing Bank to pay
under any Letter of Credit after the presentation to it of a request for payment strictly complying with the terms and conditions of such Letter of Credit, unless such payment is prohibited by any law, regulation, court order or decree or failure to
pay is permitted under the terms of the Applicable Letter of Credit. The indemnification and hold harmless provisions of this Section 3.2(f) shall survive repayment of the Obligations, occurrence of the Revolving Credit Termination Date,
the Facility Termination Date and expiration or termination of this Agreement. 
 (g) Without limiting the provisions of
Section 3.2(f), the obligation of the Borrower to immediately reimburse an Issuing Bank for drawings made under Letters of Credit and each Issuing Bank’s right to receive such payment shall be absolute, unconditional and
irrevocable, and such obligations of the Borrower shall be performed strictly in accordance with the terms of this Agreement and such Letters of Credit and the related Application and Agreement for any Letter of Credit, under all circumstances
whatsoever, including the following circumstances: 
 (i) any lack of validity or enforceability of the Letter of
Credit, the obligation supported by the Letter of Credit or any other agreement or instrument relating thereto (collectively, the “Related LC Documents”); 

(ii) any amendment or waiver of or any consent to or departure from all or any of the Related LC Documents; 

(iii) the existence of any claim, setoff, defense (other than the defense of payment in accordance with the terms of this
Agreement) or other rights which the Borrower may have at any time against any beneficiary or any transferee of a Letter of Credit (or any persons or entities for whom any such beneficiary or any such transferee may be acting), the Administrative
Agent, the Lenders or any other Person, whether in connection with the Loan Documents, the Related LC Documents or any unrelated transaction; 

(iv) any breach of contract or other dispute between the Borrower and any beneficiary or any transferee of a Letter of
Credit (or any persons or entities for whom such beneficiary or any such transferee may be acting), the Administrative Agent, the Lenders or any other Person; 

(v) any draft, statement or any other document presented under the 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 whatsoever so long as any such document appeared to comply with the terms of the Letter of Credit; 

 

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 (vi) any delay, extension of time, renewal, compromise or other indulgence
or modification granted or agreed to by the Administrative Agent, with or without notice to or approval by the Borrower in respect of any of Borrower’s Obligations; or 

(vii) any other circumstance or happening whatsoever where the applicable Issuing Bank has acted in good faith, whether or
not similar to any of the foregoing; 
 provided, however, that nothing contained herein shall be deemed to release an Issuing
Bank or any other Lender of any liability for actual loss arising as a result of its gross negligence or willful misconduct or out of the wrongful dishonor by an Issuing Bank of a proper demand for payment made under and strictly complying with the
terms of any Letter of Credit. 
 3.3 Governmental Action. No Issuing Bank shall be under any obligation to issue any
Letter of Credit if any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing Bank from issuing such Letter of Credit, or any law applicable to such Issuing Bank or any
request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Issuing Bank shall prohibit, or request that such Issuing Bank refrain from, the issuance of letters of credit generally or
such Letter of Credit in particular or shall impose upon such Issuing Bank with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Bank is not otherwise compensated hereunder) not in effect on
the Closing Date, or shall impose upon the Letter of Credit any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which such Issuing Bank in good faith deems material to it, unless the Borrower agrees to compensate
the Issuing Bank for such restriction, reserve, capital requirement, loss, cost or expense on terms satisfactory to the Issuing Bank. 

3.4 Letter of Credit Fee. The Borrower agrees to pay (i) to the Administrative Agent, for the pro rata benefit of the
Revolving Credit Lenders based on their applicable Revolving Percentages, a fee on the aggregate amount available to be drawn on each Letter of Credit Outstanding at a rate equal to the Applicable Eurodollar Margin with respect to the Extended
Revolving Credit Facility or the Non-Extended Revolving Facility, as the case may be, as in effect from time to time, and (ii) to the applicable Issuing Bank, as issuer of each Letter of Credit, an issuance fee in such amount as may be agreed
by such Issuing Bank and the Borrower from time to time. Such payments of fees provided for in this Section 3.4 shall be due with respect to each Letter of Credit quarterly in arrears, such payment to be made not later than the third
(3rd) Business Day of each April, July, October and January, commencing on the first such date following the issuance of a Letter of Credit under this Agreement. Such fees shall be calculated on the basis of a year of 360 days for the actual
number of days elapsed. 
 3.5 Administrative Fees. The Borrower shall pay to any Issuing Bank such standard
administrative fee and other standard fees, if any, in connection with the Letters of Credit in such amounts and at such times as such Issuing Bank and the Borrower shall agree from time to time. 

ARTICLE IV 

Change in Circumstances 

4.1 Increased Cost and Reduced Return. 

(a) If after the Fourth Amendment Effective Date, the adoption of any applicable law, rule, or regulation, or any change in any
applicable law, rule, or regulation, or any change in the interpretation or administration thereof by any governmental authority, central bank, or comparable agency charged with the interpretation or administration thereof, or compliance by any
Lender (or its Applicable Lending Office) with any request or directive (whether or not having the force of law) of any such governmental authority, central bank, or comparable agency: 

(i) shall subject such Lender (or its Applicable Lending Office) to any increase in the cost (other than Taxes and Other
Taxes as to which Section 4.6 shall govern, and other than the Reserve Requirement utilized in the determination of the Eurodollar Rate or Eurodollar Competitive Rate) of making or maintaining any Eurodollar Loans, any Competitive Bid
Loans bearing interest at a Eurodollar Competitive Rate or its obligation to make Eurodollar Loans or Competitive Bid Loans at the Eurodollar Competitive Rate, or change the basis of taxation of any amounts payable to such Lender (or its Applicable
Lending Office) under this Agreement in respect of any Eurodollar Rate Loans or Competitive Bid Loans at the Eurodollar Competitive Rate (other than taxes imposed on the income, assets, receipts or branch profits of such Lender, franchise taxes, or
taxes described in Sections 4.6(a)(ii)-(vi) in each case by the jurisdiction in which such Lender has its principal office or such Applicable Lending Office); 
  

 47 

 (ii) shall impose, modify, or deem applicable any reserve, special deposit,
assessment or similar requirement (other than the Reserve Requirement utilized in the determination of the Eurodollar Rate or Eurodollar Competitive Rate) relating to any extensions of credit or other assets of, or any deposits with or other
liabilities or commitments of, such Lender (or its Applicable Lending Office), including the Revolving Credit Commitment of such Lender hereunder; or 

(iii) shall impose on such Lender (or its Applicable Lending Office) or on the London interbank market any other condition
affecting this Agreement or any of such extensions of credit or liabilities or commitments; 
 and the result of any of the foregoing is to
increase the cost to such Lender (or its Applicable Lending Office) of making, Converting into, Continuing, or maintaining any Loans or to reduce any sum received or receivable by such Lender (or its Applicable Lending Office) under this Agreement
in each case with respect to any Eurodollar Rate Loans or any Competitive Bid Loans bearing interest at a Eurodollar Competitive Rate, then, within five (5) Business Days of the Borrower’s receipt of a request certifying in reasonable
detail calculations of such amount and the basis therefor, the Borrower shall pay to such Lender such amount or amounts as will compensate such Lender for such increased cost or reduction, provided, that no Lender shall be entitled to claim
any such amount or amounts for such increased cost or reduction incurred more than six months prior to the delivery of such request. If any Lender requests compensation by the Borrower under this Section 4.1(a), the Borrower may, by
notice to such Lender (with a copy to the Administrative Agent), suspend the obligation of such Lender to make or Continue Loans of the Type with respect to which such compensation is requested, or to Convert Loans of any other Type into Loans of
such Type, until the event or condition giving rise to such request ceases to be in effect (in which case the provisions of Section 4.4 shall be applicable); provided that such suspension shall not affect the right of such Lender to
receive the compensation so requested. 
 (b) If after the Fourth Amendment Effective Date any Lender shall have determined that
the adoption of any applicable law, rule, or regulation regarding capital adequacy or any change therein or in the interpretation or administration thereof by any governmental authority, central bank, or comparable agency charged with the
interpretation or administration thereof, or any request or directive made or issued after the Fourth Amendment Effective Date regarding capital adequacy (whether or not having the force of law) of any such governmental authority, central bank, or
comparable agency, has or would have the effect of reducing the rate of return on the capital of such Lender or any corporation controlling such Lender as a consequence of such Lender’s obligations hereunder to a level below that which such
Lender or such corporation could have achieved but for such adoption, change, request, or 
  

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directive (taking into consideration its policies with respect to capital adequacy), then, within five (5) Business Days of the Borrower’s receipt of a request certifying in reasonable
detail calculations of such amount and the basis therefor, the Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction, provided, that no Lender shall be entitled to claim any such
amount or amounts for such increased cost incurred more than six months prior to the delivery of such request. 
 (c) Each
Lender shall promptly notify the Borrower and the Administrative Agent of any event of which it has knowledge, occurring after the date hereof, which will entitle such Lender to compensation pursuant to this Section 4.1 and will
designate a different Applicable Lending Office if such designation will avoid the need for, or reduce the amount of, such compensation and will not, in the judgment of such Lender, be otherwise disadvantageous to it. Any Lender claiming
compensation under this Section 4.1 shall furnish to the Borrower and the Administrative Agent a statement setting forth the additional amount or amounts to be paid to it hereunder which shall be conclusive in the absence of manifest
error. In determining such amount, such Lender may use any reasonable averaging and attribution methods. 
 (d) The provisions
of this Section 4.1 shall continue in effect notwithstanding the Facility Termination Date. 
 4.2 Limitation on
Types of Loans. If on or prior to the first day of any Interest Period for any Eurodollar Rate Loan or Competitive Bid Loan bearing interest at a Eurodollar Competitive Rate: 

(a) the Administrative Agent reasonably determines (which determination shall be conclusive) that by reason of
circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Eurodollar Rate or Eurodollar Competitive Rate, as the case may be, for such Interest Period; or 

(b) the Required Lenders determine in good faith (which determination shall be conclusive) and notify the Administrative
Agent that the Eurodollar Rate or Eurodollar Competitive Rate, as the case may be, will not adequately and fairly reflect the cost to the Lenders of funding Eurodollar Rate Loans or Competitive Bid Loan bearing interest at a Eurodollar Competitive
Rate for such Interest Period; 
 then the Administrative Agent shall give the Borrower prompt notice thereof specifying the relevant Type of
Loans and the relevant amounts or periods, and so long as such condition remains in effect, the Lenders shall be under no obligation to make additional Loans of such Type, Continue Loans of such Type, or to Convert Loans of any other Type into Loans
of such Type and the Borrower shall, on the last day(s) of the then current Interest Period(s) for the outstanding Loans of the affected Type, either prepay such Loans or Convert such Loans into another Type of Loan in accordance with the terms of
this Agreement. 
 4.3 Illegality. Notwithstanding any other provision of this Agreement, in the event that it becomes
unlawful for any Lender or its Applicable Lending Office to make, maintain, or fund Eurodollar Rate Loans or Competitive Bid Loans bearing interest at the Eurodollar Competitive Rate hereunder, then such Lender shall promptly notify the Borrower
thereof and such Lender’s obligation to make or Continue Eurodollar Rate Loans or Competitive Bid Loans bearing interest at the Eurodollar Competitive Rate and to Convert other Types of Loans into Eurodollar Rate Loans or Competitive Bid Loans
bearing interest at the Eurodollar Competitive Rate shall be suspended until such time as such Lender may again make, maintain, and fund Eurodollar Rate Loans (in which case the provisions of Section 4.4 shall be applicable). 

 

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 4.4 Treatment of Affected Loans. If the obligation of any Lender to make a Eurodollar
Rate Loan or a Competitive Bid Loan bearing interest at a Eurodollar Competitive Rate or to Continue, or to Convert Loans of any other Type into, Loans of a particular Type shall be suspended pursuant to Section 4.1 or 4.3 hereof
(Loans of such Type being herein called “Affected Loans” and such Type being herein called the “Affected Type”), such Lender’s Affected Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the
then current Interest Period(s) for Affected Loans (or, in the case of a Conversion required by Section 4.3 hereof, on such earlier date as such Lender may specify to the Borrower with a copy to the Administrative Agent) and, unless and
until such Lender gives notice as provided below that the circumstances specified in Section 4.1 or 4.3 hereof that gave rise to such Conversion no longer exist: 

(a) to the extent that such Lender’s Affected Loans have been so Converted, all payments and prepayments of principal
that would otherwise be applied to such Lender’s Affected Loans shall be applied instead to its Base Rate Loans; and 

(b) all Loans that would otherwise be made or Continued by such Lender as Loans of the Affected Type shall be made or
Continued instead as Base Rate Loans, and all Loans of such Lender that would otherwise be Converted into Loans of the Affected Type shall be Converted instead into (or shall remain as) Base Rate Loans. 

If such Lender gives notice to the Borrower (with a copy to the Administrative Agent) that the circumstances specified in Section 4.1 or
4.3 hereof that gave rise to the Conversion of such Lender’s Affected Loans pursuant to this Section 4.4 no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when Loans
of the Affected Type made by other Lenders are outstanding, such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding Loans of the Affected Type, to the
extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding Loans of the Affected Type and by such Lender are held pro rata (as to principal amounts, Types, and Interest Periods) in accordance with their respective
Revolving Percentages or Term Percentages, as applicable. 
 4.5 Compensation. 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 Eurodollar Rate Loan or Competitive Bid 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); or 

(b) any failure by the Borrower (for a reason other than the failure of such Lender to make a Loan notwithstanding
satisfaction of all conditions precedent thereto) to prepay, borrow, Continue (including by reason of any prepayment) or Convert any Eurodollar Rate Loan on the date or in the amount notified by the Borrower; 

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 4.5, each Lender shall be
deemed to have funded each Eurodollar Rate Loan or Competitive Bid Loan made by it at the Interbank Offered Rate used in determining the Eurodollar Rate or Eurodollar 

 

 50 

 
Competitive Rate for such Loan by a matching deposit or other borrowing in the applicable offshore Dollar interbank market for a comparable amount and for a comparable period, whether or not such
Eurodollar Rate Loan was in fact so funded. 
 The provisions of this Section 4.5 shall continue in effect
notwithstanding the Facility Termination Date. 
 4.6 Taxes. (a) Subject to Sections 4.6(d) and
4.6(e), any and all payments by or on behalf of any Loan Party to or for the account of any Lender or the Administrative Agent hereunder or under any other Loan Document shall be made free and clear of and without deduction for any and all
present or future taxes, duties, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding, in the case of each Lender and the Administrative Agent, (i) net income taxes, franchise taxes or branch
profits taxes imposed on the Administrative Agent or any Lender as a result of a present or former connection between the Administrative Agent or such Lender and the jurisdiction of the Governmental Authority imposing such tax or any political
subdivision or taxing authority thereof or therein (other than any such connection arising solely from the Administrative Agent or such Lender having executed, delivered or performed its obligations or received a payment under, or enforced, this
Agreement or any other Loan Document), (ii) any United States withholding taxes payable with respect to payments hereunder on the date such Lender or Administrative Agent becomes a Lender or the Administrative Agent (as applicable), except to
the extent that such Lender’s or Administrative Agent’s assignor (if any) was entitled, at the time of assignment, to receive additional amounts from the Borrower with respect to such taxes pursuant to this paragraph, (iii) any taxes
arising after the Closing Date solely as a result of or attributable to Lender changing its designated lending office after the date such Lender becomes a party hereto (other than a change pursuant to Section 4.6(g)), (iv) any taxes that
are imposed by reason of Section 1471 or Section 1472 of the Code other than by reason of a change in Law imposed after the date hereof, (v) any taxes that are imposed by reason of a Lender’s failure to comply with its
obligations under Section 4.6(d) and (vi) backup withholding taxes imposed under Section 3406 of the Code (all such non-excluded taxes, duties, levies, imposts, deductions, charges, withholdings, and liabilities being hereinafter
referred to as “Taxes”). If the Borrower shall be required by law to deduct any Taxes from or in respect of any sum payable under this Agreement or any other Loan Document to any Lender or the Administrative Agent, (i) the sum payable
shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 4.6) such Lender or the Administrative Agent receives an amount equal to the sum it
would have received had no such deductions been made, (ii) the Borrower shall make such deductions, (iii) the Borrower shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable
law, and (iv) the Borrower shall furnish to the Administrative Agent, at its address referred to in Section 11.2, the original or a certified copy of a receipt or other reasonably acceptable documentation evidencing payment thereof.

 (b) In addition, the Borrower agrees to pay any and all present or future stamp or documentary taxes and any other excise or
property taxes or charges or similar levies which arise from any payment made under this Agreement or any other Loan Document or from the execution or delivery of, or otherwise with respect to, this Agreement or any other Loan Document (hereinafter
referred to as “Other Taxes”). 
 (c) The Borrower agrees to indemnify each Lender and the Administrative Agent for
the full amount of Taxes and Other Taxes (including, without limitation, any Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section 4.6) paid by such Lender or the Administrative Agent (as the
case may be) and any liability (including penalties, interest, and expenses) arising therefrom or with respect thereto. 
  

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 (d) Any Lender that is entitled to an exemption from or reduction of any applicable
withholding tax with respect to payments hereunder or under any other Loan Document shall, to the extent it is legally entitled to do so, deliver to the Borrower (with a copy to the Administrative Agent), at the time or times reasonably requested by
the Borrower or Administrative Agent, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate of withholding (including any documentation
necessary to prevent withholding under Section 1471 or Section 1472 of the Code). Without limiting the generality of the foregoing, each Lender (or Assignee) that is not a “U.S. Person” as defined in Section 7701(a)(30) of
the Code (a “Non-U.S. Lender”) shall deliver to the Borrower and the Administrative Agent (or, in the case of a Participant, to the Lender from which the related participation shall have been purchased) two copies of U.S. Internal Revenue
Service (“IRS”) Form W-8BEN, Form W-8ECI or Form W-8IMY (together with any applicable underlying IRS forms), or, in the case of a Non-U.S. Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of
the Code with respect to payments of “portfolio interest”, a statement substantially in the form of Exhibit M and the applicable IRS Form W-8, or any subsequent versions thereof or successors thereto, properly completed and duly executed
by such Non-U.S. Lender claiming complete exemption from, or a reduced rate of, U.S. federal withholding tax on payments under this Agreement and the other Loan Documents. Such forms shall be delivered by each Non-U.S. Lender on or before the date
it becomes a party to this Agreement (or, in the case of any Participant, on or before the date such Participant purchases the related participation) and from time to time thereafter upon the request of the Borrower or the Administrative Agent. In
addition, each Non-U.S. Lender shall deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered by such Non-U.S. Lender. Each Lender shall promptly notify the Borrower and the Administrative Agent at any time it
determines that it is no longer in a position to provide any previously delivered certificate to the Borrower or Administrative Agent (or any other form of certification adopted by the U.S. taxing authorities for such purpose). Notwithstanding any
other provision of this Section, a Lender shall not be required to deliver any form pursuant to this Section that such Lender is not legally able to deliver. 

(e) Each Lender shall indemnify the Administrative Agent for the full amount of any taxes, levies, imposts, duties, charges, fees,
deductions, withholdings or similar charges imposed by any Governmental Authority that are attributable to such Lender and that are payable or paid by the Administrative Agent, together with all interest, penalties, reasonable costs and expenses
arising therefrom or with respect thereto, as determined by the Administrative Agent in good faith. 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. 
 (f) If the Borrower is required to pay additional amounts to or for the account of any Lender pursuant to this
Section 4.6, then such Lender will agree to use reasonable efforts to change the jurisdiction of its Applicable Lending Office so as to eliminate or reduce any such additional payment which may thereafter accrue if such change, in the
reasonable judgment of such Lender, is not otherwise disadvantageous to such Lender. 
 (g) Within thirty (30) days after
the date of any payment of Taxes, the Borrower shall furnish to the Administrative Agent the original or certified copy of a receipt or other reasonably acceptable documentation evidencing such payment. 

(h) The provisions of this Section 4.6 shall continue in effect notwithstanding the Facility Termination Date. 

4.7 Replacement Lenders. The Borrower may, in its sole discretion, on ten (10) Business Days’ prior written notice to
the Administrative Agent and a Lender, cause a Lender that (a) is or may 
  

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become entitled to receive any indemnification payment, additional amount or other compensation under this Article IV or that fails to make Loans for the reasons provided in this
Article IV or (b) does not consent to any proposed amendment, supplement, modification, consent or waiver of any provision of this Agreement or any other Loan Document that requires the consent of each of the Lenders or each of the
Lenders affected thereby (so long as the consent of the Required Lenders has been obtained) to (and such Lender shall) assign pursuant to Section 11.1 hereof (with such Lender being deemed to have executed an Assignment and Assumption
for the purpose of effecting such assignment), all of its rights and obligations under this Agreement to another Lender, an Affiliate of another Lender or a Person reasonably acceptable to the Administrative Agent and designated by the Borrower
which is willing to become a Lender for a purchase price equal to the outstanding principal amount of the Loans payable to such Lender, together with any accrued but unpaid interest on such Loans, any accrued but unpaid fees with respect to such
Lender’s Revolving Credit Commitment and any other amounts payable to such Lender under this Agreement; provided, that any expenses or other amounts which would be owing to such Lender pursuant to any indemnification provision hereunder shall
be payable by the Borrower to such Lender. The replacement Lender under this Section shall pay the applicable processing fee under Section 11.1. 

4.8 Defaulting Revolving Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Revolving Credit Lender
becomes a Defaulting Lender, then the following provisions shall apply for so long as such Revolving Credit Lender is a Defaulting Lender: 

(a) commitment fees shall cease to accrue on the Extended Available Revolving Credit Commitment (if any) of such Defaulting Lender
pursuant to Section 2.13(a)(ii); 
 (b) if any Swing Line Outstandings or Letter of Credit Outstandings exist at the time
such Lender becomes a Defaulting Lender then: 
 (i) all or any part of such Swing Line Outstandings and Letter
of Credit Outstandings shall be reallocated among the non-Defaulting Revolving Credit Lenders in accordance with their respective Revolving Percentages but only to the extent (x) the sum of all non-Defaulting Revolving Credit Lenders’
Outstanding Revolving Credit Obligations does not exceed the total of all non-Defaulting Revolving Credit Lenders’ Revolving Credit Commitments and (y) the conditions set forth in Section 5.2 are satisfied at such time; and

 (ii) if the reallocation described in clause (i) above cannot, or can only partially, be effected, the
Borrower shall within one Business Day following notice by the Administrative Agent (x) first, prepay such Defaulting Lender’s Revolving Percentage of the Swing Line Outstandings (after giving effect to any partial reallocation pursuant to
clause (i) above) and (y) second, (1) if a drawing is made under any Letter of Credit, the Borrower shall reimburse the Issuing Bank in accordance with Section 2.4(c)(iv) and (2) if a Letter of Credit is requested by the
Borrower in accordance with Section 3.1(a) during any period where there is a Defaulting Lender, the Borrower shall enter into an arrangement reasonably satisfactory to the Issuing Bank to cover in whole or in part (which such arrangement may
include cash collateralization) the exposure of the Issuing Bank related to the participating interests of such Defaulting Lender in such newly issued Letter of Credit Outstandings (after giving effect to any partial reallocation pursuant to clause
(i) above) for so long as such Lender is a Defaulting Lender or until such Lender is replaced pursuant to Section 4.7; 

(iii) if and so long as the Borrower cash collateralizes any portion of such Defaulting Lender’s Revolving Percentage
of Letter of Credit Outstandings pursuant to Section 4.8(b)(ii), then, in the case of any such Defaulting Lender that is an Extended Revolving Credit Lender, the Borrower shall not be required to pay any fees to such Defaulting Lender
pursuant to Section 3.4 with respect thereto; 
  

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 (iv) upon any reallocation described in clause (i) above, the fees
payable to the Revolving Credit Lenders pursuant to Section 2.13(a)(ii) and 3.4 shall be adjusted accordingly; and 

(v) if any such Defaulting Lender’s Revolving Percentage of Letter of Credit Outstandings is neither cash
collateralized nor reallocated pursuant to Section 4.8(b)(i), then, if such Defaulting Lender is an Extended Revolving Credit Lender, without prejudice to any rights or remedies of the Issuing Banks or any Lender hereunder, all letter of
credit fees payable under Section 3.4 with respect to such Defaulting Lender’s Revolving Percentage of Letter of Credit Outstandings shall be payable to the relevant Issuing Bank until such cash collateralization and/or reallocation
occurs; 
 (c) the Swing Line Lender shall not be required to fund any Swing Line Loan and no Issuing Bank shall be required to
issue, amend or increase any Letter of Credit, unless it is reasonably satisfied that the related exposure will be covered in whole or in part by the Revolving Credit Commitments of the non-Defaulting Revolving Credit Lenders and/or cash collateral
or other arrangements will be provided by the Borrower in accordance with Section 4.8(b)(ii), and participating interests in any such newly issued or increased Letter of Credit or newly made Swing Line Loan shall be (i) allocated among
non-Defaulting Revolving Credit Lenders and/or (ii) covered by arrangements made by the Borrower pursuant to Section 4.8(b)(ii) in a manner consistent with Section 4.8(b)(i) and (ii) (and any such Defaulting Lenders shall not
participate therein); and 
 (d) in the case of any Defaulting Lender that is an Extended Revolving Credit Lender, any amount
payable to such Defaulting Lender hereunder (whether on account of principal, interest, fees or otherwise and including any amount that would otherwise be payable to such Defaulting Lender pursuant to Section 11.3 but excluding
Section 4.7) shall, in lieu of being distributed to such Defaulting Lender and without duplication, be retained by the Administrative Agent in a segregated interest-bearing account reasonably satisfactory to the Administrative Agent and
the Borrower and, subject to any applicable requirements of law, be applied at such time or times as may be determined by the Administrative Agent (i) first, to the payment of any amounts owing by such Defaulting Lender to the Administrative
Agent hereunder, (ii) second, pro rata, to the payment of any amounts owing by such Defaulting Lender to the Issuing Banks or Swing Line Lender hereunder, (iii) third, if so determined by the Administrative Agent or requested by an Issuing
Bank or Swing Line Lender, held in such account as cash collateral for existing or (unless such Defaulting Lender has no remaining unutilized Extended Revolving Credit Commitment) future funding obligations of the Defaulting Lender in respect of any
existing or (unless such Defaulting Lender has no remaining unutilized Extended Revolving Credit Commitment) future Participation in any Swing Line Loan or Letter of Credit, (iv) fourth, to the funding of any Revolving Credit 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, (v) fifth, if so determined by the Administrative Agent and the Borrower, unless such Defaulting
Lender has no remaining unutilized Extended Revolving Credit Commitment, held in such account as cash collateral for future funding obligations of the Defaulting Lender in respect of any Extended Revolving Credit Loans under this Agreement,
(vi) sixth, to the payment of any amounts owing to any Issuing Bank or Swing Line Lender as a result of any judgment of a court of competent jurisdiction obtained by such Issuing Bank or Swing Line Lender against such Defaulting Lender as a
result of such Defaulting Lender’s breach of its obligations under this Agreement, (vii) seventh, 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 
  

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Agreement, and (viii) eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction, provided, that, with respect to this clause (viii), if such payment is
(x) a prepayment of the principal amount of any Revolving Credit Loans or Reimbursement Obligations as to which a Defaulting Lender has funded its Participation and (y) made at a time when the conditions set forth in Section 5.2 are
satisfied, such payment shall be applied solely to prepay the Revolving Credit Loans of, and Reimbursement Obligations owed to, all non-Defaulting Revolving Credit Lenders pro rata prior to being applied to the prepayment of any Revolving Credit
Loans of, or Reimbursement Obligations owed to, any Defaulting Lender. 
 (e) Upon not less than three Business Days’ prior
notice to such Defaulting Lender and the Administrative Agent (which the Administrative Agent will promptly provide to the Lenders, the Issuing Banks and the Swing Line Lender), the Borrower shall have the right to terminate the then unutilized
Revolving Credit Commitment of such Defaulting Lender, after taking into account the portion of such Revolving Credit Commitment, if any, which theretofore has been, or substantially contemporaneous therewith is being, assigned pursuant to
Section 4.7. In the event of any such termination, future extensions of credit under the Revolving Credit Facility shall be allocated to the non-Defaulting Revolving Credit Lenders in a manner that disregards the existence of any
remaining Revolving Credit Commitment of such Defaulting Lender. 
 In the event that the Administrative Agent, the Borrower,
each Issuing Bank and the Swing Line Lender each agrees that any such Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then (i) the Swing Line Outstandings and Letter of Credit
Outstandings of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Revolving Credit Commitment and on such date such Lender shall purchase at par such of the Revolving Credit Loans of the other Lenders (other than Swing
Line Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Revolving Percentage and (ii) any arrangements made by the Borrower pursuant to Section 4.8(b)(ii)
shall be terminated and any cash collateral or arrangement provided by the Borrower in accordance thereto will be terminated or promptly returned to the Borrower, as applicable. 

The provisions of this Agreement relating to funding, payment and other matters with respect to the Revolving Facility may be adjusted by
the Administrative Agent, with the consent of the Borrower (such consent not to be unreasonably withheld), to the extent necessary to give effect to the provisions of this Section 4.8. The provisions of this Section 4.8 may not be amended,
supplemented or modified without, in addition to consents required by Section 11.6, the prior written consent of the Administrative Agent, the Swing Line Lender, the Issuing Banks and the Borrower. 

ARTICLE V 

Conditions to Making Loans and Issuing Letters of Credit 

5.1 [INTENTIONALLY OMITTED]. 

5.2 Conditions of Loans. The obligations of the Lenders to make any Loans, and of the Issuing Banks to issue Letters of Credit,
hereunder on or subsequent to the Closing Date are subject to the satisfaction of the following conditions: 

(a) the Administrative Agent shall have received a Borrowing Notice if required by Article II; 

 

 55 

 (b) the representations and warranties of the Borrower and Guarantors set
forth in Article VI and in each of the other Loan Documents shall be true and correct in all material respects on and as of the date of such Advance or issuance of such Letters of Credit with the same effect as though such representations and
warranties had been made on and as of such date, except to the extent that such representations and warranties expressly relate to an earlier date and except that the financial statements referred to in Section 6.1(e)(i) shall be deemed
(solely for the purpose of the representation and warranty contained in such Section 6.1(e)(i) but not for the purpose of any cross reference to such Section 6.1(e)(i) or to the financial statements described therein
contained in any other provision of Section 6.1(e) or elsewhere in Article VI) to be those financial statements most recently delivered to the Administrative Agent and the Lenders pursuant to Section 7.1; 

(c) in the case of the issuance of a Letter of Credit, the Borrower shall have executed and delivered to the applicable
Issuing Bank an Application and Agreement for Letter of Credit in form and content acceptable to such applicable Issuing Bank together with such other instruments and documents as it shall request; 

(d) immediately after giving effect to a Swing Line Loan, the aggregate Swing Line Outstandings shall not exceed
$25,000,000; 
 (e) at the time of (and after giving effect to) each Advance, Swing Line Loan or issuance of each
Letter of Credit, no Default or Event of Default shall have occurred and be continuing; and 
 (f) immediately
after giving effect to: 
 (i) a Loan or Letter of Credit, the aggregate principal balance of all outstanding
Loans (other than Term Loans) and Participations for each Lender shall not exceed, respectively, such Lender’s Revolving Credit Commitment or Letter of Credit Commitment; and 

(ii) a Loan or Letter of Credit, the Outstanding Revolving Credit Obligations shall not exceed the Total Revolving Credit
Commitment. 
 5.3 Supplements to Schedules. The Borrower may, from time to time, amend or supplement the Schedules,
other than Schedules 1.1(a), 1.1(b) and 8.3 to this Agreement by delivering (effective upon receipt) to the Administrative Agent and each Lender a copy of such revised Schedule or Schedules which shall (i) be dated the date
of delivery, (ii) be certified by an Authorized Representative as true, complete and correct as of such date and as delivered in replacement for the corresponding Schedule or Schedules previously in effect, and (iii) show in reasonable
detail (by blacklining or other appropriate graphic means) the changes from each such corresponding predecessor Schedule. Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, in the event that the Required
Lenders determine based upon such revised Schedule (whether individually or in the aggregate or cumulatively) that there has been a material adverse change since the Fourth Amendment Effective Date which could reasonably be expected to have a
Material Adverse Effect, the Lenders shall have no further obligation to fund additional Advances hereunder. 
  

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 ARTICLE VI 

Representations and Warranties 

6.1 Representations and Warranties. The Borrower represents and warrants with respect to itself and to its Subsidiaries (which
representations and warranties shall survive the delivery of the documents mentioned herein and the making of Loans and issuance of Letters of Credit), that: 

(a) Organization and Authority. 

(i) the Borrower and each Subsidiary is a corporation, limited liability company or partnership duly organized and validly
existing under the laws of the jurisdiction of its incorporation or creation; 
 (ii) the Borrower and each
Subsidiary (x) has the requisite power and authority to own its properties and assets and to carry on its business as now being conducted and as contemplated in the Loan Documents, and (y) is qualified to do business in every jurisdiction
in which failure so to qualify would have a Material Adverse Effect; 
 (iii) the Borrower has the power and
authority to execute, deliver and perform this Agreement, and to borrow hereunder, and to execute, deliver and perform each of the other Loan Documents to which it is a party; 

(iv) each Guarantor has the power and authority to execute, deliver and perform the Facility Guaranty and each of the
other Loan Documents to which it is a party; and 
 (v) when executed and delivered, each of the Loan Documents
to which the Borrower or any Guarantor is a party will be the legal, valid and binding obligation or agreement of the Borrower or such Guarantor, as the case may be, enforceable against the Borrower or such Guarantor in accordance with its terms,
subject to the effect of any applicable bankruptcy, moratorium, insolvency, reorganization or other similar law affecting the enforceability of creditors’ rights generally and to the effect of general principles of equity which may limit the
availability of equitable remedies (whether in a proceeding at law or in equity). 
 (b) Loan Documents.
The execution, delivery and performance by the Borrower and each Guarantor of each of the Loan Documents to which such Person is a party: 

(i) have been duly authorized by all Organizational Action of the Borrower or such Guarantor, as the case may be, required
for the lawful execution, delivery and performance thereof; 
 (ii) do not violate any provisions of (1) any
applicable law, rule or regulation, (2) any judgment, writ, order, determination, decree or arbitral award of any Governmental Authority or arbitral authority binding on the Borrower or such Guarantor or its properties, or (3) the
Organizational Documents or Operating Documents of the Borrower or such Guarantor; 
  

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 (iii) do not and will not be in conflict with, result in a breach of or
constitute an event of default, or an event which, with notice or lapse of time, or both, would constitute an event of default, under any material indenture, agreement or other instrument to which the Borrower is a party, or by which the properties
or assets of the Borrower is bound; and 
 (iv) do not and will not result in the creation or imposition of any
Lien, charge or encumbrance of any nature whatsoever upon any of the properties or assets of the Borrower. 
 (c)
Subsidiaries and Stockholders. As of the Fourth Amendment Effective Date, the Borrower has no Subsidiaries other than those Persons listed as Subsidiaries on Schedule 6.1(c)) hereto; Schedule 6.1(c) to this Agreement states as
of the Fourth Amendment Effective Date the capitalization of each Subsidiary listed thereon, the number of shares or other equity interests of each class of capital stock or interest issued and outstanding of each such Subsidiary and the number
and/or percentage of outstanding shares or other equity interest (including options, warrants and other rights to acquire any interest) of each such class of capital stock or equity interest owned by the Borrower or by any such Subsidiary, whether
such Subsidiary is an Eligible Special Purpose Entity or a Subsidiary engaged solely in the insurance business or otherwise; as of the Fourth Amendment Effective Date, the outstanding shares or other equity interests of each such Subsidiary which is
a corporation have been duly authorized and validly issued and are fully paid and nonassessable; and, as of the Fourth Amendment Effective Date, the Borrower and each such Subsidiary owns beneficially and of record all the shares and other interests
it is listed as owning in Schedule 6.1(c), free and clear of any Lien other than the Liens permitted under Section 8.3. 

(d) Ownership Interests. As of the Fourth Amendment Effective Date, the Borrower owns no interest in any Person
having an aggregate book value of $1,000,000 or more other than the Persons listed in Schedule 6.1(c) hereto. 

(e) Financial Condition. (i) The Borrower has prior to the Fourth Amendment Effective Date furnished to each
Lender an audited consolidated balance sheet of the Borrower and its Subsidiaries as at December 31, 2009 and the notes thereto and the related consolidated statements of operations, cash flows, and changes in stockholders’ equity and the
notes thereto for the Fiscal Year then ended as examined and certified by KPMG LLP. Except as set forth therein (including, in the case of such audited balance sheet, the notes thereto), such financial statements (including, in the case of such
audited balance sheet, the notes thereto) present fairly the financial condition of the Borrower and its Subsidiaries as of the end of such Fiscal Year and such interim period and results of their operations and the changes in their
stockholders’ equity for the Fiscal Year and interim period then ended, all in conformity with GAAP applied on a Consistent Basis (except for, with respect to interim financial statements, normal year-end adjustments); and 

(ii) since the later of (i) December 31, 2005 or (ii) the date of the audited financial statements most
recently delivered pursuant to Section 7.1(a) hereof, there has been no material adverse change in the condition, financial or otherwise, of the Borrower and its Subsidiaries or in the businesses, properties and operations of the
Borrower and its Subsidiaries, considered as a whole. 
 (f) Taxes. The Borrower and its Subsidiaries have
filed or caused to be filed all federal, state, local and foreign tax returns which are required to be filed by them and except for taxes and assessments being contested in good faith and against which reserves satisfactory to the

  

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Borrower’s independent certified public accountants have been established, and have paid or caused to be paid all taxes as shown on said returns or on any assessment received by them, to the
extent that such taxes have become due except, with respect to any of the foregoing, where any failure to do so could not reasonably be expected to have a Material Adverse Effect. 

(g) Litigation. Except as set forth in Schedule 6.1(g) attached hereto, there is no action, suit or
proceeding at law or in equity or by or before any governmental instrumentality or agency or arbitral body pending, or, to the knowledge of the Borrower, threatened by or against the Borrower or any Subsidiary or affecting the Borrower or any
Subsidiary or any properties or rights of the Borrower or any Subsidiary, which could reasonably be expected to have a Material Adverse Effect. 

(h) Margin Stock. No part of the proceeds of any Loan will be used in violation of Regulation U, as amended (12
C.F.R. Part 221), of the Board; and the Borrower and each of the Subsidiaries will comply with Regulation U at all times. The proceeds of the borrowings made pursuant to Article II hereof will be used by the Borrower and its Subsidiaries only
for the purposes set forth in Section 2.16 hereof. 
 (i) Investment Company. Neither the
Borrower nor any Subsidiary is an “investment company,” or an “affiliated person” of, or “promoter” or “principal underwriter” for, an “investment company,” as such terms are defined in the
Investment Company Act of 1940, as amended (15 U.S.C. § 80a-1, et seq.). 
 (j) No Untrue
Statement. Neither this Agreement nor any other Loan Document or certificate or document executed and delivered by or on behalf of the Borrower or any Subsidiary in accordance with or pursuant to any Loan Document, nor any statement,
representation or warranty provided to the Administrative Agent in writing in connection with the negotiation or preparation of the Fourth Amendment Documents through the Fourth Amendment Effective Date, contains any misrepresentation or untrue
statement of material fact or omits to state a material fact necessary, in light of the circumstance under which it was made, in order to make any such representation or statement contained herein or therein not misleading in any material respect.

 (k) No Consents, Etc. Neither the respective businesses or properties of the Borrower or any
Subsidiary, nor any relationship between the Borrower or any Subsidiary and any other Person, nor any circumstance in connection with the execution, delivery and performance of the Loan Documents and the transactions contemplated thereby is such as
to require a material consent, approval or authorization of, or filing, registration or qualification with, any Governmental Authority or other authority or any other Person on the part of the Borrower or any Subsidiary as a condition to the
execution, delivery and performance of, or consummation of the transactions contemplated by, this Agreement or the other Loan Documents or if so, such material consent, approval, authorization, filing, registration or qualification has been obtained
or effected, as the case may be and is in full force and effect. As of the Fourth Amendment Effective Date, and subject to Section 11.17, the Borrower and its Subsidiaries have obtained the consent of the Manufacturers set forth on
Schedule 6.1(k) to the Borrower’s or such Subsidiary’s execution, delivery and performance of the Loan Documents. 

(l) Employee Benefit Plans. 

(i) The Borrower and each ERISA Affiliate is in material compliance with all applicable provisions of ERISA, the Code, and
all Foreign Benefit Laws, and the regulations and published interpretations thereunder, with respect to all Employee Benefit 
  

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Plans except for the making of any required amendments thereto for which the remedial amendment period as defined in Section 401(b) of the Code has not yet expired. Each Employee Benefit
Plan that is intended to be qualified under Section 401(a) of the Code has been determined to be, or the Borrower or its applicable Subsidiary or ERISA Affiliate is in the process of obtaining a determination by the Internal Revenue Service
that such Employee Benefit Plan is, so qualified, and each trust related to each such plan has been determined to be exempt under Section 501(a) of the Code. Each Employee Benefit Plan subject to any Foreign Benefit Law has received the
required approvals by any Governmental Authority regulating such Employee Benefit Plan or the Borrower or its applicable Subsidiary or ERISA Affiliate is in the process of obtaining such determination or approvals. No material liability has been
incurred by the Borrower or any ERISA Affiliate for any taxes or penalties with respect to any Employee Benefit Plan or any Multiemployer Plan which remains unsatisfied; 

(ii) Neither the Borrower nor any ERISA Affiliate has (a) engaged in a nonexempt prohibited transaction described in
Section 4975 of the Code or Section 406 of ERISA affecting any of the Employee Benefit Plans or the trusts created thereunder which could subject it to a material tax or penalty on prohibited transactions imposed under Code
Section 4975 or Section 502(i) of ERISA, (b) failed to satisfy the minimum funding standards (within the meaning of Section 412 of the Code or Section 302 of ERISA with respect to any Employee Benefit Plan, whether or not
waived, or incurred any liability to the PBGC which remains outstanding other than the payment of premiums and there are no such premium payments which are due and unpaid, (c) failed to make a material required contribution or payment to a
Multiemployer Plan, (d) failed to make a required installment or other required payment under Section 430(j) of the Code, Section 303(j) of ERISA or the terms of such Employee Benefit Plan, or (e) failed to make any required
contribution or payment, required by any Foreign Benefit Law with respect to any Employee Benefit Plan or otherwise failed to operate in compliance with any Foreign Benefit Law regulating any Employee Benefit Plan; 

(iii) No Termination Event has occurred or is reasonably expected to occur with respect to any Pension Plan or
Multiemployer Plan, and neither the Borrower nor any ERISA Affiliate has incurred any unpaid withdrawal liability with respect to any Multiemployer Plan; 

(iv) Except as provided in Schedule 6.1(l), the present value of all vested accrued benefits under each Employee
Benefit Plan which is subject to Title IV of ERISA, or the funding of which is regulated by any Foreign Benefit Law did not, as of the most recent valuation date for each such plan, exceed the then current value of the assets of such Employee
Benefit Plan allocable to such benefits (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 158 or applicable non-US financial accounting standards); 

(v) To the best of the Borrower’s knowledge, (A) each Employee Benefit Plan which is subject to Title IV of
ERISA or the funding of which is regulated by any Foreign Benefit Law, maintained by the Borrower or any ERISA Affiliate, has been administered in accordance with its terms in all material respects and is in compliance in all material respects with
all applicable requirements of ERISA, applicable Foreign Benefit Law and other applicable laws, regulations and rules, (B) there has been no determination that any Pension Plan is, or is expected to be, in “at risk” status (within the
meaning of Section 430 of the Code or Section 303 of ERISA) and (C) neither the 
  

 60 

 
Borrower nor any ERISA Affiliate has received any notice of a determination that any Multiemployer Plan is, or is expected to be in “endangered” or “critical” status (within
the meaning of Section 432 of the Code or Section 305 of ERISA); 
 (vi) Assuming that none of the
Lenders is, is acting on behalf of, or is an entity the assets of which constitute the assets of an “employee benefit plan” (as defined in Section 3(3) of ERISA) or a “plan” (as defined in Section 4975 of the Code) with
respect to which the Borrower is a “party in interest” (as defined in Section 3(14) of ERISA) or a “disqualified person” (as defined in Section 4975 of the Code), the consummation of the Loans and the issuance of the
Letters of Credit provided for herein will not involve any prohibited transaction under ERISA which is not subject to a statutory or administrative exemption; and 

(vii) No material proceeding, claim, lawsuit and/or investigation exists or, to the best knowledge of the Borrower after
due inquiry, is threatened concerning or involving any Employee Benefit Plan. 
 (m) No Default. There
does not exist any Default or Event of Default. 
 (n) Environmental Laws. Except as listed on Schedule
6.1(n) and except as would not have a Material Adverse Effect, the Borrower and each Subsidiary is in compliance with all applicable Environmental Laws and has been issued and currently maintains all required federal, state and local permits,
licenses, certificates and approvals. Except as listed on Schedule 6.1(n) and except as would not have a Material Adverse Effect, neither the Borrower nor any Subsidiary has been notified of any pending or threatened action, suit, proceeding
or investigation, and neither the Borrower nor any Subsidiary is aware of any facts, which (a) calls into question, or could reasonably be expected to call into question, compliance by the Borrower or any Subsidiary with any Environmental Laws,
(b) seeks, or could reasonably be expected to form the basis of a meritorious proceeding, to suspend, revoke or terminate any license, permit or approval necessary for the operation of the Borrower’s or any Subsidiary’s business or
facilities or for the generation, handling, storage, treatment or disposal of any Hazardous Materials, or (c) seeks to cause, or could reasonably be expected to form the basis of a meritorious proceeding to cause, any property of the Borrower
or any Subsidiary to be subject to any restrictions on ownership, use, occupancy or transferability under any Environmental Law. 

ARTICLE VII 

Affirmative Covenants 

Until the Facility Termination Date, unless the Required Lenders shall otherwise consent in writing, the Borrower will, and where
applicable will cause each Subsidiary to: 
 7.1 Financial Reports, Etc. (a) as soon as practical and in any event within
90 days after the end of each Fiscal Year of the Borrower, deliver or cause to be delivered to the Administrative Agent and each Lender (i) the consolidated balance sheets of the Borrower and its Subsidiaries, with the notes thereto, the
related consolidated statements of operations, cash flows, and shareholders’ equity and the respective notes thereto for such Fiscal Year, setting forth comparative financial statements for the preceding Fiscal Year, all prepared in accordance
with GAAP applied on a Consistent Basis and containing opinions of KPMG LLP, or other such independent certified public accountants selected by the Borrower and approved by the Administrative Agent (such approval not to be unreasonably withheld),
which are unqualified as to the scope of the audit performed and as to the “going concern” status of the Borrower; and (ii) a Compliance Certificate of an Authorized Representative as to the existence of any Default or Event of
Default and demonstrating compliance with Section 8.1 of this Agreement; 
  

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 (b) as soon as practical and in any event within 55 days after the end of each quarterly
period (except the last reporting period of the Fiscal Year), deliver to the Administrative Agent and each Lender (i) the consolidated balance sheet of the Borrower and its Subsidiaries as of the end of such reporting period, the related
consolidated statements of operations, cash flows, and shareholders’ equity for such reporting period and for the period from the beginning of the Fiscal Year through the end of such reporting period, accompanied by a certificate of an
Authorized Representative to the effect that such financial statements present fairly the financial position of the Borrower and its Subsidiaries as of the end of such reporting period and the results of their operations and the changes in their
financial position for such reporting period, in conformity with the standards set forth in Section 6.1(e)(i) with respect to interim financials, and (ii) a Compliance Certificate of an Authorized Representative as to the existence
of any Default or Event of Default and containing computations for such quarter comparable to that required pursuant to Section 7.1(a)(ii); 

(c) with respect to any financial statements required by Section 7.1(a)(i), either 

(i) include a footnote in such financial statements stating that, as at the end of the Fiscal Year covered by such
financial statements, the Borrower was in compliance with all financial covenants set forth in this Agreement, or if the Borrower was in default under any such financial covenant, describing such default, and specifying the nature and period of
existence thereof; or 
 (ii) deliver to the Administrative Agent and each Lender (together with the delivery of
such financial statements) a letter from the Borrower’s accountants specified in Section 7.1(a)(i) stating that in performing the audit necessary to render an opinion on the financial statements delivered under
Section 7.1(a)(i), they obtained no knowledge of any default by the Borrower in complying with the financial covenants set forth in this Agreement; or if the accountants have obtained knowledge of such default, a statement specifying the
nature and period of existence thereof; 
 (d) promptly upon their becoming available to the Borrower, the Borrower shall
deliver to the Administrative Agent and each Lender a copy of (i) all regular or special reports or effective registration statements which the Borrower or any Subsidiary shall file with the Securities and Exchange Commission (or any successor
thereto) or any securities exchange, (ii) any proxy statement distributed by the Borrower to its shareholders, bondholders or the financial community in general, and (iii) any management letter or other report submitted to the Borrower or
any of its Subsidiaries by independent accountants in connection with any annual, interim or special audit of the Borrower or any of its Subsidiaries; 

(e) promptly upon an Executive Officer obtaining actual knowledge thereof, deliver to the Administrative Agent notice of any announcement
by any Rating Agency of any change in any Rating or other announcement as to the Borrower; and 
 (f) promptly, from time to
time, deliver or cause to be delivered to the Administrative Agent and each Lender such other information regarding Borrower’s and any Subsidiary’s operations, business affairs and financial condition as the Administrative Agent or such
Lender may reasonably request. 
  

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 The Administrative Agent and the Lenders are hereby authorized to deliver a copy of any such
financial or other information delivered hereunder to the Lenders (or any Affiliate of any Lender) or to the Administrative Agent, to any Governmental Authority having jurisdiction over the Administrative Agent or any of the Lenders pursuant to any
written request therefor or in the ordinary course of examination of loan files, or to any other Person who shall acquire or consider the assignment of, or acquisition of any participation interest in, any Obligation permitted by this Agreement,
subject to Section 11.15. 
 Financial statements required to be delivered by the Borrower pursuant to clauses
(a)(i) and (b)(i) of this Section 7.1 shall be deemed to have been delivered on the date on which the Borrower causes such financial statements, or reports containing such financial statements, to be posted on the Internet at www.sec.gov
or at such other website identified by the Borrower in a notice to the Administrative Agent and the Lenders and that is accessible by the Lenders without charge. 

7.2 Maintain Properties. Maintain all properties necessary to its operations in good working order and condition (ordinary wear
and tear excepted), make all needed repairs, replacements and renewals to such properties, and maintain free from Liens (other than Liens permitted by Section 8.3) all trademarks, trade names, patents, copyrights, trade secrets,
know-how, and other intellectual property and proprietary information (or adequate licenses thereto), in each case as are reasonably necessary to conduct its business as currently conducted or as contemplated hereby, all in accordance with prudent
business practices. 
 7.3 Existence, Qualification, Etc. Do or cause to be done all things necessary to preserve
and keep in full force and effect its existence and all material rights and franchises, trade names, trademarks and permits, except to the extent conveyed or permitted in connection with a transaction permitted under Section 8.4 hereof,
and maintain its license or qualification to do business as a foreign corporation and good standing in each jurisdiction in which its ownership or lease of property or the nature of its business makes such license or qualification necessary, except,
with respect to any of the foregoing, where any failure to do so could not reasonably be expected to have a Material Adverse Effect. 

7.4 Regulations and Taxes. Comply in all material respects with all statutes and governmental regulations and pay all taxes,
assessments, governmental charges, claims for labor, supplies, rent and any other obligation which, if unpaid, might become a Lien against any of its properties except liabilities being contested in good faith and against which adequate reserves
have been established and except, with respect to any of the foregoing, where any failure to do so could not reasonably be expected to have a Material Adverse Effect. 

7.5 Insurance. (i) Keep all of its insurable properties adequately insured at all times with responsible insurance carriers
or self-insured against loss or damage by fire and other hazards as are customarily insured against by similar businesses owning such properties similarly situated, (ii) maintain general public liability insurance at all times with responsible
insurance carriers or self-insured against liability on account of damage to persons and property having such limits, deductibles, exclusions and co-insurance and other provisions providing coverage similar to that specified in Schedule 7.5
attached hereto, such insurance policies to be in form reasonably satisfactory to the Administrative Agent, and (iii) maintain insurance under all applicable workers’ compensation laws (or in the alternative, maintain required reserves if
self-insured for workers’ compensation purposes). 
 7.6 True Books. Keep true books of record and account in which
full, true and correct entries will be made of all of its dealings and transactions in accordance with customary business practices, and set up on its books such reserves as may be required by GAAP with respect to doubtful accounts and all taxes,
assessments, charges, levies and claims and with respect to its business in general, and include such reserves in interim as well as year-end financial statements. 

 

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 7.7 Right of Inspection. Permit any Person designated by any Lender or the
Administrative Agent at the Lender’s or Administrative Agent’s expense, as the case may be, to visit and inspect any of the properties, corporate books and financial reports of the Borrower and its Subsidiaries, and to discuss their
respective affairs, finances and accounts with their principal officers and independent certified public accountants, all at reasonable times, at reasonable intervals and with reasonable prior notice. 

7.8 Observe all Laws. Conform to and duly observe in all material respects all laws, rules and regulations and all other valid
requirements of any Governmental Authority (including Environmental Laws) with respect to the conduct of its business the non-compliance with which could reasonably be expected to have a Material Adverse Effect. 

7.9 Governmental Licenses. Obtain and maintain all licenses, permits, certifications and approvals of all applicable Governmental
Authorities as are required for the conduct of its business as currently conducted and as contemplated by the Loan Documents, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

7.10 Covenants Extending to Subsidiaries. Cause each of its Subsidiaries to do with respect to itself, its business and its
assets, each of the things required of the Borrower in Sections 7.2 through 7.9, inclusive to the extent the failure to do so could reasonably be expected to have a Material Adverse Effect. 

7.11 Officer’s Knowledge of Default. Upon any Executive Officer of the Borrower obtaining knowledge of any Default or Event
of Default hereunder or under any other obligation of the Borrower or any Subsidiary to any Lender, or any event, development or occurrence which could reasonably be expected to have a Material Adverse Effect, cause such officer or an Authorized
Representative to promptly notify the Administrative Agent of the nature thereof, the period of existence thereof, and what action the Borrower or any Subsidiary proposes to take with respect thereto. 

7.12 Suits or Other Proceedings. Upon any Executive Officer of the Borrower obtaining knowledge of any litigation or other
proceedings being instituted against the Borrower or any Subsidiary, or any attachment, levy, execution or other process being instituted against any assets of the Borrower or any Subsidiary that could reasonably be expected to result in a Material
Adverse Effect, promptly deliver to the Administrative Agent written notice thereof stating the nature and status of such litigation, dispute, proceeding, levy, execution or other process. 

7.13 Notice of Discharge of Hazardous Material or Environmental Complaint. Promptly provide to the Administrative Agent true,
accurate and complete copies of any and all notices, complaints, orders, directives, claims, or citations received by the Borrower or any Subsidiary relating to any (a) violation or alleged violation by the Borrower or any Subsidiary of any
applicable Environmental Laws or OSHA; (b) release or threatened release by the Borrower or any Subsidiary of any Hazardous Material, except where occurring legally; or (c) liability or alleged liability of the Borrower or any Subsidiary
for the costs of cleaning up, removing, remediating or responding to a release of Hazardous Materials, which violation, alleged violation, release, threatened release, actual liability or threatened liability described in clause (a), (b) or
(c) could reasonably be expected to result in a Material Adverse Effect. 
 7.14 Environmental Compliance. If the
Borrower or any Subsidiary shall receive notice from any Governmental Authority that the Borrower or any Subsidiary has violated any applicable Environmental Laws in any respect that could reasonably be expected to result in a Material Adverse

  

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Effect, the Borrower shall promptly (and in any event within the time period permitted by the applicable Governmental Authority) remove or remedy, or the Borrower shall cause the applicable
Subsidiary to remove or remedy, such violation. 
 7.15 Employee Benefit Plans. 

(a) With reasonable promptness, and in any event within thirty (30) days thereof, give notice to the Administrative Agent of
(i) the establishment of any new Pension Plan (which notice shall include a copy of such plan), (ii) the commencement of contributions to any funded Employee Benefit Plan to which the Borrower or any of its ERISA Affiliates was not
previously contributing, (iii) any amendment materially increasing the benefits under, or any material increase in the unfunded liability of, any existing funded Employee Benefit Plan, (iv) each funding waiver request filed pursuant to
Section 412(c) of the Code or Section 302(c) of ERISA with respect to any Pension Plan and all communications received or sent by the Borrower or any ERISA Affiliate with respect to such request and (v) the failure of the Borrower or
any ERISA Affiliate to make a required installment or payment under Section 303(j) of ERISA or Section 430(j) of the Code (in the case of Employee Benefit Plans regulated by the Code or ERISA) or under any Foreign Benefit Law (in the case
of Employee Benefit Plans regulated by any Foreign Benefit Law) or a required contribution to a Multiemployer Plan by its due date; 

(b) Promptly and in any event within fifteen (15) days of becoming aware of the occurrence or forthcoming occurrence of any
(a) Termination Event, (b) nonexempt “prohibited transaction,” as such term is defined in Section 406 of ERISA or Section 4975 of the Code with respect to any Employee Benefit Plan or related trust,
(c) determination that any Pension Plan is, or is expected to be, in “at risk” status (within the meaning of Section 430 of the Code or Section 303 of ERISA), or (d) determination that any Multiemployer Plan is, or is
expected to be, in “endangered” or critical“ status (within the meaning of Section 432 of the Code or Section 305 of ERISA), deliver to the Administrative Agent a notice specifying the nature thereof, what action the
Borrower or any ERISA Affiliate has taken, is taking or proposes to take with respect thereto and, when known, any action taken or threatened by the Internal Revenue Service, the Department of Labor or the PBGC with respect thereto; 

(c) With reasonable promptness but in any event within fifteen (15) days for purposes of clauses (i), (ii) and
(iii) hereof, deliver to the Administrative Agent copies of (i) any unfavorable determination letter from the Internal Revenue Service regarding the qualification of an Employee Benefit Plan under Section 401(a) of the Code,
(ii) all notices received by the Borrower or any ERISA Affiliate of the PBGC’s or any Governmental Authority’s intent to terminate any Pension Plan or to have a trustee appointed to administer any Pension Plan, (iii) each
Schedule SB (Actuarial Information) to the annual report (Form 5500 Series) filed by the Borrower or any ERISA Affiliate with the Internal Revenue Service with respect to each Pension Plan and (iv) all notices received by the Borrower or any
ERISA Affiliate from a Multiemployer Plan sponsor concerning the imposition or amount of withdrawal liability pursuant to Section 4202 of ERISA. The Borrower will notify the Administrative Agent in writing within five (5) Business Days of
the Borrower or any ERISA Affiliate obtaining knowledge or reason to know that the Borrower or any ERISA Affiliate has filed or intends to file a notice of intent to terminate any Pension Plan under a distress termination within the meaning of
Section 4041(c) of ERISA; and 
 (d) Promptly following receipt thereof, copies of any documents described in Sections
101(k) or 101(l) of ERISA that Borrower or any ERISA Affiliate may request with respect to any Multiemployer Plan; provided, that if Borrower or any ERISA Affiliate has not requested such documents or notices from the administrator of sponsor
of the applicable Multiemployer Plan, then, upon reasonable request of the Administrative Agent, the Borrower or ERISA Affiliate shall promptly make a request for such documents or notices from such administrator or sponsor and the Borrower shall
provide 
  

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copies of such documents and notices to the Administrative Agent promptly after receipt thereof; and further provided, that the rights granted to the Administrative Agent in this section shall be
exercised not more than once during a 12-month period with respect to any Multiemployer Plan. 
 7.16 Continued
Operations. Continue at all times (i) to conduct its business and engage principally in the same or complementary line or lines of business substantially as heretofore conducted (subject to the right to make Permitted Acquisitions) and
(ii) preserve, protect and maintain free from Liens (other than Liens permitted under Section 8.3 hereof) its material patents, copyrights, licenses, trademarks, trademark rights, trade names, trade name rights, trade secrets and
know-how necessary or reasonably required in the conduct of its operations. 
 7.17 Use of Proceeds. Use the proceeds of
the Loans solely for the purposes specified in Section 2.16 hereof. 
 7.18 New Subsidiaries. Cause to be
delivered to the Administrative Agent each of the following (by the earlier of (I) the date that any Subsidiary guarantees any obligations under the Senior Notes or the Senior Note Indenture and (II) the date that is thirty (30) days after
the acquisition or creation of any Subsidiary other than an Excluded Subsidiary): 
 (a) a Facility Guaranty
executed by such Subsidiary substantially in the form of Exhibit J; 
 (b) an opinion of counsel to the
Subsidiary dated as of the date of delivery of the Facility Guaranty provided for in this Section 7.18 and addressed to the Administrative Agent and the Lenders, in form and substance reasonably acceptable to the Administrative Agent
(which opinion shall include opinions regarding such Subsidiary and Facility Guaranty substantially similar to the opinions of counsel delivered on the Closing Date, and which opinion may include assumptions and qualifications of similar effect to
those contained in the opinions of counsel delivered on the Closing Date); and 
 (c) current copies of the
Organizational Documents and Operating Documents of such Subsidiary, minutes of duly called and conducted meetings (or duly effected consent actions) of the Board of Directors, partners, or appropriate committees thereof (and, if required by such
Organizational Documents, Operating Documents or applicable law, of the shareholders, members or partners) of such Subsidiary authorizing the actions and the execution and delivery of documents described in this Section 7.18. 

ARTICLE VIII 

Negative Covenants 

Until the Facility Termination Date unless the Required Lenders shall otherwise consent in writing, the Borrower will not, nor will it
permit any Subsidiary to: 
 8.1 Financial Covenants. 

(a) Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as at the last day of any Four-Quarter Period to be
greater than 3.25 to 1.00. 
 (b) Consolidated Total Capitalization. Permit at any time the Consolidated Capitalization
Ratio to be greater than 0.60 to 1.00. 
  

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 8.2 Indebtedness. Incur, create or assume any Funded Indebtedness (other than
Permitted Indebtedness) unless, after giving pro forma effect thereto, the Borrower shall be in compliance with Section 8.1 (with Consolidated EBITDA, for such purpose, being calculated in respect of the most recent period of four
consecutive fiscal quarters for which financial statements are available). 
 8.3 Liens. Incur, create or permit to exist
any Lien of any nature whatsoever with respect to any property or assets now owned or hereafter acquired by the Borrower or any of its Subsidiaries, other than 

(i) Liens existing as of the Fourth Amendment Effective Date and as set forth in Schedule 8.3 attached hereto;

 (ii) Liens imposed by law for taxes, assessments or charges of any Governmental Authority for claims not yet
due or payable, Liens for judgments or levies, in each case which are being contested in good faith by appropriate proceedings diligently pursued and with respect to which adequate reserves or other appropriate provisions are being maintained in
accordance with GAAP; 
 (iii) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics,
materialmen, laborers, employees or suppliers and other Liens imposed by law or created in the ordinary course of business and in existence less than 120 days from the date of creation thereof for amounts not yet due or which are being contested in
good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained in accordance with GAAP; 

(iv) Liens incurred or deposits made in the ordinary course of business (including, without limitation, surety bonds and
appeal bonds) in connection with workers’ compensation, unemployment insurance and other types of social security benefits or to secure the performance of tenders, bids, leases, contracts (other than for the repayment of Indebtedness), self
insurance general liability insurance programs, public or statutory obligations, surety and appeal bonds posted in the ordinary course of business, letters of credit issued in the ordinary course of business and other similar obligations or arising
as a result of progress payments under government contracts; 
 (v) easements (including, without limitation,
reciprocal easement agreements and utility agreements), licenses, rights of others for rights-of-way, utilities, sewers, electric lines, telephone or telegraph lines and similar purposes, covenants, consents, reservations, encroachments, variations
and zoning and other restrictions, charges or encumbrances (whether or not recorded), which do not interfere materially with the ordinary conduct of the business of the Borrower or any Subsidiary and which do not materially detract from the value of
the property to which they attach or materially impair the use thereof to the Borrower or any Subsidiary; 
 (vi)
Liens on real property and improvements securing (A) Mortgage Facilities of the Borrower or any Guarantor in an aggregate principal amount not to exceed $500,000,000 at any time outstanding and (B) Rate Hedging Obligations related to such
Mortgage Facilities (which Rate Hedging Obligations are owed to any of the respective lenders under such Mortgage Facilities and secured by the same assets as such Mortgage Facilities), provided that the amount of Indebtedness under any Mortgage
Facility does not exceed eighty-five percent (85%) of the fair market value of the real property and improvements securing such Indebtedness as of the date such Liens are granted on such real property and improvements; 

 

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 (vii) Liens to secure the refinancing of any Indebtedness described on
Schedule 8.3 to the extent such Liens encumber substantially the same assets in substantially the same manner as the Liens securing the debt being refinanced or to the extent such Liens constitute Liens permitted under this
Section 8.3; and any extension, renewal, refinancing or replacement in whole or in part of any Lien described in the foregoing clauses (i) through (vi) so long as no additional collateral is granted as security; 

(viii) Liens on claims of the Borrower or any Subsidiary against Persons renting or leasing Vehicles, Persons damaging
Vehicles or Persons issuing applicable insurance coverage for such Persons, which claims relate to damage to Vehicles, to the extent that such damage exceeds the renter’s or lessee’s collision damage waiver limitation or insurance
deductible; 
 (ix) Liens securing Vehicle Receivables Indebtedness and Vehicle Secured Indebtedness and Rate
Hedging Obligations related to such Indebtedness, which Rate Hedging Obligations are owed to any of the respective lenders of such Indebtedness and secured by the same assets as such Indebtedness; 

(x) Liens incurred in compliance with Section 4.8 or Section 9.1(B); and 

(xi) Liens not otherwise permitted hereby securing Indebtedness of the Borrower and its Subsidiaries so long as, on the
date any such Lien is granted or any such Indebtedness is incurred, after giving effect thereto, the aggregate principal amount of Indebtedness described in this clause (x) shall not exceed 15% of Consolidated Tangible Unencumbered Assets
(calculated using Consolidated Tangible Unencumbered Assets as of the most recently ended fiscal quarter of the Borrower for which financial statements are available). 

8.4 Merger, Consolidation or Fundamental Changes. (a) Sell, lease, transfer or otherwise dispose of all or a majority of the
assets of the Borrower and its Subsidiaries (taken as a whole), (b) consolidate with or merge into any other Person, or (c) permit any other Person to merge into it or (d) in the case of the Borrower, liquidate, wind-up or dissolve;
provided, however, (i) any Subsidiary of the Borrower may merge or transfer all or substantially all of its assets into or consolidate with any other Subsidiary of the Borrower (which, for the avoidance of doubt, shall be the case so long as
the surviving or continuing entity shall be a Subsidiary and, if not a corporation, directly or indirectly controlled by the Borrower, upon consummation of such merger, transfer or consolidation), (ii) any Person may merge with the Borrower if
the Borrower shall be the survivor thereof and such merger shall not cause, create or result in the occurrence of any Default or Event of Default hereunder, (iii) any Subsidiary may merge with or transfer substantially all of its assets to or
consolidate with any other Person so long as such merger, transfer or consolidation does not constitute a sale, lease, transfer or other disposition of all or a majority of the assets of the Borrower and its Subsidiaries (taken as a whole) to such
other Person and (iv) any Person (other than the Borrower) may consolidate with or merge into any Subsidiary. 
 8.5
Transactions with Affiliates. Other than transactions (x) permitted under Section 8.4 hereof, (y) between or among one or more Loan Parties or (z) share repurchases of the Borrower’s common stock and the
repurchases of the Senior Notes in connection with the Transaction referred to in the First Amendment to this Agreement, enter into any transaction after the date hereof, including, without limitation, the purchase, sale, leasing or exchange of
property, real or personal, or the rendering of any service, with any Affiliate of the Borrower, except (a) that such Persons may render services to the Borrower or its Subsidiaries for compensation at the same rates generally paid by Persons
engaged in the same or similar businesses for the same or similar services and (b) in the ordinary course of the Borrower’s (or any Subsidiary’s) business and upon fair and reasonable terms no less favorable to the Borrower (or any
Subsidiary) than would be obtained in a comparable arm’s-length transaction with a Person not an Affiliate, provided, that share repurchases of the Borrower’s common stock shall not be restricted to the ordinary course of the
Borrower’s business. 
  

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 8.6 Compliance with ERISA, the Code and Foreign Benefit Laws. With respect to any
Pension Plan, Employee Benefit Plan or Multiemployer Plan: 
 (a) permit the occurrence of any Termination Event
which is reasonably likely to result in a liability on the part of the Borrower or any ERISA Affiliate to the PBGC or to any Governmental Authority; or 

(b) except as provided in Schedule 6.1(l), permit the present value of all benefit liabilities under all Pension
Plans (based on the assumptions used for purposed of Statement of Financial Accounting Standards No. 158 or applicable non-US financial accounting standard) to exceed the current value of the assets of such Pension Plans allocable to such
benefit liabilities by a material amount; or 
 (c) except as provided in Schedule 6.1(l), permit any
Pension Plan to fail to satisfy the minimum funding standards (within the meaning of Section 430 of the Code or Section 303 of ERISA), whether or not waived, fail to make by its due date a required installment under Section 430 of the
Code with respect to any Pension Plan, or be in “at risk” status (within the meaning of Section 430 of the Code or Section 303 of ERISA); or 

(d) fail to make any material contribution or payment to any Multiemployer Plan which the Borrower or any ERISA Affiliate
may be required to make under any agreement relating to such Multiemployer Plan, or any law pertaining thereto; or 

(e) engage, or permit any ERISA Affiliate to engage, in any prohibited transaction under Section 406 of ERISA or
Sections 4975 of the Code for which a civil penalty pursuant to Section 502(i) of ERISA or a tax pursuant to Section 4975 of the Code may be imposed; or 

(f) permit the establishment of any Employee Benefit Plan providing post-retirement welfare benefits or establish or amend
any Employee Benefit Plan, which establishment or amendment could result in liability to the Borrower or any ERISA Affiliate, or increase the obligation of the Borrower or any ERISA Affiliate to a Multiemployer Plan, which annual liability or
increase, individually or together with all similar liabilities and increases, is in excess of $500,000; or 

(g) fail, or permit any ERISA Affiliate to fail, to establish, maintain and operate each Employee Benefit Plan in
compliance in all material respects with the provisions of ERISA, the Code, all applicable Foreign Benefit Laws and all other applicable laws and the regulations and interpretations thereof. 

8.7 Fiscal Year. Change the Borrower’s Fiscal Year. 

8.8 Change in Control. Permit at any time a Change in Control. 

8.9 Limitations on Upstreaming. Enter into any agreement restricting or limiting the payment of dividends or other distributions
from any Subsidiary to the Borrower or to any other Subsidiary owning Subsidiary Securities of such Subsidiary; provided that the foregoing shall not apply to restrictions or conditions (i) imposed by law or any Loan Document,
(ii) existing on the date hereof identified on Schedule 8.9, (iii) customarily contained in agreements relating to the sale of a Subsidiary 

 

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pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder, (iv) in existence at the time a Person
becomes a Subsidiary and not incurred in connection with, or in contemplation of, such Person becoming a Subsidiary, (v) contained in (A) any agreement in respect of Vehicle Secured Indebtedness or Vehicle Receivables Indebtedness or
(B) any other agreement of an entity or related to assets acquired by or merged into or consolidated with the Borrower or any Subsidiary so long (in the case of clause (B)) as such encumbrance or restriction was not entered into in connection
with, or in contemplation of, such acquisition, merger or consolidation, (vi) customary provisions restricting subletting or assignment of any lease governing any leasehold interest of the Borrower or any Subsidiary, or (vii) covenants in
franchise agreements and/or framework agreements with Manufacturers customary for franchise agreements and/or framework agreements in the automobile retailing industry. 

8.10 Subsidiary Guaranties. Permit any Subsidiary to enter into any guaranty agreement, or incur any Guaranty Obligation, with
respect to any Indebtedness unless such Subsidiary has executed and delivered a Facility Guaranty to the Administrative Agent. 

8.11 Manufacturer Consents. 

(a) Terminate, revoke or violate the terms of any Manufacturer Consent or amend or modify the terms of any Manufacturer consent in any
manner adverse to the interests of the Lenders. 
 (b) Authorize any Manufacturer to amend, modify, terminate, revoke or violate
the terms of any Manufacturer Consent or to amend or modify the terms of any Manufacturer consent in each case in any manner adverse to the interests of the Lenders. 

ARTICLE IX 

Events of Default and Acceleration 

9.1 Events of Default. If any one or more of the following events (herein called “Events of Default”) shall occur for
any reason whatsoever (and whether such occurrence shall be voluntary or involuntary or come about or be effected by operation of law or pursuant to or in compliance with any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body), that is to say: 
 (a) if default shall be made in the due and punctual
payment of the principal of any Loan or Reimbursement Obligation, when and as the same shall be due and payable whether pursuant to any provision of Article II or Article III hereof, at maturity, by acceleration or otherwise; or

 (b) if default shall be made in the due and punctual payment of any amount of interest on any Loan or of any
fees or other amounts payable to the Lenders, the Administrative Agent, any Issuing Banks or JPMorgan Chase Bank under the Loan Documents on the date on which the same shall be due and payable and such failure to pay shall continue for a period of
three Business Days (after receipt of written notice from the Administrative Agent with respect to amounts other than interest); or 

(c) if default shall be made in the performance or observance of any covenant set forth in Sections 7.7,
7.11, 7.17, 7.18 or Article VIII hereof; or 
  

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 (d) if a default shall be made in the performance or observance of, or shall
occur under, any covenant, agreement or provision contained in any Loan Document (other than as described in clauses (a), (b) or (c) above) and such default shall continue for 30 or more days after the earlier of receipt of notice of such
default by an Authorized Representative from the Administrative Agent or the Borrower becomes aware of such default, or if any Loan Document ceases to be in full force and effect (other than by reason of any action by the Administrative Agent), or
if without the written consent of the Administrative Agent and the Lenders, this Agreement or any other Loan Document shall be disaffirmed by the Borrower or any of its Subsidiaries or shall terminate, be terminable or be terminated or become void
or unenforceable for any reason whatsoever (other than in accordance with its terms in the absence of default or by reason of any action by the Administrative Agent or any Lender); or 

(e) if a default shall occur, which is not waived, (i) in the payment of any principal, interest, premium or other
amounts with respect to any Indebtedness (other than the Loans) of the Borrower or of any Subsidiary in an outstanding aggregate amount not less than $20,000,000, or (ii) in the performance, observance or fulfillment of any term or covenant
contained in any agreement or instrument under or pursuant to which any such Indebtedness described in clause (i) above may have been issued, created, assumed, guaranteed or secured by the Borrower or any Subsidiary, and in the case of each of
clauses (i) and (ii) such default shall continue for more than the period of grace, if any, therein specified, and if such default shall permit the holder of any such Indebtedness to accelerate the maturity thereof; or 

(f) if any representation, warranty or other statement of fact contained herein or any other Loan Document or in any
writing, certificate, report or statement at any time furnished to the Administrative Agent or any Lender by or on behalf of the Borrower or any Subsidiary pursuant to or in connection with this Agreement or the other Loan Documents, or otherwise,
shall be false or misleading in any material respect when given or made or deemed given or made; or 
 (g) if the
Borrower or any Subsidiary shall be unable to pay its debts generally as they become due; file a petition to take advantage of any insolvency, reorganization, bankruptcy, receivership or similar law, domestic or foreign; make an assignment for the
benefit of its creditors; commence a proceeding for the appointment of a receiver, trustee, liquidator or conservator of itself or of the whole or any substantial part of its property; file a petition or answer seeking reorganization or arrangement
or similar relief under the federal bankruptcy laws or any other applicable law or statute, federal, state or foreign; or 

(h) if a court of competent jurisdiction shall enter an order, judgment or decree appointing a custodian, receiver,
trustee, liquidator or conservator of the Borrower or any Subsidiary or of the whole or any substantial part of its properties and such order, judgment or decree continues unstayed and in effect for a period of sixty (60) days, or approve a
petition filed against the Borrower or any Subsidiary seeking reorganization or arrangement or similar relief under the federal bankruptcy laws or any other applicable law or statute of the United States of America or any state or foreign country,
province or other political subdivision, which petition is not dismissed within sixty (60) days; or if, under the provisions of any other law for the relief or aid of debtors, a court of competent jurisdiction shall assume custody or control of
the Borrower or any Subsidiary or of the whole or any substantial part of its properties, which control is not relinquished within sixty (60) days; or if there is commenced against the Borrower or any Subsidiary any proceeding or petition
seeking reorganization, arrangement or similar relief under the federal bankruptcy laws or any other applicable law or statute of the United States of America or any state or foreign country, province or other political subdivision which proceeding
or petition remains undismissed for a period of thirty (30) days; or if the Borrower or any Subsidiary takes any action to indicate its consent to or approval of any such proceeding or petition; or 

 

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 (i) if (i) any judgments where the aggregate amount not covered by
insurance (or the amount as to which the insurer denies liability) is in excess of $10,000,000 are rendered against the Borrower or any Subsidiary, or (ii) there are attachments, injunctions or executions against any of the Borrower’s or
any Subsidiary’s properties for an aggregate amount in excess of $10,000,000; and such judgments, attachments, injunctions or executions referred to in clauses (i) and (ii) above remain unpaid, unstayed, undischarged, unbonded or
undismissed for a period of thirty (30) days; 
 then, and in any such event and at any time thereafter, if such Event of Default or any
other Event of Default shall be continuing, 
 (A) either or both of the following actions may be taken:
(i) the Administrative Agent may with the consent of the Required Lenders, and at the direction of the Required Lenders shall, declare any obligation of the Lenders to make further Loans or of the Issuing Banks to issue Letters of Credit
terminated, whereupon the obligation of each Lender to make further Loans or of the Issuing Banks to issue Letters of Credit hereunder shall terminate immediately, and (ii) the Administrative Agent shall at the direction of the Required
Lenders, at their option, declare by notice to the Borrower any or all of the Obligations to be immediately due and payable, and the same, including all interest accrued thereon and all other obligations of the Borrower to the Administrative Agent,
the Lenders and the Issuing Banks, shall forthwith become immediately due and payable without presentment, demand, protest, notice or other formality of any kind, all of which are hereby expressly waived, anything contained herein or in any
instrument evidencing the Obligations to the contrary notwithstanding; provided, however, that notwithstanding the above, if there shall occur an Event of Default under clause (g) or (h) above with respect to the Borrower,
then the obligation of the Lenders to lend and of the Issuing Banks to issue Letters of Credit hereunder shall automatically terminate and any and all of the Obligations shall be immediately due and payable without the necessity of any action by the
Administrative Agent or the Required Lenders or notice to the Administrative Agent or the Lenders; 
 (B) at any
time after the Administrative Agent has received the consent or direction of the Required Lenders to take action under clause (A)(i) or (A)(ii) above (or if an Event of Default described under clause (g) or (h) has occurred with respect to
the Borrower) the Borrower shall, upon demand of the Administrative Agent or the Required Lenders, deposit cash with the Administrative Agent in an amount equal to the amount of any Letters of Credit remaining undrawn or unpaid, as collateral
security for the repayment of any future drawings or payments under such Letters of Credit and the Borrower shall forthwith deposit and pay such amounts and such amounts shall be held by the Administrative Agent as cash collateral for the
Borrower’s obligations in respect thereof; and 
 (C) the Administrative Agent and the Lenders shall have
all of the rights and remedies available under the Loan Documents or under any applicable law. 
 9.2 Administrative Agent to
Act. In case any one or more Events of Default shall occur and be continuing, the Administrative Agent may, and at the direction of the Required Lenders shall, proceed to protect and enforce their rights or remedies either by suit in equity or
by action at law, or both, whether 
  

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for the specific performance of any covenant, agreement or other provision contained herein or in any other Loan Document, or to enforce the payment of the Obligations or any other legal or
equitable right or remedy. 
 9.3 Cumulative Rights. No right or remedy herein conferred upon the Lenders or the
Administrative Agent is intended to be exclusive of any other rights or remedies contained herein or in any other Loan Document, and every such right or remedy shall be cumulative and shall be in addition to every other such right or remedy
contained herein and therein or now or hereafter existing at law or in equity or by statute, or otherwise. 
 9.4 No
Waiver. No course of dealing between the Borrower and any Lender or the Administrative Agent or any failure or delay on the part of any Lender or the Administrative Agent in exercising any rights or remedies under any Loan Document or otherwise
available to it shall operate as a waiver of any rights or remedies and no single or partial exercise of any rights or remedies shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or of the same right or
remedy on a future occasion. 
 9.5 Allocation of Proceeds. If an Event of Default has occurred and is continuing and the
maturity of the Loans has been accelerated pursuant to Article X hereof, all payments received by the Administrative Agent hereunder, in respect of any principal of or interest on the Obligations or any other amounts payable by the Borrower
hereunder (other than amounts deposited with the Administrative Agent pursuant to Section 9.1(B), which shall be applied to repay any unreimbursed drawings or payments under the Letters of Credit) shall be applied by the Administrative
Agent in the following order: 
 (i) amounts due to the Issuing Banks, JPMorgan Chase Bank and the Lenders
pursuant to Sections 2.13, 3.4 and 11.5 hereof; 
 (ii) amounts due to (A) any Issuing
Bank pursuant to Section 3.5 hereof, and (B) the Administrative Agent pursuant to Section 2.13(b) hereof; 

(iii) payments of interest on Loans, to be applied for the ratable benefit of the Lenders; 

(iv) payments of principal on Loans, to be applied for the ratable benefit of the Lenders; 

(v) payment of cash amounts to the Administrative Agent in respect of Letter of Credit Outstandings pursuant to
Section 9.1(B) hereof; 
 (vi) payments of all remaining Obligations, if any, to be applied for the
ratable benefit of the Lenders; and 
 (vii) any surplus remaining after application as provided for herein, to
the Borrower or otherwise as may be required by applicable law. 
 ARTICLE X 

The Administrative Agent 

10.1 Appointment. Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender
under this Agreement and the other Loan Documents, 
  

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and each such Lender irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and
to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding
any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent. 

10.2 Delegation of Duties. The Administrative Agent may execute any of its duties under this Agreement and the other Loan
Documents by or through agents or attorneys in fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or
attorneys in fact selected by it with reasonable care. 
 10.3 Exculpatory Provisions. Neither any Agent nor any of their
respective officers, directors, employees, agents, attorneys in fact or affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement or any other Loan
Document (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence or willful misconduct) or
(ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report,
statement or other document referred to or provided for in, or received by the Agents under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of
this Agreement or any other Loan Document or for any failure of any Loan Party a party thereto to perform its obligations hereunder or thereunder. The Agents shall not be under any obligation to any Lender to ascertain or to inquire as to the
observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party. 

10.4 Reliance by Administrative Agent. (a) The Administrative Agent shall be entitled to rely, and shall be fully protected
in relying, upon any instrument, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be genuine and correct and to have been
signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Borrower), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent may
deem and treat the payee of any Note as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent shall be fully justified
in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all Lenders) as it deems appropriate
or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully
protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or, if so specified by this Agreement, all Lenders), and such request and any action taken or
failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans. 
  

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 (b) For purposes of determining compliance with the conditions specified in
Section 5.1, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter either sent by the Administrative Agent to such Lender for consent, approval, acceptance or
satisfaction, or required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender. 
 10.5
Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default unless the Administrative Agent has received notice from a Lender or the Borrower referring to
this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the
Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all Lenders); provided that unless and
until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem
advisable in the best interests of the Lenders. 
 10.6 Non-Reliance on Agents and Other Lenders. Each Lender expressly
acknowledges that neither the Agents nor any of their respective officers, directors, employees, agents, attorneys in fact or affiliates have made any representations or warranties to it and that no act by any Agent hereafter taken, including any
review of the affairs of a Loan Party or any affiliate of a Loan Party, shall be deemed to constitute any representation or warranty by any Agent to any Lender. Each Lender represents to the Agents that it has, independently and without reliance
upon any Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of
the Loan Parties and their affiliates and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon any Agent or any other Lender, and based on
such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such
investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates. Except for notices, reports and other documents expressly
required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations,
property, condition (financial or otherwise), prospects or creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents,
attorneys in fact or affiliates. 
 10.7 Indemnification. The Lenders agree to indemnify each Agent in its capacity as
such (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so to the extent required by Section 11.9 hereof), ratably according to their respective Aggregate Exposure Percentages in
effect on the date on which indemnification is sought under this Section (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such
Aggregate Exposure Percentages immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any
time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against such Agent in any way relating to or arising out of, the Commitments, this Agreement, any of the other Loan Documents or any documents
contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent under or in 

 

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connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from such Agent’s gross negligence or willful misconduct. The agreements in this
Section shall survive the payment of the Loans and all other amounts payable hereunder. 
 10.8 Agent in its Individual
Capacity. Each Agent and its affiliates may make loans to, accept deposits from and generally engage in any kind of business with any Loan Party as though such Agent were not an Agent. With respect to its Loans made or renewed by it and with
respect to any Letter of Credit issued or participated in by it, each Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the terms
“Lender” and “Lenders” shall include each Agent in its individual capacity. 
 10.9 Successor
Administrative Agent. The Administrative Agent may resign as Administrative Agent upon 30 days’ notice to the Lenders and the Borrower. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan
Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall (unless an Event of Default under Section 9.1(g) or (h) with respect to the Borrower
shall have occurred and be continuing) be subject to approval by the Borrower (which approval shall not be unreasonably withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent,
and the term “Administrative Agent” shall mean such successor agent effective upon such appointment and approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any
other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative Agent by the date that is 30 days
following a retiring Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of the
Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above. After any retiring Administrative Agent’s resignation as Administrative Agent, the provisions of this Article
X shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement and the other Loan Documents. 

10.10 Other Agents, etc. None of the Lenders or other Persons identified on the cover page or signature pages of this
Agreement as a “Syndication Agent,” “Documentation Agent,” “Co-Lead Arranger” or “Joint Bookrunner” shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than
those applicable to all Lenders as such. Without limiting the foregoing, none of the Lenders so identified shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not
rely, on any of the Lenders so identified in deciding to enter into this Agreement or in taking or not taking action hereunder. 

ARTICLE XI 

Miscellaneous 

11.1 Assignments and Participations. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and
any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. 

 

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 (b)(i) Subject to the conditions set forth in paragraph (b)(ii) below, any
Lender may assign to one or more assignees (each, an “Assignee”) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans at the time owing to it) with the prior
written consent (such consent not to be unreasonably withheld or delayed) of: 
 (A) the Borrower,
provided that no consent of the Borrower shall be required for an assignment to a Lender, an affiliate of a Lender, an Approved Fund (as defined below) or, if an Event of Default has occurred and is continuing, any other Person (in which case
the Borrower shall instead be promptly notified of such assignment by the assigning Lender unless the Assignee is an Affiliate of such assigning Lender); and 

(B) the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an
assignment to a Lender, an affiliate of a Lender or an Approved Fund (as defined below). 
 (ii) Assignments
shall be subject to the following additional conditions: 
 (A) except in the case of an assignment to a Lender,
an affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitments or Loans under any Facility, the amount of the Commitments or Loans of the assigning Lender subject to each such
assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise
consent, provided that (1) no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing and (2) such amounts shall be aggregated in respect of each Lender and its affiliates or Approved
Funds, if any; 
 (B) the parties to each assignment shall execute and deliver to the Administrative Agent an
Assignment and Assumption, together with a processing and recordation fee of $3,500 (which fee shall not be reimbursed by the Borrower); and 

(C) the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire.

 For the purposes of this Section 11.1, “Approved Fund” means any Person (other than a natural person)
that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an affiliate of a Lender or
(c) an entity or an affiliate of an entity that administers or manages a Lender. 
 (iii) Subject to
acceptance and recording thereof pursuant to paragraph (b)(iv) below, from and after the effective date specified in each Assignment and Assumption the Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such
Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under
this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits
of Sections 4.1, 4.5, 4.6 and 11.9). Any assignment or transfer by a Lender of rights 
  

 77 

 
or obligations under this Agreement that does not comply with this Section 11.1 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such
rights and obligations in accordance with paragraph (c) of this Section. 
 (iv) The Administrative Agent,
acting for this purpose as an agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of,
and principal amount of the Loans and Reimbursement Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative
Agent, the Issuing Banks and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall
be available for inspection by the Borrower and any Lender at any reasonable time and from time to time upon reasonable prior notice. 

(v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an Assignee, the
Assignee’s completed administrative questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment
required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register, including the total ownership interest of the relevant Loan that the
Assignee owns subsequent to the assignment. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 

(c)(i) Any Lender may, without the consent of or notice to the Borrower or the Administrative Agent, sell participations
to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans owing to it); provided that
(A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (C) the Borrower, the Administrative
Agent, the Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement (including with respect to the matters described in this
Section 11.1(c)(i)) and (D) such participations shall be in a minimum amount equal to the lesser of $5,000,000 or the remaining portion of a Lender’s rights and obligations hereunder which are not subject to a pre-existing
participation. Any agreement 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 may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that (1) requires the consent of each Lender directly affected thereby
pursuant to Section 11.6(a) or (b) and (2) directly affects such Participant. Subject to paragraph (c)(ii) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections
4.1, 4.5 and 4.6 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the
benefits of Section 11.3(b) as though it were a Lender, provided such Participant shall be subject to Section 11.3(a) as though it were a Lender. 

(ii) A Participant shall not be entitled to receive any greater payment under Section 4.1, 4.5 or
4.6 than the applicable Lender would have been entitled to receive with respect to the 
  

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participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. Any Participant that is organized under
the laws of a jurisdiction outside the United States shall not be entitled to the benefits of Section 4.6 unless such Participant complies with Section 4.6(d). 

(iii) Each Lender that sells a participation, acting solely for this purpose as an agent of the Borrower, shall maintain a
register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant
Register”). The entries in the Participant Register shall be conclusive, and such Lender, each Loan Party and the Administrative Agent shall treat each person whose name is recorded in the Participant Register pursuant to the terms hereof
as the owner of such participation for all purposes of this Agreement, notwithstanding notice to the contrary. 
 (d) Any Lender
may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section
shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or Assignee
for such Lender as a party hereto. The Borrower, upon receipt of written notice from the relevant Lender, agrees to issue a Note to any Lender requiring such Note to facilitate transactions of the type described in this paragraph (d). 

(e) Notwithstanding anything to the contrary herein, no Lender will assign or sell participations in all or a portion of its Loans or
Commitments to any Person who is (i) listed on the Specially Designated Nationals and Blocked Persons List maintained by the U.S. Department of Treasury Office of Foreign Assets Control (“OFAC”) and/or on any other similar list
maintained by the OFAC pursuant to any authorizing statute, Executive Order or regulation or (ii) either (A) included within the term “designated national” as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515,
or (B) designated under Sections 1(a), 1(b), 1(c) or 1(d) of Executive Order No. 13224, 66 Fed. Reg. 49079 (published September 25, 2001) or similarly designated under any related enabling legislation or any other similar Executive
Orders. 
 11.2 Notices. Any notice shall be conclusively deemed to have been received by any party hereto and be
effective (i) on the day on which delivered (including hand delivery by commercial courier service) to such party (against receipt therefor), (ii) on the date of transmission to such party, in the case of notice by telefacsimile (where the
proper transmission of such notice is either acknowledged by the recipient or electronically confirmed by the transmitting device), or (iii) on the fifth Business Day after the day on which mailed to such party, if sent prepaid by certified or
registered mail, return receipt requested, in each case delivered, transmitted or mailed, as the case may be, to the address or telefacsimile number, as appropriate, set forth below or such other address or number as such party shall specify by
notice hereunder: 
  

	 	(a)	if to the Borrower: 

AutoNation, Inc. 

200 Southwest
1st Avenue 

Ft. Lauderdale, Florida 33301 

Attn: Treasurer 

Telephone: (954)769-7734 

Telefacsimile: (954) 769-4521 
  

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 with a copy to: 

AutoNation, Inc. 

200 Southwest
1st Avenue 

Ft. Lauderdale, Florida 33301 

Attn: General Counsel 

Telephone: (954) 769-7224 

Telefacsimile: (954) 769-6340 
  

	 	(b)	if to the Administrative Agent: 

JPMorgan Chase Bank, N.A. 

Loan & Agency 

1111 Fannin Street, 10th Floor 

Houston, Texas 77002 

Attn: Syed Abbas 

Telephone: (713) 750-7924 

Telefacsimile: (713) 750-2938 

Email: syed.x.abbas@JPMChase.com 

with a copy to: 

JPMorgan Chase Bank, N.A. 

270 Park Avenue 

New York, NY 10017 

Attn: Vincent Bolognini 

Telephone: (212) 270-3292 

Telefacsimile: (212) 270-4016 

Email: Vincent.Bolognini@JPMorgan.com 
  

	 	(c)	if to the Lenders: 

 At the
addresses set forth in administrative questionnaires furnished by the Lenders to the Administrative Agent; 
  

	 	(d)	if to any Guarantor, at the address set forth in (a) above. 

11.3 Right of Set-off; Adjustments. (a) Upon the occurrence and during the continuance of any Event of Default, each Lender
is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time
owing by such Lender to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement held by such Lender. Each Lender agrees promptly to notify the Borrower
after any such set-off and application made by such Lender; provided, however, that the failure to give such notice shall not affect the validity of such set-off and application. The rights of each Lender under this
Section 11.3 are in addition to other rights and remedies (including, without limitation, other rights of set-off) that such Lender may have. 

(b) If any Lender (a “benefitted Lender”) shall at any time receive any payment of all or part of the Loans owing to it, or
interest thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, or otherwise), in a greater proportion than any such payment to or 

 

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collateral received by any other Lender, if any, in respect of such other Lender’s Loans owing to it, or interest thereon, such benefitted Lender shall purchase for cash from the other
Lenders a participating interest in such portion of each such other Lender’s Loans owing to it, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such
benefitted Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from
such benefitted Lender or is repaid in whole or in part by such benefitted Lender in good faith settlement of a pending or threatened avoidance claim, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of
such recovery or settlement payment, but without interest. The Borrower agrees that any Lender so purchasing a participation from a Lender pursuant to this Section 11.3 may, to the fullest extent permitted by law, exercise all of its
rights of payment (including the right of set-off) with respect to such participation as fully as if such Person were the direct creditor of the Borrower in the amount of such participation. 

11.4 Survival. All covenants, agreements, representations and warranties made herein shall survive the making by the Lenders of
the Loans and the issuance of the Letters of Credit and the execution and delivery to the Lenders of this Agreement and shall continue in full force and effect until the Facility Termination Date, subject to Section 11.8. 

11.5 Expenses. The Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses of the Administrative Agent in
connection with the syndication, preparation, execution, delivery, administration, modification, and amendment of this Agreement, the other Loan Documents, and the other documents to be delivered hereunder, including, without limitation, the
reasonable fees and expenses of counsel for the Administrative Agent with respect thereto and with respect to advising the Administrative Agent as to its rights and responsibilities under the Loan Documents. The Borrower further agrees to pay on
demand all costs and expenses of the Administrative Agent and, during the continuance of any Event of Default, the Lenders, if any (including, without limitation, reasonable attorneys’ fees and expenses), in connection with the enforcement
(whether through negotiations, legal proceedings, or otherwise) of the Loan Documents and the other documents to be delivered hereunder. 

11.6 Amendments and Waivers. Any provision of this Agreement or any other Loan Document may be amended or waived if, but only if,
such amendment or waiver is in writing and is signed (or consented to in writing) by the Borrower or other applicable Loan Party party to such Loan Document and (except as provided in clauses (a) and (b) below) either the Required Lenders
or (as to Loan Documents other than this Agreement) the Administrative Agent with the consent of the Required Lenders (and, if Article X hereof or the rights or duties of the Administrative Agent are affected thereby, by the Administrative
Agent); provided that 
 (a) no such amendment or waiver shall, unless signed by each Lender directly
affected thereby, (i) (except as provided in Section 2.18) increase the Revolving Credit Commitments of such Lender or the Total Revolving Credit Commitment, (ii) reduce (x) the principal of or rate of interest on any
Revolving Credit Loan, Term Loan or Competitive Bid Loan made by such Lender, (y) the amounts of any Reimbursement Obligations owed to such Lender hereunder or (z) any fees payable to such Lender hereunder, except that only the consent of
the Required Lenders shall be necessary to amend the definition of “Default Rate” hereunder or to waive any obligation of the Borrower to pay interest at the Default Rate, (iii) postpone any date scheduled for the payment of
principal, interest or fees payable to such Lender hereunder or for termination of any Revolving Credit Commitment of such Lender, (iv) adversely change any pro rata provisions of Section 2.9 or (v) reduce the specified percentage
amount below 50% in the definition of Required Lenders or the percentage of the Revolving Credit Commitments or outstanding Loans held by any Lender, as applicable, which shall be required for the Lenders or

  

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any of them to take any action under this Section 11.6(a); and provided, further, that no such amendment or waiver that affects the rights, privileges or obligations of
JPMorgan Chase Bank as provider of Swing Line Loans, shall be effective unless signed in writing by JPMorgan Chase Bank or that affects the rights, privileges or obligations of any Issuing Bank as issuer of Letters of Credit, shall be effective
unless signed in writing by such Issuing Bank; and 
 (b) no such amendment or waiver shall, unless signed by
each Lender directly affected thereby, release any Guarantor (unless such Person is simultaneously released from its Senior Note Guaranty and Year 2006 Senior Note Guaranty), subordinate any Facility Guaranty of any Guarantor (unless the Senior Note
Guaranty and Year 2006 Senior Note Guaranty of such Person is subordinated or substantially the same terms), release all or substantially all of the Guarantors, or subordinate all or substantially all of the Facility Guaranties, except as otherwise
provided in this Agreement or as contemplated in the applicable Loan Documents. 
 In addition, notwithstanding the foregoing,
this Agreement may be amended with only the written consent of the Administrative Agent (not to be unreasonably withheld), the Borrower and the Lenders providing the relevant Replacement Term Loans (as defined below) (but not any other Lender) to
permit the refinancing, replacement or modification of all outstanding Term Loans (“Replaced Term Loans”) with a replacement term loan tranche hereunder (“Replacement Term Loans”), provided that (a) the
aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such Replaced Term Loans, (b) the weighted average Applicable Margin for such Replacement Term Loans shall not be higher than the
weighted average Applicable Margin for such Replaced Term Loans and (c) the weighted average life to maturity of such Replacement Term Loans shall not be shorter than the weighted average life to maturity of such Replaced Term Loans at the time
of such refinancing. 
 Any such waiver and any such amendment or modification pursuant to this Section 11.6 shall
be binding upon the Borrower, the Guarantors, the Lenders, the Administrative Agent and all future holders of the Loans. Except as otherwise set forth in such waiver, any Default or Event of Default that is waived pursuant to this
Section 11.6 shall not be deemed to be a Default or Event of Default during the period of such waiver. 
 No notice
to or demand on the Borrower in any case shall entitle the Borrower to any other or further notice or demand in similar or other circumstances, except as otherwise expressly provided herein. No delay or omission on any Lender’s or the
Administrative Agent’s part in exercising any right, remedy or option shall operate as a waiver of such or any other right, remedy or option or of any Default or Event of Default. 

11.7 Counterparts; Facsimile Signatures. This Agreement may be executed in any number of counterparts, each of which when so
executed and delivered shall be deemed an original, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such fully-executed counterpart. Signatures on communications and other documents may be
transmitted by facsimile only with the consent of the Administrative Agent in its sole and absolute discretion in each instance. The effectiveness of any such signatures accepted by the Administrative Agent shall, subject to applicable law, have the
same force and effect as manual signatures and shall be binding on all parties. The Administrative Agent may also require that any such signature be confirmed by a manually-signed hard copy thereof. Each party hereto hereby adopts as an original
executed signature page each signature page hereafter furnished by such party to the Administrative Agent (or an agent of the Administrative Agent) bearing (with the consent of the Administrative Agent) a facsimile signature by or on behalf of such
party. Nothing contained in this Section shall limit the provisions of Section 10.4. 
  

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 11.8 Termination. This Agreement shall terminate on the Facility Termination Date,
except that (x) those provisions which by the express terms thereof continue in effect notwithstanding the Facility Termination Date, and (y) obligations in the nature of continuing indemnities or expense reimbursement obligations not yet
due and payable, shall continue in effect. Notwithstanding the foregoing, if after receipt of any payment of all or any part of the Obligations, the Administrative Agent, any Issuing Bank or any Lender (including the Swing Line lender) is for any
reason compelled to surrender such payment to any Person because such payment is determined to be void or voidable as a preference, impermissible setoff, a diversion of trust funds or for any other reason or elects to repay any such amount in good
faith settlement of a pending or threatened avoidance claim, (i) this Agreement (including the provisions pertaining to Participations in Letters of Credit, Reimbursement Obligations and Swing Line Loans) shall continue in full force (or be
reinstated, as the case may be) and the Borrower shall be liable to, and shall indemnify and hold the Administrative Agent, such Issuing Bank or such Lender harmless for, the amount of such payment surrendered until the Administrative Agent, such
Issuing Bank or such Lender shall have been finally paid in full, and (ii) in the event any portion of any amount so required to be surrendered by the Administrative Agent or any Issuing Bank or the Swing Line lender shall have been distributed
to the Lenders, the Lenders shall promptly repay such amounts to the Administrative Agent or such Issuing Bank or the Swing Line lender on demand therefor. The provisions of the foregoing sentence shall be and remain effective notwithstanding any
contrary action which may have been taken by the Administrative Agent, any Issuing Bank or the Lenders in reliance upon such payment, and any such contrary action so taken shall be without prejudice to the Administrative Agent’s, any Issuing
Bank’s or the Lenders’ rights under this Agreement and shall be deemed to have been conditioned upon such payment having become final and irrevocable. 

11.9 Indemnification; Limitation of Liability. (a) Whether or not the transactions contemplated hereby are consummated, the
Borrower agrees to indemnify and hold harmless each Agent-Related Person and each Lender and each of their Affiliates and their respective officers, directors, employees, agents, and advisors (each, an “Indemnified Party”) from and against
any and all claims, damages, losses, liabilities, and reasonable out-of-pocket costs and expenses (including, without limitation, reasonable attorneys’ fees) that may be incurred by or awarded against any Indemnified Party, in each case arising
out of or in connection with or by reason of (including, without limitation, in connection with any investigation, litigation, or proceeding or preparation of defense in connection therewith) the Loan Documents or the Fourth Amendment or the actual
or proposed use of the proceeds of the Loans or the Letters of Credit (all of the foregoing, collectively, the “Indemnified Liabilities”), except to the extent such claim, damage, loss, liability, cost, or expense resulted from such
Indemnified Party’s gross negligence or willful misconduct. In the case of an investigation, litigation or other proceeding to which the indemnity in this Section 11.9 applies, such indemnity shall be effective whether or not such
investigation, litigation or proceeding is brought by the Borrower, its directors, shareholders or creditors or an Indemnified Party or any other Person or any Indemnified Party is otherwise a party thereto and whether or not the transactions
contemplated hereby are consummated. The Borrower agrees that no Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise) to it, any of its Subsidiaries, any Guarantor, or any security holders or
creditors thereof arising out of, related to or in connection with the transactions contemplated herein, except to the extent that such liability resulted from such Indemnified Party’s gross negligence or willful misconduct. The Borrower agrees
not to assert any claim against any Agent-Related Person, any Lender, any of their Affiliates, or any of their respective directors, officers, employees, attorneys, agents, and advisers, on any theory of liability, for special, indirect,
consequential, or punitive damages arising out of or otherwise relating to the Loan Documents, any of the transactions contemplated herein or the Fourth Amendment or the actual or proposed use of the proceeds of the Loans. 

(b) The agreements and obligations of the Borrower contained in this Section 11.9 shall continue in effect notwithstanding
the Facility Termination Date. 
  

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 11.10 Severability. If any provision of this Agreement or the other Loan Documents
shall be determined to be illegal or invalid as to one or more of the parties hereto, then such provision shall remain in effect with respect to all parties, if any, as to whom such provision is neither illegal nor invalid, and in any event all
other provisions hereof shall remain effective and binding on the parties hereto. 
 11.11 Entire Agreement. This
Agreement, together with the other Loan Documents, constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes all previous proposals, negotiations, representations, commitments and other
communications between or among the parties, both oral and written, with respect thereto (except that those provisions (if any) which by the express terms of (i) the commitment letter dated as of June 6, 2005, executed by JPMorgan Chase
Bank, J.P. Morgan Securities Inc., Bank of America, N.A. and Banc of America Securities LLC and accepted by the Borrower, (ii) the commitment letter, dated as of March 6, 2006, executed by JPMorgan Chase Bank, N.A. and J.P. Morgan
Securities Inc. and accepted by the Borrower, (iii) the engagement letter, dated as of March 31, 2010, executed by JPMorgan Chase Bank, N.A. and J.P. Morgan Securities Inc. and accepted by the Borrower, or (iv) the engagement letter,
dated as of March 31, 2010, executed by Bank of America, N.A. and Banc of America Securities LLC and accepted by the Borrower, survive the closing of the Revolving Credit Facility, the Term Facility, the Letter of Credit Facility or the Fourth
Amendment, as applicable, shall survive and continue in effect). 
 11.12 Agreement Controls. In the event that any term
of any of the Loan Documents other than this Agreement conflicts with any express term of this Agreement, the terms and provisions of this Agreement shall control to the extent of such conflict. 

11.13 Usury Savings Clause. Notwithstanding any other provision herein, the aggregate interest rate charged hereunder, including
all charges or fees in connection therewith deemed in the nature of interest under applicable law shall not exceed the Highest Lawful Rate (as such term is defined below). If the rate of interest (determined without regard to the preceding sentence)
under this Agreement at any time exceeds the Highest Lawful Rate (as defined below), the outstanding amount of the Loans made hereunder shall bear interest at the Highest Lawful Rate until the total amount of interest due hereunder equals the amount
of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect. In addition, if when the Loans made hereunder are repaid in full the total interest due hereunder (taking
into account the increase provided for above) is less than the total amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect, then to the extent permitted by
law, the Borrower shall pay to the Administrative Agent an amount equal to the difference between the amount of interest paid and the amount of interest which would have been paid if the Highest Lawful Rate had at all times been in effect.
Notwithstanding the foregoing, it is the intention of the Lenders and the Borrower to conform strictly to any applicable usury laws. Accordingly, if any Lender contracts for, charges, or receives any consideration which constitutes interest in
excess of the Highest Lawful Rate, then any such excess shall be cancelled automatically and, if previously paid, shall at such Lender’s option be applied to the outstanding amount of the Loans made hereunder or be refunded to the Borrower. As
used in this paragraph, the term “Highest Lawful Rate” means the maximum lawful interest rate, if any, that at any time or from time to time may be contracted for, charged, or received under the laws applicable to such Lender which are
presently in effect or, to the extent allowed by law, under such applicable laws which may hereafter be in effect and which allow a higher maximum nonusurious interest rate than applicable laws now allow. 

 

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 11.14 Governing Law; Waiver of Jury Trial. 

(a) THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 (b) THE BORROWER HEREBY EXPRESSLY AND IRREVOCABLY
AGREES AND CONSENTS THAT ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREIN MAY BE INSTITUTED IN ANY STATE OR FEDERAL COURT SITTING IN THE COUNTY OF NEW YORK, STATE OF NEW YORK,
UNITED STATES OF AMERICA AND, BY THE EXECUTION AND DELIVERY OF THIS AGREEMENT, THE BORROWER EXPRESSLY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE IN, OR TO THE EXERCISE OF JURISDICTION OVER IT AND ITS PROPERTY BY,
ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING, AND THE BORROWER HEREBY IRREVOCABLY SUBMITS GENERALLY AND UNCONDITIONALLY TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING. 

(c) THE BORROWER AGREES THAT SERVICE OF PROCESS MAY BE MADE BY PERSONAL SERVICE OF A COPY OF THE SUMMONS AND COMPLAINT
OR OTHER LEGAL PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING, OR BY REGISTERED OR CERTIFIED MAIL (POSTAGE PREPAID) TO THE ADDRESS OF THE BORROWER PROVIDED IN SECTION 11.2, OR BY ANY OTHER METHOD OF SERVICE PROVIDED FOR UNDER THE APPLICABLE
LAWS IN EFFECT IN THE STATE OF NEW YORK. 
 (d) NOTHING CONTAINED IN SUBSECTIONS (b) OR
(c) HEREOF SHALL PRECLUDE THE ADMINISTRATIVE AGENT OR ANY LENDER FROM BRINGING ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT IN THE COURTS OF ANY JURISDICTION WHERE THE BORROWER OR ANY GUARANTOR OR ANY OF
THE BORROWER’S OR ANY GUARANTOR’S PROPERTY OR ASSETS MAY BE FOUND OR LOCATED. TO THE EXTENT PERMITTED BY THE APPLICABLE LAWS OF ANY SUCH JURISDICTION, THE BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT AND
EXPRESSLY WAIVES, IN RESPECT OF ANY SUCH SUIT, ACTION OR PROCEEDING, OBJECTION TO THE EXERCISE OF JURISDICTION OVER IT AND ITS PROPERTY BY ANY SUCH OTHER COURT OR COURTS OF ANY JURISDICTION WHERE THE BORROWER OR ANY GUARANTOR OR ANY OF THE
BORROWER’S OR ANY GUARANTOR’S PROPERTY OR ASSETS MAY BE FOUND OR LOCATED. 
 (e) IN ANY ACTION
OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER OR RELATED TO ANY LOAN DOCUMENT OR ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR THAT MAY IN THE FUTURE BE DELIVERED IN CONNECTION THEREWITH, OR IN ANY WAY CONNECTED
WITH OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, WHETHER NOW EXISTING OR HEREAFTER ARISING, THE BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY

  

 85 

 
AGREE, TO THE EXTENT PERMITTED BY APPLICABLE LAW, THAT ANY SUCH ACTION, SUIT OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY AND HEREBY IRREVOCABLY WAIVE, TO THE EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PERSON MAY HAVE TO TRIAL BY JURY IN ANY SUCH ACTION, SUIT OR PROCEEDING. ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE
CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 (f) THE BORROWER
HEREBY EXPRESSLY WAIVES ANY OBJECTION IT MAY HAVE THAT ANY COURT TO WHOSE JURISDICTION IT HAS SUBMITTED PURSUANT TO THE TERMS HEREOF IS AN INCONVENIENT FORUM. 

11.15 Confidentiality. Each of the Administrative Agent and each Lender (together, the “Lending Parties”, and
individually a “Lending Party”) agrees to keep confidential any information furnished or made available to it by the Borrower or any of its Subsidiaries pursuant to this Agreement; provided that nothing herein shall prevent any Lending
Party from disclosing such information (a) to any other Lending Party or any Affiliate of any Lending Party, or any officer, director, employee, agent, or advisor of any Lending Party or Affiliate of any Lending Party, (b) to any other
Person if reasonably incidental to the administration of the credit facility provided herein so long as such Person is bound by the provisions of this Section 11.15, (c) as required by any law, rule, or regulation, (d) upon the
order of any court or administrative agency, (e) upon the request or demand of any regulatory agency or authority, (f) that is or becomes available to the public or that is or becomes available to any Lending Party other than as a result
of a disclosure by any Lending Party prohibited by this Agreement, (g) in connection with any litigation to which such Lending Party or any of its Affiliates may be a party, (h) to the extent necessary in connection with the exercise of
any remedy under this Agreement or any other Loan Document, and (i) to any actual or proposed participant or assignee that is subject to provisions substantially similar to those contained in this Section 11.15. 

11.16 Releases of Facility Guarantees. Notwithstanding anything to the contrary contained herein or in any other Loan Document,
the Administrative Agent is hereby irrevocably authorized by each Lender (without requirement of notice to or consent of any Lender except as expressly required by Section 11.6) to take any action requested by the Borrower, at the
Borrower’s expense, having the effect of releasing any Facility Guaranty to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document or that has been consented to in accordance with
Section 11.6. 
 11.17 MANUFACTURER CONSENTS. IT IS ACKNOWLEDGED, UNDERSTOOD AND AGREED THAT (EXCEPT TO THE
EXTENT THE RESPECTIVE MANUFACTURER WAIVES ANY OF THE TERMS OF A MANUFACTURER CONSENT OR A MANUFACTURER CONSENT IS TERMINATED OR CEASES TO BE IN EFFECT): (A) THE EXERCISE BY THE ADMINISTRATIVE AGENT OR ANY LENDER (WHETHER THROUGH THE
ADMINISTRATIVE AGENT OR OTHERWISE) OF REMEDIES UNDER THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL BE SUBJECT TO THE TERMS OF THE MANUFACTURER CONSENTS, (B) IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS OF THE MANUFACTURER CONSENTS AND THE
TERMS OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, THE TERMS OF THE MANUFACTURER CONSENTS WILL CONTROL, (C) THE ADMINISTRATIVE AGENT AGREES TO FURNISH SUCH NOTICES AS IT IS REQUIRED TO FURNISH UNDER SUCH MANUFACTURER CONSENTS, AND (D) THE
MANUFACTURERS PROVIDING SUCH MANUFACTURER CONSENTS SHALL BE THIRD PARTY BENEFICIARIES 
  

 86 

 
OF THIS SECTION. PARTICIPATION BY AN AFFILIATE OR SUBSIDIARY OF A MANUFACTURER AS A LENDER SHALL NOT CONSTITUTE A WAIVER OF THE TERMS OF ANY MANUFACTURER CONSENT GRANTED BY SUCH MANUFACTURER.

 11.18 USA Patriot Act Notice. Each Lender and the Administrative Agent (for itself and not on behalf of any Lender)
hereby notifies the Borrower 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 the Borrower and the Guarantors, which information includes the name and address of the Borrower and the Guarantors and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower in
accordance with the Act 
  

 87 

 EXHIBIT B 

Acknowledgement and ConsentShareholder Rights Plan

 Exhibit 4.1 

EXECUTION COPY 

SHAREHOLDER RIGHTS PLAN 

dated as of 

April 14, 2010 

between 

STERLING FINANCIAL CORPORATION, 

and 
 AMERICAN
STOCK TRANSFER & TRUST COMPANY, LLC, 
 as Rights Agent 

 TABLE OF CONTENTS 

 
  

 

					
	 	  	 	  	PAGE
	 SECTION 1.
	  	Definitions	  	1
	 SECTION 2.
	  	Other Definitional and Interpretative Provisions	  	8
	 SECTION 3.
	  	Issuance of Rights and Right Certificates	  	8
	 SECTION 4.
	  	Form of Right Certificates	  	10
	 SECTION 5.
	  	Registration; Transfer and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates	  	11
	 SECTION 6.
	  	Exercise of Rights	  	11
	 SECTION 7.
	  	Cancellation and Destruction of Right Certificates	  	14
	 SECTION 8.
	  	Reservation and Availability of Capital Stock	  	14
	 SECTION 9.
	  	Adjustment of Purchase Price, Number and Kind of Shares or Number of Rights	  	15
	 SECTION 10.
	  	Certificate of Adjusted Purchase Price or Number of Shares	  	19
	 SECTION 11.
	  	Fractional Rights and Fractional Shares	  	19
	 SECTION 12.
	  	Certain Legal and Regulatory Matters	  	20
	 SECTION 13.
	  	Agreement of Right Holders	  	20
	 SECTION 14.
	  	Right Certificate Holder Not Deemed a Shareholder	  	21
	 SECTION 15.
	  	Appointment of Rights Agent	  	21
	 SECTION 16.
	  	Merger or Consolidation or Change of Name of Rights Agent	  	21
	 SECTION 17.
	  	Duties of the Rights Agent	  	22
	 SECTION 18.
	  	Change of Rights Agent	  	24
	 SECTION 19.
	  	Redemption	  	25
	 SECTION 20.
	  	Exchange	  	25
	 SECTION 21.
	  	Notice of Proposed Actions and Certain Other Matters	  	27
	 SECTION 22.
	  	Notices	  	27
	 SECTION 23.
	  	Supplements and Amendments	  	28
	 SECTION 24.
	  	Successors	  	29
	 SECTION 25.
	  	Determinations and Actions by the Board, etc	  	29
	 SECTION 26.
	  	Benefits of This Rights Plan	  	29
	 SECTION 27.
	  	Severability	  	29
	 SECTION 28.
	  	Governing Law	  	29
	 SECTION 29.
	  	Counterparts; Effectiveness	  	29

  

			
	Exhibit A	  	Form of Certificate of Designation of Preferred Stock
	Exhibit B	  	Summary of Terms
	Exhibit C	  	Form of Right Certificate

 SHAREHOLDER RIGHTS PLAN 

RIGHTS PLAN (this “Rights Plan”) dated as of April 14, 2010, between Sterling Financial Corporation, a Washington
corporation (the “Company”), and American Stock Transfer & Trust Company, LLC, as Rights Agent (the “Rights Agent”). 

W I T N E S S E T H 

WHEREAS, (a) the Company and certain Subsidiaries have generated certain Tax Benefits (as defined below) for U.S. federal income tax
purposes; (b) the Company desires to avoid certain types of ownership shifts that could cause an “ownership change” within the meaning of Section 382 (as defined below), and thereby preserve the Company’s ability to utilize
such Tax Benefits, and (c) in furtherance of such objective, the Company desires to enter into this Rights Plan; 

WHEREAS, on March 25, 2010, the Board of Directors of the Company (i) authorized and declared a dividend of one preferred stock
purchase right (a “Right”) for each share of Common Stock (as defined below) outstanding at the close of business (as defined below) on April 15, 2010 (the “Record Date”) and authorized the issuance, upon the
terms and subject to the conditions herein, of one Right (subject to adjustment) in respect of each share of Common Stock issued after the Record Date; and (ii) authorized the issuance, upon the terms and subject to the conditions herein, of a
number of Rights (subject to adjustment) equal to the Convertible Preferred Multiplier (as defined below) for each share of Convertible Preferred Stock (as defined below) in respect of each share of Convertible Preferred Stock issued after the
Record Date; each Right representing the right to purchase, upon the terms and subject to the conditions herein, one one-millionth (subject to adjustment) of a share of Preferred Stock (as defined below); 

NOW, THEREFORE, the parties hereto agree as follows: 

SECTION 1. Definitions. The following terms, as used herein, have the following meanings: 

“Acquiring Person” means any Threshold Holder except: 

(i) the U.S. Government; 

(ii) any Exempt Person; 

(iii) any Existing Holder unless such Existing Holder’s percentage Beneficial Ownership of Company Securities shall
be increased by more than a De Minimis Amount on or after the Record Date, other than any increase pursuant to or as a result of (A) a stock dividend, stock split, reverse stock split or similar transaction effected by the Company, (B) any
anti-dilution or similar adjustment in accordance with the terms of any Company Securities or (C) any redemption of Company Securities by the Company; 
  

 1 

 (iv) any Person who or which would qualify as a Threshold Holder as a result
of a redemption of Company Securities by the Company, unless and until such Person’s percentage Beneficial Ownership of Company Securities shall be increased by more than a De Minimis Amount on or after the date of such redemption, other than
any increase pursuant to or as a result of (A) a stock dividend, stock split, reverse stock split or similar transaction effected by the Company, (B) any anti-dilution or similar adjustment in accordance with the terms of any Company
Securities; or (C) any redemption of Company Securities by the Company; 
 (v) any Strategic Investor unless
such Strategic Investor’s percentage Beneficial Ownership of Company Securities shall be increased by more than a De Minimis Amount (excluding for the purpose of calculating such increase any Beneficial Ownership of Company Securities resulting
from the exercise of a warrant purchased by a Strategic Investor from the Company pursuant to an investment agreement) on or after the date such Person becomes a Strategic Investor, other than any increase pursuant to or as a result of (A) a
stock dividend, stock split, reverse stock split or similar transaction effected by the Company, (B) any anti-dilution or similar adjustment in accordance with the terms of any Company Securities or (C) any redemption of Company Securities
by the Company; 
 (vi) any Person who or which the Board determines, in its sole discretion, has inadvertently
become a Threshold Holder, so long as such Person (or its Associate) promptly enters into, and delivers to the Company, an irrevocable commitment promptly to divest and thereafter promptly divests (without exercising or retaining any power,
including voting, with respect to such securities), sufficient Company Securities so that such Person is no longer a Threshold Holder; 

(vii) any Person that has become a Threshold Holder if the Board in good faith determines that the attainment of such
status has not jeopardized or endangered the Company’s utilization of the Tax Benefits; provided that such Person’s percentage of Beneficial Ownership of Company Securities is not increased by more than a De Minimis Amount following
such determination by the Board, other than any increase pursuant to or as a result of (A) a stock dividend, stock split, reverse stock split or similar transaction effected by the Company, (B) any anti-dilution or similar adjustment in
accordance with the terms of any Company Securities or (C) any redemption of Company Securities by the Company; 

(viii) any Person if, on the date that would have been (absent this clause (viii) of the definition of
“Acquiring Person”) a Stock Acquisition Date with respect to such Person, (A) such Person does not Beneficially Own any Company Securities, (B) the Company does not have actual knowledge that such Person owns 5% or more of
Company Securities 
  

 2 

 
outstanding and (C) Section 6(e) would not at such time cause any Rights Beneficially Owned by any direct or indirect transferee of such Person (or one of its Associates) to become null
and void; and 
 (ix) any Person that Beneficially Owns at least a majority of the Common Stock following
consummation of a Qualified Offer. 
 “Associate” means, with respect to any Person, any other Person whose
Company Securities are aggregated with the securities actually or constructively owned by the first Person pursuant to Section 382 of the Code and the Treasury Regulations promulgated thereunder. 

A Person shall be deemed the “Beneficial Owner” of, and shall be deemed to “Beneficially Own,” and
shall have “Beneficial Ownership” of, any Company Securities or any Rights, as applicable; (i) which such Person directly owns or (ii) which such Person would be deemed to own constructively pursuant to Section 382 of
the Code and the Treasury Regulations promulgated thereunder (including as a result of the deemed exercise of an “option” pursuant to Treasury Regulation Section 1.382-4(d) and including, without duplication, Company Securities or
Rights, as applicable, owned by any Associate of such Person); provided that a Person shall not be treated as “Beneficially Owning” Company Securities pursuant to clause (i) above to the extent that such Person
(1) does not have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such Company Securities and (2) properly completes and timely files a Schedule 13D or Schedule 13G under the
Exchange Act (or any similar or successor report), indicating that it does not have such right or power. The percentage Beneficial Ownership of Participating Securities of any Person shall be equal to (A) the sum of (x) the number of
shares of Common Stock Beneficially Owned by such Person and (y) the product of (1) the number of shares of Convertible Preferred Stock Beneficially Owned by such Person and (2) the Convertible Preferred Multiplier divided by
(B) the sum of (x) the number of shares of Common Stock then outstanding and (y) the product of (1) the number of shares of Convertible Preferred Stock then outstanding and (2) the Convertible Preferred Multiplier.

 “Board” means the Board of Directors of the Company. 

“Business Day” means any day other than a Saturday, Sunday or a day on which banking institutions in the State of New
York or Washington are authorized or obligated by law or executive order to close. 
 A “Class” of Company
Securities is a group of Company Securities that has substantially identical terms, including substantially identical rights to distributions. 

“close of business” on any given date means 5:00 p.m., New York City time, on such date; provided that if such
date is not a Business Day “close of business” means 5:00 p.m., New York City time, on the next succeeding Business Day. 
  

 3 

 “Code” means the Internal Revenue Code of 1986, as amended from time to
time, or any successor statute. 
 “Common Stock” means the Common Stock, par value $1.00 per share, of the
Company. 
 “Company Securities” means (i) shares of Common Stock, (ii) shares of preferred stock
(other than Straight Preferred Stock) of the Company and (iii) any other interest that would be treated as “stock” of the Company pursuant to Treasury Regulation Section 1.382-2T(f)(18). 

“Convertible Preferred Multiplier” means, with respect to any Class of Convertible Preferred Stock on any relevant date,
an amount equal to the number of shares of Common Stock into which each share of such Convertible Preferred Stock is convertible or exchangeable on such date. 

“Convertible Preferred Stock” means any Class of preferred stock of the Company or any Subsidiary that is convertible or
exchangeable, directly or indirectly, into Common Stock. 
 “De Minimis Amount” means 0.10%. 

“Distribution Date” means the earlier of (i) the close of business on the tenth Business Day after a Stock
Acquisition Date and (ii) the close of business on the tenth Business Day (or such later day as may be designated prior to a Stock Acquisition Date by the Board) after the date of the commencement of a tender or exchange offer by any Person if,
upon consummation thereof, such Person would or could be an Acquiring Person; provided, however, that if either of such dates occurs after the date of this Rights Plan and on or prior to the Record Date, then the Distribution Date shall be
the Record Date. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, unless otherwise
expressly specified. 
 “Exempt Person” means the Company, any Subsidiary (in each case including, without
limitation, in any fiduciary capacity), any employee benefit plan or compensation arrangement of the Company or any Subsidiary, or any entity or trustee holding Company Securities to the extent organized, appointed or established by the Company or
any Subsidiary for or pursuant to the terms of any such employee benefit plan or compensation arrangement. 
 “Existing
Holder” means any Beneficial Owner of 5% or more of Common Stock immediately prior to the date of this Rights Plan. 
  

 4 

 “Expiration Date” means the earliest of (i) the Final Expiration Date,
(ii) the time at which all Rights are redeemed as provided in Section 19 or exchanged as provided in Section 20, (iii) the first day of a taxable year of the Company to which the Board determines that no Tax Benefits may be
carried forward, (iv) a date prior to a Stock Acquisition Date on which the Board determines, in its sole discretion, that the Rights and the Rights Plan are no longer in the best interests of the Company and its shareholders, and (v) a
date on which (x) the Company has entered into an investment agreement that provides for the Company to call a meeting of its shareholders to vote on a proposal to amend the articles of incorporation of the Company to adopt certain restrictions
on acquisitions and dispositions of securities by persons that hold, or intend to acquire, 5% or more of the value of the Common Stock of the Company, (y) a Closing (as defined in such investment agreement) has occurred, and (z) such
amendment to the articles of incorporation has been approved by the shareholders of the Company. 
 “Final Expiration
Date” means the date that is forty (40) months and one day after the date hereof; provided that if a Stock Acquisition Date occurs fewer than thirty (30) days prior to such date, then the Final Expiration Date shall be the
date that is thirty (30) days after the Stock Acquisition Date. 
 “Participating Securities” means the
Common Stock and the Convertible Preferred Stock. 
 “Person” means any individual, firm, corporation,
partnership, trust association, limited liability company, limited liability partnership, governmental entity, or other entity, or any group of Persons making a “coordinated acquisition” of shares or otherwise treated as an entity within
the meaning of Treasury Regulation Section 1.382-3(a)(1)(i) and shall include any successor (by merger or otherwise) of any such entity. 

“Preferred Stock” means the Participating Cumulative Preferred Stock, $1.00 par value per share, of the Company, having
the terms set forth in the form of certificate of designation attached hereto as Exhibit A. 
 “Purchase Price”
means the price (subject to adjustment as provided herein) at which a holder of a Right may purchase one one-millionth of a share of Preferred Stock (subject to adjustment as provided herein) upon exercise of a Right, which price shall initially be
$3.50. 
 “Qualified Offer” shall mean an offer determined by a majority of the Board to have each of the
following characteristics with respect to the Common Stock: 
 (i) a tender or exchange offer for all of the
outstanding shares of Common Stock at the same per-share consideration; 
 (ii) an offer that has commenced
within the meaning of Rule 14d-2(a) under the Exchange Act; 
  

 5 

 (iii) an offer that is conditioned on a minimum of at least a majority of
the outstanding shares of the Common Stock being tendered and not withdrawn as of the offer’s expiration date, which condition shall not be waivable; 

(iv) an offer pursuant to which the Person making such offer has announced that it intends, as promptly as practicable
upon successful completion of the offer, to consummate a second step transaction whereby all shares of the Common Stock not tendered into the offer will be acquired at the same form and amount of consideration per share actually paid pursuant to the
offer, subject to shareholders’ statutory appraisal rights, if any. 
 “Section 382” means
Section 382 of the Code, or any comparable successor provision. 
 “Securities Act” means the Securities
Act of 1933, as amended, unless otherwise expressly specified. 
 “Stock Acquisition Date” means the date of
the first public announcement (including the filing of a report on Schedule 13D or Schedule 13G under the Exchange Act (or any similar or successor report)) by the Company or an Acquiring Person (or an Associate thereof) indicating that an Acquiring
Person has become such. 
 “Straight Preferred Stock” means preferred stock that is not treated as stock
pursuant to Treasury Regulation Section 1.382-2(a)(3). For the avoidance of doubt, the Series A Fixed Rate Cumulative Perpetual Preferred Stock of the Company shall be treated as “Straight Preferred Stock” for purposes of this Rights
Plan. 
 “Strategic Investor” means any Beneficial Owner of Company Securities that: 

(i) is identified as a Strategic Investor in an investment agreement between such Beneficial Owner and the Company;

 (ii) with the consent of the Board on such basis and with such conditions as the Board in its sole discretion
may establish, becomes a Threshold Holder in connection with the sale of Company Securities by the Company, which such sale yields aggregate gross proceeds of not less than $600 million, whether effected pursuant to an effective registration
statement under the Securities Act, Rule 144A promulgated under the Securities Act, or otherwise; or 
 (iii) (A)
becomes a Beneficial Owner of Company Securities by reason of acquiring Company Securities from a Person (or an Associate of such Person) described in clause (i) or (ii) and (B) did not Beneficially Own any Company Securities
immediately prior to such transfer. 
  

 6 

 “Subsidiary” means any other Person of which securities or other ownership
interests having ordinary voting power, in the absence of contingencies, to elect a majority of the board of directors or other Persons performing similar functions are at the time directly or indirectly owned by the Company. 

“Tax Benefits” means the net operating loss carryovers, capital loss carryovers, general business credit carryovers,
alternative minimum tax credit carryovers and foreign tax credit carryovers, as well as any loss or deduction attributable to a “net unrealized built-in loss” within the meaning of Section 382, of the Company or any Subsidiary.

 “Threshold Holder” means any Person that is or becomes a Beneficial Owner of 5% or more of
(i) Participating Securities then outstanding (including, without duplication, Participating Securities owned by any Associate of such Person) or (ii) any Class of Company Securities (other than Participating Securities). 

“Trading Day” means a day on which the principal national securities exchange or over-the-counter market on which the
shares of Common Stock are listed or admitted to trading is open for the transaction of business or, if the shares of Common Stock are not listed or admitted to trading on any national securities exchange or over-the-counter market, a Business Day.

 “Treasury Regulation” means any final, proposed or temporary regulation of the Department of Treasury under
the Code and any successor regulation. 
 “U.S. Government” means any of (i) the federal government of the
United States of America, (ii) any instrumentality or agency of the federal government of the United States of America and (iii) any Person wholly-owned by, or the sole beneficiary of which is, the federal government of the United States
or any instrumentality or agency thereof. 
 Each of the following terms is defined in the Section set forth opposite such term:

  

			
	 Term
	  	 Section

	Company	  	Preamble
	Exchange Ratio	  	20
	Ownership Statement	  	3(a)
	Record Date	  	Recitals
	Redemption Price	  	Section 19
	Right	  	Recitals
	Rights Agent	  	Preamble

  

 7 

			
	 Term
	  	 Section

	Right Certificate	  	Section 4
	Trust	  	20
	Trust Agreement	  	20

 SECTION 2.
Other Definitional and Interpretative Provisions. The words “hereof”, “herein” and “hereunder” and words of like import used in this Rights Plan shall refer to this Rights Plan as a whole and not to any
particular provision of this Rights Plan. The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections, Exhibits and Schedules are to Articles,
Sections, Exhibits and Schedules of this Rights Plan unless otherwise specified. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Rights Plan as if set forth in full herein. Any
capitalized terms used in any Exhibit or Schedule but not otherwise defined therein, shall have the meaning as defined in this Rights Plan. Any singular term in this Rights Plan shall be deemed to include the plural, and any plural term the
singular. Whenever the words “include”, “includes” or “including” are used in this Rights Plan, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed
by those words or words of like import. “Writing”, “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any agreement or
contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof; provided that with respect to any agreement or contract listed on any schedules hereto, all
such amendments, modifications or supplements must also be listed in the appropriate schedule. References to any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise
specified, from and including or through and including, respectively. References to any statute, rules or regulations shall be deemed to refer to such statute, rules or regulations as amended from time to time and to any successors thereto.

 SECTION 3. Issuance of Rights and Right Certificates. (a) As soon as practicable after the Record
Date, the Company will send a summary of the Rights substantially in the form of Exhibit B hereto, by first class mail, postage prepaid, to each record holder of Participating Securities as of the close of business on the Record Date. Certificates
for the Participating Securities, or current ownership statements issued with respect to uncertificated Participating Securities in lieu of such a certificate (an “Ownership Statement”) (which Ownership Statements shall be deemed to
be Right Certificates), issued after the Record Date but prior to the earlier of a Distribution Date and the Expiration Date shall have printed or written on or otherwise affixed to them the following legend: 

This statement also evidences certain Rights as set forth in a Rights Plan between Sterling Financial Corporation (the
“Company”) and American 
  

 8 

 
Stock Transfer & Trust Company, LLC, as Rights Agent, dated as of April 14, 2010, and as amended from time to time (the “Rights Plan”), the terms of which are hereby
incorporated herein by reference and a copy of which is on file at the principal executive offices of the Company. The Company will mail to the holder of this statement a copy of the Rights Plan without charge promptly after receipt of a written
request therefor. Under certain circumstances, as set forth in the Rights Plan, such Rights may be evidenced by separate certificates instead of by this statement and may be redeemed or exchanged or may expire. As set forth in the Rights Plan,
Rights issued or transferred to, or Beneficially Owned by, any Person who is, was or becomes an Acquiring Person (as such terms are defined in the Rights Plan), whether currently Beneficially Owned by or on behalf of such Person or by any subsequent
holder, may be null and void. Rights are also subject to additional restrictions on transfer as set forth in the Rights Plan. 

(b) Prior to a Distribution Date, (i) the Rights will be evidenced by certificates for the Participating Securities or Ownership
Statements and not by separate Right Certificates (as hereinafter defined) and the registered holders of the Participating Securities shall be deemed to be the registered holders of the associated Rights, and (ii) the Rights will be
transferable only in connection with the transfer of the underlying Participating Securities. 
 (c) From and after a
Distribution Date, the Rights will be evidenced solely by separate Right Certificates and will be transferable only in connection with the transfer of the Right Certificates pursuant to Section 5. As soon as practicable after the Company has
notified the Rights Agent of the occurrence of a Distribution Date, the Rights Agent will send, by first class, insured, postage prepaid mail, to each record holder of Participating Securities as of the close of business on the Distribution Date
(other than any Acquiring Person), one or more Right Certificates evidencing (i) in the case of Common Stock, one Right (subject to adjustment as provided herein) for each share of Common Stock so held and (ii) in the case of Convertible
Preferred Stock, a number of Rights equal to the applicable Convertible Preferred Multiplier (subject to adjustment as provided herein) for each share of Convertible Preferred Stock so held. If an adjustment in the number of Rights per Participating
Security has been made pursuant to Section 9, the Company shall, at the time of distribution of the Right Certificates, make the necessary and appropriate rounding adjustments in accordance with Section 11(a) so that Right Certificates
representing only whole numbers of Rights are distributed and cash is paid in lieu of any fractional Rights. 
 (d) Rights shall
be issued in respect of all shares of Participating Securities outstanding as of the Record Date or issued (on original issuance or out of treasury) after the Record Date but prior to the earlier of a Distribution Date and the Expiration Date. In
addition, in connection with the issuance or sale of shares of Participating Securities following a Distribution Date and prior to the Expiration Date, the Company may, with respect to shares of Participating

  

 9 

 
Securities so issued or sold (i) pursuant to the exercise of stock options or under any employee plan or arrangement or (ii) upon the exercise, conversion, settlement or exchange of
other securities issued by the Company prior to the Distribution Date, and (iii) in any other case, if deemed appropriate by the Board, issue Right Certificates representing the appropriate number of Rights in connection with such issuance or
sale; provided that no such Right Certificate shall be issued if, and to the extent that, appropriate adjustment shall otherwise be made in lieu of the issuance thereof. 

SECTION 4. Form of Right Certificates. (a) The certificates evidencing the Rights (and the forms of assignment,
election to purchase and certificates to be printed on the reverse thereof) (the “Right Certificates”) shall be substantially in the form of Exhibit C hereto and may have such marks of identification or designation and such legends,
summaries or endorsements printed thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Rights Plan, or as may be required to comply with any applicable law, rule or regulation or with any rule or
regulation of any stock exchange on which the Rights may from time to time be listed, or to conform to usage. The Right Certificates, whenever distributed, shall be dated as of the Record Date. 

(b) The Right Certificates shall be executed on behalf of the Company by its Chief Executive Officer, its Chairman of the Board, Chief
Operating Officer or any Executive Vice President, either manually or by facsimile signature, and shall have affixed thereto the Company’s seal or a facsimile thereof which shall be attested by the Secretary or any Assistant Secretary of the
Company, either manually or by facsimile signature. The Right Certificates shall be countersigned, either manually or by facsimile signature, by the Rights Agent and shall not be valid for any purpose unless so countersigned. In case any officer of
the Company whose manual or facsimile signature is affixed to the Right Certificates ceases to be such officer of the Company before countersignature by the Rights Agent and issuance and delivery by the Company, such Right Certificates may,
nevertheless, be countersigned by the Rights Agent and issued and delivered with the same force and effect as though the Person who signed such Right Certificates had not ceased to be such officer of the Company. Any Right Certificate may be signed
on behalf of the Company by any Person who, at the actual date of the execution of such Right Certificate, shall be a proper officer of the Company to sign such Right Certificate, although at the date of the execution of this Rights Plan any such
Person was not such an officer. 
 (c) Notwithstanding any of the provisions of this Rights Plan or of the Rights to the
contrary, the Company may, at its option, issue new Right Certificates evidencing Rights in such form as may be approved by its Board to reflect any adjustment or change in the Purchase Price and/or the number or kind of shares of stock issuable
upon exercise of the Rights made in accordance with the provisions of this Rights Plan. 
  

 10 

 SECTION 5. Registration; Transfer and Exchange of Right Certificates;
Mutilated, Destroyed, Lost or Stolen Right Certificates. (a) Following a Distribution Date, the Rights Agent shall keep or cause to be kept, at its principal office or offices designated as the place for surrender of Right Certificates upon
exercise, transfer or exchange, books for registration and transfer of the Right Certificates. Such books shall show with respect to each Right Certificate the name and address of the registered holder thereof, the number of Rights indicated on the
Right Certificate and the certificate number. 
 (b) At any time after a Distribution Date and prior to the Expiration Date, any
Right Certificate or Certificates may, upon the terms and subject to the conditions set forth in this Rights Plan, be transferred or exchanged for another Right Certificate or Certificates evidencing a like number of Rights as the Right Certificate
or Certificates surrendered. Any registered holder desiring to transfer or exchange any Right Certificate or Certificates shall surrender such Right Certificate or Certificates (with, in the case of a transfer, the form of assignment and certificate
on the reverse side thereof duly executed) to the Rights Agent at the principal office or offices of the Rights Agent designated for such purpose. Neither the Rights Agent nor the Company shall be obligated to take any action whatsoever with respect
to the transfer of any such surrendered Right Certificate or Certificates until the registered holder of the Rights has complied with the requirements of Section 6(f). Upon satisfaction of the foregoing requirements, the Rights Agent shall,
subject to Sections 6(e), 6(f), 8(e), 11, 12 and 20, countersign and deliver to the Person entitled thereto a Right Certificate or Certificates as so requested. The Company may require payment of a sum sufficient to cover any transfer tax or other
governmental charge that may be imposed in connection with any transfer or exchange of any Right Certificate or Certificates. 

(c) Upon receipt by the Company and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or
mutilation of a Right Certificate, and, in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to them, and, at the Company’s request, reimbursement to the Company and the Rights Agent of all reasonable expenses
incidental thereto, and upon surrender to the Rights Agent and cancellation of the Right Certificate if mutilated, the Company will issue and deliver a new Right Certificate of like tenor to the Rights Agent for countersignature and delivery to the
registered holder in lieu of the Right Certificate so lost, stolen, destroyed or mutilated. 
 SECTION 6.
Exercise of Rights. (a) The registered holder of any Right Certificate may exercise the Rights evidenced thereby (except as otherwise provided herein, including Sections 6(e), 6(f) 8(e), 12 and 20) in whole or in part at any time after a
Distribution Date and prior to the Expiration Date upon surrender of the Right Certificate, with the form of election to purchase and the certificate on the reverse side thereof duly executed, to the Rights Agent at the principal office or offices
of the Rights Agent designated for such purpose, together with payment (in lawful money of the United States of America by 
  

 11 

 
certified check or bank draft payable in immediately available or next day funds to the order of the Company) of the aggregate Purchase Price with respect to the Rights then to be exercised and
an amount equal to any applicable transfer tax or other governmental charge. 
 (b) Upon satisfaction of the requirements of
Section 6(a) and subject to Section 17(k), the Rights Agent shall thereupon promptly (i)(A) requisition from any transfer agent of the Preferred Stock (or make available, if the Rights Agent is the transfer agent therefor) certificates for
the total number of one one-millionths of a share of Preferred Stock to be purchased (and the Company hereby irrevocably authorizes its transfer agent to comply with all such requests) or (B) if the Company shall have elected to deposit the
shares of Preferred Stock issuable upon exercise of the Rights with a depositary agent, requisition from the depositary agent depositary receipts representing interests in such number of one one-millionths of a share of Preferred Stock to be
purchased (in which case certificates for the shares of Preferred Stock represented by such receipts shall be deposited by the transfer agent with the depositary agent and the Company will direct the depositary agent to comply with such request),
(ii) requisition from the Company the amount of cash, if any, to be paid in lieu of issuance of fractional shares in accordance with Section 11 and (iii) after receipt of such certificates or depositary receipts and cash (if any),
cause the same to be delivered to or upon the order of the registered holder of such Right Certificate (with such certificates or receipts registered in such name or names as may be designated by such holder). If the Company is obligated to deliver
Common Stock or other securities or assets pursuant to this Rights Plan, the Company will make all arrangements necessary so that such securities and assets are available for delivery by the Rights Agent, if and when appropriate. 

(c) Each Person (other than the Company) in whose name any certificate for Preferred Stock is issued upon the exercise of Rights shall
for all purposes be deemed to have become the holder of record of such Preferred Stock represented thereby on, and such certificate shall be dated, the date upon which the Right Certificate evidencing such Rights was duly surrendered and payment of
the Purchase Price (and any applicable transfer taxes or other governmental charges) was made; provided that if the date of such surrender and payment is a date upon which the transfer books of the Company relating to the Preferred Stock are
closed, such Person shall be deemed to have become the record holder of such shares on, and such certificate shall be dated, the next succeeding Business Day on which the Preferred Stock transfer books of the Company are open. Prior to the exercise
of the Rights evidenced thereby, the holder of a Right Certificate shall not be entitled to any rights of a shareholder of the Company with respect to shares for which the Rights shall be exercisable, including the right to vote, to receive
dividends or other distributions or to exercise any preemptive rights, and shall not be entitled to receive any notice of any proceedings of the Company except as provided herein. 

 

 12 

 (d) In case the registered holder of any Right Certificate shall exercise fewer than all the
Rights evidenced thereby, a new Right Certificate evidencing the number of Rights remaining unexercised shall be issued by the Rights Agent and delivered to, or upon the order of, the registered holder of such Right Certificate, registered in such
name or names as may be designated by such holder, subject to the provisions of Section 11. 
 (e) Notwithstanding anything
in this Rights Plan to the contrary, any Rights Beneficially Owned by (i) an Acquiring Person from and after the date on which the Acquiring Person becomes such or (ii) a transferee of Rights Beneficially Owned by an Acquiring Person who
(A) becomes a transferee after the public announcement relating to a Stock Acquisition Date with respect to an Acquiring Person who was identified on the Stock Acquisition Date or (B) becomes a transferee with respect to an Acquiring
Person (or an Associate thereof) and receives such Rights (I) with actual knowledge that the transferor is or was an Acquiring Person (or an Associate of an Acquiring Person) or (II) pursuant to either (x) a transfer (whether or not for
consideration) from the Acquiring Person (or an Associate thereof) to holders of equity interests in such Acquiring Person (or in such Associate thereof) or to any Person with whom the Acquiring Person (or an Associate thereof) has any continuing
agreement, arrangement or understanding regarding the transferred Rights or (y) a transfer which the Board determines in good faith is part of a plan, arrangement or understanding which has as a primary purpose or effect the avoidance of this
Section 6(e), shall become null and void without any further action, and no holder of such Rights (other than a transferee not of a type described in clause (ii)) shall have any rights whatsoever with respect to such Rights, whether under this
Rights Plan or otherwise. The Company shall use all reasonable efforts to ensure that the provisions of this Section 6(e) are complied with, but shall have no liability to any holder of Right Certificates or other Person as a result of its
failure to make any determinations with respect to an Acquiring Person or any transferee of an Acquiring Person hereunder. 

(f) Notwithstanding anything in this Rights Plan to the contrary, neither the Rights Agent nor the Company shall be obligated to
undertake any action with respect to any purported transfer pursuant to Section 5 or exercise pursuant to this Section 6 unless the registered holder of the applicable Rights (i) shall have completed and signed the certificate
contained in the form of assignment or election to purchase, as the case may be, set forth on the reverse side of the Right Certificate surrendered for such transfer or exercise, as the case may be, (ii) shall not have indicated an affirmative
response to clause 1 or 2 thereof, (iii) shall be in compliance with Section 12 and (iv) shall have provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) thereof as the Company shall
reasonably request. 
 (g) The Company hereby waives application of each standstill or other similar provision relating to
Company Securities by which a registered holder of Rights is bound as of the date of this Rights Plan to the extent necessary to permit such registered holder to exercise such Rights in accordance with this Rights Plan. 

 

 13 

 SECTION 7. Cancellation and Destruction of Right Certificates. All Right
Certificates surrendered for exercise, transfer or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Rights Agent in canceled form, or, if surrendered to the Rights Agent, shall be canceled by it, and no
Right Certificates shall be issued in lieu thereof except as expressly permitted by this Rights Plan. The Company shall deliver to the Rights Agent for cancellation, and the Rights Agent shall cancel, any other Right Certificate purchased or
acquired by the Company otherwise than upon the exercise thereof. The Rights Agent shall deliver all canceled Right Certificates to the Company, or shall, at the written request of the Company, destroy such canceled Right Certificates, and in such
case shall deliver a certificate of destruction thereof to the Company. 
 SECTION 8. Reservation and Availability of
Capital
Stock.1 (a) The
 Company covenants and agrees that it will cause to be reserved and kept available a number of authorized but not outstanding shares of Preferred Stock sufficient to permit the exercise in full of all outstanding Rights as provided in this Rights
Plan. 
 (b) So long as the Preferred Stock issuable upon the exercise of Rights may be listed on any national securities
exchange, the Company shall use its best efforts to cause, from and after such time as the Rights become exercisable, all securities reserved for such issuance to be listed on any such exchange upon official notice of issuance upon such exercise.

 (c) The Company shall (i) file, as soon as practicable following the earliest date after a Stock Acquisition Date and
determination of the consideration to be delivered by the Company upon exercise of the Rights in accordance with Section 9(a)(ii), or as soon as is required by law following a Distribution Date, as the case may be, a registration statement
under the Securities Act with respect to the securities issuable upon exercise of the Rights, (ii) cause such registration statement to become effective as soon as practicable after such filing and (iii) cause such registration statement
to remain effective (with a prospectus at all times meeting the requirements of the Securities Act) until the earlier of (A) the date as of which the Rights are no longer exercisable for such securities and (B) the Expiration Date. The
Company shall also take such action as may be appropriate to ensure compliance with the securities or blue sky laws of the various states in connection with the exercisability of the Rights. The Company may temporarily suspend, for a period of time
not to exceed 90 days after the date set forth in Section 8(c)(i), the exercisability of the Rights in order to prepare and file such registration statement and permit it to become effective. Upon any such suspension, the Company shall issue a
public announcement stating that the 
  

	1
	Availability TBD. 

  

 14 

 
exercisability of the Rights has been temporarily suspended, as well as a public announcement when the suspension is no longer in effect. Notwithstanding anything contained in this Rights Plan to
the contrary, the Rights shall not be exercisable for securities in any jurisdiction if the requisite qualification in such jurisdiction has not been obtained, such exercise is not permitted under applicable law or a registration statement in
respect of such securities has not been declared effective. 
 (d) The Company shall take all such action as may be necessary to
ensure that all one one-millionths of a share of Preferred Stock issuable upon exercise of Rights shall, at the time of delivery of the certificates for such securities (subject to payment of the Purchase Price), be duly authorized, validly issued,
fully paid and nonassessable. 
 (e) The Company shall pay when due and payable any and all federal and state transfer taxes and
other governmental charges that may be payable in respect of the issuance or delivery of the Right Certificates and of any certificates for Preferred Stock upon the exercise of Rights. The Company shall not, however, be required to pay any transfer
tax or other governmental charge that may be payable in respect of any transfer involved in the issuance or delivery of any Right Certificates or any certificates for Preferred Stock to a Person other than the registered holder of the applicable
Right Certificate and prior to any such issuance or delivery of any Right Certificates or any certificates for Preferred Stock, any such transfer tax or other governmental charge shall have been paid by the holder of such Right Certificate or it
shall have been established to the Company’s satisfaction that no such tax or other governmental charge is due. 

SECTION 9. Adjustment of Purchase Price, Number and Kind of Shares or Number of Rights. (a) (i) To preserve
the actual or potential economic value of the Rights, if at any time after the date hereof there shall be any change in the Common Stock or Convertible Preferred Stock, whether by reason of stock dividends, stock splits, reverse stock splits,
recapitalization, mergers, consolidations, combinations or exchanges of securities, split-ups, split-offs, spin-offs, liquidations, other similar changes in capitalization, any distribution or issuance of cash, assets, evidences of indebtedness or
subscription rights, options or warrants to holders of Common Stock or Convertible Preferred Stock, as the case may be (other than distribution of the Rights or regular quarterly cash dividends) or otherwise, then, in each such event the Board shall
make such appropriate adjustments in the number of shares of Preferred Stock (or the number and kind of other securities) issuable upon exercise of each Right (or in exchange for any Right pursuant to Section 20), the Purchase Price and
Redemption Price in effect at such time and/or the number of Rights outstanding at such time (including the number of Rights or fractional Rights associated with each Participating Security) such that following such adjustment such event shall not
have had the effect of reducing or limiting the benefits the holders of the Rights would have had absent such event. If an event occurs that requires an adjustment under both this Section 9(a)(i) and Section 9(a)(ii), the adjustment
provided for in this Section 9(a)(i) shall be made prior to, and in addition to, any adjustment required pursuant to Section 9(a)(ii). 
  

 15 

 (ii) In the event that any Person becomes an Acquiring Person at any time
after the date of this Rights Plan, each holder of a Right shall (except as otherwise provided herein, including Section 6(e)) be entitled to receive upon exercise thereof (in accordance with the provisions of Section 6) at the then
current Purchase Price such number of one-millionths of a share of Preferred Stock equal to the result obtained by dividing 

(x) the product obtained by multiplying the then current Purchase Price by the number of one-millionths of a share of
Preferred Stock for which a Right was exercisable immediately prior to the occurrence of such event (such product being from such time on the “Purchase Price” for each Right and for all purposes of this Rights Plan) by 

(y) 50% of the current market price per share of Common Stock (determined pursuant to Section 9(b)(i)) on the date of
the occurrence of such event. 
 (b) (i) For purposes of computations hereunder other than computations made pursuant to
Section 11, the “current market price” per share of Common Stock on any date shall be the average of the daily closing prices per share of such Common Stock at the close of the regular session of trading for the 30 Trading Days
immediately prior to such date; and for purposes of computations made pursuant to Section 11, the “current market price” per share of Common Stock for any Trading Day shall be the closing price per share of Common Stock at the close
of the regular session of trading for such Trading Day; provided that if the current market price per share of the Common Stock is determined during a period that is in whole or in part following the announcement by the issuer of such Common
Stock of (A) a dividend or distribution on such Common Stock payable in shares of such Common Stock, securities exercisable for or convertible into shares of such Common Stock (other than the Rights), or (B) any subdivision, combination or
reclassification of such Common Stock, and prior to the ex-dividend date for such dividend or distribution or the record date for such subdivision, combination or reclassification, then, and in each such case, the “current market price”
shall be properly adjusted to take into account ex-dividend trading. The closing price for each day shall be the last sale price, regular way, at the close of the regular session of trading or, if no such sale takes place on such day, the average of
the closing bid and asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system at the close of the regular session of trading with respect to securities listed or admitted to trading on the
NASDAQ Stock Market or, if the shares of Common Stock are not listed or admitted to trading on the NASDAQ Stock Market, on the principal national securities exchange on which the shares of Common Stock are listed or

  

 16 

 
admitted to trading or, if the shares of Common Stock are not listed or admitted to trading on any national securities exchange, the last quoted price or, if not so quoted, the average of the
high bid and low asked prices in the over-the-counter market, as reported by the National Association of Securities Dealers, Inc. Automated Quotation System or such other system then in use or, if on any such date the shares of Common Stock are not
quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in the Common Stock selected by the Board. If on any such date, no market maker is making a market in the
Common Stock or the Common Stock is not publicly held or not so listed or traded, the “current market value” of such shares on such date shall be as determined in good faith by the Board (or, if at the time of such determination there is
an Acquiring Person, by a nationally recognized investment banking firm selected by the Board) which determination shall be described in a statement filed with the Rights Agent and shall be conclusive for all purposes. 

(ii) For the purpose of any computation hereunder, the “current market price” per share of Preferred Stock shall
be determined in the same manner as set forth above for the Common Stock in Section 9(b)(i) (other than the last sentence thereof). If the current market price per share of Preferred Stock cannot be determined in such manner, the “current
market price” per share of Preferred Stock shall be conclusively deemed to be an amount equal to 1,000,000 (as such number may be appropriately adjusted for such events as stock splits, reverse stock splits, stock dividends and
recapitalizations with respect to the Common Stock occurring after the date of this Rights Plan) multiplied by the current market price per share of Common Stock (as determined pursuant to Section 9(b)(i)). For all purposes of this Rights Plan,
the “current market price” of one one-millionth of a share of Preferred Stock shall be equal to the “current market price” of one share of Preferred Stock divided by 1,000,000. 

(iii) For the purpose of any computation hereunder, the value of any securities or assets other than Common Stock or
Preferred Stock shall be the fair value as determined in good faith by the Board, or, if at the time of such determination there is an Acquiring Person, by a nationally recognized investment banking firm selected by the Board, which determination
shall be described in a statement filed with the Rights Agent and shall be conclusive for all purposes. 
 (c) Notwithstanding
any provision of this Rights Plan to the contrary, no adjustment of any item described in Section 9(a)(i) (e.g., the Purchase Price, the Redemption Price, the number of shares of Preferred Stock issuable upon exercise of the Rights,
etc.) shall be required unless such adjustment would require an increase or decrease of at least 1% in the relevant item; provided that any adjustments which by reason of this Section 9(b)(ii) are not required to be made shall be carried
forward and taken into account in any subsequent adjustment. All calculations under this Section 9 shall be made to the nearest cent or to the nearest ten-thousandth of a share of Common Stock or other securities or one ten-billionth of a share
of Preferred Stock, as the case may be. 
  

 17 

 (d) All Rights originally issued by the Company subsequent to any adjustment made hereunder
shall evidence the right to purchase, at the Purchase Price then in effect, the then applicable number of one-millionths of a share of Preferred Stock and other capital stock issuable from time to time hereunder upon exercise of the Rights, all
subject to further adjustment as provided herein. 
 (e) Irrespective of any adjustment or change in the Purchase Price or the
number of one-millionths of a share of Preferred Stock issuable upon the exercise of the Rights, the Right Certificates theretofore and thereafter issued may continue to express the Purchase Price per one one-millionth of a share and the number of
shares which were expressed in the initial Right Certificates issued hereunder. 
 (f) In any case in which this Section 9
shall require that an adjustment in the Purchase Price be made effective as of a record date for a specified event, the Company may elect to defer until the occurrence of such event the issuance to the holder of any Right exercised after such record
date the number of one-millionths of a share of Preferred Stock or other capital stock, if any, issuable upon such exercise over and above the number of one-millionths of a share of Preferred Stock or other capital stock, if any, issuable upon such
exercise on the basis of the Purchase Price in effect prior to such adjustment; provided that the Company shall deliver to such holder a due bill or other appropriate instrument evidencing such holder’s right to receive such additional
shares upon the occurrence of the event requiring such adjustment. 
 (g) Anything in this Section 9 to the contrary
notwithstanding, the Company shall be entitled to make such reductions in the Purchase Price, in addition to those adjustments expressly required by this Section 9, as and to the extent that it, in its sole discretion, determines to be
advisable so that any consolidation or subdivision of the Convertible Preferred Stock or Common Stock, issuance wholly for cash of any Convertible Preferred Stock or Common Stock at less than the current market price, issuance wholly for cash of any
Convertible Preferred Stock, Common Stock or securities which by their terms are convertible into or exercisable for Convertible Preferred Stock or Common Stock, stock dividends or issuance of rights, options or warrants referred to in this
Section 9 hereafter made by the Company to the holders of its Convertible Preferred Stock or Common Stock shall not be taxable to such shareholders. 

(h) The Company agrees that after a Distribution Date, it will not, except as permitted by Sections 20 or 23, take (or permit any
Subsidiary to take) any action if at the time such action is taken it is reasonably foreseeable that such action will substantially diminish or otherwise eliminate the benefits intended to be afforded by the Rights. 

 

 18 

 SECTION 10. Certificate of Adjusted Purchase Price or Number of Shares.
Whenever an adjustment is made as provided in Section 9, the Company shall (i) promptly prepare a certificate setting forth such adjustment and a brief statement of the facts accounting for such adjustment, (ii) promptly file with
the Rights Agent and with each transfer agent for the Preferred Stock and the Common Stock a copy of such certificate and (iii) mail a brief summary thereof to each holder of a Right Certificate (or, if prior to a Distribution Date, to each
holder of a certificate representing shares of Common Stock or an Ownership Statement in respect thereof) in the manner set forth in Section 22. The Rights Agent shall be fully protected in relying on any such certificate and on any adjustment
therein contained. 
 SECTION 11. Fractional Rights and Fractional Shares. (a) The Company is not
required to issue fractions of Rights or to distribute Right Certificates that evidence fractional Rights. In lieu of any such fractional Rights, the Company shall pay to the registered holders of the Right Certificates with regard to which such
fractional Rights would otherwise be issuable an amount in cash equal to the same fraction of the current market price of a whole Right. For purposes of this Section 11(a), the current market price of a whole Right shall be the closing price of
a Right at the close of the regular session of trading for the Trading Day immediately prior to the date on which such fractional Rights would otherwise have been issuable. The closing price of a Right for any day shall be determined in the manner
set forth for the Common Stock in Section 9(b)(i). 
 (b) The Company is not required to issue fractions of shares of
Preferred Stock (other than fractions that are multiples of one one-millionth of a share of Preferred Stock) or to distribute certificates that evidence fractional shares of Preferred Stock (other than fractions that are multiples of one
one-millionth of a share of Preferred Stock) upon exercise of the Rights or upon exchange of the Rights pursuant to Section 20(a). In lieu of any such fractional shares of Preferred Stock, the Company shall pay to the registered holders of
Right Certificates at the time such Rights are exercised as herein provided an amount in cash equal to the same fraction of the current market price of one one-millionth of a share of Preferred Stock. For purposes of this Section 11(b), the
current market price of one one-millionth of a share of Preferred Stock shall be one one-millionth of the closing price of a share of Preferred Stock (as determined pursuant to Section 9(b)(ii)) for the Trading Day immediately prior to the date
of such exercise. 
 (c) Upon any exchange pursuant to Section 20(c), the Company is not required to issue fractions of
shares of Common Stock or to distribute certificates that evidence fractional shares of Common Stock. In lieu of fractional shares of Common Stock, the Company shall pay to the registered holders of Right Certificates at the time of the exchange as
herein provided an amount in cash equal to the same fraction of the current market price of one share of Common Stock. For purposes of this Section 11(c), the current market price of a share of Common Stock shall be the closing price of a share
of Common Stock (as determined pursuant to Section 9(b)(i)) for the Trading Day immediately prior to the date of such exchange. 
  

 19 

 (d) Each holder of a Right, by his acceptance of the Right, expressly waives his right to
receive any fractional Rights or any fractional shares upon exercise or exchange of a Right except as permitted by this Section 11. 

SECTION 12. Certain Legal and Regulatory Matters. Notwithstanding anything in this Rights Plan to the contrary,
(a) no registered holder of Rights may exercise, and such Rights shall not be exercisable so long as they are held by such holder, such Rights to the extent that such exercise would contravene any applicable law or regulation or require any
filing with, notice to or action by or in respect of any governmental or regulatory authority, including the Board of Governors of the Federal Reserve System, unless and until such filing, notice or action has been made, taken or obtained and
(b) no Rights may be transferred unless such transfer complies with all applicable laws and regulations (including with respect to the identity of the proposed transferee, the manner of transfer and any required filing with, notice to or action
by or in respect of any governmental or regulatory authority). 
 SECTION 13. Agreement of Right Holders.
Each holder of a Right, by his acceptance of the Right, consents and agrees with the Company and the Rights Agent and with every other holder of a Right that: 

(a) prior to a Distribution Date, the Rights will be evidenced by and transferable only in connection with the transfer of Participating
Securities; 
 (b) after a Distribution Date, the Rights will be evidenced by Right Certificates and transferable only on the
registry books of the Rights Agent pursuant to Section 5 and in compliance with this Rights Plan (including Sections 6(e) and 12); 

(c) subject to Sections 5 and 6, the Company and the Rights Agent may deem and treat the Person in whose name a Right Certificate (or,
prior to a Distribution Date, a certificate representing Participating Securities or an Ownership Statement) is registered as the absolute owner of such certificate and of the Rights evidenced thereby (notwithstanding any notations of ownership or
writing on the Right Certificate or the certificate representing Participating Securities or Ownership Statement made by anyone other than the Company or the Rights Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent,
subject to the last sentence of Section 6(e), shall be affected by any notice to the contrary; and 
 (d) notwithstanding
anything in this Rights Plan to the contrary, neither the Company nor the Rights Agent shall have any liability to any holder of a Right or other Person as a result of its inability to perform any of its obligations under this Rights Plan by reason
of any preliminary or permanent injunction or 
  

 20 

 
other order, decree or ruling issued by a court of competent jurisdiction or by a governmental, regulatory or administrative agency or commission, or any statute, rule, regulation or executive
order promulgated or enacted by any governmental authority prohibiting or otherwise restraining performance of such obligation; provided that the Company must use its reasonable best efforts to have any such order, decree or ruling lifted or
otherwise overturned as soon as possible. 
 SECTION 14. Right Certificate Holder Not Deemed a Shareholder.
No holder, as such, of any Right Certificate shall be entitled to vote, receive dividends or be deemed for any purpose the holder of the shares of capital stock which may at any time be issuable on the exercise of the Rights represented thereby,
nor shall anything contained herein or in any Right Certificate be construed to confer upon the holder of such Right Certificate any of the rights of a shareholder of the Company (including any right to vote for the election of directors or upon any
matter submitted to shareholders at any meeting thereof, to give or withhold consent to any corporate action, to receive notice of meetings or other actions affecting shareholders (except as provided in Section 21), or to receive dividends or
subscription rights, or otherwise until the Right or Rights evidenced by such Right Certificate shall have been exercised in accordance with the provisions hereof. 

SECTION 15. Appointment of Rights Agent. (a) The Company hereby appoints the Rights Agent to act as agent for the
Company in accordance with the terms and conditions hereof, and the Rights Agent hereby accepts such appointment. The Company may from time to time appoint such co-rights agents as it may deem necessary or desirable. If the Company appoints one or
more co-rights agents, the respective duties of the Rights Agent and any co-rights agents shall be as the Company shall determine. 

(b) The Company shall pay to the Rights Agent reasonable compensation for all services rendered by it hereunder and, from time to time,
on demand of the Rights Agent, its reasonable expenses and counsel fees and other disbursements incurred in the execution or administration of this Rights Plan and the exercise and performance of its duties hereunder. The Company also shall
indemnify the Rights Agent for, and to hold it harmless against, any loss, liability, or expense, incurred without negligence, bad faith or willful misconduct on the part of the Rights Agent, for anything done or omitted by the Rights Agent in
connection with the administration of this Rights Plan or the exercise or performance of its duties hereunder, including the costs and expenses of defending against any claim of liability arising therefrom. 

SECTION 16. Merger or Consolidation or Change of Name of Rights Agent. (a) Any corporation into or with which the
Rights Agent or any successor Rights Agent may be merged, consolidated or combined, any corporation resulting from any merger, consolidation or combination to which the Rights Agent or any successor Rights Agent shall be a party, or any corporation
succeeding to the corporate trust or stock transfer business of the Rights Agent or 
  

 21 

 
any successor Rights Agent, shall be the successor to the Rights Agent under this Rights Plan without the execution or filing of any paper or any further act on the part of any party hereto;
provided that such corporation would be eligible for appointment as a successor Rights Agent under the provisions of Section 18. If at the time such successor Rights Agent succeeds to the agency created by this Rights Plan any of the
Right Certificates have been countersigned but not delivered, any such successor Rights Agent may adopt the countersignature of a predecessor Rights Agent and deliver such Right Certificates so countersigned; and if at that time any of the Right
Certificates have not been countersigned, any successor Rights Agent may countersign such Right Certificates either in the name of the predecessor Rights Agent or in the name of the successor Rights Agent; and in all such cases such Right
Certificates shall have the full force provided in the Right Certificates and in this Rights Plan. 
 (b) If at any time the
name of the Rights Agent shall be changed and at such time any of the Right Certificates have been countersigned but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Right Certificates so countersigned;
and if at that time any of the Right Certificates have not been countersigned, the Rights Agent may countersign such Right Certificates either in its prior name or its changed name; and in all such cases such Right Certificates shall have the full
force provided in the Right Certificates and in this Rights Plan. 
 SECTION 17. Duties of the Rights Agent.
The Rights Agent undertakes the duties and obligations imposed by this Rights Plan upon the following terms and conditions, by all of which the Company and the holders of Right Certificates, by their acceptance thereof, shall be bound:

 (a) The Rights Agent may consult with legal counsel (who may be legal counsel for the Company), and the opinion of such
counsel shall be full and complete authorization and protection to the Rights Agent as to any action taken or omitted by it in good faith and in accordance with such opinion. 

(b) Whenever in the performance of its duties under this Rights Plan the Rights Agent deems it necessary that any fact or matter
(including the identity of any “Acquiring Person” and the determination of “current market price”) be proved or established by the Company prior to taking, suffering or omitting to take any action hereunder, such fact or matter
(unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by the Chief Executive Officer, the Chairman of the Board, the Chief Operating Officer or
any Executive Vice President, the Secretary or any Assistant Secretary of the Company and delivered to the Rights Agent; and such certificate shall be full authorization to the Rights Agent for any action taken, suffered or omitted in good faith by
it under the provisions of this Rights Plan in reliance upon such certificate. 
  

 22 

 (c) The Rights Agent shall be liable hereunder only for its own negligence, bad faith or
willful misconduct. 
 (d) The Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals
contained in this Rights Plan or in the Right Certificates (except its countersignature thereof) or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company only. 

(e) The Rights Agent shall not be responsible (i) in respect of the validity of this Rights Plan or the execution and delivery
hereof (except the due execution hereof by the Rights Agent) or in respect of the validity or execution of any Right Certificate (except its countersignature thereof), (ii) for any breach by the Company of any covenant or condition contained in
this Rights Plan or in any Right Certificate, (iii) for any change in the exercisability of the Rights (including the Rights becoming void pursuant to Section 6(e)) or (iv) for any adjustment in the terms of the Rights (including the
manner, method or amount thereof) provided herein or the ascertaining of the existence of facts that would require any such adjustment (except with respect to the exercise of Rights evidenced by Right Certificates after actual notice of any such
adjustment). The Rights Agent shall not by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Preferred Stock or other securities to be issued pursuant to this Rights Plan or
any Right Certificate or as to whether any shares of Preferred Stock or other securities will, when issued, be duly authorized, validly issued, fully paid and nonassessable. 

(f) The Company agrees that it will perform, execute, acknowledge and deliver, or cause to be performed, executed, acknowledged and
delivered, all such acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this Rights Plan. 

(g) The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder
from the Chief Executive Officer, the Chairman of the Board, the Chief Operating Officer or any Executive Vice President, or the Secretary of the Company, and to apply to such officers for advice or instructions in connection with its duties, and it
shall not be liable for any action taken, suffered or omitted to be taken by it in good faith in accordance with instructions of any such officer. 

(h) The Rights Agent and any shareholder, director, officer or employee of the Rights Agent may buy, sell or deal in any of the Rights or
other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not the Rights Agent
under this Rights Plan. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Company or for any other Person. 
  

 23 

 (i) The Rights Agent may execute and exercise any of the rights or powers hereby vested in
it or perform any duty hereunder either itself or by or through its attorneys or agents, and the Rights Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorneys or agents or for any loss to the
Company or to any holders of Rights resulting from any such act, default, neglect or misconduct; provided that reasonable care was exercised in the selection and continued employment thereof. 

(j) No provision of this Rights Plan shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder or in the exercise of its rights if there shall be reasonable grounds for believing that repayment of such funds or adequate indemnification against such risk or liability is not reasonably
assured to it. 
 (k) If, with respect to any Right Certificate surrendered to the Rights Agent for exercise or transfer, the
certificate attached to the form of assignment or form of election to purchase, as the cases may be, has either not been completed or indicates an affirmative response to clause 1 or 2 thereof, the Rights Agent shall not take any further action with
respect to such requested exercise or transfer without first consulting with the Company. 
 (l) The Rights Agent shall be
protected and shall incur no liability for or in respect of any action taken, suffered or omitted by it in connection with the administration of this Rights Plan or the exercise or performance of its duties hereunder in reliance upon any Right
Certificate or certificate for Common Stock or for other securities of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, instruction, direction, consent, certificate, statement or other
paper or document reasonably believed by it to be genuine and to be signed, executed and, where necessary, verified or acknowledged, by the proper Person or Persons. 

SECTION 18. Change of Rights Agent. The Rights Agent or any successor Rights Agent may resign and be discharged from
its duties under this Rights Plan upon 30 days’ notice to the Company and to each transfer agent of the Common Stock and Preferred Stock. The Company may remove the Rights Agent or any successor Rights Agent upon 30 days’ notice to the
Rights Agent or successor Rights Agent, as the case may be, and to each transfer agent of the Common Stock and Preferred Stock by registered or certified mail, and, after a Distribution Date, to the holders of the Right Certificates. If the Rights
Agent resigns or is removed or otherwise becomes incapable of acting, the Company shall appoint a successor to the Rights Agent. If the Company fails to make such appointment within a period of 30 days after giving notice of such removal or after it
has been notified in writing of such resignation or incapacity by the resigning or incapacitated Rights Agent or by the holder of a Right Certificate (who shall, with such notice, submit his Right Certificate for inspection by the Company), then the
registered holder of any Right Certificate may apply to any 
  

 24 

 
court of competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights Agent, whether appointed by the Company or by such a court, shall be (a) a corporation
organized, in good standing and doing business under the laws of the United States or of any state of the United States, authorized under such laws to exercise stock transfer or corporate trust powers and is subject to supervision or examination by
federal or state authority and which has at the time of its appointment as Rights Agent a combined capital and surplus of at least $50,000,000 or (b) an affiliate of a corporation described in clause (a). After appointment, the successor Rights
Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent
any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose. Not later than the effective date of any such appointment, the Company shall file notice thereof with
the predecessor Rights Agent and each transfer agent of the Common Stock and the Preferred Stock, and, subsequent to a Distribution Date, mail a notice thereof to the registered holders of the Right Certificates. Failure to give any notice provided
for in this Section 18, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may be. 

SECTION 19. Redemption. (a) At any time prior to a Distribution Date, the Board may, at its option, redeem all
but not fewer than all of the then outstanding Rights at a redemption price of $0.000001 per Right, as such amount may be appropriately adjusted pursuant to Section 9(a)(i) (such redemption price being hereinafter referred to as the
“Redemption Price”). The redemption of the Rights may be made effective at such time, on such basis and with such conditions as the Board in its sole discretion may establish. The Redemption Price shall be payable, at the option of
the Company, in cash, shares of Common Stock, or such other form of consideration as the Board shall determine. 
 (b)
Immediately upon the action of the Board electing to redeem the Rights (or at such later time as the Board may establish for the effectiveness of such redemption) and without any further action and without any notice, the right to exercise the
Rights will terminate and thereafter the only right of the holders of Rights shall be to receive the Redemption Price for each Right so held. The Company shall promptly thereafter give notice of such redemption to the Rights Agent and the holders of
the Rights in the manner set forth in Section 22; provided that the failure to give, or any defect in, such notice shall not affect the validity of such redemption. Any notice which is mailed in the manner herein provided shall be deemed
given, whether or not the holder receives the notice. Each such notice of redemption will state the method by which the payment of the Redemption Price will be made. 

SECTION 20. Exchange. (a) At any time on or after a Stock Acquisition Date, with respect to all or any part of
the then outstanding and exercisable Rights 
  

 25 

 
(which shall not include Rights that have become void pursuant to Section 6(e) or which are not exercisable pursuant to Section 12), the Board may, at its option, exchange for each
Right one one-millionth of a share of Preferred Stock, subject to adjustment pursuant to Section 9(a)(i) (such exchange ratio being hereinafter referred to as the “Exchange Ratio”). The exchange of the Rights by the Board may
be made effective at such time, on such basis and with such conditions as the Board in its sole discretion may establish. 
 (b)
Immediately upon the effectiveness of the action of the Board to exchange any Rights pursuant to Section 20(a) (or at such later time as the Board may establish) and without any further action and without any notice, the right to exercise such
Rights will terminate and thereafter the only right of a holder of such Rights shall be to receive that number of fractional shares of Preferred Stock equal to the number of such Rights held by such holder multiplied by the Exchange Ratio. The
Company shall promptly thereafter give notice of such exchange to the Rights Agent and the holders of the Rights to be exchanged in the manner set forth in Section 22; provided that the failure to give, or any defect in, such notice
shall not affect the validity of such exchange. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of exchange will state the method by which the exchange
of Rights for fractional shares of Preferred Stock will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. Any partial exchange shall be effected pro rata based on the number of Rights (other than
Rights which have become void pursuant to Section 6(e) or which are not exercisable pursuant to Section 12) held by each holder of Rights. 

(c) In lieu of exchanging all or any part of the then outstanding and exercisable Rights for fractional shares of Preferred Stock in
accordance with Section 20(a), the Board may, at its option, exchange any such Rights (which shall not include Rights that have become void pursuant to Section 6(e) or which are not exercisable pursuant to Section 12) for shares of
Common Stock at an exchange ratio of one share of Common Stock per Right, as may be adjusted pursuant to Section 9(a)(i). 

(d) Prior to effecting an exchange pursuant to this Section 20, the Board may direct the Company to enter into a Trust Agreement in
such form and with such terms as the Board of Directors shall then approve (the “Trust Agreement”). If the Board so directs, the Company shall enter into the Trust Agreement and shall issue to the trust created by such agreement
(the “Trust”) all of the fractional shares of Preferred Stock, or shares of Common Stock or other securities, if any, issuable pursuant to the exchange, and all Persons entitled to receive shares or other securities pursuant to the
exchange shall be entitled to receive such shares or other securities (and any dividends or distributions made thereon after the date on which such shares or other securities are deposited in the Trust) only from the Trust and solely upon compliance
with the relevant terms and provisions of the Trust Agreement. 
  

 26 

 SECTION 21. Notice of Proposed Actions and Certain Other Matters.
(a) If the Company proposes, at any time after a Distribution Date, (i) to pay any dividend payable in stock of any class or to make any other distribution (other than a regular quarterly cash dividend out of earnings or retained
earnings of the Company) to the holders of Preferred Stock, (ii) to offer to the holders of its Preferred Stock rights or warrants to subscribe for or to purchase any additional shares of Preferred Stock or shares of stock of any class or any
other securities, rights or options, (iii) to effect any reclassification of its Preferred Stock (other than a reclassification involving only the subdivision or combination of outstanding shares of Preferred Stock), (iv) to effect, or
permit any Subsidiary to effect, any consolidation, merger or combination with any other Person, or to effect any sale or other transfer, in one transaction or a series of related transactions, of assets or earning power aggregating more than 50% of
the assets or earning power of the Company and Subsidiaries, taken as a whole, or (v) to effect the liquidation, dissolution or winding-up of the Company, then, in each such case, the Company shall give to each holder of a Right, a notice of
such proposed action specifying the record date for the purposes of any such dividend, distribution or offering of rights or warrants, or the date on which any such reclassification, consolidation, merger, combination, sale, transfer, liquidation,
dissolution or winding-up is to take place and the date of participation therein by the holders of Preferred Stock, if any such date is to be fixed, and such notice shall be so given in the case of any action covered by Section 21(a)(i) or
Section 21(a)(ii) above at least 20 days prior to the record date for determining holders of the Preferred Stock entitled to participate in such dividend, distribution or offering, and in the case of any such other action, at least 20 days
prior to the date of the taking of such proposed action or the date of participation therein by the holders of Preferred Stock, whichever shall be earlier. The failure to give notice required by this Section or any defect therein shall not affect
the legality or validity of the action taken by the Company or the vote upon any such action. 
 (b) The Company shall as soon
as practicable after a Stock Acquisition Date give to each holder of a Right, in accordance with Section 22, a notice of the occurrence of such event, which shall specify the event and the consequences of the event to holders of Rights under
Section 9. 
 SECTION 22. Notices. Except as set forth below, all notices, requests and other
communications to any party hereunder and to the holder of any Right shall be in writing unless otherwise expressly specified herein. Notices or demands authorized by this Rights Plan to be given or made to or on the Company or (subject to
Section 18) the Rights Agent shall be sufficiently given or made if sent by overnight delivery service or registered or certified mail (postage prepaid) to the addresses set forth below (or such other address as such party specifies in writing
to the other party): 
 if to the Company, to: 

Sterling Financial Corporation 

111 N. Wall Street 

Spokane, WA 99201 

Attention: Secretary 

Telephone: (509) 458-3711 

Facsimile: (509) 624-6233 
  

 27 

 if to the Rights Agent, to: 

American Stock Transfer & Trust Company, LLC 

59 Maiden Lane 

Plaza Level 
 New
York, NY 10038 
 Attention: REORGANIZATION DEPARTMENT 

Telephone: (800) 937-5449 

Facsimile: (718) 234-5001 

Except as otherwise expressly set forth in this Rights Plan, notices or demands authorized by this Rights Plan to be given or made by the Company or the
Rights Agent to the holder of any Right Certificate or any certificate representing Participating Securities is sufficiently given or made if sent by first class mail (postage prepaid) to each record holder of such Certificate or certificate at the
address of such holder shown on the registry books of the Company. Notwithstanding anything in this Rights Plan to the contrary, prior to a Distribution Date a public filing by the Company with the Securities and Exchange Commission shall constitute
sufficient notice to the holders of securities of the Company, including the Rights, for purposes of this Rights Plan and no other notice need be given to such holders. 

SECTION 23. Supplements and Amendments. At any time on or prior to a Distribution Date, the Company may, and the
Rights Agent shall if the Company so directs, supplement or amend any provision of this Rights Plan in any respect without the approval of any holders of Rights. At any time after the occurrence of a Distribution Date, the Company may, and the
Rights Agent shall if the Company so directs, supplement or amend this Rights Plan without the approval of any holders of Rights; provided, however, that no such supplement or amendment may (a) adversely affect the interests of
the holders of Rights as such (other than with respect to Rights Beneficially Owned by an Acquiring Person), (b) cause this Rights Plan again to become amendable other than in accordance with this sentence or (c) cause the Rights again to
become redeemable. Upon the delivery of a certificate from the Chief Executive Officer, the Chairman of the Board, the Chief Operating Officer, any Executive Vice President, the Secretary or any Assistant Secretary of the Company stating that the
proposed supplement or amendment is in compliance with the terms of this Rights Plan, the Rights Agent shall execute such supplement or amendment. 
  

 28 

 SECTION 24. Successors. All the covenants and provisions of this Rights
Plan by or for the benefit of the Company or the Rights Agent shall bind and inure to the benefit of their respective successors and assigns hereunder. 

SECTION 25. Determinations and Actions by the Board, etc. The Board shall have the exclusive power and authority to
administer this Rights Plan and to exercise all rights and powers specifically granted to the Board or to the Company, or as may be necessary or advisable in the administration of this Rights Plan, including the right and power to (i) interpret
the provisions of this Rights Plan and (ii) make all determinations deemed necessary or advisable for the administration of this Rights Plan (including a determination to redeem or exchange or not to redeem or exchange the Rights or to amend
the Rights Plan). All such actions, calculations, interpretations and determinations which are done or made by the Board in good faith shall be final, conclusive and binding on the Company, the Rights Agent, the holders of the Rights and all other
parties. 
 SECTION 26. Benefits of this Rights Plan. Nothing in this Rights Plan shall be construed to give
to any Person other than the Company, the Rights Agent and the registered holders of the Right Certificates (and, prior to a Distribution Date, the certificates representing Participating Securities or Ownership Statements) any legal or equitable
right, remedy or claim under this Rights Plan; but this Rights Plan shall be for the sole and exclusive benefit of the Company, the Rights Agent and the registered holders of the Right Certificates (and, prior to a Distribution Date, the
certificates representing Participating Securities or Ownership Statements). 
 SECTION 27. Severability. If
any term, provision, covenant or restriction of this Rights Plan is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Rights
Plan shall remain in full force and effect and shall in no way be affected, impaired or invalidated. 

SECTION 28. Governing Law. This Rights Plan, each Right and each Right Certificate issued hereunder shall be deemed to
be a contract made under the laws of the State of Washington and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made and performed entirely within such State. 

SECTION 29. Counterparts; Effectiveness. This Rights Plan may be executed in any number of counterparts and each of
such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute one and the same instrument and shall become effective when each party hereto shall have received a counterpart hereof signed
by all of the other parties hereto. 
 [Remainder of Page Intentionally Left Blank] 

 

 29 

 IN WITNESS WHEREOF, the parties hereto have caused this Rights Plan to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

			
	STERLING FINANCIAL CORPORATION
		
	By:	 	 /s/ Daniel G. Byrne

		 	Name: Daniel G. Byrne
		 	Title: EVP-Finance and Chief Financial Officer
	
	 AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC

		
	By:	 	 /s/ Herbert J. Lemmer

		 	Name: Herbert J. Lemmer
		 	Title: Vice President

  

 30 

 EXHIBIT A 

FORM OF 

ARTICLES OF AMENDMENT 

TO THE 

RESTATED ARTICLES OF INCORPORATION 

OF 

STERLING FINANCIAL CORPORATION 

(SERIES E PARTICIPATING CUMULATIVE PREFERRED STOCK) 

Sterling Financial Corporation, a corporation organized and existing under the laws of Washington (the “Corporation”), in
accordance with the provisions of Chapter 23B.10 and Section 23B.06.020 of the Revised Code of Washington thereof, does hereby certify: 

FIRST: The name of the corporation is Sterling Financial Corporation. 

SECOND: The board of directors of the Corporation (the “Board of Directors”) or an applicable committee of the Board of
Directors, in accordance with the restated articles of incorporation, as amended, and bylaws of the Corporation and applicable law, adopted the following resolution on March 25, 2010, creating a series of Series E shares of Preferred Stock of
the Corporation designated as “SERIES E PARTICIPATING CUMULATIVE PREFERRED STOCK”. 
 RESOLVED, that pursuant
to the provisions of the restated articles of incorporation and the bylaws of the Corporation and applicable law, a series of Preferred Stock, par value $1.00 per share, of the Corporation be and hereby is created, and that the designation and
number of shares of such series, and the voting and other powers, preferences and relative, participating, optional or other rights, and the qualifications, limitations and restrictions thereof, of the shares of such series, are as follows:

 Section 1. Designation and Number of Shares. The shares of such series shall be designated as “Series E
Participating Cumulative Preferred Stock” (the “Series E Preferred Stock”), and the number of shares constituting such series shall be ten thousand (10,000). 

Section 2. Dividends and Distributions. (a) Subject to the prior and superior rights of the holders of any shares of any class
or series of stock of the Corporation ranking prior and superior to the shares of Series E Preferred Stock 
  

 A-1 

 
with respect to dividends, the holders of shares of Series E Preferred Stock, in preference to the holders of shares of any class or series of stock of the Corporation ranking junior to the
Series E Preferred Stock in respect thereof, shall be entitled to receive, when, as and if declared by the Board of Directors out of funds legally available for the purpose, regular quarterly dividends payable on such dates each year as designated
by the Board of Directors (each such date being referred to herein as a “Quarterly Dividend Payment Date”), commencing on the first Quarterly Dividend Payment Date after the first issuance of any share or fraction of a share of Series E
Preferred Stock, in an amount per share (rounded to the nearest cent) equal to the greater of (i) $1.00 and (ii) the Multiplier Number (as defined below) times the aggregate per share amount of all cash dividends or other distributions and
the Multiplier Number times the aggregate per share amount of all non-cash dividends or other distributions (other than (A) a dividend payable in shares of Common Stock, par value $1 per share, of the Corporation (the “Common Stock”)
or (B) a subdivision of the outstanding shares of Common Stock (by reclassification or otherwise)), declared on the Common Stock since the immediately preceding Quarterly Dividend Payment Date, or, with respect to the first Quarterly Dividend
Payment Date, since the first issuance of any share or fraction of a share of Series E Preferred Stock. As used herein, the “Multiplier Number” shall be 1,000,000; provided that if, at any time after April 14, 2010, there shall be any
change in the Common Stock, whether by reason of stock dividends, stock splits, reverse stock splits, recapitalization, mergers, consolidations, combinations or exchanges of securities, split-ups, split-offs, spin-offs, liquidations or other similar
changes in capitalization, or any distribution or issuance of shares of its capital stock in a merger, share exchange, reclassification, or change of the outstanding shares of Common Stock, then in each such event the Board of Directors shall adjust
the Multiplier Number to the extent appropriate such that following such adjustment each share of Series E Preferred Stock shall be in the same economic position as prior to such event. 

(b) The Corporation shall declare a dividend or distribution on the Series E Preferred Stock as provided in Section 2(a) immediately
after it declares a dividend or distribution on the Common Stock (other than as described in Sections 2(a)(ii)(A) and 2(a)(ii)(B)); provided that if no dividend or distribution shall have been declared on the Common Stock during the period between
any Quarterly Dividend Payment Date and the next subsequent Quarterly Dividend Payment Date (or, with respect to the first Quarterly Dividend Payment Date, the period between the first issuance of any share or fraction of a share of Series E
Preferred Stock and such first Quarterly Dividend Payment Date), a dividend of $1.00 per share on the Series E Preferred Stock shall nevertheless be payable on such subsequent Quarterly Dividend Payment Date. 

(c) Dividends shall begin to accrue and be cumulative on outstanding shares of Series E Preferred Stock from the Quarterly Dividend
Payment Date immediately preceding the date of issuance of such shares of Series E Preferred Stock, unless the date of issuance of such shares is on or before the record date for the first Quarterly Dividend Payment Date, in which case dividends on
such 
  

 A-2 

 
shares shall begin to accrue and be cumulative from the date of issue of such shares, or unless the date of issue is a date after the record date for the determination of holders of shares of
Series E Preferred Stock entitled to receive a quarterly dividend and on or before such Quarterly Dividend Payment Date, in which case dividends shall begin to accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued but unpaid
dividends shall not bear interest. Dividends paid on shares of Series E Preferred Stock in an amount less than the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share basis
among all such shares at the time outstanding. The Board of Directors may fix a record date for the determination of holders of shares of Series E Preferred Stock entitled to receive payment of a dividend or distribution declared thereon, which
record date shall not be more than 60 days prior to the date fixed for the payment thereof. 
 Section 3. Voting Rights. In
addition to any other voting rights required by law, the holders of shares of Series E Preferred Stock shall have the following voting rights: 

(a) Each share of Series E Preferred Stock shall entitle the holder thereof to a number of votes equal to the Multiplier Number on all
matters submitted to a vote of shareholders of the Corporation. 
 (b) Except as otherwise provided herein or by law, the
holders of shares of Series E Preferred Stock and the holders of shares of Common Stock shall vote together as a single class on all matters submitted to a vote of shareholders of the Corporation. 

(c) (i) If at any time dividends on any Series E Preferred Stock shall be in arrears in an amount equal to six quarterly dividends
thereon, the occurrence of such contingency shall mark the beginning of a period (herein called a “default period”) which shall extend until such time when all accrued and unpaid dividends for all previous quarterly dividend periods and
for the current quarterly dividend period on all shares of Series E Preferred Stock then outstanding shall have been declared and paid or set apart for payment. During each default period, all holders of Series E Preferred Stock and any other series
of Preferred Stock then entitled as a class to elect directors, voting together as a single class, irrespective of series, shall have the right to elect two Directors. 

(ii) During any default period, such voting right of the holders of Series E Preferred Stock may be exercised initially at a special
meeting called pursuant to Section 3(c)(iii) hereof or at any annual meeting of shareholders, and thereafter at annual meetings of shareholders; provided that neither such voting right nor the right of the holders of any other series of
Preferred Stock, if any, to increase, in certain cases, the authorized number of Directors shall be exercised unless the holders of 10% in number of shares of Preferred Stock outstanding shall be present in person or by proxy. The absence of a
quorum of holders of Common Stock shall not affect the exercise by holders of Preferred Stock of such 
  

 A-3 

 
voting right. At any meeting at which holders of Preferred Stock shall initially exercise such voting right, they shall have the right, voting as a class, to elect Directors to fill such
vacancies, if any, in the Board of Directors as may then exist up to two Directors or, if such right is exercised at an annual meeting, to elect two Directors. If the number which may be so elected at any special meeting does not amount to the
required number, the holders of the Preferred Stock shall have the right to make such increase in the number of Directors as shall be necessary to permit the election by them of the required number. After the holders of the Preferred Stock shall
have exercised their right to elect Directors in any default period and during the continuance of such period, the number of Directors shall not be increased or decreased except by vote of the holders of Preferred Stock as herein provided or
pursuant to the rights of any equity securities ranking senior to or pari passu with the Series E Preferred Stock. 
 (iii)
Unless the holders of Preferred Stock shall have previously exercised their right to elect Directors during an existing default period, the Board of Directors may order, or any shareholder or shareholders owning in the aggregate not less than 10% of
the total number of shares of Preferred Stock outstanding, irrespective of series, may request, the calling of a special meeting of holders of Preferred Stock, which meeting shall thereupon be called by the Chairman of the Board, the Chief Executive
Officer, the Chief Operating Officer, any Executive Vice President or the Secretary of the Corporation. Notice of such meeting and of any annual meeting at which holders of Preferred Stock are entitled to vote pursuant to this Section 3(c)(iii)
shall be given to each holder of record of Preferred Stock by mailing such notice to him at the address of such holder shown on the registry books of the Corporation. Such meeting shall be called for a time not earlier than 20 days and not later
than 60 days after such order or request or in default of the calling of such meeting within 60 days after such order or request, such meeting may be called on similar notice by any shareholder or shareholders owning in the aggregate not less than
10% of the total number of shares of Preferred Stock outstanding, irrespective of series. Notwithstanding the provisions of this Section 3(c)(iii), no such special meeting shall be called during the period within 60 days immediately preceding
the date fixed for the next annual meeting of shareholders. 
 (iv) In any default period, the holders of Common Stock, and
other classes of stock of the Corporation if applicable, shall continue to be entitled to elect the whole number of Directors until the holders of Preferred Stock shall have exercised their right to elect two Directors voting as a class, after the
exercise of which right (x) the Directors so elected by the holders of Preferred Stock shall continue in office until their successors shall have been elected by such holders or until the expiration of the default period, and (y) any
vacancy in the Board of Directors may (except as provided in Section 3(c)(ii) hereof) be filled by vote of a majority of the remaining Directors theretofore elected by the holders of the class of stock which elected the Director whose office
shall have become vacant. References in this Section 3(c) to Directors elected by the holders of a particular class of stock shall include Directors elected by such Directors to fill vacancies as provided in clause (y) of the foregoing
sentence. 
  

 A-4 

 (v) Immediately upon the expiration of a default period, (x) the right of the holders
of Preferred Stock as a class to elect Directors shall cease, (y) the term of any Directors elected by the holders of Preferred Stock as a class shall terminate, and (z) the number of Directors shall be such number as may be provided for
in the articles of incorporation or bylaws irrespective of any increase made pursuant to the provisions of Section 3(c)(ii) (such number being subject, however, to change thereafter in any manner provided by law or in the articles of
incorporation or bylaws). Any vacancies in the Board of Directors effected by the provisions of clauses (y) and (z) in the preceding sentence may be filled by a majority of the remaining Directors. 

(d) The articles of incorporation of the Corporation shall not be amended in any manner (whether by merger or otherwise) so as to
adversely affect the powers, preferences or special rights of the Series E Preferred Stock without the affirmative vote of the holders of a majority of the outstanding shares of Series E Preferred Stock, voting separately as a class. 

(e) Except as otherwise expressly provided herein or by applicable law, holders of Series E Preferred Stock shall have no special voting
rights and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth herein) for taking any corporate action. 

Section 4. Certain Restrictions. (a) Whenever quarterly dividends or other dividends or distributions payable on the Series E
Preferred Stock as provided in Section 2 are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on outstanding shares of Series E Preferred Stock shall have been paid in full, the
Corporation shall not: 
 (i) declare or pay dividends on, or make any other distributions on, any shares of stock ranking
junior (either as to dividends or upon liquidation, dissolution or winding-up) to the Series E Preferred Stock; 
 (ii) declare
or pay dividends on, or make any other distributions on, any shares of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding-up) with the Series E Preferred Stock, except dividends paid ratably on the Series E
Preferred Stock and all such other parity stock on which dividends are payable or in arrears in proportion to the total amounts to which the holders of all such shares are then entitled; 

(iii) redeem, purchase or otherwise acquire for value any shares of stock ranking junior (either as to dividends or upon liquidation,
dissolution or winding-up) to the Series E Preferred Stock; provided that the Corporation may at any time redeem, purchase or otherwise acquire shares of any such junior stock in exchange for shares of stock of the Corporation ranking junior (as to
dividends and upon dissolution, liquidation or winding-up) to the Series E Preferred Stock; or 
  

 A-5 

 (iv) redeem, purchase or otherwise acquire for value any shares of Series E Preferred Stock,
or any shares of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding-up) with the Series E Preferred Stock, except in accordance with a purchase offer made in writing or by publication (as determined by the
Board of Directors) to all holders of Series E Preferred Stock and all such other parity stock upon such terms as the Board of Directors, after consideration of the respective annual dividend rates and other relative rights and preferences of the
respective series and classes, shall determine in good faith will result in fair and equitable treatment among the respective series or classes. 

(b) The Corporation shall not permit any subsidiary of the Corporation to purchase or otherwise acquire for value any shares of stock of
the Corporation unless the Corporation could, under paragraph 4(a), purchase or otherwise acquire such shares at such time and in such manner. 

Section 5. Reacquired Shares. Any shares of Series E Preferred Stock purchased or otherwise acquired by the Corporation in any
manner whatsoever shall be retired promptly after the acquisition thereof. All such shares shall upon their retirement become authorized but unissued shares of Preferred Stock without designation as to series and may be reissued as part of a new
series of Preferred Stock to be created by the Board of Directors as permitted by the articles of incorporation of the Corporation or as otherwise permitted under Washington law. 

Section 6. Liquidation, Dissolution and Winding-up. Upon any liquidation, dissolution or winding-up of the Corporation, no
distribution shall be made (a) to the holders of shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding-up) to the Series E Preferred Stock unless, prior thereto, the holders of shares of Series E
Preferred Stock shall have received $1.00 per share, plus an amount equal to accrued and unpaid dividends and distributions thereon, whether or not declared, to the date of such payment; provided that the holders of shares of Series E Preferred
Stock shall be entitled to receive an aggregate amount per share equal to (x) the Multiplier Number times (y) the aggregate amount to be distributed per share to holders of Common Stock, or (b) to the holders of stock ranking on a
parity (either as to dividends or upon liquidation, dissolution or winding-up) with the Series E Preferred Stock, except distributions made ratably on the Series E Preferred Stock and all such other parity stock in proportion to the total amounts to
which the holders of all such shares are entitled upon such liquidation, dissolution or winding-up. 
 Section 7.
Consolidation, Merger, etc. If the Corporation shall enter into any consolidation, merger, combination or other transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash or any other property,
then in any such case the shares of Series E Preferred Stock 
  

 A-6 

 
shall at the same time be similarly exchanged for or changed into an amount per share equal to (x) the Multiplier Number times (y) the aggregate amount of stock, securities, cash or any
other property, as the case may be, into which or for which each share of Common Stock is changed or exchanged. 

Section 8. No Redemption. The Series E Preferred Stock shall not be redeemable. 

Section 9. Rank. The Series E Preferred Stock shall rank junior to all other series of the Preferred Stock as to the payment of
dividends and the distribution of assets upon liquidation, dissolution and winding-up, unless the terms of such series shall specifically provide otherwise, and shall rank senior to the Common Stock as to such matters. Without limiting the
generality of the foregoing, the Series E Preferred Stock shall rank junior to the Fixed Rate Cumulative Perpetual Preferred Stock, Series A, as to the payment of dividends and the distribution of assets upon liquidation, dissolution and winding up.

 Section 10. Fractional Shares. Series E Preferred Stock may be issued in fractions of a share which shall entitle the
holder, in proportion to such holder’s fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit of all other rights of holders of Series E Preferred Stock. 

THIRD: These Articles of Amendment to the Restated Articles of Incorporation, as amended, do not provide for an exchange,
reclassification or cancellation of any issued shares. 
 FOURTH: These Articles of Amendment to the Restated
Articles of Incorporation, as amended, were duly adopted by the Board of Directors of the Corporation on             . 

FIFTH: No shareholder action was required. 

SIXTH: These Articles of Amendment are effective upon filing by the Secretary of State of Washington. 

[Remainder of Page Intentionally Left Blank] 

 

 A-7 

 IN WITNESS WHEREOF, Sterling Financial Corporation has caused these Articles of Amendment to
be signed by             , its             , this      day of
            , 20    . 
 Sterling Financial
Corporation 
  

			
	By:	 	  

	Name:	 	
	Title:	 	

  

 A-8 

 EXHIBIT B 

AS SET FORTH IN THE RIGHTS PLAN, RIGHTS ISSUED OR 

TRANSFERRED TO, OR BENEFICIALLY OWNED BY, ANY PERSON 

WHO IS, WAS OR BECOMES AN ACQUIRING PERSON (AS SUCH 

TERMS ARE DEFINED IN THE RIGHTS PLAN), WHETHER 

CURRENTLY BENEFICIALLY OWNED BY OR ON BEHALF OF SUCH 

PERSON OR BY ANY SUBSEQUENT HOLDER, MAY BE NULL AND 

VOID. AS SET FORTH IN THE RIGHTS PLAN, THE EXERCISE AND 

TRANSFER OF RIGHTS ARE ALSO SUBJECT TO ADDITIONAL 

RESTRICTIONS. 

SUMMARY OF TERMS 

STERLING FINANCIAL CORPORATION 

SHAREHOLDER RIGHTS PLAN 
  

			
	Purpose	 	The purpose of the shareholder rights plan (“Rights Plan”) described in this summary of terms is to preserve the value of the certain deferred tax assets
(“Tax Benefits”) of Sterling Financial Corporation (the “Company” or “Sterling”) for U.S. federal income tax purposes.
		
	Form of Security	 	The Board of Directors of the Company (i) authorized and declared a dividend of one preferred stock purchase right (a “Right”) for each share of Common Stock
outstanding at the close of business on April 15, 2010 (the “Record Date”) and authorized the issuance, upon the terms and subject to the conditions herein, of one Right (subject to adjustment) in respect of each share of Common
Stock issued after the Record Date; and (ii) authorized the issuance, upon the terms and subject to the conditions herein, of a number of Rights (subject to adjustment), in respect of each share of any Sterling convertible preferred stock
issued after the Record Date, that gives effect to the applicable conversion rate of such convertible preferred stock; each Right representing the right to purchase, upon the terms and subject to the conditions herein, one one-millionth (subject to
adjustment) of a share of Preferred Stock (as defined below).

  

 B-1 

			
	Exercise	 	Prior to a Distribution Date,
2 the Rights are not exercisable.
		
		 	After a Distribution Date, each Right is exercisable to purchase, for $3.50 (the “Purchase Price”), one one-millionth of a share of Preferred Stock of the Company
(“Preferred Stock”).
		
	Flip-In	 	If any person or group (an “Acquiring Person”) becomes a beneficial owner of 5% or more of the “Company Securities” (as defined in the Rights Plan) then
outstanding (a “Threshold Holder”) (subject to certain exceptions described in the Rights Plan), then on a Distribution Date, each Right (other than Rights beneficially owned by the Acquiring Person and certain affiliated persons)
will entitle the holder to purchase, for the Purchase Price, a number of millionths of a share of Preferred Stock of the Company having a market value of twice the Purchase Price; provided that (i) none of the U.S. Government, its
instrumentalities or agencies and certain of its wholly-owned entities shall be an Acquiring Person; (ii) none of the Company and certain affiliates of the Company shall be an Acquiring Person, (iii) no “Existing Holder” (as
described in the Rights Plan) shall be an Acquiring Person so long as the applicable “Existing Holder” satisfies the applicable requirements set forth in the Rights Plan; (iv) no “Strategic Investor” (as described in the
Rights Plan) shall be an Acquiring Person so long as the applicable “Strategic Investor” satisfies the applicable requirements set forth in the Rights Plan; (v) no person or group who or which has become a Threshold Holder as a result
of a redemption by the Company shall be an Acquiring

  

	2
	 Distribution Date means the earlier of: 

  

	 	•	 	 the 10th business day after public announcement that any person or group has become an Acquiring Person; and 

 

	 	•	 	 the 10th business day after the date of the commencement of a tender or exchange offer by any person which would or could, if consummated, result in
such person becoming an Acquiring Person, subject to extension by the Board of Directors of the Company. 

  

 B-2 

			
		 	Person so long as such person or group satisfies the applicable requirements set forth in the Rights Plan; (vi) no person or group who or which the Board determines, in its
sole discretion, has inadvertently become a Threshold Holder shall be an Acquiring Person so long as such Person promptly enters into, and delivers to the Company, an irrevocable commitment promptly to divest and thereafter promptly divests (without
exercising or retaining any power, including voting, with respect to such securities), sufficient Company Securities so that such Person is no longer a Threshold Holder; (vii) no person or group that has become a Threshold Holder shall be an
Acquiring Person if the Board determines, in its sole discretion, that the attainment of such status has not jeopardized or endangered the Company’s utilization of the Tax Benefits; and (viii) an acquisition by a person or group of at
least a majority of the Company’s Common Stock made by that person or group as part of a “Qualified Offer” (as defined in the Rights Plan) shall not result in any person or group becoming an Acquiring Person.
		
	Legal and Regulatory Matters	 	Rights are not exercisable to the extent that such exercise would contravene any applicable law or regulation or require any filing with, notice to or action by or in respect of any
governmental or regulatory authority unless and until such filing, notice or action has been made, taken or obtained. No Rights may be transferred unless such transfer complies with all applicable laws and regulations.
		
	Exchange	 	At any time after any person has become an Acquiring Person (but before any person becomes the beneficial owner of 50% or more of the Company’s Common Stock), the Board may
elect to exchange all or part of the Rights (other than the Rights beneficially owned by the Acquiring Person and certain affiliated persons) for one one-millionth of a share of Preferred Stock (or one share of Common Stock) per Right, subject to
adjustment.
		
	Redemption	 	The Board of Directors may, at its option, redeem all, but not fewer than all, of the then outstanding Rights at a redemption price of $0.000001 per Right at any time prior to a
Distribution Date.

  

 B-3 

			
	Expiration	 	The Rights will expire on the earlier of (i) the date that is forty (40) months and one day after the date of adoption of the Rights Plan (the “Final Expiration
Date”), unless a Stock Acquisition Date (as defined in the Plan) occurs fewer than 30 days prior to such date, in which case the Final Expiration Date shall be the date that is thirty (30) days after the Stock Acquisition Date,
(ii) the time at which all Rights are redeemed or exchanged, (iii) the first day of a taxable year of the Company to which the Board determines that no Tax Benefits may be carried forward, (iv) a date prior to a Stock Acquisition Date
on which the Board determines, in its sole discretion, that the Rights and the Rights Plan are no longer in the best interests of the Company and its shareholders and (v) a date on which (x) the Company has entered into an investment
agreement that provides for the Company to call a meeting of its shareholders to vote on a proposal to amend the articles of incorporation of the Company to adopt certain restrictions on acquisitions and dispositions of securities by persons that
hold, or intend to acquire, 5% or more of the value of the Common Stock of the Company, (y) a Closing (as defined in such investment agreement) has occurred, and (z) such amendment to the certificate of incorporation has been approved by
the shareholders of the Company.
		
	Amendments	 	At any time on or prior to a Distribution Date, the Company may, and the Rights Agent shall if the Company so directs, supplement or amend any provision of the Rights Plan without
the approval of any holders of certificates representing shares of Company Securities.
		
		 	After a Distribution Date, the Company may, and the Rights Agent shall if the Company so directs, supplement or amend the Rights Plan without the approval of any holders of Rights;
provided, however, that no such supplement or amendment may (a) adversely affect the interests of the holders of Rights as such (other than with respect to Rights beneficially owned by an Acquiring Person and

 

 B-4 

			
		 	certain affiliated persons), (b) cause this Rights Plan again to become amendable other than in accordance with this sentence or (c) cause the Rights again to become
redeemable.
		
	Shareholder Rights	 	Rights holders have no rights as a shareholder of the Company, including the right to vote or to receive dividends.
		
	Antidilution Provisions	 	The Rights Plan includes antidilution provisions designed to preserve the efficacy of the Rights.

 
  

A copy of the Rights Plan has been filed with the Securities and Exchange Commission as an Exhibit to a Registration Statement on Form 8-A. A copy of the
Rights Plan is available free of charge from the Company. This summary description of the Rights does not purport to be complete and is qualified in its entirety by reference to the Rights Plan, as amended from time to time, the complete terms of
which are hereby incorporated by reference. 
  
  

 

 B-5 

 EXHIBIT C 

[FORM OF RIGHT CERTIFICATE] 
  

			
	No. R -	 	[Number of] Rights

 NOT EXERCISABLE AFTER THE
EARLIER OF                     , 20     AND THE DATE ON WHICH THE RIGHTS EVIDENCED HEREBY ARE REDEEMED OR EXCHANGED BY THE
COMPANY AS SET FORTH IN THE RIGHTS PLAN. AS SET FORTH IN THE RIGHTS PLAN, RIGHTS ISSUED TO, OR BENEFICIALLY OWNED BY, ANY PERSON WHO IS, WAS OR BECOMES AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS PLAN), WHETHER CURRENTLY
BENEFICIALLY OWNED BY OR ON BEHALF OF SUCH PERSON OR BY ANY SUBSEQUENT HOLDER, MAY BE NULL AND VOID. AS SET FORTH IN THE RIGHTS PLAN, THE EXERCISE AND TRANSFER OF RIGHTS ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS. 

RIGHT CERTIFICATE 

STERLING FINANCIAL CORPORATION 

This Right Certificate certifies that
                    , or registered assigns, is the registered holder of the number of Rights set forth above, each of which entitles the holder
(upon the terms and subject to the conditions set forth in the Rights Plan dated as of April 14, 2010 (the “Rights Plan”) between Sterling Financial Corporation, a Washington corporation (the “Company”), and
American Stock Transfer & Trust Company, LLC (the “Rights Agent”)) to purchase from the Company, at any time after a Distribution Date and prior to the Expiration Date, one one-millionth of a fully paid, nonassessable share
of Series E Participating Cumulative Preferred Stock (the “Preferred Stock”) of the Company at a purchase price of $3.50 per one one-millionth of a share (the “Purchase Price”), payable in lawful money of the United
States of America, upon surrender of this Right Certificate, with the form of election to purchase and related certificate duly executed, and payment of the Purchase Price at an office of the Rights Agent designated for such purpose. 

Terms used herein and not otherwise defined herein shall have the meanings given to them in the Rights Plan. 

The number of Rights evidenced by this Right Certificate (and the number and kind of shares issuable upon exercise of each Right) and the
Purchase Price set forth above are as of April 14, 2010, and may have been or in the future be adjusted as a result of the occurrence of certain events, as more fully provided in the Rights Plan. 

 If the Rights evidenced by this Right Certificate are Beneficially Owned by an Acquiring
Person after an Acquiring Person has become such, such Rights shall become null and void without any further action, and no holder hereof shall have any rights whatsoever with respect to such Rights. If the Rights evidenced by this Right Certificate
are beneficially owned by (a) a transferee of Rights Beneficially Owned by such Acquiring Person who (i) becomes a transferee after a Stock Acquisition Date or (ii) becomes a transferee prior to or concurrently with a Stock
Acquisition Date and receives such Rights (A) with actual knowledge that the transferor is or was an Acquiring Person or (B) pursuant to either (I) a transfer (whether or not for consideration) from the Acquiring Person to holders of
equity interests in such Acquiring Person or to any Person with whom the Acquiring Person has any continuing agreement, arrangement or understanding regarding the transferred Rights or (II) a transfer which is part of a plan, arrangement or
understanding which has as a primary purpose or effect the avoidance of these transfer restrictions, such Rights shall become null and void without any further action, and no holder hereof shall have any rights whatsoever with respect to such
Rights. 
 No holder of the Rights evidenced by this Rights Certificate may exercise, and such Rights shall not be exercisable
so long as they are held by such holder, such Rights to the extent that such exercise would contravene any applicable law or regulation or require any filing with, notice to or action by or in respect of any governmental or regulatory authority
unless and until such filling, notice or action has been made, taken or obtained. No Rights evidenced by this Rights Certificate may be transferred unless such transfer complies with all applicable laws and regulations (including with respect to the
identity of the proposed transferee, the manner of transfer and any required filing with, notice to or action by or in respect of any governmental or regulatory authority). 

This Right Certificate is subject to all of the terms, provisions and conditions of the Rights Plan, which terms, provisions and
conditions are hereby incorporated herein by reference and made a part hereof and to which Rights Plan reference is hereby made for a full description of the rights, limitations of rights, obligations, duties and immunities hereunder of the Rights
Agent, the Company and the holders of the Right Certificates, which limitations of rights include the temporary suspension of the exercisability of such Rights under the specific circumstances set forth in the Rights Plan. 

At any time after a Distribution Date and prior to the Expiration Date, any Right Certificate or Certificates may, upon the terms and
subject to the conditions set forth below in the Rights Plan, be transferred or exchanged for another Right Certificate or Certificates evidencing a like number of Rights as the Right Certificate or Certificates surrendered. Any registered holder
desiring to transfer or exchange any Right Certificate or Certificates shall surrender such Right Certificate or Certificates (with, in the case of a transfer, the form of assignment and certificate on the reverse side thereof duly executed) to the
Rights Agent at the principal office or offices of the Rights Agent designated for such purpose. 
  

 C-2 

 Subject to the provisions of the Rights Plan, the Board of Directors of the Company may, at
its option, 
 (a) at any time on or prior to a Distribution Date redeem all but not less than all of the then
outstanding Rights at a redemption price of $0.00001 per Right, as may be adjusted pursuant to the Rights Plan; or 

(b) at any time after a Distribution Date exchange all or part of the then outstanding Rights (which shall not include
Rights that have become void pursuant to Section 6(e)) for fractional shares of Preferred Stock at an exchange ratio of one millionth of a share of Preferred Stock per Right, as may be adjusted pursuant to the Rights Plan. If the Rights shall
be exchanged in part, the holder of this Right Certificate shall be entitled to receive upon surrender hereof another Right Certificate or Certificates for the number of whole Rights not exchanged. 

The Company shall not be required to issue fractions of shares of Preferred Stock (other than fractions which are multiples of one
one-millionth of a share of Preferred Stock) upon the exercise of the Rights or to distribute certificates which evidence fractional shares of Preferred Stock (other than fractions which are multiples of one one-millionth of a share of Preferred
Stock). In lieu of any such fractional shares of Preferred Stock, the Company shall pay to the registered holders of Right Certificates at the time such Rights are exercised an amount in cash equal to the same fraction of the current market price of
one one-millionth of a share of Preferred Stock. If this Right Certificate shall be exercised in part, the holder shall be entitled to receive upon surrender hereof another Right Certificate or Certificates for the number of whole Rights not
exercised. 
 No holder of this Right Certificate shall be entitled to vote, receive dividends or be deemed for any purpose the
holder of the shares of capital stock which may at any time be issuable on the exercise hereof, nor shall anything contained in the Rights Plan or herein be construed to confer upon the holder hereof, as such, any of the rights of a shareholder of
the Company (including any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action, to receive notice of meetings or other actions
affecting shareholders (except as provided in the Rights Plan), to receive dividends or subscription rights, or otherwise) until the Right or Rights evidenced by this Right Certificate shall have been exercised as provided in the Rights Plan.

  

 C-3 

 This Right Certificate shall not be valid or obligatory for any purpose until it shall have
been countersigned by the Rights Agent. 
  

 C-4 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal by
its authorized officers. 
 Dated as of
                    , 20     

 

					
	STERLING FINANCIAL CORPORATION
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

					
	[SEAL]
		
	Attest:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Countersigned:
	
	 AMERICAN STOCK TRANSFER &

TRUST COMPANY, LLC as Rights Agent

					
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

 C-5 

 Form of Reverse Side of Right Certificate 

FORM OF ASSIGNMENT 

(To be executed if the registered holder 

desires to transfer the Right Certificate.) 
  

			
	FOR VALUE RECEIVED	  	  

		
	hereby sells, assigns and transfers unto	  	  

 
  
  

(Please print name and address of transferee) 
  

 
  

this Right Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint
                     Attorney, to transfer the within Right Certificate on the books of the within named Company, with full power of substitution.

 Dated:                     ,
20     
  

	
	  

	Signature

 Medallion Signature Guaranteed: 

 CERTIFICATE 

The undersigned hereby certifies by checking the appropriate boxes that: 

(1) the Rights evidenced by this Right Certificate          are
         are not Beneficially Owned by an Acquiring Person and          are          are not being assigned by or on behalf of a
Person who is or was an Acquiring Person or an Associate of an Acquiring Person (as such terms are defined in the Rights Plan); and 

(2) after due inquiry and to the best knowledge of the undersigned, it          did
         did not acquire the Rights evidenced by this Right Certificate from any Person who is, was or became an Acquiring Person or an Associate of an Acquiring Person. 

Dated:                     ,
20     
  

	
	  

	Signature

  

 
 The signatures
to the foregoing Assignment and Certificate must correspond to the name as written upon the face of this Right Certificate in every particular, without alteration or enlargement or any change whatsoever. 

 
  

 FORM OF ELECTION TO PURCHASE 

(To be executed if the registered holder desires to exercise Rights 

represented by the Right Certificate.) 
  

	To:	Sterling Financial Corporation 

The undersigned hereby irrevocably elects to exercise
                     Rights represented by this Right Certificate to purchase shares of Preferred Stock issuable upon the exercise of the Rights (or
such other securities of the Company or of any other person which may be issuable upon the exercise of the Rights) and requests that certificates for such securities be issued in the name of and delivered to: 

Please insert social security or other identifying number
                     
  

 
  

(Please print name and address) 
  

 
  

If such number of Rights shall not be all the Rights evidenced by this Right Certificate, a new Right Certificate for the balance of such
Rights shall be registered in the name of and delivered to: 
 Please insert social security or other identifying number
                     
  

 
  

(Please print name and address) 
  

 
  

Dated:                     ,
20     
  

	
	  

	Signature

 Medallion Signature Guaranteed: 

 CERTIFICATE 

The undersigned hereby certifies by checking the appropriate boxes that: 

(1) the Rights evidenced by this Right Certificate          are
         are not Beneficially Owned by an Acquiring Person and          are          are not being exercised by or on behalf of a
Person who is or was an Acquiring Person or an Associate of an Acquiring Person (as such terms are defined in the Rights Plan); and 

(2) after due inquiry and to the best knowledge of the undersigned, it          did
         did not acquire the Rights evidenced by this Right Certificate from any Person who is, was or became an Acquiring Person or an Associate of an Acquiring Person. 

Dated:                     ,
20     
  

	
	  

	Signature

  

 
 The signature to the foregoing
Election to Purchase and Certificate must correspond to the name as written upon the face of this Right Certificate in every particular, without alteration or enlargement or any change whatsoever.

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