Document:

EX-4.24

 Exhibit 4.24 

DATED              2017 

GRUYERE HOLDINGS PTY LTD 

with 
 AUSTRALIA AND NEW
ZEALAND BANKING GROUP LIMITED 
 COMMONWEALTH BANK OF AUSTRALIA 

WESTPAC BANKING CORPORATION 

Acting as Issuing Banks 
  

 
 BANK GUARANTEE
FACILITY AGREEMENT 
  
  

 
 

 

 CONTENTS 
  

							
	CLAUSE	 	 	  	PAGE	 
	 1.
	 	 Definitions and Interpretation
	  	 	4	 
	 2.
	 	 The Facility
	  	 	27	 
	 3.
	 	 Purpose
	  	 	27	 
	 4.
	 	 Conditions of Utilisation – Initial conditions precedent
	  	 	27	 
	 5.
	 	 Utilisation
	  	 	28	 
	 6.
	 	 Bank Guarantees
	  	 	29	 
	 7.
	 	 Extension option
	  	 	32	 
	 8.
	 	 Prepayment and Cancellation
	  	 	33	 
	 9.
	 	 Fees
	  	 	37	 
	 10.
	 	 Tax Gross-up and Indemnities
	  	 	40	 
	 11.
	 	 Increased Costs
	  	 	44	 
	 12.
	 	 Other Indemnities
	  	 	45	 
	 13.
	 	 Mitigation by the Issuing Banks
	  	 	46	 
	 14.
	 	 Costs and Expenses
	  	 	46	 
	 15.
	 	 Guarantee and Indemnity
	  	 	48	 
	 16.
	 	 Representations
	  	 	52	 
	 17.
	 	 Information Undertakings
	  	 	56	 
	 18.
	 	 Financial Covenants
	  	 	60	 
	 19.
	 	 General Undertakings
	  	 	62	 
	 20.
	 	 Events of Default
	  	 	69	 
	 21.
	 	 Changes to the Issuing Banks
	  	 	74	 
	 22.
	 	 Changes to the Obligors
	  	 	78	 
	 23.
	 	 Conduct of Business by the Issuing Banks
	  	 	80	 
	 24.
	 	 Payment Mechanics
	  	 	81	 
	 25.
	 	 Set-off
	  	 	83	 
	 26.
	 	 Notices
	  	 	83	 
	 27.
	 	 Calculations and Certificates
	  	 	85	 
	 28.
	 	 Partial Invalidity
	  	 	85	 
	 29.
	 	 Remedies and Waivers
	  	 	86	 
	 30.
	 	 Amendments and Waivers
	  	 	86	 
	 31.
	 	 Confidential Information
	  	 	88	 
	 32.
	 	 Counterparts
	  	 	91	 
	 33.
	 	 Governing Law
	  	 	92	 
	 34.
	 	 Enforcement
	  	 	92	 

  
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 THE SCHEDULES 
  

					
	SCHEDULE	  	PAGE	 
	 SCHEDULE 1 The Original Parties
	  	 	93	 
	 SCHEDULE 2 Conditions Precedent
	  	 	95	 
	 SCHEDULE 3 Utilisation Request
	  	 	101	 
	 SCHEDULE 4 Form of Transfer Certificate
	  	 	102	 
	 SCHEDULE 5 Form of Assignment Agreement
	  	 	104	 
	 SCHEDULE 6 Form of Accession Letter
	  	 	107	 
	 SCHEDULE 7 Form of Resignation Letter
	  	 	108	 
	 SCHEDULE 8 Form of Compliance Certificate
	  	 	109	 
	 SCHEDULE 9 Form of Bank Guarantee
	  	 	110	 
	 SCHEDULE 10 Timetable
	  	 	112	 
	 SCHEDULE 11 Form of Confidentiality Undertaking
	  	 	113	 

  
 3 

 THIS AGREEMENT is dated              2017 and made
between: 
  

	(1)	GOLD FIELDS LIMITED (the “Parent”); 

  

	(2)	GRUYERE HOLDINGS PTY LTD ABN 65 615 728 491 (the “Original Borrower”); 

  

	(3)	THE SUBSIDIARIES of the Parent listed in Part I of Schedule 1 (The Original Parties) as guarantors (together with the Parent, the “Original Guarantors”); and 

 

	(4)	THE FINANCIAL INSTITUTIONS listed in Part II of Schedule 1 (The Original Parties) as issuing banks (the “Original Issuing Banks”). 

IT IS AGREED as follows: 
 SECTION 1 

INTERPRETATION 
  

	1.	Definitions and Interpretation 

  

	1.1	Definitions 

 In this Agreement: 

“Accession Letter” means a document substantially in the form set out in Schedule 6 (Form of Accession Letter). 

“Additional Borrower” means a company which becomes an Additional Borrower in accordance with Clause 22 (Changes to the
Obligors). 
 “Additional Guarantor” means a company which becomes an Additional Guarantor in accordance with Clause 22
(Changes to the Obligors). 
 “Additional Obligor” means an Additional Borrower or an Additional Guarantor. 

“Affiliate” means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other
Subsidiary of that Holding Company. 
 “Agent” has the meaning given to it in the Syndicated Facility Agreement. 

“Agreement” means this agreement. 

“Anti-Corruption Laws” means: 
  

	 	(a)	the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, 1997 (the “OECD Convention”); 

 

	 	(b)	the US Foreign Corrupt Practices Act of 1977 (as amended by the Foreign Corrupt Practices Act Amendments of 1988 and 1998, and as may be further amended and supplemented from time to time) or the rules and regulations
thereunder (the “FCPA”); 

  

	 	(c)	the Bribery Act 2010; 

  

	 	(d)	the following South African laws: 

  

	 	(i)	the South African Prevention and Combating of Corrupt Activities Act, 2004; 

  

	 	(ii)	the South African Prevention of Organised Crime Act, 1998; 

  
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	 	(iii)	the South African Protection of Constitutional Democracy Against Terrorist Related Activities Act, 2004; 

  

	 	(e)	any other applicable law in any applicable jurisdiction (including any (i) statute, ordinance, rule or regulation; (ii) order of any court, tribunal or any other judicial body; and (iii) rule, regulation,
guideline or order of any public body, or any other administrative requirement) which: 

  

	 	(i)	prohibits the conferring of any gift, payment or other benefit on any person or any officer, employee, agent or adviser of such person; and/or 

 

	 	(ii)	is broadly equivalent to the FCPA and/or the Bribery Act 2010 or was intended to enact the provisions of the OECD Convention or which has as its objective the prevention of corruption. 

“APLMA” means the Asia Pacific Loan Market Association. 

“Assignment Agreement” means an agreement substantially in the form set out in Schedule 5 (Form of Assignment
Agreement) or any other form agreed between the relevant assignor and assignee. 
 “Associate” has the meaning given to
such term in Clause 18.1 (Financial definitions) of this Agreement. 
 “Auditors” means, at any time, the auditors of
the Parent at that time, being as at the date of this Agreement KPMG and any replacement for those auditors appointed by the Parent. 

“Australian Withholding Tax” means any Australian Tax required to be withheld or deducted from any interest or other payment
under Division 11A of Part III of the Tax Act or Subdivision 12F of Schedule 1 to the Tax Administration Act 1953 (Cth). 

“Availability Period” means the period from and including the date of this Agreement to and including the date which is one
(1) Month prior to the Termination Date. 
 “Available Commitment” means an Issuing Bank’s Commitment minus: 

 

	 	(a)	the amount of its participation in any outstanding Utilisations; and 

  

	 	(b)	in relation to any proposed Utilisation, the amount of its participation in any Utilisations that are due to be made on or before the proposed Utilisation Date, 

other than that Issuing Bank’s participation in any Utilisations that are due to be repaid or prepaid on or before the proposed
Utilisation Date. 
 “Available Facility” means the aggregate for the time being of each Issuing Bank’s Available
Commitment. 
 “Bank Guarantee” means: 
  

	 	(a)	a bank guarantee substantially in the form set out in Schedule 9 (Form of Bank Guarantee); or 

  

	 	(b)	any other guarantee, indemnity, letter of credit or other instrument in a form requested by the Parent and agreed by the applicable Issuing Bank. 

  
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 “Basel III” has the meaning set out in paragraph (b) of Clause 11.1
(Increased costs). 
 “BBSY Bid” means: 
  

	 	(a)	the applicable Screen Rate as of the Specified Time on the Quotation Day for Australian dollars and for a period equal in length to 30 days; or 

 

	 	(b)	as otherwise determined under Clause 9.5 (Unavailability of Screen Rate), 

 and if, in
either case, that rate is less than zero, BBSY Bid shall be deemed to be zero. 
 “Borrower” means the Original Borrower or
an Additional Borrower unless it has ceased to be a Borrower in accordance with Clause 22 (Changes to the Obligors). 

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in Sydney, Perth and
Johannesburg. 
 “Cerro Corona Project” means the development of the gold and copper deposits in Peru by the Cerro Corona
Subsidiary. 
 “Cerro Corona Subsidiary” means Gold Fields La Cima S.A.. 

“Code” means the US Internal Revenue Code of 1986. 

“Commitment” means: 
  

	 	(a)	in relation to an Original Issuing Bank, the amount set opposite its name under the heading “Commitment” in Part II of Schedule 1 (The Original Parties) and the amount of any other Commitment
transferred to it under this Agreement; and 

  

	 	(b)	in relation to any other Issuing Bank, the amount of any Commitment transferred to it under this Agreement, 

to the extent not cancelled, reduced or transferred by it under this Agreement. 

“Compliance Certificate” means a certificate substantially in the form set out in Schedule 8 (Form of Compliance
Certificate). 
 “Confidential Information” means all information relating to the Parent, any Obligor, the Group, the
Finance Documents or the Facility of which an Issuing Bank becomes aware in its capacity as, or for the purpose of becoming, an Issuing Bank or which is received by an Issuing Bank in relation to, or for the purpose of becoming an Issuing Bank
under, the Finance Documents or the Facility from either: 
  

	 	(a)	any member of the Group or any of its advisers; or 

  

	 	(b)	another Issuing Bank, if the information was obtained by that Issuing Bank directly or indirectly from any member of the Group or any of its advisers, 

in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording
information which contains or is derived or copied from such information but excludes information that: 
  

	 	(i)	is or becomes public information other than as a direct or indirect result of any breach by that Issuing Bank of Clause 31 (Confidential Information); or 

  
 6 

	 	(ii)	is identified in writing at the time of delivery as non-confidential by the Parent; and 

  

	 	(iii)	is known by that Issuing Bank before the date the information is disclosed to it in accordance with sub-paragraph (i) or (ii) above or is lawfully obtained by that Issuing
Bank after that date, from a source which is, as far as that Issuing Bank is aware, unconnected with the Group and which, in either case, as far as that Issuing Bank is aware, has not been obtained in breach of, and is not otherwise subject to, any
obligation of confidentiality. 

 “Confidentiality Undertaking” means a confidentiality undertaking
substantially in the form as set out in Schedule 11 (Form of Confidentiality Undertaking) or in any other form agreed between the Parent and the Issuing Banks. 

“Consolidated EBITDA” has the meaning set out in Clause 18.1 (Financial Definitions). 

“Consolidated Tangible Net Worth” means, at any time, the “Shareholders’ Equity”, as reported in the
“Group Statement of Changes in Shareholders’ Equity” in the last set of annual consolidated financial statements of the Parent delivered to the Issuing Banks pursuant to this Agreement. 

“Constitutional Documents” means, in respect of any person at any time, the then current and up-to-date constitutional documents of such person at such time (including, without limitation, such person’s memorandum and articles of association, certificate of incorporation, articles of
incorporation or commercial registration certificate). 
 “Default” means an Event of Default or any event or circumstance
specified in Clause 20 (Events of Default) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of
Default. 
 “Defaulting Issuing Bank” means any Issuing Bank: 

 

	 	(a)	which has failed to issue a Bank Guarantee or has notified the Parent that it will not issue a Bank Guarantee in accordance with Clause 5.5 (Issue of Bank Guarantee) or has failed to pay a claim or has notified
the Parent that it will not pay a claim in accordance with (and as defined in) Clause 6.1 (Claims under a Bank Guarantee); 

  

	 	(b)	which has otherwise rescinded or repudiated a Finance Document; or 

  

	 	(c)	with respect to which an Insolvency Event has occurred and is continuing, 

 unless, in the case
of paragraph (a) above: 
  

	 	(i)	its failure to pay or issue a Bank Guarantee is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Disruption Event, and 

  
 7 

 in the case of payment, payment is made within five (5) Business Days of its due date, or
in the case of issuing a Bank Guarantee, the Bank Guarantee is issued within five (5) Business Days of the Utilisation Date; or 
  

	 	(ii)	the Issuing Bank is disputing in good faith whether it is contractually obliged to make the payment or issue the Bank Guarantee in question. 

“Development Agreement” means the development agreement dated on or around the date of this Agreement between Gruyere
Management Pty Ltd (as agent for and on behalf of GRL and GMC as joint venturers) and APA Power Holdings Pty Ltd ABN 57 149 762 121. 

“Disruption Event” means either or both of: 
  

	 	(a)	a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facility (or otherwise
in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties; or 

 

	 	(b)	the occurrence of any other event which results in a disruption (of a technical or system-related nature) to the treasury or payments operations of a Party preventing that, or any
other Party: 

  

	 	(i)	from performing its payment obligations under the Finance Documents; or 

  

	 	(ii)	from communicating with other Parties in accordance with the terms of the Finance Documents, 

and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted. 

“Electricity Supply Agreement” means the electricity supply agreement dated on or around the date of this Agreement between
Gruyere Management Pty Ltd (as agent for and on behalf of GRL and GMC as joint venturers) and APA Power Holdings Pty Ltd ABN 57 149 762 121. 

“Encumbrance” means: 
  

	 	(a)	any mortgage, pledge, lien, assignment or cession conferring security, hypothecation, a security interest, preferential right or trust arrangement or other encumbrance of the like securing any obligation of any person;

  

	 	(b)	any arrangement under which money or claims to, or for the benefit of, a bank or other account may be applied, set off or made subject to a combination of accounts so as to effect discharge of any sum owed or payable to
any person; or 

  

	 	(c)	any other type of preferential agreement or arrangement (including any title transfer and retention arrangement), the effect of which is the creation of a security interest. 

It does not include a PPSA Deemed Security Interest. 

“Environmental Claim” means any claim, proceeding or investigation by any person in respect of any Environmental Law. 

  
 8 

 “Environmental Law” means any law applicable to the business conducted by a
Material Group Company at the relevant time in any jurisdiction in which that Material Group Company conducts business which relates to the pollution, degradation or protection of the environment or harm to or the protection of human health or the
health of animals or plants. 
 “Environmental Permits” means any permit, licence, consent, approval and other authorisation
and the filing of any notification, report or assessment required under any Environmental Law for the operation of the business of any Material Group Company conducted on or from the properties owned or used by that Material Group Company. 

“Event of Default” means any event or circumstance specified as such in Clause 20 (Events of Default). 

“Existing Group Facility Agreement” means the US$1,290,000,000 credit facilities agreement dated 6 June 2016 between,
among others, the Parent and the financial institutions listed therein, as amended from time to time or any other any credit facility, bond, or note facility entered into for the purpose of refinancing this agreement. 

“Existing Issuing Bank” has the meaning given to it in Clause 21.1 (Assignments and transfers by the Issuing Banks).

 “Expiry Date” means, for a Bank Guarantee, the last day of its Term. 

“Facility” means the bank guarantee facility made available under this Agreement as described in Clause 2.1 (The
Facility). 
 “Facility Office” means the office(s) notified by an Issuing Bank to the Parent in writing on or before
the date it becomes an Issuing Bank (or, following that date, by not less than five (5) Business Days’ written notice) as the office(s) through which it will perform its obligations under this Agreement. 

“FATCA” means: 
  

	 	(a)	sections 1471 to 1474 of the Code and any associated regulations; 

  

	 	(b)	any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or
regulation referred to in paragraph (a) above; or 

  

	 	(c)	any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation
authority in any other jurisdiction. 

 “FATCA Application Date” means: 

 

	 	(a)	in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014;

  

	 	(b)	in relation to a “withholdable payment” described in section 1473(1)(A)(ii) of the Code (which relates to “gross proceeds” from the disposition of property of a type that can produce interest from
sources within the US), 1 January 2019; and 

  
 9 

	 	(c)	in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within paragraphs (a) or (b) above, 1 January 2019, 

or, in each case, such other date from which such payment may become subject to a deduction or withholding required by FATCA after the date of
this Agreement. 
 “FATCA Deduction” means a deduction or withholding from a payment under a Finance Document required
by FATCA. 
 “FATCA Exempt Party” means a Party that is entitled to receive payments free from any FATCA Deduction.

 “Finance Document” means this Agreement, any Accession Letter, any Resignation Letter and any other document designated
as such by the Issuing Banks and the Parent. 
 “Financial Indebtedness” means (without double counting) any indebtedness
for or in respect of: 
  

	 	(a)	moneys borrowed; 

  

	 	(b)	any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent; 

  

	 	(c)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; 

 

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP, be treated as a balance sheet liability (other than any liability in respect of a lease or hire
purchase contract which would, in accordance with GAAP in force as at the date of this Agreement, have been treated as an operating lease); 

  

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

 

	 	(f)	the amount of liability in respect of any purchase price for assets or services the payment of which is deferred where the deferral of such price is either: 

 

	 	(i)	used primarily as a method of raising credit; or 

  

	 	(ii)	not made in the ordinary course of business; 

  

	 	(g)	any agreement or option to re-acquire an asset if one of the primary reasons for entering into such agreement or option is to raise finance; 

 

	 	(h)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; 

 

	 	(i)	any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market
value shall be taken into account); 

  

	 	(j)	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; 

  
 10 

	 	(k)	any amount raised by the issue of redeemable shares to the extent such shares are redeemable prior to the Termination Date; and 

  

	 	(l)	the amount of any liability in respect of any guarantee or indemnity for any of its items referred to in paragraphs (a) to (k) above. 

“Financial Year” means, at any time, the financial year of the Group ending on 31 December in each calendar year. 

“GAAP” means the generally accepted accounting principles set out in IFRS. 

“Ghanaian Companies” means Gold Fields Ghana Limited and Abosso Goldfields Limited. 

“GMC” means Gruyere Mining Company Pty Ltd ABN 11 615 729 005 (a wholly owned Subsidiary of the Original Borrower). 

“GRL” means Gold Road Resources Limited ABN 13 109 289 527. 

“Group” means the Parent and each of its Subsidiaries from time to time. 

“Group Company” means a member of the Group. 

“Gruyere Gold JV” means the 50:50 unincorporated joint venture between GMC and GRL for the development and operation of the
Gruyere Gold Project, established pursuant to the Gruyere Gold JV Agreement. 
 “Gruyere Gold JV Agreement” means the joint
venture agreement dated 6 December 2016 between GMC, GRL and others. 
 “Gruyere Gold Project” means the Gruyere
gold mineral resource project in Western Australia including Central Bore, the Attila and Alaric deposits and the YAM14 and Toto prospects located approximately 200 kilometres east of Laverton. 

“GST” has the meaning given in the GST Act. 

“GST Act” means the A New Tax System (Goods and Services Tax) Act 1999 (Cth). 

“Guarantor” means an Original Guarantor or an Additional Guarantor unless, in the case of an Additional Guarantor, it has
ceased to be a Guarantor in accordance with Clause 22 (Changes to the Obligors). 
 “Holding Company” means, in
relation to a company or corporation, any other company or corporation in respect of which it is a Subsidiary. 
 “IFRS”
means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements. 

“Increased Costs” has the meaning given to it in paragraph (b) of Clause 11.1 (Increased costs). 

“Indebtedness for Borrowed Money” means Financial Indebtedness save for any indebtedness for or in respect of paragraphs
(i) and (j) of the definition of “Financial Indebtedness”. 

  
 11 

 “Indirect Tax” means any goods and services tax, consumption tax, value added
tax or any tax of a similar nature. 
 “Information” has the meaning given to such term in paragraph (a) of Clause
16.10 (No misleading information). 
 “Insolvency Event” means, in relation to an Issuing Bank, that: 

 

	 	(a)	any receiver, administrative receiver, administrator, liquidator, compulsory manager or other similar officer is appointed in respect of that Issuing Bank or all or substantially all of its assets; 

 

	 	(b)	that Issuing Bank is subject to any event which has an analogous effect to any of the events specified in paragraph (a) above under the applicable laws of any jurisdiction; or 

 

	 	(c)	that Issuing Bank suspends making payments on all or substantially all of its debts or publicly announces an intention to do so. 

“Issuing Bank” means: 
  

	 	(a)	any Original Issuing Bank; and 

  

	 	(b)	any bank or financial institution which has become a Party in accordance with Clause 21 (Changes to the Issuing Banks), 

which in each case has not ceased to be an Issuing Bank in accordance with the terms of this Agreement. 

“Interpolated Screen Rate” means the rate (rounded to the same number of decimal places as the two (2) relevant Screen
Rates) which results from interpolating on a linear basis between: 
  

	 	(a)	the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than 30 days; and 

  

	 	(b)	the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds 30 days, 

each as of the Specified Time on the Quotation Day for Australian dollars. 

“LMA” means the Loan Market Association. 

“Low Rating Period” means any period during which: 
  

	 	(a)	the long term credit rating then published by Moody’s in respect of the Parent is Ba2 or lower; and 

  

	 	(b)	the long term credit rating then published by Standard & Poor’s in respect of the Parent is BB or lower. 

“Majority Issuing Banks” means: 
  

	 	(a)	at any time there are only three (3) Issuing Banks, an Issuing Bank or Issuing Banks whose Commitments aggregate 66 per cent. or more of the Total Commitments (or, if the Total Commitments have been reduced to
zero, aggregated 66 per cent. or more of the Total Commitments immediately prior to the reduction); and 

  
 12 

	 	(b)	at any other time an Issuing Bank or Issuing Banks whose Commitments aggregate more than 66 2⁄3 per cent. of the Total
Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 66 2⁄3 per cent. of the Total Commitments immediately prior to
the reduction). 

 “Market Capitalisation” means the product obtained as a result of multiplying (A) by
(B), where (A) is the average closing price for the issued shares of the Parent on the Johannesburg Stock Exchange during the 30 day period prior to the date the relevant Obligor or Material Group Company has entered into a legally binding
commitment to make the relevant acquisition or investment or the relevant sale, lease, transfer or other disposal (as applicable) and (B) is the total number of shares (including, without double counting those represented by
American depository receipts) issued by the Parent. 
 “Material Adverse Effect” means a material adverse effect on:

  

	 	(a)	the business, operations, property or financial condition of the Group taken as a whole; 

  

	 	(b)	the ability of an Obligor to perform its financial or other material obligations under the Finance Documents to which it is a party; or 

 

	 	(c)	the validity or enforceability of the Finance Documents or any of them. 

 “Material
Group Company” means: 
  

	 	(a)	the Obligors; and 

  

	 	(b)	any member of the Group from time to time that is not a Non-Material Group Company; 

and “Material Group Companies” means, as the context requires, all of them. 

“Maximum Liability” means, in respect of a Bank Guarantee, the amount specified in that Bank Guarantee as the maximum
liability (exclusive of interest on that maximum liability) under that Bank Guarantee less any amount by which that specified maximum liability has been reduced. 

“Mining Charter” has the meaning given to it in Clause 20.9 (Creditors’ process). 

“Month” means a period starting on one (1) day in a calendar month and ending on the numerically corresponding day in the
next calendar month, except that: 
  

	 	(a)	if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately
preceding Business Day; and 

  

	 	(b)	if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month. 

Paragraphs (a) and (b) above will only apply to the last Month of any period. 

“Moody’s” means Moody’s Investor Services Inc., or any successor to its rating agency function. 

“MPRDA” has the meaning given to it in Clause 20.9 (Creditors’ Process). 

“New Issuing Bank” has the meaning given to it in Clause 21.1 (Assignments and transfers by the Issuing Banks). 

  
 13 

 “Newshelf” means Newshelf 899 Proprietary Limited, a company incorporated under
the laws of South Africa. 
 “Non-Material Group Company” means, at any time, a
member of the Group (other than an Obligor) which had EBITDA (determined on the same basis as Consolidated EBITDA) and gross assets in its most recently ended Financial Year (on a consolidated basis taking into account it and its Subsidiaries only)
less than 10 per cent. of Consolidated EBITDA (but including, for these purposes only, the net income of any Project Finance Subsidiaries) and gross assets of the Group (calculated according to the most recent set of audited consolidated
financial statements delivered pursuant to Clause 16.11 (Financial Statements)). Compliance with the aforementioned condition shall be determined by reference to the latest audited financial statements of such member of the Group
(consolidated in the case of a member of the Group which itself has Subsidiaries), provided that: 
  

	 	(a)	if, in the case of any member of the Group which itself has Subsidiaries, no consolidated financial statements are prepared and audited, its consolidated EBITDA and gross assets shall be determined on the basis of pro
forma consolidated financial statements of the relevant member of the Group and its Subsidiaries, prepared for this purpose by the Parent; 

  

	 	(b)	if any intra-Group transfer or re-organisation takes place, the audited financial statements of the Group Company and all relevant members of the Group shall be adjusted by the
Parent in order to take into account such intra-Group transfer or re-organisation; and 

  

	 	(c)	the audited financial statements of the Group and any relevant member of the Group shall be adjusted in such a manner as the Auditors think fair and appropriate to take account of the acquisition or disposal of any
member of the Group or any business of any member of the Group, after the date or at which the audited financial statements of the Group are made up. 

Should there be any dispute regarding whether any member of the Group is or is not a Non-Material Group
Company such dispute shall be referred, at the request of the Issuing Banks, to the Auditors and a report by the Auditors that a member of the Group is or is not a Non-Material Group Company shall, in the
absence of manifest error, be conclusive and binding on all Parties. The costs of obtaining the report by the Auditors will be borne by the unsuccessful party to the dispute. 

“Obligor” means a Borrower or a Guarantor. 

“Offshore Associate” means a Tax Associate: 
  

	 	(a)	which is a non-resident of Australia and does not become an Issuing Bank or receive a payment in carrying on a business in Australia at or through a permanent establishment of the
Tax Associate in Australia; or 

  

	 	(b)	which is a resident of Australia and which becomes an Issuing Bank or receives a payment in carrying on a business in a country outside Australia at or through a permanent establishment of the Tax Associate in that
country; and 

  
 14 

 which does not become an Issuing Bank and receive payment in the capacity of a clearing house,
custodian, funds manager or responsible entity of a registered scheme. 
 “Original Financial Statements” means the
unaudited consolidated financial statements of the Parent for the Financial Year ended 31 December 2016. 
 “Party”
means a party to this Agreement. 
 “Permitted Disposal” means any sale, lease, transfer or other disposal: 

 

	 	(a)	by an Obligor or any member of the Group of obsolete or redundant assets which are no longer required for the efficient operation of the business of such Obligor or such member of the Group; 

 

	 	(b)	by an Obligor or any member of the Group in the ordinary course of its day-to-day business if that sale, lease, transfer or other disposal
is not otherwise restricted by a term of any Finance Document; 

  

	 	(c)	by an Obligor to another Obligor (other than to an Additional Obligor); 

  

	 	(d)	by a member of the Group that is not an Obligor to an Obligor or by an Obligor to an Additional Obligor or to a member of the Group that is not an Obligor if such sale, lease, transfer or other disposal is concluded at
arm’s length; 

  

	 	(e)	by a member of the Group that is not an Obligor to another member of the Group that is not an Obligor; 

  

	 	(f)	by any member of the Group to any other person where the higher of the market value or consideration receivable when aggregated with the higher of the market value or consideration receivable for any other sale, lease,
transfer or other disposal by any Material Group Company (other than a sale, lease, transfer or other disposal referred to in paragraphs (a), (b), (c), (d), (e), and (h)) does not exceed (at the time of the relevant disposal) 20 per cent. of
Market Capitalisation in any Financial Year and does not exceed (at the time of the relevant disposal), in aggregate during the period from the date of this Agreement to the Termination Date, either: 

 

	 	(i)	in respect of any such sale, lease, transfer or other disposal made during a Low Rating Period, 25 per cent. of Market Capitalisation; or 

 

	 	(ii)	in respect of any such sale, lease, transfer or other disposal made otherwise than in a Low Rating Period, 30 per cent. of Market Capitalisation; 

 

	 	(g)	by any member of the Group to any other person where: (i) the relevant sale, lease, transfer or other disposal is completed during a Low Rating Period; (ii) the relevant member of the Group became legally
committed to make the sale lease, transfer or other disposal prior to the commencement of that Low Rating Period; and (iii) the relevant sale lease, transfer or other disposal would have been permitted pursuant to paragraph (f) above if on
the date on which it was completed, a Low Rating Period was not then continuing; or 

  

	 	(h)	for which the Majority Issuing Banks have given their prior written consent. 

  
 15 

 “Permitted Encumbrance” means: 

 

	 	(a)	any Encumbrance created prior to the date of this Agreement which (i) is disclosed in the Original Financial Statements and (ii) in all circumstances secures only indebtedness outstanding or a facility
available at the date of this Agreement if the principal amount or original facility thereby secured is not increased after the date of this Agreement; 

  

	 	(b)	any title transfer or retention arrangement entered into by any member of the Group in the normal course of its trading activities and on terms no worse for that member of the Group than the standard terms of the
relevant supplier; 

  

	 	(c)	any netting or set-off arrangement entered into by any member of the Group in the ordinary course of its banking arrangements (which shall include, for the avoidance of doubt,
those pursuant to hedging arrangements in relation to gold, silver, copper and other commodity prices, foreign exchange rates and interest rates where such arrangements are entered into for the purposes of providing protection against fluctuation in
such rates or prices in the ordinary course of business), for the purpose of netting debit and credit balances; 

  

	 	(d)	any lien arising by operation of law and in the ordinary course of trading and not by reason of any default (whether in payments or otherwise), of any member of the Group; 

 

	 	(e)	any Encumbrance over or affecting (or transaction described in paragraph (b) of Clause 19.3 (Negative pledge) (“Quasi-Encumbrance”) affecting) any asset acquired by a member of the Group
after the date of this Agreement if: 

  

	 	(i)	the Encumbrance or Quasi-Encumbrance was not created in contemplation of the acquisition of that asset by a member of the Group; 

  

	 	(ii)	the principal amount secured has not been increased in contemplation of, or since the acquisition of that asset by a member of the Group; and 

 

	 	(iii)	the Encumbrance or Quasi-Encumbrance is (other than an Encumbrance or Quasi-Encumbrance otherwise permitted pursuant to paragraph (b), (c) or (d) above or, (f), (g), (i), (j) or (k) below) removed or
discharged within six (6) months of the date of acquisition of such asset; 

  

	 	(f)	any Encumbrance or Quasi-Encumbrance over or affecting any asset of any company which becomes a member of the Group after the date of this Agreement, where the Encumbrance or Quasi-Encumbrance is created prior to the
date on which that company becomes a member of the Group, if: 

  

	 	(i)	the Encumbrance or Quasi-Encumbrance was not created in contemplation of the acquisition of that company; 

  

	 	(ii)	the principal amount secured has not increased in contemplation of or since the acquisition of that company; and 

  

	 	(iii)	the Encumbrance or Quasi-Encumbrance is (other than an Encumbrance or Quasi-Encumbrance otherwise permitted pursuant to paragraph (b), (c), (d) or (e) above or (g), (i), (j) or (k) below) removed or discharged
within six (6) months of that company becoming a member of the Group; 

  
 16 

	 	(g)	any Encumbrance or Quasi-Encumbrance granted in respect of Project Finance Borrowings over assets of, or the shares in, a Project Finance Subsidiary (other than the Cerro Corona Subsidiary); 

 

	 	(h)	any Encumbrance or Quasi-Encumbrance resulting from the rules and regulations of any clearing system or stock exchange over shares and/or other securities held in that clearing system or stock exchange;

  

	 	(i)	in respect of Encumbrances or Quasi-Encumbrances over or affecting any asset of any Material Group Company (other than the Cerro Corona Subsidiary), any Encumbrance or Quasi-Encumbrance securing indebtedness the
principal amount of which (when aggregated with the principal amount of any other indebtedness which has the benefit of any Encumbrance or Quasi-Encumbrance other than any permitted under paragraphs (a) to (h) above and (k) and (l) below),
does not at any time exceed 12 per cent. of Consolidated Tangible Net Worth (or its equivalent in another currency) (but adjusted to include the net value of new assets acquired since the last date of the latest set of consolidated annual
financial statements of the Group); 

  

	 	(j)	any Encumbrance granted in favour of GRL by way of cross-security for performance of obligations under the Gruyere Gold JV Agreement; 

 

	 	(k)	any other Encumbrance or Quasi-Encumbrance as agreed by the Majority Issuing Banks in writing; or 

  

	 	(l)	any Encumbrance or Quasi-Encumbrance granted in respect of Financial Indebtedness incurred in connection with the Cerro Corona Project over the business or assets of the Cerro Corona Subsidiary or over the Ownership
Interests in the Cerro Corona Subsidiary provided that the amount of Financial Indebtedness secured by all such Encumbrances or Quasi-Encumbrances permitted by this paragraph (I) does not at any time in aggregate exceed two hundred million US
dollars (US$200,000,000) (or its equivalent). In this paragraph (l) “Ownership Interests” means (i) the shares issued by the Cerro Corona Subsidiary, (ii) any shareholder loans made to the Cerro Corona Subsidiary
(iii) to the extent required by Peruvian law, the shares in the Holding Company which directly owns the shares issued by the Cerro Corona Subsidiary provided that such Holding Company’s sole assets are shares issued by, and any loans made
by it to, the Cerro Corona Subsidiary and its sister company, Minera Gold Fields S.A. 

 “Permitted Financial
Indebtedness” means any Financial Indebtedness: 
  

	 	(a)	arising under the Finance Documents; 

  

	 	(b)	arising under the Syndicated Facility Agreement; 

  

	 	(c)	 arising under the credit facilities agreement dated 6 June 2016 between the Parent, GFI Joint Venture
Holdings Proprietary Limited, Gold Fields Operations Limited, Gold Fields Orogen Holding (BVI) Limited and Gold Fields Ghana Holdings (BVI) 

  
 17 

	 	
Limited, the subsidiaries of the Parent listed in part I of schedule 1 to that agreement, the financial institutions listed in part II of schedule 1 to that agreement, the financial institutions
listed in part III of schedule 1 to that agreement, the financial institutions listed in part IV of schedule 1 to that agreement and The Bank of Tokyo-Mitsubishi UFJ, Ltd.; 

 

	 	(d)	arising under any environmental bond which any member of the Group is required to issue by any applicable law; 

  

	 	(e)	arising in connection with the Cerro Corona Project provided that, the aggregate amount of all such Financial Indebtedness does not at any time exceed two hundred million US dollars (US$200,000,000) (or its equivalent);

  

	 	(f)	arising under any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price but not for speculative purposes; 

 

	 	(g)	of the Group existing and available on the date of this Agreement (or, of any person that becomes a member of the Group from time to time, provided that, such Financial Indebtedness existed at the time such person
became a member of the Group and was not created in anticipation thereof); 

  

	 	(h)	between Group Companies to the extent incurred for the purposes of financing general corporate and working capital requirements; or 

  

	 	(i)	not falling within paragraphs (a), (b), (c), (d), (e), (f), (g) or (h) above provided that the aggregate amount of all Financial Indebtedness (excluding, for the avoidance of doubt, any Financial Indebtedness
incurred by a Guarantor or a Project Finance Subsidiary) permitted under this paragraph (i) does not at any time exceed three hundred million US dollars (US$300,000,000) (or its equivalent). 

“Permitted Guarantee” means: 
  

	 	(a)	any guarantees of any Financial Indebtedness of any member of the Group; 

  

	 	(b)	any guarantee given in respect of the netting or set-off arrangements permitted pursuant to paragraph (c) of the definition of “Permitted Encumbrance”;

  

	 	(c)	any guarantees or indemnities outstanding on the date of this Agreement; or 

  

	 	(d)	any guarantees not falling within paragraph (a), (b) or (c) above so long as the aggregate amount of such guarantees outstanding at any time when aggregated with the amount of any loans permitted pursuant to
paragraph (f) of “Permitted Loan” does not exceed US$250,000,000 (or its equivalent) at any time. 

“Permitted Loan” means: 
  

	 	(a)	any trade credit extended by any member of the Group to its customers on normal commercial terms and in the ordinary course of its trading activities; 

 

	 	(b)	Financial Indebtedness which is referred to in the definition of, or otherwise constitutes, Permitted Financial Indebtedness (except under paragraph (f) of that definition); 

  
 18 

	 	(c)	a loan made by an Obligor to another Obligor or made by a Material Group Company which is not an Obligor to another Material Group Company; 

 

	 	(d)	any loan between Group Companies to the extent made for the purposes of financing general corporate and working capital requirements; 

 

	 	(e)	any loan made by an Obligor or Material Group Company which is outstanding on the date of this Agreement; or 

  

	 	(f)	any loan (other than a loan permitted under paragraphs (a), (b), (c), (d) or (e) above) so long as the aggregate amount of the Financial Indebtedness under any such loans when aggregated with the amount of any
guarantees permitted pursuant to paragraph (d) of “Permitted Guarantee” does not exceed US$250,000,000 (or its equivalent) at any time. 

“PPSA” means the Personal Property Securities Act 2009 (Cth). 

“PPSA Deemed Security Interest” means an interest of the kind referred to in section 12(3) of the PPSA where the transaction
concerned does not, in substance, secure payment or performance of an obligation. 
 “Prime Bank” means a bank determined by
ASX Benchmarks Pty Limited ACN 616 075 417 (or any other person which takes over the administration of the Screen Rate for Australian dollars) as being a Prime Bank or an acceptor or issuer of bills of exchange or negotiable certificates of deposit
for the purposes of calculating that Screen Rate. If ASX Benchmarks Pty Limited ACN 616 075 417 or such other person ceases to make such determination, the Prime Banks shall be the Prime Banks last so appointed. 

“Project Finance Borrowings” means: 
  

	 	(a)	any indebtedness to finance (or re-finance) a project comprised of the ownership, development, construction, refurbishment, commissioning and/or operation of assets which is
incurred by a Project Finance Subsidiary in connection with such project and in respect of which the recourse of the person(s) making any such finance (or re-finance) available to that Project Finance
Subsidiary for the payment, repayment and prepayment of such indebtedness is limited to (i) the Project Finance Subsidiary and its assets and/or the shares in that Project Finance Subsidiary and/or (ii) during the period prior to
successful completion of the relevant completion tests applicable to such project guarantees from any one or more members of the Group; or 

  

	 	(b)	any indebtedness the terms and conditions of which have been approved by the Majority Issuing Banks and which the Majority Issuing Banks have agreed in writing to treat as a “Project Finance Borrowing” for the
purposes of the Finance Documents. 

 “Project Finance Subsidiary” means a single purpose company or other
entity (excluding the Obligors) whose sole business is a project comprised of the ownership, development, construction, refurbishment, commissioning and/or operation of an asset which has incurred Project Finance Borrowings. 

“Qualifying Issuing Bank” has the meaning given to it in Clause 10 (Tax Gross-up
and Indemnities). 

  
 19 

 “Quotation Day” means the first day of the 30 day period referred to in the
definition of “BBSY Bid” in this Clause 1.1. 
 “Reference Bank Rate” means the sum of the following rates:

  

	 	(a)	

  

	 	(i)	the rate representing the view (if any and applied to the relevant period) which respondents to the NCDSURVEY10AM survey conducted by ASX Benchmarks Pty Limited ACN 616 075 417 (or any other person which takes over the
conduct of that survey) are asked to submit to the relevant conductor of the survey; or 

  

	 	(ii)	(if the rate referred to in paragraph (i) is not available), the arithmetic mean of the rates (rounded upwards to four (4) decimal places) as supplied to the Majority Issuing Banks at their request by the
Reference Banks as the mid discount rate (expressed as a yield percent to maturity) observed by the relevant Reference Bank for marketable parcels of Australian dollar denominated bank accepted bills and negotiable certificates of deposit accepted
or issued by Prime Banks, and which mature on the last day of the relevant period or in the same half month period under market conventions; or 

  

	 	(iii)	(if the rate referred to in paragraph (i) is not available and there is no observable market rate for marketable parcels of Prime Bank Australian dollar securities referred to in paragraph (ii) above), the
arithmetic mean of the rates (rounded upwards to four (4) decimal places) as supplied to the Majority Issuing Banks at their request by the Reference Banks as the rate at which the relevant Reference Bank could borrow funds in Australian
dollars in the Relevant Interbank Market and for the relevant period were it to do so by asking for and then accepting interbank offers for deposits in reasonable market sizes for that period; and 

 

	 	(b)	0.05% per annum. 

 “Reference Banks” means the principal Sydney offices of
Australia and New Zealand Banking Group Limited, Commonwealth Bank of Australia and Westpac Banking Corporation or such other entities as may be appointed by the Majority Issuing Banks in consultation with the Parent at the relevant time. 

“Related Fund” in relation to a fund (the “first fund”), means a fund which is managed or advised by the same
investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment
adviser of the first fund. 
 “Relevant Interbank Market” means the Australian interbank market for bank accepted bills and
negotiable certificates of deposit. 
 “Relevant Provision” means any financial covenant or other similar covenant or
undertaking that requires the Parent, any member of the Group or the Group (as a whole) to achieve and maintain a stated level of financial condition or financial performance (or any event of default that has an equivalent effect). 

  
 20 

 “Renewal Request” means a written notice delivered to the Issuing Bank in
accordance with Clause 5.6 (Renewal of a Bank Guarantee). 
 “Repeating Representations” means each of the
representations set out in Clause 16.1 (Status) to Clause 16.23 (Sanctions) inclusive, other than Clause 16.3 (Binding Obligations), Clause 16.6 (Governing law and enforcement), Clause 16.7 (Deduction of
Tax), Clause 16.8 (No filing or stamp taxes), paragraphs (a) and (b) of Clause 16.10 (No misleading information), Clause 16.13 (No proceedings pending or threatened) and paragraph (b) of Clause 16.23
(Sanctions). 
 “Replacement Issuing Bank” has the meaning given to it in paragraph (a) of
Clause 30.4 (Replacement of a Defaulting Issuing Bank). 
 “Representative” means any delegate, agent,
manager, administrator, nominee, attorney, trustee or custodian. 
 “Resignation Letter” means a letter substantially in the
form set out in Schedule 7 (Form of Resignation Letter). 
 “Retiring Guarantor” has the meaning given to it in
Clause 15.8 (Release of Guarantors’ right of contribution). 
 “Sanctioned Country” means a country, territory
or region that is the target of Sanctions. 
 “Sanctions” means any economic, financial or trade sanctions laws,
regulations, embargoes or restrictive measures administered, enacted or enforced by the United States government (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of
State and including, without limitation, the designation as a “specially designated national” or “blocked person”), the United Nations Security Council, the European Union, Her Majesty’s Treasury, the government of
Australia, the government of Canada, the government of Japan, the government of South Africa or any other relevant sanctions authority which replaces, or is a successor to, any of the foregoing. 

“Screen Rate” means: 
  

	 	(a)	the Australian Bank Bill Swap Reference Rate (Bid) administered by ASX Benchmarks Pty Limited ACN 616 075 417 (or any other person which takes over the administration of that rate) for the relevant period and displayed
on page BBSY of the Thomson Reuters Screen (or any replacement Thomson Reuters page which displays that rate). If such page or service ceases to be available, the Majority Issuing Banks may specify another page or service displaying the relevant
rate after consultation with the Parent; and 

  

	 	(b)	if the rate described in sub-paragraph (a) above is not available, the sum of: 

  

	 	(i)	 the Australian Bank Bill Swap Reference Rate administered by ASX Benchmarks Pty Limited ACN 616 075 417 (or any
other person which takes over the administration of that rate) for the relevant period and displayed 

  
 21 

	 	
on page BBSW of the Thomson Reuters Screen (or any replacement Thomson Reuters page which displays that rate). If such page or service ceases to be available, the Majority Issuing Banks may
specify another page or service displaying the relevant rate after consultation with the Parent; and 

  

	 	(ii)	0.05% per annum. 

 “South Africa” means the Republic of South Africa. 

“South African Obligor” means: 
  

	 	(a)	GFI Joint Venture Holdings Proprietary Limited; 

  

	 	(b)	Gold Fields Operations Limited; 

  

	 	(c)	Gold Fields Limited; or 

  

	 	(d)	any Additional Obligor incorporated in South Africa. 

 “Specified Time” means a
time determined in accordance with Schedule 10 (Timetable). 
 “Standard & Poor’s” means
Standard & Poor’s, a division of the McGraw-Hill Companies Inc., or any successor to its rating agency function. 

“Subsidiary” means, in relation to any company or corporation, a company or corporation: 

 

	 	(a)	which is controlled, directly or indirectly, by the first mentioned company or corporation; 

  

	 	(b)	more than half the issued share capital of which is beneficially owned, directly or indirectly by the first mentioned company or corporation; or 

 

	 	(c)	which is a Subsidiary of another Subsidiary of the first mentioned company or corporation, 

 and
for this purpose, a company or corporation shall be treated as being controlled by another if that other company or corporation is able to direct its affairs and/or to control the composition of its board of directors or equivalent body. 

“Syndicated Facility Agreement” means the syndicated facility agreement to be entered into between the Parent, the Original
Borrower, the subsidiaries of the Parent listed in part I of schedule 1 to that agreement, the financial institutions listed in part II of schedule 1 to that agreement, the financial institutions listed in part III of schedule 1 to that agreement
and Commonwealth Bank of Australia. 
 “Tax” means any tax, levy, impost, duty or other charge or withholding of a similar
nature (including, without limitation, any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). 

“Tax Act” means the Income Tax Assessment Act 1936. 

“Tax Associate” has the meaning given to “Associate” in Section 128F(9) of the Tax Act. 

“Tax Credit” has the meaning given to it in Clause 10 (Tax Gross-up and
Indemnities). 
 “Tax Deduction” means a deduction or withholding for or on account of Tax from a payment under a
Finance Document, other than a FATCA Deduction. 

  
 22 

 “Tax Payment” means either the payment of an additional amount by an Obligor to
an Issuing Bank under Clause 10.2 (Tax gross-up) or a payment under Clause 10.3 (Tax Indemnity). 

“Term” means each period determined under this Agreement for which an Issuing Bank is under a liability under a Bank
Guarantee. 
 “Termination Date” means, subject to Clause 7 (Extension option), the first anniversary of the date of
this Agreement. 
 “Total Commitments” means the aggregate of the Commitments, being A$75,000,000 at the date of this
Agreement. 
 “Transfer Certificate” means a certificate substantially in the form set out in Schedule 4 (Form of
Transfer Certificate) or any other form agreed between the relevant Issuing Bank and the Parent. 
 “Transfer Date”
means, in relation to an assignment or a transfer: 
  

	 	(a)	the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; or 

  

	 	(b)	in the event that no Transfer Date is specified in the relevant Assignment Agreement or Transfer Certificate, the date on which the relevant Issuing Bank executes the relevant Assignment Agreement or Transfer
Certificate. 

 “Treaty Issuing Bank” has the meaning given to it in Clause 10 (Tax Gross-up and Indemnities). 
 “Treaty State” has the meaning given to it in Clause 10
(Tax Gross-up and Indemnities). 
 “Unpaid Sum” means any sum due and payable
but unpaid by an Obligor under the Finance Documents. 
 “US” means the United States of America. 

“Utilisation” means a Bank Guarantee issued on behalf of the Borrower. 

“Utilisation Date” means the date of a Utilisation, being the date on which the relevant Bank Guarantee is to be issued.

 “Utilisation Request” means a notice substantially in the form set out in Schedule 3 (Utilisation Request). 

 

	1.2	Construction 

  

	(a)	Unless a contrary indication appears any reference in this Agreement to: 

  

	 	(i)	any “Issuing Bank”, any “Obligor” or any “Party” shall be construed so as to include its successors in title, permitted assigns and permitted transferees;

  

	 	(ii)	“arm’s length” means terms that are fair and reasonable to the counterparty of a transaction and no more or less favourable to the other party to the relevant transaction as could reasonably be
expected to be obtained in a comparable arm’s length transaction with a person that is not the ultimate Holding Company of such counterparty or an entity of which such counterparty or its ultimate Holding Company has direct or indirect control,
or owns directly or indirectly more than 20 per cent. of the share capital or similar rights of ownership; 

  
 23 

	 	(iii)	“assets” includes present and future properties, revenues and rights of every description; 

  

	 	(iv)	“audited” means, in respect of any financial statement, those financial statements as audited by the Auditors; 

  

	 	(v)	“authorisations” mean any authorisation, consent, registration, filing agreement, notarisation, certificate, licence, approval, resolution, permit and/or authority or any exemption from any of the
aforesaid, by, with or from any authority (including, without limitation, any approvals required from the South African Reserve Bank in relation to any Finance Document or any transaction contemplated under any Finance Document); 

 

	 	(vi)	a “Finance Document” or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as amended, novated, supplemented, extended, replaced or restated;

  

	 	(vii)	a “group of Issuing Banks” includes all the Issuing Banks; 

  

	 	(viii)	a “guarantee” means (other than in Clause 15 (Guarantee and Indemnity)), any guarantee, letter of credit, bond, indemnity or similar assurance against loss, or any obligation, direct or indirect,
actual or contingent to purchase or assume any indebtedness of any person or to make any investment in or loan to any person or to purchase assets of any person where, in each case, such obligation is assumed in order to maintain or assist the
ability of such person to meet its indebtedness; 

  

	 	(ix)	“indebtedness” shall be construed so as to include any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent;

  

	 	(x)	“law” shall be construed as any law (including statutory, common or customary law), statute, constitution, decree, judgment, treaty, regulation, directive,
by-law, order, other legislative measure, requirement, request or guideline (whether or not having the force of law but, if not having the force of law, is generally complied with by the persons to whom it is
addressed or applied) of any government, supranational, local government, statutory or regulatory or self-regulatory or similar body or authority or court and the common law, as amended, replaced, re-enacted,
restated or reinterpreted from time to time; 

  

	 	(xi)	a “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not
having separate legal personality); 

  

	 	(xii)	a “regulation” includes any regulation, rule, official directive, request or guideline (whether or not having the force of law but complied with generally) of any governmental, intergovernmental or
supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

  
 24 

	 	(xiii)	a provision of law is a reference to that provision as amended or re-enacted; and 

  

	 	(xiv)	a time of day is a reference to Sydney time. 

  

	(b)	Section, Clause and Schedule headings are for ease of reference only. 

  

	(c)	Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this
Agreement. 

  

	(d)	A Default is “continuing” if it has not been remedied or waived. 

  

	(e)	Whether acting individually or together, the Issuing Banks shall be referred to as the “Issuing Bank”, provided that in respect of a Bank Guarantee issued or to be issued pursuant to the terms of this
Agreement, the “Issuing Bank” shall be the Issuing Bank which has issued or agreed to issue that Bank Guarantee. 

  

	(f)	A Borrower providing “cash cover” for a Bank Guarantee means a Borrower paying an amount in the currency of the Bank Guarantee to the Issuing Bank of such Bank Guarantee who must apply the amount in
accordance with Clause 20.18 (Cash cover). 

  

	(g)	A Borrower “repaying” or “prepaying” a Bank Guarantee means: 

  

	 	(i)	that Borrower providing cash cover for that Bank Guarantee; 

  

	 	(ii)	that Borrower making a payment under Clause 6.1 (Claims under a Bank Guarantee) in respect of the Bank Guarantee or a Borrower reimbursing an amount by the Issuing Bank under the Bank Guarantee under Clause 6.2
(Indemnity); 

  

	 	(iii)	the Maximum Liability payable under the Bank Guarantee being reduced or cancelled in accordance with its terms; 

  

	 	(iv)	the Bank Guarantee being returned to the relevant Issuing Bank; 

  

	 	(v)	the Issuing Bank being satisfied that it has no further liability under that Bank Guarantee; or 

  

	 	(vi)	if the Issuing Bank has given its prior consent, providing a back-to-back letter of credit, bank guarantee or similar from a bank which,
along with the terms (including fees and identity of the issuer) of such letter of credit, bank guarantee or similar instrument, must be acceptable to the Issuing Bank in its absolute discretion, 

and the amount by which a Bank Guarantee is repaid or prepaid under paragraphs (i), (ii), (iii) and (iv) above is the amount of the
relevant cash cover, payment, reduction or cancellation. When under this Agreement a Borrower is obliged to repay or prepay a Bank Guarantee, it must: 
  

	 	(a)	provide cash cover for the outstanding amount of the Bank Guarantee (less the total amount paid by the Issuing Bank under the Bank Guarantee); and 

 

	 	(b)	pay under Clause 6.1 (Claims under a Bank Guarantee) or Clause 6.2 (Indemnity) an amount equal to the total amount paid by the Issuing Bank under the Bank Guarantee, 

except to the extent that the amount of the Bank Guarantee has been repaid or prepaid by another means. 

  
 25 

	(h)	An outstanding amount of a Bank Guarantee at any time is the Maximum Liability that is or may be payable by the relevant Borrower in respect of that Bank Guarantee at that time. 

 

	(i)	A Borrower’s obligation on Utilisations becoming “due and payable” includes the Borrower repaying any Bank Guarantee in accordance with paragraph (g) above. 

 

	1.3	Currency Symbols and Definitions 

 “A$” and “Australian
dollars” denote lawful currency of Australia. 
 “US$” and “US dollars” denote lawful currency
of the United States of America. 

  
 26 

 SECTION 2 

THE FACILITY 
  

	2.	The Facility 

  

	2.1	The Facility 

 Subject to the terms of this Agreement, the Issuing Banks make available
to the Borrowers an Australian dollar bank guarantee facility under which the Issuing Banks will issue for the account of a Borrower Bank Guarantees in an aggregate amount equal to the Total Commitments. 

 

	2.2	Issuing Banks’ rights and obligations 

  

	(a)	The obligations of each Issuing Bank under the Finance Documents are several. Failure by an Issuing Bank to perform its obligations under the Finance Documents does not affect the obligations of any other Party under
the Finance Documents. No Issuing Bank is responsible for the obligations of any other Issuing Bank under the Finance Documents. 

  

	(b)	The rights of each Issuing Bank under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to an Issuing Bank from an Obligor is a separate and
independent debt in respect of which an Issuing Bank shall be entitled to enforce its rights in accordance with paragraph (c) below. The rights of each Issuing Bank include any debt owing to that Issuing Bank under the Finance Documents and,
for the avoidance of doubt, any other amount owed by an Obligor which relates to an Issuing Bank’s participation in the Facility or its role under a Finance Document is a debt owing to that Issuing Bank by that Obligor. 

 

	(c)	An Issuing Bank may, except as specifically provided in the Finance Documents, separately enforce its rights under or in connection with the Finance Documents. 

 

	3.	Purpose 

  

	3.1	Purpose 

 Each Borrower shall use a Bank Guarantee towards: 

 

	(a)	providing credit support for GMC in connection with the Development Agreement and Electricity Supply Agreement; and 

  

	(b)	any other purpose agreed by the relevant Issuing Bank. 

  

	3.2	Monitoring 

 No Issuing Bank is bound to monitor or verify the application of any amount
borrowed pursuant to this Agreement. 
  

	4.	Conditions of Utilisation – Initial conditions precedent 

 No Borrower may
deliver a Utilisation Request unless the relevant Issuing Bank has received all of the documents and other evidence listed in Part I of Schedule 2 (Conditions Precedent to Initial Utilisation) in form and substance satisfactory to it.
Each Issuing Bank shall notify the Parent promptly upon being so satisfied. 

  
 27 

 SECTION 3 

UTILISATION 
  

	5.	Utilisation 

  

	5.1	Available Commitment of Bank Guarantees 

 The Available Commitment of an Issuing Bank
will be calculated ignoring any cash cover provided for outstanding Bank Guarantees issued by it. 
  

	5.2	Delivery of a Utilisation Request 

 A Borrower may request a Bank Guarantee to be issued
by delivery to the relevant Issuing Bank of a duly completed Utilisation Request not later than the Specified Time. 
  

	5.3	Completion of a Utilisation Request 

 Each Utilisation Request for a Bank Guarantee is
irrevocable and will not be regarded as having been duly completed unless: 
  

	(a)	it identifies the Borrower of the Bank Guarantee; 

  

	(b)	it identifies the Issuing Bank which is to issue the Bank Guarantee; 

  

	(c)	the proposed Utilisation Date is a Business Day within the Availability Period; 

  

	(d)	the currency and amount of the Bank Guarantee comply with Clause 5.4 (Currency and amount); 

  

	(e)	the form of Bank Guarantee is attached and is substantially in the form set out in Schedule 9 (Form of Bank Guarantee) or another form that has been agreed in writing by the Issuing Bank; and 

 

	(f)	the delivery instructions for the Bank Guarantee are specified. 

  

	5.4	Currency and amount 

  

	(a)	The currency specified in a Utilisation Request must be Australian dollars. 

  

	(b)	The amount of the proposed Bank Guarantee must be an amount which is not more than the Available Commitment for the Issuing Bank and which is a minimum of five million Australian dollars (A$5,000,000) or, if less, the
Available Commitment for that Issuing Bank. 

  

	5.5	Issue of Bank Guarantee 

  

	(a)	If the conditions set out in this Agreement have been met, the Issuing Bank shall issue the Bank Guarantee on the Utilisation Date. 

  

	(b)	The Issuing Bank will only be obliged to comply with paragraph (a) above if on the date of the Utilisation Request or Renewal Request and on the proposed Utilisation Date: 

 

	 	(i)	in the case of a Bank Guarantee to be renewed in accordance with Clause 5.6 (Renewal of a Bank Guarantee), no Event of Default is continuing or would result from the proposed Utilisation and, in the case of any
other Utilisation, no Default is continuing or would result from the proposed Utilisation; and 

  

	 	(ii)	the Repeating Representations to be made by each Obligor are true in all material respects. 

  
 28 

	(c)	Only one Issuing Bank may participate in a Bank Guarantee. 

  

	(d)	The Issuing Bank has no duty to enquire of any person whether or not any of the conditions set out in paragraph (b) above have been met. The Issuing Bank may assume that those conditions have been met unless it is
expressly notified to the contrary. The Issuing Bank will have no liability to any person for issuing a Bank Guarantee based on such assumption. 

  

	(e)	The Issuing Bank is solely responsible for the form of the Bank Guarantee that it issues. 

  

	(f)	The Issuing Bank may issue a Bank Guarantee in the form of a SWIFT message or other form of communication customary in the relevant market but has no obligation to issue that Bank Guarantee in any particular form of
communication. 

  

	5.6	Renewal of a Bank Guarantee 

  

	(a)	A Borrower may request that any Bank Guarantee issued on behalf of that Borrower be renewed by delivery to the Issuing Bank of a Renewal Request in substantially similar form to a Utilisation Request for a Bank
Guarantee by the Specified Time. 

  

	(b)	The Issuing Bank shall treat any Renewal Request in the same way as a Utilisation Request for a Bank Guarantee except that the condition set out in paragraph (e) of Clause 5.3 (Completion of a Utilisation
Request) shall not apply. 

  

	(c)	The terms of each renewed Bank Guarantee shall be the same as those of the relevant Bank Guarantee immediately prior to its renewal, except that: 

 

	 	(i)	its amount may be less than the amount of the Bank Guarantee immediately prior to its renewal; and 

  

	 	(ii)	its Term shall start on the date which was the Expiry Date of the Bank Guarantee immediately prior to its renewal, and shall end on the proposed Expiry Date specified in the Renewal Request. 

 

	(d)	Subject to paragraph (c) above and paragraph (e) below, if the conditions set out in this Agreement have been met, the Issuing Bank shall amend or re-issue any Bank
Guarantee pursuant to a Renewal Request. 

  

	(e)	Where a new Bank Guarantee is to be issued to replace by way of renewal an existing Bank Guarantee, the Issuing Bank is not required to issue that new Bank Guarantee until the Bank Guarantee being replaced has been
returned to the Issuing Bank or the Issuing Bank is satisfied either that it will be returned to it or otherwise that no liability can arise under it. 

  

	5.7	Bank Guarantee which does not expire before the Termination Date 

 A Bank Guarantee may
be issued with or without an Expiry Date. If a Bank Guarantee does not have an Expiry Date, or the Expiry Date of the Bank Guarantee is after the Termination Date, the Borrower that requested the issue of that Bank Guarantee shall repay or prepay
the Bank Guarantee on the Termination Date. 
  

	6.	Bank Guarantees 

  

	6.1	Claims under a Bank Guarantee 

  

	(a)	Each Borrower irrevocably and unconditionally authorises the Issuing Bank to pay any claim made or purported to be made under a Bank Guarantee requested by it (and which appears on its face to be in order and to make
any payment under Clause 6.4 (Voluntary pay-out) (in this Clause 6, each of a claim or payment under Clause 6.4 (Voluntary pay-out) is a
“claim”). 

  
 29 

	(b)	The relevant Borrower shall pay to the Issuing Bank an amount equal to the amount of any claim on the day on which the Issuing Bank pays that claim. If the Borrower does not pay this amount to the Issuing Bank on the
date on which the Issuing Bank pays the claim, interest shall accrue on the amount from that date up to the actual date of payment in accordance with Clause 9.4 (Default interest). 

 

	(c)	Each Issuing Bank will notify the relevant Borrower of any claim paid under a Bank Guarantee issued by it, provided that the Issuing Bank will not be liable to the Borrower for any failure to provide such notice.

  

	(d)	Each Borrower acknowledges that the Issuing Bank: 

  

	 	(i)	may make payments under a Bank Guarantee by any means that it determines; 

  

	 	(ii)	may make any payments under a Bank Guarantee despite any direction by the Borrower to the Issuing Bank not to pay, any dispute between the Borrower and the Issuing Bank as to the Issuing Bank’s obligation to pay,
any dispute between the Borrower and the beneficiary of the Bank Guarantee or any claim by the Borrower that a claim under the Bank Guarantee is not valid; 

  

	 	(iii)	is not obliged to carry out any investigation or seek any confirmation from any other person before paying a claim; 

  

	 	(iv)	may refuse to make a payment under a Bank Guarantee (in its absolute discretion) where it considers that a claim under the Bank Guarantee does not comply with the terms of the Bank Guarantee; and 

 

	 	(v)	deals in documents only and will not be concerned with the legality of a claim or any underlying transaction or any available set-off, counterclaim or other defence of any person.

  

	(e)	The obligations of a Borrower under this Clause 6 will not be affected by: 

  

	 	(i)	the sufficiency, accuracy or genuineness of any claim or any other document; 

  

	 	(ii)	any incapacity of, or limitation on the powers of, any person signing a claim or other document; 

  

	 	(iii)	any act of any governmental agency, court, arbitral body, agency or authority or the application of any law or regulation affecting any Bank Guarantee; or 

 

	 	(iv)	any failure by any person to obtain any authorisation required or desirable in connection with any Bank Guarantee. 

  

	6.2	Indemnity 

  

	(a)	Without prejudice to each Borrower’s obligations under Clause 6.1 (Claims under a Bank Guarantee), each Borrower shall immediately on demand indemnify the Issuing Bank against any cost, loss or liability
incurred by the Issuing Bank (otherwise than by reason of the Issuing Bank’s gross negligence or wilful misconduct) in acting as the Issuing Bank under any Bank Guarantee requested by that Borrower (including as a result of the Issuing Bank
making a payment under Clause 6.4 (Voluntary pay-out)). 

  
 30 

	(b)	The obligations of each Borrower under this Clause are continuing obligations and will extend to the ultimate balance of sums payable by the Borrower in respect of any Bank Guarantee, regardless of any intermediate
payment or discharge in whole or in part. 

  

	(c)	The obligations of any Borrower under this Clause will not be affected by any act, omission, matter or thing which, but for this Clause, would reduce, release or prejudice any of its obligations under this Clause
(without limitation and whether or not known to it or any other person) including: 

  

	 	(i)	any time, waiver or consent granted to, or composition with, any Obligor, any beneficiary under a Bank Guarantee or any other person; 

 

	 	(ii)	the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor or any member of the Group; 

 

	 	(iii)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Obligor, any beneficiary under a Bank
Guarantee or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full
value of any security; 

  

	 	(iv)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an Obligor, any beneficiary under a Bank Guarantee or any other person; 

 

	 	(v)	any amendment (however fundamental) or replacement of a Finance Document, any Bank Guarantee or any other document or security; 

  

	 	(vi)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document, any Bank Guarantee or any other document or security; or 

 

	 	(vii)	any insolvency or similar proceedings. 

  

	6.3	Rights of contribution 

 No Obligor will be entitled to any right of contribution or
indemnity from any Issuing Bank in respect of any payment it may make under this Clause 6. 
  

	6.4	Voluntary pay-out 

 The Issuing Bank may cancel a
Bank Guarantee if an Event of Default is continuing or the Issuing Bank would be entitled to exercise its rights under Clause 8.2 (Illegality in relation to Bank Guarantees) by paying to the beneficiary of the relevant Bank Guarantee the
outstanding amount of the Bank Guarantee or any lesser amount specified by the beneficiary. 

  
 31 

 SECTION 4 

REPAYMENT, PREPAYMENT AND CANCELLATION 
  

	7.	Extension option 

  

	(a)	The Parent may request that the Termination Date be extended subject to the terms of this Clause 7 by giving notice to the Issuing Banks not less than 30 days (and not more than 60 days) before the applicable
Termination Date with the effect that the Termination Date shall be extended by 364 days with respect to the Commitment of and participation in the Bank Guarantees of each Issuing Bank which agrees to such extension. For the avoidance of doubt, the
Parent may make an extension request under this Clause on an annual, ongoing basis. 

  

	(b)	A notice served by the Parent pursuant to paragraph (a) of this Clause 7 above shall be irrevocable. 

  

	(c)	Each Issuing Bank shall notify the Parent of its decision (which shall be in its sole discretion) whether or not to agree to the request by the date falling not later than 15 days after the date on which the relevant
Issuing Bank received the request (the “Response Deadline”). If an Issuing Bank does not respond to a request by the Response Deadline, it will be deemed to have refused that request. 

 

	(d)	In the event that one (1) or more (but not all) of the Issuing Banks agree to a request, the Parent may, elect by notice to the relevant Issuing Bank(s) to accept the extension offered by the relevant Issuing
Bank(s), in which case the Termination Date shall be extended in relation to the Commitments and participations of such Issuing Bank(s) for an additional 364 days. 

 

	(e)	In the event that all of the Issuing Banks agree to a request, the Termination Date shall be extended in relation to the Commitments and participations of all such Issuing Banks. 

 

	(f)	Notwithstanding any other provision in this Agreement, the Issuing Banks will only be obliged to comply with the provisions of this Clause 7 if on the date of any extension request and the applicable Termination Date
which is to be extended: 

  

	 	(a)	no Default is continuing or would result from the proposed extension; and 

  

	 	(b)	the Repeating Representations to be made by each Obligor are true in all material respects. 

  

	(g)	If any Issuing Bank does not agree to any extension request, the Termination Date applicable to its Commitments shall remain that Termination Date which applied to it immediately prior to the service of the relevant
request and its participation in any outstanding Bank Guarantee shall be repaid on that Termination Date. 

  

	(h)	If any extension is agreed in accordance with this Clause 7, the Original Borrower shall pay to each Issuing Bank agreeing to the extension (the “Extending Issuing Bank”) a fee (at a flat percentage
rate to be agreed between the Original Borrower and the relevant Extending Issuing Banks at the time of the extension) on the amount of Commitment of each Extending Issuing Bank whose Commitment is extended. Any such fee shall be payable on the
third Business Day after (i) the Parent notifies the Extending Issuing Bank(s) of its decision to proceed with the relevant extension in accordance with paragraph (d) above. 

  
 32 

	8.	Prepayment and Cancellation 

  

	8.1	Illegality 

 If it becomes unlawful in any applicable jurisdiction for an Issuing Bank to
perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in any Utilisation (or if it becomes unlawful for any Affiliate of an Issuing Bank for that Issuing Bank to do so): 

 

	(a)	that Issuing Bank shall promptly notify the Parent upon becoming aware of that event; 

  

	(b)	upon the Issuing Bank notifying the Parent, the Available Commitment of that Issuing Bank will be immediately cancelled; and 

  

	(c)	each Borrower shall repay that Issuing Bank’s participation in the Utilisations made to that Borrower on the date specified by the Issuing Bank in the notice delivered to the Parent (being no earlier than the last
day of any applicable grace period permitted by law) and that Issuing Bank’s corresponding Commitment shall be cancelled in the amount of the participations repaid. 

 

	8.2	Illegality in relation to Bank Guarantees 

 If it becomes unlawful (or impossible
as a result of a change in law or regulation) in any applicable jurisdiction for an Issuing Bank to issue or leave outstanding any Bank Guarantee (or if it becomes unlawful or impossible as a result of a change in law or regulation for any Affiliate
of an Issuing Bank for that Issuing Bank to do so) then: 
  

	(a)	that Issuing Bank shall promptly notify the Parent upon becoming aware of that event; 

  

	(b)	upon the Issuing Bank notifying the Parent, the Issuing Bank shall not be obliged to issue any Bank Guarantee; 

  

	(c)	the Parent shall procure that each Obligor shall use its best endeavours to procure the release of each Bank Guarantee issued by that Issuing Bank and outstanding at such time on or before the date specified by the
Issuing Bank in the notice delivered to the Parent (being no earlier than the last day of any applicable grace period permitted by law); and 

  

	(d)	that Issuing Bank’s corresponding Commitment shall cease to be available for the issue of Bank Guarantees. 

  

	8.3	Change of control 

  

	(a)	If any person or group of persons acting in concert gains control of the Parent: 

  

	 	(i)	the Parent shall promptly notify the Issuing Banks upon becoming aware of that event; 

  

	 	(ii)	an Issuing Bank shall not be obliged to participate in a Utilisation and the Issuing Banks and the Parent shall consult about the change of control; 

 

	 	(iii)	 if the Majority Issuing Banks so require after a period of forty-five (45) days from receipt of the notice
referred to in (i) above (provided, for the avoidance of doubt, failure of the Parent to provide such notice shall not prevent the Issuing Banks from taking the following actions), the Majority Issuing Banks shall by notice to the Parent, (such
notice 

  
 33 

	 	
to be delivered no later than sixty (60) days from receipt of the notice referred to in sub-paragraph (i) above), cancel the Total
Commitments and declare all outstanding Utilisations, together with accrued interest and all other amounts accrued under the Finance Documents immediately due and payable, whereupon the Total Commitments will be cancelled and all such
outstanding amounts will become immediately due and payable; 

  

	 	(iv)	if the Majority Issuing Banks do not serve the notice referred to in sub-paragraph (iii) above, an Issuing Bank may by notice to the Parent which shall be delivered not
earlier than forty-five (45) days nor later than sixty (60) days from receipt of the notice referred to in sub-paragraph (i) above, whereupon the Commitment of that Issuing Bank shall be
cancelled and all outstanding Utilisations issued by that Issuing Bank, together with accrued interest thereon and all other amounts due to such Issuing Bank under the Finance Documents declared immediately due and payable. 

 

	(b)	For the purpose of paragraph (a) above “control” means: 

  

	 	(i)	the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to: 

  

	 	(A)	cast, or control the casting of, more than one-half of the maximum number of votes that might be cast at a general meeting of the Parent; 

 

	 	(B)	appoint or remove all, or the majority, of the directors or other equivalent officers of the Parent; or 

  

	 	(C)	give directions with respect to the operating and financial policies of the Parent which the directors or other equivalent officers of the Parent are obliged to comply with; or 

 

	 	(ii)	the holding of more than one-half of the issued share capital of the Parent (excluding any part of that issued share capital that carries no right to participate beyond a
specified amount in a distribution of either profits or capital). 

  

	(c)	For the purpose of paragraph (a) above “acting in concert” means, a group of persons who, pursuant to an agreement or understanding (whether formal or informal), actively co-operate, through the acquisition by any of them, either directly or indirectly, of shares in the Parent, to obtain or consolidate control of the Parent. 

 

	8.4	Voluntary cancellation 

 During the Availability Period, the Parent may, if it gives the
Issuing Banks not less than five (5) Business Days’ (or such shorter period as the Majority Issuing Banks may agree) prior notice, cancel the whole or any part (being a minimum amount of A$10,000,000) of the Available Facility. Any
cancellation under this Clause 8.4 shall reduce the Commitments of the Issuing Banks rateably. 
  

	8.5	Voluntary Prepayment  

 The Borrower to which a Utilisation has been made may, if it
gives the relevant Issuing Bank not less than five (5) Business Days’ (or such shorter period as the Issuing Bank may agree) prior notice, prepay the whole or any part of a Bank Guarantee issued by that Issuing Bank (but if in part, being
an amount that reduces the amount of the Bank Guarantee by a minimum amount of A$5,000,000). 

  
 34 

	8.6	Right of repayment and cancellation in relation to a single Issuing Bank 

  

	(a)	If: 

  

	 	(i)	an Obligor is required to pay an additional amount to an Issuing Bank under paragraph (c) of Clause 10.2 (Tax gross-up); or 

 

	 	(ii)	any Issuing Bank claims indemnification from the Parent under Clause 10.3 (Tax indemnity) or Clause 11.1 (Increased costs), 

the Parent may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the relevant
Issuing Bank notice of repayment of any outstanding Bank Guarantee issued by it and cancellation of its appointment as an Issuing Bank under this Agreement in relation to any Bank Guarantee to be issued in the future or give the Issuing Bank notice
of its intention to replace that Issuing Bank in accordance with paragraph (d) below. 
  

	(b)	On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that Issuing Bank shall immediately be reduced to zero whereupon the Total Commitments shall be reduced by the same
amount. 

  

	(c)	On the date specified by the Parent in the notice of cancellation under paragraph (a) above, each Borrower to which a Utilisation is outstanding shall repay that Issuing Bank’s participation in that
Utilisation. 

  

	(d)	The Parent may, in the circumstances set out in paragraph (a) above, on five (5) Business Days’ prior notice to the Issuing Banks, replace the applicable Issuing Bank by requiring that Issuing Bank to
(and, to the extent permitted by law, that Issuing Bank shall) transfer pursuant to Clause 21 (Changes to the Issuing Banks) all (and not part only) of its rights and obligations under this Agreement to an Issuing Bank or other bank,
financial institution, trust, fund or other entity selected by the Parent which confirms its willingness to assume and does assume all the obligations of the transferring Issuing Bank in accordance with Clause 21 (Changes to the Issuing
Banks) for a purchase price in cash or other cash payment payable at the time of the transfer equal to the outstanding principal amount of such Issuing Bank’s participation in the outstanding Utilisations and all accrued interest) and other
amounts payable in relation thereto under the Finance Documents. 

  

	(e)	The replacement of an Issuing Bank pursuant to paragraph (d) above shall be subject to the following conditions: 

  

	 	(i)	no Issuing Bank shall have any obligation to find a replacement Issuing Bank; and 

  

	 	(ii)	in no event shall the Issuing Bank replaced under paragraph (d) above be required to pay or surrender any of the fees received by such Issuing Bank pursuant to the Finance Documents. 

 

	8.7	Restrictions 

  

	(a)	Any notice of cancellation or prepayment given by any Party under this Clause 8 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant
cancellation or prepayment is to be made and the amount of that cancellation or prepayment. 

  
 35 

	(b)	Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and without premium or penalty. 

 

	(c)	Unless a contrary indication appears in this Agreement any part of the Facility which is prepaid or repaid may be re-utilised in accordance with the terms of this Agreement.

  

	(d)	The Borrowers shall not repay or prepay all or any part of the Utilisations or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this Agreement. 

 

	(e)	No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated. 

  

	(f)	If all or part of any Issuing Bank’s participation in a Utilisation is repaid or prepaid and is not available for redrawing (other than by operation of paragraph (b) of Clause 5.5 (Issue of Bank
Guarantee), an amount of that Issuing Bank’s Commitment (equal to the amount of the participation which is repaid or prepaid) in respect of the Facility will be deemed to be cancelled on the date of repayment or prepayment.

  

	8.8	Right of cancellation in relation to a Defaulting Issuing Bank 

  

	(a)	If any Issuing Bank becomes a Defaulting Issuing Bank, the Parent may, at any time whilst the Issuing Bank continues to be a Defaulting Issuing Bank, give that Issuing Bank five (5) Business Days’ notice of
cancellation of the Available Commitment of that Issuing Bank. 

  

	(b)	On the notice referred to in paragraph (a) above becoming effective, the Available Commitment of the Defaulting Issuing Bank shall immediately be reduced to zero. 

  
 36 

 SECTION 5 

COSTS OF UTILISATION 
  

	9.	Fees 

  

	9.1	Establishment fee 

 By no later than three (3) Business Days after the date of this
Agreement, the Original Borrower shall pay the Issuing Banks an establishment fee of a total amount of A$225,000 (being an amount of A$75,000 for each Issuing Bank). 
  

	9.2	Line fee 

  

	(a)	The Original Borrower shall pay to each Issuing Bank a fee (in Australian dollars) computed at the rate of 0.60 per cent per annum on that Issuing Bank’s Available Commitment accruing from the earlier of:

  

	 	(i)	the first Utilisation Date; and 

  

	 	(ii)	20 Business Days from the date of this Agreement. 

  

	(b)	The accrued line fee is payable on: 

  

	 	(i)	the last day of each successive period of three (3) Months commencing from the earlier of: 

  

	 	(A)	the first Utilisation Date; and 

  

	 	(B)	20 Business Days from the date of this Agreement; 

  

	 	(ii)	on the last day of the Availability Period; and 

  

	 	(iii)	if cancelled in full, on the cancelled amount of the relevant Issuing Bank’s Commitment at the time the cancellation is effective. 

 

	(c)	No line fee is payable on any Available Commitment of an Issuing Bank for any day on which that Issuing Bank is a Defaulting Issuing Bank. 

 

	9.3	Bank Guarantee Fee 

  

	(a)	The Parent or each Borrower shall pay to an Issuing Bank a Bank Guarantee fee (in Australian dollars) computed at a rate of 0.60% per annum on the outstanding amount of each Bank Guarantee requested by it for the period
from the issue by that Issuing Bank of that Bank Guarantee until its Expiry Date or if the Bank Guarantee does not have an Expiry Date, until it is repaid in one of the ways set out in Clauses 1.2(g)(ii) to 1.2(g)(v). 

 

	(b)	The accrued Bank Guarantee fee on a Bank Guarantee shall be payable on the last day of each successive period of three (3) Months (or such shorter period as shall end on the Expiry Date for that Bank Guarantee)
starting on the date of issue of that Bank Guarantee. If the outstanding amount of a Bank Guarantee is reduced, any Bank Guarantee fee accrued in respect of the amount of that reduction shall be payable on the day that that reduction becomes
effective. 

  

	(c)	If a Borrower provides cash cover in respect of any Bank Guarantee: 

  

	 	(i)	the Bank Guarantee fee payable shall continue to be payable until the expiry of the Bank Guarantee; and 

  
 37 

	 	(ii)	each Borrower shall be entitled to apply interest accrued on the cash cover to pay the fees described in sub-paragraph (i) above provided that no Event of Default is
continuing. 

  

	9.4	Default interest 

  

	(a)	If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after
judgment) at a rate which, subject to paragraph (b) below, is the sum of 1 per cent per annum and the rate which would have been payable if the overdue amount had, during the period of non-payment,
constituted a cash advance in the currency of the overdue amount for successive 30-day periods with the BBSY Bid. Any interest accruing under this Clause 9.4 shall be immediately payable by that Obligor on
demand by an Issuing Bank. 

  

	(b)	Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each successive 30-day period but will remain immediately due
and payable. 

  

	9.5	Unavailability of Screen Rate 

  

	(a)	Interpolated Screen Rate: If no Screen Rate is available for BBSY Bid for the purposes of Clause 9.4(a), the applicable BBSY Bid shall be the Interpolated Screen Rate for a period equal to 30 days.

  

	(b)	Reference Bank Rate: If no Screen Rate is available for BBSY Bid for: 

  

	 	(i)	Australian dollars; or 

  

	 	(ii)	30 days and it is not possible to calculate the Interpolated Screen Rate, 

 the applicable BBSY
Bid shall be the Reference Bank Rate as of the Specified Time for Australian dollars and for a period equal in length to 30 days. 
  

	(c)	Costs of funds: If paragraph (b) above applies but no Reference Bank Rate is available for Australian dollars or 30 days there shall be no BBSY Bid and Clause 9.7 (Costs of funds) shall apply for that
30-day period. 

  

	9.6	Calculation of Reference Bank Rate 

  

	(a)	Subject to paragraph (b) below, if BBSY Bid is to be determined on the basis of a Reference Bank Rate but a Reference Bank does not supply a quotation by the Specified Time, the Reference Bank Rate shall be
calculated on the basis of the quotations of the remaining Reference Banks. 

  

	(b)	If at or about noon on the Quotation Day none or only one of the Reference Banks supplies a quotation, there shall be no Reference Bank Rate for the relevant 30-day period.

  

	9.7	Cost of funds 

  

	(a)	If this Clause 9.7 applies, the rate of interest on each Issuing Bank’s share of the outstanding amount for 30 days shall be the percentage rate per annum which is the sum of: 

 

	 	(i)	0.60% per annum; and 

  

	 	(ii)	the rate of interest notified by the Issuing Banks to the Parent, 

  
 38 

 to be that which expresses as a percentage rate per annum, the cost to the Issuing Banks of
funding its participation in that outstanding amount from whatever source they may reasonably select. The rate is to be notified as soon as practicable and in any event within 10 Business Days after the first day of that 30-day period. 
  

	(b)	If this Clause 9.7 applies and the Issuing Banks or the Parent so requires, the Issuing Banks and the Parent shall enter into negotiations (for a period of not more than thirty (30) days) with a view to agreeing a
substitute basis for determining the rate of interest. 

  

	(c)	Any alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all Issuing Banks and the Parent, be binding on the Parties. 

  
 39 

 SECTION 6 

ADDITIONAL PAYMENT OBLIGATIONS 
  

	10.	Tax Gross-up and Indemnities 

  

	10.1	Definitions 

 In this Clause 10: 

 

	 	(a)	“Qualifying Issuing Bank” means an Issuing Bank which is beneficially entitled to interest payable to that Issuing Bank under a Finance Document and is: 

 

	 	(i)	a resident of Australia that does not become an Issuing Bank as part of a business carried on by it at or through a Facility Office located outside Australia; 

 

	 	(ii)	a non-resident of Australia that becomes an Issuing Bank as part of a business carried on by it at or through a Facility Office located in Australia; or 

 

	 	(iii)	a Treaty Issuing Bank. 

 “Tax Credit” means a credit or offset against, relief
or remission for, or repayment of any Tax. 
 “Treaty Issuing Bank” means an Issuing Bank which: 

 

	 	(i)	is treated as a resident of a Treaty State for the purposes of a Treaty; 

  

	 	(ii)	does not carry on a business in Australia through a permanent establishment with which that Issuing Bank’s participation in a Utilisation is effectively connected; and 

 

	 	(iii)	otherwise satisfies the requirements under that Treaty for a full exemption from tax imposed by Australia on interest. 

“Treaty State” means a jurisdiction having an international tax agreement within the meaning of the Income Tax Assessment Act
1997 (Cth) (a “Treaty”) which makes provision for full exemption from tax imposed by Australia on interest. 
  

	 	(b)	Unless this Clause 10 expressly provides to the contrary, a reference to “determines” or “determined” means a determination made in the absolute discretion of the person making the
determination. 

  

	10.2	Tax gross-up 

  

	(a)	Each Obligor shall make all payments to be made by it under the Finance Documents without any Tax Deduction, unless a Tax Deduction is required by law. 

 

	(b)	An Obligor shall promptly upon becoming aware that it must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the relevant Issuing Bank accordingly. Similarly, an
Issuing Bank shall notify the Parent on becoming so aware in respect of a payment payable to that Issuing Bank. 

  

	(c)	If a Tax Deduction, other than a Tax Deduction in respect of a Tax covered by paragraph (b)(i) of Clause 10.3 (Tax Indemnity), is required by law to be made by an Obligor from a payment, that Obligor shall pay
any additional amounts as may be necessary, together with a payment, so that the recipient of that payment receives, in aggregate, an amount which (after making any Tax Deduction) equals the payment which would have been received by it if no Tax
Deduction had been required. 

  
 40 

	(d)	No additional amounts shall be payable under paragraph (c) above by reason of a Tax Deduction on account of Tax imposed by Australia, if on the date on which the payment falls due the payment could have been made
to the relevant Issuing Bank without a Tax Deduction if the Issuing Bank had been a Qualifying Issuing Bank, but on that date that Issuing Bank is not or has ceased to be a “Qualifying Issuing Bank” other than as a result of any change
after the date it became an Issuing Bank under this Agreement in (or in the interpretation, administration, or application of) any law or Treaty or any published practice or published concession of any relevant taxing authority. 

 

	(e)	If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by
law. 

  

	(f)	Within thirty (30) days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Issuing Bank entitled to the
payment evidence reasonably satisfactory to that Issuing Bank that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority. 

 

	10.3	Tax indemnity 

  

	(a)	An Obligor shall (within three (3) Business Days of demand by an Issuing Bank) pay to the Issuing Bank an amount equal to the loss, liability or cost which that Issuing Bank determines will be or has been (directly
or indirectly) suffered for or on account of Tax by that Issuing Bank in respect of a Finance Document. 

  

	(b)	Paragraph (a) above shall not apply: 

  

	 	(i)	with respect to any Tax assessed on an Issuing Bank: 

  

	 	(A)	under the law of the jurisdiction in which that Issuing Bank is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Issuing Bank is treated as resident for tax purposes; or

  

	 	(B)	under the law of the jurisdiction in which that Issuing Bank’s Facility Office is located in respect of amounts received or receivable in that jurisdiction, 

if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or
receivable) by that Issuing Bank; or 
  

	 	(ii)	to the extent a loss, liability or cost: 

  

	 	(A)	is compensated for by the payment of an additional amount under Clause 10.2 (Tax gross-up); 

  
 41 

	 	(B)	would have been compensated for by the payment of an additional amount under Clause 10.2 (Tax gross-up) but was not so compensated solely because the exclusion in paragraph
(d) of Clause 10.2 (Tax gross-up) applied; or 

  

	 	(C)	relates to a FATCA Deduction required to be made by a Party. 

  

	(c)	An Issuing Bank making, or intending to make a claim under paragraph (a) above shall promptly notify the Parent of the event which will give, or has given, rise to the claim. 

 

	10.4	Tax Credit 

 If an Obligor makes a Tax Payment and the relevant Issuing Bank determines
that: 
  

	(a)	a Tax Credit is attributable either to the payment of an additional amount of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and

  

	(b)	that Issuing Bank has obtained and utilised that Tax Credit, 

 the Issuing Bank shall pay an
amount to such Obligor which that Issuing Bank determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by
such Obligor. 
  

	10.5	Issuing Bank status confirmation 

  

	(a)	Each Issuing Bank which becomes a Party after the date of this Agreement shall indicate, in the Transfer Certificate or Assignment Agreement which it executes on becoming a Party, and without liability to any Obligor,
which of the following categories it falls in: 

  

	 	(i)	not a Qualifying Issuing Bank; 

  

	 	(ii)	a Qualifying Issuing Bank (other than a Treaty Issuing Bank); or 

  

	 	(iii)	a Treaty Issuing Bank. 

  

	(b)	If a New Issuing Bank fails to indicate its status in accordance with this Clause 10.5 then such New Issuing Bank shall be treated for the purposes of this Agreement (including by each Obligor) as if it is not a
Qualifying Issuing Bank until such time as it notifies the Parent which category applies. For the avoidance of doubt, a Transfer Certificate or Assignment Agreement shall not be invalidated by any failure of an Issuing Bank to comply with this
Clause 10.5. 

  

	10.6	Stamp taxes 

 The Original Borrower shall pay and, within three (3) Business Days of
demand, indemnify each Issuing Bank against any cost, loss or liability that Issuing Bank incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document except Transfer Certificates. 

 

	10.7	Indirect tax 

  

	(a)	All payments to be made by an Obligor under or in connection with any Finance Document have been calculated without regard to Indirect Tax. If all or part of any such payment is the consideration for a taxable supply or
chargeable with Indirect Tax then, when the Obligor makes the payment: 

  

	 	(i)	it must pay to the Issuing Bank an additional amount equal to that payment (or part) multiplied by the appropriate rate of Indirect Tax; and 

  
 42 

	 	(ii)	the Issuing Bank will promptly provide to the Obligor a tax invoice complying with the relevant law relating to that Indirect Tax. 

  

	(b)	Where a Finance Document requires an Obligor to reimburse an Issuing Bank for any costs or expenses, that Obligor shall also at the same time pay and indemnify that Issuing Bank against all Indirect Tax incurred by that
Issuing Bank in respect of the costs or expenses save to the extent that that Issuing Bank is entitled to repayment or credit in respect of the Indirect Tax. The Issuing Bank will promptly provide to the Obligor a tax invoice complying with the
relevant law relating to that Indirect Tax. 

  

	10.8	FATCA Information 

  

	(a)	Subject to paragraph (c) below, each Party shall, within ten (10) Business Days of a reasonable request by another Party: 

  

	 	(i)	confirm to that other Party whether it is: 

  

	 	(A)	a FATCA Exempt Party; or 

  

	 	(B)	not a FATCA Exempt Party; 

  

	 	(ii)	supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for the purposes of that other Party’s compliance with FATCA;
and 

  

	 	(iii)	supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes of that other Party’s compliance with any other law,
regulation, or exchange of information regime. 

  

	(b)	If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that Party shall notify
that other Party reasonably promptly. 

  

	(c)	Paragraph (a) above shall not oblige any Issuing Bank to do anything, and paragraph (a)(iii) above shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach
of: 

  

	 	(i)	any law or regulation; 

  

	 	(ii)	any fiduciary duty; or 

  

	 	(iii)	any duty of confidentiality. 

  

	(d)	If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with paragraph (a)(i) or (a)(ii) above (including, for the avoidance
of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the
requested confirmation, forms, documentation or other information. 

  
 43 

	10.9	FATCA Deduction 

  

	(a)	Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it
makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. 

  

	(b)	Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction) notify the Party to whom it is making the payment and, in
addition, shall notify the Parent and the other Issuing Banks. 

  

	11.	Increased Costs 

  

	11.1	Increased costs 

  

	(a)	Subject to Clause 11.3 (Exceptions) the Original Borrower shall, within twenty (20) Business Days of a demand by the Issuing Bank, pay for the account of the Issuing Bank the amount of any Increased Costs
incurred by that Issuing Bank or any of its Affiliates as a result of: 

  

	 	(i)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation after the date of this Agreement; or 

 

	 	(ii)	compliance with any law or regulation made after the date of this Agreement. 

  

	(b)	In this Agreement: 

  

	 	(i)	“Basel III” means: 

  

	 	(A)	the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel III: A global regulatory framework for more resilient banks and banking systems”, “Basel III:
International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the countercyclical capital buffer” published by the Basel Committee on Banking Supervision on
16 December 2010, each as amended, supplemented or restated; 

  

	 	(B)	the rules for global systemically important banks contained in “Global systemically important banks; assessment methodology and the additional loss absorbency requirement - Rules text” published by the Basel
Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and 

  

	 	(C)	any further guidance or standards published by the Basel Committee on Banking Supervision relating to “Basel III”. 

  

	 	(ii)	“Increased Costs” means: 

  

	 	(A)	a reduction in the rate of return from the Facility or on an Issuing Bank’s (or its Affiliate’s) overall capital; 

  

	 	(B)	an additional or increased cost; or 

  

	 	(C)	a reduction of any amount due and payable under any Finance Document, 

  
 44 

 
which is incurred or suffered by an Issuing Bank or any of its Affiliates to the extent that it is attributable to that Issuing Bank having entered into its Commitment or funding or performing
its obligations under any Finance Document or Bank Guarantee. 
  

	11.2	Increased cost claims 

  

	(a)	An Issuing Bank intending to make a claim pursuant to Clause 11.1 (Increased costs) shall notify the Parent of the event giving rise to the claim (provided that the relevant Issuing Bank will not be obliged to
divulge any confidential or price-sensitive information). 

  

	(b)	Each Issuing Bank shall, as soon as practicable after a demand by the Parent, provide a certificate confirming the amount of its Increased Costs. 

 

	11.3	Exceptions 

 Clause 11.1 (Increased costs) does not apply to the extent any
Increased Cost is: 
  

	 	(a)	attributable to a Tax Deduction required by law to be made by an Obligor; 

  

	 	(b)	attributable to a FATCA Deduction required to be made by a Party; 

  

	 	(c)	compensated for by Clause 10.3 (Tax indemnity) (or would have been compensated for under Clause 10.3 (Tax indemnity) but was not so compensated solely because any of the exclusions in paragraph
(b) of Clause 10.3 (Tax indemnity) applied); 

  

	 	(d)	attributable to the wilful breach by the relevant Issuing Bank or its Affiliates of any law or regulation; 

  

	 	(e)	attributable to the implementation or application of or compliance with the bank levy imposed by the United Kingdom government under the Finance Act 2011 in the form existing on the date of this Agreement (the
“UK Bank Levy”) or any other law or regulation which implements the UK Bank Levy (whether such implementation, application or compliance is by a government, regulator, Issuing Bank or any of its Affiliates); or 

 

	 	(f)	attributable to the implementation or application of, or compliance with, Basel III or any law or regulation that implements or applies Basel III. 

 

	12.	Other Indemnities 

  

	12.1	Currency indemnity 

  

	(a)	If any sum due from an Obligor under the Finance Documents (a “Sum”), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the “First
Currency”) in which that Sum is payable into another currency (the “Second Currency”) for the purpose of: 

  

	 	(i)	making or filing a claim or proof against that Obligor; 

  

	 	(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, 

that Obligor shall as an independent obligation, within five (5) Business Days of demand, indemnify each Issuing Bank to whom that Sum is
due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate
or rates of exchange available to that person at the time of its receipt of that Sum. 

  
 45 

	(b)	Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable. 

 

	12.2	Other indemnities 

 The Original Borrower shall, within five (5) Business Days of
demand, indemnify each Issuing Bank against any cost, loss or liability incurred by that Issuing Bank as a result of: 
  

	 	(a)	the occurrence of any Event of Default; 

  

	 	(b)	a failure by an Obligor to pay any amount due under a Finance Document on its due date; 

  

	 	(c)	issuing or making arrangements to issue a Bank Guarantee requested by a Borrower in a Utilisation Request but not issued by reason of the operation of any one or more of the provisions of this Agreement (otherwise than
by reason of default or negligence by the Issuing Bank alone); or 

  

	 	(d)	a Utilisation (or part of a Utilisation) not being prepaid in accordance with a notice of prepayment given by a Borrower or the Parent. 

 

	13.	Mitigation by the Issuing Banks 

  

	13.1	Mitigation 

  

	(a)	Each Issuing Bank shall, in consultation with the Parent, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled
pursuant to, any of Clause 8.1 (Illegality), Clause 8.2 (Illegality in relation to Bank Guarantees), Clause 10 (Tax Gross-up and Indemnities) or Clause 11 (Increased Costs)
including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office. 

  

	(b)	Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents. 

  

	13.2	Limitation of liability 

  

	(a)	The Parent shall indemnify each Issuing Bank for all costs and expenses reasonably incurred by that Issuing Bank as a result of steps taken by it under Clause 13.1 (Mitigation). 

 

	(b)	An Issuing Bank is not obliged to take any steps under Clause 13.1 (Mitigation) if, in the opinion of that Issuing Bank (acting reasonably), to do so might be prejudicial to it. 

 

	14.	Costs and Expenses 

  

	14.1	Transaction expenses 

 The Original Borrower shall, promptly within five
(5) Business Days of demand, pay the Issuing Banks the amount of all costs and expenses (including legal fees but subject to any separately agreed cap) reasonably incurred by any of them in connection with the negotiation, preparation,
printing and execution of: 
  

	 	(a)	this Agreement and any other documents referred to in this Agreement; and 

  
 46 

	 	(b)	any other Finance Documents executed after the date of this Agreement, 

 subject to a cap of ten
thousand Australian dollars (A$10,000) (provided, however, that such cap shall not include the legal fees, which shall be subject to a separately agreed cap). 
  

	14.2	Amendment costs 

 If (a) an Obligor requests an amendment, waiver or consent or
(b) an amendment is required pursuant to Clause 24.7 (Change of currency), the Original Borrower shall, within five (5) Business Days of demand, reimburse the Issuing Banks for the amount of all costs and expenses (including legal
fees) reasonably incurred by the Issuing Banks in responding to, evaluating, negotiating or complying with that request or requirement. 
  

	14.3	Enforcement costs 

 The Original Borrower shall, within five (5) Business Days of
demand, pay to each Issuing Bank the amount of all costs and expenses (including legal fees) incurred by that Issuing Bank in connection with the enforcement of, or the preservation of any rights under, any Finance Document. 

  
 47 

 SECTION 7 

GUARANTEE 
  

	15.	Guarantee and Indemnity 

  

	15.1	Guarantee and indemnity 

 Each Guarantor irrevocably and unconditionally jointly and
severally: 
  

	 	(a)	guarantees to each Issuing Bank punctual performance by each Borrower and the Parent of all that Borrower’s and the Parent’s obligations under the Finance Documents; 

 

	 	(b)	undertakes with each Issuing Bank that whenever a Borrower or the Parent does not pay any amount when due under or in connection with any Finance Document, that Guarantor shall immediately on demand pay that amount as
if it was the principal obligor; and 

  

	 	(c)	agrees with each Issuing Bank that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify that Issuing Bank immediately on demand
(and shall make the relevant payment within five (5) Business Days of demand) against any cost, loss or liability it incurs as a result of a Borrower or the Parent not paying any amount which would, but for such unenforceability, invalidity or
illegality, have been payable by it under any Finance Document on the date when it would have been due. The amount payable by a Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 15 if the amount
claimed had been recoverable on the basis of a guarantee. 

  

	15.2	Continuing guarantee 

 This guarantee is a continuing guarantee and will extend to the
ultimate balance of sums payable by any Obligor under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part. 
  

	15.3	Reinstatement 

 If any discharge, release or arrangement (whether in respect of the
obligations of any Obligor or any security for those obligations or otherwise) is made by an Issuing Bank in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation,
administration or otherwise, without limitation, then the liability of each Guarantor under this Clause 15 will continue or be reinstated as if the discharge, release or arrangement had not occurred. 

 

	15.4	Waiver of defences 

 The obligations of each Guarantor under this Clause 15 will not be
affected by an act, omission, matter or thing which, but for this Clause 15, would reduce, release or prejudice any of its obligations under this Clause 15 (without limitation and whether or not known to it or any Issuing Bank) including: 

 

	 	(a)	any time, waiver or consent granted to, or composition with, any Obligor or other person; 

  
 48 

	 	(b)	the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of any member of the Group; 

 

	 	(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Obligor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

  

	 	(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an Obligor or any other person; 

 

	 	(e)	any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Finance Document or any other document or security including without limitation any
change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security; 

 

	 	(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or 

 

	 	(g)	any insolvency or similar proceedings. 

  

	15.5	Immediate recourse 

 Each Guarantor waives any right it may have of first requiring any
Issuing Bank (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this Clause 15. This waiver applies irrespective of any law or
any provision of a Finance Document to the contrary. 
  

	15.6	Appropriations 

 Until all amounts which may be or become payable by the Obligors under
or in connection with the Finance Documents have been irrevocably paid in full, each Issuing Bank (or any trustee or agent on its behalf) may: 
  

	 	(a)	refrain from applying or enforcing any other moneys, security or rights held or received by that Issuing Bank (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such
manner and order as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and 

  

	 	(b)	hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any Guarantor’s liability under this Clause 15. 

  
 49 

	15.7	Deferral of Guarantors’ rights 

 Until all amounts which may be or become payable by
the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless the Majority Issuing Banks otherwise direct, no Guarantor will exercise any rights which it may have by reason of performance by it of its
obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 15: 
  

	 	(a)	to be indemnified by an Obligor; 

  

	 	(b)	to claim any contribution from any other guarantor of any Obligor’s obligations under the Finance Documents; 

  

	 	(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Issuing Banks under the Finance Documents or of any other guarantee or security taken pursuant to, or in
connection with, the Finance Documents by any Issuing Bank; 

  

	 	(d)	to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under Clause 15.1
(Guarantee and indemnity); 

  

	 	(e)	to exercise any right of set-off against any Obligor; and/or 

  

	 	(f)	to claim or prove as a creditor of any Obligor in competition with any Issuing Bank. 

 If a
Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Issuing Banks by the Obligors
under or in connection with the Finance Documents to be repaid in full on trust for the Issuing Banks and shall promptly pay or transfer the same to the Issuing Banks or as the Issuing Banks may direct for application in accordance with Clause
24 (Payment Mechanics). 
  

	15.8	Release of Guarantors’ right of contribution 

 If any Guarantor (a “Retiring
Guarantor”) ceases to be a Guarantor in accordance with the terms of the Finance Documents for the purpose of any sale or other disposal of that Retiring Guarantor then on the date such Retiring Guarantor ceases to be a Guarantor: 

 

	 	(a)	that Retiring Guarantor is released by each other Guarantor from any liability (whether past, present or future and whether actual or contingent) to make a contribution to any other Guarantor arising by reason of the
performance by any other Guarantor of its obligations under the Finance Documents; and 

  

	 	(b)	each other Guarantor waives any rights it may have by reason of the performance of its obligations under the Finance Documents to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of
any rights of the Issuing Banks under any Finance Document or of any other security taken pursuant to, or in connection with, any Finance Document where such rights or security are granted by or in relation to the assets of the Retiring Guarantor.

  
 50 

	15.9	Additional security 

 This guarantee is in addition to and is not in any way prejudiced
by any other guarantee or security now or subsequently held by any Issuing Bank. 

  
 51 

 SECTION 8 

REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT 
  

	16.	Representations 

 Each Obligor makes the representations and warranties set out in this
Clause 16 to each Issuing Bank. 
  

	16.1	Status 

  

	(a)	It is a limited liability company, duly incorporated and validly existing under the law of its jurisdiction of incorporation. 

  

	(b)	It has the power to own its assets and carry on its business as it is being conducted or is contemplated to be conducted. 

  

	16.2	Power and authority 

 It has the power to enter into and perform, and has taken all
necessary action to authorise its entry into, and performance of, the Finance Documents to which it is party and the transactions contemplated by those Finance Documents. 
  

	16.3	Binding obligations 

 The obligations expressed to be assumed by it in each Finance
Document to which it is a party are, subject to any general principles of law as at the date of this Agreement limiting its obligations, which are specifically referred to in any legal opinion delivered pursuant to Clause 4 (Conditions of
Utilisation – Initial conditions precedent) or Clause 22 (Changes to the Obligors), legal, valid, binding and enforceable obligations. 
  

	16.4	Non-conflict with other obligations 

 The entry
into and performance by it of, and the transactions contemplated by, the Finance Documents to which it is a party do not and will not conflict with: 
  

	 	(a)	any applicable law of its jurisdiction of incorporation; 

  

	 	(b)	its Constitutional Documents; or 

  

	 	(c)	any material agreement or instrument binding upon it or any of its assets. 

  

	16.5	Validity and admissibility in evidence 

 All authorisations required: 

 

	 	(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations under the Finance Documents to which it is a party and to ensure that the obligations expressed to be assumed by it thereunder are
legal, valid, binding and enforceable; and 

  

	 	(b)	to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of incorporation, 

have been obtained or effected and are in full force and effect, other than the registration of any security interest created under a Finance
Document on the register held under the PPSA. 

  
 52 

	16.6	Governing law and enforcement 

 Subject to any general principles of law as at the date
of this Agreement set out in any legal opinion delivered pursuant to the Finance Documents: 
  

	 	(a)	the choice of the laws of Western Australia as the governing law of the Finance Documents will be recognised and enforced in its jurisdiction of incorporation; and 

 

	 	(b)	any judgment obtained in the courts of Western Australia in relation to a Finance Document will be recognised and enforced in its jurisdiction of incorporation. 

 

	16.7	Deduction of Tax 

 It is not required under the law of its jurisdiction of incorporation
to make any Tax Deduction from any payment it may make under the Finance Documents, other than payments made to Issuing Banks that are not Qualifying Issuing Banks. 
  

	16.8	No filing or stamp taxes 

 Except to the extent set out in any legal opinion provided
pursuant to the Finance Documents in relation to it, under the law of its jurisdiction of incorporation it is not necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority in that jurisdiction or that
any stamp, registration or similar tax be paid on or in relation to the Finance Documents or the transactions contemplated by the Finance Documents. 
  

	16.9	No default 

  

	(a)	No Event of Default is continuing or might reasonably be expected to result from the making of any Utilisation. 

  

	(b)	It is not, nor is it likely to be as a result of entering into and performing its obligations under the Finance Documents, in violation of any law or in breach of or in default under any agreement to which it is a party
or which is binding on it or any of its assets to an extent or in a manner which could reasonably be expected to have a Material Adverse Effect. 

  

	16.10	No misleading information 

  

	(a)	All written factual information supplied by it to the Issuing Banks in connection with the Finance Documents (excluding any equity analysts reports and the reports from the credit rating agencies) (the
“Information”) was true and accurate in all material respects as at the date it was given or as at the date (if any) at which it was stated and was not misleading in any material respect at such date. 

 

	(b)	The financial projections and forecasts contained in the Information have been prepared in good faith on the basis of recent historical information and on the basis of reasonable assumptions. 

 

	(c)	It has not knowingly withheld any information which, if disclosed, could reasonably be expected materially and adversely to affect the decision of the Issuing Banks in considering whether or not to provide finance to
each Borrower. 

  
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	16.11	Financial statements 

  

	(a)	The Original Financial Statements were prepared in accordance with GAAP. 

  

	(b)	The Original Financial Statements fairly represent the Group’s financial condition and operations during the relevant financial year. 

 

	16.12	Pari passu ranking 

 Its payment obligations under the Finance
Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally in the jurisdiction of its incorporation. 

 

	16.13	No proceedings pending or threatened 

 Other than as disclosed in the financial
statements most recently delivered to the Issuing Banks pursuant to paragraph (a) of Clause 17.1 (Financial statements), no litigation, arbitration or administrative proceedings of or before any court, arbitral body or government agency
which, if adversely determined, might reasonably be expected to have a Material Adverse Effect have (to the best of its knowledge and belief) been started or threatened against it or any Material Group Company. 

 

	16.14	No winding-up 

 No Material Group Company has
taken any corporate action, nor have any other steps been taken or legal proceedings started or (to the best of its knowledge and belief, after due enquiry) threatened against any Material Group Company, for its
winding-up, dissolution, administration or re-organisation or for the enforcement of any Encumbrance over all or any of its revenues or assets or for the appointment of
a receiver, administrator, administrative receiver, conservator, custodian, trustee or similar officer of it or of all or any of its assets which could reasonably be expected to have a Material Adverse Effect. 

 

	16.15	No encumbrances 

  

	(a)	No Encumbrance exists over all or any of the assets of any Material Group Company except for Permitted Encumbrances. 

  

	(b)	No Encumbrance would arise as a result of the execution of and performance of its rights and obligations under the Finance Documents. 

 

	16.16	Assets 

 It and each Material Group Company has good title to or validly leases or
licences all of the assets necessary and has all consents and/or authorisations necessary to carry on its business as conducted to the extent that failure to comply with this Clause 16.16 could reasonably be expected to have a Material Adverse
Effect. 
  

	16.17	Insurance 

 Each Material Group Company maintains insurances on and in relation to its
business and assets against those risks and to the extent as is usual for companies in the jurisdiction in which it conducts its business carrying on substantially similar business in such jurisdiction. 

 

	16.18	Environmental Compliance 

 Each Material Group Company has adopted and complies with an
environmental policy which requires monitoring of and compliance with all applicable Environmental Law and Environmental Permits applicable to it from time to time unless non-compliance with such policy
could not reasonably be expected to cause a Material Adverse Effect. 

  
 54 

	16.19	Environmental Claims 

 No Environmental Claim (not of a frivolous or vexatious nature)
has been commenced or (to the best of its knowledge and belief) is threatened against any Material Group Company where that claim would be reasonably likely, if determined against that Material Group Company, to have a Material Adverse Effect. 

 

	16.20	Taxation 

  

	(a)	It and each Material Group Company has duly and punctually paid and discharged all Taxes imposed upon it or its assets within the time period allowed without incurring penalties except to the extent that:

  

	 	(i)	payment is being contested in good faith, it has maintained adequate reserves for those Taxes and payment can be lawfully withheld; or 

 

	 	(ii)	the aggregate amount of Taxes being withheld does not exceed US$30,000,000 (or its equivalent). 

  

	(b)	It is not and no Material Group Company is materially overdue in the filing of any Tax returns. 

  

	16.21	Ownership of Material Group Companies 

  

	(a)	Each existing Material Group Company on the date of this Agreement (other than the Cerro Corona Subsidiary, Newshelf, the Ghanaian Companies, Gold Fields Operations Limited and GFI Joint Venture Holdings Proprietary
Limited) is a wholly-owned Subsidiary of the Parent and any member of the Group which becomes a Material Group Company after the date of this Agreement will be a wholly or partially owned subsidiary of the Parent and the members of the Group holding
the shares in such Material Group Company have not reduced their shareholding in such Subsidiary below the level of their shareholding at the time such Subsidiary became a Material Group Company. 

 

	(b)	The Parent holds at least 74 per cent. of the issued share capital of Newshelf. 

  

	(c)	Newshelf holds at least 74 per cent. of the issued share capital of each of Gold Fields Operations Limited and GFI Joint Venture Holdings Proprietary Limited. 

 

	(d)	The Parent indirectly holds at least 90 per cent. of the issued share capital of each Ghanaian Company. 

  

	(e)	The Parent indirectly holds at least 99 per cent. of the common shares in the share capital of the Cerro Corona Subsidiary (which equates to 98.5 per cent. of the issued and outstanding shares in the share
capital of the Cerro Corona Subsidiary). 

  

	16.22	No Material Adverse Effect 

 There has been no change in the business, condition
(financial or otherwise), operations, performance or properties of the Obligors or the Group (taken as a whole) since the date of the Original Financial Statements which could reasonably be expected to have a Material Adverse Effect. 

  
 55 

	16.23	Sanctions 

  

	(a)	Neither the Parent nor any Subsidiary of the Parent, nor any director, employee or officer of the Parent or any Subsidiary of the Parent, nor to the best of the Parent’s knowledge and belief, any agent, affiliate
or representative of the Parent or any Subsidiary is an individual or entity currently the subject or target of any Sanctions (in place as at the date of this Agreement) nor is the Parent or any Subsidiary of the Parent located, organised, resident
or operating in any Sanctioned Country (designated as such as at the date of this Agreement). 

  

	(b)	For the past five (5) years, neither the Parent nor any Subsidiary has knowingly engaged in, nor is now knowingly engaged in any dealings or transactions with any person that at the time of the dealing or
transaction is or was the subject or the target of Sanctions or with any Sanctioned Country. 

  

	16.24	Anti-corruption 

 Each member of the Group has conducted its businesses in compliance
with applicable Anti-Corruption Laws and has instituted policies and procedures designed to promote and achieve compliance with such laws. 

 

	16.25	Times when representation made 

  

	(a)	All the representations and warranties in this Clause 16 are made by each Obligor on the date of this Agreement and, in the case of each Additional Obligor, on the date of accession of such Additional Obligor (by
reference to the facts and circumstances then existing) (other than the representations in paragraph (a) of Clause 16.10 (No misleading information) which are deemed to be made on the date the Information is provided by the relevant
Obligor. 

  

	(b)	The Repeating Representations are deemed to be made by each Obligor (by reference to the facts and circumstances then existing) on: 

  

	 	(i)	the date of each Utilisation Request; 

  

	 	(ii)	on each Utilisation Date; and 

  

	 	(iii)	in relation to any extension request made pursuant to Clause 7 (Extension option) of this Agreement, the date of such extension request and the date falling on the applicable Termination Date which is being
extended, 

 save that the references in Clause 16.11 (Financial statements) to “the Original Financial
Statements” shall, for the purposes of the Repeating Representations, be construed as references to the most recent audited consolidated financial statements of the Parent delivered to the Issuing Banks under Clause 16.11 (Financial
statements). 
  

	17.	Information Undertakings 

 The undertakings in this Clause 17 are given in favour of each
Issuing Bank and remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 

  
 56 

	17.1	Financial statements 

 The Parent shall supply to the Issuing Banks: 

 

	 	(a)	as soon as the same become available, but in any event within one hundred and twenty (120) days after the end of each of its Financial Years the audited consolidated financial statements of the Parent for that
Financial Year; 

  

	 	(b)	as soon as the same become available, but in any event within one hundred and fifty (150) days after the end of each of its Financial Years: 

 

	 	(i)	the audited financial statements of each Obligor (other than Gruyere Holdings Pty Ltd, Gold Fields Holdings Company (BVI) Limited, Gold Fields Orogen Holding (BVI) Limited and Gold Fields Ghana Holdings (BVI) Limited
unless there is a legal requirement to audit its financial statements and any other Obligor which is not legally required to audit its financial statements) for that Financial Year; and 

 

	 	(ii)	if the audited financial statements of Gruyere Holdings Pty Ltd, Gold Fields Holdings Company (BVI) Limited, Gold Fields Orogen Holding (BVI) Limited and/or Gold Fields Ghana Holdings (BVI) Limited and/or any other
Obligor which is not legally required to audit its financial statements (as the case may be) are not delivered under (i) above, the unaudited financial statements of Gruyere Holdings Pty Ltd, Gold Fields Holdings Company (BVI) Limited, Gold
Fields Orogen Holding (BVI) Limited and/or Gold Fields Ghana Holdings (BVI) Limited and/or any other Obligor which is not legally required to audit its financial statements (as the case may be) for that Financial Year; and 

 

	 	(c)	as soon as the same become available, but in any event within sixty (60) days after the first six (6) months of each of its Financial Years: 

 

	 	(i)	the unaudited financial statements of each Obligor for the first six (6) month period of that Financial Year; and 

  

	 	(ii)	the unaudited consolidated financial statements of the Parent for the first six (6) month period of that Financial Year. 

  

	17.2	Compliance Certificate 

  

	(a)	The Parent shall supply to the Issuing Banks, with each set of consolidated financial statements delivered pursuant to paragraphs (a) and (c) of Clause 17.1 (Financial statements), a Compliance
Certificate setting out (in reasonable detail) computations as to compliance with Clause 18 (Financial Covenants) as at the date as at which those financial statements were drawn up. 

 

	(b)	Each Compliance Certificate shall be signed by two (2) directors or executive officers of the Parent and, if required to be delivered with the audited consolidated financial statements delivered pursuant to
paragraph (a) of Clause 17.1 (Financial statements), reported on by the Auditors. 

  
 57 

	17.3	Requirements as to financial statements 

  

	(a)	Each set of financial statements delivered by the Parent pursuant to Clause 17.1 (Financial statements) shall be certified by a director of the relevant company as fairly representing its financial condition as
at the date as at which those financial statements were drawn up. This Clause 17.3 shall not apply to those financial statements delivered pursuant to paragraph (a) of Clause 17.1 (Financial statements). 

 

	(b)	The Parent shall procure that each set of financial statements delivered pursuant to Clause 17.1 (Financial statements) is prepared in accordance with GAAP, the requirements of its jurisdiction of incorporation
and accounting practices and financial reference periods, in each case consistent with those applied in the preparation of the Original Financial Statements, unless the Parent notifies the Issuing Banks that in relation to any sets of financial
statements, there has been a change in GAAP or the accounting practices or reference periods and its Auditors (in the case of its annual audited financial statements) or the Parent (in the case of any of its other financial statements) delivers to
the Issuing Banks: 

  

	 	(i)	a description of any change necessary for those financial statements to reflect GAAP, accounting practices and reference periods upon which the Original Financial Statements were prepared; and 

 

	 	(ii)	sufficient information, in form and substance as may be reasonably required by the Issuing Banks, to enable the Issuing Banks to determine whether Clause 18 (Financial Covenants) has been complied with and make
an accurate comparison between the financial position indicated in those financial statements and the Original Financial Statements. 

  

	(c)	If the Parent notifies the Issuing Banks of a change in accordance with paragraph (b) above, then the Parent and the Issuing Banks shall enter into negotiations in good faith with a view to agreeing:

  

	 	(i)	whether or not the change might result in material alteration in the commercial effect of any of the terms of this Agreement or any other Finance Document; and 

 

	 	(ii)	if so, any amendments to this Agreement or any other Finance Document which may be necessary to ensure that the change does not result in any material alteration in the commercial effect of those terms, and if any
amendments are agreed they shall take effect and be binding on each of the Parties in accordance with their terms. 

  

	(d)	Any reference in the Finance Documents to “financial statements” shall be construed as a reference to those financial statements as the same may be adjusted under this Clause 17.3 to reflect the basis
upon which the Original Financial Statements were prepared. 

  

	17.4	Access to records 

 At any time after the occurrence of an Event of Default and for so
long as it is continuing, upon the request of the Issuing Banks each Obligor shall (at that Obligor’s expense) provide to the Issuing Banks or any of their representatives and professional advisors such access to that Obligor’s records
(including its general ledger), books and assets as that person may require at reasonable times and upon reasonable notice. 

  
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	17.5	Information: miscellaneous 

 Each Obligor shall supply to the Issuing Banks: 

 

	 	(a)	if the Issuing Banks so request, all documents dispatched by that Obligor to its shareholders (or any class of them) or its creditors generally at the same time as they are dispatched; 

 

	 	(b)	the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against any member of the Group which, if adversely determined, would be reasonably likely to have a
Material Adverse Effect; and 

  

	 	(c)	promptly, such further information (including an extract of its general ledger) regarding the financial condition, business and operations of any Material Group Company as any Issuing Bank may reasonably request.

  

	17.6	Notification of default 

  

	(a)	Each Obligor shall notify the Issuing Banks, of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already
been provided by another Obligor). 

  

	(b)	Promptly upon a request by the Issuing Banks, each Borrower shall supply to the Issuing Banks, a certificate signed by two (2) of its directors or senior officers on its behalf certifying that no Default is
continuing (or if a Default is continuing specifying the Default and the steps, if any, being taken to remedy it). 

  

	17.7	“Know your customer” checks 

  

	(a)	If: 

  

	 	(i)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement; 

 

	 	(ii)	any change in the status of an Obligor or the composition of the shareholders of an Obligor after the date of this Agreement; or 

  

	 	(iii)	a proposed assignment or transfer by an Issuing Bank of any of its rights and obligations under the Finance Documents to a party that is not an Issuing Bank prior to such assignment or transfer, 

obliges any Issuing Bank (or, in the case of sub-paragraph (iii) above, any prospective new
Issuing Bank) to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of any Issuing Bank
supply, or procure the supply of, such documentation and other evidence as is reasonably requested by any Issuing Bank (for itself or, in the case of the event described in sub-paragraph (iii) above, on
behalf of any prospective new Issuing Bank) in order for such Issuing Bank or, in the case of the event described in sub-paragraph (iii) above, any prospective new Issuing Bank, to carry out and be
satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 

  
 59 

	(b)	The Parent shall, by not less than ten (10) Business Days’ prior written notice to the Issuing Banks, notify the Issuing Banks of its intention to request that one of its Subsidiaries becomes an Additional
Obligor pursuant to the terms of the Finance Documents. 

  

	(c)	Following the giving of any notice pursuant to paragraph (b) above, if the accession of such Additional Obligor obliges any Issuing Bank to comply with “know your customer” or similar identification
procedures in circumstances where the necessary information is not readily available to it, the Parent shall promptly upon the request of any Issuing Bank supply, or procure the supply of, such documentation and other evidence as is reasonably
requested by any Issuing Bank (for itself or on behalf of any prospective Issuing Bank) in order for such Issuing Bank or any prospective new Issuing Bank to carry out and be satisfied it has complied with all necessary “know your
customer” or other similar checks under all applicable laws and regulations pursuant to the accession of such Subsidiary to the Finance Documents as an Additional Obligor. 

 

	18.	Financial Covenants 

  

	18.1	Financial definitions: 

  

	(a)	In this Clause 18: 

 “Consolidated EBITDA” means, in respect of any Measurement
Period, the consolidated net income of the Group (less the net income of any Project Finance Subsidiaries but including any dividends received in cash by any member of the Group (other than a Project Finance Subsidiary) from a Project Finance
Subsidiary), before, without duplication and all as calculated in accordance with GAAP, the requirements of its jurisdiction of incorporation and accounting practices and financial reference periods, in each case consistent with those applied in
preparation of the Original Financial Statements: 
  

	 	(i)	any provision on account of normal, deferred and royalty taxation; 

  

	 	(ii)	any interest, commission, discounts or other fees incurred or payable, received or receivable by any member of the Group in respect of Indebtedness for Borrowed Money; 

 

	 	(iii)	any other interest received or receivable by any member of the Group on any deposit or bank account; 

  

	 	(iv)	any non-cash adjustments to the environment rehabilitation and/or reclamation expenses; 

  

	 	(v)	any amount attributable to the amortisation of intangible assets and depreciation of tangible assets; 

  

	 	(vi)	any non-cash gains or losses relating to and resulting from the marked to market valuation of derivative and/or financial instruments; 

 

	 	(vii)	any losses from (or gains on the reversal of previously recognised) write-downs or impairments of assets and/or investments; 

  

	 	(viii)	any gains or losses recognised on the attributable share of results of associates after tax, but including any dividends received in cash by any member of the Group from such an associate; 

  
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	 	(ix)	any share-based payments; 

  

	 	(x)	any other extraordinary or exceptional items; and 

  

	 	(xi)	any other material non-cash gain or loss that needs to be accounted for under GAAP, the requirements of its jurisdiction of incorporation and accounting practices and financial
reference periods, in each case consistent with those applied in preparation of the Original Financial Statements. 

 For any
company that is not a Subsidiary of the Group but in which any member of the Group directly or indirectly owns an equity interest of more than 20 per cent. of the issued share capital (an “Associate”), the Parent may include in
the Consolidated EBITDA the percentage of the equity interest of the amount that would be the EBITDA of the Associate. 

“Consolidated Net Borrowings” means, at any time, the aggregate amount of all obligations of the members of the Group, other
than Project Finance Subsidiaries (but including, for the avoidance of doubt, any guaranteed obligations of any other member of the Group in respect of the obligations of a Project Finance Subsidiary), for or in respect of Indebtedness for
Borrowed Money but excluding any such obligation to any member of the Group, adjusted to take account of the aggregate amount of freely available cash and cash equivalents held by any member of the Group, other than Project Finance
Subsidiaries, and so that no amount shall be included or excluded more than once, provided that, if a percentage of the EBITDA of any Associate is included in the Consolidated EBITDA then the same percentage of such Associate’s Consolidated Net
Borrowings (but as if references in such definition to “Group” were references to the Associate and its Subsidiaries) will be included in the calculation of Consolidated Net Borrowings; 

“Consolidated Net Finance Charges” means, in respect of any Measurement Period, the aggregate amount of the interest
(including the interest element of leasing and hire purchase payments and capitalised interest), commission, fees, discounts and other finance payments payable by any member of the Group, other than Project Finance Subsidiaries, (including any
commission, fees, discounts and other finance payment payable by any member of the Group under any interest rate hedging arrangement but deducting any commission, fees, discounts and other finance payments receivable by any member of the Group under
any interest rate hedging instrument) but deducting any other interest receivable by any member of the Group, other than Project Finance Subsidiaries, on any deposit or bank account, provided that, if a percentage of the EBITDA of any Associate is
included in the Consolidated EBITDA then the same percentage of such Associate’s Consolidated Net Finance Charges (but as if references in such definition to “Group” were references to the Associate and its Subsidiaries) will be
included in the calculation of Consolidated Net Finance Charges; and 
 “Measurement Period” means each period of twelve
(12) months ending on the last day of the Parent’s Financial Year and each period of twelve (12) months ending on the last day of the first half of the Parent’s Financial Year. 

 

	(b)	For the purposes of this Clause 18, if at any time the Cerro Corona Subsidiary is (or is deemed to be) a Material Group Company it shall be deemed to not be a Project Finance Subsidiary. 

  
 61 

	18.2	Financial condition 

  

	(a)	The Parent shall ensure that: 

  

	 	(i)	the ratio of Consolidated EBITDA to Consolidated Net Finance Charges in respect of any Measurement Period shall be or shall exceed 5:1; and 

 

	 	(ii)	the ratio of Consolidated Net Borrowings to Consolidated EBITDA shall not in respect of any Measurement Period exceed 2.5:1. 

  

	(b)	The undertakings in paragraph (a) above remain in force from the date of this Agreement for so long as any amount is outstanding under a Finance Document or a Commitment is in force. 

 

	18.3	Financial testing 

 The financial covenants set out in Clause 18.2 (Financial
condition) shall be tested by reference to each of the financial statements and/or each Compliance Certificate delivered pursuant to Clause 17.1 (Financial statements) and Clause 17.2 (Compliance Certificate). 

 

	19.	General Undertakings 

 The undertakings in this Clause 19 are given in favour of each
Issuing Bank and remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 
  

	19.1	Authorisations 

 Each Obligor shall promptly: 

 

	 	(a)	obtain, comply with and do all that is necessary to maintain in full force and effect; and 

  

	 	(b)	upon written request by an Issuing Bank, supply certified copies to the Issuing Bank, of, 

 any
authorisation required or desirable under any applicable law to enable it to perform its obligations under the Finance Documents to which it is a party and to ensure the legality, validity, enforceability or admissibility in evidence of any Finance
Document. 
  

	19.2	Compliance with laws 

 Each Obligor shall comply in all respects with all laws and
regulations to which it may be subject (including, but not limited to, Environmental Law), if failure so to comply would materially impair its ability to perform its obligations under the Finance Documents to which it is a party. 

 

	19.3	Negative pledge 

  

	(a)	No Obligor shall (and the Parent shall procure that no other Material Group Company shall) create or permit to subsist any Encumbrance over any of its assets. 

 

	(b)	No Obligor shall (and the Parent shall ensure that no other Material Group Company will): 

  

	 	(i)	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by it or by an Obligor or any other member of the Group;

  

	 	(ii)	sell, transfer or otherwise dispose of any of its receivables on recourse terms; 

  

	 	(iii)	enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or 

 

	 	(iv)	enter into any other preferential arrangement having a similar effect, 

  
 62 

 in circumstances where the arrangement or transaction is entered into primarily as a method of
raising Financial Indebtedness or of financing the acquisition of an asset. 
  

	(c)	Paragraphs (a) and (b) above do not apply to Permitted Encumbrances. 

  

	19.4	Disposals and Mergers 

  

	(a)	No Obligor shall (and the Parent shall ensure that no other Material Group Company will): 

  

	 	(i)	enter into a single transaction or a series of transactions (whether related or not) and whether voluntarily or involuntarily to sell, lease, transfer or otherwise dispose of any assets; or 

 

	 	(ii)	enter into any amalgamation, demerger, merger or corporate reconstruction. 

  

	(b)	Paragraph (a) above does not apply to: 

  

	 	(i)	Permitted Disposals; or 

  

	 	(ii)	any amalgamation, demerger, merger or corporate reconstruction of any member of the Group, without insolvency, if: 

  

	 	(A)	in respect of the Obligors or the successors-in-title or assignees of the Obligors, the Finance Documents are preserved as binding upon the
amalgamated, demerged, merged and/or reconstructed members of the Group; 

  

	 	(B)	the amalgamated, demerged, merged and/or reconstructed companies will be members of the Group; and 

  

	 	(C)	such amalgamation, demerger, merger and/or corporate reconstruction will not have a Material Adverse Effect. 

  

	19.5	Change of business 

 Each Obligor shall procure that no substantial change is made to the
general nature of its business or the business of the Group taken as a whole from that carried on at the date of this Agreement. 
  

	19.6	Insurance 

 Each Obligor shall (and the Parent shall ensure that each Material Group
Company will) maintain insurances on and in relation to its business, properties and assets with reputable underwriters or insurance companies against those risks and to the extent as is usual for companies carrying on the same or substantially
similar business. 
  

	19.7	Environmental Compliance 

 Each Obligor shall (and the Parent shall ensure that each
Material Group Company will) substantially comply in all material respects with all Environmental Law and obtain and maintain any Environmental Permits and take all reasonable steps in anticipation of known or expected future changes to or
obligations under the same. 

  
 63 

	19.8	Environmental Claims 

 Each Obligor shall inform the Issuing Banks, in writing as soon as
reasonably practical upon becoming aware of the same: 
  

	 	(a)	if any Environmental Claim (not of a frivolous or vexatious nature) has been commenced or (to the best of its knowledge and belief) threatened against any Material Group Company; or 

 

	 	(b)	of any facts or circumstances which will or are reasonably likely to result in any Environmental Claim (not of a frivolous or vexatious nature) being commenced or threatened against any Material Group Company,

 where the claim would be reasonably likely, if determined against that Material Group Company, to have a Material Adverse
Effect. 
  

	19.9	Taxation 

 Each Obligor shall (and the Parent shall ensure that each Material Group
Company will) duly and punctually pay and discharge all Taxes imposed upon it or its assets within the time period allowed without incurring penalties save: 
  

	 	(a)	to the extent that any failure to so pay or discharge would result in Tax liabilities less than US$30,000,000 (or its equivalent); or 

 

	 	(b)	to the extent that: 

  

	 	(i)	payment is being contested in good faith; 

  

	 	(ii)	adequate reserves are being maintained for those Taxes; and 

  

	 	(iii)	such payment can be lawfully withheld. 

  

	19.10	Maintenance of Legal Status 

 Each Obligor shall (and the Parent shall ensure that each
Material Group Company will) do all such things as are necessary to maintain its existence as a legal person and shall maintain its books and records in good order and make all necessary corporate filings with the relevant authorities in its
jurisdiction of incorporation. 
  

	19.11	Claims Pari Passu 

 Each Obligor shall ensure that at all times the
claims of the Issuing Banks against it under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors save those whose claims are preferred by any bankruptcy, insolvency,
liquidation or other similar laws of general application in its jurisdiction of incorporation. 
  

	19.12	Maintenance of Assets 

 Each Obligor shall (and the Parent shall ensure that each
Material Group Company will) ensure that it has good title to or validly leases or licences all of the assets necessary and has all consents and/or authorisations necessary to carry on its business as conducted to the extent that failure to comply
with this Clause 19.12 could reasonably be expected to have a Material Adverse Effect. 

  
 64 

	19.13	Acquisitions 

  

	(a)	No Obligor shall (and the Parent shall ensure that no Material Group Company will), acquire any assets or business or make any investments. 

 

	(b)	Paragraph (a) above shall not apply to: 

  

	 	(i)	any acquisition of assets or business or any investment made, in each case, on arm’s length terms where the aggregate amount of consideration for that acquisition or investment does not exceed 20 per cent. of
Market Capitalisation; 

  

	 	(ii)	any acquisition or investment made in the ordinary course of trading of the acquiring or investing entity; 

  

	 	(iii)	any investment in the ordinary course of trading of the Group of cash whose disposal is permitted under Clause 19.4 (Disposals and Mergers); 

 

	 	(iv)	an acquisition or investment by a member of the Group of an asset sold, leased, transferred or otherwise disposed of by another member of the Group in circumstances constituting a Permitted Disposal; or

  

	 	(v)	any acquisition or investment (not being an acquisition that is classed as a “Category 1” transaction under the Listing Requirements of the JSE Limited): 

 

	 	(A)	made on arm’s length terms; 

  

	 	(B)	where the amount of consideration for such acquisition or investment is funded directly, or out of the proceeds of, an issue of shares in the Parent; and 

 

	 	(C)	in respect of which the Parent has confirmed to the Issuing Banks that the LTM EBITDA of the entity or asset to be acquired or invested in is positive, and that the asset or entity will be immediately cash accretive to
the Group as certified by the Parent in a certificate signed by the chief financial officer of the Parent. 

  

	(c)	For the purposes of this Clause 19.13: 

 “LTM EBITDA” of an entity or asset
means, at any time, the last 12 Months’ earnings before interest, tax, depreciation and amortisation of that entity or attributable to that asset (determined by reference to the most recently available financial statements relevant to that
entity or asset). 
  

	19.14	Financial Indebtedness 

 No member of the Group (other than a Guarantor or a Project
Finance Subsidiary) shall incur, create or permit to subsist or have outstanding any Financial Indebtedness or enter into any agreement or arrangement whereby it is entitled to incur, create or permit to subsist any Financial Indebtedness other than
Permitted Financial Indebtedness. 
  

	19.15	Ownership of Material Group Companies 

 Subject to applicable law, the Parent shall
ensure that: 
  

	 	(a)	 each existing Material Group Company on the date of this Agreement (other than the Cerro Corona Subsidiary,
Newshelf, the Ghanaian Companies, Gold Fields Operations Limited and GFI Joint Venture Holdings Proprietary Limited) is and continues to be a 

  
 65 

	 	
wholly-owned Subsidiary of the Parent and each member of the Group which becomes a Material Group Company after the date of this Agreement is a wholly or partially owned Subsidiary of the Parent
and that members of the Group will hold and continue to hold at least the same percentage of the issued share capital of such Material Group Company as was held by members of the Group at the time such Subsidiary became a Material Group
Company; 

  

	 	(b)	the Parent holds and continues to hold at least 74 per cent. of the issued share capital of Newshelf; 

  

	 	(c)	Newshelf holds and continues to hold at least 74 per cent. of the issued share capital of each of Gold Fields Operations Limited and GFI Joint Venture Holdings Proprietary Limited; 

 

	 	(d)	the Parent indirectly holds and continues to indirectly hold at least 90 per cent. of the issued share capital of each Ghanaian Company; and 

 

	 	(e)	the Parent indirectly holds and continues to indirectly hold at least 99 per cent. of the common shares in the share capital of the Cerro Corona Subsidiary (which equates to 98.5 per cent. of the issued and
outstanding shares in the share capital of the Cerro Corona Subsidiary). 

  

	19.16	Loans or credit 

  

	(a)	Except as permitted under paragraph (b) below, no Obligor shall (and the Parent shall ensure that no other Material Group Company will) be a creditor in respect of any Financial Indebtedness, or incur, grant or
allow to remain outstanding any guarantees (except as required under the Finance Documents) in respect of any Financial Indebtedness. 

  

	(b)	Paragraph (a) above does not apply to: 

  

	 	(i)	a Permitted Loan; 

  

	 	(ii)	a Permitted Guarantee; or 

  

	 	(iii)	for the avoidance of doubt, any performance or similar bond guaranteeing performance by a member of the Group under any contract entered into in the ordinary course of trade, including any environmental bond which a
member of the Group is required to issue under any applicable law. 

  

	19.17	Most Favoured Lender Agreement 

  

	(a)	Subject to paragraphs (b) and (d) below, the Parent shall not (and shall ensure that no Obligor or Material Group Company will): 

 

	 	(i)	enter into any credit facility, bond or note facility (each an “MFL Agreement”) that contains or benefits from a Relevant Provision which is either not included in this Agreement (and would be
beneficial to the Issuing Banks) or would be more beneficial to the lenders, noteholders or bondholders under such MFL Agreement than any analogous provision of this Agreement is to the Issuing Banks, or 

 

	 	(ii)	 amend any MFL Agreement so that the lenders, noteholders or bondholders under such MFL Agreement benefit from a
Relevant Provision which is either not included in this 

  
 66 

	 	
Agreement (and would be beneficial to the Issuing Banks) or would be more beneficial to the lenders, noteholders or bondholders under such MFL Agreement than any analogous provision of this
Agreement is to the Issuing Banks, 

 unless in each case, the Parent promptly and in any event within ten (10) Business
Days after such circumstance arises gives notice accordingly to the Issuing Banks (the “MFL Notice”) and provides a copy of the Relevant Provision to the Issuing Banks. 

 

	(b)	Paragraph (a) above shall not apply to: 

  

	 	(i)	any credit facility, bond or note facility entered into by the Parent, an Obligor or a Material Group Company which is existing as at the date of this Agreement (an “Existing MFL Agreement”) save in
respect of amendments made to such Existing MFL Agreements; 

  

	 	(ii)	any credit facility, bond, or note facility entered into for the purpose of refinancing a facility made available under an Existing MFL Agreement (a “Refinancing MFL Agreement”) on substantially the
same terms as the Existing MFL Agreement it is refinancing; or 

  

	 	(iii)	any credit facility, bond or note facility, in relation to which the Financial Indebtedness to be incurred, or incurred thereunder constitutes Project Finance Borrowings (a “Project Finance Borrowing MFL
Agreement”). 

  

	(c)	Unless the Majority Issuing Banks notify the Parent within fifteen (15) Business Days after receipt of the MFL Notice that it does not wish to accept the Relevant Provision, such Relevant Provision shall be deemed
automatically incorporated by reference into this Agreement, mutatis mutandis, as if fully set out in this Agreement, without any further action required on the part of any Party, effective as of the date when such Relevant Provision became
effective under the MFL Agreement. Thereafter each Obligor will promptly enter into such documentation and take such other action as the Majority Issuing Banks may reasonably request in order to give effect to (and give evidence of authorisation of)
any amendments or additions to this Agreement required to give effect to the Relevant Provision under this Agreement. 

  

	(d)	If, at any time after the date of this Agreement, the clause equivalent to this Clause 19.17 contained in the Existing Group Facility Agreement is deleted, not included or varied (“Varied MFN
Provision”) the Parent shall promptly notify the Issuing Banks and, if requested in writing by the Parent or the Majority Issuing Banks, the Parties will within fifteen (15) Business Days of such notice, enter into a variation
agreement to amend this Agreement so that this Clause 19.17 is either deleted or varied to align in all material respects with the Varied MFN Provision (as the case may be). 

 

	19.18	Most Favoured Lender Agreement: Guarantees and Security 

  

	(a)	Subject to paragraphs (b) and (d) below, the Parent shall ensure that no Relevant Group Company: 

  

	 	(i)	is or becomes a borrower under any credit facility, bond or note facility to which an Obligor or a Material Group Company is party (each a “Relevant MFL Agreement”); or 

  
 67 

	 	(ii)	grants or has granted a guarantee, indemnity or any other credit support or any Encumbrance in respect of the obligations of any member of the Group under a Relevant MFL Agreement, 

unless on or before the date of such accession or the date on which such guarantee, indemnity or other credit support or Encumbrance is
granted, that Relevant Group Company is or has become an Additional Borrower and/or Additional Guarantor (as appropriate) under this Agreement and (if that Relevant Group Company has granted an Encumbrance in respect of the obligations of any member
of the Group under the Relevant MFL Agreement) that Relevant Group Company shall grant or has granted an equivalent Encumbrance in favour of the Issuing Banks in form and substance satisfactory to the Majority Issuing Banks (acting
reasonably) and corporate authorisations and opinions in relation to such Encumbrance in form and substance satisfactory to the Majority Issuing Banks (acting reasonably) have been delivered to the Issuing Banks. 

 

	(b)	Paragraph (a) above shall not apply to (i) any Existing MFL Agreements save in respect of Relevant Group Companies that become new borrowers or grant new guarantees, indemnities, or other forms of credit
support or Encumbrances in respect of such Existing MFL Agreements after the date of this Agreement, (ii) any Refinancing MFL Agreement which has equivalent borrowers and benefits from equivalent guarantees and Encumbrances as the MFL Agreement
it is refinancing or (iii) any Project Finance Borrowing MFL Agreement. 

  

	(c)	For the purposes of this Clause 19.18, a “Relevant Group Company” is a member of the Group which is neither an Obligor nor a Material Group Company. 

 

	(d)	If, at any time after the date of this Agreement, the clause equivalent to this Clause 19.18 contained in the Existing Group Facility Agreement is deleted, not included or varied (“Varied Security
Provision”) the Parent shall promptly notify the Issuing Banks and, if requested in writing by the Parent or the Majority Issuing Banks, the Parties will within fifteen (15) Business Days of such notice, enter into a variation
agreement to amend this Agreement so that this Clause 19.18 is either deleted or varied to align in all material respects with the Varied Security Provision (as the case may be). 

 

	19.19	Sanctions 

  

	(a)	The Parent shall not (and shall procure that no Subsidiary will) engage in any dealings or transactions occurring in a Sanctioned Country or with any person that at the time of the dealing or transaction is the subject
or the target of Sanctions or located in any Sanctioned Country. 

  

	(b)	The Parent shall not (and shall procure that no Subsidiary will): 

  

	 	(i)	knowingly use, contribute or otherwise make available the proceeds of any Facility for the purpose of financing or making funds available directly; or 

 

	 	(ii)	use, contribute or otherwise make available the proceeds of any Facility for the purpose of financing or making funds available indirectly, 

to any person which is the subject or target of any Sanctions or located in a Sanctioned Country, to the extent such financing or provision of
funds is prohibited by Sanctions. 

  
 68 

	19.20	Anti-corruption 

  

	(a)	No Obligor shall (and the Parent shall ensure that no Subsidiary will) directly or indirectly use the proceeds of the Facility for any purpose which would breach any applicable Anti-Corruption Laws. 

 

	(b)	The Parent shall (and shall ensure that each of its Subsidiaries will) maintain and enforce, policies and procedures designed to promote and ensure compliance with all applicable
Anti-Corruption Laws. 

  

	20.	Events of Default 

 Each of the events or circumstances set out in this Clause 20 is an
Event of Default (whether or not caused by any reason whatsoever outside the control of a Borrower or the Parent or any other person) save for Clause 20.16 (Acceleration) and Clause 20.17 (Remedy). 

 

	20.1	Non-payment 

 An Obligor does not pay on the due
date any amount payable pursuant to a Finance Document at the place and in the currency in which it is expressed to be payable unless payment is made within three (3) Business Days of its due date. 

 

	20.2	Financial covenants 

 Any requirement of Clause 18 (Financial Covenants) is not
satisfied. 
  

	20.3	Other obligations 

  

	(a)	Subject to Clause 20.17 (Remedy), an Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clause 20.1 (Non-Payment)
and Clause 18 (Financial Covenants)). 

  

	(b)	No Event of Default will occur under paragraph (a) above in respect of Clause 19.9 (Taxation) unless the unpaid Taxes (which do not fall within paragraph (b), (ii) or (iii) of that Clause) exceed
US$30,000,000 (or its equivalent). 

  

	20.4	Misrepresentation 

  

	(a)	Subject to Clause 20.17 (Remedy), any representation or statement made or deemed to be made by any Obligor in the Finance Documents or any other document delivered by or on behalf of any Obligor under or in
connection with any Finance Document is or proves to have been incorrect or misleading in any material and adverse respect when made or deemed to be made. 

  

	(b)	No Event of Default will occur under paragraph (a) above in respect of the representation contained in paragraph (a) of Clause 16.20 (Taxation) unless the unpaid Taxes (which do not fall within
paragraphs (a)(i) and (a)(ii) of Clause 16.20 (Taxation)) exceed US$30,000,000 (or its equivalent). 

  

	20.5	Cross-default 

  

	(a)	Any Financial Indebtedness of a Material Group Company is not paid when due, nor where there is an applicable grace period, within the originally applicable grace period. 

 

	(b)	Any Financial Indebtedness of a Material Group Company is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described). 

  
 69 

	(c)	Any commitment for any Financial Indebtedness of a Material Group Company is cancelled or suspended by a creditor of a Material Group Company as a result of an event of default (however described). 

 

	(d)	Any creditor of a Material Group Company becomes entitled to declare any Financial Indebtedness of a Material Group Company due and payable prior to its specified maturity as a result of an event of default (however
described). 

  

	(e)	No Event of Default will occur under this Clause 20.5 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness, falling within paragraphs (a) to (d) of this Clause 20.5 above
is less than US$30,000,000 (or its equivalent). 

  

	20.6	Insolvency 

  

	(a)	Any Material Group Company is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences
negotiations with one or more of its classes of creditors with a view to rescheduling any of its Financial Indebtedness which in the case of a Material Group Company (other than an Obligor) could reasonably be expected to have a Material Adverse
Effect. 

  

	(b)	The value of the assets of any Material Group Company, fairly valued, is less than its liabilities (taking into account contingent and prospective liabilities) which in the case of a Material Group Company (other than
an Obligor) could reasonably be expected to have a Material Adverse Effect. 

  

	(c)	A moratorium is declared in respect of any Financial Indebtedness of any Material Group Company. 

  

	20.7	Insolvency proceedings 

 Any corporate action, legal proceedings or other similar
procedure or step is taken in relation to: 
  

	 	(a)	the suspension of payments, a moratorium of any Financial Indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of
arrangement or otherwise) of any Material Group Company; 

  

	 	(b)	a composition, compromise, assignment or arrangement with any creditor or class of creditors of any Material Group Company; 

  

	 	(c)	the appointment of a liquidator, receiver, administrator, administrative receiver, judicial manager, compulsory manager or other similar officer in respect of any Material Group Company or any of its assets;

  

	 	(d)	enforcement of any Encumbrance over any assets of any Material Group Company; or 

  

	 	(e)	or any analogous procedure or step is taken in any jurisdiction and any such procedure or proceedings are not contested in good faith nor discharged within thirty (30) days (or such shorter period provided for
contesting such procedure or proceedings under the laws of the relevant jurisdiction). 

  

	20.8	Failure to comply with final judgment 

 Any Material Group Company fails within five
(5) Business Days of the due date to comply with or pay any sum due from it under any material final judgment or any final order made or given by 

  
 70 

 
any court that is located in the Commonwealth of Australia or the United States of America or is otherwise located in, or whose judgement would be recognised or enforceable in, a jurisdiction in
which a Material Group Company is located, incorporated or carries on business. For the purposes of this Clause 20.8, a “material final judgment” shall be any judgment for the payment of a sum of money in excess of thirty million US
dollars (US$30,000,000) (or its equivalent). 
  

	20.9	Creditors’ process 

 Any expropriation (other than an expropriation where fair
compensation is received) or the operation of the attachment, sequestration, distress or execution affects any material asset of a Material Group Company and is not discharged within twenty-one (21) days.
For the purposes of this Clause 20.9 a “material asset” is any single income producing asset of the relevant Material Group Company which contributes not less than 5 per cent. towards the Consolidated EBITDA or gross assets of the
Group (calculated according to the most recent set of audited consolidated financial statements delivered pursuant to Clause 17.1 (Financial statements)) provided that any loss of mineral rights arising as a result of the operation of the
Mineral and Petroleum Resources Development Act, No. 28 of 2002 (the “MPRDA”) (including the broad-based socio-economic empowerment charter, as amended, revised and/or restated (the “Mining Charter”), the Code
of Good Practice for the Minerals Industry and the Housing and Living Condition Standard for the Mining Industry published in accordance with the MPRDA) substantially in its current form as at the date of this Agreement and/or the operation of the
Mineral and Petroleum Resources Royalty Act, No. 28 of 2008, substantially in its current form as at the date of this Agreement shall not constitute an expropriation for the purposes of this Clause 20.9. 

 

	20.10	Unlawfulness 

 It is or becomes unlawful for an Obligor to perform any of its obligations
under the Finance Documents or such obligations cease to be legal, valid, binding or enforceable obligations. 
  

	20.11	Repudiation and Unenforceability 

 An Obligor repudiates a Finance Document or any
Finance Document is declared to be or is otherwise unenforceable against an Obligor by a court of the jurisdiction of incorporation of the relevant Obligor. 
  

	20.12	Governmental Intervention 

 By or under the authority of any government: 

 

	 	(a)	the management of any Material Group Company is wholly or partially displaced or the authority of any Material Group Company in the conduct of its business is wholly or partially taken over; or 

 

	 	(b)	 all or a majority of the issued shares of any Material Group Company or material part of its revenues or assets
is seized, nationalised, expropriated or compulsorily acquired. For the purposes of this Clause 20.12 “material part of its revenues or assets” shall in relation to the relevant Material Group Company be construed as revenues comprising
not less than 5 per cent. of the Consolidated EBITDA or gross assets of the Group calculated mutatis mutandis in accordance with the provisions of 

  
 71 

	 	
Clause 20.9 (Creditors’ process) or assets which contribute not less than 5 per cent. towards the Consolidated EBITDA or gross assets of the Group
calculated mutatis mutandis accordance with the provisions of Clause 20.9 (Creditors’ process), provided that neither the implementation of the MPRDA (including the Mining Charter, the Code of Good Practice for the
Minerals Industry and the Housing and Living Condition Standard for the Mining Industry published in accordance with the MPRDA) substantially in its current form as at the date of this Agreement nor the implementation of the Mineral and
Petroleum Resources Royalty Act, No. 28 of 2008, in each case substantially in its current form as at the date of this Agreement, shall constitute a seizure, nationalisation, expropriation or compulsory acquisition as contemplated by this
Clause 20.12. 

  

	20.13	Material Adverse Effect 

 Any change occurs in the business, condition (financial or
otherwise), operations, performance or properties of the Obligors or the Group taken as a whole since the date of the Original Financial Statements which could be reasonably likely to have a Material Adverse Effect. 

 

	20.14	Cessation of Business 

 Any Material Group Company ceases to carry on the business which
it undertakes at the date of this Agreement. 
  

	20.15	Litigation 

 Any litigation, arbitration, administrative proceedings or governmental or
regulatory investigations or proceedings against any Material Group Company or its respective assets or revenues is reasonably expected to be adversely determined, and if so determined, could reasonably be expected to have a Material Adverse Effect.

  

	20.16	Acceleration 

 On and at any time after the occurrence of an Event of Default which is
continuing, the Majority Issuing Banks may, by notice to the Borrowers and the Parent: 
  

	 	(a)	cancel the Total Commitments whereupon they shall immediately be cancelled; 

  

	 	(b)	declare that all or part of the Utilisations, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, whereupon they shall become
immediately due and payable; 

  

	 	(c)	declare that all or part of the Utilisations be payable on demand, whereupon they shall immediately become payable on demand by the Majority Issuing Banks; 

 

	 	(d)	declare that cash cover in respect of each Bank Guarantee is immediately due and payable at which time it shall become immediately due and payable; and/or 

 

	 	(e)	declare that cash cover in respect of each Bank Guarantee is payable on demand at which time it shall immediately become due and payable on demand by the Majority Issuing Banks. 

 

	20.17	Remedy 

  

	 	(a)	 No Event of Default under this Clause 20 (other than those referred to in Clauses 20.1 (Non-payment), 20.2 (Financial covenants), 20.3 (Other obligations) (in respect of a failure by an 

  
 72 

	 	
Obligor to comply with Clause 19.19 (Sanctions) or Clause 19.20 (Anti-corruption)) and 20.4 (Misrepresentation) (in respect of a representation or statement made by an
Obligor under Clause 16.23 (Sanctions) or Clause 16.24 (Anti-corruption))) will occur if the failure to comply or circumstance giving rise to the same is capable of remedy and is remedied by an Obligor within ten (10) days of the
earlier of the Majority Issuing Banks giving notice to the Obligors or any Obligor becoming aware of the failure to comply. 

  

	(b)	For the purposes of paragraph (a) above, the events or circumstances referred to in Clause 20.5 (Cross-default), Clause 20.6 (Insolvency), Clause 20.7 (Insolvency proceedings), Clause 20.8
(Failure to comply with final judgment), Clause 20.9 (Creditors’ process), Clause 20.10 (Unlawfulness), Clause 20.11 (Repudiation and unenforceability), Clause 20.13 (Material Adverse Effect) and Clause 20.14
(Cessation of Business) shall be deemed to be incapable of remedy save to the extent set out therein unless the Majority Issuing Banks determine otherwise. 

 

	20.18	Cash cover 

 The Issuing Bank of a Bank Guarantee shall place any cash cover it receives
in respect of that Bank Guarantee into an interest-bearing account in the name of the Borrower under that Bank Guarantee, and in respect of which the following conditions must be met: 

 

	 	(a)	the account is with the Issuing Bank which issued that Bank Guarantee; and 

  

	 	(b)	until no amount is or may be outstanding under that Bank Guarantee, withdrawals from the account may only be made to pay that Issuing Bank amounts due and payable to it under this Agreement in respect of that Bank
Guarantee, or otherwise as agreed in writing by that Issuing Bank. 

 When the Issuing Bank is satisfied that no amount is
actually or contingently payable by it under that Bank Guarantee, it will pay the balance (if any) in the account to the Borrower unless an Event of Default is continuing. 

  
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 SECTION 9 

CHANGES TO PARTIES 
  

	21.	Changes to the Issuing Banks 

  

	21.1	Assignments and transfers by the Issuing Banks 

 Subject to this Clause 21, an
Issuing Bank (the “Existing Issuing Bank”) may: 
  

	 	(a)	assign any of its rights; or 

  

	 	(b)	transfer by novation any of its rights and obligations, 

 to another bank or financial
institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the “New Issuing Bank”). 

 

	21.2	Conditions of assignment or transfer 

  

	(a)	The consent of the Parent is required for an assignment or transfer by an Existing Issuing Bank, unless the assignment or transfer: 

  

	 	(i)	is to another Issuing Bank or an Affiliate of an Issuing Bank; or 

  

	 	(ii)	takes effect at a time when an Event of Default has occurred and is continuing. 

  

	(b)	The consent of the Parent to an assignment or transfer (if required) must not be unreasonably withheld or delayed. The Parent will be deemed to have given its consent five (5) Business Days after the Existing
Issuing Bank has requested it unless consent is expressly refused by the Parent within that time. 

  

	(c)	An Issuing Bank shall not assign or transfer rights to a person whom the officers of the relevant Existing Issuing Bank involved on a
day-to-day basis in the administration of the Facility know to be an Offshore Associate of the relevant Borrower. 

 

	(d)	An assignment will only be effective on: 

  

	 	(i)	receipt by the Existing Issuing Bank (whether in the Assignment Agreement or otherwise) of written confirmation from the New Issuing Bank (in form and substance satisfactory to the Existing Issuing Bank) that the New
Issuing Bank will assume the same obligations to the other Issuing Banks as it would have been under if it was an Original Issuing Bank; and 

  

	 	(ii)	performance by the Existing Issuing Bank of all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to such assignment to a New Issuing Bank, the
completion of which the Existing Issuing Bank shall promptly notify to the New Issuing Bank. 

  

	(e)	A transfer will only be effective if the procedure set out in Clause 21.4 (Procedure for transfer) is complied with. 

  

	(f)	If: 

  

	 	(i)	an Issuing Bank assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 

  
 74 

	 	(ii)	as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Issuing Bank or Issuing Bank acting through its new Facility Office
under Clause 10 (Tax Gross-up and Indemnities) or Clause 11 (Increased Costs), 

then the New Issuing Bank or Issuing Bank acting through its new Facility Office is only entitled to receive payment under those
Clauses to the same extent as the Existing Issuing Bank or Issuing Bank acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred. This paragraph (f) shall not apply where the
payment is in relation to Australian Withholding Tax and there are at least two (2) Issuing Banks after the assignment, transfer or change, and the New Issuing Bank, or Issuing Bank acting through its new Facility Office, is not an
Offshore Associate of the Borrower. In such instances, the New Issuing Bank, or Issuing Bank acting through its new Facility Office, will be entitled to full payment under Clause 10 (Tax Gross-up
and Indemnities). 
  

	(g)	An Issuing Bank may not assign or transfer any of its rights or obligations under the Finance Documents or change its Facility Office, if the New Issuing Bank or the Issuing Bank acting through its new Facility Office
would be entitled to exercise any rights under Clause 8.1 (Illegality) or Clause 8.2 (Illegality in relation to Bank Guarantees) as a result of circumstances existing as at the date the assignment, transfer or change is proposed to
occur. 

  

	21.3	Limitation of responsibility of Existing Issuing Banks 

  

	(a)	Unless expressly agreed to the contrary, an Existing Issuing Bank makes no representation or warranty and assumes no responsibility to a New Issuing Bank for: 

 

	 	(i)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 

  

	 	(ii)	the financial condition of any Obligor; 

  

	 	(iii)	the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 

  

	 	(iv)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, 

and any representations or warranties implied by law are excluded. 
  

	(b)	Each New Issuing Bank confirms to the Existing Issuing Bank and the other Issuing Banks that it: 

  

	 	(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this
Agreement and has not relied exclusively on any information provided to it by the Existing Issuing Bank in connection with any Finance Document; and 

  

	 	(ii)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

  
 75 

	(c)	Nothing in any Finance Document obliges an Existing Issuing Bank to: 

  

	 	(i)	accept a re-transfer or re-assignment from a New Issuing Bank of any of the rights and obligations assigned or transferred under this
Clause 21; or 

  

	 	(ii)	support any losses directly or indirectly incurred by the New Issuing Bank by reason of the non-performance by any Obligor of its obligations under the Finance Documents or
otherwise. 

  

	21.4	Procedure for transfer 

  

	(a)	Subject to the conditions set out in Clause 21.2 (Conditions of assignment or transfer) a transfer is effected in accordance with paragraph (b) below when the Parent receives a duly completed and executed
Transfer Certificate delivered to it by the Existing Issuing Bank and the New Issuing Bank. 

  

	(b)	On the Transfer Date: 

  

	 	(i)	to the extent that in the Transfer Certificate the Existing Issuing Bank seeks to transfer by novation its rights and obligations under the Finance Documents each of the Obligors and the Existing Issuing Bank shall be
released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the “Discharged Rights and Obligations”);

  

	 	(ii)	each of the Obligors and the New Issuing Bank shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor
and the New Issuing Bank have assumed and/or acquired the same in place of that Obligor and the Existing Issuing Bank; 

  

	 	(iii)	the New Issuing Bank and other Issuing Banks shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New Issuing Bank been an Original Issuing
Bank with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Existing Issuing Banks shall each be released from further obligations to each other under the Finance Documents; 

 

	 	(iv)	the New Issuing Bank shall become a Party as an “Issuing Bank”; and 

  

	 	(v)	for purposes of this Agreement rights and obligations will be taken to have been transferred under a Transfer Certificate even though it operates as a novation and rights and obligations are replaced rather than
transferred. 

  

	21.5	Procedure for assignment 

  

	 	(a)	Subject to the conditions set out in Clause 21.2 (Conditions of assignment or transfer) an assignment is effected in accordance with paragraph (b) below when the Parent receives a duly completed and executed
Assignment Agreement delivered to it by the Existing Issuing Bank and the New Issuing Bank. 

  
 76 

	(b)	On the Transfer Date: 

  

	 	(i)	the Existing Issuing Bank will assign absolutely to the New Issuing Bank the rights under the Finance Documents expressed to be the subject of the assignment in the Assignment Agreement; 

 

	 	(ii)	the Existing Issuing Bank will be released by each Obligor and the other Issuing Banks from the obligations owed by it (the “Relevant Obligations”) and expressed to be the subject of the release in the
Assignment Agreement; and 

  

	 	(iii)	the New Issuing Bank shall become a Party as an “Issuing Bank” and will be bound by obligations equivalent to the Relevant Obligations. 

 

	(c)	Issuing Banks may utilise procedures other than those set out in this Clause 21.5 to assign their rights under the Finance Documents (but not without the consent of the relevant Obligor or unless in accordance with
Clause 21.4 (Procedure for transfer), to obtain a release by that Obligor from the obligations owed to that Obligor by the Issuing Banks nor the assumption of equivalent obligations by a New Issuing Bank) provided that they comply with the
conditions set out in Clause 21.2 (Conditions of assignment or transfer). 

  

	21.6	Copy of Transfer Certificate or Assignment Agreement to Parent 

 The Existing
Issuing Bank shall, as soon as reasonably practicable after the Transfer Certificate or Assignment Agreement, as the case may be, is executed, send to the Parent a copy of that Transfer Certificate or Assignment Agreement. 

 

	21.7	Security over Issuing Banks’ rights 

  

	(a)	In addition to the other rights provided to Issuing Banks under this Clause 21, each Issuing Bank may without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create an
Encumbrance in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Issuing Bank including, without limitation: 

 

	 	(i)	any charge, assignment or other Encumbrance to secure obligations to a federal reserve or central bank; and 

  

	 	(ii)	in the case of any Issuing Bank which is a fund, any charge, assignment or other Encumbrance granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Issuing
Bank as security for those obligations or securities, 

 except that no such charge, assignment or Encumbrance shall: 

 

	 	(A)	release an Issuing Bank from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Encumbrance for the Issuing Bank as a party to any of the Finance
Documents; or 

  

	 	(B)	require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to the relevant Issuing Bank under the Finance
Documents. 

  
 77 

	22.	Changes to the Obligors 

  

	22.1	Assignment and transfer by Obligors 

 No Obligor may assign any of its rights or transfer
any of its rights or obligations under the Finance Documents. 
  

	22.2	Additional Borrowers 

  

	(a)	Subject to compliance with the provisions of paragraphs (b) and (c) of Clause 17.7 (“Know your customer” checks), the Parent may request that any of its Subsidiaries become an
Additional Borrower. That Subsidiary shall become an Additional Borrower if: 

  

	 	(i)	either: 

  

	 	(A)	that Subsidiary is a wholly-owned Subsidiary incorporated in the same jurisdiction as an existing Borrower; or 

  

	 	(B)	all the Issuing Banks, acting reasonably, approve the addition of that Subsidiary; 

  

	 	(ii)	the Parent delivers to the Issuing Banks a duly completed and executed Accession Letter; 

  

	 	(iii)	the Parent confirms that no Default is continuing or would occur as a result of that Subsidiary becoming an Additional Borrower; 

  

	 	(iv)	the Subsidiary is an existing Guarantor or will accede as an Additional Guarantor in accordance with Clause 22.4 (Additional Guarantors) at the same time as becoming an Additional Borrower; 

 

	 	(v)	the Original Borrower is an existing Guarantor or will accede as an Additional Guarantor in accordance with Clause 22.4 (Additional Guarantors) at the same time as the Subsidiary becomes an Additional Borrower;
and 

  

	 	(vi)	the Issuing Banks have received all of the documents and other evidence listed in Part II of Schedule 2 (Conditions precedent) in relation to that Additional Borrower, each in form and substance satisfactory to
the Issuing Banks. 

  

	(b)	The Issuing Banks shall notify the Parent promptly upon being satisfied that they have received (in form and substance satisfactory to them) all the documents and other evidence listed in Part II of Schedule 2
(Conditions precedent). 

  

	22.3	Resignation of an Additional Borrower 

  

	(a)	The Parent may request that a Borrower (other than the Original Borrower) ceases to be a Borrower by delivering to the Issuing Banks a Resignation Letter. 

 

	(b)	The Issuing Banks shall accept a Resignation Letter and notify the Parent of its acceptance if: 

  

	 	(i)	no Default is continuing or would result from the acceptance of the Resignation Letter (and the Parent has confirmed to the Issuing Banks that this is the case); and 

 

	 	(ii)	the Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents, 

  
 78 

 whereupon that company shall cease to be a Borrower and shall have no further rights or
obligations under the Finance Documents. 
  

	22.4	Additional Guarantors 

  

	(a)	Subject to compliance with the provisions of paragraphs (b) and (c) of Clause 17.7 (“Know your customer” checks), the Parent may request that any of its Subsidiaries become an
Additional Guarantor. That Subsidiary shall become an Additional Guarantor if; 

  

	 	(i)	the Parent delivers to the Issuing Banks a duly completed and executed Accession Letter; and 

  

	 	(ii)	the Issuing Banks have received all of the documents and other evidence listed in Part III of Schedule 2 (Conditions precedent) in relation to that Additional Guarantor, each in form and substance satisfactory to
the Issuing Banks. 

  

	 	(b)	The Issuing Banks shall notify the Parent promptly upon being satisfied that they have received (in form and substance satisfactory to them) all the documents and other evidence listed in Part III of Schedule 2
(Conditions precedent). 

  

	22.5	Repetition of Representations 

 Delivery of an Accession Letter constitutes confirmation
by the relevant Subsidiary that the Repeating Representations and the representations in Clause 16.3 (Binding obligations), Clause 16.6 (Governing law and enforcement) and paragraph (b) of Clause 16.23 (Sanctions) are
true and correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing. 
  

	22.6	Resignation of an Additional Guarantor 

  

	(a)	The Parent may request that a Guarantor (other than an Original Guarantor) ceases to be a Guarantor by delivering to the Issuing Banks a Resignation Letter. 

 

	(b)	The Issuing Banks shall accept a Resignation Letter and notify the Parent of its acceptance if no Default is continuing and the Parent has confirmed to the Issuing Banks that this is the case. 

  
 79 

 SECTION 10 

THE ISSUING BANKS 
  

	23.	Conduct of Business by the Issuing Banks 

 No provision of this Agreement will:

  

	 	(a)	interfere with the right of any Issuing Bank to arrange its affairs (tax or otherwise) in whatever manner it thinks fit; 

  

	 	(b)	oblige any Issuing Bank to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or 

 

	 	(c)	oblige any Issuing Bank to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax. 

  
 80 

 SECTION 11 

ADMINISTRATION 
  

	24.	Payment Mechanics 

  

	24.1	Payments to the Issuing Banks 

  

	(a)	On each date on which an Obligor is required to make a payment under a Finance Document, that Obligor shall make the same available to the relevant Issuing Bank (unless a contrary indication appears in a Finance
Document) for value on the due date at the time and in such funds specified by the Issuing Bank as being customary at the time for settlement of transactions in the relevant currency in the place of payment. 

 

	(b)	Payment shall be made to such account in the principal financial centre of the country of that currency with such bank as the relevant Issuing Bank specifies. 

 

	24.2	Distributions to an Obligor 

 An Issuing Bank may (with the consent of the Obligor or in
accordance with Clause 25 (Set-off)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor
under the Finance Documents or in or towards purchase of any amount of any currency to be so applied. 
  

	24.3	Partial payments 

  

	 	(a)	If an Issuing Bank receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the Issuing Bank shall apply that payment towards the obligations
of that Obligor under the Finance Documents in the following order: 

  

	 	(i)	firstly, in or towards payment pro rata of any unpaid amounts owing in respect of fees, costs, expenses, losses or liabilities of the Issuing Bank (other than any amount under Clause 6.1 (Claims under a
Bank Guarantee) or, to the extent relating to the reimbursement of a claim (as defined in Clause 6 (Bank Guarantees), Clause 6.2 (Indemnity)) under the Finance Documents; 

 

	 	(ii)	secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under this Agreement; 

 

	 	(iii)	thirdly, in or towards payment pro rata of any amounts due but unpaid under Clauses 6.1 (Claims under a Bank Guarantee) and 6.2 (Indemnity); and 

 

	 	(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

  

	(b)	Paragraph (a) above will override any appropriation made by an Obligor. 

  

	24.4	No set-off by Obligors 

 All payments to be made
by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. 

  
 81 

	24.5	Business Days 

  

	(a)	Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

  

	(b)	During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. 

 

	24.6	Currency of account 

  

	(a)	Subject to paragraphs (b) and (c) below, Australian dollars is the currency of account and payment for any sum due from an Obligor under any Finance Document. 

 

	(b)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred. 

 

	(c)	Any amount expressed to be payable in a currency other than Australian dollars shall be paid in that other currency. 

  

	24.7	Change of currency 

  

	(a)	Unless otherwise prohibited by law, if more than one (1) currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency of that country, then: 

 

	 	(i)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country
designated by the relevant Issuing Bank (after consultation with the Parent); and 

  

	 	(ii)	any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or
down by the relevant Issuing Bank (acting reasonably). 

  

	(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Majority Issuing Banks (acting reasonably and after consultation with the Parent) specifies to be necessary, be amended to comply
with any generally accepted conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change in currency. 

  

	24.8	Disruption to payment systems etc. 

 If either the Issuing Banks determine (in their
discretion) that a Disruption Event has occurred or the Issuing Banks are notified by the Parent that a Disruption Event has occurred: 
  

	 	(a)	the Issuing Banks may, and shall if requested to do so by the Parent, consult with the Parent with a view to agreeing with the Parent such changes to the operation or administration of the Facility as the Issuing Banks
may deem necessary in the circumstances; 

  

	 	(b)	the Issuing Banks shall not be obliged to consult with the Parent in relation to any changes mentioned in paragraph (a) above if, in their opinion, it is not practicable to do so in the circumstances and, in any
event, shall have no obligation to agree to such changes; 

  
 82 

	 	(c)	any such changes agreed upon by the Issuing Banks and the Parent shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may
be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 30 (Amendments and Waivers); and 

  

	 	(d)	no Issuing Bank shall not be liable for any damages, costs or losses to any person, any diminution of value or liability whatsoever (including, without limitation for negligence, gross negligence or any other category
of liability whatsoever but not including any claim based on the fraud of that Issuing Bank) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this Clause 24.8. 

 

	25.	Set-off 

 An Issuing Bank may set off any matured
obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Issuing Bank) against any matured obligation owed by that Issuing Bank to that Obligor, regardless of the place of payment, booking branch or
currency of either obligation. If the obligations are in different currencies, the Issuing Bank may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the
set-off. 
  

	26.	Notices 

  

	26.1	Communications in writing 

 Any communication to be made under or in connection with the
Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter. 
  

	26.2	Addresses 

 The address, fax number (and the department or officer, if any, for whose
attention the communication is to be made) and, subject to Clause 26.4 (Electronic communication), email address, of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is:

  

	 	(a)	in the case of the Parent: 

  

			
	         Address:
	  	150 Helen Road
		  	Sandown Sandton 2196
		  	South Africa
		
	         Fax No:
	  	+ 27 86 720 2704
		
	         Email address:
	  	Taryn.Harmse@goldfields.com
		
	         Attn:
	  	Executive Vice President, General Counsel

  

	 	(b)	in the case of each Issuing Bank or any other Obligor, that specified in Schedule 1 (The Original Parties) or notified in writing to the Issuing Banks (in the case of a change made by any Obligor) or notified to
the Parent (in the case of a change made by an Issuing Bank), on or prior to the date on which it becomes a Party, or any substitute address or fax number or department or officer as the Party may notify to the Issuing Banks or Parent (as
applicable) by not less than five (5) Business Days’ notice. 

  
 83 

	26.3	Delivery 

  

	(a)	Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective: 

 

	 	(i)	if by way of fax, when received in legible form; or 

  

	 	(ii)	if by way of letter, when it has been left at the relevant address or five (5) Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address, 

and, if a particular department or officer is specified as part of its address details provided under Clause 26.2 (Addresses), if
addressed to that department or officer. 
  

	(b)	Any communication or document made or delivered to the Parent in accordance with this Clause will be deemed to have been made or delivered to each of the Obligors. 

 

	26.4	Electronic communication 

  

	(a)	Any communication to be made between the Parent or any Obligor and an Issuing Bank under or in connection with the Finance Documents may be made by electronic mail or other electronic means (including, without
limitation, by way of posting to a secure website) if the Parent or Obligor and the relevant Issuing Bank: 

  

	 	(i)	agree that, unless and until notified to the contrary, this is to be an accepted form of communication; 

  

	 	(ii)	notify one another in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and 

 

	 	(iii)	notify one another of any change to their address or any other such information supplied by them. 

  

	(b)	Any electronic communication made between the Parent or Obligor and an Issuing Bank will be effective only when actually received in readable form. 

 

	(c)	In accordance with paragraph (a) above, each of the Parent, the Obligors and the Issuing Banks agree, for purposes of the delivery by any Borrower of a Utilisation Request pursuant to Clause 5.2 (Delivery of a
Utilisation Request) (and without prejudice to any of the requirements of Clause 5.3 (Completion of a Utilisation Request)), electronic mail is unless and until notified to the contrary, an accepted form of communication.

  

	26.5	English language 

  

	(a)	Any notice given under or in connection with any Finance Document must be in English. 

  

	(b)	All other documents provided under or in connection with any Finance Document must be: 

  

	 	(i)	in English; or 

  

	 	(ii)	if not in English, and if so required by an Issuing Bank, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or
other official document. 

  
 84 

	26.6	Obligor agent 

  

	(a)	Each Obligor (other than the Parent) by its execution of this Agreement or an Accession Letter (as the case may be) irrevocably appoints the Parent to act on its behalf as its agent in relation to the Finance Documents
and irrevocably authorises: 

  

	 	(i)	the Parent on its behalf to supply all information concerning itself contemplated by this Agreement to the Issuing Banks and to give all notices and instructions (including, in the case of a Borrower, Utilisation
Requests), to execute on its behalf any documents required hereunder and to make such agreements capable of being given, made or effected by any Obligor notwithstanding that they may affect the Obligor, without further reference to or the consent of
that Obligor; and 

  

	 	(ii)	each Issuing Bank to give any notice, demand or other communication to that Obligor pursuant to the Finance Documents to the Parent on its behalf, 

and in each case the Obligor shall be bound as though the Obligor itself had given the notices and instructions (including, without limitation,
any Utilisation Requests) or executed or made such agreements or received the relevant notice, demand or other communication. 
  

	(b)	Every act, agreement, undertaking, settlement, waiver, notice or other communication given or made by the Parent or given to the Parent under any Finance Document on behalf of another Obligor or in connection with any
Finance Document (whether or not known to any other Obligor and whether occurring before or after such other Obligor became an Obligor under any Finance Document) shall be binding for all purposes on that Obligor as if that Obligor had expressly
made, given or concurred with it. In the event of any conflict between any notices or other communications of the Parent and any other Obligor, those of the Parent shall prevail. 

 

	27.	Calculations and Certificates 

  

	27.1	Accounts 

 In any litigation or arbitration proceedings arising out of or in connection
with a Finance Document, the entries made in the accounts maintained by an Issuing Bank are prima facie evidence of the matters to which they relate. 

 

	27.2	Certificates and Determinations 

 Any certification or determination by an Issuing Bank
of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates. 
  

	27.3	Day count convention 

 Any interest, commission or fee accruing under a Finance Document
will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of three hundred and sixty five (365) days or, in any case where the practice in the Relevant Interbank Market differs, in accordance
with that market practice. 
  

	28.	Partial Invalidity 

 If, at any time, any provision of the Finance Documents is or
becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of
any other jurisdiction will in any way be affected or impaired. 

  
 85 

	29.	Remedies and Waivers 

 No failure to exercise, nor any delay in exercising, on the part
of any Issuing Bank, any right or remedy under the Finance Documents shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The
rights and remedies provided in each Finance Document are cumulative and not exclusive of any rights or remedies provided by law. 
  

	30.	Amendments and Waivers 

  

	30.1	Required consents 

 Subject to Clauses 30.2 (Exceptions), any term of the Finance
Documents may be amended or waived only with the consent of the Majority Issuing Banks and the Parent and any such amendment or waiver will be binding on all Parties. 
  

	30.2	Exceptions 

 An amendment or waiver that has the effect of changing or which relates to:

  

	(a)	the definition of “Majority Issuing Bank” in Clause 1.1 (Definitions); 

  

	(b)	an extension to the date of payment of any amount under the Finance Documents; 

  

	(c)	a reduction in the amount of any payment of principal, interest, fees or commission payable; 

  

	(d)	an increase in any Commitment or an extension of any Availability Period or any requirement that a cancellation of Commitments reduces the commitments of the Issuing Banks rateably under the Facility; 

 

	(e)	a change to the Borrowers or Guarantors (other than in accordance with Clause 22 (Changes to the Obligors)); 

  

	(f)	any provision which expressly requires the consent of all the Issuing Banks; or 

  

	(g)	Clause 2.2 (Issuing Banks’ rights and obligations), Clause 15 (Guarantee and Indemnity), Clause 21 (Changes to the Issuing Banks) or this Clause 30, subject to Clause 30.5 (Consents and
waivers under the Syndicated Facility Agreement), 

 shall not be made without the prior consent of all the Issuing Banks.

  

	30.3	Disenfranchisement of Defaulting Issuing Banks 

  

	(a)	For so long as a Defaulting Issuing Bank has any Available Commitment, in ascertaining the Majority Issuing Banks or whether any given percentage (including, for the avoidance of doubt, unanimity) of the Total
Commitments has been obtained to approve any request for a consent, waiver, amendment or other vote under the Finance Documents, that Defaulting Issuing Bank’s Commitments will be reduced by the amount of its Available Commitments.

  
 86 

	(b)	For the purposes of this Clause 30.3, the Parent and the other Issuing Banks may assume that the following Issuing Banks are Defaulting Issuing Banks: 

 

	 	(i)	any Issuing Bank which has notified the Parent that it has become a Defaulting Issuing Bank; 

  

	 	(ii)	any Issuing Bank in relation to which it is aware that any of the events or circumstances referred to in paragraph (a), (b), or (c) of the definition of “Defaulting Issuing Bank” has occurred,

 unless they have received notice to the contrary from the Issuing Bank concerned (together with any supporting evidence
reasonably requested by the Parent and the other Issuing Banks) or the Parent and the other Issuing Banks are otherwise aware that the Issuing Bank has ceased to be a Defaulting Issuing Bank. 

 

	30.4	Replacement of a Defaulting Issuing Bank 

  

	(a)	The Parent may, at any time an Issuing Bank has become and continues to be a Defaulting Issuing Bank, by giving five (5) Business Days’ prior written notice to such Issuing Bank: 

 

	 	(i)	replace such Issuing Bank by requiring such Issuing Bank to (and such Issuing Bank shall) transfer pursuant to Clause 21 (Changes to the Issuing Banks) all (and not part only) of its rights and obligations under
this Agreement; or 

  

	 	(ii)	require such Issuing Bank to (and such Issuing Bank shall) transfer pursuant to Clause 21 (Changes to the Issuing Banks) all (and not part only) of the undrawn Commitment of the Issuing Bank, 

to an Issuing Bank or other bank, financial institution, trust, fund or other entity (a “Replacement Issuing Bank”) selected
by the Parent, and which is acceptable to the other Issuing Banks (acting reasonably), which confirms its willingness to assume and does assume all the obligations or all the relevant obligations of the transferring Issuing Bank (including the
assumption of the transferring Issuing Bank’s participations or unfunded participations (as the case may be) on the same basis as the transferring Issuing Bank), for a purchase price in cash payable at the time of the transfer equal to the
outstanding principal amount of such Issuing Bank’s participation in the outstanding Utilisations and all accrued interest and other amounts payable in relation thereto under the Finance Documents. 

 

	(b)	Any transfer of rights and obligations of a Defaulting Issuing Bank pursuant to this Clause 30 shall be subject to the following conditions: 

 

	 	(i)	the Defaulting Issuing Bank shall have no obligation to the Parent to find a Replacement Issuing Bank; 

  

	 	(ii)	the transfer must take place no later than five (5) days after the notice referred to in paragraph (a) above; and 

  

	 	(iii)	in no event shall the Defaulting Issuing Bank be required to pay or surrender to the Replacement Issuing Bank any of the fees received by the Defaulting Issuing Bank pursuant to the Finance Documents. 

  
 87 

	30.5	Consents and waivers under the Syndicated Facility Agreement 

 Notwithstanding any other
provision in this Agreement, where any consent is given or amendment or waiver agreed to by the Agent under and in accordance with the Syndicated Facility Agreement, the equivalent consent will be deemed to be given, or amendment or waiver will
be deemed to be agreed, in respect of Clauses 16 (Representations) to 20 (Events of Default), by each Issuing Bank under this Agreement, and each Issuing Bank will promptly take all steps requested by the Parent to document any
such consent, amendment or waiver. 
  

	31.	Confidential Information 

  

	31.1	Confidentiality 

 Each Issuing Bank agrees to keep all Confidential Information
confidential and not to disclose it to anyone, save to the extent permitted by Clause 31.2 (Disclosure of Confidential Information) and Clause 31.3 (Disclosure to numbering service providers), and to ensure that all Confidential
Information is protected with security measures and a degree of care that would apply to its own confidential information. 
  

	31.2	Disclosure of Confidential Information 

 Any Issuing Bank may disclose: 

 

	 	(a)	to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives such Confidential Information as that Issuing Bank shall
consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive
information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation
to the Confidential Information; 

  

	 	(b)	to any person: 

  

	 	(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents and to any of that person’s Affiliates, Related
Funds, Representatives and professional advisers; 

  

	 	(ii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which
payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that person’s Affiliates, Related Funds, Representatives and professional advisers; 

 

	 	(iii)	appointed by any Issuing Bank or by a person to whom paragraph (b)(i) or (b)(ii) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf;

  
 88 

	 	(iv)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above; 

 

	 	(v)	to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock
exchange or pursuant to any applicable law or regulation (except this paragraph does not permit the disclosure of any information under section 275(4) of the PPSA unless section 275(7) of the PPSA applies); 

 

	 	(vi)	to whom or for whose benefit that Issuing Bank charges, assigns or otherwise creates any Encumbrance (or may do so) pursuant to Clause 21.7 (Security over Issuing Banks’ rights); 

 

	 	(vii)	to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes (except this paragraph does not
permit the disclosure of any information under section 275(4) of the PPSA unless section 275(7) of the PPSA applies); 

  

	 	(viii)	who is a Party; or 

  

	 	(ix)	with the consent of the Parent; 

 in each case, such Confidential Information as that Issuing
Bank shall consider appropriate if: 
  

	 	(A)	in relation to paragraphs (b)(i) or (b)(ii) and (b)(iii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no
requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information; 

 

	 	(B)	in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation
to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information; 

  

	 	(C)	in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information
may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Issuing Bank, it is not practicable so to do in the circumstances; 

 

	 	(c)	 to any person appointed by that Issuing Bank or by a person to whom paragraphs (b)(i) or (b)(ii) above applies to
provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading 

  
 89 

	 	
of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred to
in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With
Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Parent and the relevant Issuing Bank; and/or 

  

	 	(d)	to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the
Finance Documents and/or the Obligors. 

  

	31.3	Disclosure to numbering service providers 

  

	(a)	Any Issuing Bank may disclose to any national or international numbering service provider appointed by that Issuing Bank to provide identification numbering services in respect of this Agreement, the Facility and/or one
or more Obligors the following information: 

  

	 	(i)	names of Obligors; 

  

	 	(ii)	country of domicile of Obligors; 

  

	 	(iii)	place of incorporation of Obligors; 

  

	 	(iv)	date of this Agreement; 

  

	 	(v)	date of each amendment and restatement of this Agreement; 

  

	 	(vi)	the amount and name of the Facility (and any tranches); 

  

	 	(vii)	amount of Total Commitments; 

  

	 	(viii)	currency of the Facility; 

  

	 	(ix)	type of Facility; 

  

	 	(x)	Clause 33 (Governing Law); 

  

	 	(xi)	ranking of the Facility; 

  

	 	(xii)	Termination Date for the Facility; 

  

	 	(xiii)	changes to any of the information previously supplied pursuant to paragraphs (i) to (xii) above; and 

  

	 	(xiv)	such other information agreed between such Issuing Bank and the Parent, 

 to enable such
numbering service provider to provide its usual syndicated loan numbering identification services. 
  

	(b)	The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility and/or one or more Obligors by a numbering service provider and the information associated with each such number
may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider. 

  
 90 

	(c)	Each Obligor represents that none of the information set out in paragraphs (a)(i) to (a)(xiv) above is, nor will at any time be, unpublished price-sensitive information. 

 

	31.4	Entire agreement 

 This Clause 31 constitutes the entire agreement between the Parties in
relation to the obligations of the Issuing Banks under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 

 

	31.5	Inside Information 

 Each of the Issuing Banks acknowledges that some or all of the
Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the
Issuing Banks undertakes not to use any Confidential Information for any unlawful purpose. 
  

	31.6	Notification of disclosure 

 Each of the Issuing Banks agrees (to the extent permitted by
law and regulation) to inform the Parent: 
  

	 	(a)	of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of Clause 31.2 (Disclosure of Confidential Information) except where such disclosure is made to any of the
persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and 

  

	 	(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 31.6. 

  

	31.7	Continuing obligations 

 The obligations in this Clause 31.7 are continuing and, in
particular, shall survive and remain binding on each Issuing Bank for a period of twelve (12) months from the earlier of: 
  

	 	(a)	the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and 

 

	 	(b)	the date on which such Issuing Bank otherwise ceases to be an Issuing Bank. 

  

	32.	Counterparts 

 Each Finance Document may be executed in any number of counterparts, and
this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document. 

  
 91 

 SECTION 12 

GOVERNING LAW AND ENFORCEMENT 
  

	33.	Governing Law 

 This Agreement and any
non-contractual obligations arising out of or in connection with it are governed by laws of Western Australia. 
  

	34.	Enforcement 

  

	34.1	Jurisdiction 

  

	(a)	The courts of Western Australia have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute regarding the existence, validity or termination of this
Agreement or any non-contractual obligation arising out of or in connection with it) (a “Dispute”). 

  

	(b)	The Parties agree that the courts of Western Australia are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary. 

 

	(c)	This Clause 34.1 is for the benefit of the Issuing Banks only. As a result, no Issuing Bank shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed
by law, the Issuing Banks may take concurrent proceedings in any number of jurisdictions. 

  

	34.2	Service of process 

 Without prejudice to any other mode of service allowed under any
relevant law, each Obligor (other than an Obligor incorporated in Australia): 
  

	 	(a)	irrevocably appoints the Original Borrower as its agent for service of process (in the case of an Obligor incorporated in South Africa, domicilium citandi et executandi) in relation to any proceedings before the
courts of Western Australia in connection with any Finance Document; and 

  

	 	(b)	agrees that failure by an agent for service of process to notify the relevant Obligor of the process will not invalidate the proceedings concerned. 

THIS AGREEMENT has been entered into on the date stated at the beginning of this Agreement. 

  
 92 

 SCHEDULE 1 

THE ORIGINAL PARTIES 

PART I 

THE OBLIGORS 
  

					
	 Name of Original Borrower
	  	Registration number
(or equivalent, if any)	 
	 Gruyere Holdings Pty Ltd, incorporated in Australia
	  	 	65 615 728 491	 

  

					
	 Name of Original Guarantors
	  	Registration number
(or equivalent, if any)	 
	 Gold Fields Limited, incorporated in South Africa
	  	 	1968/004880/06	 
	 Gold Fields Holdings Company (BVI) Limited, incorporated in the British Virgin Islands
	  	 	651406	 
	 Gold Fields Operations Limited, incorporated in South Africa
	  	 	1959/003209/06	 
	 Gold Fields Orogen Holding (BVI) Limited, incorporated in the British Virgin Islands
	  	 	184982	 
	 GFI Joint Venture Holdings Proprietary Limited, incorporated in South Africa
	  	 	1998/023354/07	 
	 Gold Fields Ghana Holdings (BVI) Limited, incorporated in the British Virgin Islands
	  	 	651405	 

  
 93 

 PART II 

THE ORIGINAL ISSUING BANKS 

 

							
	 Name of Original Issuing Bank
	  	Commitment (A$)	 	 	 Address for Service of Notice

	 Australia and New Zealand Banking Group Limited
	  	A$	25,000,000	 	 	ANZ Institutional Banking
Level 10, 77 St Georges Terrace
Perth, WA 6000
Attention: Grant Nicholas
Phone No: +61 8 6298 3174
	 Commonwealth Bank of Australia
	  	A$	25,000,000	 	 	 Commonwealth Bank of Australia
Level 14, 300 Murray Street
Perth, WA 6000
Attention: Greg Strapp

Phone No: +61 8 9482 6681

	 Westpac Banking Corporation
	  	A$	25,000,000	 	 	Westpac Banking Corporation
109 St Georges Terrace
Perth, WA 6000
Attention: Andrew Strongman
Phone No: +61 8 9426 2324
Fax No: +61 8 9426 2866
	 TOTAL
	  	A$	75,000,000	 	 	

  
 94 

 SCHEDULE 2 

CONDITIONS PRECEDENT 

PART I 

CONDITIONS PRECEDENT TO INITIAL UTILISATION 

 

	1.	Obligors 

  

	(a)	A copy of the Constitutional Documents of each Obligor. 

  

	(b)	A copy of a good standing certificate with respect to Gold Fields Holdings Company (BVI) Limited, Gold Fields Orogen Holding (BVI) Limited and Gold Fields Ghana Holdings (BVI) Limited, issued as of a recent date by the
Registrar of Corporate Affairs in the British Virgin Islands. 

  

	(c)	A copy of a resolution of the board of directors (and, if necessary under the laws of its jurisdiction of incorporation, the shareholders) of each Obligor (other than Obligors incorporated in Australia):

  

	 	(i)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party; 

 

	 	(ii)	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

  

	 	(iii)	authorising a specified person or persons, on its behalf, to sign and/or dispatch all documents and notices (including, if relevant, any Utilisation Request) to be signed and/or dispatched by it under or in connection
with the Finance Documents to which it is a party. 

  

	(d)	A specimen of the signature of each person authorised by the resolution referred to in paragraph (c) above. 

  

	(e)	A certificate of incumbency from the registered agent for Gold Fields Holdings Company (BVI) Limited, Gold Fields Orogen Holding (BVI) Limited and Gold Fields Ghana Holdings (BVI) Limited. 

 

	(f)	A copy of the resolution of the shareholders of Gold Fields Holdings Company (BVI) Limited, Gold Fields Orogen Holding (BVI) Limited and Gold Fields Ghana Holdings (BVI) Limited approving the relevant resolutions of the
board of directors and the transactions contemplated thereby. 

  

	(g)	A certificate of the Obligors (signed by a director) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments and any and all accrued interest would not cause any borrowing, guaranteeing or
similar limit binding on any Obligor to be exceeded and that in respect of each Obligor to whom the South African Companies Act, 2008 applies the requirements of section 45 of such Act has been complied with and each certificate shall have annexed
to it the copies of the relevant resolutions, notices and statements. 

  
 95 

	(h)	A certificate of an authorised signatory of the relevant Obligor certifying that each copy document relating to it specified in this Part I of Schedule 2 is correct, complete and in full force and effect as at a date no
earlier than the date of this Agreement. 

  

	(i)	A copy of a shareholders’ resolution in terms of section 45 of the South African Companies Act, 2008 authorising the Original Guarantors which are South African registered companies, to provide the guarantee.

  

	2.	Legal opinions 

  

	(a)	A legal opinion of Conyers Dill & Pearman, legal advisers to the Issuing Banks in the British Virgin Islands, substantially in the form distributed to the Original Issuing Banks prior to signing this Agreement.

  

	(b)	A legal opinion of Edward Nathan Sonnenbergs, legal advisers to the Issuing Banks in South Africa, substantially in the form distributed to the Original Issuing Banks prior to signing this Agreement. 

 

	(c)	A legal opinion of MinterEllison, legal advisers to the Issuing Banks in Australia, substantially in the form distributed to the Original Issuing Banks prior to signing this Agreement. 

 

	3.	Other documents and evidence 

  

	(a)	Evidence that any agent for service of process referred to in Clause 34.2 (Service of process) has accepted its appointment. 

  

	(b)	The Original Financial Statements of the Parent. 

  

	(c)	A 5 year mine level forecast of the Group based on a board approved life of mine plan. 

  

	(d)	Evidence that GMC has acquired or will acquire, on or before the first Utilisation Date, a participating interest in the Gruyere Gold JV. 

 

	(e)	Evidence that the fees then due from the Original Borrower pursuant to Clause 9 (Fees) have been paid or will be paid by the first Utilisation Date. 

 

	(f)	A copy of the approval of the Financial Surveillance Department of the South African Reserve Bank confirming that the South African Obligors may enter into and provide the guarantee as contemplated by this Agreement and
that the South African Obligors in their capacity as Original Guarantors may enter into and implement the provisions of this Agreement (including the payment of any fees, costs or expenses which may be payable by them in relation to the Agreement).
If such approval is granted conditionally, this condition precedent shall not be considered to have been fulfilled, unless both the Issuing Banks and the South African Obligors acknowledge in writing to each other that such conditions are
acceptable. 

  

	(g)	An up-to-date Group structure diagram. 

  

	(h)	Evidence that the Original Borrower has become an additional guarantor under the Existing Group Facility Agreement. 

  

	(i)	Completion by each Issuing Bank of all applicable “know your customer” checks. 

  
 96 

 PART II 

CONDITIONS PRECEDENT REQUIRED TO BE DELIVERED
BY AN ADDITIONAL BORROWER 
  

	1.	An Accession Letter, duly executed by the Additional Borrower and the Parent. 

  

	2.	A copy of a good standing certificate with respect to any Additional Borrower incorporated in the British Virgin Islands, issued as of a recent date by the Registrar of Corporate Affairs in the British Virgin Islands.

  

	3.	A copy of the Constitutional Documents of the Additional Borrower. 

  

	4.	If the Additional Borrower is incorporated in a jurisdiction other than Australia, a copy of a resolution of the board of directors (and, if necessary under the laws of its jurisdiction of incorporation, the
shareholders) of the Additional Borrower: 

  

	 	(a)	approving the terms of, and the transactions contemplated by, the Accession Letter and the Finance Documents and resolving that it execute the Accession Letter; 

 

	 	(b)	authorising a specified person or persons to execute the Accession Letter on its behalf; and 

  

	 	(c)	authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents and notices (including, in relation to an Additional Borrower, any Utilisation Request) to be signed and/or
despatched by it under or in connection with the Finance Documents. 

  

	5.	A specimen of the signature of each person authorised by the resolution referred to in paragraph 4 above. 

  

	6.	A certificate of incumbency from the registered agent of each Additional Borrower incorporated in the British Virgin Islands. 

  

	7.	If appropriate, a certificate of the Additional Borrower (signed by a director) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar
limit binding on it to be exceeded and that in respect of each Additional Borrower to whom the South African Companies Act, 2008 applies the requirements of section 45 of such Act has been complied with and each certificate shall have annexed to it
the copies of the relevant resolutions, notices and statements. 

  

	8.	A certificate of an authorised signatory of the Additional Borrower certifying that each copy document listed in this Part II of Schedule 2 is correct, complete and in full force and effect as at a date no earlier than
the date of the Accession Letter. 

  

	9.	A copy of any other authorisation or other document, opinion or assurance which the Majority Issuing Banks consider to be necessary or desirable in connection with the entry into and performance of the transactions
contemplated by the Accession Letter or for the validity and enforceability of any Finance Document. 

  

	10.	If appropriate, a copy of the approval of the Financial Surveillance Department of the South African Reserve Bank confirming that the Additional Borrower may enter into and provide the guarantee as contemplated by this
Agreement and that the Additional Borrower may enter into and implement the provisions of this Agreement. If such approval is granted conditionally, this condition precedent shall not be considered to have been fulfilled, unless both the
Issuing Banks and the Additional Borrower acknowledge in writing to each other that such conditions are acceptable. 

  
 97 

	11.	If available, the latest audited financial statements of the Additional Borrower. 

  

	12.	A legal opinion from legal advisers to the Issuing Banks in Australia. 

  

	13.	If the Additional Borrower is incorporated in a jurisdiction other than Australia, a legal opinion of the legal advisers to the Issuing Banks in the jurisdiction in which the Additional Borrower is incorporated.

  

	14.	If the proposed Additional Borrower is incorporated in a jurisdiction other than Australia, evidence that the agent for service of process specified in Clause 34.2 (Service of process) has accepted its
appointment in relation to the proposed Additional Borrower. 

  
 98 

 PART III 

CONDITIONS PRECEDENT REQUIRED TO BE DELIVERED
BY AN ADDITIONAL GUARANTOR 
  

	1.	An Accession Letter, duly executed by the Additional Guarantor and the Parent. 

  

	2.	A copy of the Constitutional Documents of the Additional Guarantor. 

  

	3.	A copy of a good standing certificate with respect to any Additional Guarantor incorporated in the British Virgin Islands, issued as of a recent date by the appropriate official in the British Virgin Islands.

  

	4.	If the Additional Guarantor is incorporated in a jurisdiction other than Australia, a copy of a resolution of the board of directors (and, if necessary under the laws of its jurisdiction of incorporation, the
shareholders) of the Additional Guarantor: 

  

	 	(a)	approving the terms of, and the transactions contemplated by, the Accession Letter and the Finance Documents and resolving that it execute the Accession Letter; 

 

	 	(b)	authorising a specified person or persons to execute the Accession Letter on its behalf; and 

  

	 	(c)	authorising a specified person or persons, on its behalf, to sign and/or dispatch all other documents and notices to be signed and/or despatched by it under or in connection with the Finance Documents.

  

	5.	A specimen of the signature of each person authorised by the resolution referred to in paragraph 4 above. 

  

	6.	A certificate of incumbency from the registered agent of each Additional guarantor incorporated in the British Virgin Islands. 

  

	7.	A copy of a resolution signed by all the holders of the issued shares of the Additional Guarantor, approving the terms of, and the transactions contemplated by, the Finance Documents to which the Additional Guarantor is
a party. 

  

	8.	A certificate of the Additional Guarantor (signed by a director) confirming that guaranteeing the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on it to be exceeded and that in
respect of each Additional Guarantor to whom the South African Companies Act, 2008 applies the requirements of section 45 of such Act has been complied with and each certificate shall have annexed to it the copies of the relevant resolutions,
notices and statements. 

  

	9.	A certificate of an authorised signatory of the Additional Guarantor certifying that each copy document listed in this Part III of Schedule 2 is correct, complete and in full force and effect as at a date no earlier
than the date of the Accession Letter. 

  

	10.	A copy of any other authorisation or other document, opinion or assurance which the Majority Issuing Banks consider to be necessary or desirable in connection with the entry into and performance of the transactions
contemplated by the Accession Letter or for the validity and enforceability of any Finance Document. 

  

	11.	If available, the latest audited financial statements of the Additional Guarantor. 

  
 99 

	12.	A legal opinion from legal advisers to the Issuing Banks in Australia. 

  

	13.	If the Additional Guarantor is incorporated in a jurisdiction other than Australia, a legal opinion of the legal advisers to the Issuing Banks in the jurisdiction in which the Additional Guarantor is incorporated.

  

	14.	If the Additional Guarantor is incorporated in a jurisdiction other than Australia, evidence that the agent for service of process specified in Clause 34.2 (Service of process) has accepted its appointment in
relation to the proposed Additional Guarantor. 

  

	15.	A copy of the approval of the Financial Surveillance Department of the South African Reserve Bank confirming that any Additional Guarantor incorporated in South Africa may enter into and provide the guarantees as
contemplated by this Agreement and that the Additional Guarantor may enter into and implement the provisions of this Agreement. If such approval is granted conditionally, this condition precedent shall not be considered to have been fulfilled,
unless both the Issuing Banks and the Additional Guarantor acknowledge in writing to each other that such conditions are acceptable. 

  
 100 

 SCHEDULE 3 

UTILISATION REQUEST 
  

	From:	[The Borrower] 

  

	To:	[●] as Issuing Bank 

 Dated: 

Dear Sirs 
 Gruyere Holdings Pty Ltd –
Bank Guarantee Facility Agreement dated              2017 (the “Agreement”) 
  

	1.	We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request. 

 

	2.	We wish to arrange for a Bank Guarantee to be issued by the Issuing Bank specified below (which has agreed to do so) on the following terms: 

 

			
	 Borrower
	  	[●]
		
	 Issuing Bank
	  	[●]
		
	 Proposed Utilisation Date:
	  	[●] (or, if that is not a Business Day, the next Business Day)
		
	 Currency of Bank Guarantee:
	  	Australian dollars
		
	 Amount:
	  	[●], if less the Available Commitment
		
	 Beneficiary:
	  	[●]
		
	 Beneficiary ABN/ACN:
	  	[●]
		
	 [Term
	  	[●]]
		
	 [Expiry Date
	  	[●]]
		
	 [Underlying contract in respect of which the Bank Guarantee issued]
	  	[●]]

  

	3.	[The application form required by the Issuing Bank is attached.]/[We confirm that an electronic application has been or will be made using the Issuing Banks’ approved platform.] 

 

	4.	We confirm that each condition specified in Clause 5.5(b) (Issue of Bank Guarantee) is satisfied on the date of this Utilisation Request. 

 

	5.	[The purpose of this proposed Bank Guarantee is [●].] 

  

	6.	This Utilisation Request is irrevocable. 

  

	
	Yours faithfully
	
	  

	
	authorised signatory for
	
	[name of relevant Borrower]

  
 101 

 SCHEDULE 4 

FORM OF TRANSFER CERTIFICATE 

 

	To:	[●] as Parent 

  

	From:	[The Existing Issuing Bank] (the “Existing Issuing Bank”) and [The New Issuing Bank] (the “New Issuing Bank”) 

Dated: 
 Gruyere Holdings Pty Ltd – Bank
Guarantee Facility Agreement dated              2017 (the “Agreement”) 
  

	1.	We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate.

  

	2.	We refer to Clause 21.4 (Procedure for transfer): 

  

	 	(a)	The Existing Issuing Bank and the New Issuing Bank agree to the Existing Issuing Bank transferring to the New Issuing Bank by novation all or part of the Existing Issuing Bank’s Commitment, rights and obligations
referred to in the Schedule in accordance with Clause 21.4 (Procedure for transfer). 

  

	 	(b)	The proposed Transfer Date is [●]. 

  

	 	(c)	The Facility Office and address, fax number, email address and attention details for notices of the New Issuing Bank for the purposes of Clause 26.2 (Addresses) are set out in the Schedule. 

 

	3.	The New Issuing Bank expressly acknowledges the limitations on the Existing Issuing Bank’s obligations set out in paragraph (c) of Clause 21.3 (Limitation of responsibility of Existing Issuing Banks).

  

	4.	The New Issuing Bank confirms, without liability to any Obligor, that it is: 

  

	 	(a)	[a Qualifying Issuing Bank (other than a Treaty Issuing Bank);] 

  

	 	(b)	[a Treaty Issuing Bank;] 

  

	 	(c)	[not a Qualifying Issuing Bank]1. 

  

	5.	This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Transfer Certificate. 

 

	6.	This Transfer Certificate, and any non-contractual obligations arising out of or in connection with it, is governed by the laws of Western Australia. 

 
  

	1 	Delete as applicable – each New Issuing Bank is required to confirm which of these three categories it falls within. 

  
 102 

 THE SCHEDULE 

Commitment/rights and obligations to be transferred 

[insert relevant details] 

[Facility Office address, fax number, email address and attention details for notices and account details for payments,] 

 

					
	[Existing Issuing Bank]	 		 	[New Issuing Bank]
			
	By:	 		 	By:
			
	Market Entity Identifier:
                                        
	 		 	Market Entity Identifier:
                                        

  
 103 

 SCHEDULE 5 

FORM OF ASSIGNMENT AGREEMENT 

 

	To:	[●] as Parent, for and on behalf of each Obligor 

  

	From:	[the Existing Issuing Bank] (the “Existing Issuing Bank”) and [the New Issuing Bank] (the “New Issuing Bank”) 

Dated: 
 Gruyere Holdings Pty Ltd – Bank
Guarantee Facility Agreement dated              2017 (the “Agreement”) 
  

	1.	We refer to the Agreement. This is an Assignment Agreement. Terms defined in the Agreement have the same meaning in this Assignment Agreement unless given a different meaning in this Assignment Agreement.

  

	2.	We refer to Clause 21.5 (Procedure for assignment): 

  

	 	(a)	The Existing Issuing Bank assigns absolutely to the New Issuing Bank all the rights of the Existing Issuing Bank under the Agreement and the other Finance Documents which relate to that portion of the Existing Issuing
Bank’s Commitments and participations in Bank Guarantees under the Agreement as specified in the Schedule. 

  

	 	(b)	The Existing Issuing Bank is released from all the obligations of the Existing Issuing Bank which correspond to that portion of the Existing Issuing Bank’s Commitments and participations in Bank Guarantees under
the Agreement specified in the Schedule. 

  

	 	(c)	The New Issuing Bank becomes a Party as an Issuing Bank and is bound by obligations equivalent to those from which the Existing Issuing Bank is released under paragraph (b) above. 

 

	3.	The proposed Transfer Date is [●]. 

  

	4.	On the Transfer Date the New Issuing Bank becomes Party to the Finance Documents as an Issuing Bank. 

  

	5.	The Facility Office and address, fax number and attention details for notices of the New Issuing Bank for the purposes of Clause 26.2 (Addresses) are set out in the Schedule. 

 

	6.	The New Issuing Bank expressly acknowledges the limitations on the Existing Issuing Bank’s obligations set out in paragraph (c) of Clause 21.3 (Limitation of responsibility of Existing Issuing Banks).

  

	7.	The New Issuing Bank confirms, without liability to any Obligor, that it is: 

  

	 	(a)	[a Qualifying Issuing Bank (other than a Treaty Issuing Bank);] 

  

	 	(b)	[a Treaty Issuing Bank;] 

  

	 	(c)	[not a Qualifying Issuing Bank]2. 

  

 

	2 	Delete as applicable – each New Issuing Bank is required to confirm which of these three categories it falls within. 

  
 104 

	8.	This Assignment Agreement acts as notice, upon delivery in accordance with Clause 21.6 (Copy of Transfer Certificate or Assignment Agreement to Parent), to the Parent (on behalf of each Obligor) of the assignment
referred to in this Assignment Agreement. 

  

	9.	This Assignment Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Assignment Agreement. 

 

	10.	This Assignment Agreement, and any non-contractual obligations arising out of or in connection with it, is governed by the laws of Western Australia. 

 

	11.	This Assignment Agreement has been entered into on the date stated at the beginning of this Assignment Agreement. 

  
 105 

 THE SCHEDULE 

Commitment/rights to be assigned 

[insert relevant details] 

[Facility Office address, fax number, email address and attention details for notices and account details for payments,] 

 

					
	[Existing Issuing Bank]	 		 	[New Issuing Bank]
			
	By:	 		 	By:
			
	Market Entity Identifier:
                                        
	 		 	Market Entity Identifier:
                                        

  
 106 

 SCHEDULE 6 

FORM OF ACCESSION LETTER 

 

	To:	[●] as Issuing Banks 

  

	From:	[Subsidiary] and Gold Fields Limited 

 Dated: 

Dear Sirs 
 Gruyere Holdings Pty Ltd –
Bank Guarantee Facility Agreement dated              2017 (the “Agreement”) 
  

	1.	We refer to the Agreement. This is an Accession Letter. Terms defined in the Agreement have the same meaning in this Accession Letter unless given a different meaning in this Accession Letter. 

 

	2.	[Subsidiary] agrees to become an Additional [Borrower]/[Guarantor] and to be bound by the terms of the Agreement as an Additional [Borrower]/[Guarantor] pursuant to Clause [22.2 (Additional Borrowers)]/[22.4
(Additional Guarantors)] of the Agreement. [Subsidiary] is a wholly owned Subsidiary of the Parent duly incorporated under the laws of [name of relevant jurisdiction]. 

 

	3.	[Specify purpose of the Bank Guarantee]. 

  

	4.	[Subsidiary’s] administrative details are as follows: 

 Address: 

Fax No: 
 Attention: 

 

	5.	This Accession Letter, and any non-contractual obligations arising out of or in connection with it, is governed by the laws of Western Australia. 

 

					
	[This Accession Letter is entered into by deed.]	 		 	
			
	Gold Fields Limited	 		 	[Subsidiary]
			
	By:	 		 	By:

  
 107 

 SCHEDULE 7 

FORM OF RESIGNATION LETTER 

 

	To:	[●] as Issuing Banks 

  

	From:	[resigning Obligor] and Gold Fields Limited 

 Dated: 

Dear Sirs 
 Gruyere Holdings Pty Ltd –
Syndicated Bank Guarantee Facility Agreement dated              2017 (the “Agreement”) 
  

	1.	We refer to the Agreement. This is a Resignation Letter. Terms defined in the Agreement have the same meaning in this Resignation Letter unless given a different meaning in this Accession Letter. 

 

	2.	Pursuant to [Clause 22.3 (Resignation of an Additional Borrower)]/[Clause 22.6 (Resignation of an Additional Guarantor)], we request that [resigning Obligor] be released from its obligations as a
[Borrower]/[Guarantor] under the Agreement. 

  

	3.	We confirm that no Default is continuing or would result from the acceptance of this request. 

  

	4.	This Resignation Letter, and any non-contractual obligations arising out of or in connection with it, is governed by the laws of Western Australia and the Commonwealth of
Australia. 

  

			
	Gold Fields Limited	  	[Subsidiary]
		
	By:	  	By:

  
 108 

 SCHEDULE 8 

FORM OF COMPLIANCE CERTIFICATE 

 

	To:	[●] as Issuing Banks 

  

	From:	Gold Fields Limited 

 Dated: 

Dear Sirs 
 Gruyere Holdings Pty Ltd –
Syndicated Bank Guarantee Facility Agreement dated              2017 (the “Agreement”) 
  

	1.	We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate.

  

	2.	We confirm that as at [●]: 

  

	 	(a)	Consolidated EBITDA to Consolidated Net Finance Charges 

 the ratio of Consolidated EBITDA to
Consolidated Net Finance Charges in respect of the Measurement Period ending on [●] was: [●]:1; and 
  

	 	(b)	Consolidated Net Borrowings to Consolidated EBITDA 

 the ratio of Consolidated Net Borrowings
to Consolidated EBITDA in respect of the Measurement Period ending on [●] was: [●]:1, 
 and attach calculations showing how
these figures were calculated. 
  

	3.	We confirm that no Default is continuing. 

  

			
	Signed:	 	
		
	[Director]/[Executive Officer]	 	[Director]/[Executive Officer]
		
	of	 	of
		
	Gold Fields Limited	 	Gold Fields Limited

  

	
	
	[insert applicable certification language]
	  

	
	[for and on behalf of
	
	[name of auditors of the Parent]

  
 109 

 SCHEDULE 9 

FORM OF BANK GUARANTEE 

Guarantee 
 No. XXXXXXXXXXX 

 

			
	Beneficiary	  	Applicant
	XXXXXXX	  	XXXXXXXXX
	XXXXXXXX	  	XXXXXXXXX
	XXXXXXX	  	XXXXXXXXX
	XXXXXXXX	  	XXXXXXXXX

 Date of issue: [insert date] 

Description of Contract / Agreement: 
 [insert Issuing Bank
name] asks [insert beneficiary’s name] (“Beneficiary”) to accept this bank guarantee (“Undertaking”) in connection with [insert description of contract or agreement between the Beneficiary and
Applicant] for 
 Guarantee Amount: 
 In consideration of
the Beneficiary accepting this Undertaking and its terms, [insert Issuing Bank name] undertakes unconditionally to pay the Beneficiary on written demand from time to time any sum or sums up to an aggregate amount not exceeding: 

([insert amount] (“Amount”)). 

Undertaking: 
 [insert Issuing Bank name] will pay the
Amount or any part of it to the Beneficiary upon presentation of this original Undertaking (accompanied by a written demand)
at                    without reference to the Applicant and even if the Applicant has given [insert Issuing Bank name] notice not to pay the
money, and without regard to the performance or non-performance of the Applicant or Beneficiary under the terms of the contract or agreement. 

By accepting this Undertaking, the Beneficiary acknowledges and agrees that [insert Issuing Bank name] may rely entirely on any demand or notice as
presented to it and has no responsibility or obligation to investigate the authenticity or correctness of the matters stated in a demand or notice, the signatures on the same, the positions of such signatories or the capacity or entitlement of the
Beneficiary to give and execute the demand or notice. 
 Any alterations to the terms of the contract or agreement or any extensions of time or any other
forbearance by the Beneficiary or Applicant will not impair or discharge [insert Issuing Bank name]’s liability under the Undertaking. 
 This
Undertaking remains in force until the first to occur of: 
  

	•	 	The Beneficiary notifies [insert Issuing Bank name] in writing that the Undertaking is no longer required. 

  

	•	 	This original Undertaking is returned to [insert Issuing Bank name] [insert Trade Department Name and address] 

  

	•	 	[insert Issuing Bank name] has paid to the Beneficiary the Amount or the balance outstanding of the Amount. 

  

	•	 	4.00pm on the [insert date],in the State or Territory of presentation (“Expiry Date”). If the Expiry Date is not a business day in the State or Territory, then the Expiry Date shall be
deemed to occur on the next business day. 

  
 110 

 Notwithstanding anything stated in this Undertaking, [insert Issuing Bank name] has the right to terminate
it at any time by paying the Beneficiary the Amount or the balance outstanding of the Amount, or any lesser amount that the Beneficiary may require. 
 This
Undertaking is personal to the Beneficiary. The Beneficiary cannot assign, transfer, charge or otherwise deal with its rights under this Undertaking and [insert Issuing Bank name] will not recognise any purported assignment, transfer, charge
or other dealing. 
 This Undertaking will be governed by the laws of the place of presentation. 

Executed at [insert City and State or Territory] for and on behalf of [insert Issuing Bank name and ACN number] 

  
 111 

 SCHEDULE 10 

TIMETABLE 
  

					
	“U”	  	=	  	date of utilisation
	“U – X”	  	=	  	X Business Days prior to date of Utilisation

  

			
	Delivery of a duly completed Utilisation Request (Clause 5.2 (Delivery of a Utilisation Request))	  	 U-3

10.00 a.m.

		
	Delivery of a duly completed Renewal Request (Clause 5.6 (Renewal of a Bank Guarantee))	  	30 days prior to the Expiry Date of the relevant Bank Guarantee.
		
	BBSY Bid is fixed	  	 U
 11.00 a.m.

  
 112 

 SCHEDULE 11 

FORM OF CONFIDENTIALITY UNDERTAKING 

[Letterhead of Seller] 

Date: [●] 
 To: 

 

			
	  
	 	
                [insert name of
Potential Purchaser]

 Re:    The Agreement 
  

			
	Parent:	  	(the “Parent”)
		
	Date:	  	
		
	Amount:	  	

 Dear Sirs 
 We understand that
you are considering acquiring an interest in the Agreement which, subject to the Agreement, may be by way of novation, assignment, the entering into, whether directly or indirectly, of a sub-participation or
any other transaction under which payments are to be made or may be made by reference to one or more Finance Documents and/or one or more Obligors or by way of investing in or otherwise financing, directly or indirectly, any such novation,
assignment, sub-participation or other transaction (the “Acquisition”). In consideration of us agreeing to make available to you certain information, by your signature of a copy of this letter
you agree as follows: 
  

	1.	CONFIDENTIALITY UNDERTAKING 

 You undertake (a) to keep all Confidential Information
confidential and not to disclose it to anyone, save to the extent permitted by paragraph 2 (Permitted Disclosure) below and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply
to your own confidential information, and (b) until the Acquisition is completed to use the Confidential Information only for the Permitted Purpose. 
  

	2.	PERMITTED DISCLOSURE 

 We agree that you may disclose: 

 

	2.1	to any of your Affiliates and any of your or their officers, directors, employees, professional advisers and auditors such Confidential Information as you shall consider appropriate if any person to whom the
Confidential Information is to be given pursuant to this paragraph 2.1 is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information, except that there shall be no such
requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information;

  
 113 

	2.2	subject to the requirements of the Agreement, to any person: 

  

	(a)	to (or through) whom you assign or transfer (or may potentially assign or transfer) all or any of your rights and/or obligations which you may acquire under the Agreement such Confidential Information as you shall
consider appropriate if the person to whom the Confidential Information is to be given pursuant to this sub-paragraph 2.2(a) has delivered a letter to you in equivalent form to this letter; 

 

	(b)	with (or through) whom you enter into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are to be made or may be
made by reference to the Agreement or any Obligor such Confidential Information as you shall consider appropriate if the person to whom the Confidential Information is to be given pursuant to this
sub-paragraph 2.2(b) has delivered a letter to you in equivalent form to this letter; 

  

	(c)	to whom information is required or requested to be disclosed by any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable
law or regulation such Confidential Information as you shall consider appropriate; and 

  

	2.3	notwithstanding paragraphs 2.1 and 2.2 above, Confidential Information to such persons to whom, and on the same terms as, an Issuing Bank is permitted to disclose Confidential Information under the Agreement, as if such
permissions were set out in full in this letter and as if references in those permissions to Issuing Bank were references to you. 

  

	3.	NOTIFICATION OF DISCLOSURE 

 You agree (to the extent permitted by law and regulation) to
inform us: 
  

	3.1	of the circumstances of any disclosure of Confidential Information made pursuant to sub-paragraph 2.2(c) above except where such disclosure is made to any of the persons referred
to in that paragraph during the ordinary course of its supervisory or regulatory function; and 

  

	3.2	upon becoming aware that Confidential Information has been disclosed in breach of this letter. 

  

	4.	RETURN OF COPIES 

 If you do not enter into the Acquisition and we so request in writing,
you shall return or destroy all Confidential Information supplied to you by us and destroy or permanently erase (to the extent technically practicable) all copies of Confidential Information made by you and use your reasonable endeavours to ensure
that anyone to whom you have supplied any Confidential Information destroys or permanently erases (to the extent technically practicable) such Confidential Information and any copies made by them, in each case save to the extent that you or the
recipients are required to retain any such Confidential Information by any applicable law, rule or regulation or by any competent judicial, governmental, supervisory or regulatory body or in accordance with internal policy, or where the Confidential
Information has been disclosed under sub-paragraph 2.2(c) above. 

  
 114 

	5.	CONTINUING OBLIGATIONS 

 The obligations in this letter are continuing and, in
particular, shall survive and remain binding on you until (a) if you become a party to the Agreement as a lender of record, the date on which you become such a party to the Agreement; (b) if you enter into the Acquisition but it does not
result in you becoming a party to the Agreement as a lender of record, the date falling [twelve (12)] months after the date on which all of your rights and obligations contained in the documentation entered into to implement that
Acquisition have terminated; or (c) in any other case the date falling [twelve (12)] months after the date of your final receipt (in whatever manner) of any Confidential Information. 

 

	6.	NO REPRESENTATION; CONSEQUENCES OF BREACH, ETC. 

 You acknowledge and agree that:

  

	6.1	neither we, nor any member of the Group nor any of our or their respective officers, employees or advisers (each a “Relevant Person”) (i) make any representation or warranty, express or implied, as to,
or assume any responsibility for, the accuracy, reliability or completeness of any of the Confidential Information or any other information supplied by us or the assumptions on which it is based or (ii) shall be under any obligation to update
or correct any inaccuracy in the Confidential Information or any other information supplied by us or be otherwise liable to you or any other person in respect of the Confidential Information or any such information; and 

 

	6.2	we or members of the Group may be irreparably harmed by the breach of the terms of this letter and damages may not be an adequate remedy; each Relevant Person may be granted an injunction or specific performance for any
threatened or actual breach of the provisions of this letter by you. 

  

	7.	ENTIRE AGREEMENT: NO WAIVER; AMENDMENTS, ETC 

  

	7.1	This letter constitutes the entire agreement between us in relation to your obligations regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential
Information. 

  

	7.2	No failure to exercise, nor any delay in exercising, any right or remedy under this letter will operate as a waiver of any such right or remedy or constitute an election to affirm this letter. No election to affirm this
letter will be effective unless it is in writing. No single or partial exercise of any right or remedy will prevent any further or other exercise or the exercise of any other right or remedy under this letter. 

 

	7.3	The terms of this letter and your obligations under this letter may only be amended or modified by written agreement between us. 

  

	8.	INSIDE INFORMATION 

 You acknowledge that some or all of the Confidential Information is
or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and you undertake not to use any Confidential
Information for any unlawful purpose. 

  
 115 

	9.	NATURE OF UNDERTAKINGS 

 The undertakings given by you under this letter are given to us
and are also given for the benefit of the Parent and each other member of the Group. 
  

	10.	GOVERNING LAW AND JURISDICTION 

  

	10.1	This letter (including the agreement constituted by your acknowledgement of its terms) (the “Letter”) and any non-contractual obligations arising out of or in
connection with it (including any non-contractual obligations arising out of the negotiation of the transaction contemplated by this Letter) are governed by Western Australian law. 

 

	10.2	The courts of Western Australia have non-exclusive jurisdiction to settle any dispute arising out of or in connection with this Letter (including a dispute relating to any non-contractual obligation arising out of or in connection with either this Letter or the negotiation of the transaction contemplated by this Letter). 

 

	11.	DEFINITIONS 

 In this letter (including the acknowledgement set out below) terms defined
in the Agreement shall, unless the context otherwise requires, have the same meaning and: 
 “Confidential Information”
means all information relating to the Parent, any Obligor, the Group, the Finance Documents, the Facility and/or the Acquisition which is provided to you in relation to the Finance Documents or the Facility by us or any of our affiliates or
advisers, in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes information that:

  

	(a)	is or becomes public information other than as a direct or indirect result of any breach by you of this letter; or 

  

	(b)	is identified in writing at the time of delivery as non-confidential by us or our advisers; or 

 

	(c)	is known by you before the date the information is disclosed to you by us or any of our affiliates or advisers or is lawfully obtained by you after that date, from a source which is, as far as you are aware, unconnected
with the Group and which, in either case, as far as you are aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality. 

“Group” means the Parent and its subsidiaries for the time being (as such term is defined in the Corporations Act 2001 (Cth)).

 “Permitted Purpose” means considering and evaluating whether to enter into the Acquisition. 

Please acknowledge your agreement to the above by signing and returning the enclosed copy. 

 

	
	Yours faithfully
	
	  

	
	For and on behalf of
	[Seller]

  
 116 

			
	To:	 	[Seller]
	
	The Parent and each other member of the Group
	
	We acknowledge and agree to the above:
	
	  

	
	For and on behalf of
	[Potential Purchaser]

  
 117 

 SIGNATURES 
  

			
	THE PARENT
	
	For and on behalf of
	
	GOLD FIELDS LIMITED
		
	By:	 	 /s/ Paul A. Schmidt

			
	THE ORIGINAL BORROWER
	
	Executed in accordance with section 127 of
	the Corporations Act 2001 by GRUYERE
	HOLDINGS PTY LTD:

  

					
	 /s/ Alexander Munt
	 		 	 /s/ Kelly M Carter

	Director Signature	 		 	Director/Secretary Signature
			
	 Alexander Munt
	 		 	 Kelly M Carter

	Print Name	 		 	Print Name

			
	THE ORIGINAL GUARANTORS
	
	For and on behalf of
	
	GOLD FIELDS LIMITED
		
	By:	 	 /s/ Paul A. Schmidt

			
	
	THE ORIGINAL GUARANTORS
	
	For and on behalf of
	
	GOLD FIELDS HOLDINGS COMPANY (BVI) LIMITED
		
	By:	 	 /s/ Nicholas J. Holland

			
	
	THE ORIGINAL GUARANTORS
	
	For and on behalf of
	
	GOLD FIELDS OPERATIONS LIMITED
		
	By:	 	 /s/ Nicholas J. Holland

			
	
	THE ORIGINAL GUARANTORS
	
	For and on behalf of
	
	GOLD FIELDS OROGEN HOLDING (BVI) LIMITED
		
	By:	 	 /s/ Colin Charles Bird

			
	
	THE ORIGINAL GUARANTORS
	
	For and on behalf of
	
	GFI JOINT VENTURE HOLDINGS PROPRIETARY LIMITED
		
	By:	 	 /s/ Naseem A. Chohan

			
	THE ORIGINAL GUARANTORS
	
	For and on behalf of
	
	GOLD FIELDS GHANA HOLDINGS (BVI) LIMITED

			
		
	By:    	 	 /s/ Colin Charles Bird

 THE ORIGINAL ISSUING BANKS 

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 
  

							
	Signed sealed and delivered for Australia and New Zealand Banking Group Limited by its attorney in the presence of	 		 		 	
				
	 /s/ Andrew Thangarajah
	 	f	 	 /s/ Imogen Scanlan
	 	f
	Signature of witness	 		 	Signature of attorney	 	
				
	 Andrew Thangarajah
	 		 	 Imogen Scanlan
	 	
	Name of witness (print)	 		 	Name of attorney	 	

 THE ORIGINAL ISSUING BANKS 

SIGNED by 
 Anthony Hobbard 

 

					
	As attorney for COMMONWEALTH	 		 	
			
	BANK OF AUSTRALIA under power of attorney dated 24 June 2013	 		 	
			
	In the presence of:	 		 	
			
	 /s/ Lauren McGregor
	 		 	 /s/ Anthony Hobbard

	Signature of witness	 		 	By executing this document the attorney states that the attorney has received no notice of revocation of the power of attorney
		 		 
	 Lauren McGregor
	 		 
	Name of witness (block letters)	 		 

	
	THE ORIGINAL ISSUING BANKS 
	
	For and on behalf of
	
	WESTPAC BANKING CORPORATION

  

					
			
	By:	  	/s/ Andrew Strongman	  	
		  	 Andrew Strongman
	  
		  	 Director, Natural ResourcesEX-10.1

 Exhibit 10.1 

FOURTH AMENDMENT TO CREDIT AGREEMENT 

This FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of March 29, 2018 is entered into by and among
OAKTREE CAPITAL MANAGEMENT, L.P., a Delaware limited partnership, OAKTREE CAPITAL II, L.P., a Delaware limited partnership, OAKTREE AIF INVESTMENTS, L.P., a Delaware limited partnership, OAKTREE CAPITAL I, L.P., a Delaware limited partnership (each
a “Borrower” and collectively, the “Borrowers”); the Lenders (as defined in the Credit Agreement referred to below); and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such
capacity, the “Administrative Agent”). Capitalized terms used and not otherwise defined in this Amendment shall have the same meanings in this Amendment as set forth in the Credit Agreement. 

WHEREAS, the above mentioned parties have previously entered into that certain Credit Agreement, dated as of March 31, 2014 (as amended
by that certain First Amendment to Credit Agreement, dated as of November 3, 2014, that certain Second Amendment to Credit Agreement, dated as of March 31, 2016 and that certain Third Amendment to Credit Agreement, dated as of
November 14, 2017, and in effect immediately prior to the Fourth Amendment Effective Date (as defined below), the “Credit Agreement”). 

WHEREAS, the Borrowers have requested that the Credit Agreement be amended as set forth herein. 

WHEREAS, the Administrative Agent and the Lenders, on the terms and subject to the conditions set forth herein, have agreed to so amend the
Credit Agreement. 
 NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and agreements set forth below and other good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereby agree, except as otherwise set forth herein, as of the Fourth Amendment Effective Date as follows: 

SECTION 1. Amendments. On the terms of this Amendment and subject to the satisfaction of the conditions precedent set
forth in Section 2 below, the Credit Agreement is hereby amended as follows: 
 (a) Credit Agreement.
Articles I-IX of the Credit Agreement are hereby amended and restated in their entirety with Articles I-IX of the Conformed Credit Agreement attached hereto as Annex
A. 
 (b) Loans, Commitments and Proportionate Shares. 

(i) Schedule 2.1 of the Credit Agreement is hereby amended and restated in its entirety with Schedule 2.1 attached hereto as Annex B.

 (ii) The parties hereto acknowledge and agree that (x) as of the Fourth Amendment Effective Date, each Lender shall have the
Commitments, Revolving Proportionate Share and Term Proportionate Shares set opposite its name on Schedule 2.1 attached hereto as Annex B and (y) the outstanding Revolving Loans and Revolving Proportionate Shares of L/C

  
 1 

 
Obligations and Swing Line Loans will be reallocated by the Administrative Agent on the Fourth Amendment Effective Date among the Lenders party hereto in accordance with their Revolving
Proportionate Shares set forth on said Schedule 2.1 (and each Lender agrees to make all payments and adjustments necessary to effect such reallocation). 

(iii) For the avoidance of doubt, the only conditions precedent to the Loans made on the Fourth Amendment Effective Date shall be those
conditions set forth in Annex C attached hereto and in Section 4.2 of the Credit Agreement. 
 (c) Schedules. Schedules
3.6, 3.13, 6.1, 6.2, 6.6 and 6.7 of the Credit Agreement are hereby amended and restated in their entirety with Schedules 3.6, 3.13, 6.1, 6.2, 6.6 and 6.7 attached to this Amendment as Annex D, respectively. 

(d) Exhibits. 
 (i)
Exhibit A (Form of Assignment and Acceptance) to the Credit Agreement is hereby amended and restated in its entirety with Exhibit A (Form of Assignment and Acceptance) attached hereto as Annex E. 

(ii) Exhibit H (Form of Compliance Certificate) to the Credit Agreement is hereby amended and restated in its entirety with Exhibit H (Form of
Compliance Certificate) attached hereto as Annex F. 
 SECTION 2. Conditions Precedent to the Effectiveness of this
Amendment. The provisions of Section 1 above are conditioned upon, and such provisions shall not be effective until, satisfaction of the conditions set forth on Annex C attached hereto (the first date on
which all of the following conditions have been satisfied being referred to herein as the “Fourth Amendment Effective Date”). 

SECTION 3. Representations and Warranties. In order to induce the Administrative Agent and the Lenders to enter into this
Amendment and to amend the Credit Agreement in the manner provided in this Amendment, the Borrowers represent and warrant to the Administrative Agent and each Lender as follows: 

(a) Power and Authority. Each Borrower has all requisite power and authority to enter into this Amendment and to carry out the
transactions contemplated by, and perform its obligations under, the Credit Agreement as amended by this Amendment (hereafter referred to as the “Amended Credit Agreement”). 

(b) Authorization of Agreements. The execution and delivery of this Amendment by the Borrowers and the performance of the Amended Credit
Agreement by the Borrowers have been duly authorized by all necessary action, and this Amendment has been duly executed and delivered by the Borrowers. 

(c) Enforceability. Each of this Amendment and the Amended Credit Agreement constitutes the legal, valid and binding obligation of the
Borrowers, enforceable against the Borrowers in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’ rights generally and general
principles of equity. 

  
 2 

 (d) No Conflict. The execution and delivery by the Borrowers of this Amendment and the
performance by the Borrowers of each of this Amendment and the Amended Credit Agreement do not and will not (i) require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as
have been obtained or made and are in full force and effect, (ii) violate any applicable law or regulation other than violations which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect,
(iii) violate the charter, by-laws, articles, limited liability company agreement, limited partnership agreement or other organizational documents of any Borrower or any Subsidiary or any order of any
Governmental Authority, (iv) violate or result in a default under any indenture, agreement or other instrument binding upon any Borrower or any Subsidiary or the assets of any Borrower or any Subsidiary other than violations or defaults which,
individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, (v) give rise to a right under any indenture, agreement or other instrument binding upon any Borrower or any Subsidiary or upon the assets of
any Borrower or any Subsidiary to require any material payment to be made by any Borrower or any Subsidiary, and (vi) result in the creation or imposition of any Lien on any asset of any Borrower or any Subsidiary. 

(e) Governmental Consents. No authorization or approval or other action by, and no notice to or filing with, any governmental authority
or regulatory body is required for the due execution, delivery and performance by the Borrowers of this Amendment. 
 (f) Representations
and Warranties in the Credit Agreement. The Borrowers confirm that the representations and warranties contained in Article III of the Credit Agreement are (before and after giving effect to this Amendment) true and correct in all material
respects (or if qualified by materiality or Material Adverse Effect, in all respects) as of the Fourth Amendment Effective Date (except to the extent any such representation and warranty is expressly stated to have been made as of a specific date,
in which case it shall be true and correct as of such specific date) and that no Default or Event of Default has occurred and is continuing. 

SECTION 4. Miscellaneous. 

(a) Reference to and Effect on the Credit Agreement and the other Loan Documents. 

(i) Except as specifically amended by this Amendment and the documents executed and delivered in connection herewith, the Credit Agreement and
the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed. 
 (ii) The execution and delivery of
this Amendment and performance of the Amended Credit Agreement shall not, except as expressly provided herein, constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders
under, the Credit Agreement or any of the other Loan Documents. 

  
 3 

 (iii) Upon the conditions precedent set forth herein being satisfied, this Amendment shall be
construed as one with the Credit Agreement, and the Credit Agreement shall, where the context requires, be read and construed throughout so as to incorporate this Amendment. 

(iv) If there is any conflict between the terms and provisions of this Amendment and the terms and provisions of the Credit Agreement or any
other Loan Document, the terms and provisions of this Amendment shall govern. 
 (b) Return of Notes. Each Lender that requests and
receives an amended and restated Revolving Loan Note and/or Term Loan Note in connection herewith agrees to, promptly after such receipt, deliver any Note previously issued in its favor marked “cancelled” to the Borrowers at the following
address: 
 c/o Oaktree Capital Management, L.P. 

333 South Grand Avenue, 28th Floor 

Los Angeles, California 90071 

Attention: Philip McDermott 

(c) Expenses. The Borrowers acknowledge that all reasonable costs and expenses of the Administrative Agent incurred in connection with
this Amendment will be paid in accordance with Section 9.3 of the Credit Agreement. 
 (d) Headings. Section
and subsection headings in this Amendment are included for convenience of reference only and shall not constitute a part of this Amendment for any other purpose or be given any substantive effect. 

(e) Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument. Transmission by telecopier of an executed counterpart of this Amendment shall be deemed to constitute due and sufficient delivery of such counterpart. 

(f) Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York without
reference to conflicts of law rules other than Section 5-1401 of the General Obligations Law of the State of New York. 

(g) Loan Document. This Amendment is a Loan Document as defined in the Credit Agreement, and the provisions of the Credit Agreement
generally applicable to Loan Documents are applicable hereto and incorporated herein by this reference. 
 [REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK] 
  

  
 4 

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

			
	OAKTREE CAPITAL MANAGEMENT, L.P.
		
	By:	 	 /s/ Jay S. Wintrob

		 	Name: Jay S. Wintrob
		 	Title: Chief Executive Officer
		
	By:	 	 /s/ Daniel Levin

		 	Name: Daniel Levin
		 	Title: Chief Financial Officer
	
	OAKTREE CAPITAL II, L.P.
		
	By:	 	 /s/ Jay S. Wintrob

		 	Name: Jay S. Wintrob
		 	Title: Chief Executive Officer
		
	By:	 	 /s/ Daniel Levin

		 	Name: Daniel Levin
		 	Title: Chief Financial Officer
	
	OAKTREE AIF INVESTMENTS, L.P.
		
	By:	 	 /s/ Jay S. Wintrob

		 	Name: Jay S. Wintrob
		 	Title: Chief Executive Officer
		
	By:	 	 /s/ Daniel Levin

		 	Name: Daniel Levin
		 	Title: Chief Financial Officer
	
	OAKTREE CAPITAL I, L.P.
		
	By:	 	 /s/ Jay S. Wintrob

		 	Name: Jay S. Wintrob
		 	Title: Chief Executive Officer
		
	By:	 	 /s/ Daniel Levin

		 	Name: Daniel Levin
		 	Title: Chief Financial Officer

  
 [Signature Page to
Fourth Amendment to Credit Agreement – Oaktree] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, L/C Issuer, Swing Line Lender and a Lender
		
	By:	 	 /s/ Julie Yamauchi

		 	Name: Julie Yamauchi
		 	Title: Senior Vice President

  
 [Signature Page to
Fourth Amendment to Credit Agreement – Oaktree] 

 
			
	Bank of America, N.A., as a Lender
		
	By:	 	 /s/ Matthew C. White

		 	Name: Matthew C. White
		 	Title: Director

  
 [Signature Page to
Fourth Amendment to Credit Agreement – Oaktree] 

 
			
	JPMORGAN CHASE BANK, N.A., as a Lender
		
	By:	 	 /s/ Michael Kusner

		 	Name: Michael Kusner
		 	Title:   Executive Director

  
 [Signature Page to
Fourth Amendment to Credit Agreement – Oaktree] 

 
			
	HSBC BANK USA, N.A., as a Lender
		
	By:	 	 /s/ Robert Lipps

		 	Name: Robert Lipps
		 	Title:   Managing Director

  
 [Signature Page to
Fourth Amendment to Credit Agreement – Oaktree] 

 
			
	THE BANK OF NEW YORK MELLON, as a Lender
		
	By:	 	 /s/ James L. Behrmann

		 	Name: James L. Behrmann
		 	Title:   Managing Director

  
 [Signature Page to
Fourth Amendment to Credit Agreement – Oaktree] 

 
			
	 U.S. Bank National Association,
 as
a Lender

		
	By:	 	 /s/ Michael F. Ugliarolo

		 	Name: Michael F. Ugliarolo
		 	Title:   Vice President

  
 [Signature Page to
Fourth Amendment to Credit Agreement – Oaktree] 

 
			
	BARCLAYS BANK PLC, as a Lender
		
	By:	 	 /s/ May Huang

		 	Name: May Huang
		 	Title:   Assistant Vice President

  
 [Signature Page to
Fourth Amendment to Credit Agreement – Oaktree] 

 
			
	MUFG Union Bank, N.A., as a Lender
		
	By:	 	 /s/ Oscar Cortez

		 	Name: Oscar Cortez
		 	Title:   Director

  
 [Signature Page to
Fourth Amendment to Credit Agreement – Oaktree] 

 
			
	Citibank, N.A., as a Lender
		
	By:	 	 /s/ Eros Marshall

		 	Name: Eros Marshall
		 	Title:   Director

  
 [Signature Page to
Fourth Amendment to Credit Agreement – Oaktree] 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
		
	By:	 	 /s/ Doreen Barr

		 	Name: Doreen Barr
		 	Title:   Authorized Signatory
		
	By:	 	 /s/ Shyam Kapadia

		 	Name: Shyam Kapadia
		 	Title:   Authorized Signatory

  
 [Signature Page to
Fourth Amendment to Credit Agreement – Oaktree] 

 
			
	GOLDMAN SACHS BANK USA, as a Lender
		
	By:	 	 /s/ Rebecca Kratz

		 	Name: Rebecca Kratz
		 	Title: Authorized Signatory

  
 [Signature Page to
Fourth Amendment to Credit Agreement – Oaktree] 

 
			
	MORGAN STANLEY BANK, N.A., as a Lender
		
	By:	 	 /s/ Michael King

		 	Name: Michael King
		 	Title:   Authorized Signatory

  
 [Signature Page to
Fourth Amendment to Credit Agreement – Oaktree] 

 
			
	STATE STREET BANK AND TRUST COMPANY, as a Lender
		
	By:	 	 /s/ Kimberly R. Costa

		 	Name: Kimberly R. Costa
		 	Title:   Vice President

  

  
 [Signature Page to
Fourth Amendment to Credit Agreement – Oaktree] 

 ANNEX A 

Conformed Credit Agreement 

(see attached) 

  

CREDIT AGREEMENT 
 dated as of

 March 31, 2014 
 among

 OAKTREE CAPITAL MANAGEMENT, L.P., 

OAKTREE CAPITAL II, L.P., 

OAKTREE AIF INVESTMENTS, L.P., 

OAKTREE CAPITAL I, L.P., 
 The
Lenders Party Hereto, 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Administrative Agent, L/C Issuer and Swing Line Lender, 

and 
 WELLS FARGO SECURITIES, LLC,

 as Sole Lead Arranger and Sole Lead Bookrunner 

$650,000,000 SENIOR UNSECURED 

CREDIT FACILITIES 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	 
				
		 	Section 1.1  	  	Defined Terms	  	 	1	 
				
		 	Section 1.2  	  	Terms Generally	  	 	27	 
				
		 	Section 1.3  	  	Accounting Terms; GAAP	  	 	27	 
				
		 	Section 1.4  	  	Time	  	 	28	 
				
		 	Section 1.5  	  	Joint and Several Obligations	  	 	28	 
				
		 	Section 1.6  	  	Classification of Loans and Borrowings	  	 	28	 
				
		 	Section 1.7  	  	Rates	  	 	28	 
		
	 ARTICLE II THE CREDITS
	  	 	28	 
				
		 	Section 2.1  	  	Commitments	  	 	28	 
				
		 	Section 2.2  	  	Loans and Borrowings	  	 	32	 
				
		 	Section 2.3  	  	Requests for Borrowings	  	 	32	 
				
		 	Section 2.4  	  	Funding of Borrowings	  	 	33	 
				
		 	Section 2.5  	  	Interest Elections	  	 	34	 
				
		 	Section 2.6  	  	Termination and Reduction of Commitments	  	 	35	 
				
		 	Section 2.7  	  	Repayment of Loans; Evidence of Debt	  	 	37	 
				
		 	Section 2.8  	  	Prepayment of Loans	  	 	38	 
				
		 	Section 2.9  	  	Fees	  	 	39	 
				
		 	Section 2.10	  	Interest	  	 	39	 
				
		 	Section 2.11	  	Alternate Rate of Interest	  	 	40	 
				
		 	Section 2.12	  	Change in Circumstances	  	 	42	 
				
		 	Section 2.13	  	Break Funding Payments	  	 	44	 
				
		 	Section 2.14	  	Taxes	  	 	44	 
				
		 	Section 2.15	  	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	  	 	46	 
				
		 	Section 2.16	  	Mitigation Obligations; Replacement of Lenders	  	 	48	 
				
		 	Section 2.17	  	Letters of Credit	  	 	49	 
				
		 	Section 2.18	  	Swing Line	  	 	58	 
				
		 	Section 2.19	  	Notes	  	 	61	 
				
		 	Section 2.20	  	Defaulting Lenders	  	 	62	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

									
	 	 	 	  	 	  	Page	 
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	64	 
				
		 	Section 3.1	  	Organization; Powers	  	 	64	 
				
		 	Section 3.2	  	Authorization; Enforceability	  	 	64	 
				
		 	Section 3.3	  	Governmental Approvals; No Conflicts	  	 	64	 
				
		 	Section 3.4	  	Financial Condition; No Material Adverse Change	  	 	65	 
				
		 	Section 3.5	  	Properties	  	 	65	 
				
		 	Section 3.6	  	Litigation and Environmental Matters	  	 	65	 
				
		 	Section 3.7	  	Compliance with Laws and Agreements	  	 	66	 
				
		 	Section 3.8	  	Investment and Holding Company Status	  	 	66	 
				
		 	Section 3.9	  	Taxes	  	 	66	 
				
		 	Section 3.10	  	ERISA	  	 	66	 
				
		 	Section 3.11	  	Disclosure	  	 	67	 
				
		 	Section 3.12	  	No Default	  	 	67	 
				
		 	Section 3.13	  	Subsidiaries	  	 	67	 
				
		 	Section 3.14	  	Federal Regulations	  	 	67	 
				
		 	Section 3.15	  	No Burdensome Restrictions	  	 	67	 
				
		 	Section 3.16	  	Sanctions; Anti-Corruption	  	 	68	 
				
		 	Section 3.17	  	Obligations to Rank Pari Passu	  	 	68	 
				
		 	Section 3.18	  	EEA Financial Institutions	  	 	68	 
		
	 ARTICLE IV CONDITIONS
	  	 	68	 
				
		 	Section 4.1	  	Effective Date	  	 	68	 
				
		 	Section 4.2	  	Each Credit Event	  	 	70	 
		
	 ARTICLE V AFFIRMATIVE COVENANTS
	  	 	70	 
				
		 	Section 5.1	  	Financial Statements and Other Information	  	 	70	 
				
		 	Section 5.2	  	Notices of Material Events	  	 	72	 
				
		 	Section 5.3	  	Existence; Conduct of Business	  	 	72	 
				
		 	Section 5.4	  	Payment of Obligations	  	 	73	 
				
		 	Section 5.5	  	Maintenance of Properties; Insurance	  	 	73	 
				
		 	Section 5.6	  	Books and Records; Inspection Rights	  	 	73	 
				
		 	Section 5.7	  	Compliance with Laws and Contractual Obligations	  	 	73	 

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

									
	 	 	 	  	 	  	Page	 
				
		 	Section 5.8	  	Use of Proceeds	  	 	73	 
				
		 	Section 5.9	  	Sanctions; Anti-Corruption Laws	  	 	74	 
		
	 ARTICLE VI NEGATIVE COVENANTS
	  	 	74	 
				
		 	Section 6.1	  	Indebtedness	  	 	74	 
				
		 	Section 6.2	  	Liens	  	 	76	 
				
		 	Section 6.3	  	Fundamental Changes	  	 	77	 
				
		 	Section 6.4	  	Reserved	  	 	78	 
				
		 	Section 6.5	  	Restricted Payments	  	 	78	 
				
		 	Section 6.6	  	Transactions with Affiliates	  	 	79	 
				
		 	Section 6.7	  	Restrictive Agreements; Negative Pledge Clauses	  	 	79	 
				
		 	Section 6.8	  	Financial Condition Covenants	  	 	80	 
				
		 	Section 6.9	  	Sanctions; Anti-Corruption; Use of Proceeds	  	 	80	 
				
		 	Section 6.10	  	Changes in Fiscal Periods	  	 	80	 
		
	 ARTICLE VII EVENTS OF DEFAULT
	  	 	80	 
		
	 ARTICLE VIII THE ADMINISTRATIVE AGENT
	  	 	83	 
				
		 	Section 8.1	  	Appointment, Powers and Immunities	  	 	83	 
				
		 	Section 8.2	  	Reliance by the Administrative Agent	  	 	84	 
				
		 	Section 8.3	  	Defaults	  	 	84	 
				
		 	Section 8.4	  	Indemnification	  	 	85	 
				
		 	Section 8.5	  	Non-Reliance	  	 	85	 
				
		 	Section 8.6	  	Resignation of the Administrative Agent	  	 	86	 
				
		 	Section 8.7	  	Collateral Matters	  	 	86	 
				
		 	Section 8.8	  	Performance of Conditions	  	 	86	 
				
		 	Section 8.9	  	The Administrative Agent in its Individual Capacity	  	 	86	 
		
	 ARTICLE IX MISCELLANEOUS
	  	 	87	 
				
		 	Section 9.1	  	Notices.	  	 	87	 
				
		 	Section 9.2	  	Waivers; Amendments	  	 	89	 
				
		 	Section 9.3	  	Expenses; Indemnity; Damage Waiver	  	 	90	 
				
		 	Section 9.4	  	Successors and Assigns	  	 	91	 
				
		 	Section 9.5	  	Survival	  	 	96	 

  
 -iii- 

 TABLE OF CONTENTS 

(continued) 
  

									
	 	 	 	  	 	  	Page	 
				
		 	Section 9.6	  	Counterparts; Integration; Effectiveness	  	 	96	 
				
		 	Section 9.7	  	Severability	  	 	96	 
				
		 	Section 9.8	  	Right of Setoff	  	 	97	 
				
		 	Section 9.9	  	Governing Law; Jurisdiction; Consent to Service of Process	  	 	97	 
				
		 	Section 9.10	  	No Third Party Rights	  	 	98	 
				
		 	Section 9.11	  	Relationship of Parties	  	 	98	 
				
		 	Section 9.12	  	WAIVER OF JURY TRIAL	  	 	98	 
				
		 	Section 9.13	  	Time	  	 	99	 
				
		 	Section 9.14	  	USA PATRIOT Act	  	 	99	 
				
		 	Section 9.15	  	Headings	  	 	99	 
				
		 	Section 9.16	  	Confidentiality	  	 	99	 
				
		 	Section 9.17	  	Interest Rate Limitation	  	 	100	 
				
		 	Section 9.18	  	Waivers and Agreements of Borrowers	  	 	100	 
				
		 	Section 9.19	  	Clarification	  	 	101	 
				
		 	Section 9.20	  	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	101	 

  
 -iv- 

 SCHEDULES: 

Schedule 2.1 – Names, Addresses, Commitments, and Proportionate Shares of the Lenders 

Schedule 3.6 – Disclosed Matters 
 Schedule 3.13 –
Subsidiaries 
 Schedule 6.1 – Existing Indebtedness 

Schedule 6.2 – Existing Liens 
 Schedule 6.6 –
Transactions with Affiliates 
 Schedule 6.7 – Existing Restrictions 

EXHIBITS: 
 Exhibit A – Form of Assignment and
Acceptance 
 Exhibit B – Form of Legal Opinion of Munger, Tolles & Olson LLP, Special Counsel to Borrower 

Exhibit C – Form of Report Under Section 5.1(e) 

Exhibit D – Notice of Swing Line Borrowing 
 Exhibit E –
Form of Revolving Loan Note 
 Exhibit F – Form of Term Loan Note 

Exhibit G – Form of Swing Line Note 
 Exhibit H – Form
of Compliance Certificate 
 Exhibit I – Form of Borrowing Request 

Exhibit J – Form of Interest Election Request 

  
 -v- 

 CREDIT AGREEMENT dated as of March 31, 2014 (as amended, restated, supplemented, or
otherwise modified from time to time, this “Agreement”), among OAKTREE CAPITAL MANAGEMENT, L.P., a Delaware limited partnership, OAKTREE CAPITAL II, L.P., a Delaware limited partnership, OAKTREE AIF INVESTMENTS, L.P., a Delaware
limited partnership, OAKTREE CAPITAL I, L.P., a Delaware limited partnership (each a “Borrower” and collectively, the “Borrowers”), the LENDERS party hereto from time to time, and WELLS FARGO BANK, NATIONAL
ASSOCIATION as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”), L/C Issuer and Swing Line Lender. WELLS FARGO SECURITIES, LLC (“Wells Fargo Securities”) has been given the titles
of sole lead arranger and sole lead bookrunner in connection with this Agreement (in such capacity, the “Lead Arranger”). 

WHEREAS, the Borrowers have requested that the Lenders provide the credit facility set forth in this Agreement to the Borrowers, including the
Revolving Loans, Term Loans Swing Line Loans and the issuance of Letters of Credit; and 
 WHEREAS, each Borrower will directly and
indirectly benefit from the financing provided to it and to each other Borrower pursuant to this Agreement; 
 NOW, THEREFORE, in
consideration of the premises and of the mutual covenants and agreements herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“ABR” when used in reference to any Loan (or in the case of the Term Loans, a portion thereof) or Borrowing, refers to
whether such Loan (or portion thereof), or the Loans (or portion thereof) comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 

“Acquired Portion” has the meaning given to that term in Section 2.1(c)(v). 

“Administrative Agent” has the meaning set forth in the preamble hereto. 

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

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified; provided that for the purposes of Section 6.6, no member of Oaktree Operating Group shall be considered to be an “Affiliate” of
any other member of the Oaktree Operating Group. 
 “Agreement” has the meaning set forth in the preamble hereto. 

  
 1 

 “Alternate Base Rate” means, on any day, the greatest of (a) the Prime Rate
in effect on such day, (b) the Federal Funds Effective Rate for the day immediately preceding such day plus one half of one percent (0.50%) and (c) One Month LIBOR Rate for such day (determined on a daily basis as set forth below) plus one
percent (1.00%). As used in this definition, “One Month LIBOR Rate” shall mean, subject to the implementation of a Replacement Rate in accordance with Section 2.11(b), with respect to any interest rate calculation for a Loan, a
portion of a Loan, Borrowing or any other obligation of any Borrower under the Loan Documents bearing interest at the Alternate Base Rate, a rate per annum equal to the quotient (rounded upward if necessary to the nearest 1/100 of one percent) of
(a) the rate per annum as published by the ICE Benchmark Administration Limited, a United Kingdom company, or if not so published, as published by any comparable or successor quoting service selected by the Administrative Agent, on the
applicable day (provided that if such day is not a Business Day for which such rate is quoted, the next preceding Business Day for which such rate is quoted) at or about 11:00 a.m., London time (or as soon thereafter as practicable), for
dollar deposits being delivered in the London interbank eurodollar currency market for a term of one month commencing on such date of determination, divided by (b) one minus the Reserve Requirement in effect on such day. If for any
reason rates are not available as provided in clause (a) of the preceding sentence, the rate to be used in clause (a) shall be, at the Administrative Agent’s discretion (in each case, rounded upward if necessary to the nearest 1/100
of one percent), (i) the rate per annum at which dollar deposits are offered to the Administrative Agent in the London interbank eurodollar currency market or (ii) the rate per annum at which dollar deposits are offered to the Administrative
Agent in, or by the Administrative Agent to major banks in, any offshore interbank eurodollar market selected by the Administrative Agent, in each case on the applicable day (provided that if such day is not a Business Day for which dollar
deposits are offered to or by the Administrative Agent in the London or such offshore interbank eurodollar currency market, the next preceding Business Day for which dollar deposits are offered to or by the Administrative Agent in the London or such
offshore interbank eurodollar currency market) at or about 11:00 a.m., London time (or as soon thereafter as practicable) (for delivery on such date of determination) for a one month term. Notwithstanding the foregoing, (x) if the One Month
LIBOR Rate (including, without limitation, any Replacement Rate with respect thereto) shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement and (y) unless otherwise specified in any amendment to this
Agreement entered into in accordance with Section 2.11(b), in the event that a Replacement Rate with respect to One Month LIBOR Rate is implemented then all references herein to One Month LIBOR Rate shall be deemed references to such
Replacement Rate. 
 “Applicable Margin” means, at any time when there is a Debt Rating (as defined below), (a) in the case
of interest calculable with respect to each Eurodollar Loan, the percentage set forth in the column headed “Eurodollar” opposite the applicable Tier level below, (b) in the case of interest calculable with respect to each ABR Loan,
the percentage set forth below in the column headed “ABR” opposite the applicable Tier level below, and (c) in the case of the Commitment Fees, the percentage set forth in the column headed “Commitment Fees” opposite the
applicable Tier level below: 

  
 2 

															
	 Tier
	  	Debt Rating	  	Eurodollar	 	 	ABR	 	 	Commitment Fees	 
	 I
	  	3 A+/A1	  	 	0.875	% 	 	 	0.000	% 	 	 	0.080	% 
	 II
	  	A/A2	  	 	1.000	% 	 	 	0.000	% 	 	 	0.100	% 
	 III
	  	A-/A3	  	 	1.250	% 	 	 	0.250	% 	 	 	0.125	% 
	 IV
	  	BBB+/Baa1	  	 	1.375	% 	 	 	0.375	% 	 	 	0.150	% 
	 V
	  	< BBB/Baa2	  	 	1.750	% 	 	 	0.750	% 	 	 	0.175	% 

 “Debt Rating” means, as of any date of determination, the rating as determined by either
S&P, Fitch Ratings, Moody’s or other nationally recognized rating agency of the non-credit-enhanced, senior unsecured long-term debt of Oaktree Capital Management, L.P. (along with its Affiliates);
provided that if (a) there are two ratings and (i) the respective Debt Ratings issued by the foregoing rating agencies differ by one Tier, then the Tier for the higher of such Debt Ratings shall apply (with the Debt Rating for Tier
I being the highest and the Debt Rating for Tier V being the lowest) and (ii) if such Debt Ratings differ by more than one Tier, then the Tier that is one Tier above the Tier of the lower Debt Rating shall apply and (b) there are three or
more ratings and the respective Debt Ratings issued by the foregoing rating agencies fall into different Debt Rating levels, then (i) the Tier for the two highest of such Debt Ratings shall apply and (ii) if the two highest of such Debt
Ratings fall into different Tiers and one of such Debt Ratings is (A) no more than one Debt Rating level higher than the other, then the applicable Tier shall be determined by reference to the lower of such Debt Ratings and (B) two or more
Tiers lower than the other of such Debt Ratings, then the Tier that is one Tier above the Tier of the lower Debt Rating shall apply. 

Initially the Applicable Margin shall be based on Tier II. The Applicable Margin shall be subject to adjustment (upwards or downwards, as
appropriate), effective as of the date on which S&P, Fitch Ratings, Moody’s or other nationally recognized rating agency announces a change of Debt Rating that results in a change in the Applicable Margin. 

Notwithstanding the foregoing, at any time when there is no Debt Rating, the Applicable Margin for each of Eurodollar Loans, ABR Loans and
Commitment Fees shall be determined pursuant to the following pricing grid: 
  

															
	 Tier
	  	Combined Leverage Ratio	  	Eurodollar	 	 	ABR	 	 	Commitment Fees	 
	 I
	  	< 1.00	  	 	0.875	% 	 	 	0.000	% 	 	 	0.080	% 
	 II
	  	> 1.00 < 1.75	  	 	1.000	% 	 	 	0.000	% 	 	 	0.100	% 
	 III
	  	> 1.75 < 2.25	  	 	1.250	% 	 	 	0.250	% 	 	 	0.125	% 
	 IV
	  	> 2.25 < 2.75	  	 	1.375	% 	 	 	0.375	% 	 	 	0.150	% 
	 V
	  	> 2.75	  	 	1.750	% 	 	 	0.750	% 	 	 	0.175	% 

 Any increase or decrease in the Applicable Margin resulting from a change in the Combined Leverage Ratio shall
become effective as of the fifth Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 5.1(c) with respect to any fiscal quarter or fiscal year; provided that (x) during the period
commencing on the date there is no Debt Rating (each, a “Debt Rating Drop Date”) until the fifth Business Day immediately 

  
 3 

 
following the date a Compliance Certificate is delivered pursuant to Section 5.1(c) with respect to the fiscal quarter or fiscal year in which such Debt Rating Drop Date occurs, Tier V shall
apply and (y) at any time when there is no Debt Rating, if no Compliance Certificate is delivered when due in accordance with Section 5.1(c), then Tier V shall apply as of the date of the failure to deliver such Compliance Certificate
until such date as the Borrowers deliver such Compliance Certificate and thereafter the Applicable Margin shall be based on the Combined Leverage Ratio indicated on such Compliance Certificate until such time as the Applicable Margin is further
adjusted as set forth in this definition. At any time when there is no Debt Rating, if the Combined Leverage Ratio reported in any Compliance Certificate shall be determined to have been incorrectly reported and if correctly reported would have
resulted in a higher Applicable Margin, then the Applicable Margin shall be retroactively adjusted to reflect the higher rate that would have been applicable had the Combined Leverage Ratio been correctly reported in such Compliance Certificate and
the additional amounts resulting therefrom shall be due and payable within two (2) Business Days of written notice therefor from the Administrative Agent or any Lender (the Borrowers’ obligations to pay such additional amounts shall
survive the payment and performance of all other Obligations and the termination of this Agreement). At any time when there is no Debt Rating, if the Combined Leverage Ratio reported in any Compliance Certificate shall be determined to have been
incorrectly reported and if correctly reported would have resulted in a lower Applicable Margin and such determination is made within ninety (90) days after the delivery of such Compliance Certificate pursuant to Section 5.1(c) (and notice
thereof has been provided to the Administrative Agent within such ninety (90) day period), then the Applicable Margin shall be retroactively adjusted to reflect the lower rate that would have been applicable had the Combined Leverage Ratio been
correctly reported in such Compliance Certificate, and any excess interest paid by the Borrowers to the Lenders resulting from such incorrect reporting of the Combined Leverage Ratio shall be refunded to the Borrowers within two (2) Business
Days of receipt by the applicable Lender or Lenders of written demand therefor from the Borrowers (the Lenders’ obligations to refund such excess amounts shall survive the termination of this Agreement). 

“Approved Fund” shall mean any Person (other than a natural person) that is (or will be) engaged in making, purchasing,
holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business that is administered or managed by (i) a Lender, (ii) an Affiliate of a Lender or (iii) an entity or an
Affiliate of an entity that administers or manages a Lender. 
 “Assets Under Management” means the Net Asset Value of all
assets managed by OCG and its subsidiaries and affiliates (other than any assets held in CLOs), plus the amount of (a) any undrawn capital that may be called from investors in all investment funds managed by OCG and its subsidiaries and
affiliates pursuant to the capital commitments of such investors to such investment funds, (b) fund-level leverage that generates management fees, and (c) the aggregate par value of collateral assets and principal cash held by CLOs of OCG
and its subsidiaries and affiliates. As used in this definition, “Net Asset Value” means, as of any date, the value of all assets of an investment fund or account (including cash and accrued interest and dividends) less all
liabilities of such investment fund or account (including accrued expenses and any reserves established for contingent liabilities). 

“Assignee” has the meaning set forth in Section 9.4. 

  
 4 

 “Assignment and Acceptance” means an assignment and acceptance entered into by a
Lender and an Assignee (with the consent of any party whose consent is required by Section 9.4), and accepted by the Administrative Agent, substantially in the form of Exhibit A or any other form approved by the Administrative Agent.

 “Attributable Debt” means, in respect of a sale and leaseback transaction entered into by a Borrower or any Subsidiary
of a Borrower, at the time of determination, the present value of the total obligation of the lessee for rental payments during the remaining term of the lease included in such sale and leaseback transaction, including any period for which such
lease has been extended or may, at the sole option of the lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. 

“Availability Period” means the period from and including the Effective Date to but excluding the Maturity Date. 

“Back-to-Back Lending Facilities” means loans
or credit facilities made available to or guaranteed by the Borrowers, their Subsidiaries or their Affiliates for the purpose of funding loans or advances to employees or Affiliates of the Borrowers or their Subsidiaries or their Affiliates, the
proceeds of which are used solely to invest, directly or indirectly, in investment funds or CLOs or any subsidiary thereof that is managed by any Borrower or any Subsidiary. 

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

“Bail-In Legislation” means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule. 
 “Board” means the Board of Governors of the Federal Reserve System of the United States of America
(or any successor). 
 “Borrower” and “Borrowers” has the meaning set forth in the preamble hereto. 

“Borrowing” means (a) Revolving Loans of the same Type, made, converted or continued on the same date and, in the case
of Eurodollar Loans, as to which a single Interest Period is in effect, (b) Term Loans of the same Type made, converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect or
(c) a Swing Line Loan. 
 “Borrowing Request” means a request by a Borrower for a Borrowing in accordance with
Section 2.3 substantially in the form of Exhibit I. 
 “Business Day” means any day that is not a Saturday,
Sunday or other day on which commercial banks in New York City or Los Angeles are authorized generally or required by law to remain closed; provided that when used in connection with a Eurodollar Loan, the term “Business Day”
shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market. 

  
 5 

 “Capital Expenditures” means, for any period, with respect to any Person, the
aggregate of all expenditures by such Person and its Subsidiaries for the acquisition or leasing (pursuant to a Capital Lease Obligation) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and
improvements during such period) that should be capitalized under GAAP on a consolidated balance sheet of such Person and its Subsidiaries. 

“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease
of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the
amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP, subject to Section 1.3. 

“Capital Stock” means any and all shares, partnership, membership or other interests, participations or other equivalents
(however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing. 

“Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the L/C
Issuer, the Swing Line Lender and/or the Lenders, as applicable, as collateral subject to a first priority security interest securing the Loans, the L/C Obligations and other obligations of the Borrowers under this Agreement and the other Loan
Documents, cash or deposit account balances in an amount equal to the L/C Obligations, obligations in respect of Swing Line Loans or obligations of a Defaulting Lender, as applicable, pursuant to documentation in form and substance satisfactory to
the Administrative Agent and the L/C Issuer or Swing Line Lender, as applicable (which documents are hereby consented to by the Lenders). Derivatives of such term shall have a corresponding meaning. 

“Change in Control” means (a) the acquisition of direct or indirect beneficial ownership by any Person or group (within
the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof) of Capital Stock representing more than 50% of the aggregate ordinary voting power represented by
the issued and outstanding Capital Stock of any Borrower; or (b) the acquisition of Control of any Borrower by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange
Commission thereunder as in effect on the date hereof); other than, in the case of (a) or (b), by (i) any beneficial owner as of the Effective Date of ControlCo, (ii) any officer, employee or principal of any member of the Oaktree
Operating Group or any of their respective Subsidiaries that is an equity holder of OCG or ControlCo on the Effective Date or is admitted as an equity holder of OCG or ControlCo after the Effective Date in the ordinary course of business, or
(iii) any holding company or intermediate entity that is beneficially owned and controlled by any Person identified in the foregoing clauses (i) and (ii). 

  
 6 

 “Change in Law” means (a) the adoption of any law, rule or regulation after
the Fourth Amendment Effective Date, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the Fourth Amendment Effective Date or (c) compliance by any Lender (or,
for purposes of Section 2.12(c), by any lending office of such Lender or by such Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or
issued after the Fourth Amendment Effective Date; provided, however, notwithstanding anything to the contrary herein, for purposes of this Agreement and the other Loan Documents and to the extent permitted by applicable laws,
(x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, regulations, guidelines or
directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in
each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 
 “Charges” has
the meaning set forth in Section 9.17. 
 “Class”, when used in reference to any Loan or Borrowing, refers to whether
such Loan, or the Loans comprising such Borrowing, are Revolving Loans, Term Loans or Swing Line Loans. 
 “CLO” means a
collateralized loan obligation vehicle or similar debt securitization vehicle or entity. 
 “CLO Subsidiary” means, at any
time, (i) any Subsidiary that (x) manages or has been established to manage one or more CLOs or (y) is an Affiliate of a Subsidiary described in clause (x) that purchases or otherwise acquires and/or retains securities,
obligations or other interests in such CLO for the purpose of, among other things, satisfying (including on a prospective basis) any applicable risk retention laws, rules, regulations, guidelines, technical standards or guidance of any Governmental
Authority and (ii) any Subsidiary of a Subsidiary described in the preceding clause (i). 
 “Code” means the Internal
Revenue Code of 1986, as amended from time to time. 
 “Combined EBITDA” means, for any period, Combined Net Income for
such period plus, (a) without duplication and to the extent reflected as a charge in the statement of such Combined Net Income for such period, the sum of (i) income tax expense, (ii) Combined Interest Expense,
(iii) amortization or write-off of debt discount and debt issuance costs and commissions, discounts and other fees and charges associated with Indebtedness (including the Loans), (iv) depreciation
and amortization expense, (v) amortization of intangibles (including, but not limited to, goodwill) and organization costs, (vi) any extraordinary, unusual or non-recurring expenses or losses
(including, whether or not otherwise includable as a separate item in the statement of such Combined Net Income for such period, losses on sales of assets outside of the ordinary course of business) and (vii) any
non-cash charges, including non-cash charges resulting from the vesting or issuance of equity to employees, principals or others, and minus, (b) without
duplication and to the extent included as income or gain in the statement of such Combined Net Income for such period, the sum of (i) any extraordinary, unusual or non-recurring non-cash income or gains (including, whether or not otherwise includable as a separate item in the statement 

  
 7 

 
of such Combined Net Income for such period, non-cash gains on the sales of assets outside of the ordinary course of business) and (ii) any other non-cash income, all as determined on a combined basis, and plus or minus, as appropriate, (c) without duplication of the items set forth in clauses (a) and (b) above, the adjustments
equivalent to those that OCG made to arrive at its “Adjusted Net Income” in its Annual Report on form 10-K for the fiscal year ended December 31, 2017 (as filed with the SEC), to the extent
relevant to the Borrowers, and (d) without duplication of the items set forth in clauses (a), (b) and (c) above, the adjustments replacing investment income (loss) with receipts of investment income from funds and companies equivalent to
those that OCG made to arrive at its “Distributable Earnings” in its Annual Report on form 10-K for the fiscal year ended December 31, 2017 (as filed with the SEC), to the extent relevant to the
Borrowers; provided that the contribution to Combined EBITDA of a Subsidiary that is not a wholly owned Subsidiary shall be calculated in proportion to the Borrowers’ aggregate direct or indirect economic interests in such Subsidiary.
For the purposes of calculating Combined EBITDA for any period of four consecutive fiscal quarters (each, a “Reference Period”) pursuant to any determination of the Combined Leverage Ratio, (i) if at any time during such
Reference Period the Borrowers or any Subsidiary shall have made any Material Disposition, the Combined EBITDA for such Reference Period shall be reduced by an amount equal to the Combined EBITDA (if positive) attributable to the property that is
the subject of such Material Disposition for such Reference Period or increased by an amount equal to the Combined EBITDA (if negative) attributable thereto for such Reference Period and (ii) if during such Reference Period the Borrowers or any
Subsidiary shall have made a Material Acquisition, Combined EBITDA for such Reference Period shall be calculated after giving pro forma effect thereto as if such Material Acquisition occurred on the first day of such Reference Period;
provided that, with respect to any such Material Disposition or Material Acquisition, Combined EBITDA shall be adjusted to take into account compensation expense, occupancy costs, rental expenses and other reasonably identifiable and
supportable cost and expense items that will be eliminated as a result of consummating such Material Disposition or Material Acquisition (“Disposition/Acquisition Addbacks”); provided further that (x) calculations
of Disposition/Acquisition Addbacks shall be made in good faith by a Financial Officer and (y) Disposition/Acquisition Addbacks shall not exceed the lesser of (1) 10% of Combined EBITDA and (2) $50,000,000 for any Reference Period. As used in
this definition, “Material Acquisition” means any acquisition of property or series of related acquisitions of property that (a) constitutes assets comprising in excess of 51% of an operating unit of a business or constitutes
in excess of 51% of the common stock of a Person and (b) involves the payment of consideration by the Borrowers and their respective Subsidiaries in excess of $250,000,000; and “Material Disposition” means any disposition of
property or series of related dispositions of property that yields gross proceeds to one or more of the Borrowers and their respective Subsidiaries in excess of $250,000,000. 

“Combined Interest Expense” means, for any period, the aggregate interest expense (including interest expense attributable to
Capital Lease Obligations) of the Borrowers and their respective Subsidiaries for such period in accordance with GAAP (without any deduction for any interest income of the Borrowers and their respective Subsidiaries), excluding any Excluded Interest
Expense. 
 “Combined Leverage Ratio” means, as at the last day of any period, the ratio of (a) Combined Total Debt on
such day to (b) Combined EBITDA for such period. 

  
 8 

 “Combined Net Income” means, for any period, the combined net income (or loss)
of the Borrowers and their respective consolidated Subsidiaries, determined in accordance with GAAP; provided that there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary of any
Borrower or is merged into or consolidated with any Borrower or any Subsidiary, (b) the income (or deficit) of any Person (other than a Non-CLO Subsidiary of any of the Borrowers) in which any Borrower or
any Subsidiary has an ownership interest, except to the extent that any such income is actually received by such Borrower or such Subsidiary in the form of dividends or similar distributions and (c) the undistributed earnings of any Subsidiary
of the Borrowers to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any Contractual Obligation, Organizational Document or Requirement of Law applicable
to such Subsidiary. 
 “Combined Total Debt” means, at any date, the combined principal amount of all Indebtedness of the
Borrowers and their respective consolidated Subsidiaries at such date, determined in accordance with GAAP; provided that Consolidated Total Debt shall not include the Indebtedness of a CLO Subsidiary so long as such Indebtedness is non-recourse to each of the Borrowers and their respective Non-CLO Subsidiaries. 

“Commitment” means, with respect to each Lender, such Lender’s Revolving Loan Commitment or Term Loan Commitment (as the
context requires). 
 “Commitment Fees” has the meaning given to that term in Section 2.9(a). 

“Communications” has the meaning given to that term in Section 9.1(b). 

“Confidential Information” means information delivered to any Lender or the Administrative Agent by or on behalf of any
Borrower pursuant to the Loan Documents or otherwise related to the Loans that is non-public or proprietary in nature; provided, however, that such term does not include information that (a) was
publicly known or otherwise known to the receiving party prior to the time of such disclosure, other than from a source having or appearing to have breached its duties or obligations to any Borrower or its Affiliates by such disclosure,
(b) subsequently becomes publicly known through no act or omission by the receiving party or any person acting on its behalf, (c) otherwise becomes known to the receiving party other than through disclosure by any Borrower or from a source
not having and not appearing to have breached its duties or obligations to any Borrower or its Affiliates by such disclosure or (d) constitutes financial statements delivered to the Lenders and the Administrative Agent under Section 5.1
that are otherwise publicly available. 
 “Connection Income Taxes” means Other Connection Taxes that are imposed on or
measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Continuing Lender”
has the meaning set forth in Section 2.6(a)(ii). 
 “Contractual Obligation” means, as to any Person, any provision of
any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

  
 9 

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

 “ControlCo” means Oaktree Capital Group Holdings, L.P., a Delaware limited partnership. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States of America, and all other applicable liquidation,
conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Governmental Rules from time to time in effect affecting the rights of creditors generally. 

“Decreasing Lender” has the meaning given to that term in Section 2.1(c)(v). 

“Default” means any event or condition which upon notice, lapse of time or both would, unless cured or waived, become an
Event of Default. 
 “Defaulting Lender” means, subject to Section 2.20(f), any Lender that has at any time
(a) failed to fund all or part of its portion of any amount required to be funded by it within two Business Days of the date such amount was required to be funded under this Agreement and has continued in such failure for two Business Days
after written notice from the Administrative Agent, unless such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which
conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, (b) otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to
be paid by it hereunder within two Business Days after the date when due, unless the subject of a good faith dispute, (c) been deemed insolvent or become the subject of a bankruptcy or insolvency proceeding or that is a subsidiary or Affiliate
of any Person that has become the subject of a bankruptcy or insolvency proceeding, (d) defaulted in fulfilling its monetary or other material obligations generally under other credit facilities in which it is a lender or become a
“defaulting lender” (or equivalent designation) thereunder, (e) notified any Borrower, the Administrative Agent, the L/C Issuer, the Swing Line Lender or any other Lender or party 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 generally under other credit facilities, unless such writing or
public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which conditions precedent, together with any
applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied or (f) failed within three Business Days after request by the Administrative Agent to confirm in writing that it will comply with the
terms of this Agreement relating to its obligations to fund any Borrowing; provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (f) upon receipt of such written confirmation by the Administrative Agent;
or (g) become the subject of a Bail-in Action or has a direct or indirect parent company that has become the subject of a Bail-in Action; provided
further that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest by a Governmental Authority in such Lender or any direct or indirect parent

  
 10 

 
company thereof so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of
judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a
Lender is a Defaulting Lender under any one or more of clauses (a) through (g) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.20(f)) upon
delivery of written notice of such determination to the Borrowers, the L/C Issuer, the Swing Line Lender and each Lender. 

“Designated Deposit Account” means a deposit account to be maintained by the Borrowers with the Administrative Agent, as from
time to time designated by the Borrowers by written notification to the Administrative Agent. 
 “Disclosed Matters” means
the actions, suits and proceedings and the environmental matters disclosed in Schedule 3.6. 
 “dollars” (whether or not
capitalized) or “$” refers to lawful money of the United States of America. 
 “Downgraded Lender” means
any Lender that has a non-investment grade rating from S&P or another nationally recognized rating agency. 

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

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

“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Amount” means (a) with respect to Revolving Loans, Term Loans and Swing Line Loans on any date, the aggregate
outstanding principal amount thereof after giving effect to (i) any borrowings and prepayments or repayments of Revolving Loans, Term Loans and Swing Line Loans and (ii) with respect to Swing Line Loans, any risk participation amongst the
Lenders, as the case may be, occurring or deemed to occur on such date; and (b) with respect to any L/C Obligations on any date, the amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such
date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements of outstanding unpaid drawings under any Letters of Credit or any reductions in the maximum amount available for
drawing under Letters of Credit taking effect on such date. 

  
 11 

 “Effective Date” means the date on which the conditions specified in
Section 4.1 shall have been satisfied (or waived in accordance with Section 9.2), which date is the date of this Agreement. 

“Eligible Assignee” means (a) any Lender, any Affiliate of any Lender and an Approved Fund of any Lender; and (b) a
Person that is (i) a commercial bank, savings and loan association or savings bank organized under the laws of the United States of America, or any state thereof, and having a combined capital and surplus of at least $5,000,000,000, or
(ii) a commercial bank organized under the laws of any other country that is a member of the Organization for Economic Cooperation and Development (the “OECD”), or a political subdivision of any such country, and having a combined
capital and surplus of at least $10,000,000,000; provided that (a) such bank is acting through a branch or agency located in the country in which it is organized or another country which is also a member of the OECD, and (b) if such
bank is not currently a Lender, such bank’s (or such bank’s parent’s) senior unsecured long term indebtedness must be rated BBB or higher by S&P or Baa2 or higher by Moody’s. Notwithstanding the foregoing, “Eligible
Assignee” shall not include (x) without the prior written consent of all of the Lenders, any Borrower or any Affiliate of any Borrower, (y) any natural person or (z) any Defaulting Lender or any of its Subsidiaries, or any Person
which, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (z). 

“Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices
or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management, release or threatened release of any Hazardous
Material or to health and safety matters relating to the environment. 
 “Environmental Liability” means any liability,
contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of any Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any
Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials
into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with any Borrower, is treated as a
single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 

“ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations
issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding deficiency” (as
defined in Section 412 of the Code or Section 302 of ERISA), whether or 

  
 12 

 
not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any
Plan; (d) the incurrence by any Borrower or any Borrower’s ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by any Borrower or any ERISA Affiliate from the PBGC or
a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by any Borrower or any Borrower’s ERISA Affiliates of any liability with respect
to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by any Borrower or any Borrower’s ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from any Borrower or any
Borrower’s ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 

“EU Bail-In Legislation Schedule” means the EU
Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Eurodollar”, when used in reference to any Loan (or in the case of the Term Loans, any portion thereof) or Borrowing, refers
to whether such Loan (or portion thereof), or the Loans (or portion thereof) comprising such Borrowing, are bearing interest at a rate determined by reference to the LIBOR Rate. 

“Event of Default” has the meaning assigned to such term in Article VII. 

“Evergreen Letter of Credit” has the meaning set forth in Section 2.17(b)(iii). 

“Excluded Interest Expense” means, for any period, the aggregate expense associated with the termination of any interest rate
swap as determined in accordance with GAAP. 
 “Excluded Taxes” means, with respect to the Administrative Agent, any
Lender, or any other recipient of any payment to be made by or on account of any obligation of the Borrowers hereunder, (a) any Taxes imposed on (or measured by) net income (however denominated), franchise Taxes and branch profits Taxes in each
case (i) imposed as a result of such recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (ii) that are Other Connection Taxes, (b) any Tax that is attributable to any U.S. Lender’s failure to comply with Section 2.14(g) or any Foreign Lender’s failure or inability to comply with
Section 2.14(e), (c) in the case of a Lender, any withholding Tax that is imposed on amounts payable to such Lender that is in effect at the time such Lender becomes a party to this Agreement (or designates a new lending office), except to
the extent that such Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from any Borrower with respect to such withholding Tax pursuant to
Section 2.14(a), and (d) any U.S. federal withholding Taxes imposed under FATCA. 
 “Existing Credit Agreement”
means that certain Credit Agreement dated as of December 21, 2012, by and among Oaktree Capital Management, L.P., Oaktree Capital II, L.P., Oaktree AIF Investments, L.P., Oaktree Capital I, L.P., the lenders party thereto, and Wells Fargo Bank,
National Association, as administrative agent. 

  
 13 

 “Existing Maturity Date” has the meaning set forth in Section 2.6(a)(i).

 “FATCA” means Sections 1471 through 1474 of the Code, as in effect on the date of this Agreement (or any amended or
successor version that is substantively comparable and not materially more onerous to comply with), and any current or future regulations or official interpretations thereof, and any agreements entered into pursuant to Section 1471(b)(1) of the
Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code. 

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

“FCPA” has the meaning set forth in Section 3.16(b). 

“Federal Funds Effective Rate” means, for any day, the rate per annum (rounded upwards to the nearest 1/100 of 1%) equal to
the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System on such day, as published by the Federal Reserve Bank on the Business Day next succeeding such day; provided that (a) if
such day is not a Business Day, the Federal Funds Effective Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, (b) if no such rate is so published on
such next succeeding Business Day, the Federal Funds Effective Rate for such day shall be the average rate charged to Wells Fargo Bank, National Association on such day on such transactions as determined by the Administrative Agent and (c) if
the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Fee Letters” mean, collectively, (i) the letter agreement dated as of February 26, 2018 between the Borrowers,
Wells Fargo Securities and the Administrative Agent regarding certain fees payable by the Borrowers to Wells Fargo Securities and the Administrative Agent as expressly indicated therein and (ii) any other fee letter, engagement letter, mandate
letter or commitment letter executed by one or more of the Borrowers and any of the Administrative Agent or the Lead Arranger in connection with this Agreement (including any fee letter executed in connection with any increase under
Section 2.1(c)). 
 “Financial Officer” means the chief financial officer, principal accounting officer, treasurer or
controller of any of the Borrowers. 
 “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction
other than that in which the Borrowers are located. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

“Fourth Amendment Effective Date” means March 29, 2018. 

  
 14 

 “GAAP” means generally accepted accounting principles in the United States of
America, except any requirement for the consolidation of investment funds or CLOs advised or managed by the Borrowers and other entities that may be required by FASB ASC 810-20 or similar and subsequent
authoritative accounting pronouncements. 
 “Governmental Authority” means the government of the United States of America,
any other nation or government or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government. 
 “Governmental Authorization” means any
permit, license, registration, approval, finding of suitability, authorization, plan, directive, order, consent, exemption, waiver, consent order or consent decree of or from, or notice to, action by or filing with, any Governmental Authority. 

“Governmental Rule” means any law, rule, regulation, ordinance, order, code interpretation, judgment, decree, directive,
Governmental Authorization, guidelines, policy or similar form of decision of any Governmental Authority. 
 “Guarantee” of
or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or to
purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the
payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an
account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of
business. The amount of any obligation under a Guarantee shall be deemed equal to the stated or determinable amount of the guarantor’s obligation in respect of which such Guarantee is made or, if not stated or if indeterminable, the
guarantor’s maximum liability in respect thereof. 
 “Hazardous Materials” means all explosive or radioactive
substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and
all other substances or wastes of any nature regulated pursuant to any Environmental Law. 
 “Hedging Agreement” means any
interest rate protection agreement, foreign currency exchange agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement. 

  
 15 

 “Honor Date” has the meaning given to that term in Section 2.17(c)(i). 

“Increase Effective Date” has the meaning given to that term in Section 2.1(c)(iv). 

“Increasing Lenders” has the meaning given to that term in Section 2.1(c)(i). 

“Indebtedness” of any Person means, without duplication, (a) all indebtedness of such Person for borrowed money or
payment obligations of such Person with respect to deposits or advances of any kind, (b) all payment obligations of such Person evidenced by bonds, debentures, notes or similar instruments, representing an extension of credit to such Person,
(c) all obligations of such Person upon which interest charges are customarily paid, (d) all payment obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person,
(e) all obligations of such Person for the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder
of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, but only to the extent of the fair
market value of the assets subject to such Lien, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account
party in respect of reimbursement for draws under letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances and (k) net liabilities of such Person under
Hedging Agreements. The Indebtedness of any Person shall include the Indebtedness of any general partnership and any other entity under which the equity owners of such entity do not have limited liability, in each case, to the extent such Person is
liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. 

“Indemnified Taxes” means Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account
of any obligation of the Borrowers under any Loan Document. 
 “Interest Election Request” means a request by the Borrowers
to convert or continue a Revolving Loan in accordance with Section 2.5. 
 “Interest Payment Date” means (a) with
respect to any ABR Loan, each Quarterly Payment Date and (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Loan with an
Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period. 

“Interest Period” means with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and
ending on the numerically corresponding day in the calendar month that is one, two, three or six months or one week thereafter, as the Borrowers may elect; provided that (a) if any Interest Period would end on a day other than a Business
Day, such Interest Period shall be extended to the next succeeding Business Day unless, with respect to 

  
 16 

 
an Interest Period of one month or greater, such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business
Day, (b) any Interest Period of one month or greater that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on
the last Business Day of the last calendar month of such Interest Period and (c) any Interest Period for any Loan that would otherwise extend beyond the Maturity Date shall end on the Maturity Date. For purposes hereof, the date of a Borrowing
initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

“L/C Advance” means with respect to each Lender, such Lender’s participation in any L/C Borrowing in accordance with its
L/C Risk Participation therein. 
 “L/C Borrowing” means an extension of credit resulting from a drawing under any Letter
of Credit which has not been reimbursed on the date when made or refinanced or deemed refinanced as a Revolving Loan. 
 “L/C Credit
Extension” means, with respect to any Letter of Credit, the issuance thereof, the amendment thereof, the extension of the expiry date thereof, or the renewal or increase of the amount thereof. 

“L/C Issuer” means Wells Fargo Bank, National Association in its capacity as issuer of Letters of Credit hereunder or any
successor issuer of Letters of Credit hereunder. 
 “L/C Obligations” means, as at any date of determination, the aggregate
undrawn face amount of all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. 

“L/C Risk Participation” means, with respect to any Revolving Lender and any Letter of Credit as of any date of
determination, the sum of (a) such Lender’s Revolving Proportionate Share of the Effective Amount of the L/C Obligation attributable to such Letter of Credit outstanding at such time plus (b) the aggregate amount of all Defaulting
Lenders’ Revolving Proportionate Shares of the Effective Amount of the L/C Obligation attributable to such Letter of Credit outstanding at such time that have been reallocated to such Lender pursuant to Section 2.20(d). 

“Lead Arranger” has the meaning set forth in the preamble hereto. Except as expressly set forth in Section 8.4,
Section 9.2 and Section 9.3, the capacity of the Lead Arranger is titular in nature, and the Lead Arranger shall have no special rights or obligations over those of a Lender by reason thereof. 

“Lenders” means the Persons listed on Schedule 2.1 and any other Person that shall have become a party hereto pursuant to an
Assignment and Acceptance in accordance with Section 9.4, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance; provided that Lenders shall also include the L/C Issuer and the Swing Line
Lender (unless the context requires otherwise). 

  
 17 

 “Letter of Credit” means any of the standby letters of credit issued by the L/C
Issuer under this Agreement, either as originally issued or as the same may be supplemented, modified, amended, extended, restated or supplanted. 

“Letter of Credit Application” means an application and agreement (including any master letter of credit agreement) for the
issuance or amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer. 
 “Letter of Credit Expiration
Date” means the day that is thirty (30) days prior to the Maturity Date (or, if such day is not a Business Day, the next succeeding Business Day). 

“Letter of Credit Sublimit” means an amount equal to the lesser of (a) $50,000,000 and (b) the Total Revolving Loan
Commitment. The Letter of Credit Sublimit is part of, and not in addition to, the aggregate amount of the Total Revolving Loan Commitment. 

“LIBOR Rate” means, subject to the implementation of a Replacement Rate in accordance with Section 2.11(b), with respect
to any Interest Period for the Eurodollar Loans in any Eurodollar Borrowing, a rate per annum equal to the quotient of (a) the rate per annum as published by the ICE Benchmark Administration Limited, a United Kingdom company, or if not so
published, as published by any comparable or successor quoting service selected by the Administrative Agent, at or about 11:00 a.m., London time (or as soon thereafter as practicable), two Business Days prior to the first day of such Interest
Period, for dollar deposits being delivered in the London interbank eurodollar currency market for a term comparable to such Interest Period, divided by (b) one minus the Reserve Requirement for such Loans in effect from time to time. If for
any reason rates are not available as provided in clause (a) of the preceding sentence, the rate to be used in clause (a) shall be, at the Administrative Agent’s reasonable discretion, (i) the rate per annum at which dollar
deposits are offered to the Administrative Agent in the London interbank eurodollar currency market or (ii) the rate per annum at which dollar deposits are offered to the Administrative Agent in, or by the Administrative Agent to major banks
in, any offshore interbank eurodollar market selected by the Administrative Agent, in each case on the second Business Day prior to the commencement of such Interest Period at or about 11:00 a.m., London time, for delivery on the first day of such
Interest Period for a term comparable to such Interest Period and in an amount approximately equal to the amount of the Loan to be made or funded by the Lenders as part of such Borrowing. The LIBOR Rate shall be adjusted automatically as to all
Eurodollar Loans then outstanding as of the effective date of any change in the Reserve Requirement. Notwithstanding the foregoing, (x) if the LIBOR Rate (including, without limitation, any Replacement Rate with respect thereto) shall be less
than zero, such rate shall be deemed to be zero for purposes of this Agreement and (y) unless otherwise specified in any amendment to this Agreement entered into in accordance with Section 2.11(b), in the event that a Replacement Rate with
respect to LIBOR Rate is implemented then all references herein to LIBOR Rate shall be deemed references to such Replacement Rate. 

“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance,
charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, Capital Lease Obligation or title retention agreement (or any financing lease having substantially the same
economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 

  
 18 

 “Loan” means a loan made by the Lenders to the Borrowers pursuant to this
Agreement. 
 “Loan Documents” means and includes this Agreement, the Notes, each Letter of Credit Application, each
Borrowing Request, each Notice of Swing Line Borrowing, each Interest Election Request, each notice of continuation or conversion, the Fee Letters, and all other documents, instruments and agreements delivered by any Borrower to the Administrative
Agent or any Lender in connection with this Agreement or any other Loan Document on or after the date of this Agreement, including any amendments, consents or waivers, as the same may be amended, restated, supplemented or modified from time to time.

 “Material Adverse Effect” means a material adverse effect on (a) the business, assets, property, operations or
financial condition of the Borrowers and all of their respective Subsidiaries taken as a whole, (b) the validity or enforceability of this Agreement or any other material Loan Document, or (c) the rights or remedies of the Administrative
Agent or the Lenders hereunder. 
 “Material Indebtedness” means Indebtedness (other than the Loans), or obligations in
respect of one or more Hedging Agreements, of any one or more of the Borrowers and their respective Subsidiaries in an aggregate principal amount exceeding $50,000,000. For purposes of determining Material Indebtedness, the “principal
amount” of the obligations of each Borrower or any Subsidiary in respect of any Hedging Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that such Borrower or such Subsidiary would be
required to pay if such Hedging Agreement were terminated at such time. 
 “Material Subsidiary” of the Borrowers means, at
any time, any Subsidiary of any Borrower having or accounting for (a) assets with a value of not less than 10% of the total value of the aggregate assets of all the Borrowers and their respective Subsidiaries, taken as a whole, or
(b) Combined EBITDA of not less than 10% of the Combined EBITDA of all of the Borrowers and their respective Subsidiaries, taken as a whole, as at the last day of any period for four consecutive fiscal quarters of such Borrower. 

“Maturity Date” means, with respect to a Lender, March 29, 2023, as such date may be extended with respect to such
Lender pursuant to Section 2.6. 
 “Maximum Rate” has the meaning set forth in Section 9.17. 

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

“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 

“New Lender” has the meaning given to that term in Section 2.1(c)(ii). 

  
 19 

 “Non-CLO Subsidiary” means, at any time,
any Subsidiary that is not a CLO Subsidiary. 
 “Nonrenewal Notice Date” has the meaning set forth in
Section 2.17(b)(iii). 
 “Note” means a Revolving Loan Note, Term Loan Note or a Swing Line Note. 

“Notice” has the meaning given to that term in Section 9.1(b). 

“Notice of Swing Line Borrowing” means a notice of Swing Line Borrowing pursuant to Section 2.18(b), which if in
writing, shall be substantially in the form of Exhibit D. 
 “Oaktree Operating Group” means a
collective reference to Oaktree Capital I, L.P., Oaktree Capital II, L.P., Oaktree Capital Management (Cayman), L.P., Oaktree Capital Management, L.P., Oaktree Investment Holdings, L.P. and Oaktree AIF Investments, L.P. 

“OCG” means Oaktree Capital Group, LLC, a Delaware limited liability company. 

“Organizational Document” means, as to any Person, the certificate of incorporation,
by-laws, limited liability company agreement or other similar organization or governing documents of such Person. 

“Other Connection Taxes” means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to
be made by or on account of any obligation of the Borrowers hereunder, Taxes imposed as a result of a present or former connection between such recipient and the jurisdiction imposing such Tax (other than connections arising from such recipient
having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned
an interest in any Loan or Loan Document). 
 “Other Taxes” means any and all present or future stamp or documentary taxes
or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement, except with respect to any such Taxes that are
Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.16(b)) or sale of a participation. 

“Participant” has the meaning set forth in Section 9.4(c). 

“Participant Register” has the meaning set forth in Section 9.4(c). 

“Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001, Public Law 107-56 (commonly known as the USA Patriot Act). 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing
similar functions. 

  
 20 

 “Permitted Encumbrances” means: 

(a) Liens imposed by law for Taxes that are not yet due or are being contested in compliance with Section 5.4; 

(b) landlords’, bankers’, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like
Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 60 days or are being contested in compliance with Section 5.4; 

(c) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and
other social security laws or regulations; 
 (d) deposits to secure the performance of bids, trade contracts, leases, statutory obligations,
surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 
 (e)
easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure
any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary conduct of business of any Borrower or any Subsidiary; and 

(f) any interest or title of a lessor under any equipment lease entered into by any Borrower or any Subsidiary in the ordinary course of its
business and covering only the equipment so leased; 
 provided that the term “Permitted Encumbrances” shall not include any Lien securing
Indebtedness. 
 “Permitted Note Financing” means senior notes issued and/or guaranteed by any Borrower including (a)
$250,000,000 aggregate principal of senior notes issued under the Note and Guaranty Agreement, dated as of July 11, 2014, by and between Oaktree Capital Management, L.P., Oaktree Capital I, L.P., Oaktree Capital II, L.P., Oaktree AIF
Investments, L.P., and each of the Purchasers listed in Schedule A thereto, as amended, (b) $100,000,000 aggregate principal of senior notes issued under the Note and Guaranty Agreement, dated as of July 12, 2016, by and between Oaktree Capital
Management, L.P., Oaktree Capital I, L.P., Oaktree Capital II, L.P., Oaktree AIF Investments, L.P., and each of the Purchasers listed in Schedule A thereto, as amended, (c) $250,000,000 aggregate principal of senior notes issued under the Note and
Guaranty Agreement, dated as of November 16, 2017, by and between Oaktree Capital Management, L.P., Oaktree Capital I, L.P., Oaktree Capital II, L.P., Oaktree AIF Investments, L.P., and each of the Purchasers listed in Schedule A thereto, as
amended, and (d) senior notes to be issued and/or guaranteed after the Effective Date by any Borrower. 
 “Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity of whatever nature. 

  
 21 

 “Plan” means any employee pension benefit plan (other than a Multiemployer Plan)
subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which any Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be
deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
 “Platform” has the meaning given to that
term in Section 9.1(b). 
 “Prime Rate” means the per annum rate of interest most recently announced by Wells Fargo
Bank, National Association at its principal office in San Francisco, California as its Prime Rate, with the understanding that Wells Fargo Bank, National Association’s Prime Rate is one of its base rates and serves as the basis upon which
effective rates of interest are calculated for those loans making reference thereto, and is evidenced by the recording thereof after its announcement in such internal publication or publications as Wells Fargo Bank, National Association may
designate. Any change in the Alternate Base Rate resulting from a change in the Prime Rate shall become effective on the Business Day on which each such change in the Prime Rate is announced by Wells Fargo, National Association. 

“Quarterly Payment Date” means the Business Day that is five Business Days after the last Business Day of each March, June,
September and December. 
 “Register” has the meaning set forth in Section 9.4(b). 

“Related Party” means, with respect to any specified Person, such Person’s Affiliates and the respective directors,
officers, employees, partners, agents and advisors of such Person and such Person’s Affiliates. 
 “Replacement Rate”
has the meaning set forth in Section 2.11(b). 
 “Requested Maturity Date” has the meaning set forth in
Section 2.6(a)(i). 
 “Required Lenders” means, at any time, Lenders that are not Defaulting Lenders holding more than
50% of the sum of (i) the Revolving Credit Exposures, (ii) the unused Revolving Loan Commitments plus (iii) the aggregate outstanding principal amount of the Term Loans (or if the Term Loans to be made on the Fourth Amendment
Effective Date shall not yet have been made, the Total Term Loan Commitment), excluding from such sum the aggregate amount held by Defaulting Lenders, in each case determined at such time; provided that Required Lenders shall comprise no less
than two such Lenders that are not Affiliates of one another, unless (x) all Lenders that are not Defaulting Lenders are Affiliates of one another or (y) there is only one Lender that is not a Defaulting Lender, at such time. 

“Requirement of Law” means, as to any Person, any law, treaty, rule or regulation or order or determination of an arbitrator
or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

  
 22 

 “Reserve Requirement” means, with respect to any day in an Interest Period for a
Eurodollar Loan and for any calculation of the One Month LIBOR Rate, the aggregate of the maximum of the reserve requirement rates (expressed as a decimal) in effect on such day for eurocurrency funding (currently referred to as “Eurocurrency
Liabilities” in Regulation D of the Board) maintained by a member bank of the Federal Reserve System. As used herein, the term “reserve requirement” shall include, without limitation, any basic, supplemental or emergency reserve
requirements imposed on any Lender by the Board. 
 “Responsible Officer” means, with respect to each Borrower or its
Subsidiaries, the chief executive officer, president, chief financial officer, managing director, vice president, principal accounting officer, treasurer, controller, assistant treasurer, assistant secretary or secretary of such Borrower or
Subsidiary. Any document delivered hereunder that is signed by a Responsible Officer of a Borrower or Subsidiary and any request or other communication conveyed telephonically or otherwise by a Responsible Officer of a Borrower or Subsidiary (or any
individual reasonably believed by the Administrative Agent to be such Responsible Officer) shall be presumed to have been authorized by all necessary corporate, company, partnership and/or other action on the part of such Borrower or Subsidiary and
such Responsible Officer (or such individual reasonably believed by the Administrative Agent to be such Responsible Officer) shall be presumed to have acted on behalf of such Borrower or Subsidiary. 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) on account of
any shares of any class of Capital Stock of any Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of any such shares of Capital Stock of any Borrower or of any option, warrant or other right to acquire any such shares of Capital Stock of any Borrower. 

“Revolving Credit Exposure” means, with respect to any Lender at any time, the outstanding principal amount of such
Lender’s Revolving Loans and participations in Swing Line Loans and L/C Obligations at such time. 
 “Revolving
Lender” means at any time, any Lender that has a Revolving Loan Commitment at such time or, if the Revolving Loan Commitments have terminated or expired, a Lender with Revolving Credit Exposure. 

“Revolving Loan” means a Loan made pursuant to Section 2.1(b). 

“Revolving Loan Commitment” means with respect to each Revolving Lender, the commitment of such Lender to (a) make
Revolving Loans and (b) purchase a participation in (i) L/C Obligations and (ii) Swing Line Loans, as such commitment may be (A) reduced from time to time pursuant to Section 2.6 and (B) reduced or increased from time
to time pursuant to assignments by or to such Lender pursuant to Section 9.4. As of the Fourth Amendment Effective Date, the amount of each Revolving Lender’s Revolving Loan Commitment is set forth on Schedule 2.1, and/or in the Assignment
and Acceptance pursuant to which such Lender shall have assumed its Revolving Loan Commitment, as applicable. 
 “Revolving Loan
Note” has the meaning set forth in Section 2.19(a). 
 “Revolving Proportionate Share” means: 

  
 23 

 (a) With respect to any Lender so long as the Revolving Loan Commitments are in effect, the ratio
(expressed as a percentage rounded to the eighth digit to the right of the decimal point) of (i) such Lender’s Revolving Loan Commitment at such time to (ii) the Total Revolving Loan Commitment at such time; and 

(b) With respect to any Lender at any other time, the ratio (expressed as a percentage rounded to the eighth digit to the right of the decimal
point) of (i) the sum of (A) the aggregate Effective Amount of such Lender’s Revolving Loans, (B) such Lender’s pro rata share of the Effective Amount of all L/C Obligations, and (C) such Lender’s pro rata share of
the aggregate Effective Amount of all Swing Line Loans to (ii) the sum of (A) the aggregate Effective Amount of all Revolving Loans and Swing Line Loans and (B) the Effective Amount of all L/C Obligations. 

The Revolving Proportionate Share as of the Fourth Amendment Effective Date of each Lender is set forth under the caption “Revolving
Proportionate Share” opposite such Lender’s name on Schedule 2.1. 
 “S&P” means Standard &
Poor’s Financial Services, LLC, a part of McGraw-Hill Financial. 
 “Sanctions” has the meaning set forth in
Section 3.16(a). 
 “subsidiary” means, with respect to any Person (the “parent”) at any date, any
corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared
in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more
than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or
one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 
 “Subsidiary” means
any subsidiary of the Borrowers other than any investment fund or CLO or any subsidiary thereof that is managed by any Borrower or any Subsidiary. For purposes of clarification, the term “Subsidiary” hereunder shall not include an entity
held by a Borrower (or any of its Subsidiaries) that holds investments that a Borrower or an Affiliate thereof manages or intends to manage as part of an investment fund or CLO, including any entity formed for the purpose of holding investments in
connection with seeding a new investment portfolio or strategy. 
 “Swing Line” means the revolving credit facility made
available by the Swing Line Lender pursuant to Section 2.18. 
 “Swing Line Borrowing” means a borrowing of a Swing
Line Loan. 
 “Swing Line Lender” means Wells Fargo Bank, National Association in its capacity as provider of Swing Line
Loans, or any successor swing line lender hereunder. 

  
 24 

 “Swing Line Loan” means the meaning specified in Section 2.18(a). 

“Swing Line Note” has the meaning set forth in Section 2.19(c). 

“Swing Line Risk Participation” means, with respect to any Lender and any Swing Line Loan as of any date of determination,
the sum of (a) such Lender’s Revolving Proportionate Share of the Effective Amount of such Swing Line Loan outstanding at such time plus (b) the aggregate amount of all Defaulting Lenders’ Revolving Proportionate Shares of the
Effective Amount of such Swing Line Loan outstanding at such time that have been reallocated to such Lender pursuant to Section 2.20(d). 

“Swing Line Settlement Date” means the fifteenth day of each month and the last Business Day of each month. 

“Swing Line Sublimit” means an amount equal to the lesser of (a) $40,000,000 and (b) the Total Revolving Loan
Commitment. The Swing Line Sublimit is part of, and not in addition to, the Total Revolving Loan Commitment. 
 “Taxes”
means any and all present or future taxes, levies, imposts, duties, deductions, withholdings or similar charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.  

“Terminating Lender” has the meaning set forth in Section 2.6(a)(i). 

“Term Lender” means a Lender with a Term Loan Commitment or an outstanding Term Loan. 

“Term Loan” means a Loan made pursuant to Section 2.1(a). 

“Term Loan Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make a Term Loan
hereunder on the Fourth Amendment Effective Date, expressed as an amount representing the maximum principal amount of the Term Loans to be made by such Lender hereunder. The amount of each Lender’s Term Loan Commitment is set forth on Schedule
2.1. 
 “Term Loan Note” has the meaning given to that term in Section 2.19(b). 

“Term Proportionate Share” means: 

(a) With respect to any Lender at any time on or prior to the Fourth Amendment Effective Date, the ratio (expressed as a percentage rounded to
the eighth digit to the right side of the decimal point) of (i) such Lender’s Term Loan Commitment at such time to (ii) the Total Term Loan Commitment at such time; and 

(b) With respect to any Lender at any time after the Fourth Amendment Effective Date, the ratio (expressed as a percentage rounded to the
eighth digit to the right of the decimal point) of (i) the Effective Amount of such Lender’s Term Loan outstanding at such time to (ii) the Effective Amount of all Term Loans outstanding at such time. 

  
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 The Term Proportionate Share as of the Fourth Amendment Effective Date of each Lender is set
forth under the caption “Term Proportionate Share” opposite such Lender’s name on Schedule 2.1. 
 “Total Lender
Risk Participation” means, with respect to any Revolving Lender as of any date of determination, the sum of (a) such Lender’s L/C Risk Participations in all Letters of Credit outstanding at such time plus (b) such
Lender’s Swing Line Risk Participations in all Swing Line Loans outstanding at such time. 
 “Total Revolving Loan
Commitment” means, at any time, Five Hundred Million Dollars ($500,000,000) or, if such amount is reduced pursuant to Section 2.6 or Article VII, the amount to which so reduced and in effect at such time or, if such amount is increased
pursuant to Section 2.1(c), the amount to which it is increased and in effect at such time. 
 “Total Term Loan
Commitment” means, as of the Fourth Amendment Effective Date, One Hundred Fifty Million Dollars ($150,000,000) or, if such amount is reduced pursuant to Section 2.6, the amount to which so reduced and in effect at such time. 

“Transactions” means the execution, delivery and performance by the Borrowers of this Agreement and the other Loan Documents,
the borrowing of Loans, the incurrence of obligations in respect of L/C Obligations and the use of the proceeds thereof. 

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans
comprising such Borrowing, is determined by reference to the LIBOR Rate or the Alternate Base Rate. 
 “Unfunded Pension
Liability” means the excess of a pension plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that pension plan’s assets, determined in accordance with the assumptions used for funding the
pension plan pursuant to Section 412 of the IRC for the applicable plan year. 
 “Unreimbursed Amount” has the meaning
set forth in Section 2.17(c)(i). 
 “Unused Commitment” means, at any time, the remainder of (a) the Total
Revolving Loan Commitment at such time minus (b) the sum of the Effective Amount of all Revolving Loans and the Effective Amount of all L/C Obligations outstanding at such time. For the avoidance of doubt, Swing Line Loans shall not be counted
as Revolving Loans for purposes of determining the amount of Unused Commitment. 
 “U.S. Lender” means a Lender other than
a Foreign Lender. 
 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial
withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “Write-Down
and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for
the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 

  
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 Section 1.2 Terms Generally. The definitions of terms herein shall apply equally to
the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any
definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and
Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to
any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 Section 1.3
Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that if the Borrowers notify the
Administrative Agent that any provision hereof requires amendment to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies
the Borrowers that any provision hereof requires amendment for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of
GAAP as in effect and applied immediately before such change shall have become effective until such notice is withdrawn or such provision is amended in accordance herewith. Notwithstanding the foregoing, (a) for purposes of determining
compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness and other liabilities of the Borrowers shall be deemed to be carried at 100% of the outstanding principal amount thereof, and, to the
extent applicable, the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded and (b) all leases of the Borrowers and their respective Subsidiaries that would have been
treated as operating leases for purposes of generally accepted accounting principles in the United States of America prior to the issuance by the Financial Accounting Standards Board on February 25, 2016 of an Accounting Standards Update (the
“ASU”) shall continue to be accounted for as operating leases had been treated prior to the issuance of the ASU for purposes of all financial definitions and calculations hereunder notwithstanding the fact that such leases are
required in accordance with the ASU to be treated as Capital Lease Obligations in the financial statements to be delivered pursuant to Section 5.1. If generally accepted accounting principles in the United States of America, as in effect from
time to time, are generally supplanted by the adoption of International Financial Reporting Standards, or if such standards exist as an alternative to generally accepted accounting principles in the United States and the Borrowers select such
standards, and such adoption or such selection would alter the application of any provision of this Agreement, then such adoption or selection shall be treated as a “change occurring after the date hereof in GAAP” for purposes of the
foregoing sentence. 

  
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 Section 1.4 Time. All references in this Agreement and each of the other Loan
Documents to a time of day shall mean Los Angeles, California time, unless otherwise indicated. 
 Section 1.5 Joint and Several
Obligations. Each of the Borrowers agrees that its obligations and liabilities under this Agreement and all other Loan Documents are joint and several obligations. Each Borrower acknowledges and agrees that it receives a benefit from the
availability of credit under this Agreement to itself and to each other Borrower. 
 Section 1.6 Classification of Loans and
Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving
Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving Loan Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving Loan
Borrowing”). 
 Section 1.7 Rates. The Administrative Agent does not warrant or accept responsibility for, and shall not
have any liability with respect to, the administration, submission or any other matter related to the rates in the definition of “LIBOR Rate” and “One Month LIBOR”. 

ARTICLE II 
 THE CREDITS

 Section 2.1 Commitments. 

(a) Term Loans. Subject to the terms and conditions set forth herein, each Term Lender severally agrees to make a term loan in Dollars
to the Borrowers on the Fourth Amendment Effective Date in an amount equal to its Term Loan Commitment as in effect on the Fourth Amendment Effective Date. The Borrowers may not reborrow the principal amount of a Term Loan after repayment or
prepayment thereof. 
 (b) Revolving Loans. Subject to the terms and conditions set forth herein, each Revolving Lender severally
agrees to make Revolving Loans in Dollars to the Borrowers from time to time during the Availability Period; provided, however, that (i) the sum of (A) the Effective Amount of all Revolving Loans made by such Lender
outstanding as of any date of determination and (B) such Lender’s Total Lender Risk Participation at such time shall not exceed such Lender’s Revolving Loan Commitment at such time and (ii) the sum of (A) the Effective
Amount of all Revolving Loans made by all the Lenders outstanding as of any date of determination and (B) the Effective Amount of all L/C Obligations and Swing Line Loans outstanding at such time shall not exceed the Total Revolving Loan
Commitment at such time. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Revolving Loans until the Maturity Date. 

  
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 (c) Optional Increase. 

(i) On the terms and subject to the conditions set forth below, Borrowers may, at any time before the Maturity Date, increase
the Total Revolving Loan Commitment; provided that: 
 (A) after giving effect to the requested increase, the
aggregate amount of the increases in the Total Revolving Loan Commitment following the Fourth Amendment Effective Date shall not exceed $250,000,000; 

(B) there shall be no more than five increases in the Total Revolving Loan Commitment pursuant to this Section 2.1(c);

 (C) prior to the date of any proposed increase, the Total Revolving Loan Commitment shall not have been decreased pursuant
to Section 2.6(c); 
 (D) each such increase in the Total Revolving Loan Commitment shall be equal to $25,000,000 or an
integral multiple of $5,000,000 in excess thereof; 
 (E) no Default shall have occurred and be continuing or shall occur as
a result of such increase; 
 (F) at the time of and immediately after giving effect to such increase, the representations
and warranties of the Borrowers set forth in this Agreement are true and correct in all material respects (or if qualified by materiality or Material Adverse Effect, in all respects) on and as of the Increase Effective Date (unless stated to relate
to a specific earlier date, in which case, such representations and warranties shall be true and correct in all material respects (or if qualified by materiality or Material Adverse Effect, in all respects) as of such specified earlier date; and

 (G) the Borrowers shall have executed and delivered such documents and instruments and taken such other actions as may be
reasonably requested by the Administrative Agent in connection with such increases in the Total Revolving Loan Commitment (including new or amended Notes, any related fee letters, documents evidencing the increased Revolving Loan Commitment held by
any applicable Lender, any joinder agreements related to a New Lender, resolutions regarding the increase in the Total Revolving Loan Commitment and related actions taken by the Borrowers, certified as true and correct by a Responsible Officer and
legal opinions, all in form and substance reasonably satisfactory to the Administrative Agent). 
 Any request under this Section 2.1(c) shall be
submitted by the Borrowers to the Administrative Agent (which shall promptly forward copies to the Lenders), specify the proposed effective date and amount of such increase and be accompanied by a certificate of a Responsible Officer stating that no
Default exists or will occur as a result of such increase. If any fees are to be paid or offered in connection with such increase, the Administrative Agent (with the consent of Borrowers) may also specify any fees offered to those Lenders (the
“Increasing Lenders”) which agree to increase the amount of their respective Revolving Loan Commitment, which fees may be variable based 

  
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upon the amount by which any such Lender is willing to increase the amount of its Revolving Loan Commitment; no Lender that is not an Increasing Lender shall be entitled to receive any such fees.
No Lender shall have any obligation, express or implied, to offer to increase the amount of its Revolving Loan Commitment. Only the consent of each Increasing Lender shall be required for an increase in the amount of the Total Revolving Loan
Commitment pursuant to this Section 2.1(c)(i). No Lender which elects not to increase the amount of its Revolving Loan Commitment may be replaced in respect of its existing Revolving Loan Commitment as a result thereof without such
Lender’s written consent. 
 (ii) Each Increasing Lender shall, as soon as practicable after the Borrowers have
submitted their request under Section 2.1(c)(i), specify the amount of the proposed increase in its Revolving Loan Commitment which it is willing to offer. To the extent the increased Revolving Loan Commitment of the Increasing Lenders is
insufficient or there are no Increasing Lenders, the Borrowers may designate new lenders who qualify as Eligible Assignees and which are reasonably acceptable to the Administrative Agent as additional Lenders hereunder in accordance with this
Section 2.1(c)(ii) (each such new Lender being a “New Lender”), which New Lender may assume all or a portion of the increase in the amount of the Total Revolving Loan Commitment. The Borrowers and the Administrative Agent shall
have discretion jointly to adjust the allocation of the increased aggregate principal amount of the Total Revolving Loan Commitment among Increasing Lenders and New Lenders. 

(iii) Each New Lender designated by the Borrowers and reasonably acceptable to the Administrative Agent shall become an
additional party hereto as a New Lender concurrently with the effectiveness of the proposed increase in the amount of the Total Revolving Loan Commitment upon its execution of an instrument of joinder (which may contain such modifications to this
Agreement and terms and conditions relating thereto as may be necessary to ensure that such Revolving Loan Commitments are treated as Revolving Loan Commitments for all purposes under the Loan Documents), in each case prepared by the Administrative
Agent and otherwise in form and substance reasonably satisfactory to the Administrative Agent. Each New Lender shall provide the documentation required by Section 2.14(e). 

(iv) Subject to the foregoing, any increase in the Total Revolving Loan Commitment requested by the Borrowers shall be
effective as of the date proposed by the Borrowers (the “Increase Effective Date”) and shall be in the principal amount equal to (A) the amount which the Increasing Lenders are willing to assume as increases to the amount of
their Revolving Loan Commitments plus (B) the amount offered by the New Lenders with respect to the Total Revolving Loan Commitment, in either case as adjusted by the Borrowers and the Administrative Agent pursuant to the last sentence
of Section 2.1(c)(ii). 

  
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 (v) On or prior to the Increase Effective Date, with respect to any increase in
the Total Revolving Loan Commitment, the Administrative Agent shall notify each Lender of the amount required to be paid by or to such Lender so that the Revolving Loans held by the Lenders on the Increase Effective Date (before giving effect to any
new Revolving Loans made on such date) shall be held by each Lender pro rata in accordance with the Revolving Loan Commitments of the Lenders as adjusted pursuant to the last sentence of Section 2.1(c)(ii). Each Lender that is required to
reduce the amount of Revolving Loans held by it (each such Lender, a “Decreasing Lender”) shall irrevocably assign, without recourse or warranty of any kind whatsoever, to each Increasing Lender and New Lender participating in the
applicable increase in the Total Revolving Loan Commitment, and each applicable Increasing Lender and New Lender shall irrevocably acquire from the Decreasing Lenders, a portion of the principal amount of the Revolving Loans of each Decreasing
Lender (collectively, the “Acquired Portion”) outstanding on the Increase Effective Date (before giving effect to any new Revolving Loans made on such date) in an amount such that the principal amount of the Revolving Loans held by
each applicable Increasing Lender, New Lender and Decreasing Lender as of the Increase Effective Date shall be held in accordance with each such Lender’s Revolving Proportionate Share (if any) as of such date. Such assignment and acquisition
shall be effective on the Increase Effective Date automatically and without any action required on the part of any party other than the payment by the applicable Increasing Lenders and New Lenders to the Administrative Agent for the account of the
Decreasing Lenders of an aggregate amount equal to the Acquired Portion (without payment of the fee required by Section 9.4(d)), which amount shall be allocated and paid by the Administrative Agent in dollars by wire transfer of immediately
available funds at or before 12:00 p.m. on the Increase Effective Date to the Decreasing Lenders pro rata based upon the respective reductions in the principal amount of the Revolving Loans held by such Lenders on the Increase Effective Date
(before giving effect to any new Revolving Loans made on such date). Each of the Administrative Agent and the Lenders shall adjust its records accordingly to reflect the payment of the Acquired Portion. The payments to be made in respect of the
Acquired Portion shall be made by the applicable Increasing Lenders and New Lenders to the Administrative Agent in Dollars in immediately available funds at or before 11:00 a.m. on the Increase Effective Date, such payments to be made by the
applicable Increasing Lenders and New Lenders pro rata based upon the respective increases in the amount of the Revolving Loan Commitments held by such Lenders on the Increase Effective Date. 

(vi) To the extent any of the Revolving Loans acquired by the applicable Increasing Lenders and New Lenders from the Decreasing
Lenders pursuant to Section 2.1(c)(v) above are LIBOR Loans and the Increase Effective Date is not the last day of an Interest Period for such LIBOR Loans, the Decreasing Lenders shall be entitled to compensation from the Borrowers as provided
in Section 2.13 (as if Borrowers had prepaid such Revolving Loans in an amount equal to the Acquired Portion on the Increase Effective Date). 

  
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 Section 2.2 Loans and Borrowings. (a) Each Revolving Loan shall be made as part of a
Borrowing consisting of Revolving Loans made by the Revolving Lenders ratably in accordance with their respective Revolving Loan Commitments. Each Term Loan shall be made as part of a Borrowing consisting of Term Loans made by the Term Lenders
ratably in accordance with their respective Term Loan Commitments with respect to such Term Loan. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided
that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required (except as a result of a reallocation of a Defaulting Lender’s Revolving Proportionate Share of the
Effective Amount of L/C Obligations and Swing Line Loans pursuant to Section 2.20(d)). 
 (b) Subject to Section 2.11, each
Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrowers may request in accordance herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender
to make such Loan, provided that any exercise of such option shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of this Agreement. 

(c) At the commencement of each Interest Period for any Eurodollar Borrowing, such Loan shall be in an aggregate amount that is an integral
multiple of, and not less than, $1,000,000. At the time that each ABR Borrowing is made, such Loan shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $500,000; provided that an ABR Revolving Loan
Borrowing may be in an aggregate amount that is equal to the entire Unused Commitment. Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of ten
Eurodollar Borrowings outstanding. 
 (d) Notwithstanding any other provision of this Agreement, (i) the Borrowers shall not be entitled
to request, or to elect to convert or continue, any Revolving Loan Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date and (ii) the Borrowers shall not be entitled to elect to convert or continue
any Term Loan Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 
 Section 2.3
Requests for Borrowings. To request a Revolving Loan Borrowing or Term Loan Borrowing, the Borrowers shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than
11:00 a.m. three Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 11:00 a.m. one Business Day before the date of the proposed Borrowing; provided that for any
Eurodollar Borrowings to be made on the Effective Date, the Borrowers shall have provided prior to or concurrently with their telephonic Borrowing Request an indemnification letter for the benefit of the Administrative Agent and the Lenders for any
costs incurred as set forth in Section 2.13 hereof, in form and substance satisfactory to the Administrative Agent. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery, telecopy or e-mail to the Administrative Agent of a written Borrowing Request substantially in the form of Exhibit I and signed by the Borrowers. Each such telephonic Borrowing Request and written
Borrowing Request shall specify the following information in compliance with Section 2.2: 
 (i) the aggregate amount of
such Borrowing; 
 (ii) the date of such Borrowing, which shall be a Business Day; 

  
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 (iii) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing;

 (iv) whether such Borrowing is a Revolving Loan Borrowing or Term Loan Borrowing; and 

(v) in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period
contemplated by the definition of the term “Interest Period.” 
 If no election as to the Type of any Revolving Loan Borrowing is specified, then
the requested Borrowing shall be a Eurodollar Borrowing with a one-month Interest Period, provided that (A) no Default or Event of Default shall have occurred and be continuing and (B) such
Interest Period shall not extend beyond the Maturity Date, otherwise such Revolving Loan Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the Borrowers shall be deemed
to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such
Lender’s Loan to be made as part of the requested Borrowing. 
 Section 2.4 Funding of Borrowings. (a) Each Lender
shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 p.m. to the account of the Administrative Agent most recently designated by it for such purpose by notice to the
Lenders. The Administrative Agent will make such Loans available to the Borrowers by promptly crediting the amounts so received, in like funds, to the Designated Deposit Account. 

(b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will
not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and
may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender
and the Borrowers agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of
payment to the Administrative Agent, at (i) in the case of such Lender, the Federal Funds Effective Rate or (ii) in the case of the Borrowers, the interest rate applicable to the requested Loan; provided that if both shall pay, the
Administrative Agent will remit Borrowers’ payment back to the Borrowers, without interest. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. 

  
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 Section 2.5 Interest Elections. (a) Each Borrowing initially shall be of the Type
specified in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrowers may elect to convert such Borrowing to a different Type
or to continue such Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrowers may elect different options with respect to different portions of the affected Borrowing,
in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. 

(b) To make an election pursuant to this Section, the Borrowers shall notify the Administrative Agent of such election by telephone not later
than 11:00 a.m. three Business Days before the effective date of the proposed election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery,
e-mail or telecopy to the Administrative Agent of a written Interest Election Request substantially in the form of Exhibit J and signed by the Borrowers. 

(c) Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.2: 

(i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to
different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) through (vi) below shall be specified for each resulting Borrowing); 

(ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 

(iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 

(iv) if the resulting Borrowing is an ABR Borrowing, the aggregate amount (which shall be an integral multiple of $100,000 and
not less than $500,000); 
 (v) if the resulting Borrowing is a Eurodollar Borrowing, the aggregate amount (which shall be an
integral multiple of, and not less than, $1,000,000); and 
 (vi) if the resulting Borrowing is a Eurodollar Borrowing, the
Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 

If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrowers shall be deemed to have
selected an Interest Period of one month’s duration. 
 (d) Promptly following receipt of an Interest Election Request, the
Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 

  
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 (e) If the Borrowers fail to deliver a timely Interest Election Request with respect to a
Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be continued as a Eurodollar Borrowing with an
Interest Period of one month, subject to the following sentence. Notwithstanding any contrary provision hereof, (i) if an Event of Default has occurred and is continuing and the Administrative Agent so notifies the Borrowers, then, so long as
an Event of Default is continuing (A) no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing and (B) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the
Interest Period applicable thereto and (ii) no Revolving Loan Borrowing or Term Loan Borrowing may be made as, be converted into or be continued as a Eurodollar Borrowing with an Interest Period ending after the Maturity Date. 

Section 2.6 Termination and Reduction of Commitments. 

(a) Scheduled Termination of Commitments; Extension Option. 

(i) Unless previously terminated, (x) the Revolving Loan Commitments shall terminate on the Maturity Date and (y) the
Term Loan Commitments existing on the Fourth Amendment Effective Date shall terminate on the Fourth Amendment Effective Date immediately after the funding of the Term Loans to be made on the Fourth Amendment Effective Date. The Borrowers may make a one-time request, by notice to the Administrative Agent and each of the Lenders not more than 60 days, and not less than 30 days, prior to either the one year anniversary of the Fourth Amendment Effective Date or
the two year anniversary of the Fourth Amendment Effective Date, that the Maturity Date (the “Existing Maturity Date”) be extended for one year (the “Requested Maturity Date”). Each Lender, acting in its sole
discretion, shall, not later than the date which is 20 days after the receipt by the Lenders of any such notice from the Borrowers, notify the Borrowers and the Administrative Agent in writing of its election to extend or not to extend the Maturity
Date with respect to its Revolving Loan Commitment, Revolving Loans and Term Loans, as applicable. Any Lender that does not timely notify the Borrowers and the Administrative Agent of its election to extend the Maturity Date shall be deemed to have
elected not to extend the Maturity Date with respect to its Revolving Loan Commitment, Revolving Loans and Term Loans (any Lender that timely notifies the Borrowers and the Administrative Agent of an election not to extend its Revolving Loan
Commitment, Revolving Loans and Term Loans and any Lender so deemed to have elected not to extend its Revolving Loan Commitment, Revolving Loans and Term Loans being referred to as a “Terminating Lender”). The election of any Lender
to agree to a requested extension shall not obligate any other Lender so to agree. For the avoidance of doubt, each Lender shall only have the option to either elect to or decline to extend its Maturity Date for all of its Revolving Loan Commitment,
Term Loans and Revolving Loans. 

  
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 (ii) If and only if Lenders holding at least 50% of the aggregate amount of
Revolving Loan Commitments and Term Loans on the date of the notice delivered by the Borrowers pursuant to subparagraph (i) above (including Revolving Loan Commitments and Term Loans of all Terminating Lenders on such date) shall have agreed
during the period referred to in such subparagraph (i) to extend the Existing Maturity Date, then (A) the Maturity Date of the Lenders other than Terminating Lenders (each, a “Continuing Lender” and collectively, the
“Continuing Lenders”) shall, subject to the other provisions of this Agreement, be extended to the Requested Maturity Date, and as to such Lenders the term “Maturity Date”, as used herein, shall on and after the date as of
which the requested extension is effective mean such Requested Maturity Date; provided that if such date is not a Business Day, then such Requested Maturity Date shall be the next preceding Business Day, (B) the Revolving Loan
Commitments, Revolving Loans and Term Loans of the Terminating Lenders shall continue until the Existing Maturity Date, and shall then terminate (and the Total Revolving Loan Commitment shall be permanently reduced by an amount equal to the
aggregate Revolving Loan Commitments of the Terminating Lenders on such date), and as to the Terminating Lenders, the term “Maturity Date”, as used herein, shall continue to mean the Existing Maturity Date and (C) on the Existing
Maturity Date, the amount of the participations held by each Revolving Lender in each Letter of Credit then outstanding shall be adjusted automatically such that, after giving effect to such adjustments, the Revolving Lenders shall hold
participations in each such Letter of Credit in proportion to their respective Revolving Proportionate Shares. 
 (iii) In
the event that the Maturity Date shall have been extended for the Continuing Lenders in accordance with clause (ii) above and, in connection with such extension, there are Terminating Lenders, the Borrowers may, at their own expense, require
any Terminating Lender to transfer and assign in whole or in part, without recourse (in accordance with Section 9.4) all or part of its interests, rights and obligations under this Agreement to an Assignee (which Assignee may be another Lender,
if another Lender accepts such assignment) that shall assume such assigned obligations and that shall agree that its Revolving Loan Commitment and Term Loan will have the Maturity Date in effect for Continuing Lenders pursuant to clause
(ii) above; provided, however, that (i) the Borrowers shall have received a written consent of the Administrative Agent in the case of an Assignee that is not a Lender (which consent shall not unreasonably be withheld), (ii)
the assigning Lender shall have received from the Borrowers or such Assignee full payment in immediately available funds of the principal of and interest accrued to the date of such payment on the Loans made by it hereunder to the extent that such
Loans are subject to such assignment, any fees accrued on such Lender’s Revolving Loan Commitment to the date of such payment and all other amounts owed to it hereunder (including any amounts that would be payable to the assigning Lender
pursuant to Section 2.13 if such assignment were, instead, a prepayment of the Loans of such Lender) and (iii) no fee shall be required pursuant to Section 9.4(d). Any such Assignee’s Maturity Date shall be the Maturity Date in
effect at the time of such assignment for the Continuing Lenders. The Borrowers shall not have any right to require a Lender to assign any part of its interests, rights and obligations under this Agreement pursuant to this clause (iii) unless
it has notified such Lender in writing of its intention to require the assignment thereof at least ten days prior to the proposed assignment date. 

  
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 (iv) Conditions to Effectiveness of Extensions. Notwithstanding the
foregoing, the extension of the Maturity Date pursuant to this Section shall not be effective with respect to any Lender unless: 

(A) no Default shall have occurred and be continuing on the date of such extension and after giving effect thereto; and 

(B) The representations and warranties of the Borrowers set forth in this Agreement shall be true and correct in all material
respects (or if qualified by materiality or Material Adverse Effect, in all respects) on and as of the extension date (unless stated to relate to a specific earlier date, in which case, such representations and warranties shall be true and correct
in all material respects (or if qualified by materiality or Material Adverse Effect, in all respects) as of such earlier date). 

(v) Conflicting Provisions. To the extent inconsistent, this Section shall supersede any provisions in Section 2.15
or 9.2 to the contrary. 
 (b) The Borrowers may at any time terminate, or from time to time reduce, the Revolving Loan Commitments;
provided that (i) each reduction of the Revolving Loan Commitments shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000 and (ii) the Borrowers shall not terminate or reduce the Revolving Loan
Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.8, (A) the sum of the Effective Amount of all Revolving Loans, L/C Obligations and Swing Line Loans then outstanding would exceed the
Total Revolving Loan Commitment, (B) the Total Revolving Loan Commitment would not be greater than or equal to zero, or (C) the Revolving Loan Commitment of any Lender would not be greater than or equal to zero. 

(c) The Borrowers shall notify the Administrative Agent of any election to terminate or reduce the Revolving Loan Commitments under paragraph
(b) of this Section at least five Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall
advise the Revolving Lenders of the contents thereof. Each notice delivered by the Borrowers pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Loan Commitments delivered by the
Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrowers or the date of termination extended (by notice to the Administrative Agent on or prior
to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Loan Commitments shall be permanent. Each reduction of the Revolving Loan Commitments shall be made ratably among the Lenders in
accordance with their respective Revolving Loan Commitments. 
 Section 2.7 Repayment of Loans; Evidence of Debt. (a) The
Borrowers hereby unconditionally promise to pay (i) to the Administrative Agent for the account of each Revolving Lender, on the Maturity Date, the unpaid principal amount of each Revolving Loan of such Lender outstanding as of such date and
all Unreimbursed Amounts and (ii) to the Administrative Agent, for the account of each Term Lender, on the Maturity Date, the unpaid principal amount of the 

  
 37 

 
Term Loans as of such date. The Borrowers hereby further agree to pay interest on the unpaid principal amount of the Loans, L/C Obligations and other interest bearing obligations from time to
time outstanding from the date hereof until payment in full thereof at the rates per annum, and on the dates, set forth in Section 2.10, Section 2.17, Section 2.18 or otherwise set forth in the Loan Documents, or if no date is
specified, on demand. 
 (b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing each Loan
made by such Lender and other amounts owing to such Lender under the Loan Documents, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the
Class and Type thereof and the Interest Period applicable thereto and the L/C Obligations, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrowers to each Lender hereunder and
(iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. The entries made in the accounts maintained pursuant to this paragraph (c) shall be
prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the
obligation of the Borrowers to repay the Loans and L/C Obligations in accordance with the terms of this Agreement. 
 Section 2.8
Prepayment of Loans. 
 (a) Optional Prepayment. The Borrowers shall have the right at any time and from time to time to
prepay any Borrowing in whole or in part, subject to prior notice in accordance with Section 2.8(a)(i) and subject to Section 2.13. 

(i) The Borrowers shall notify the Administrative Agent by telephone (confirmed by
e-mail) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 11:00 a.m., three Business Days before the date of prepayment, (ii) in the case of
prepayment of an ABR Borrowing, not later than 11:00 a.m., one Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof
to be prepaid; provided that if a notice of prepayment is given in connection with a conditional notice of termination of the Revolving Loan Commitments as contemplated by Section 2.6, then such notice of prepayment may be revoked or
extended if such notice of termination is revoked or extended in accordance with Section 2.6. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each
partial prepayment of any Borrowing shall be in an aggregate amount that is an integral multiple of, and not less than, $1,000,000, or, if less, the entire amount of such Borrowing. Each prepayment of a Borrowing shall be applied ratably to the
Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.10. Optional prepayments of the Term Loans shall be applied to regular installments of principal due under the
Term Loans in inverse order of maturity. 

  
 38 

 (b) Mandatory Prepayment. The Borrowers shall prepay (or Cash Collateralize, as
applicable) the Loans, the L/C Obligations and other obligations of the Borrowers under this Agreement and the other Loan Documents as follows: 

(i) If, at any time, the Effective Amount of all Revolving Loans, Swing Line Loans and L/C Obligations then outstanding exceeds
the Total Revolving Loan Commitment at such time, the Borrowers shall immediately (A) prepay the Swing Line Loans in whole or to the extent Swing Line Loans in a sufficient amount are then outstanding to eliminate such excess, in part, then
(B) prepay the Revolving Loans in whole or to the extent Revolving Loans in a sufficient amount are then outstanding to eliminate such excess, in part, and then (C) Cash Collateralize the L/C Obligations in an aggregate principal amount
equal to any remaining excess. 
 (ii) The Borrowers shall repay each Swing Line Loan on the earlier to occur of (A) the
second Swing Line Settlement Date occurring after such Swing Line Loan is made and (B) the Maturity Date. 
 Section 2.9
Fees. (a) The Borrowers agree to pay to the Administrative Agent for the ratable benefit of the Lenders commitment fees (collectively, “Commitment Fees”), for the period from and including the Effective Date to the Maturity
Date, computed at the Applicable Margin times the average daily amount of the Unused Commitment during the period from and including the date hereof to but excluding the Maturity Date. Accrued Commitment Fees as of the last Business Day of each
calendar quarter shall be payable in arrears on the immediately succeeding Quarterly Payment Date and on the date on which the Revolving Loan Commitments terminate, commencing on the first such date to occur after the date hereof. All Commitment
Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

(b) The Borrowers agree to pay to the Lead Arranger and the Administrative Agent the fees payable in the amounts and at the times set forth in
the Fee Letters. 
 (c) All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative
Agent for distribution, in the case of Commitment Fees, to the Lenders. Fees paid shall not be refundable under any circumstances. 

Section 2.10 Interest. (a) The Loans comprising each ABR Borrowing (including each Swing Line Loan) shall bear interest at a rate
per annum equal to the Alternate Base Rate plus the Applicable Margin. 
 (b) The Loans comprising each Eurodollar Borrowing shall bear
interest at a rate per annum equal to the LIBOR Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin. 

  
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 (c) Notwithstanding the foregoing, (i) if any principal of or interest on any Loan or L/C
Obligations is not paid when due, or any fee or other amount payable by the Borrowers under the Loan Documents is not paid when due and notice thereof is given to the Borrowers, in each case, whether at stated maturity, upon acceleration or
otherwise and (ii) upon the occurrence and during the continuance of an Event of Default described in clause (h) or (i) of Article VII, such overdue amount (in the case of clause (i)) and all Obligations (in the case of clause (ii)) shall
bear interest, after as well as before judgment, at a rate per annum equal to (A) in the case of any Loan, 2% plus the rate otherwise applicable to such Loan as provided above or (B) in the case of any other amount, 2% plus the rate
applicable to ABR Loans as provided above; provided that (I) in the case of clause (i) above the additional interest accruing hereunder shall accrue beginning on the date any such payment was due regardless of when the notice
contemplated under clause (i) was given to the Borrowers and (II) in the case of clause (ii) above the additional interest accruing hereunder shall accrue beginning on the first date of any such Event of Default described in clause
(h) or (i) of Article VII. 
 (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan
and, in the case of Revolving Loans, upon termination of the Revolving Loan Commitments; provided that (i) with respect to ABR Loans, accrued interest as of the last Business Day of each calendar quarter shall be payable on the
immediately succeeding Interest Payment Date, (ii) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (iii) in the event of any repayment or prepayment of any Loan (other than a prepayment of
an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, (iv) in the event of any conversion of any Eurodollar
Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion and (v) all accrued interest on the Revolving Loans and Term Loans shall be payable on the
Maturity Date. 
 (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference
to the Alternate Base Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day);
provided that any Loan, Unreimbursed Amount or L/C Borrowing that is paid on the same day it is made or otherwise arises shall bear interest for one day. The applicable Alternate Base Rate or LIBOR Rate shall be determined by the
Administrative Agent, and such determination shall be conclusive absent manifest error. 
 Section 2.11 Alternate Rate of
Interest. 
 (a) Unless and until a Replacement Rate is implemented in accordance with Section 2.11(b) below, if prior to the
commencement of any Interest Period for a Eurodollar Borrowing: 
 (i) the Administrative Agent determines (which
determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the LIBOR Rate for such Interest Period; or 

  
 40 

 (ii) the Administrative Agent is advised by the Required Lenders that the LIBOR
Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period; 

then the Administrative Agent shall give notice thereof to the Borrowers by telephone or e-mail and the Lenders by
telephone, e-mail or telecopy, in each case, as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrowers and the Lenders that the circumstances giving rise to such notice
no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective, (ii) if any Borrowing Request requests a Eurodollar
Borrowing, such Borrowing shall be made as an ABR Borrowing. Any Eurodollar Loans outstanding at the commencement of any such suspension shall be converted at the end of the then current Interest Period for such Eurodollar Loans into ABR Loans
unless such suspension has then ended. 
 (b) Notwithstanding anything to the contrary in Section 2.11(a) above, if the Administrative
Agent has made the determination (such determination to be conclusive absent manifest error) that (i) the circumstances described in Section 2.11(a)(i) have arisen and that such circumstances are unlikely to be temporary, (ii) any
applicable interest rate specified herein is no longer a widely recognized benchmark rate for newly originated loans in the U.S. syndicated loan market in the applicable currency or (iii) the applicable supervisor or administrator (if any) of
any applicable interest rate specified herein or any Governmental Authority having, or purporting to have, jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which any applicable interest rate
specified herein shall no longer be used for determining interest rates for loans in the U.S. syndicated loan market in the applicable currency, then the Administrative Agent may, to the extent practicable (and as reasonably determined by the
Administrative Agent to be generally in accordance with similar situations in other transactions in which it is serving as administrative agent or otherwise consistent with market practice generally), with Borrowers’ consent (which such consent
shall not be unreasonably withheld or delayed), establish a replacement interest rate (the “Replacement Rate”), in which case, the Replacement Rate shall, subject to the next two sentences, replace such applicable interest rate for
all purposes under the Loan Documents unless and until (A) an event described in Section 2.11(a)(i) or 2.11(b)(i), (ii) or (iii) occurs with respect to the Replacement Rate or (B) the Administrative Agent (or the Required Lenders
through the Administrative Agent) notifies the Borrowers that the Replacement Rate does not adequately and fairly reflect the cost to the Lenders of funding the Loans bearing interest at the Replacement Rate. In connection with the establishment and
application of the Replacement Rate, this Agreement and the other Loan Documents shall be amended solely with the consent and agreement of the Administrative Agent and the Borrowers, as may be necessary or appropriate, in the opinion of the
Administrative Agent, to effect the provisions of this Section 2.11(b). Notwithstanding anything to the contrary in this Agreement or the other Loan Documents (including, without limitation, Section 9.2), such amendment shall become
effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of the delivery of such amendment to the Lenders, written notices from such
Lenders that in the aggregate constitute Required Lenders, with each such notice stating that such Lender objects to such amendment. To the extent the Replacement Rate is approved by the Administrative Agent in connection with this
Section 2.11(b)), the Replacement Rate shall be applied in a manner 

  
 41 

 
consistent with market practice; provided that, in each case, to the extent such market practice is not administratively feasible for the Administrative Agent, such Replacement Rate shall
be applied as otherwise reasonably determined by the Administrative Agent (it being understood that any such modification by the Administrative Agent shall not require the consent of, or consultation with, any of the Lenders). 

Section 2.12 Change in Circumstances. 

(a) Illegality. If any Lender determines that a Change in Law has made it unlawful, or that any Governmental Authority has asserted
that it is unlawful, for any Lender or its applicable lending office to make, maintain, or fund Loans whose interest is determined by reference to the LIBOR Rate, or to determine or charge interest rates based upon the LIBOR Rate, or any
Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, upon notice thereof by such Lender to the Borrowers (through the
Administrative Agent), (a) any obligation of such Lender to make or continue Eurodollar Loans or to convert ABR Loans to Eurodollar Loans shall be suspended, and (b) if such notice asserts the illegality of such Lender making or maintaining ABR
Loans the interest rate on which is determined by reference to the LIBOR Rate component of the Alternate Base Rate, the interest rate on which ABR Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative
Agent without reference to the LIBOR Rate component of the Alternate Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrowers that the circumstances giving rise to such determination no longer exist. Upon receipt
of such notice, (i) the Borrowers shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, at the option of the Borrowers, convert all Eurodollar Revolving Loans of such Lender to ABR Loans (the interest rate on
which ABR Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the LIBOR Rate component of the Alternate Base Rate), either on the last day of the Interest Period therefor,
if such Lender may lawfully continue to maintain such Eurodollar Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Loans and (ii) if such notice asserts the illegality of such Lender
determining or charging interest rates based upon the LIBOR Rate, the Administrative Agent shall during the period of such suspension compute the Alternate Base Rate applicable to such Lender without reference to the LIBOR Rate component thereof
until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the LIBOR Rate. Upon any such prepayment or conversion, the Borrowers shall also
pay accrued interest on the amount so prepaid or converted, together with any additional amounts required pursuant to Section 2.13. 

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

(i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or
for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the LIBOR Rate); or 

  
 42 

 (ii) impose on any Lender or the London interbank market any other condition
(other than Taxes) affecting this Agreement or Eurodollar Loans made by such Lender or any participation therein; 
 (iii)
subject the Administrative Agent or any Lender to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan
principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;  

and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Loan (or of maintaining its
obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then the Borrowers will pay to such Lender such additional amount or amounts as will
compensate such Lender for such additional costs incurred or reduction suffered. 
 (c) If any Lender determines that any Change in Law
regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans
made by such Lender to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding
company with respect to capital adequacy), then from time to time the Borrowers will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 

(d) A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may
be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrowers and shall be conclusive absent manifest error. The Borrowers shall pay such Lender the amount shown as due on any such certificate within 30
days after receipt thereof. 
 (e) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not
constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrowers shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than six
months prior to the date that such Lender notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided further that, if the
Change in Law giving rise to such increased costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof. 

Notwithstanding the foregoing, Borrowers shall not be required to pay to any Lender any amounts pursuant to this Section 2.12 unless such Lender has also
sought reimbursement for similar amounts from each of its similarly situated borrowers. 

  
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 Section 2.13 Break Funding Payments. In the event of (a) the payment of any
principal of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period
applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted to be revocable or extendable under
Section 2.8(b) and is revoked or extended in accordance herewith), or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrowers pursuant to
Section 2.16, then, in any such event, the Borrowers shall compensate each Lender for the loss, cost and expense attributable to such event. The loss to any Lender attributable to any such event shall be deemed to be equal to the excess, if
any, of (i) the amount of interest that such Lender would pay for a deposit equal to the principal amount of such Loan for the period from the date of such payment, conversion, failure or assignment to the last day of the then current Interest
Period for such Loan (or, in the case of a failure to borrow, convert or continue, the duration of the Interest Period that would have resulted from such borrowing, conversion or continuation) if the interest rate payable on such deposit were equal
to the LIBOR Rate for such Interest Period, over (ii) the amount of interest that such Lender would earn on such principal amount for such period if such Lender were to invest such principal amount for such period at the interest rate that
would be bid by such Lender (or an Affiliate of such Lender) for dollar deposits from other banks in the eurodollar market at the commencement of such period. A certificate of any Lender setting forth any amount or amounts that such Lender is
entitled to receive pursuant to this Section 2.13 shall be delivered to the Borrowers and shall be conclusive absent manifest error. The Borrowers shall pay such Lender the amount shown as due on any such certificate within 10 days after
receipt thereof. 
 Section 2.14 Taxes. (a) Any and all payments by or on account of any obligation of the Borrowers hereunder
shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrowers shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall
be increased as necessary so that after making all such required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent or Lender (as the case may be) receives an amount equal to the
sum it would have received had no such deductions been made, (ii) the Borrowers shall make such deductions and (iii) the Borrowers shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law.

 (b) In addition, the Borrowers shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law or, at
the option of the Administrative Agent, timely reimburse the Administrative Agent for the payment of any Other Taxes. 
 (c) Without
duplication of Section 2.14(a),the Borrowers shall indemnify the Administrative Agent and each Lender within 30 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent or
such Lender, as the case may be, on or with respect to any payment by or on account of any obligation of the Borrowers hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this
Section 2.14), whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability, setting forth in reasonable
detail the circumstances giving rise thereto and the calculations used to determine such amount, delivered to the Borrowers by a Lender or by the Administrative Agent on its own behalf or on behalf of a Lender shall be conclusive absent manifest
error. 

  
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 (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrowers
to a Governmental Authority, the Borrowers shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other
evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (e) Any Foreign Lender that is entitled to an exemption from
or reduction of withholding tax under the law of the jurisdiction in which the Borrowers are located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrowers (with a copy to
the Administrative Agent), on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement, and at the time or times prescribed by applicable law or reasonably requested by the Borrowers, 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. Each Lender shall promptly notify the Borrowers and the Administrative Agent of any change in
circumstances of which it has knowledge which would modify adversely or render invalid any such claimed exemption or reduction. Without limiting the generality of the foregoing, in the event that any Borrower is resident for tax purposes in the
United States of America, any Foreign Lender shall deliver to the Borrowers and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under
this Agreement (and from time to time thereafter upon the request of the Borrowers or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable: (i) duly completed copies
of Internal Revenue Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E claiming eligibility for benefits of an income
tax treaty to which the United States is a party, (ii) duly completed copies of Internal Revenue Service Form W-8ECI, (iii) in the case of a Foreign Lender claiming the benefits of the exemption for
portfolio interest under Section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not (1) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (2) a “10 percent
shareholder” of any Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (3) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code and (y) duly completed copies of Internal
Revenue Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E, or (iv) any other form prescribed by applicable law
as a basis for claiming exemption from or a reduction in United States federal withholding tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrowers to determine the
withholding or deduction required to be made. 
 (f) If a payment made to a Lender under any Loan Document would be subject to U.S. federal
withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the
Borrowers and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by any Borrower or the Administrative Agent such documentation as is prescribed by applicable law (including as prescribed
by Section 1471(b)(3)(C)(i) of the Code) and such 

  
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additional documentation reasonably requested by any Borrower or the Administrative Agent as may be necessary for a Borrower and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.14(f), “FATCA” shall
include any amendments made to FATCA after the date of this Agreement. 
 (g) Each U.S. Lender shall deliver to the Borrowers and the
Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such U.S. Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of the Borrowers or the
Administrative Agent) duly completed originals of Internal Revenue Service Form W-9 (or any successor form) certifying that such U.S. Lender is entitled to an exemption from U.S. backup withholding tax. 

(h) If the Administrative Agent or a Lender determines, in its reasonable discretion, that it has received a refund of any Taxes as to which it
has been indemnified by the Borrowers or with respect to which the Borrowers have paid additional amounts pursuant to this Section 2.14, it shall pay over such refund to the Borrowers, net of all out-of-pocket expenses (including Taxes) of the Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).
Notwithstanding anything to the contrary in this Section 2.14(h), in no event will the Administrative Agent or a Lender be required to pay any amount to the Borrowers pursuant to this paragraph Section 2.14(h) the payment of which would
place the Administrative Agent or such Lender in a less favorable net after-Tax position than the Administrative Agent or such Lender would have been in if the Tax subject to indemnification and giving rise to
such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. For the avoidance of doubt, Borrowers, upon the request of the Administrative Agent
or such Lender, shall repay to the Administrative Agent or such Lender the amount paid over pursuant to this Section 2.14(h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that the
Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. Nothing contained in this Section 2.14 shall require the Administrative Agent or any Lender to make available any of its tax returns (or any
other information relating to its taxes which it deems to be confidential). 
 (i) Each Lender shall use reasonable efforts (consistent with
its internal policies and legal and regulatory restrictions) to select a jurisdiction for its applicable lending office or change the jurisdiction of its applicable lending office, as the case may be, so as to avoid the imposition of any Indemnified
Taxes or Other Taxes or to eliminate or reduce the payment of any additional sums under this Section 2.14; provided that no such selection or change of the jurisdiction for its applicable lending office shall be made if, in the
reasonable judgment of such Lender, such selection or change would be materially disadvantageous to such Lender. 
 Section 2.15
Payments Generally; Pro Rata Treatment; Sharing of Set-offs. (a) The Borrowers shall make each payment required to be made by it hereunder (whether of principal, interest, fees, or under
Section 2.12, 2.13 or 2.14, or otherwise) prior to 1:00 p.m. on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after

  
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 such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the
next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices at the address set forth in Section 9.1 except that payments pursuant to Sections 2.12,
2.13, 2.14 and 9.3 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt
thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for
the period of such extension. All payments hereunder shall be made in dollars. 
 (b) If at any time insufficient funds are received by and
available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, to pay interest and fees then due hereunder, ratably among the parties entitled thereto in
accordance with the amounts of interest and fees then due to such parties, and (ii) second, to pay principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties.

 (c) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain
payment in respect of any principal of or interest on any of its Loans or the participations in L/C Obligations or in Swing Line Loans held by it, resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its
Loans or participations in L/C Obligations or Swing Line Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in
the Loans and participations in L/C Obligations and Swing Line Loans of other Lenders of the same Class to the extent necessary so that the benefit of all such payments shall be shared by the Lenders of the same Class ratably in accordance
with the aggregate amount of principal of and accrued interest on their respective Loans and participations in L/C Obligations and Swing Line Loans; provided that (i) if any such participations are purchased and all or any portion of the
payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any
payment made by the Borrowers pursuant to and in accordance with the express terms of this Agreement (including the application of funds provided for under Section 2.20(b) arising from the existence of a Defaulting Lender) or any payment
obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participation in L/C Obligations or Swing Line Loans to any Assignee or Participant, other than to the Borrowers or any Subsidiary or
Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrowers consent to the foregoing and agree, to the extent the Borrowers may effectively do so under applicable law, that any Lender acquiring a participation
pursuant to the foregoing arrangements may exercise against the Borrowers’ rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the
Borrowers in the amount of such participation. 
 (d) Unless the Administrative Agent shall have received notice from the Borrowers prior to
the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrowers will not make such payment, the Administrative Agent may assume that the Borrowers have made such payment on such date in

  
 47 

 accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such
event, if the Borrowers have not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and
including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Federal Funds Effective Rate. 

(e) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.4(b) or 2.15(d), then the Administrative
Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all
such unsatisfied obligations are fully paid. 
 Section 2.16 Mitigation Obligations; Replacement of Lenders. 

(a) Designation of a Different Lending Office. If any Lender requests compensation under Section 2.12, or if the Borrowers are
required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.14, then such Lender shall (at the request of the Borrowers) use reasonable efforts to
designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Section 2.12 or 2.14, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to
such Lender. The Borrowers hereby agree to pay all reasonable and documented costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) Replacement of Lenders. If (i) any Lender requests compensation under Section 2.12, (ii) the Borrowers are required to pay
any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.14 (and, with respect to subclauses (i) and (ii), in each case, such Lender has declined or is
unable to designate a different lending office in accordance with Section 2.16(a)), (iii) any Lender refuses to approve any proposed amendment, modification, supplement, extension, termination, consent or waiver with respect to any Loan
Document which requires the approval of all Lenders under Section 9.2 and which has been approved by the Required Lenders, or (iv) any Lender is a Defaulting Lender or a Downgraded Lender, then in any such case the
Borrowers may, at their sole expense and effort, upon notice to any such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in
Section 9.4), all its interests, rights (other than its existing rights to payments pursuant to Section 2.12 or 2.14) and obligations under this Agreement and the related Loan Documents to an Assignee that shall assume such obligations
(which Assignee may be another Lender, if a Lender accepts such assignment); provided that (A) the Assignee shall be reasonably satisfactory to the Administrative Agent if the Assignee is not another Lender, (B) such Lender shall
have received payment of an amount equal to the outstanding principal of its Loans and participations in L/C Obligations and Swing Line Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other
Loan Documents (including any amounts under Section 2.13), from the Assignee (to the extent of such outstanding principal 

  
 48 

 
and accrued interest and fees) or the Borrowers (in the case of all other amounts), (C) in the case of any such assignment resulting from a claim for compensation under Section 2.12 or
payments required to be made pursuant to Section 2.14, such assignment will result in a reduction in such compensation or payments thereafter, (D) such assignment does not conflict with applicable Governmental Rules and (E) in the
case of any such assignment resulting from such Lender’s refusal to approve any matter described in clause (iii) of this Section 2.16(b), the assignee shall be deemed to have approved such matter(s). A Lender shall not be required to
make any such assignment and delegation, so long as no Assignment and Acceptance has been entered into by the applicable parties, if as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrowers to require such
assignment and delegation cease to apply and the Borrowers have not already arranged in writing for one or more replacement Lenders and any such potential replacement Lender has not yet agreed in writing to be a replacement Lender with no conditions
other than the execution and delivery of an Assignment and Acceptance. 
 Section 2.17 Letters of Credit. 

(a) The Letter of Credit Commitment. 

(i) On the terms and subject to the conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the
agreements of the Revolving Lenders set forth in this Section 2.17, (1) from time to time on any Business Day during the period from the Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit in dollars for
the account of a Borrower in support of the obligations of such Borrower, and to amend or renew Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drafts under the Letters of Credit; and
(B) the Revolving Lenders severally agree to participate in Letters of Credit; provided that the L/C Issuer shall not be obligated to make any L/C Credit Extension with respect to any Letter of Credit if as of the date of such L/C Credit
Extension, (x) the Effective Amount of all Revolving Loans, Swing Line Loans and L/C Obligations would exceed the Total Revolving Loan Commitment at such time, (y) the aggregate Effective Amount of the Revolving Loans of any Revolving
Lender, plus such Revolving Lender’s Total Lender Risk Participation would exceed such Lender’s Revolving Loan Commitment, or (z) the Effective Amount of the L/C Obligations would exceed the Letter of Credit Sublimit. Each
Letter of Credit shall be in a form acceptable to the L/C Issuer. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly the
Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. 

(ii) The L/C Issuer shall be under no obligation to issue any Letter of Credit if: 

  
 49 

 (A) any order, judgment or decree of any Governmental Authority or arbitrator
shall by its terms purport to enjoin or restrain the L/C Issuer from issuing such Letter of Credit, or any Requirement of Law applicable to the L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental
Authority with jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the L/C Issuer with respect to such
Letter of Credit any restriction, reserve or capital requirement (for which the L/C Issuer is not otherwise compensated hereunder) not in effect on the Fourth Amendment Effective Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost
or expense which was not applicable on the Fourth Amendment Effective Date and which the L/C Issuer in good faith deems material to it; 

(B) subject to Section 2.17(b)(iii), in the case of any Letter of Credit, the expiry date of such requested Letter of
Credit would occur later than twelve months after the date of issuance or last renewal unless the Required Lenders have approved such expiry date; 

(C) the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the
Lenders have approved such expiry date; 
 (D) the issuance of such Letter of Credit would violate one or more policies of
the L/C Issuer or the terms and conditions of the applicable Letter of Credit Application; 
 (E) such Letter of Credit is in
a face amount less than $100,000, or denominated in a currency other than dollars; or 
 (F) a default of any Lender’s
obligations to fund under Section 2.17(c) exists or any Lender is at such time a Defaulting Lender hereunder, unless the L/C Issuer has entered into arrangements satisfactory to the L/C Issuer with the Borrowers or such Lender to eliminate the
L/C Issuer’s risk with respect to such Lender. 
 (iii) The L/C Issuer shall be under no obligation to amend any Letter
of Credit if (A) the L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such
Letter of Credit. 
 (b) Procedures for Issuance and Amendment of Letters of Credit; Evergreen Letters of Credit. 

(i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrowers delivered to the
L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Borrowers. Such Letter of Credit Application must be received by the L/C Issuer
and the Administrative Agent not later than 1:00 p.m., at least three Business Days (or such 

  
 50 

 later date and time as the L/C Issuer may agree in a particular instance in its sole and
reasonable discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail
satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which date shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary
thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the account party
thereunder, and (H) such other matters as the L/C Issuer may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C
Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which date shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other matters as the L/C Issuer may require.

 (ii) Promptly after receipt of any Letter of Credit Application, the L/C Issuer will confirm with the Administrative Agent
(by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Borrowers and, if not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Upon receipt by the L/C
Issuer of confirmation from the Administrative Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date, issue a
Letter of Credit for the account of the applicable Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practices. Immediately upon the issuance of
each Letter of Credit, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the L/C Issuer a participation in such Letter of Credit in an amount equal to the product of such Revolving
Lender’s Revolving Proportionate Share times the amount of such Letter of Credit; provided, however that the amount of such Lender’s participation shall be adjusted in the manner set forth in Section 2.20(d). The
Administrative Agent shall promptly notify each Lender upon the issuance of a Letter of Credit. 
 (iii) If the Borrowers so
request in any applicable Letter of Credit Application, the L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic renewal provisions (each, an “Evergreen Letter of Credit”);
provided that any such Evergreen Letter of Credit must permit the L/C Issuer to prevent any such renewal at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the
beneficiary thereof not later than a day (the “Nonrenewal Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, the Borrowers shall
not be required to make a specific request to the L/C Issuer for any such renewal. Once an Evergreen Letter of Credit has been issued, the Revolving 

  
 51 

 
Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the renewal of such Letter of Credit at any time to a date not later than the Letter of Credit Expiration
Date; provided, however, that the L/C Issuer shall not permit any such renewal if (A) the L/C Issuer would have no obligation at such time to issue such Letter of Credit in its renewed form under the terms hereof, or (B) it
has received notice (which may be by telephone or in writing) on or before the Business Day immediately preceding the Nonrenewal Notice Date (1) from the Administrative Agent that the Required Lenders have elected not to permit such renewal or
(2) from the Administrative Agent, any Lender or the Borrowers that one or more of the applicable conditions specified in Section 4.2 is not then satisfied. Notwithstanding anything to the contrary contained herein, the L/C Issuer shall
have no obligation to permit the renewal of any Evergreen Letter of Credit at any time. 
 (iv) Promptly after its delivery
of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer will also deliver to the Borrowers and the Administrative Agent a true and complete copy of such
Letter of Credit or amendment. 
 (c) Drawings and Reimbursements; Funding of Participations. 

(i) Upon any drawing under any Letter of Credit, the L/C Issuer shall notify the Borrowers and the Administrative Agent of the
amount to be paid by the L/C Issuer as a result of such drawing and the date on which payment is to be made by the L/C Issuer to the beneficiary of such Letter of Credit in respect of such drawing. Not later than 1:00 p.m., on the date of any
payment by the L/C Issuer under a Letter of Credit (each such date of payment, an “Honor Date”), the Borrowers shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing. If the
Borrowers fail to so reimburse the L/C Issuer by such time, the Administrative Agent shall promptly notify each Revolving Lender of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount
of such Revolving Lender’s L/C Risk Participation with respect thereto. In such event, the Borrowers shall be deemed to have requested an ABR Loan to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard
to the minimum and multiples specified in Section 2.2 for the principal amount of ABR Loans, but subject to the amount of the unutilized portion of the Total Revolving Loan Commitment and the conditions set forth in Section 4.2 (other than
the delivery of a Borrowing Request). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.17(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an
immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 

  
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 (ii) Each Revolving Lender (including the Revolving Lender acting as L/C Issuer)
shall upon any notice pursuant to Section 2.17(c)(i) make funds available to the Administrative Agent for the account of the L/C Issuer at the Administrative Agent’s Office in an amount equal to its Revolving Proportionate Share of the
Unreimbursed Amount not later than 12:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.17(c)(iii), each Revolving Lender that so makes funds available shall
be deemed to have made an ABR Loan to the Borrowers in such amount. The Administrative Agent shall remit the funds so received to the L/C Issuer. 

(iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Loan because the conditions set forth
in Section 4.2 cannot be satisfied or for any other reason, the Borrowers shall be deemed to have incurred from the L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due
and payable on demand (together with interest) and shall bear interest at the rate applicable to Revolving Loans upon the occurrence and during the continuance of an Event of Default. In such event, each Revolving Lender’s payment to the
Administrative Agent for the account of the L/C Issuer pursuant to Section 2.17(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Revolving Lender in satisfaction
of its participation obligation under this Section 2.17. 
 (iv) Until each Revolving Lender funds its Revolving Loan or
L/C Advance pursuant to this Section 2.17(c) to reimburse the L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Revolving Lender’s L/C Risk Participation with respect thereto shall be solely for the
account of the L/C Issuer. For the avoidance of doubt, interest shall accrue beginning on the Honor Date for any such unreimbursed draw under a Letter of Credit. 

(v) Each Revolving Lender’s obligation to make Revolving Loans or L/C Advances to reimburse the L/C Issuer for, or
participate in, amounts drawn under Letters of Credit, as contemplated by this Section 2.17(c), shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any
set-off, counterclaim, recoupment, defense or other right which such Revolving Lender may have against the L/C Issuer, the Borrowers or any other Person for any reason whatsoever; (B) the occurrence or
continuance of a Default or Event of Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrowers to
reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. 

(vi) If any Revolving Lender fails to make available to the Administrative Agent for the account of the L/C Issuer any amount
required to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section 2.17(c) by the time specified in Section 2.17(c)(ii), the L/C Issuer shall be entitled to recover from such Revolving Lender (acting through
the Administrative Agent), on demand, such amount with interest thereon for the period from the date 

  
 53 

 such payment is required to the date on which such payment is immediately available to the L/C
Issuer at a rate per annum equal to the Federal Funds Effective Rate from time to time in effect. A certificate of the L/C Issuer submitted to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under this
clause (vi) shall be conclusive absent manifest error. 
 (d) Repayment of Participations. 

(i) At any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving Lender
such Revolving Lender’s L/C Advance in respect of such payment in accordance with Section 2.17(c), if the Administrative Agent receives for the account of the L/C Issuer any payment related to such Letter of Credit (whether directly from
the Borrowers or otherwise), including proceeds of cash collateral applied thereto by the Administrative Agent or any payment of interest thereon, the Administrative Agent will distribute to such Revolving Lender a portion of such payment allocable
to such Revolving Lender’s L/C Risk Participation with respect to such Letter of Credit in the same funds as those received by the Administrative Agent. 

(ii) If any payment received by the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.17(c)(i)
is required to be returned, each Revolving Lender shall pay to the Administrative Agent for the account of the L/C Issuer a portion of such payment allocable to such Revolving Lender’s L/C Risk Participation with respect to such Letter of
Credit on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Revolving Lender, at a rate per annum equal to the Federal Funds Effective Rate from time to time in effect.

 (e) Obligations Absolute. The obligation of the Borrowers to reimburse the L/C Issuer for each drawing under each Letter of
Credit, and to repay each L/C Borrowing and each drawing under a Letter of Credit that is refinanced by a Borrowing of Revolving Loans, shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this
Agreement and the other Loan Documents under all circumstances, including the following: 
 (i) any lack of validity or
enforceability of such Letter of Credit, this Agreement, or any other agreement or instrument relating thereto; 
 (ii) any
change in the time, manner or place of payment of, or in any other term of, all or any of the obligations of the Borrowers in respect of any Letter of Credit or any other amendment or waiver of, or any consent to departure from, all or any of the
Loan Documents; 
 (iii) the existence of any claim, counterclaim, set-off, defense
or other right that a Borrower or any other Person may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or any
other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 

  
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 (iv) any draft, demand, certificate or other document presented under such Letter
of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a
drawing under such Letter of Credit; 
 (v) any payment by the L/C Issuer under such Letter of Credit against presentation of
a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising
in connection with any proceeding under any Debtor Relief Law; or 
 (vi) any other circumstance or happening whatsoever,
whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrowers. 

The Borrowers’ unconditional obligation to reimburse the L/C Issuer as set forth above is not in limitation of any rights or claims the
Borrowers may have against the L/C Issuer or any other Person for payment under a Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit or failure to pay upon
presentation of a draft or certificate that strictly complies with the terms of such Letter of Credit. 
 (f) Role of L/C Issuer. Each
of the Borrowers and the Revolving Lenders agrees that, in paying any drawing under a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly
required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. Neither the Administrative Agent nor the L/C Issuer nor any of
their respective Affiliates, directors, officers, employees, agents or advisors nor any of the correspondents, participants or assignees of the L/C Issuer shall be liable to any Revolving Lender for (i) any action taken or omitted in connection
herewith at the request or with the approval of the Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness,
validity or enforceability of any document or instrument related to any Letter of Credit or Letter of Credit Application. The Borrowers hereby assume all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any
Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the Borrowers’ pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other
agreement. Neither the Administrative Agent nor the L/C Issuer nor any of their respective Affiliates, directors, officers, employees, agents or advisors nor any of the correspondents, participants or assignees of the L/C Issuer shall be liable or
responsible for any of the matters described in clauses (i) through (vi) of Section 2.17(e); provided, however, 

  
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that anything in such clauses to the contrary notwithstanding, the Borrowers may have a claim against the L/C Issuer, and the L/C Issuer may be liable to the Borrowers, to the extent, but only to
the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrowers arising from the L/C Issuer’s gross negligence or willful misconduct or the L/C Issuer’s failure to pay under any Letter of Credit after
the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the L/C Issuer may accept documents that
appear on their face to be in substantial compliance with the terms of a Letter of Credit, without responsibility for further investigation, regardless of any notice or information to the contrary, and the L/C Issuer shall not be responsible for the
validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective
for any reason. 
 (g) Cash Collateral. 

(i) Upon the request of the Administrative Agent, if, as of the Maturity Date, any Letter of Credit for any reason remains
outstanding and partially or wholly undrawn, the Borrowers shall immediately Cash Collateralize the outstanding L/C Obligations in an amount equal to 100% of the then Effective Amount of the L/C Obligations. 

(ii) Subject to Section 2.20(e), if at any time during which one or more Letters of Credit are outstanding, any Lender is
at such time a Defaulting Lender, then no later than five (5) Business Days of written demand thereof from the L/C Issuer the Borrowers shall provide the Administrative Agent with cash collateral or similar security satisfactory to the L/C
Issuer (in its sole discretion) in respect of such Defaulting Lender’s obligation to fund under Section 2.17(c) in an amount not less than the aggregate amount of such obligations (after giving effect to Section 2.20(d)). If at any
time the Administrative Agent determines that any funds held as cash collateral are subject to any right or claim of any Person other than the Administrative Agent or that the total amount of such funds is less than the aggregate L/C Obligations in
respect of such Defaulting Lender, the Borrowers will, promptly upon demand by the Administrative Agent, pay to the Administrative Agent, as additional funds to be deposited as cash collateral, an amount equal to the excess of (x) such
aggregate L/C Obligations over (y) the total amount of funds, if any, then held as cash collateral that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letters of Credit for which
funds are on deposit as cash collateral, such funds shall be applied, to the extent permitted under applicable Governmental Rules, to reimburse the L/C Issuer. 

(iii) The Borrowers hereby grant the Administrative Agent, for the benefit of the L/C Issuer and the Lenders, a Lien on all
such cash and deposit account balances described in the definition of “Cash Collateralize” and all other cash collateral described in this Section 2.17(g) as security for the L/C Obligations. Cash collateral shall be maintained in
segregated, blocked, interest bearing deposit 

  
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 accounts with the Administrative Agent or other institutions satisfactory to it. Such accounts
must be the subject of control agreements pursuant to which the Administrative Agent has “control” as such term is used in the Uniform Commercial Code, sufficient to perfect on a first priority basis a security interest in such cash
collateral. The Lien held by the Administrative Agent in such cash collateral to secure the L/C Obligations shall be released upon the satisfaction of each of the following conditions: (a) no Letters of Credit shall be outstanding, (b) all
L/C Obligations shall have been repaid in full and (c) no Default shall have occurred and be continuing. 
 (h) Applicability of ISP
98. Unless otherwise expressly agreed by the L/C Issuer and the Borrowers when a Letter of Credit is issued, 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) shall apply to each Letter of Credit. 
 (i) Letter
of Credit Fees. The Borrowers shall pay, to the Administrative Agent for the account of each Revolving Lender in accordance with its L/C Risk Participation in each Letter of Credit, a Letter of Credit fee for each such Letter of Credit for the
period from the date of issuance of such Letter of Credit until the expiry thereof, at a per annum rate equal to the Applicable Margin for Eurodollar Loans multiplied by the actual daily maximum amount available to be drawn under such Letter
of Credit, provided that if the Borrowers have Cash Collateralized any portion of a Defaulting Lender’s obligations to fund under any Letter of Credit pursuant to Section 2.17(g), the Borrowers shall not be
required to pay any fees to such Defaulting Lender during the period such Defaulting Lender’s obligations are Cash Collateralized. Such fee for each Letter of Credit shall be due and payable quarterly in arrears on the immediately succeeding
Quarterly Payment Date, commencing with the first such date to occur after the issuance of such Letter of Credit, and on the Maturity Date. Each such fee, when due, shall be fully earned and when paid, shall be
non-refundable. All letter of credit fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed. 

(j) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The Borrowers shall pay directly to the L/C Issuer for
its own account a fronting fee in an amount with respect to each Letter of Credit equal to 0.125% per annum multiplied by the face amount of such Letter of Credit, due and payable quarterly in arrears on the immediately succeeding Quarterly Payment
Date, commencing with the first such date to occur after the issuance of such Letter of Credit, and on the Maturity Date; provided that in the case of an increase in the amount of a Letter of Credit after the issuance thereof, such fronting
fee shall be payable only on the increased amount thereof. In addition, the Borrowers shall pay directly to the L/C Issuer for its own account the customary, issuance, presentation, amendment, negotiation and other processing fees, and other
standard costs and charges, of the L/C Issuer relating to letters of credit as from time to time in effect. Such fees and charges are due and payable on demand and are nonrefundable. 

(k) Conflict with Letter of Credit Application. In the event of any conflict between the terms hereof and the terms of any Letter of
Credit Application, the terms hereof shall control. 

  
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 Section 2.18 Swing Line. 

(a) The Swing Line. On the terms and subject to the conditions set forth herein, the Swing Line Lender agrees to make loans (each such
loan, a “Swing Line Loan”) in dollars to the Borrowers from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit,
notwithstanding the fact that such Swing Line Loans, when aggregated with the Effective Amount of Revolving Loans of the Swing Line Lender in its capacity as a Revolving Lender of Revolving Loans, may exceed the amount of such Revolving
Lender’s Revolving Loan Commitment; provided, however, that after giving effect to any Swing Line Loan, (i) the aggregate Effective Amount of all Revolving Loans, Swing Line Loans and L/C Obligations shall not exceed the
Total Revolving Loan Commitment at such time, and (ii) the aggregate Effective Amount of the Revolving Loans of any Revolving Lender (other than the Swing Line Lender) at such time, plus such Lender’s Total Lender Risk Participation at
such time shall not exceed such Revolving Lender’s Revolving Loan Commitment, and provided, further, that the Swing Line Lender shall not make any Swing Line Loan to refinance an outstanding Swing Line Loan. Within the foregoing
limits, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.18, prepay under Section 2.8, and reborrow under this Section 2.18. Each Swing Line Loan shall be an ABR Loan. Immediately
upon the making of a Swing Line Loan, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an amount equal to the product
of such Lender’s Revolving Proportionate Share times the amount of such Swing Line Loan; provided, however that the amount of such Lender’s risk participation shall be adjusted in the manner set forth in Section 2.20(d).
Furthermore, subject to Section 2.20(e), before making any Swing Line Loans (if at such time any Lender is a Defaulting Lender), the Swing Line Lender may condition the provision of such Swing Line Loans on its receipt of cash collateral or
similar security satisfactory to the Swing Line Lender (in its sole discretion) from the Borrowers in respect of such Defaulting Lender’s risk participation in such Swing Line Loans as set forth below (as adjusted pursuant to
Section 2.20(d)). The Borrowers hereby grant to the Administrative Agent, for the benefit of the Swing Line Lender, a security interest in all such cash collateral and all proceeds of the foregoing. Cash collateral shall be maintained in
segregated, blocked, interest bearing deposit accounts with the Administrative Agent or other institutions satisfactory to it. Such accounts must be the subject of control agreements pursuant to which the Administrative Agent has “control”
as such term is used in the Uniform Commercial Code, sufficient to perfect on a first priority basis a security interest in such cash collateral. If at any time the Administrative Agent determines that any funds held as cash collateral are subject
to any right or claim of any Person other than the Administrative Agent or that the total amount of such funds is less than the aggregate risk participation of such Defaulting Lender in the relevant Swing Line Loan, the Borrowers will, promptly upon
demand by the Administrative Agent, pay to the Administrative Agent, as additional funds to be deposited as cash collateral, an amount equal to the excess of (x) such aggregate risk participation over (y) the total amount of funds, if any,
then held as cash collateral that the Administrative Agent determines to be free and clear of any such right and claim. At such times there are Swing Line Loans outstanding for which funds are on deposit as cash collateral, such funds shall be
applied as and when determined by the Swing Line Lender, to the extent permitted under applicable Governmental Rules, to reimburse and otherwise pay the applicable obligations owing to the Swing Line Lender. 

  
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 (b) Borrowing Procedures. Each Swing Line Borrowing shall be made upon the Borrowers’
irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by telephone. Each such notice must be received by the Swing Line Lender and the Administrative Agent not later than 3:00 p.m., on the requested borrowing
date, and shall specify (i) the amount to be borrowed, which amount shall be a minimum amount of $100,000 or an integral multiple of $25,000 in excess thereof, and (ii) the requested borrowing date, which shall be a Business Day. Each such
telephonic notice must be confirmed promptly by the delivery to the Swing Line Lender and the Administrative Agent of a written Notice of Swing Line Borrowing, appropriately completed and signed by a Responsible Officer of the Borrowers, which
notice may be delivered by telecopy or e-mail. Promptly after receipt by the Swing Line Lender of any telephonic Notice of Swing Line Borrowing, the Swing Line Lender will confirm with the Administrative Agent
(by telephone or in writing) that the Administrative Agent has also received such Notice of Swing Line Borrowing and, if not, the Swing Line Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof. Unless the
Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Revolving Lender) prior to 4:00 p.m., on the date of the proposed Swing Line Borrowing (A) directing the Swing
Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the proviso to the first sentence of Section 2.18(a), or (B) that one or more of the applicable conditions specified in Section 4.2 is not then
satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not later than 4:30 p.m., on the borrowing date specified in such Notice of Swing Line Borrowing, make the amount of its Swing Line Loan available to the
Borrowers at its office by crediting the account of the Borrowers on the books of the Swing Line Lender in immediately available funds. 

(c) Refinancing of Swing Line Loans. 

(i) The Swing Line Lender at any time in its sole and absolute discretion may request, on behalf of the Borrowers (which hereby
irrevocably requests the Swing Line Lender to act on its behalf for such purpose), under this subsection (c), that each Revolving Lender make an ABR Loan in an amount equal to the amount of such Revolving Lender’s Swing Line Risk Participation
with respect to the Swing Line Loans then outstanding. Such request shall be made in accordance with the requirements of Article II, without regard to the minimum and multiples specified therein for the principal amount of ABR Loans, but subject to
the unutilized portion of the Total Revolving Loan Commitment and the conditions set forth in Section 4.2. The Swing Line Lender shall furnish the Borrowers with a copy of the applicable Borrowing Request promptly after delivering such notice
to the Administrative Agent. Each Revolving Lender shall make an amount equal to its Swing Line Risk Participation in the amount specified in such Borrowing Request available to the Administrative Agent in immediately available funds for the account
of the Swing Line Lender at the Administrative Agent’s Office not later than 12:00 p.m., on the day specified in such Borrowing Request for Revolving Loans, whereupon, subject to Section 2.18(c)(ii), each Revolving Lender that so makes
funds available shall be deemed to have made an ABR Loan to the Borrowers in such amount. The Administrative Agent shall remit the funds so received to the Swing Line Lender. 

  
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 (ii) If for any reason any Revolving Loan cannot be requested in accordance with
Section 2.18(c)(i) or any Swing Line Loan cannot be refinanced by such a Revolving Loan, the Borrowing Request for Revolving Loans submitted by the Swing Line Lender shall be deemed to be a request by the Swing Line Lender that each of the
Revolving Lenders fund the amount of its Swing Line Risk Participation in the relevant Swing Line Loan and each Revolving Lender’s payment to the Administrative Agent for the account of the Swing Line Lender pursuant to Section 2.18(c)(i)
shall be deemed payment in respect of such Swing Line Risk Participation. 
 (iii) If any Revolving Lender fails to make
available to the Administrative Agent for the account of the Swing Line Lender any amount required to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section 2.18(c) by the time specified in
Section 2.18(c)(i), the Swing Line Lender shall be entitled to recover from such Revolving Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to
the date on which such payment is immediately available to the Swing Line Lender at a rate per annum equal to the Federal Funds Effective Rate from time to time in effect. A certificate of the Swing Line Lender submitted to any Revolving Lender
(through the Administrative Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest error. 

(iv) Each Revolving Lender’s obligation to make Revolving Loans or to purchase and fund Swing Line Risk Participations in
Swing Line Loans pursuant to this Section 2.18(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any set-off, counterclaim, recoupment, defense or
other right which such Revolving Lender may have against the Swing Line Lender, the Borrowers or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or Event of Default, or (C) any other occurrence,
event or condition, whether or not similar to any of the foregoing. Any such purchase of participations shall not relieve or otherwise impair the obligation of the Borrowers to repay Swing Line Loans, together with interest as provided herein. 

(d) Repayment of Participations. 

(i) At any time after any Revolving Lender has purchased and funded a Swing Line Risk Participation in a Swing Line Loan, if
the Swing Line Lender receives any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Lender an amount equal to such Revolving Lender’s Swing Line Risk Participation with respect thereto (appropriately
adjusted, in the case of interest payments, to reflect the period of time during which such Revolving Lender’s Swing Line Risk Participation was outstanding and funded) in the same funds as those received by the Swing Line Lender. 

  
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 (ii) If any payment received by the Swing Line Lender in respect of principal or
interest on any Swing Line Loan is required to be returned by the Swing Line Lender, each Revolving Lender shall pay to the Swing Line Lender the amount of such Revolving Lender’s Swing Line Risk Participation with respect thereto on demand of
the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the Federal Funds Effective Rate. The Administrative Agent will make such demand upon the request of the
Swing Line Lender. 
 (e) Interest for Account of Swing Line Lender. Each Swing Line Loan shall bear interest on the outstanding
principal amount thereof from the applicable borrowing date at a rate per annum equal to (i) the Alternate Base Rate plus the Applicable Margin for ABR Loans minus (ii) the then applicable Commitment Fees percentage determined
pursuant to the pricing grid set forth in the definition of “Applicable Margin.” The Swing Line Lender shall be responsible for invoicing the Borrowers for interest on the Swing Line Loans. Until each Revolving Lender funds its Swing Line
Risk Participation pursuant to this Section 2.18 to refinance such Revolving Lender’s Swing Line Risk Participation with respect to any Swing Line Loan, interest in respect of such Swing Line Risk Participation shall be solely for the
account of the Swing Line Lender. The Borrowers shall pay accrued interest on the unpaid principal amount of each Swing Line Loan on each Quarterly Payment Date and on the Maturity Date. 

(f) Payments Directly to Swing Line Lender. The Borrowers shall make all payments of principal and interest in respect of the Swing Line
Loans directly to the Swing Line Lender. 
 Section 2.19 Notes. 

(a) Revolving Loan Notes. Upon the request of a Revolving Lender, such Revolving Lender’s Revolving Loans shall be evidenced by a
promissory note substantially in the form of Exhibit E (individually, a “Revolving Loan Note”) which note shall be (i) payable to such Lender, (ii) in the amount of such Lender’s Revolving
Loan Commitment, (iii) dated the Effective Date (or such other date acceptable to such Revolving Lender) and (iv) otherwise appropriately completed. The Borrowers authorize each Lender to record on the schedule annexed to such
Lender’s Revolving Loan Note the date and amount of each Revolving Loan made by such Lender and of each payment or prepayment of principal thereon made by the Borrowers, and agree that all such notations shall be prima facie evidence of the
Loans, payments or prepayments noted thereon; provided, however, that any failure by a Lender to make, or any error by any Lender in making, any such notation shall not affect the Borrowers’ Loans and other obligations under the
Loan Documents. The Borrowers further authorize each Lender to attach to and make a part of such Lender’s Revolving Loan Note continuations of the schedule attached thereto as necessary. If, because any Lender designates separate applicable
lending offices for ABR Loans and Eurodollar Loans, such Lender requests that separate promissory notes be executed to evidence separately such Revolving Loans, then each such note shall be substantially in the form of
Exhibit E, mutatis mutandis to reflect such division, and shall be (A) payable to such Lender, (B) in the amount of such Lender’s Revolving Loan Commitment, (C) dated the Effective Date and
(D) otherwise appropriately completed. Such notes shall, collectively, constitute a Revolving Loan Note. 

  
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 (b) Term Loan Notes. Upon the request of a Term Lender, such Term Lender’s Term Loan
shall be evidenced by a promissory note substantially in the form of Exhibit F (individually, a “Term Loan Note”) which note shall be (i) payable to the order of such Term Lender, (ii) in the aggregate amount of
such Term Lender’s Term Loan(s), (iii) dated the Effective Date (or such other date acceptable to such Term Lender) and (iv) otherwise appropriately completed. If, because any Term Lender designates separate applicable lending offices for
ABR Loans and Eurodollar Loans, such Term Lender requests that separate promissory notes be executed to evidence separately such Term Loans, then each such note shall be substantially in the form of Exhibit F, mutatis
mutandis to reflect such division, and shall be (w) payable to the order of such Term Lender, (x) in the amount of such Term Lender’s Term Loan, (y) dated the Effective Date (or such other date acceptable to such Term Lender) and
(z) otherwise appropriately completed. Such notes shall, collectively, constitute a Term Loan Note. 
 (c) Swing Line Notes. Upon
the request of the Swing Line Lender the Swing Line Loans shall be evidenced by a promissory note substantially in the form of Exhibit G (individually, a “Swing Line Note”) which note shall be (i) payable to the Swing
Line Lender, (ii) in the amount of the Swing Line Lender’s Swing Line Loans, (iii) dated the Effective Date (or such other date acceptable to the Swing Line Lender) and (iv) otherwise appropriately completed. 

Section 2.20 Defaulting Lenders. Notwithstanding anything to the contrary contained in this Agreement, if any Lender
becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: 

(a) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in the definition of “Required Lenders” and in the last sentence of Section 9.2(b). 

(b) Reallocation of Payments. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the
account of such Defaulting Lender (whether voluntary or mandatory, at maturity, upon acceleration or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 9.8, shall be applied at such time or times as
may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting
Lender to the L/C Issuer or Swing Line Lender hereunder; third, if so determined by the Administrative Agent or requested by the L/C Issuer or Swing Line Lender, to be held as Cash Collateral for future funding obligations of such Defaulting Lender
of any participation in any Swing Line Loan or Letter of Credit; fourth, as the Borrowers may request (so long as no Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion
thereof as required by this Agreement as determined by the Administrative Agent; fifth, as the Borrowers may request and if so agreed by the Administrative Agent, to be held in a deposit account and released in order to satisfy obligations of such
Defaulting Lender to fund Loans under this Agreement; sixth, to the payment of any amounts owing to the Lenders, the L/C Issuer or Swing Line Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the L/C
Issuer or Swing Line Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to
the Borrowers as a result of 

  
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any judgment of a court of competent jurisdiction obtained by the Borrowers against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this
Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which
such Defaulting Lender has not fully funded its appropriate share and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.2 were satisfied or waived, such payment shall
be applied solely to pay the Loans of, and L/C Borrowings owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Borrowings owed to, such
Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section 2.20(b) shall be
deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 
 (c) Certain Fees. The
Defaulting Lender (i) shall not be entitled to receive any Commitment Fee under Section 2.9(a) for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such fees that otherwise
would have been required to have been paid to that Defaulting Lender) and (ii) shall be limited in its right to receive Letter of Credit fees as provided in Section 2.17(i). 

(d) Reallocation of Participations. All or any part of such Defaulting Lender’s Revolving Proportionate Share of the Effective
Amount of L/C Obligations and Swing Line Loans shall automatically (effective on the day such Lender becomes a Defaulting Lender) be reallocated among the non-Defaulting Lenders in accordance with their
respective Revolving Proportionate Shares (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that (i) the conditions set forth in Section 4.2 are satisfied at such time (and, unless the Borrowers
shall have otherwise notified the Administrative Agent at the time, the Borrowers shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (ii) such reallocation does not cause the sum of
(A) the Effective Amount of all Revolving Loans made by such Revolving Lender outstanding at such time and (B) such Revolving Lender’s Total Lender Risk Participation at such time to exceed such Revolving Lender’s Revolving Loan
Commitment at such time. 
 (e) Cash Collateral by Borrowers. If the reallocation described in clause (d) above cannot, or can
only partially, be effected, the Borrowers shall, without prejudice to any right or remedy available to it hereunder or under law, no later than five (5) Business Days following notice by the Administrative Agent, Cash Collateralize such
Defaulting Lender’s Revolving Proportionate Share of the Effective Amount of L/C Obligations and Swing Line Loans (after giving effect to any partial reallocation pursuant to clause (d) above) in accordance with the procedures set forth in
Sections 2.17(g) and 2.18(a), as applicable, for so long as such L/C Obligations or Swing Line Loans are outstanding. 
 (f) Defaulting
Lender Cure. If the Borrowers, the Administrative Agent, Swing Line Lender and the L/C Issuer agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will
so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash 

  
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Collateral), such Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be
necessary to cause the Revolving Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held on a pro rata basis by the Lenders in accordance with their Revolving Proportionate Shares (without giving effect to
Section 2.20(d)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while such Lender was a
Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party
hereunder arising from such Lender’s having been a Defaulting Lender. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

The Borrowers represent and warrant to the Lenders that: 

Section 3.1 Organization; Powers. Each of the Borrowers and their respective Subsidiaries is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 

Section 3.2 Authorization; Enforceability. The Transactions are within each Borrower’s organizational powers and have
been duly authorized by all necessary organizational action and, if required, action by its partners. Each of this Agreement and any other documents executed and delivered in connection with the Transactions has been duly executed and delivered by
each Borrower and constitutes a legal, valid and binding obligation of each Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights
generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

Section 3.3 Governmental Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of,
registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (b) will not violate any applicable law or regulation other than violations which,
individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, (c) will not violate the charter, by-laws, articles, limited liability company agreement, limited
partnership agreement or other organizational documents of any Borrower or any Subsidiary or any order of any Governmental Authority, (d) will not violate or result in a default under any indenture, agreement or other instrument binding upon
any Borrower or any Subsidiary or the assets of any Borrower or any Subsidiary other than violations or defaults which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, (e) will not give rise
to a right under any indenture, agreement or other instrument binding upon any Borrower or any Subsidiary or upon the assets of any Borrower or any Subsidiary to require any material payment to be made by any Borrower or any Subsidiary, and
(f) will not result in the creation or imposition of any Lien on any asset of any Borrower or any Subsidiary. 

  
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 Section 3.4 Financial Condition; No Material Adverse Change. (a) The Borrowers have
heretofore furnished to the Lenders combined consolidated statements of financial condition and statements of income, unitholders’ capital and cash flows (or their predecessor’s consolidated statements) as of and for the fiscal years ended
December 31, 2015, reported on by PricewaterhouseCoopers LLP, independent public accountants, and December 31, 2016 and 2017, reported on by Ernst & Young LLP, independent public accountants. Such financial statements present
fairly, in all material respects, the financial position and results of operations and cash flows of the Borrowers and their respective consolidated Subsidiaries (or their predecessor and its consolidated subsidiaries) as of such dates and for such
periods on a combined basis in accordance with GAAP, subject to year-end audit adjustments. 
 (b)
From December 31, 2017 to the Fourth Amendment Effective Date, there has been no event, development or circumstance that has had or would reasonably be expected to have a Material Adverse Effect. 

Section 3.5 Properties. (a) Each of the Borrowers and their respective Subsidiaries has good title to, or valid leasehold
interests in, all its real and personal property material to its business and none of such property is subject to any Lien except as permitted by Section 6.2. 

(b) Each of the Borrowers and their respective Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and
other intellectual property material to its business, and the use thereof by each of the Borrowers and their respective Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, individually or in
the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 
 Section 3.6 Litigation and
Environmental Matters. (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrowers, threatened against or affecting any Borrower or any of their
respective Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect
(other than the Disclosed Matters) or (ii) that arises from this Agreement or the Transactions. 
 (b) Except for the Disclosed Matters
and except with respect to any other matters that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, none of the Borrowers or any of their respective Subsidiaries (i) has failed to comply
with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim
with respect to any Environmental Liability or (iv) knows of any basis for any Environmental Liability. 

  
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 (c) Since the date of this Agreement, there has been no change in the status of the Disclosed
Matters that, individually or in the aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect. 

Section 3.7 Compliance with Laws and Agreements. Each of the Borrowers and their respective Subsidiaries is in compliance
with all Requirements of Law and Contractual Obligations binding upon it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

Section 3.8 Investment and Holding Company Status. (a) None of the Borrowers or any of their respective Subsidiaries is an
“investment company”, or a company “controlled” by an “investment company”, each as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended. Except for net capital and other
requirements imposed on registered broker-dealers, none of the Borrowers or any of their respective Subsidiaries is subject to any regulation under any Requirement of Law (other than Regulation X of the Board) that limits its ability to incur
Indebtedness. 
 (b) Each of the Borrowers and their respective Subsidiaries that is engaged in investment advisory or investment management
activities is, and at all times will be, duly registered as an investment adviser if and to the extent required under the Investment Advisers Act of 1940, as amended; and each Subsidiary of a Borrower which is engaged in broker-dealer business is, and at all times will be, duly registered as a broker-dealer if and to the extent required under the Securities Exchange Act of 1934, as amended, and, as and to the extent required, is,
and at all times will be, a member in good standing of the National Association of Securities Dealers, Inc. 
 Section 3.9
Taxes. Each of the Borrowers and their respective Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it when
due and payable, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which each of the Borrowers or such Subsidiary, as applicable, has set aside on its books adequate reserves with respect thereto in
accordance with GAAP or (b) to the extent that the failure to so file and/or pay could not reasonably be expected to result in a Material Adverse Effect. 

Section 3.10 ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such
ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for
purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $5,000,000 the fair market value of the assets of such Plan, and the
present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements
reflecting such amounts, exceed by more than $10,000,000 the fair market value of the assets of all such underfunded Plans. 

  
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 Section 3.11 Disclosure. Each Borrower has disclosed to the Lenders all agreements,
instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect. None
of the reports, financial statements, certificates or other information furnished by or on behalf of the Borrowers to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or the other Loan Documents or
delivered hereunder or thereunder (as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Borrowers represent only that such information was prepared in good faith based upon assumptions believed to be
reasonable at the time of such preparation. 
 Section 3.12 No Default. None of the Borrowers or any of their respective
Subsidiaries is in default under or with respect to any of its Contractual Obligations in any respect that could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing. 

Section 3.13 Subsidiaries. Except as disclosed to the Administrative Agent by the Borrowers in writing from time to time after the
Effective Date, (a) Schedule 3.13 sets forth the name and jurisdiction of incorporation, organization or formation of each Subsidiary and the name of a Borrower or other Subsidiary that is the parent of such Subsidiary and the percentage of
such Subsidiary owned directly or indirectly by such parent and (b) there are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options or restricted stock granted to employees
or directors and directors’ qualifying shares) of any nature relating to any Capital Stock of any Borrower or any Subsidiary. 

Section 3.14 Federal Regulations. No part of the proceeds of any Loans or Letters of Credit will be used for
“buying” or “carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation U as now and from time to time hereafter in effect in any manner that violates the provisions of the
regulations of the Board or for any other purpose that violates the provisions of the regulations of the Board. The Borrowers are not engaged in the business of extending credit to others for the purpose of “buying” or “carrying”
“margin stock”. If requested by any Lender or the Administrative Agent, each Borrower will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable, referred to in Regulation U. Not more than 25% of the consolidated assets of the Borrowers and their respective Subsidiaries (excluding
treasury shares) and not more than 25% of the unconsolidated assets of each Borrower consists of “margin stock” under Regulation U as now and from time to time hereafter in effect. 

Section 3.15 No Burdensome Restrictions. No Requirement of Law or Contractual Obligation of any Borrower would reasonably
be expected to have a Material Adverse Effect. 

  
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 Section 3.16 Sanctions; Anti-Corruption. 

(a) None of the Borrowers, any of their respective Subsidiaries, or, to the knowledge of the applicable Borrower, any officer, director,
affiliate, employee or agent of such Borrower or any of its Subsidiaries, is an individual or entity (“person”) that is, or is owned 50 percent or more, individually or in the aggregate, directly or indirectly, or controlled by
persons that are (i) the subject of any sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control, the U.S. Department of State, the United Nations Security Council, the European Union or
Her Majesty’s Treasury (collectively, “Sanctions”), or (ii) located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions (including Crimea, Cuba, Iran, North Korea and
Syria). 
 (b) The Borrowers, their respective Subsidiaries and, to the knowledge of the applicable Borrower, its directors, officers,
employees and the agents of such Borrower and its Subsidiaries, are in compliance with all applicable Sanctions and with the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”)
and any other applicable anti-corruption law, in all material respects. The Borrowers and their respective Subsidiaries have instituted and maintain policies and procedures designed to promote and achieve continued compliance with applicable
Sanctions, the FCPA and any other applicable anti-corruption laws. 
 Section 3.17 Obligations to Rank Pari Passu. The
Indebtedness created under the Loan Documents constitutes unsecured obligations of the Borrowers ranking pari passu with all other present and future unsecured Indebtedness of the Borrowers that is not by its terms subordinate or junior in rank to
any other Indebtedness of the Borrowers. 
 Section 3.18 EEA Financial Institutions. None of the Borrowers is an EEA
Financial Institution. 
 ARTICLE IV 

CONDITIONS 

Section 4.1 Effective Date. The obligations of the Lenders to make Loans and the obligation of the L/C Issuer to issue
Letters of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.2): 

(a) Principal Loan Documents. The Administrative Agent (and if applicable, the L/C Issuer or the Swing Line Lender) shall have received:

 (i) this Agreement, duly executed by the Borrowers and each Lender; 

(ii) a Revolving Loan Note in favor of each Revolving Lender requesting such a Note; 

(iii) a Term Loan Note in favor of each Term Lender requesting such a Note; and 

(iv) a Swing Line Note in favor of the Swing Line Lender. 

  
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 (b) The Administrative Agent shall have received a favorable written opinion (addressed to the
Administrative Agent and the Lenders and dated the Effective Date) of Munger, Tolles & Olson LLP, special counsel for the Borrowers, substantially in the form of Exhibit B, and covering such other matters relating to the Borrowers,
this Agreement or the Transactions as the Required Lenders shall reasonably request. The Borrowers hereby request such counsel to deliver such opinion. 

(c) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably
request relating to the organization, existence and good standing of each Borrower, the authorization of the Transactions and any other legal matters relating to the Borrowers, this Agreement or the Transactions, all in form and substance
satisfactory to the Administrative Agent. 
 (d) The Administrative Agent shall have received a certificate from each Borrower, dated the
Effective Date and signed by a Responsible Officer of such Borrower, (i) confirming compliance with the conditions set forth in paragraphs (b) and (c) of Section 4.2 and (ii) setting forth the Debt Ratings as of the
Effective Date. 
 (e) The Administrative Agent, the Lenders and the Lead Arranger shall have received (i) to the extent invoiced,
reimbursement or payment of all reasonable out-of-pocket expenses required to be reimbursed or paid by the Borrowers hereunder and (ii) all fees payable to the Lead
Arranger pursuant to the Fee Letter. 
 (f) All governmental and third party approvals reasonably necessary in connection with the continuing
operations of the Borrowers and their respective Subsidiaries and the transactions contemplated hereby shall have been obtained and be in full force and effect, and all applicable waiting periods shall have expired without any action being taken or
threatened by any Governmental Authority that would restrain, prevent or otherwise impose adverse conditions on the financing contemplated hereby. 

(g) The Lenders shall have received (i) audited consolidated financial statements of the Borrowers (or their predecessor) for the 2011,
2012 and 2013 fiscal years and (ii) unaudited interim consolidated financial statements of the Borrowers for each quarterly period ended subsequent to the date of the latest applicable financial statements delivered pursuant to clause
(i) of this paragraph as to which such financial statements are available, and such financial statements shall not, in the reasonable judgment of the Lenders, reflect any material adverse change in the consolidated financial condition of any
Borrower as reflected in the financial statements furnished to the Lenders. 
 (h) The Administrative Agent shall have received evidence
reasonably satisfactory to it that all amounts outstanding, if any, under the Existing Credit Agreement have been repaid in full as of the Effective Date and such agreement and the commitments thereunder have been terminated. 

The Administrative Agent shall notify the Borrowers and the Lenders of the Effective Date, and such notice shall be conclusive and binding.

  
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 Section 4.2 Each Credit Event. The obligation of each Lender to make a Loan on
the occasion of any Borrowing or any L/C Credit Extension (including its initial Loan) is subject to the satisfaction of the following conditions: 

(a) The Borrowers shall have delivered to the Administrative Agent and, if applicable, the L/C Issuer or the Swing Line Lender, a Borrowing
Request, a Notice of Swing Line Borrowing, Letter of Credit Application or Interest Election Request, as the case may be, for such extension of credit in accordance with this Agreement; 

(b) The representations and warranties of the Borrowers set forth in this Agreement shall be true and correct in all material respects (or if
qualified by materiality or Material Adverse Effect, in all respects) on and as of the date of such Borrowing or L/C Credit Extension (unless stated to relate to a specific earlier date, in which case, such representations and warranties shall be
true and correct in all material respects (or if qualified by materiality or Material Adverse Effect, in all respects) as of such earlier date); and 

(c) At the time of and immediately after giving effect to such Borrowing or L/C Credit Extension, no Default or Event of Default shall have
occurred and be continuing. 
 Each Borrowing and L/C Credit Extension shall be deemed to constitute a representation and warranty by the
Borrowers on the date thereof as to the matters specified in paragraphs (b) and (c) of this Section. 
 ARTICLE V 

AFFIRMATIVE COVENANTS 

Until the Commitments have expired or been terminated and the principal of and interest on each Loan, L/C Obligation and all fees payable
hereunder shall have been paid in full, the Borrowers covenant and agree with the Lenders that: 
 Section 5.1 Financial
Statements and Other Information. The Borrowers will furnish to the Administrative Agent and each Lender: 
 (a) Annual Financial
Statements—GAAP. within 90 days after the end of each fiscal year of the Borrowers, an audited combined consolidated statement of financial condition and related statements of operations, unitholders’ capital and cash flows of the
Borrowers and their respective consolidated Subsidiaries as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year (or for the Borrowers’ predecessor’s previous fiscal
year), all reported on by Ernst & Young LLP or other independent public accountants of recognized national standing to the effect that such combined consolidated financial statements present fairly in all material respects the financial
condition and results of operations of the Borrowers and their respective consolidated Subsidiaries on a combined basis in accordance with GAAP consistently applied, (B) copies of such accountants’ unqualified opinion and (C) to the
extent delivered, management letters from such accountants in connection with all such combined consolidated financial statements; 

  
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 (b) Quarterly Financial Statements—GAAP. within 60 days after the end of each of the
first three fiscal quarters of each fiscal year of the Borrowers, a combined consolidated statement of financial condition and related statements of operations, unitholders’ capital and cash flows of the Borrowers and their respective
consolidated Subsidiaries as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the
statement of financial condition, as of the end of) the previous fiscal year (or for the Borrowers’ predecessor’s previous fiscal year), all certified by one of its Financial Officers as presenting fairly in all material respects the
financial condition and results of operations of the Borrowers and their respective consolidated Subsidiaries on a combined basis in accordance with GAAP consistently applied, subject to normal year-end audit
adjustments; 
 (c) Compliance Certificate. concurrently with any delivery of financial statements under clause (a) or
(b) above, a compliance certificate of a Financial Officer of each of the Borrowers substantially in the form of Exhibit H (i) certifying as to whether a Default or Event of Default has occurred and, if a Default or Event of Default
has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Section 6.8, (iii) stating whether any
change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.4 and, if any such change has occurred, specifying the effect of such change on the financial statements
accompanying such certificate and (iv) certifying as to the then current Debt Ratings; 
 (d) Governmental Filings. within three
days after the same are filed, notice by electronic mail of the filing by OCG with the SEC of any periodic reports or current reports made pursuant to the Securities Exchange Act of 1934; 

(e) Assets Under Management. concurrently with any delivery of financial statements under clauses (a) or (b) above, a schedule of
the Assets Under Management on the last day of such quarter, substantially in the form of Exhibit C; 
 (f) Reserved; 

(g) Additional Information. promptly following any request therefor, such other information regarding the operations, business affairs
and financial condition of any Borrower or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender (through the Administrative Agent) may reasonably request; provided that the Borrowers shall
only be required to furnish such information (i) to the extent that such information can be furnished without violating any Governmental Rule or binding confidentiality agreement to which any Borrower or any Subsidiary is a party; and
(ii) to the extent such materials are not expressly excluded from the provisions of Section 5.1(a) through Section 5.1(f). 
 The Borrowers
hereby acknowledge that (a) the Administrative Agent will make available to the Lenders and the L/C Issuer materials and/or information provided by or on behalf of the Borrowers hereunder (the “Borrower Materials”) by posting
the Borrower Materials on one or more Platforms and (b) certain of the Lenders may be “public-side” Lenders (i.e. Lenders that do not wish to receive non-public information with respect to the
Oaktree Operating Group, their subsidiaries or 

  
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their securities) (each, a “Public Lender”). The Borrowers hereby agree that (w) all Borrower Material that are to be made available to Public Lenders shall be clearly and
conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof, (x) by marking Borrower Materials “PUBLIC” the Borrowers shall be deemed to
have authorized the Administrative Agent, the L/C Issuer and the Lenders to treat such Borrower Materials as either publicly available information or not material information (although it may be sensitive and proprietary) with respect to the Oaktree
Operating Group, their subsidiaries or their securities for purposes of United States Federal and state security laws; (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform
designated “Public Investor;” and (z) the Administrative Agent shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated
“Public Investor.” 
 In lieu of furnishing the Administrative Agent with the filings referred to in Section 5.1(d) above, OCG may make
available the filings that it submits to the SEC at www.sec.gov or at such other website as notified to the Administrative Agent and the Lenders, which shall be deemed to have satisfied the requirements of furnishing such filings required by
Section 5.1(d). 
 Section 5.2 Notices of Material Events. The Borrowers will furnish to the Administrative
Agent and each Lender prompt written notice of the following: 
 (a) the occurrence of any Default or Event of Default; 

(b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting any
Borrower or any Affiliate thereof that, if adversely determined, would reasonably be expected to result in a Material Adverse Effect; 
 (c)
any involuntary suspension or termination of the registration of any Borrower or any Subsidiary as an investment adviser under the Investment Advisers Act of 1940, as amended; 

(d) any announcement by S&P, Fitch Ratings, Moody’s or other nationally recognized rating agency of any change in a Debt Rating; and

 (e) any other development that results in, or would reasonably be expected to result in, a Material Adverse Effect. 

Each notice delivered under this Section shall be accompanied by a statement of a Responsible Officer of the applicable Borrower setting
forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

Section 5.3 Existence; Conduct of Business. Each Borrower will, and will cause each of its Subsidiaries to, do or cause to
be done all things necessary to preserve, renew and keep in full force and effect its legal existence and, except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect, the rights, licenses,
permits, privileges and franchises reasonably necessary to the conduct of its business; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.3. 

  
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 Section 5.4 Payment of Obligations. Each Borrower will, and will cause each of its
Subsidiaries to, pay its obligations, including Tax liabilities, which, if not paid, would result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being
contested in good faith by appropriate proceedings, (b) such Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto if required in accordance with GAAP and (c) the failure to make payment pending such
contest would not reasonably be expected to result in a Material Adverse Effect. 
 Section 5.5 Maintenance of Properties;
Insurance. Each Borrower will, and will cause each of its Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and
(b) maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar
locations. 
 Section 5.6 Books and Records; Inspection Rights. Each Borrower will, and will cause each of its
Subsidiaries to, keep proper books of record and account with respect to its business and activities. Each Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated by the Administrative Agent (or if an Event
of Default has occurred and is occurring, any Lender) at reasonable times and upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and
condition with its officers and, provided that such Borrower is afforded the opportunity to participate in such discussions, its independent accountants, all at such reasonable times and as often as reasonably requested, subject to Section 9.16
hereof; provided, however, in no event shall such visitations, inspections or examinations occur more frequently than once per calendar year so long as no Event of Default has occurred and is occurring. 

Section 5.7 Compliance with Laws and Contractual Obligations. Each Borrower will, and will cause each of its Subsidiaries
to, comply with (a) its Organizational Documents, (b) all Requirements of Law applicable to it or its property (including, without limitation, Environmental Laws) and maintain all Governmental Authorizations applicable to it or its
property, and (c) all of its Contractual Obligations, except where in each case, the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

Section 5.8 Use of Proceeds. The proceeds of the Loans and Letters of Credit will be used only to (a) provide for the
working capital and general corporate purposes of the Borrowers and their respective Subsidiaries, including to provide the funding necessary for the Borrowers to make capital contributions to investment companies, funds or accounts which are
managed by a member of the Oaktree Operating Group or their respective Subsidiaries or for which such Oaktree Operating Group member or such Subsidiary acts as a general partner or investment manager, and, to the extent permitted under this
Agreement, to make equity distributions or fund repurchases by OCG or ControlCo of their respective Capital Stock, to make investments, loans or advances and to fund Restricted Payments permitted by Section 6.5 and (b) pay fees and
expenses incurred in connection with the Transactions. 

  
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 Section 5.9 Sanctions; Anti-Corruption Laws. The Borrowers will maintain in effect
policies and procedures designed to promote compliance by the Borrowers, their respective Subsidiaries, and their respective directors, officers, employees, and agents with applicable Sanctions and with the FCPA and any other applicable
anti-corruption laws. 
 ARTICLE VI 

NEGATIVE COVENANTS 
 Until
the Commitments have expired or terminated and the principal of and interest on each Loan, L/C Obligation and all fees payable hereunder have been paid in full, the Borrowers covenant and agree with the Lenders that: 

Section 6.1 Indebtedness. The Borrowers will not (x) create, incur, assume or permit to exist any Indebtedness or
(y) permit any Subsidiary (other than any CLO Subsidiary) to create, incur, assume or permit to exist any Indebtedness or preferred Capital Stock, except, in each case: 

(a) Indebtedness created hereunder; 

(b) Indebtedness existing on the Fourth Amendment Effective Date and set forth in Schedule 6.1 and any extensions, renewals or replacements of
any such Indebtedness that do not increase the outstanding principal amount, or shorten the maturity, thereof; 
 (c) Indebtedness of a
Borrower to any Subsidiary or other Borrower, and of any Subsidiary to any Borrower or any Subsidiary of a Borrower; 
 (d) Indebtedness of a
Borrower or Subsidiary to Oaktree Capital Management (Cayman), L.P., Oaktree Investment Holdings, L.P. or any of their respective subsidiaries in an aggregate amount not to exceed $100,000,000 at any time outstanding; 

(e) Guarantees of (i) Indebtedness permitted hereunder and (ii) other obligations (including lease obligations of Subsidiaries and
Oaktree Capital Management (Cayman) L.P., Oaktree Investment Holdings, L.P. and their respective subsidiaries) not prohibited by this Agreement; 

(f) Indebtedness of any Borrower or any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital
assets, including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and extensions, renewals and replacements of any
such Indebtedness that do not increase the outstanding principal amount thereof; provided that (i) such Indebtedness is incurred prior to or within 180 days after such acquisition or the completion of such construction or improvement and
(ii) the aggregate principal amount of Indebtedness permitted by this clause (f) when added to the aggregate principal amount of Attributable Debt outstanding, shall not exceed $50,000,000 at any one time outstanding; 

(g) Indebtedness of any Person that becomes a Subsidiary after the date hereof; provided that such Indebtedness exists at the time such
Person becomes a Subsidiary and is not created in contemplation of or in connection with such Person becoming a Subsidiary; 

  
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 (h) Indebtedness of any Borrower or any Subsidiary as an account party in respect of letters of
credit in a maximum amount of $35,000,000 at any one time outstanding; 
 (i) Unsecured Indebtedness of a Borrower to its partners to finance
the Borrowers’ equity contributions in investment companies or funds for which it or any Subsidiary acts as a general partner or an investment advisor in an aggregate amount not to exceed $10,000,000 at any one time outstanding; 

(j) Any Permitted Note Financing, provided that at the time of any new issuance or Guarantee of any such senior notes, no Default or
Event of Default shall have occurred or would result therefrom; 
 (k) Indebtedness incurred for the purchase or lease of a corporate jet, in
an amount not to exceed $65,000,000 at any one time outstanding; 
 (l) Guarantees by the Borrowers of loans extended to employees or
principals of the Borrowers and other Persons for taxes payable upon the vesting of equity interests in connection with equity-based compensation arrangements; 

(m) Indebtedness of the Borrowers or any of their Subsidiaries in the nature of any contingent obligations of any Borrower or any such
Subsidiary as the general partner (or equivalent) of any investment funds managed by any member of the Oaktree Operating Group or any of their respective subsidiaries, either now existing or newly created in respect of any Indebtedness of those
funds; 
 (n) Obligations pursuant to Hedging Agreements entered into in the ordinary course of business and not for speculative purposes;

 (o) Indebtedness of the Borrowers or any of their Subsidiaries under
Back-to-Back Lending Facilities in an aggregate principal amount not to exceed $150,000,000 at any one time outstanding; and 

(p) Other unsecured Indebtedness of the Borrowers and their respective Subsidiaries so long as (x) at the time of any new issuance or
Guarantee of such Indebtedness after the Effective Date, no Default or Event of Default shall have occurred or would result therefrom and (y) the pro forma Combined Leverage Ratio (measured using Combined Total Debt as of the day after giving
effect to such Indebtedness and Combined EBITDA for the four fiscal quarter period most recently ended for which financial statements have been provided by the Borrowers pursuant to Section 5.1(a) or (b)) would not be greater than the ratio of
3.50 to 1.00. 
 For purposes of compliance with this Section, (1) in the event any Indebtedness meets the criteria set forth in more
than one of clauses (a) through (o) of this Section, the Borrowers in their sole collective discretion may (x) classify or reclassify such Indebtedness in any manner that complies with this Section and (y) divide and classify such
Indebtedness among more than one of the clauses of this Section and, in each case, such Indebtedness shall be treated as having been permitted pursuant to such clause, and (2) Indebtedness in any currency other than U.S. dollars shall be valued
in U.S. dollars as of the date such investment was made. 

  
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 Section 6.2 Liens. The Borrowers will not, and will not permit any Subsidiary (other
than any CLO Subsidiary) to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, except: 

(a) Permitted Encumbrances; 
 (b)
any Lien on any property or asset of any Borrower or any Subsidiary existing on the Fourth Amendment Effective Date and set forth in Schedule 6.2; provided that (i) such Lien shall not apply to any other property or asset of any Borrower
or any Subsidiary and (ii) such Lien shall secure only those obligations which it secures on the Fourth Amendment Effective Date; 
 (c)
any Lien existing on any property or asset prior to the acquisition thereof (including by merger or consolidation) by any Borrower or any Subsidiary or existing on any property or asset of any Person that becomes a Subsidiary after the date hereof
prior to the time such Person becomes a Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall
not apply to any other property or assets of the Borrowers or their respective Subsidiaries and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary,
as the case may be; 
 (d) Liens on property, plant and equipment acquired, constructed or improved by the Borrowers or their respective
Subsidiaries; provided that (i) such security interests secure Indebtedness permitted by clause (f) of Section 6.1, (ii) such security interests and the Indebtedness secured thereby are incurred prior to or within 180 days
after such acquisition or the completion of such construction or improvement, (iii) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such property, plant and equipment and (iv) such security
interests shall not apply to any other property or assets of the Borrowers or their respective Subsidiaries; 
 (e) Liens on the corporate
jet described in Section 6.1(k) and the proceeds thereof securing the Indebtedness permitted by Section 6.1(k); 
 (f) in the case
of a Subsidiary that serves as the general partner (or equivalent) of an investment fund managed by any of the Borrowers or any of their Affiliates, any Lien on such Subsidiary’s interests and rights as a general partner (or equivalent) of such
fund or any special purpose vehicle owned by such limited partnership; provided that such Lien shall not extend to such Subsidiary’s right to receive distributions or any incentive allocation from such fund; 

(g) Liens on property acquired or leased by a Borrower or a Subsidiary of a Borrower securing the related Capital Lease Obligations permitted
hereunder; 
 (h) attachment, judgment and other similar Liens that do not constitute an Event of Default pursuant to subsection (k) of
Article VIII; 
 (i) Liens securing obligations under Hedging Agreements permitted pursuant to Section 6.1(n); and 

  
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 (j) Liens arising out of the refinancing extension, renewal or refunding of any Indebtedness
secured by any Lien permitted by any of the foregoing clauses of this Section, provided that the Lien does not apply to any additional property or asset. 

For purposes of compliance with this Section, (x) in the event that any Lien meets the criteria set forth in more than one of clauses
(a) through (i) of this Section, Borrowers in their sole discretion may classify or reclassify such Lien in any manner that complies with this Section and such Lien shall be treated as having been permitted pursuant to only one of such clauses
of this section; and (y) any Indebtedness secured by a Lien may be divided and classified among more than one of the clauses of this Section and, in each case, such Lien shall be treated as having been permitted pursuant to such clause. 

Section 6.3 Fundamental Changes. (a) Each Borrower will not, and will not permit any Subsidiary (other than any CLO
Subsidiary) to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or
substantially all of the Borrowers’ assets (measured on a collective basis across all Borrowers), or all or substantially all of the Capital Stock of the Borrowers’ Subsidiaries (other than CLO Subsidiaries) (measured on a collective basis
across all Borrowers) (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default or Event of Default shall have occurred and be
continuing (i) any Person, including a Subsidiary or Borrower, may merge into or consolidate with any of the Borrowers in a transaction in which a Borrower is the surviving entity; (ii) any Person, other than a Borrower but including a
Subsidiary, may merge into or consolidate with any Subsidiary in a transaction in which the surviving entity is a Subsidiary that is wholly owned by one or more of the Borrowers; (iii) any Borrower may merge into or consolidate with any
Subsidiary in a transaction in which the surviving entity is a wholly owned Subsidiary, provided that (solely in a case of such a transaction involving a Borrower other than Oaktree AIF Investments, L.P.), such wholly owned Subsidiary
(A) agrees to become a Borrower hereunder, (B) executes and delivers an assumption agreement assuming the obligations as a Borrower hereunder and such other documents reasonably requested by the Administrative Agent in form and substance
reasonably satisfactory to the Administrative Agent with respect thereto (including, but not limited to, an opinion of counsel), (C) prior to such entity becoming a Borrower hereunder, provides to each Lender such documentation and other information
as may be reasonably requested by such Lender in connection with applicable “know your customer” and anti-money-laundering rules and regulations, including the PATRIOT ACT and (D) if such Subsidiary is a foreign Subsidiary, each
Lender is permitted to lend in the jurisdiction in which such Subsidiary is organized under applicable law and regulations (it being understood and agreed that the Borrowers may replace any Lender which is not permitted to lend to such
Subsidiary pursuant to Section 2.16(b)); (iv) any Subsidiary may sell, transfer, lease or otherwise dispose of its assets to any of the Borrowers or to a wholly owned Subsidiary; (v) any Borrower may sell, transfer,
lease or otherwise dispose of its assets (including any Capital Stock) to any other Borrower; (vi) any Borrower may sell, transfer, lease or otherwise dispose of its assets (including any Capital Stock) to a wholly owned Subsidiary,
provided that in the event such transaction results in a transfer, lease or other disposition of all or substantially all of the Borrowers’ assets (measured on a collective basis across all Borrowers) to such Subsidiary, such Subsidiary
(A) agrees to become a Borrower hereunder, (B) executes and delivers an assumption agreement assuming the obligations as a Borrower hereunder and such other documents reasonably 

  
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requested by the Administrative Agent in form and substance reasonably satisfactory to the Administrative Agent with respect thereto (including, but not limited to, an opinion of counsel), (C)
prior to such entity becoming a Borrower hereunder, provides to each Lender such documentation and other information as may be reasonably requested by such Lender in connection with applicable “know your customer” and anti-money-laundering
rules and regulations, including the PATRIOT ACT and (D) if such Subsidiary is a foreign Subsidiary, each Lender is permitted to lend in the jurisdiction in which such Subsidiary is organized under applicable law and regulations (it being
understood and agreed that the Borrowers may replace any Lender which is not permitted to lend to such Subsidiary pursuant to Section 2.16(b)); (vii) any Subsidiary may merge or consolidate with any other Person in a
transaction in which the other Person is the surviving entity or sell, transfer, lease or otherwise dispose of its assets to any other Person which, in each case, (A) prior to such transaction did not have any operations and (B) the
Borrowers own the same type and percentage of equity interests in such other Person as the Borrowers owned in such Subsidiary prior to such transaction; (viii) Oaktree AIF Investments, L.P. or any Subsidiary of a Borrower may liquidate or
dissolve if Oaktree AIF Investments, L.P. or such Borrower, respectively, determines in good faith that such liquidation or dissolution is in its best interests and is not materially disadvantageous to the Lenders; and (ix) any Borrower may
transfer any Capital Stock of any of its Subsidiaries to any other Borrower or any wholly owned Subsidiary of another Borrower. 
 (b) Each
Borrower will not, and will not permit any of its Subsidiaries to, engage to any material extent in any business other than businesses of the type conducted by the Borrowers and the Subsidiaries taken as a whole on the date of execution of this
Agreement and businesses reasonably related thereto. 
 Section 6.4 Reserved. 

Section 6.5 Restricted Payments. The Borrowers will not, and will not permit any of their respective Subsidiaries to,
declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except (a) any Subsidiary of a Borrower may declare and pay dividends on, or make distributions with respect to, its Capital Stock to a Borrower or any
intervening Subsidiary, (b) that so long as no Default or Event of Default under Sections 7(a), 7(b), 7(d) (as a result of non-compliance with Section 6.8), 7(h) or 7(i) shall have occurred and be
continuing or would result therefrom, the Borrowers or any of their respective Subsidiaries may (i) declare and pay dividends with respect to its Capital Stock payable solely in additional shares of its Capital Stock, (ii) declare and pay
dividends or make distributions in cash solely to holders of its Capital Stock or (iii) make or agree to make a payment on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any shares of Capital Stock
of any Borrower, (c) the Borrowers may make Restricted Payments pursuant to and in accordance with stock option plans or other benefit plans for management or employees of the Borrowers and their respective Subsidiaries; (d) the Borrowers
or any of their respective Subsidiaries may declare and pay dividends and make distributions to holders of their Capital Stock at any time in amounts intended to enable such holders to discharge their respective U.S. federal, state and local and non-U.S. income and franchise tax liabilities arising from allocations made (or expected to be made) to such holder in respect of such Capital Stock (which amounts may be calculated based on the assumption that such
holders are taxed at the highest marginal federal, state and local tax rates applicable to an individual domiciled in Los Angeles, California). 

  
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 Section 6.6 Transactions with Affiliates. The Borrowers will not, and will not permit
any of their respective Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates,
except 
 (a) (x) in the ordinary course of business or (y) at prices and on terms and conditions not less favorable to a Borrower
or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties; 

(b) transactions between or among the Borrowers and their wholly owned Subsidiaries not involving any other Affiliate; 

(c) any Restricted Payment permitted by Section 6.5; 

(d) as identified on Schedule 6.6; and 

(e) transfers or contributions of property, assets or Capital Stock from an Affiliate of any Borrower to any Subsidiary or Borrower,
provided that (i) no Default or Event of Default then exists or would result after giving effect thereto, (ii) the representations and warranties of the Borrowers set forth in this Agreement are true and correct in all material
respects on and as of the date of and after giving effect to such transfer or contribution (unless stated to relate to a specific earlier date, in which case, such representations and warranties shall be true and correct in all material respects as
of such earlier date), (iii) if the transfer or contribution is of Capital Stock of any Person and results in such Person becoming a Subsidiary of any Borrower, then no Default or Event of Default pursuant to Section 6.8 would have existed if
such Person were a Subsidiary of a Borrower as of the last day of the Borrowers’ most recently ended fiscal quarter and (iv) no cash or other property (other than equity interests of the recipient of such transfer or contribution to the
transferor in respect thereof) is transferred from any of the Borrowers or their respective Subsidiaries to such Affiliate or any owner, directly or indirectly, of such Affiliate, in connection with such transfer or contribution. 

Section 6.7 Restrictive Agreements; Negative Pledge Clauses. The Borrowers will not, and will not permit any of their
respective Subsidiaries (other than any CLO Subsidiary) to, directly or indirectly, enter into, incur or permit to exist or become effective any agreement or other arrangement that prohibits, limits, restricts or imposes any condition upon
(a) the ability of any Borrower or any Subsidiary to create, incur, assume or permit to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, or (b) the ability of any Subsidiary to pay
dividends or other distributions on account of any shares of its Capital Stock or to make or repay loans or advances to the Borrowers or any other Subsidiary or to Guarantee Indebtedness of the Borrowers or any other Subsidiary; provided that
(i) the foregoing shall not apply to restrictions and conditions imposed by law or by this Agreement, (ii) the foregoing shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 6.7 (and any
extension, renewal or amendment or modification thereof, provided that such extension, renewal, amendment or modification does not expand the scope of, any such restriction or condition), (iii) the foregoing shall not apply to customary
restrictions and conditions contained in agreements relating to the sale of a Subsidiary, business or assets pending such sale; provided such restrictions and conditions apply only to the Subsidiary, business or assets that is to be sold and

  
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such sale is permitted hereunder, (iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by
this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness; (v) clause (a) of the foregoing shall not apply to customary provisions in leases restricting the assignment thereof; and
(vi) the foregoing shall not apply to restrictions and conditions contained in agreements evidencing a Permitted Note Financing. 

Section 6.8 Financial Condition Covenants. 

(a) Combined Leverage Ratio. The Borrowers will not permit the Combined Leverage Ratio as of the last day of any period of four
consecutive fiscal quarters of the Borrowers to be greater than the ratio of 3.50 to 1.00. 
 (b) Minimum Assets. The Borrowers will
not permit the Assets Under Management at any time to be less than $60,000,000,000. 
 Section 6.9 Sanctions;
Anti-Corruption; Use of Proceeds. 
 (a) The Borrowers will not, directly or, to the knowledge of the Borrowers, indirectly, use the
proceeds of the Loans or use the Letters of Credit, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, (i) in furtherance of an offer, payment, promise to pay, or
authorization of the payment or giving of money, or anything else of value, to any Person in violation of the FCPA or any other applicable anti-corruption law, or (ii) (A) to fund any activities or business of or with any Person, or in any
country or territory, that, at the time of such funding, is, or whose government is, the subject of Sanctions, or (B) in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the
Loans or Letters of Credit, whether as Administrative Agent, Lead Arranger, L/C Issuer, Lender, underwriter, advisor, investor, or otherwise). 

(b) No part of the proceeds of any Loan or Letter of Credit will be used directly or, to the Borrowers’ knowledge, indirectly for any
purpose that entails a violation of any of the regulations of the Board, including Regulations T, U or X. 
 Section 6.10
Changes in Fiscal Periods. The Borrowers will not permit the fiscal year of the Borrowers to end on a day other than December 31 or change the Borrowers’ method of determining fiscal quarters, except, in each case, with the
consent (not to be unreasonably withheld) of the Required Lenders. 
 ARTICLE VII 

EVENTS OF DEFAULT 
 If any
of the following events (“Events of Default”) shall occur: 
 (a) any Borrower shall fail to pay any principal of any Loan
or L/C Obligation when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 

  
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 (b) any Borrower shall fail to pay any interest on any Loan or L/C Obligation or any fee or any
other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement or the other Loan Documents, when and as the same shall become due and payable, and such failure shall continue unremedied for a period
of five days; 
 (c) any representation or warranty made or deemed made by or on behalf of any Borrower in or in connection with this
Agreement or the other Loan Documents or any amendment or modification hereof or thereof, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or the other Loan Documents or
any amendment or modification hereof or thereof, shall prove to have been materially incorrect when made or deemed made; 
 (d) any Borrower
shall fail to observe or perform any covenant, condition or agreement contained in Section 5.2, 5.3 (with respect to such Borrower’s existence) or 5.8 or in Article VI; provided that with respect to any non-consensual Lien on any property or asset of any Borrower or any Subsidiary, no Default or Event of Default shall exist under this clause (d) unless any such Lien shall not have been terminated, removed or
released within 30 days from the date such Lien was initially placed thereon; 
 (e) any Borrower shall fail to observe or perform any
covenant, condition or agreement contained in this Agreement or any other Loan Document (other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of 30 days after notice
thereof from the Administrative Agent (given at the request of any Lender) to the Borrowers; 
 (f) any Borrower or any Material Subsidiary
shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable; 

(g) any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or
permits the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its
scheduled maturity; provided that this clause (g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; 

(h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or
other relief in respect of any Borrower or any Material Subsidiary or their respective debts, or of a material part of their respective assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter
in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Borrower or any Material Subsidiary or for a material part of their respective assets, and, in any such case, such
proceeding or petition shall continue undismissed for 90 days or an order or decree approving or ordering any of the foregoing shall be entered; 

  
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 (i) any Borrower or any Material Subsidiary shall (i) voluntarily commence any proceeding or
file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in
a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any
Borrower or any Material Subsidiary or for a material part of their respective assets, (iv) file an answer admitting the material allegations of a petition filed against any of them in any such proceeding, (v) make a general assignment for
the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 
 (j) any Borrower or any Material
Subsidiary shall become unable, admit in writing its inability or fail generally to pay its respective debts as they become due; 
 (k) one
or more judgments for the payment of money in an aggregate amount in excess of $20,000,000 in excess of applicable insurance shall be rendered against any Borrower, any Material Subsidiary or any combination thereof and the same shall remain
undischarged for a period of 30 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any Borrower or any Material Subsidiary to
enforce any such judgment; 
 (l) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with
all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect; 
 (m) a Change in Control
shall occur; 
 (n) the aggregate amount of the Unfunded Pension Liabilities of the Borrowers and their respective Subsidiaries shall exceed
$10,000,000 at any time; or 
 (o) any Loan Document or any material term thereof shall cease to be, or be asserted by any Borrower not to
be, a legal, valid and binding obligation of such Borrower (or any other Borrower) enforceable in accordance with its terms; 
 then, and in every such
event (other than an event with respect to any Borrower described in clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required
Lenders shall, by notice to the Borrowers take one or all of the following actions, at the same or different times: (i) terminate the Commitments and any obligation of the L/C Issuer to make L/C Credit Extensions and thereupon the Commitments
and such obligation of the L/C Issuer shall terminate immediately, (ii) declare all or a portion of the Loans and L/C Obligations then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due
and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans and L/C Obligations so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrowers
accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers to the extent permitted by applicable law, (iii) require that the
Borrowers Cash 

  
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Collateralize the L/C Obligations in an amount equal to 100% of the then Effective Amount of the L/C Obligations, and (iv) exercise all other rights and remedies under the Loan Documents and
applicable law; and in case of any event with respect to any Borrower described in clause (h) or (i) of this Article, the Commitments and the obligation of the L/C Issuer to make L/C Credit Extensions shall automatically terminate and the
principal of the Loans and L/C Obligations then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder, shall automatically become due and payable, without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by the Borrowers to the extent permitted by applicable law, and the obligation of the Borrowers to Cash Collateralize the L/C Obligations in an amount equal to the then Effective
Amount of the L/C Obligations shall automatically become effective, which amounts shall be immediately pledged and delivered to the Administrative Agent as security for the L/C Obligations, without presentment, demand, protest or other notice of any
kind, all of which are hereby waived by the Borrowers to the extent permitted by applicable law. 
 ARTICLE VIII 

THE ADMINISTRATIVE AGENT 

Section 8.1 Appointment, Powers and Immunities. 

(a) Each Lender hereby appoints and authorizes Wells Fargo Bank, National Association and its successors to act as its administrative agent
hereunder and under the other Loan Documents with such powers 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.
Each Lender hereby authorizes the Administrative Agent to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers as are set forth herein or therein, together with such other
powers as are reasonably incidental thereto. The Lead Arranger shall not have any duties or responsibilities or any liabilities under this Agreement or any other Loan Document and, except to the extent expressly set forth in
Section 9.2(b), any amendments, consents, waivers or any other actions taken in connection with this Agreement or the other Loan Documents shall not require the consent of the Lead Arranger in such capacity. The
Administrative Agent shall not have any duties or responsibilities except those expressly set forth in this Agreement or in any other Loan Document, be a trustee for any Lender or have any fiduciary duty to any Lender. Notwithstanding anything to
the contrary contained herein, the Administrative Agent shall not be required to take any action which is contrary to this Agreement or any other Loan Document or any applicable Governmental Rule. None of the Administrative Agent or any Lender shall
be responsible to any other Lender for any recitals, statements, representations or warranties made by any Borrower contained in this Agreement or in any other Loan Document, for the value, validity, effectiveness, genuineness, enforceability or
sufficiency of this Agreement or any other Loan Document or for any failure by any Borrower to perform its obligations hereunder or thereunder. The Administrative Agent may employ agents and attorneys-in-fact and shall not be responsible to any Lender for the negligence or misconduct of any such agents or
attorneys-in-fact selected by it with reasonable care. None of the Administrative Agent or any of its directors, officers, employees, agents or advisors shall be
responsible to any Lender for any action taken or omitted to be taken by it or them hereunder or under any other Loan Document or in connection herewith or therewith, except to the extent arising 

  
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from its or their own gross negligence or willful misconduct. Except as otherwise provided under this Agreement, the Administrative Agent shall take such action with respect to the Loan Documents
as shall be directed by the Required Lenders or in the absence of such direction such action as the Administrative Agent in good faith deems advisable under the circumstances. 

(b) The L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith
until such time (and except for so long) as the Administrative Agent may agree at the request of the Required Lenders to act for the L/C Issuer with respect thereto; provided, however, that the L/C Issuer shall have all of the
benefits and immunities (i) provided to the Administrative Agent in this Article VIII with respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and
the application and agreements for letters of credit pertaining to the Letters of Credit as fully as if the term “Administrative Agent” as used in this Article VIII included the L/C Issuer with respect to such acts or omissions, and
(ii) as additionally provided herein with respect to the L/C Issuer. 
 Section 8.2 Reliance by the Administrative
Agent. The Administrative Agent, the L/C Issuer and the Swing Line Lender shall be entitled to rely upon any certificate, notice or other document (including any cable, telegram, facsimile, e-mail or
telex) believed by it in good faith to be genuine and correct and to have been signed or sent by or on behalf of the proper Person or Persons, and upon advice and statements of legal counsel, independent accountants and other experts selected by the
Administrative Agent with reasonable care. As to any other matters not expressly provided for by this Agreement, the Administrative Agent shall not be required to take any action or exercise any discretion, but shall be required to act or to refrain
from acting upon instructions of the Required Lenders and shall in all cases be fully protected by the Lenders in acting, or in refraining from acting, hereunder or under any other Loan Document in accordance with the instructions of the Required
Lenders (or additional Lenders if required by Section 9.2), and such instructions of the Required Lenders (or additional Lenders as the case may be) and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders.

 Section 8.3 Defaults. 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 a written notice from a Lender or the Borrowers, referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “Notice of
Default”. If the Administrative Agent receives such a notice of the occurrence of a Default or Event of Default, the Administrative Agent shall give prompt 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; provided, however, that 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 interest of the Lenders. Notwithstanding anything to the contrary contained herein,
the order and manner in which the Lenders’ rights and remedies are to be exercised (including the enforcement by any Lender of its Note) shall be determined by the Required Lenders in their sole discretion. 

  
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 Section 8.4 Indemnification. Without limiting the obligations of the Borrowers
hereunder, each Lender agrees to indemnify the Administrative Agent and Lead Arranger, ratably in accordance with its pro rata share of all obligations of the Borrowers and Commitments, for any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may at any time be imposed on, incurred by or asserted against the Administrative Agent or the Lead Arranger in any way relating to or
arising out of this Agreement or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or the enforcement of any of the terms hereof or thereof (in each case, including any amount required
to be paid by the Borrowers under Section 9.3(a) or Section 9.3(b)) to the extent not reimbursed by the Borrowers within 10 days after demand therefor (which demand shall be deemed made during the existence of any Event of Default under
clause (h) or (i) of Article VII); provided, however, that no Lender shall be liable for any of the foregoing to the extent any of the foregoing arise from the Administrative Agent’s gross negligence or willful
misconduct. The Administrative Agent shall be fully justified in refusing to take or in continuing to take any action hereunder unless it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which
may be incurred by it by reason of taking or continuing to take any such action. The obligations of each Lender under this Section 8.4 shall survive the payment and performance of the obligations of the Borrowers, the termination of this
Agreement and any Lender ceasing to be a party to this Agreement (with respect to events which occurred prior to the time such Lender ceased to be a Lender hereunder). 

Section 8.5 Non-Reliance. Each Lender represents that it has, independently and without reliance on the Administrative
Agent, or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of the business, prospects, management, financial condition and affairs of the Borrowers and their respective Subsidiaries
and its own decision to enter into this Agreement and agrees that it will, independently and without reliance upon the Administrative 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 appraisals and decisions in taking or not taking action under this Agreement. Neither the Administrative Agent nor any of its Affiliates nor any of their respective directors, officers, employees, agents or advisors shall
(a) be required to keep any Lender informed as to the performance or observance by any Borrower of the obligations under this Agreement or any other document referred to or provided for herein or to make inquiry of, or to inspect the properties
or books of any Borrower; (b) have any duty or responsibility to disclose to or otherwise provide any Lender, and shall not be liable for the failure to disclose or otherwise provide any Lender, with any credit or other information concerning
any Borrower which may come into the possession of the Administrative Agent or that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity, except for notices, reports and other documents
and information expressly required to be furnished to the Lenders by the Administrative Agent hereunder; or (c) be responsible to any Lender for (i) any recital, statement, representation or warranty made by any Borrower or any officer,
employee or agent of any Borrower in this Agreement or in any of the other Loan Documents, (ii) the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any Loan Document, (iii) the value or
sufficiency of the collateral, if any, or the validity or perfection of any of the liens or security interests intended to be created by the Loan Documents, or (iv) any failure by any Borrower to perform its obligations under this Agreement or
any other Loan Document. 

  
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 Section 8.6 Resignation of the Administrative Agent. The Administrative Agent may
resign at any time by giving thirty (30) days prior written notice thereof to the Borrowers and the Lenders. Upon any such resignation, the Required Lenders shall have the right to appoint a successor Administrative Agent, which successor
Administrative Agent, if not a Lender, shall be reasonably acceptable to the Borrowers; provided, however, that the Borrowers shall have no right to approve a successor Administrative Agent if a Default or Event of Default has occurred
and is continuing. Upon the acceptance of any appointment as the Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from the duties and obligations thereafter arising hereunder; provided that the retiring Administrative Agent shall be
discharged from the duties and obligations arising hereunder from and after the end of such thirty (30) day even if no successor has been appointed. If no such successor has been appointed, the Required Lenders shall act as the Administrative
Agent hereunder. After any retiring Administrative Agent’s resignation hereunder as the Administrative Agent, the provisions of this Article VIII shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by
it while it was acting as the Administrative Agent. The successor Administrative Agent (or if there is no successor one of the Lenders appointed by the Required Lenders that accepts such appointment) shall also simultaneously replace the then
existing Administrative Agent, and the then existing Administrative Agent shall be fully released, as “L/C Issuer,” and “Swing Line Lender” hereunder pursuant to documentation in form and substance reasonably satisfactory to the
then existing Administrative Agent. 
 Section 8.7 Collateral Matters. Unless all the Lenders otherwise consent in
writing, any and all cash collateral for the L/C Obligations shall be released to the Borrowers, to the extent not applied to the L/C Obligations, only if (a) the Commitments have been terminated and (b) all L/C Obligations have been paid
in full and are no longer outstanding. 
 Section 8.8 Performance of Conditions. For the purpose of determining
fulfillment by the Borrowers of conditions precedent specified in Article IV only, each Lender shall be deemed to have consented to, and approved or accepted, or to be satisfied with each document or other matter sent by the Administrative Agent to
such Lender for consent, approval, acceptance or satisfaction, or required under Article IV to be consented to, or approved by or acceptable or satisfactory to, that Lender, unless an officer of the Administrative Agent who is responsible for the
transactions contemplated by the Loan Documents shall have received written notice from that Lender prior to the making of the requested Loan or the issuance of the requested Letter of Credit or the making of any other L/C Credit Extension
specifying its objection thereto and either (i) such objection shall not have been withdrawn by written notice to the Administrative Agent or (ii) in the case of any condition to the making of a Loan, that Lender shall not have made
available to the Administrative Agent that Lender’s Revolving Proportionate Share of such Loan, Letter of Credit or other L/C Credit Extension. 

Section 8.9 The Administrative Agent in its Individual Capacity. The Administrative Agent and its Affiliates may make loans
to, issue letters of credit for the account of, accept deposits from and generally engage in any kind of banking or other business with any Borrower and its Affiliates as though the Administrative Agent were not the Administrative Agent, L/C Issuer
or Swing Line Lender hereunder. With respect to Loans, if any, made by the Administrative Agent in its capacity as a Lender, the Administrative Agent in its capacity as a Lender shall have the same rights and powers under this Agreement and the
other Loan Documents as any other Lender and 

  
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may exercise the same as though it were not the Administrative Agent, L/C Issuer or Swing Line Lender, and the terms “Lender” or “Lenders” shall include the Administrative
Agent in its capacity as a Lender. The Administrative Agent shall not be deemed to hold a fiduciary, trust or other special relationship with any Lender and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall
be read into this Agreement or otherwise exist against the Administrative Agent. 
 ARTICLE IX 

MISCELLANEOUS 

Section 9.1 Notices. 

(a) Except as otherwise provided herein, all notices, requests, demands, consents, instructions or other communications to or upon the
Borrowers, any Lender or the Administrative Agent under this Agreement or the other Loan Documents shall be in writing and faxed, mailed, e-mailed or delivered, if to the Borrowers at its e-mail address or address set forth below or to the Administrative Agent, the L/C Issuer or the Swing Line Lender, at its respective telecopy number, e-mail address or address
set forth below or, if to any Lender, at the address, e-mail address or telecopy number specified for such Lender in Schedule 2.1 (or to such other telecopy number,
e-mail address or address for any party as indicated in any notice given by that party to the other parties). All such notices and communications shall be effective (i) when sent by an overnight courier
service of recognized standing, on the second Business Day following the deposit with such service; (ii) when mailed, first-class postage prepaid and addressed as aforesaid through the United States Postal Service, upon receipt; (iii) when
delivered by hand, upon delivery; and (iv) when sent by telecopy transmission, upon confirmation of receipt; provided, however, that (A) any notice delivered to the Administrative Agent, the L/C Issuer or the Swing Line
Lender under Article II shall not be effective until actually received by such Person, (B) any notice delivered to the Administrative Agent, the L/C Issuer or the Swing Line Lender under Article II that is sent via e-mail must be sent in the form of a signed PDF or similar document image file that is attached to an e-mail sent to the e-mail address
or e-mail addresses of the Administrative Agent, the L/C Issuer or the Swing Line Lender, as applicable, (C) the e-mail or other
web-based communication expressly permitted under Section 9.1(b) or otherwise shall no longer be permitted if the Administrative Agent has notified the Borrowers that it is incapable of receiving such
notices and communications by e-mail or other web-based communication and (D) unless the Administrative Agent otherwise prescribes, notices and other web-based communication sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the
“return receipt requested” function, as available, return e-mail or other written acknowledgement (it being understood that an “auto-response” shall not constitute any such written
acknowledgement)); provided that if such e-mail notice or other web-based communication is not sent during the normal business hours of the recipient, such notice
or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient. 

  
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	 The Administrative Agent,
 the L/C Issuer
and
 the Swing Line Lender:
	  	Wells Fargo Bank, National Association
		  	333 South Grand Avenue, 6th Floor
		  	Los Angeles, CA 90071
		  	Attention: Julie Yamauchi
		  	Tel. No. (213) 253-3049
		  	Fax No. (877) 488-9584
		  	E-mail: Julie.Yamauchi@wellsfargo.com
		
	The Borrowers:	  	c/o Oaktree Capital Management, L.P.
		  	333 South Grand Avenue, 28th Floor
		  	Los Angeles, California 90071
		  	Attention: Dan Levin
		  	E-mail: dlevin@oaktreecapital.com
		  	With copy to: Todd E. Molz
		  	E-mail: tmolz@oaktreecapital.com

 In any case where this Agreement authorizes notices, requests, demands or other communications by the Borrowers to the
Administrative Agent or any Lender to be made by telephone, e-mail or telecopy, the Administrative Agent or any Lender may conclusively presume that anyone purporting to be a person designated in any
incumbency certificate or other similar document received by the Administrative Agent or a Lender is such a person. 
 (b) The Borrowers
agree that the Administrative Agent may make any material delivered by the Borrowers to the Administrative Agent, as well as any amendments, waivers, consents, and other written information, documents, instruments and other materials relating to the
Borrowers, or any other materials or matters relating to this Agreement, the other Loan Documents or any of the transactions contemplated hereby (collectively, the “Communications”) available to the Lenders by posting such notices
on an electronic delivery system (which may be provided by the Administrative Agent, an Affiliate of the Administrative Agent, or any Person that is not an Affiliate of the Administrative Agent), such as SyndTrak Online or a substantially similar
electronic system (the “Platform”). The Borrowers acknowledge that (i) the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such
distribution, (ii) the Platform is provided “as is” and “as available” and (iii) neither the Administrative Agent nor any of its Affiliates warrants the accuracy, completeness, timeliness, sufficiency, or sequencing of
the Communications posted on the Platform. The Administrative Agent and its Affiliates expressly disclaim with respect to the Platform any liability for errors in transmission, incorrect or incomplete downloading, delays in posting or delivery, or
problems accessing the Communications posted on the Platform and any liability for any losses, costs, expenses or liabilities that may be suffered or incurred in connection with the Platform except for liability determined by a final, non-appealable judgment of a court of competent jurisdiction to be due to the Administrative Agent’s or any such Affiliate’s respective gross negligence or willful misconduct. No warranty of any kind,
express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or other code defects, is made by the
Administrative Agent or any of its Affiliates in connection with the Platform. Each Lender agrees that notice to it (as provided in the next sentence) (a “Notice”) specifying that any Communication has been posted to the Platform
shall for purposes of this Agreement constitute effective delivery to such Lender of such information, documents or other materials comprising such Communication. Each 

  
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Lender agrees (i) to notify, on or before the date such Lender becomes a party to this Agreement, the Administrative Agent in writing of such Lender’s
e-mail address to which a Notice may be sent (and from time to time thereafter to ensure that the Administrative Agent has on record an effective e-mail address for such
Lender) and (ii) that any Notice may be sent to such e-mail address. 
 Section 9.2
Waivers; Amendments. 
 (a) No failure or delay by the Administrative Agent, the L/C Issuer or any Lender in exercising any
right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise
thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the L/C Issuer and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No
waiver of any provision of this Agreement or consent to any departure by the Borrowers therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be
effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or L/C Credit Extension shall not be construed as a waiver of any Default or Event of Default,
regardless of whether the Administrative Agent, the L/C Issuer or any Lender may have had notice or knowledge of such Default or Event of Default at the time. 

(b) Neither this Agreement, nor any other Loan Document, nor any provision hereof or thereof may be waived, amended or modified except pursuant
to an agreement or agreements in writing entered into by the Borrowers and the Required Lenders or by the Borrowers and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase
the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or L/C Obligation or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of
each Lender affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan or L/C Obligation, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment,
or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby, (iv) change Section 2.15(b) or (c) in a manner that would alter the pro rata sharing of payments
required thereby, without the written consent of each Lender, (v) amend, modify or otherwise affect the rights and duties of the Swing Line lender without the written consent of the Swing Line Lender, (vi) amend, modify or otherwise affect
the rights and duties of the L/C Issuer under this Agreement or any Letter of Credit Application relating to any Letter of Credit issued or to be issued without the written consent of the L/C Issuer, (vii) amend, modify or otherwise affect the
rights of the Lead Arranger under Section 9.3 without the written consent of the Lead Arranger, (viii) increase the dollar amounts set forth in Section 2.1(c) without the written consent of each Lender, (ix) change any of the
provisions of this Section or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant
any consent hereunder, without the written consent of each Lender or (x) without the consent of Lenders holding at least a majority of the outstanding Revolving Loan Commitments, amend, modify or waive any provision in Section 4.2 or waive
any Default or Event of Default (or amend any Loan Document to effectively waive any Default or 

  
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 Event of Default) if the effect of such amendment, modification or waiver is that the Revolving Lenders shall be
required to fund Revolving Loans when such Lenders would otherwise not be required to do so; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder
without the prior written consent of the Administrative Agent. 
 Notwithstanding the foregoing, (i) the Administrative Agent and the Borrowers may,
without the consent of any Lender, enter into amendments or modifications to this Agreement or any of the other Loan Documents or enter into additional Loan Documents as the Administrative Agent reasonably deems appropriate in order to implement any
Replacement Rate or otherwise effectuate the terms of Section 2.11(b) in accordance with the terms of Section 2.11(b) and (ii) if the Administrative Agent and the Borrowers shall have jointly identified an obvious error, or any error
or omission of a purely technical nature, in the Loan Documents, then the Administrative Agent and the Borrowers shall be permitted to amend such provision without further action or consent of any other party if the same is not objected to in
writing by the Required Lenders to the Administrative Agent within five Business Days following receipt of notice thereof. 
 Notwithstanding the foregoing,
no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with
the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Revolving Loan Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment
or modification requiring the consent of all Lenders or each affected Lender that by its terms affects Defaulting Lenders more adversely than other affected Lenders shall require the consent of any then existing Defaulting Lender which has
acknowledged that it is a Defaulting Lender. 
 Section 9.3 Expenses; Indemnity; Damage Waiver. (a) The Borrowers
shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent, L/C Issuer, the Lead Arranger, Swing Line Lender and their Affiliates,
including the reasonable, documented fees, charges and disbursements of counsel for the Administrative Agent, L/C Issuer, the Lead Arranger and Swing Line Lender (which, except as otherwise agreed by the Borrowers, shall be limited to a single
counsel), in connection with the syndication of the credit facilities provided for herein, the preparation and administration of this Agreement or any amendments, modifications or waivers of the provisions hereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), and (ii) all out-of-pocket expenses incurred by the Administrative Agent or, upon the occurrence and during
the continuation of a Default or an Event of Default, the Lenders, including the documented fees, charges and disbursements of not more than one counsel for the Administrative Agent and the Lenders selected by the Administrative Agent and, if any
Lender determines in good faith on the advice of counsel that there are actual or potential conflicts of interest among one or more Lenders, any counsel for each such Lender making such determination, in connection with the enforcement or protection
of their rights in connection with this Agreement and the other Loan Documents, including their rights under this Section, or in connection with the Loans or L/C Credit Extensions made hereunder, including in connection with any workout,
restructuring or negotiations in respect thereof. 

  
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 (b) The Borrowers shall indemnify the Administrative Agent, the Lead Arranger, the L/C Issuer,
the Swing Line Lender, and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities, costs and related expenses, including the reasonable, documented fees, charges and disbursements of (A) one counsel for the Administrative Agent, the Lead Arranger, the L/C Issuer and the Swing Line Lender selected by the
Administrative Agent and, if any such Indemnitee determines in good faith (on its own or on the advice of counsel) that there are actual or potential conflicts of interest among one or more such Indemnitees, any counsel for each such Indemnitee
making such determination and (B) one counsel for the other Indemnitees selected by the Administrative Agent and, if any such Indemnitee determines in good faith (on its own or on the advice of counsel) that there are actual or potential
conflicts of interest among one or more such Indemnitees, any counsel for each such Indemnitee making such determination, in each case, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the
execution or delivery of this Agreement, the Loan Documents or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other
transactions contemplated hereby, (ii) any Loan, L/C Credit Extension or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by
the Borrowers or any of their respective Subsidiaries, or any Environmental Liability related in any way to the Borrowers or any of their respective Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that
such losses, claims, damages, liabilities, costs or related expenses have resulted from the gross negligence or willful misconduct of, or from a material breach in bad faith of the funding obligations of such Indemnitee under this Agreement by, such
Indemnitee or such Indemnitee’s directors, officers or employees, each as determined by a court of competent jurisdiction in a final non-appealable judgment. For the avoidance of doubt, references to
“one counsel” in this Section 9.3 shall mean one law firm (as opposed to one lawyer) and each applicable Person with decision making authority may replace its counsel as it deems appropriate and such original counsel and each
subsequent replacement counsel, as applicable, shall be deemed to be one counsel for purposes of this Section 9.3. This Section 9.3(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc.
arising from any non-Tax claim. 
 (c) To the extent permitted by applicable law, the Borrowers shall
not assert, and hereby waive, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this
Agreement, the Loan Documents or any agreement or instrument contemplated hereby, the Transactions, any Loan or L/C Credit Extension or the use of the proceeds thereof. 

Section 9.4 Successors and Assigns. (a) The provisions of this Agreement and the Loan Documents 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 Borrowers may not assign or otherwise transfer any of their rights or obligations hereunder without the prior written
consent of each Lender (and any attempted assignment or transfer by the Borrowers 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 Eligible Assignees (each, an “Assignee”) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Revolving Loan Commitments, L/C Obligations and the Loans at the
time owing to it) with the prior written consent of: 
 (A) the Borrowers; provided that no consent of the Borrowers
shall be required for an assignment to a Lender, an Affiliate of a Lender or, if an Event of Default has occurred and is continuing, any other Eligible Assignee; and 

(B) the Administrative Agent, L/C Issuer, and Swing Line Lender provided that (1) no consent of the Administrative
Agent, L/C Issuer or Swing Line Lender shall be required for an assignment of any Revolving Loan Commitment to an assignee that is a Lender with a Revolving Loan Commitment immediately prior to giving effect to such assignment, (2) no consent
of the Administrative Agent, L/C Issuer or Swing Line Lender shall be required for an assignment to an Affiliate of a Lender or an Approved Fund of a Lender, (3) no consent of the L/C Issuer or Swing Line Lender shall be required for an
assignment of any Term Loans and (4) such consent shall not be unreasonably withheld or delayed. 
 (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 of a Lender or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such
assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Borrowers and the Administrative Agent otherwise
consent; provided that (1) no such consent of the Borrowers 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 and Approved
Funds; 
 (B) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and
Acceptance, together with payment by such parties of a processing and recordation fee of $3,500; and 
 (C) the Assignee, if
it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 
 Notwithstanding anything to the
contrary contained herein, if at any time Wells Fargo Bank, National Association assigns all of its Commitments and Loans pursuant to subsection (b) above, Wells Fargo Bank, National Association may, (i) upon 30 days’ notice to the
Borrowers and the Lenders, resign as L/C Issuer and/or (ii) upon five Business Days’ notice to the Borrowers, 

  
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terminate the Swing Line. In the event of any such resignation as L/C Issuer or termination of the Swing Line, the Borrowers shall be entitled to appoint from among the Lenders a successor L/C
Issuer or Swing Line Lender hereunder; provided, however, that no failure by the Borrowers to appoint any such successor shall affect the resignation of Wells Fargo Bank, National Association as L/C Issuer or the termination of the
Swing Line, as the case may be. Wells Fargo Bank, National Association shall retain all the rights and obligations of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C
Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make ABR Loans or fund participations in Unreimbursed Amounts pursuant to Section 2.17(c)). If Wells Fargo Bank, National Association terminates
the Swing Line, it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such termination, including the right to require the Lenders to
make ABR Loans or fund participations in outstanding Swing Line Loans pursuant to Section 2.18(c). 
 In connection with any assignment
of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to
the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding,
with the consent of the Borrowers and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent),
to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full pro rata
share of all Loans and participations in Letters of Credit and Swing Line Loans in accordance with its Revolving Proportionate Share. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender
hereunder shall become effective under Governmental Rules without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance
occurs. 
 (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) below, from and after
the effective date specified in each Assignment and Acceptance the Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this
Agreement (including, without limitation, the rights and obligations described in Section 2.14(e), (f), and (g)), and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released
from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to
be entitled to the benefits of Sections 2.12, 2.13, 2.14 and 9.3). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.4 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. 

  
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 (iv) The Administrative Agent, acting for this purpose as an agent of the
Borrowers, shall maintain at one of its offices a copy of each Assignment and Acceptance 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 owing
to, each Lender pursuant to the, terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrowers, the Administrative Agent and the Lenders shall treat each
Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. 

(v) Upon its receipt of a duly completed Assignment and Acceptance 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 Acceptance and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless
it has been recorded in the Register as provided in this paragraph. The Administrative Agent agrees to make the Register available during regular business hours for inspection by the Borrowers and any Lender upon reasonable prior notice. 

(c) Any Lender may, without notice to or consent of the Borrowers, Administrative Agent, L/C Issuer or Swing Line Lender at any time sell to
one or more banks or other financial institutions (“Participants”) participating interests in all or a portion of any Loan owing to such Lender, any Commitment of such Lender or any other interest of such Lender under this Agreement
and the other Loan Documents (including for purposes of this subsection (c), participations in L/C Obligations and in Swing Line Loans ); provided that notwithstanding the foregoing, no Participant shall be a Borrower or an Affiliate of any
Borrower. In the event of any such sale by a Lender of participating interests, such Lender’s obligations under this Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, and the Borrowers
and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement pursuant to which any such sale is effected may require the
selling Lender to obtain the consent of the Participant in order for such Lender to agree in writing to any amendment, waiver or consent of a type specified in clause (i), (ii) or (iii) of Section 9.2(b) but may not otherwise require the
selling Lender to obtain the consent of such Participant to any other amendment, waiver or consent hereunder; provided that increases in the Commitment or Loans shall be permitted without the consent if any Participant’s participation is
not increased as a result thereof. The Borrowers agree that if amounts outstanding under this Agreement and the other Loan Documents are not paid when due (whether upon acceleration or otherwise), each Participant shall, to the fullest extent
permitted by law, be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Agreement and any other Loan Documents to the same extent as if the amount of its participating interest were owing directly
to it as a Lender under this Agreement or any other Loan Documents; provided, however, that (i) no Participant shall exercise any rights under this sentence without the consent of the Administrative Agent, (ii) no Participant

  
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shall have any rights under this sentence which are greater than those of the selling Lender and (iii) such rights of setoff shall be subject to the obligation of such Participant to share
the payment so obtained with all of the Lenders as provided in Section 2.15. The Borrowers also agree that any Lender which has transferred any participating interest in its Commitments or Loans shall, notwithstanding any such transfer, be
entitled to the full benefits accorded such Lender under Sections 2.12, 2.13 and 2.14, as if such Lender had not made such transfer. Each Lender that sells a participation shall, acting solely for this purpose as a
non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the
Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any
Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish
that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations and section
1.163-5(b) of the United States Treasury Proposed Regulations or to comply with other requirements under applicable tax Law. The entries in the Participant Register shall be conclusive absent manifest error,
and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the
Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 
 (d)
Registration. Upon its receipt of an Assignment and Acceptance executed by an Assignor Lender and an Assignee Lender (and, to the extent required by Section 9.4(b), by the Borrowers and the Administrative Agent) together with payment to
the Administrative Agent by Assignor Lender of a registration and processing fee of $3,500 paid by the parties thereto, the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the Assignment Effective
Date determined pursuant thereto record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Borrowers. The Administrative Agent may, from time to time at its election, prepare
and deliver to the Lenders and the Borrowers a revised Schedule 2.1 reflecting the names, addresses and Commitment or Loans of all Lenders then parties hereto (and in any event Schedule 2.1 shall be deemed amended to reflect any assignment
consummated pursuant to the terms of this Agreement or upon any Lender becoming a party to this Agreement by any other means. 
 (e)
Confidentiality. Subject to Section 9.16, the Administrative Agent and the Lenders may disclose the Loan Documents and any financial or other information relating to the Borrowers and their respective Subsidiaries to each other or to any
potential Participant or Assignee Lender. 
 (f) Pledges to Federal Reserve Banks; Other Pledges of Notes. Notwithstanding any other
provision of this Agreement, any Lender may at any time assign all or a portion of its rights under this Agreement and the other Loan Documents to a Federal Reserve Bank or any central bank having jurisdiction over such Lender. No such assignment
shall relieve the assigning Lender from its obligations under this Agreement and the other Loan Documents. 

  
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 (g) True Sale. All participations in the Loans, the L/C Obligations and other obligations
of the Borrowers under this Agreement and the other Loan Documents or any portion thereof, whether pursuant to provisions hereof or otherwise, are intended to be “true sales” for purposes of financial reporting in accordance with Statement
of Financial Accounting Standards No. 140. Accordingly, the L/C Issuer or any Lender that sells or is deemed to have sold a participation in the Loans, the L/C Obligations and other obligations of the Borrowers under this Agreement and the
other Loan Documents (including any participations in Letters of Credit and/or Loans, any participations described in Section 9.4(c) and any participations under Section 2.15(c) (each a “Participation Seller”) hereby
agrees that if such Participation Seller receives any payment in respect of the Loans, the L/C Obligations and other obligations of the Borrowers under this Agreement and the other Loan Documents to which such participation relates through the
exercise of setoff by such Participation Seller against the Borrowers or any other obligor, then such Participation Seller agrees to promptly pay to the participating party in such participation such participant’s pro rata share of such setoff
(after giving effect to any sharing with the Lenders under Section 2.15(c) hereof). 
 Section 9.5 Survival. All covenants,
agreements, representations and warranties made by the Borrowers herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto
and shall survive the execution and delivery of this Agreement and the making of any Loans regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had
notice or knowledge of any Default, Event of Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or
any L/C Obligation or any fee or any other amount payable under this Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of Sections 2.12, 2.13, 2.14 and 9.3 and Article VIII shall
survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision
hereof. 
 Section 9.6 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the Loan Documents constitute the entire agreement among the
parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.1, this Agreement shall become effective
when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by e-mail of a PDF or similar
electronic image file shall be effective as delivery of a manually executed counterpart of this Agreement. 
 Section 9.7
Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting
the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

  
 96 

 Section 9.8 Right of Setoff. If an Event of Default shall have occurred and be
continuing, 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 Borrowers against any of and all the obligations of any Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of whether or
not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured; provided, however, that such Lender shall not set off any amount owed to any Borrower under any credit or other debt
facility in which any Borrower or a Subsidiary of a Borrower or any investment funds or CLOs for which a Borrower or a Subsidiary of a Borrower acts as a general partner or an investment advisor and such Lender is a lender thereunder or in which
such Lender is an agent; provided further, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further
application in accordance with the provisions of Section 2.20 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the L/C Issuer,
and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The
rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 

Section 9.9 Governing Law; Jurisdiction; Consent to Service of Process. 

(a) Unless otherwise expressly provided in any Loan Document, this Agreement and each of the other Loan Documents shall be governed by and
construed in accordance with the laws of the State of New York without reference to conflicts of law rules other than Section 5-1401 of the General Obligations Law of the State of New York. The scope of
the foregoing governing law provision is intended to be all-encompassing of any and all disputes that may be brought in any court or any mediation or arbitration proceeding and that relate to the subject
matter of the Loan Documents, including contract claims, tort claims, breach of duty claims and all other common law and statutory claims. 

(b) Each Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme
Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this
Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State
or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against any Borrower or its properties in the
courts of any jurisdiction. 

  
 97 

 (c) Each Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may
legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section.
Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.1. Nothing in
this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

Section 9.10 No Third Party Rights. Nothing expressed in or to be implied from this Agreement is intended to give, or shall
be construed to give, any Person, other than the parties hereto and their permitted successors and assigns hereunder, any benefit or legal or equitable right, remedy or claim under or by virtue of this Agreement or under or by virtue of any
provision herein. 
 Section 9.11 Relationship of Parties. The relationship between the Borrowers, on the one hand, and
the Lenders and the Administrative Agent, on the other, is, and at all times shall remain, solely that of borrowers and lenders. None of the Lenders or the Administrative Agent shall under any circumstances be construed to be partners or joint
venturers of the Borrowers or any of their Affiliates; nor shall the Lenders nor the Administrative Agent under any circumstances be deemed to be in a relationship of confidence or trust or a fiduciary, advisory or agency relationship with the
Borrowers or any of their Affiliates, or to owe any fiduciary duty to the Borrowers or any of their Affiliates. The Lenders and the Administrative Agent do not undertake or assume any responsibility or duty to the Borrowers or any of their
Affiliates to select, review, inspect, supervise, pass judgment upon or otherwise inform the Borrowers or any of their Affiliates of any matter in connection with its or their property, any security held by the Administrative Agent or any Lender or
the operations of the Borrowers or any of their Affiliates. The Administrative Agent, each Lender and their Affiliates may have economic interests that conflict with those of the Borrowers. The Borrowers and each of their Affiliates shall rely
entirely on their own judgment with respect to such matters, and any review, inspection, supervision, exercise of judgment or supply of information undertaken or assumed by any Lender or the Administrative Agent in connection with such matters is
solely for the protection of the Lenders and the Administrative Agent and neither the Borrowers nor any of their Affiliates is entitled to rely thereon. 

Section 9.12 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

  
 98 

 Section 9.13 Time. Time is of the essence as to each term or provision of this
Agreement and each of the other Loan Documents. 
 Section 9.14 USA PATRIOT Act. Each Lender subject to the Patriot Act
hereby notifies the Borrowers that pursuant to the requirements of the Patriot Act, it may be required to obtain, verify and record information that identifies the Borrowers, which information includes the name and address of the Borrowers and other
information that will allow such Lender to identify the Borrowers in accordance with the Patriot Act. 
 Section 9.15 Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

 Section 9.16 Confidentiality. Neither any Lender nor the Administrative Agent shall use the Confidential Information for any
purpose other than in connection with the Loan Documents, the transactions contemplated hereunder or any credit decisions that any Lender or the Administrative Agent may make or be contemplating in respect of any one or more entities in the Oaktree
Operating Group and any of their respective subsidiaries and Affiliates nor disclose to any Person any Confidential Information, except that any Lender or the Administrative Agent may disclose any Confidential Information (a) to its own
directors, officers, employees, auditors, counsel and other advisors and to its Affiliates and their respective agents and advisors who are bound by obligations of confidentiality sufficient to ensure their compliance herewith; (b) to any other
Lender or the Administrative Agent; (c) if required, requested or appropriate in any report, statement or testimony submitted to any Governmental Authority having or claiming to have jurisdiction over such Lender or the Administrative Agent
(provided that the Administrative Agent and Lenders shall not be required to provide notice regarding examination of the financial condition or other routine examination of the Administrative Agent or such Lender by such Governmental
Authority); (d) if required in response to any summons or subpoena or other legal process; (e) in connection with any enforcement by the Lenders and the Administrative Agent of their rights under this Agreement or the other Loan Documents or
any litigation among the parties relating to the Loan Documents or the transactions contemplated thereby; (f) to comply with any Requirement of Law applicable to such Lender, the L/C Issuer or the Administrative Agent; (g) to the extent
required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners) and (h) to any
Assignee Lender or Participant, any prospective Assignee Lender or Participant or to any direct or indirect contractual counterparties (or professional advisors thereto) to any swap or derivative transaction relating to any Borrower and its
obligations hereunder; provided that such Assignee Lender or Participant or prospective Assignee Lender or Participant, direct or indirect contractual counterparty and professional advisor thereto agrees to be bound by the provisions of (or
provisions at least as restrictive as) this Section 9.16; (i) to any rating agency when required by it, provided that, prior to any such disclosure, such rating agency shall undertake in writing to preserve the confidentiality of any
Confidential Information received by it from the Administrative Agent or any Lender; or (j) otherwise with the 

  
 99 

 
prior consent of the Borrowers; provided, however, that any disclosure made in violation of this Agreement shall not affect the obligations of the Borrowers or the rights of the
Administrative Agent and the Lenders under this Agreement and the other Loan Documents. In the case of disclosure pursuant to clauses (c), (d) and (f), the disclosing Lender shall use reasonable efforts to, to the extent permitted by law, provide
prior notice of such disclosure to the Borrowers; provided, however, that any failure to provide such notice shall not affect the obligations of the Borrowers or the rights of the Administrative Agent and the Lenders under this
Agreement and the other Loan Documents. Nothing in this Section 9.16 shall limit the use of any Platform as described in Section 9.1(b); provided that the recipient of any Confidential Information through such Platform shall be
required to agree to maintain the confidentiality of such Confidential Information by means of a “click-through” confidentiality agreement or similar agreement. 

Section 9.17 Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate
applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum
Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in
respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated
and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to
the date of repayment, shall have been received by such Lender. 
 Section 9.18 Waivers and Agreements of Borrowers.
While not intended by the parties hereto, if it is determined that any Borrower is a surety of any other Borrower: 
 (a) Without limiting
the provisions of Section 1.5, the covenants, agreements and obligations of each Borrower set forth herein are joint and several and shall be primary obligations of such Borrower, and such obligations shall be absolute, unconditional and
irrevocable, and shall remain in full force and effect without regard to, and shall not be released, discharged or in any way affected by, any circumstance or condition whatsoever, foreseeable or unforeseeable. 

(b) Each Borrower hereby waives, to the fullest extent permitted by applicable law, any right (except as shall be required by applicable
statute and cannot be waived) to require the Administrative Agent or any Lender to (i) proceed against any other Borrower or any other Person, (ii) proceed against or exhaust any other collateral or security for any of the Loans, the L/C
Obligations and other obligations of the Borrowers under this Agreement and the other Loan Documents or (iii) pursue any remedy in the Administrative Agent’s or any Lender’s power whatsoever. Each Borrower hereby waives any defense
based on or arising out of any defense of any other Borrower or any other Person other than payment in full of the Loans, the L/C Obligations and other obligations of the Borrowers under this Agreement and the other Loan Documents, including any
defense based on or arising out of the disability of any other Borrower or any other Person, or the enforceability of the Loans, the L/C Obligations and other obligations of the Borrowers under this Agreement and the other Loan Documents or any part
thereof from any cause, or the cessation from any cause of the liability of any other Borrower other than payment in full of the Loans, the L/C Obligations and other obligations of the Borrowers under this Agreement and the other Loan Documents.

  
 100 

 Section 9.19 Clarification. Notwithstanding anything to the contrary, the parties
hereto understand and agree that Wells Fargo Bank, National Association is acting in various capacities under this Agreement and the other Loan Documents and therefore shall be permitted to fulfill its roles and manage its various duties hereunder
in such manner as Wells Fargo Bank, National Association sees fit and, for the avoidance of doubt, in lieu of sending notices to itself when acting in different capacities Wells Fargo Bank, National Association may keep internal records regarding
all such communications, notices and actions related to this Agreement and the other Loan Documents in accordance with its past practice. 

Section 9.20 Acknowledgement and Consent to Bail-In of EEA Financial Institutions.
Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan
Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may
be payable to it by any party hereto that is an EEA Financial Institution; and 
 (b) the effects of any
Bail-In Action on any such liability, including, if applicable: 
 (i) a reduction in
full or in part or cancellation of any such liability; 
 (ii) a conversion of all, or a portion of, such liability into
shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be
accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or 

(iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion powers of
any EEA Resolution Authority. 
 [This Space Intentionally Left Blank] 

  
 101 

 ANNEX B 

Schedule 2.1 
 (see
attached) 

 SCHEDULE 2.1 

NAMES, ADDRESSES AND COMMITMENTS OF LENDERS 
  

																	
	 Name of Lender
	  	Revolving Loan
Commitment	 	  	Revolving
Proportionate
Share	 	 	Term Loan
Commitment	 	  	Term
Proportionate
Share	 
	 Wells Fargo Bank, National Association
	  	$	76,923,076.93	 	  	 	15.38461542	% 	 	$	23,076,923.07	 	  	 	15.38461542	% 
	 Bank of America, N.A.
	  	$	46,153,846.15	 	  	 	9.23076923	% 	 	$	13,846,153.85	 	  	 	9.23076923	% 
	 JPMorgan Chase Bank, N.A.
	  	$	46,153,846.15	 	  	 	9.23076923	% 	 	$	13,846,153.85	 	  	 	9.23076923	% 
	 HSBC Bank USA, N.A.
	  	$	38,461,538.46	 	  	 	7.69230769	% 	 	$	11,538,461.54	 	  	 	7.69230769	% 
	 The Bank of New York Mellon
	  	$	38,461,538.46	 	  	 	7.69230769	% 	 	$	11,538,461.54	 	  	 	7.69230769	% 
	 U.S. Bank National Association
	  	$	38,461,538.46	 	  	 	7.69230769	% 	 	$	11,538,461.54	 	  	 	7.69230769	% 
	 Barclays Bank PLC
	  	$	30,769,230.77	 	  	 	6.15384615	% 	 	$	9,230,769.23	 	  	 	6.15384615	% 
	 MUFG Union Bank, N.A.
	  	$	30,769,230.77	 	  	 	6.15384615	% 	 	$	9,230,769.23	 	  	 	6.15384615	% 
	 Citibank, N.A.
	  	$	30,769,230.77	 	  	 	6.15384615	% 	 	$	9,230,769.23	 	  	 	6.15384615	% 
	 Credit Suisse AG, Cayman Islands Branch
	  	$	30,769,230.77	 	  	 	6.15384615	% 	 	$	9,230,769.23	 	  	 	6.15384615	% 
	 Goldman Sachs Bank USA
	  	$	30,769,230.77	 	  	 	6.15384615	% 	 	$	9,230,769.23	 	  	 	6.15384615	% 
	 Morgan Stanley Bank, N.A.
	  	$	30,769,230.77	 	  	 	6.15384615	% 	 	$	9,230,769.23	 	  	 	6.15384615	% 
	 State Street Bank
	  	$	30,769,230.77	 	  	 	6.15384615	% 	 	$	9,230,769.23	 	  	 	6.15384615	% 
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 
	 Total
	  	$	500,000,000	 	  	 	100.00	% 	 	$	150,000,000	 	  	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 

 WELLS FARGO BANK, NATIONAL ASSOCIATION 

as a Lender 
 Wells Fargo Bank, National Association 

333 South Grand Avenue, 6th Floor 
 Los Angeles, CA 90071 

Attention: Julie Yamauchi 
 Tel. No. (213) 253-2059 
 Fax No. (877) 488-9584 

E-mail: Julie.Yamauchi@wellsfargo.com 

BANK OF AMERICA, N.A. 
 as a Lender 

Bank of America, N.A. 
 One Bryant Park 

New York, NY 10036 
 Attn: Matthew White 

Tel. No.: (646) 556-0081 

Fax No.: (980) 819-3028 
 E-mail: matthew.c.white@baml.com 
 JPMORGAN CHASE BANK, N.A. 

as a Lender 
 JPMorgan Chase Bank, N.A. 

383 Madison Avenue, Floor 23 
 New York, New York 10179 

Attention: Matthew Griffith 
 Tel. No. (212) 270-8197 
 Fax No. (212) 270-5222 

E-mail: Matthew.Griffith@jpmorgan.com 

HSBC BANK USA, N.A. 
 as a Lender 

HSBC Bank USA, N.A. 
 452 Fifth Avenue 

New York, NY 10018 
 Attention: Stephanie W. Lee 

Tel. No. (212) 525-7629 

Fax No. (212) 525-2479 
 E-mail: Stephanie.W.Lee@us.hsbc.com  

 THE BANK OF NEW YORK MELLON 

as a Lender 
 The Bank of New York Mellon 

225 Liberty Street 
 New York, NY 10281 

Attention: James Behrmann 
 Tel. No. (212) 635-6638 
 E-mail: James.behrmann@bnymellon.com 

U.S. BANK NATIONAL ASSOCIATION 
 as a Lender 

U.S. Bank National Association 
 3 Bryant Park, 15th Floor 

New York, NY 10036 
 Attention: Barry Chung 

Tel. No. (917) 256-2829 
 E-mail: barry.chung@usbank.com 
 BARCLAYS BANK PLC 

as a Lender 
 Barclays Bank PLC 

745 7th Avenue, 26th Floor 

New York, NY 10019 
 Attention: Alicia Borys 

Tel. No. (212) 526-4291 

Fax No. (212) 526-5115 
 E-mail: Alicia.Borys@barclays.com 
 MUFG UNION BANK, N.A. 

as a Lender 
 MUFG Union Bank, N.A. 

1221 Avenue of the Americas 
 New York, NY 10020 

Attention: Oscar Cortez 
 Tel. No. (212) 782-4303 
 E-mail: ocortez@us.mufg.jp 

 CITIBANK, N.A. 

as a Lender 
 Citibank, N.A. 

388 Greenwich St 
 New York, NY 10013 

Attention: Jared Lyon 
 Tel. No. (212) 816-2873 
 Fax No. (646) 441-4712 

E-mail: Jared.Lyon@citi.com 

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH 
 as a
Lender 
 Credit Suisse AG, Cayman Islands Branch 
 Eleven
Madison Avenue 
 New York, NY 10010 
 Attention: Doreen Barr

 Tel. No. (212) 325-9914 

Fax No. (212) 743-2737 
 E-mail: Doreen.Barr@credit-suisse.com 
 GOLDMAN SACHS BANK USA 

as a Lender 
 Goldman Sachs Bank USA 

c/o Goldman, Sachs & Co. 
 30 Hudson Street, 5th Floor

 Jersey City, NJ 07302 
 Attention: Michelle Latzoni 

Tel. No. (212) 934-3921 

Fax No. (917) 977-3966 
 E-mail: gsd.link@gs.com 
 MORGAN STANLEY BANK, N.A. 

as a Lender 
 Morgan Stanley Bank, N.A. 

1585 Broadway Avenue, 4th Floor 
 New York, NY 10036 

Attention: Rohin Vazirani 
 Tel. No. (212) 761-7428 
 Fax No. (212) 507-0046 

E-mail: Rohin.Vazirani1@morganstanley.com 

 STATE STREET BANK AND TRUST COMPANY 

as a Lender 
 State Street Bank and Trust Company 

M/S CCB0900 
 One Iron Street, PO Box 5501 

Boston, MA 02206-5501 
 Attention: Kimberly R. Costa 

Tel. No. (617) 662-8628 
 E-mail: krcosta@statestreet.com 
 State Street Bank and Trust Company 

M/S CCB0900 
 One Iron Street, PO Box 5501 

Boston, MA 02206-5501 
 Attention: Deirdre Holland 

Tel. No. (617) 662-8619 
 E-mail: dmholland@statestreet.com 

 ANNEX C 

Conditions Precedent 
 (a)
The Administrative Agent shall have received: 
 (i) this Amendment, duly executed and delivered by the Borrowers, the Lenders and the
Administrative Agent; 
 (ii) a Revolving Loan Note or amended and restated Revolving Loan Note in favor of each Revolving Lender requesting
the same; and 
 (iii) a Term Loan Note or amended and restated Term Loan Note in favor of each Term Lender requesting the same. 

(b) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated
the Fourth Amendment Effective Date) of Munger, Tolles & Olson LLP, special counsel for the Borrowers, covering such matters relating to this Amendment as the Administrative Agent shall reasonably request. The Borrowers hereby request such
counsel to deliver such opinion. 
 (c) The Administrative Agent shall have received such documents and certificates as the Administrative
Agent or its counsel may reasonably request relating to the organization, existence and good standing of each Borrower, the authorization of the transactions contemplated herein and any other legal matters relating to the Borrowers, this Amendment
or the transactions contemplated herein, all in form and substance satisfactory to the Administrative Agent. 
 (d) The Administrative Agent
shall have received a certificate from each Borrower, dated the Fourth Amendment Effective Date and signed by a Responsible Officer of such Borrower, (i) certifying that attached thereto is a true and correct copy of the certificate of
formation and limited partnership agreement of such Borrower as in effect on the Fourth Amendment Effective Date (or certifying that there have been no changes to the certificate of formation and limited partnership agreement annexed to the
officer’s certificate delivered to the Administrative Agent in connection with the Second Amendment to Credit Agreement, dated as of March 31, 2016); (ii) certifying that attached thereto are true and correct copies of resolutions (or
other comparable enabling action) duly adopted by the general partner or other governing body of such Borrower, which authorize the execution, delivery and performance by such Borrower of the Amendment and the consummation of the transactions
contemplated hereby; (iii) certifying that attached thereto are true and correct copies of the certificates of good standing (or comparable certificates) for such Borrower, certified as of a recent date prior to the Fourth Amendment Effective
Date by the Secretary of State (or comparable official) of Delaware; (iv) certifying as to the incumbency, signatures and authority of the officers of such Borrower authorized to execute and deliver the Amendment and perform hereunder;
(v) confirming compliance with the conditions set forth in paragraphs (g) and (h) of this Section 2; and (vi) setting forth the Debt Ratings as of the Fourth Amendment Effective Date. 

 (e) Assignment and Acceptance for exiting Lenders, as applicable. 

(f) The Administrative Agent, the Lenders and the Lead Arranger shall have received (i) to the extent invoiced, reimbursement or payment
of all reasonable out-of-pocket expenses required to be reimbursed or paid by the Borrowers hereunder and (ii) all fees payable to the Lead Arranger pursuant to the
engagement letter dated as of February 26, 2018, by and among the Borrowers and the Lead Arranger. 
 (g) No Default or Event of Default
shall have occurred and be continuing. 
 (h) The representations and warranties set forth in this Amendment shall be true and correct as of
the Fourth Amendment Effective Date. 
 (i) Upon the reasonable request of any Lender made at least ten days prior to the Fourth Amendment
Effective Date, the Borrowers shall have provided to such Lender the documentation and other information so requested in connection with applicable “know your customer” and anti-money-laundering rules and regulations, including the PATRIOT
Act, in each case at least five days prior to the Fourth Amendment Effective Date. 
 The Borrowers shall have paid all fees and expenses payable to the
Administrative Agent and the Lenders to be paid on or prior to the Fourth Amendment Effective Date (including all fees and expenses of counsel to the Administrative Agent).

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