Document:

Exhibit

Exhibit 10.37.5

VIA FEDERAL EXPRESS

November 15, 2017

Momenta Pharmaceuticals, Inc.
675 West Kendall Street
Cambridge, MA 02142
Attention:    Alejandra Carvajal
Vice President and Deputy General Counsel 

		
	Re:
	Lease dated as of February 5, 2013 by and between BMR-Rogers Street LLC (“Landlord”) and Momenta Pharmaceuticals, Inc. (“Tenant”), as amended by First Amendment to Lease dated as of March 21, 2013, as further amended by Second Amendment to Lease dated as of May 24, 2013, as further amended by Third Amendment to Lease dated as of December 30, 2015, and as further amended by Fourth Amendment to Lease dated as of July 24, 2017 (the “Fourth Amendment”; collectively, the “Lease”)

Dear Ms. Carvajal:

This letter memorializes certain agreements between Landlord and Tenant with respect to the application of the Binney TI Allowance.  Pursuant to the Fourth Amendment, Tenant has leased approximately 52,252 square feet on the fourth (4th) floor of 301 Binney Street, in Cambridge, Massachusetts (the “Binney Premises”).  Pursuant to a Sublease dated September 14, 2016, by and between Biogen MA Inc. (“Biogen”), as sublessor, and Tenant, as sublessee (the “Sublease”), Tenant is subleasing the entire fifth (5th) floor of 301 Binney Street (the “Fifth Floor Premises”).  

Pursuant to Section 5.3 of the Fourth Amendment, Landlord shall provide to Tenant the Binney TI Allowance in the amount of $4,702,680, which shall be used for certain costs associated with building out the Binney Premises as set forth therein.  Tenant is also concurrently making certain tenant improvements to the Fifth Floor Premises (the “Sublease Tenant Improvements”), in accordance with the terms of the Sublease.  Tenant is not receiving any tenant allowance funds from Biogen related to the Fifth Floor Premises.

Tenant has represented to Landlord that the budget for the Binney Tenant Improvements will be less than the amount of the Binney TI Allowance, and Tenant has requested that Landlord allow Tenant to allocate the unused portion of the Binney TI Allowance to Tenant’s build-out costs for the Fifth Floor Premises instead.  As an accommodation, Landlord hereby agrees that, notwithstanding the provisions of the Lease, Tenant may allocate a portion of the Binney TI Allowance to the Fifth Floor Premises, subject to the following conditions:

	
			
	 
	 
	

	4826-9290-2741.2
	 

		
	1.
	The Binney TI Allowance may be applied to the costs incurred for tenant improvements to the Fifth Floor Premises, provided that the same shall be limited to the same categories of cost and subject to the same restrictions as set forth in Section 5.2 of the Fourth Amendment. 

		
	2.
	The Binney TI Allowance shall be disbursed in the manner set forth in the Binney Work Letter, except that Tenant shall submit separate Fund Requests for costs related to the Binney Premises and the Fifth Floor Premises, so that such costs are separately accounted for. 

		
	3.
	The current budget for the Binney Premises is attached hereto and incorporated herein as Schedule 1, and the current budget for the Fifth Floor Premises is attached hereto and incorporated herein as Schedule 2.  Such budgets are hereby approved by Landlord, and shall constitute the “Binney Approved Budget” pursuant to the Binney Work Letter.  

		
	4.
	The provisions of the Binney Work Letter shall apply to the Binney Tenant Improvements and the Sublease Improvements mutatis mutandis.  

		
	5.
	In the event the Sublease is terminated prior to the completion of the Sublease Improvements or the Binney TI Deadline, Tenant shall not be entitled to any subsequent disbursements from the Binney TI Allowance for the Sublease Tenant Improvements.  

Except as modified by this letter, the Lease and all the covenants, agreements, terms, provisions and conditions thereof shall remain in full force and effect and are hereby ratified and affirmed.  In the event of any conflict between the terms contained in this letter and the Lease, the terms herein contained shall supersede and control the obligations and liabilities of the parties.  

Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Lease.  This letter shall be governed by the laws of the Commonwealth of Massachusetts without giving effect to its choice of law principles.  Tenant may not assign its rights or obligations under this letter to any other person or entity without Landlord’s prior written consent in its sole discretion, and any purported assignment without Landlord’s prior written consent shall be null and void.  The agreements contained in this letter shall inure to the benefit of and shall apply to and be binding upon Landlord and Tenant and their respective successors and permitted assigns.  This letter may be executed in counterparts, each of which shall be an original, and all of which, taken together, shall constitute one and the same document.  A facsimile or portable document format (PDF) signature on this letter shall be equivalent to, and have the same force and effect as, an original signature.

Very truly yours,

/s/ KEVIN SIMONSEN
Kevin Simonsen
Senior Vice President, Senior Counsel & Secretary

	
			
	4826-9290-2741.2
	2

	 

By signing below, Tenant agrees to all of the foregoing and represents and warrants that Tenant has the full power and authority to countersign this letter and bind Tenant to the foregoing.

Momenta Pharmaceuticals, Inc.,
A Delaware corporation

By: /s/ SCOTT M. STORER 
Name: Scott M. Storer 
Title: Chief Financial Officer

	
			
	4826-9290-2741.2
	3

	 

Schedule 1
Budget for Binney Premises (4th Floor)

[see attached]

	
			
	4826-9290-2741.2
	4

	 

	
							
	 
	 
	 
	

	Momenta
	 
	 

	301 Binney - Renovations to Floor 4

	10/24/17
	 
	 

	 
	 
	 
	 Level 4

	 
	 
	 
	 

	Cost Code
	Ph
	Description
	 Cost

	Architectural
	 
	 

	0170
	01
	Final Cleaning
	$
	31,590
	

	0240
	01
	Demolition
	$
	73,180
	

	0550
	01
	Misc Metal - Monumental Stairs and Structure
	$
	147,600
	

	0620
	01
	Millwork & Finish Carpentry
	$
	130,250
	

	0880
	01
	Interior Glazing
	$
	57,150
	

	0920
	01
	Interior Architectural Asseblies
	$
	193,160
	

	0950
	01
	Acoustical Ceilings
	$
	42,323
	

	0960
	01
	Carpet/Tile/Sheet Flooring
	$
	260,670
	

	0990
	01
	Painting / Interior Caulking
	$
	75,377
	

	1000
	01
	Misc. Specialties/ Window Treatments
	$
	21,500
	

	1010
	01
	Interior Signage & Graphics
	$
	17,006
	

	1200
	01
	Furniture
	$
	300,000
	

	 
	 
	SUBTOTAL - ARCHITECTURAL
	$
	1,349,805
	

	MEP
	 
	 
	

	2100
	01
	Fire Protection
	$
	13,130
	

	2200
	01
	A/G Plumbing
	$
	18,700
	

	2300
	01
	HVAC Piping
	$
	15,700
	

	2305
	01
	Testing and Balancing
	$
	15,645
	

	2330
	01
	Sheet Metal
	$
	27,275
	

	2500
	01
	Building Management System
	$
	17,275
	

	2600
	01
	Electrical/ FA
	$
	283,675
	

	2700
	01
	Tel-Data
	$
	93,438
	

	2740
	01
	Audio Visual - Part of Early Purchase
	$
	250,000
	

	2800
	01
	Security
	$
	31,590
	

	 
	 
	SUBTOTAL - MEP
	$
	766,428
	

	Equipment
	 
	 
	

	 
	 
	SUBTOTAL - EQUIPMENT
	—
	

	 
	 
	 
	 
	

	 
	 
	SUBTOTAL - CIVIL, ARCH, MEP, EQUIP
	$
	2,116,233
	

	Soft Costs
	 
	 
	

	0100
	01
	GC's and GR's
	$
	68,007
	

	0104
	01
	Staffing
	$
	309,393
	

	0104
	01
	Preconstruction (Estimate & Design Reviews)
	$
	13,500
	

	1918
	01
	Insurance
	$
	58,292
	

	1919
	01
	Bonding (Excluded)
	—
	

	1920
	01
	Permitting
	$
	36,906
	

	6000
	01
	OT
	$
	38,861
	

	7000
	01
	Contingency
	$
	233,168
	

	9997
	01
	Fee
	$
	153,672
	

	 
	 
	SUBTOTAL - SOFT COSTS
	$
	911,799
	

	 
	 
	 
	 
	

	 
	 
	TOTAL
	$
	3,028,032
	

	Other Costs (by Owner)
	 
	

	 
	 
	A/E
	$
	302,803
	

	 
	 
	Owner Consultants
	$
	50,000
	

	 
	 
	Commissioning
	$
	34,975
	

	 
	 
	Builders Risk Insurance
	$
	5,000
	

	 
	 
	Total
	$
	392,778
	

	 
	 
	 
	 

	 
	 
	Grand Total
	$
	3,420,810
	

	
						
	 	

	 
	 
	 
	 
	 
	 	Project - Momenta 301 Binney Street Renovation to Level 4 and 5
	 

	 	Date - October 24, 2017

	 	4th Floor

	 	Description
	GL Code
	 Total

	 	 
	 
	$
	—
	

	 	Demo
	0240.001
	$
	63,180
	

	 	FP Mods at New Office Area
	2100.001
	$
	6,000
	

	 	FP Mods at New Communicating Stairs
	2100.001
	$
	4,160
	

	 	FD Mods at New Offices and Huddle Rooms etc..
	2100.001
	$
	2,970
	

	 	New Electrical and Lighting at Office Area etc.
	2600.001
	$
	102,000
	

	 	New Electrical and Lighting
	2600.001
	$
	33,900
	

	 	New Electrical for Cubes
	2600.001
	$
	102,850
	

	 	Tele/Data/Audio Visual Drops
	2700.001
	$
	75,938
	

	 	Fitout new IDF Rooms (assume 1 per floor)
	2700.001
	$
	17,500
	

	 	Plumbing -
	2200.001
	$
	18,700
	

	 	Furniture Pricing - Balance from COP
	1200.001
	$
	300,000
	

	 	Replace Damage Ceiling Tiles (for new data/elec, drops to cubes etc.)
	0950.001
	$
	21,323
	

	 	Misc. Carpet and New Flooring / Replacement
	0960.001
	$
	162,720
	

	 	New Flooring at North side vs Temporary Protection at Existing Carpeting
	0960.001
	$
	78,750
	

	 	New Flooring - East Corridor
	0960.001
	$
	4,200
	

	 	New VCT Upgrades at Café
	0960.001
	$
	8,000
	

	 	New Tile Back Splashes
	0960.001
	$
	7,000
	

	 	Demo - SOD for Communicating Stairs
	0240.001
	$
	10,000
	

	 	New Communicating Stairs with Standard Painted Hand Rails
	0550.001
	$
	84,000
	

	 	New Structure @ Communicating Stairs
	0550.001
	$
	45,000
	

	 	Patch Spray Fire Proofing
	0920.001
	$
	1,500
	

	 	Momenta Graphics Allowance at Stairs
	0990.001
	$
	10,260
	

	 	New Millwork at Bottom of Stairs
	0620.001
	$
	36,250
	

	 	New Millwork at Stair Landing/Treads
	0550.001
	$
	18,600
	

	 	New Millwork/Casework at Kitchen and Copy Rooms
	0620.001
	$
	68,000
	

	 	New Millwork - Mailrooms
	0620.001
	$
	26,000
	

	 	New Drywall at Communicating Stairs (wall)
	0920.001
	$
	6,840
	

	 	New Drywall at New Offices and Copy Area etc.
	0920.001
	$
	42,000
	

	 	Doors and Frames - New
	0920.001
	$
	63,800
	

	 	Aluminum Doors and Fronts at New Construction Only
	0880.001
	$
	57,150
	

	 	Dedicated Clean Up Laborer
	0920.001
	$
	57,000
	

	 	Final Cleaning
	0170.001
	$
	31,590
	

	 	Misc. Specialties at New Offices
	1000.001
	$
	13,500
	

	 	Misc. Specialties - First Floor
	1000.001
	$
	8,000
	

	 	New Interior Signage at 4th Floor
	1010.001
	$
	17,006
	

	 	Fabric Wall Panels
	0920.001
	$
	13,500
	

	 	Graphic Wall Paper
	0990.001
	$
	24,000
	

	 	New Painting at New Walls
	0990.001
	$
	11,875
	

	 	Paint - Refresh all Remaining Walls
	0990.001
	$
	23,335
	

	 	New Ceiling and Rework at New Walls etc.
	0950.001
	$
	21,000
	

	 	New Drywall - Demising Wall
	0920.001
	$
	8,520
	

	 	New Painting - One side of Demising Wall
	0990.001
	$
	5,906
	

	 	New RH Piping at New Office/Conf. Rooms
	2300.001
	$
	15,700
	

	 	Ductwork - Modify at New Individual Offices
	2330.001
	$
	27,275
	

	 	BAS Mods - At New Office
	2500.001
	$
	17,275
	

	 	Testing and Balancing at New Offices / Rooms
	2305.001
	$
	15,645
	

	 	Electrical - FA/LSS
	2600.001
	$
	7,425
	

	 	Sound Masking System
	2600.001
	$
	37,500
	

	 	Security
	2800.001
	$
	31,590
	

	 	Network Implementation and Backbone
	2740.001
	$
	250,000
	

	 	 
	 
	$
	—
	

	 	 
	 
	 

	 	 
	 
	$
	2,116,233
	

Schedule 2
Budget for Fifth Floor Premises

[see attached]

	
			
	4826-9290-2741.2
	5

	 

	
							
	 
	 
	 
	

	Momenta
	 
	 

	301 Binney - Renovations to Floor 5

	10/24/17
	 
	 

	 
	 
	 
	 Level 5

	 
	 
	 
	 

	Cost Code
	Ph
	Description
	 Cost

	Architectural
	 
	 

	0170
	01
	Final Cleaning
	$
	13,000
	

	0240
	01
	Demolition
	$
	75,580
	

	0620
	01
	Millwork & Finish Carpentry
	$
	44,500
	

	0880
	01
	Interior Glazing
	$
	139,100
	

	0920
	01
	Interior Architectural Asseblies
	$
	748,260
	

	0950
	01
	Acoustical Ceilings
	$
	157,275
	

	0960
	01
	Carpet/Tile/Sheet Flooring
	$
	274,540
	

	0990
	01
	Painting / Interior Caulking
	$
	117,090
	

	1000
	01
	Misc. Specialties/ Window Treatments
	$
	158,250
	

	1010
	01
	Interior Signage & Graphics
	$
	23,555
	

	1230
	01
	Casework & Accessories
	$
	96,250
	

	 
	 
	SUBTOTAL - ARCHITECTURAL
	$
	1,847,400
	

	MEP
	 
	 
	

	2100
	01
	Fire Protection
	$
	55,000
	

	2200
	01
	A/G Plumbing
	$
	124,250
	

	2300
	01
	HVAC Piping
	$
	60,480
	

	2305
	01
	Testing and Balancing
	$
	23,555
	

	2330
	01
	Sheet Metal
	$
	167,960
	

	2500
	01
	Building Management System
	$
	147,950
	

	2600
	01
	Electrical/ FA
	$
	480,150
	

	2700
	01
	Tel-Data
	$
	156,500
	

	2740
	01
	Audio Visual - Part of Early Purchase
	$
	250,000
	

	2800
	01
	Security
	$
	55,760
	

	 
	 
	SUBTOTAL - MEP
	$
	1,521,605
	

	Equipment
	 
	 
	

	1153
	01
	Biosafety Cabinets
	$
	176,000
	

	1164
	01
	Sterilizers
	$
	65,000
	

	 
	 
	SUBTOTAL - EQUIPMENT
	$
	241,000
	

	 
	 
	 
	 
	

	 
	 
	SUBTOTAL - CIVIL, ARCH, MEP, EQUIP
	$
	3,610,005
	

	Soft Costs
	 
	 
	

	0100
	01
	GC's and GR's
	$
	68,007
	

	0104
	01
	Staffing
	$
	309,393
	

	0104
	01
	Preconstruction (Estimate & Design Reviews)
	$
	13,500
	

	1918
	01
	Insurance
	$
	58,292
	

	1919
	01
	Bonding (Excluded)
	$
	—
	

	1920
	01
	Permitting
	$
	36,906
	

	6000
	01
	OT Allowance
	$
	38,861
	

	7000
	01
	Contingency
	$
	233,168
	

	9997
	01
	Fee
	$
	153,672
	

	 
	 
	SUBTOTAL - SOFT COSTS
	$
	911,799
	

	 
	 
	 
	 
	

	 
	 
	GRAND TOTAL
	$
	4,521,804
	

	Other Costs (by Owner)
	 
	

	 
	 
	A/E
	$
	452,180
	

	 
	 
	Owner Consultants
	$
	50,000
	

	 
	 
	Commissioning
	$
	—
	

	 
	 
	Validation (NA)
	$
	—
	

	 
	 
	Builders Risk Insurance
	$
	5,000
	

	 
	 
	Momenta - Move Management
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	Grand Total
	$
	4,521,804
	

	
						
	 	

	 
	 
	 
	 
	 	Project - Momenta 301 Binney Street Renovation to Level 5
	 
	 

	 	Date - October 24, 2017
	 
	 

	 	5th Floor
	 
	 

	 	Description
	GL Code
	 Total

	 	 
	 
	$
	—
	

	 	Demo Interiors
	0240.001
	$
	75,580
	

	 	Save Interior Curtainwall (store in mechanical room)
	0880.001
	$
	32,400
	

	 	Recycle all remaining glazing and aluminum
	0880.001
	$
	12,500
	

	 	FP Mods at New Office and Lab Area's
	2100.001
	$
	37,500
	

	 	FM-200 System at Doc. Storage
	2100.001
	$
	17,500
	

	 	New Lighting at New Office Area and Huddle Rooms etc.
	2600.001
	$
	243,750
	

	 	New Decorative Lights (Board room etc.)
	2600.001
	$
	52,500
	

	 	New 120v Electrical for New Labs
	2600.001
	$
	8,500
	

	 	New Electrical for Cubes (increase circuit count from original office layout)
	2600.001
	$
	11,000
	

	 	Tele/Data/Audio Visual Drops
	2700.001
	$
	54,000
	

	 	Fitout new IDF Rooms (assume 1 per floor)
	2700.001
	$
	27,500
	

	 	Cell Booster
	2700.001
	$
	75,000
	

	 	Plumbing - New sink at Kitchen Sink at B line and Wellness rooms
	2200.001
	$
	11,000
	

	 	Replace Damage Ceiling Tiles (for new data/elec. drops to cubes etc.)
	0950.001
	$
	8,775
	

	 	Re-Install Millwork per Plans
	0620.001
	$
	7,000
	

	 	New Drywall at Communicating Stairs (5th floor work)
	0920.001
	$
	9,120
	

	 	New Drywall at New Offices and Labs etc.
	0920.001
	$
	459,000
	

	 	Soffits for Glazing etc.
	0920.001
	$
	24,640
	

	 	Install Existing Storefronts and Office Doors
	0880.001
	$
	64,800
	

	 	Install New Glazing System
	0880.001
	$
	29,400
	

	 	Dedicated Clean Up Laborer
	0920.001
	$
	57,000
	

	 	Final Cleaning
	0170.001
	$
	13,000
	

	 	Misc. Specialties at New Offices
	1000.001
	$
	11,250
	

	 	New Interior Signage at 4th floor
	1010.001
	$
	23,555
	

	 	Fabric Wall Panels
	0920.001
	$
	14,000
	

	 	Drywall Ceiling and Soffits
	0920.001
	$
	65,700
	

	 	New Blocking Etc. for New Shades
	0920.001
	$
	24,000
	

	 	Graphic Wall Paper
	0990.001
	$
	24,000
	

	 	New Drywall (undefined at this time)
	0920.001
	$
	16,000
	

	 	New Painting at New Walls
	0990.001
	$
	65,740
	

	 	Paint - Refresh all Remaining Walls
	0990.001
	$
	27,350
	

	 	Misc. Carpet and New Flooring / Replacement
	0960.001
	$
	231,040
	

	 	New Tile Back Splashes
	0960.001
	$
	3,500
	

	 	New Ceilings at Stairs
	0950.001
	$
	40,500
	

	 	New Ceilings and Rework at New Walls etc.
	0950.001
	$
	108,000
	

	 	Doors and Frames - New
	0920.001
	$
	63,800
	

	 	New RH Piping and New Office/Conf. Rooms
	2300.001
	$
	42,000
	

	 	Ductwork - Modify at New Individual Offices
	2330.001
	$
	81,000
	

	 	BAS Mods - At New Office
	2500.001
	$
	97,200
	

	 	New RH Piping at New Labs
	2300.001
	$
	18,480
	

	 	Ductwork - New Ductwork at New Labs
	2330.001
	$
	36,960
	

	 	BAS Mods - At New Labs
	2500.001
	$
	50,750
	

	 	Plumbing - New gases and plumbing at new labs
	2200.001
	$
	90,750
	

	 	Plumbing - Switchover Manifolds
	2200.001
	$
	22,500
	

	 	Testing and Balancing at New Offices / Rooms
	2305.001
	$
	23,555
	

	 	Electrical - FA/LSS
	2600.001
	$
	34,250
	

	 	Sound Masking System
	2600.001
	$
	56,250
	

	 	UPS Batteries (new to extend life of system)
	2600.001
	$
	50,000
	

	 	Network Implementation and Backbone
	2740.001
	$
	250,000
	

	 	220V Circuits New to Labs (match equipment layout)
	2600.001
	$
	9,600
	

	 	UPS Circuits Runouts to Labs and UPS Panel
	2600.001
	$
	14,300
	

	 	Security
	2800.001
	$
	55,760
	

	 	New Lab Casework
	1230.001
	$
	96,250
	

	 	Reception - Upgrade to Flooring
	0960.001
	$
	25,000
	

	 	Custom - Reception Desk (Wood Only, desk with Furniture)
	0620.001
	$
	37,500
	

	 	Upgrade to Custom Boardroom - Ductwork
	2330.001
	$
	50,000
	

	 	Upgrade to Custom Boardroom - Drywall Ceiling Details and Soffits
	0920.001
	$
	15,000
	

	 	Upgrade to Custom Boardroom - Flooring
	0960.001
	$
	15,000
	

	 	New Sunshades per P&W (required)
	1000.001
	$
	117,000
	

	 	Upgrade Shades at Boardroom and CEO Office to Molorized
	1000.001
	$
	30,000
	

	 	New Autoclave
	1164.001
	$
	65,000
	

	 	New BSC's for Labs
	1153.001
	$
	176,000
	

	 	 
	 
	$
	—
	

	 	 
	 
	 

	 	 
	 
	$
	3,610,006EX-10.1

 Exhibit 10.1 

REFINANCING AMENDMENT 

(AMENDMENT NO. 3 TO CREDIT AGREEMENT) 

REFINANCING AMENDMENT (this “Agreement”), dated as of February 23, 2018, among XPO LOGISTICS, INC., a Delaware
corporation (the “Borrower”), the other Subsidiaries of the Borrower party hereto, each financial institution identified on the signature pages hereto as a Refinancing Term Lender (each, a “Refinancing Term Lender”)
and Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent for the Lenders (in such capacities, the “Agent”), relating to the Senior Secured Term Loan Credit Agreement, dated as of October 30, 2015 (as
heretofore amended, amended and restated, extended, supplemented or otherwise modified from time to time prior to the date hereof, including by that certain Incremental and Refinancing Amendment (Amendment No. 1 to Credit Agreement), dated as
of August 25, 2016, and that certain Refinancing Amendment (Amendment No. 2 to Credit Agreement), dated as of March 10, 2017, the “Credit Agreement”), among the Borrower, the other Subsidiaries of the Borrower from
time to time party thereto, the Lenders from time to time party thereto and the Agent. 
 RECITALS: 

Refinancing Amendment 

WHEREAS, pursuant to Section 2.16 of the Credit Agreement, the Borrower wishes to obtain Refinancing Loans (the “Refinancing Term
Loans”) from the Refinancing Term Lenders to refinance all Loans outstanding immediately prior to the effectiveness of this Agreement (such Loans, collectively, and including for the avoidance of doubt, Loans that are converted, exchanged
or rolled into Refinancing Term Loans pursuant to this Agreement, the “Refinanced Term Loans”, and such transaction, the “Refinancing Transaction”) pursuant to a Refinancing Amendment under the Credit Agreement, and
the Refinancing Term Lenders are willing to provide the Refinancing Term Loans on and subject to the terms and conditions set forth herein. 

WHEREAS, the Refinancing Term Lenders will comprise, and Refinancing Term Loans will be made by, (i) in part, Lenders who hold Refinanced
Term Loans and who agree to convert, exchange or “cashless roll” all of their Refinanced Term Loans to or for Refinancing Term Loans; and (ii) in part, Persons providing new Refinancing Term Loans the proceeds of which will be used by
the Borrower to repay holders of Refinanced Term Loans that will not be so converted, exchanged or rolled. 
 WHEREAS, pursuant to Sections
2.16(e) and 12.2 of the Credit Agreement, the Credit Agreement may be amended to give effect to the provisions of Section 2.16 of the Credit Agreement through a Refinancing Amendment executed by the Borrower, the Agent and the Refinancing Term
Lenders. 
 Further Amendments: 

WHEREAS, immediately following the effectiveness of the Refinancing Transaction, the Borrower and the Refinancing Term Lenders (which
Refinancing Term Lenders, taken together, constitute all Lenders after giving effect to the Refinancing Transaction), desire to make certain other changes to the terms of the Credit Agreement pursuant to Section 12.2 of the Credit Agreement as
set forth in Section 4 of this Agreement. 

 NOW THEREFORE, the parties hereto hereby agree as follows: 

SECTION 1. Defined Terms. Unless otherwise specifically defined herein, each
term used herein that is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement. 

SECTION 2. Refinancing Term Loans. 

(a) Subject to and upon the terms and conditions set forth herein, each Refinancing Term Lender severally agrees to make, on the Amendment
No. 3 Closing Date (as defined below), a Refinancing Term Loan in Dollars to the Borrower (or, in the case of a Converting Refinancing Term Lender (as defined below), convert, exchange or roll its Refinanced Term Loan for a Refinancing Term
Loan in an equal principal amount) on the Amendment No. 3 Closing Date in an aggregate principal amount equal to the commitment amount set forth next to such Refinancing Term Lender’s name in Schedule 1, Part A hereto (in the case of any
Refinancing Term Lender making its Refinancing Term Loan in cash) or Schedule 1, Part B hereto (in the case of any Refinancing Term Lender converting, exchanging or rolling its Refinanced Term Loan to or for a Refinancing Term Loan), under the
caption “Refinancing Term Commitment” (the “Refinancing Term Commitment”) on the terms set forth in this Agreement. Each Refinancing Term Commitment will terminate in full upon the making of the related Refinancing Term
Loan (or conversion, exchange or roll of the related Refinanced Term Loan, as applicable). Refinancing Term Loans borrowed under this Section 2 and subsequently repaid or prepaid may not be reborrowed. In addition, each Refinancing Term Lender
waives its right to any compensation pursuant to Section 2.11(b) of the Credit Agreement with respect to the prepayment, exchange, roll or conversion of its Refinanced Term Loans. 

(b) Substantially simultaneously with the borrowing of Refinancing Term Loans, the Borrower shall fully prepay any outstanding Refinanced Term
Loans, together with accrued and unpaid interest thereon to the Amendment No. 3 Closing Date; provided that each Converting Refinancing Term Lender irrevocably agrees to accept, in lieu of cash for the outstanding principal amount of its
Refinanced Term Loan so prepaid, on the Amendment No. 3 Closing Date an equal principal amount of Refinancing Term Loans in accordance with this Agreement. “Converting Refinancing Term Lender” means a Refinancing Term Lender
that agrees pursuant to this Agreement to convert, exchange or “cashless roll” all, or any portion, of its Refinanced Term Loan for a Refinancing Term Loan. 

SECTION 3. Refinancing Amendments to Credit Agreement. The following amendments are made to
the Credit Agreement on the Amendment No. 3 Closing Date immediately prior to the effectiveness of the Additional Amendments (as defined below) to effect the Refinancing Transaction: 

(a) Section 1.1 of the Credit Agreement is amended to add the following new defined terms in the appropriate alphabetical order: 

“Amendment No. 3” means the Refinancing Amendment (Amendment No. 3 to Credit
Agreement) dated as of February 23, 2018 among the Borrower, the other Credit Parties thereto, the Lenders party thereto and the Agent. 

“Amendment No. 3 Closing Date” has the meaning set forth in Amendment No. 3, and
occurred on February 23, 2018. 
 (b) The following definitions in Section 1.1 of the Credit Agreement are amended and restated in
its entirety to read as follows: 
 “Applicable Margin” shall mean for any day with respect to (i) any
LIBOR Loan, 2.00% per annum and (ii) any Base Rate Loan, 1.00% per annum. 

  
 2 

 “Commitments” means, collectively, the aggregate Commitments of
the Lenders, and the term “Commitment” with respect to an individual Lender means such Lender’s commitment to make Loans to the Borrower in accordance with the terms of this Agreement. The Commitments of each Lender and the
aggregate Commitments of all Lenders on the Closing Date are set forth on Annex B. The Commitments of each Lender and the aggregate Commitments of all Lenders on the Amendment No. 3 Closing Date are set forth on Schedule 1 to Amendment
No. 3. 
 “Lender” means each financial institution or other entity that (a) is listed on the
signature pages hereof as a “Lender” or, pursuant to an Incremental Amendment or Refinancing Amendment, becomes an Additional Lender, or (b) from time to time becomes a party hereto by execution of an Assignment Agreement. For the
avoidance of doubt, the Refinancing Term Lenders, as defined in Amendment No. 3, shall constitute “Lenders” for all purposes hereunder. 

“Loans” means the loans made by the Lenders to the Borrower (a) pursuant to Section 2.1(a) on the
Closing Date, which loans, for the avoidance of doubt, shall cease to be outstanding on the Amendment No. 1 Closing Date, (b) pursuant to Amendment No. 1 on the Amendment No. 1 Closing Date, which loans, for the avoidance of
doubt, shall cease to be outstanding on the Amendment No. 2 Closing Date, (c) pursuant to Amendment No. 2 on the Amendment No. 2 Closing Date, which loans, for the avoidance of doubt, shall cease to be outstanding on the
Amendment No. 3 Closing Date, or (d) pursuant to Amendment No. 3 on the Amendment No. 3 Closing Date. 

“Maturity Date” means the date that is seven years after the Amendment No. 3 Closing Date, provided that
if such date is not a Business Day, then the Maturity Date shall be the next succeeding Business Day. 
 (c) [Reserved]. 

(d) Section 2.1(a) of the Credit Agreement is hereby amended by deleting the last sentence thereof and replacing it with the following.
“Each Loan made on the Amendment No. 3 Closing Date shall be made by the Lenders in accordance with their applicable Pro Rata Share of the Commitments as of such date.” 

(e) Section 2.2 of the Credit Agreement is amended to read in its entirety as follows: 

The Borrower shall pay to each Lender (i) on the last Business Day of each Fiscal Quarter occurring after the Amendment No. 3 Closing
Date (commencing with the Fiscal Quarter ending March 31, 2018) but prior to the Maturity Date, a portion of the principal amount of all Loans then outstanding in an amount equal to 0.25% of the sum of the aggregate principal amount of the
Loans outstanding on the Amendment No. 3 Closing Date after giving effect to Amendment No. 3 (which amounts shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in
Section 2.3 of this Agreement (it being understood and agreed that the $555,000,000 prepayment made on November 3, 2016 shall be applied (net of any amounts from such prepayment applied to amortization payments
required by this Section 2.2 prior to the Amendment No. 3 Closing Date) to the amortization payments required by this Section 2.2 in direct order of maturity) and (ii) on the Maturity
Date, the aggregate principal amount of all Loans outstanding on such date and all accrued and unpaid interest thereon. 
 (f) Section
2.3(a)(ii) of the Credit Agreement is hereby amended by: replacing the words “Amendment No. 2 Closing Date” with the words “Amendment No. 3 Closing Date”. 

  
 3 

 (g) Section 2.4 of the Credit Agreement is amended to read in its entirety as follows: 

The Borrower shall utilize the proceeds of the Loans made on the Amendment No. 3 Closing Date (i) to repay all Loans outstanding on
the Amendment No. 3 Closing Date immediately prior to the funding of the Loans made on such date, (ii) to pay accrued interest, fees, costs and expenses in connection with the foregoing (including any original issue discount or upfront
fees) and (iii) for general corporate purposes. 
 SECTION 4. Additional Amendments to
Credit Agreement. In addition to the amendments described in Section 3 hereof, the Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken
text ) and to add the underlined text (indicated in the same manner as the following example: underlined text) as set forth in the changed pages of the Credit Agreement attached as Exhibit A hereto, effective immediately following
the effectiveness of the Refinancing Transaction on the Amendment No. 3 Closing Date. 

SECTION 5Terms of the Refinancing Term Loans Generally. On the Amendment No. 3 Closing
Date, giving effect to the Refinancing Term Loans hereunder, (a) each Refinancing Term Lender shall become a “Lender” for all purposes of the Credit Agreement and the other Loan Documents, and (b) each Refinancing Term Loan shall
constitute a “Loan” for all purposes of the Credit Agreement and the other Loan Documents. The Refinancing Term Loans shall be on identical terms as contemplated hereby and shall constitute a single class of Loans under the Credit
Agreement. The parties hereto hereby consent to the incurrence of the Refinancing Term Loans on the terms set forth herein. Upon the effectiveness of this Agreement, all conditions and requirements set forth in the Credit Agreement or the other Loan
Documents relating to the incurrence of the Refinancing Term Loans shall be deemed satisfied and the incurrence of the Refinancing Term Loans shall be deemed arranged and consummated in accordance with the terms of the Credit Agreement and the other
Loan Documents. 
 SECTION 6. Representations of the Borrower. The Borrower and each
other Credit Party hereby represents and warrants to the Agent and the Refinancing Term Lenders that on the Amendment No. 3 Closing Date: 

(a) no Default or Event of Default shall have occurred and be continuing immediately prior to or immediately after the
incurrence of the Refinancing Term Loans; 
 (b) the representations and warranties set forth in Section 4 of the Credit
Agreement and in each other Loan Document shall be true and correct in all material respects on and as of the Amendment No. 3 Closing Date, except to the extent that such representations or warranties expressly relate to an earlier date, in
which case they shall be true and correct in all material respects as of such earlier date. 

SECTION 7. Conditions to the Amendment No. 3 Closing Date. This Agreement
shall become effective as of the first date when each of the following conditions shall have been satisfied (the date of satisfaction of such conditions and the funding of the Refinancing Term Loans, the “Amendment No. 3
Closing Date”): 
 (a) The Agent shall have received from the Borrower, each other Credit Party, each Refinancing
Term Lender, and the Agent an executed counterpart hereof or other written confirmation (in form satisfactory to the Agent) that such party has signed a counterpart hereof. 

  
 4 

 (b) The Agent shall have received a borrowing notice (with respect to the
Refinancing Term Loans) at least one Business Day prior to the Amendment No. 3 Closing Date, legal opinions, corporate documents and officers and public officials certifications (including a solvency certificate) with respect to the Borrower
and the Guarantors in each case customary for financings of the type described herein (it being understood that any such documentation shall be deemed “customary” if in a form consistent with such documentation delivered in connection with
Amendment No. 2 on the Amendment No. 2 Closing Date (subject to adjustments to be reasonably agreed taking into account the nature of the facilities contemplated hereby); 

(c) Citigroup Global Markets Inc., in its capacity as arranger of the amendments contemplated by this Agreement (the
“Arranger”), and the Agent shall have received, at least three business days prior to the Amendment No. 3 Closing Date, all documentation and other information related to the Borrower or any Guarantor required by regulatory
authorities under applicable “know your customer” and anti-money laundering rules and regulations including, without limitation, the Patriot Act, in each case to the extent requested by the Arranger or the Agent from the Borrower in
writing at least 10 Business Days prior to the Amendment No. 3 Closing Date. 
 (d) All fees due to the Arranger and the
Refinancing Term Lenders on the Amendment No. 3 Closing Date pursuant to the Commitment Letter and the Fee Letter, each dated as of February 13, 2018 between the Borrower and the Arranger and pertaining to the Refinancing Term Loans made
hereunder, shall have been paid, and all reasonable and documented out-of-pocket expenses to be paid or reimbursed to the Arranger on the Amendment No. 3 Closing
Date pursuant to such Commitment Letter that have been invoiced at least three business days prior to the Amendment No. 3 Closing Date shall have been paid. 

(e) Any (i) accrued and unpaid interest owing by the Borrower to any Lender pursuant to the Credit Agreement, and (ii)
(subject to the last sentence of Section 2(a) hereof) fees owing by the Borrower pursuant to Section 2.11(b) of the Credit Agreement in each case as a result of the consummation of the transactions contemplated by this Agreement shall have
been paid in full on the Amendment No. 3 Closing Date. 
 (f) The representations and warranties made pursuant to
Section 6 hereof shall be true and correct in all material respects on and as of the Amendment No. 3 Closing Date, except to the extent that such representations or warranties expressly relate to an earlier date, in which case they shall
be true and correct in all material respects as of such earlier date; 
 (g) Since December 31, 2017, no event shall
have occurred that alone or together with any other events, has had a material adverse effect on the business, financial condition, operations or properties of the Borrower and its Subsidiaries, taken as a whole. 

(h) The Agent shall have received a certificate, duly executed by an Officer of the Borrower, certifying as to the satisfaction
of the conditions referred to in Sections 7(f) and 7(g) above. 
 SECTION 8. Governing
Law. This Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of New York. 

SECTION 9. Confirmation of Guarantees and Security Interests. By signing this Agreement, each
Credit Party hereby confirms that (a) the obligations of the Credit Parties under the Credit Agreement as modified or supplemented hereby (including with respect to the Refinancing Term Loans contemplated by this Agreement) and the other Loan
Documents (i) are entitled to the benefits of the guarantees and the security interests set forth or created in the Credit Agreement, the Collateral Documents and the other Loan Documents, (ii) constitute “Obligations” as such
term is defined in the Credit Agreement, subject to the qualifications and 

  
 5 

 
exceptions described therein, (iii) notwithstanding the effectiveness of the terms hereof, the Collateral Documents and the other Loan Documents, are, and shall continue to be, in full force
and effect and are hereby ratified and confirmed in all respects and (b) each Refinancing Term Lender shall be a “Secured Party” and a “Lender” (including without limitation for purposes of the definition of “Requisite
Lenders” contained in Section 1.1 of the Credit Agreement) for all purposes of the Credit Agreement and the other Loan Documents. Each Credit Party ratifies and confirms that all Liens granted, conveyed, or assigned to the Agent by such
Person pursuant to any Loan Document to which it is a party remain in full force and effect, are not released or reduced, and continue to secure full payment and performance of the Secured Obligations as increased hereby, subject to
Section 6.10(e) of the Credit Agreement. 
 SECTION 10. Credit Agreement Governs.
Except as expressly set forth herein, this Agreement shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of any Lender or the Agent under the Credit Agreement or any other Loan
Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects
and shall continue in full force and effect. Nothing herein shall be deemed to entitle any Credit Party to a future consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or
agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances. 

SECTION 11. Counterparts. This Agreement may be signed in any number of counterparts, each of
which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or electronic (i.e., “pdf” or
“tif”) transmission shall be effective as delivery of a manually executed counterpart of this Agreement. 

SECTION 12. Miscellaneous. This Agreement shall constitute a “Refinancing Amendment”
and a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. The provisions of this Agreement are deemed incorporated into the Credit Agreement as if fully set forth therein. To the extent required by the
Credit Agreement, each of the Borrower and the Agent hereby consents to each Refinancing Term Lender that is not a Lender as of the date hereof becoming a Lender under the Credit Agreement on the Amendment No. 3 Closing Date. The Agent and the
Refinancing Term Lenders hereby acknowledge that the Borrower has complied with the notice provisions required by Section 2.16 of the Credit Agreement in connection with the Refinancing Term Loans. For only the purpose of Sections
11.1(a)(ii)(B) and 11.1(a)(iv)(A) of the Credit Agreement, the Borrower hereby consents to the assignments by Citigroup Global Markets Inc. (or its designated affiliate), in its capacity as a Lender under the Credit Agreement, on or before the date
that is 45 calendar days from the Amendment No. 3 Closing Date, in a manner otherwise in accordance with the Credit Agreement, as amended by this Agreement, of its Refinancing Term Loans made by it on the Amendment No. 3 Closing Date
solely to the institutions and solely in the amounts previously agreed upon by Citigroup Global Markets Inc. (or its designated affiliate) and the Borrower. 

[Remainder of page intentionally left blank] 

  
 6 

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

			
	BORROWER:
	
	XPO LOGISTICS, INC.
		
	By:	 	 /s/ John J. Hardig

		 	Name: John J. Hardig
		 	Title: Chief Financial Officer

  
 [Signature Page –
Amendment No. 3 to XPO Senior Secured Term Loan Credit Agreement] 

 The following Persons are signatories to this Agreement in their capacity as Guarantors: 

 

	
	 BOUNCE LOGISTICS, LLC
 CON-WAY MULTIMODAL INC.

MANUFACTURERS CONSOLIDATION SERVICE
    OF CANADA, INC.

XPO AIR CHARTER, LLC
 XPO CNW, INC.

XPO COURIER, LLC 
 XPO CUSTOMS CLEARANCE SOLUTIONS,
LLC
 XPO DEDICATED, LLC
 XPO ENTERPRISE SERVICES,
INC.
 XPO GLOBAL FORWARDING, INC. 
 XPO
INTERMODAL SERVICES, LLC
 XPO INTERMODAL SOLUTIONS, INC. 

XPO INTERMODAL, INC. 
 XPO LAND HOLDINGS, LLC

XPO LAST MILE HOLDING, INC.
 XPO LAST MILE, INC.

XPO LOGISTICS CARTAGE, LLC
 XPO LOGISTICS DRAYAGE,
LLC
 XPO LOGISTICS EXPRESS, LLC
 XPO LOGISTICS
FREIGHT, INC.
 XPO LOGISTICS MANAGED TRANSPORTATION, LLC

XPO LOGISTICS MANUFACTURING, LLC
 XPO LOGISTICS NLM,
LLC
 XPO LOGISTICS PORT SERVICES, LLC
 XPO
LOGISTICS, LLC
 XPO LTL SOLUTIONS, INC.
 XPO
PROPERTIES, INC.
 XPO SERVCO, LLC
 XPO
STACKTRAIN, LLC 
 XPO TRANSPORT, LLC

 
					
			
		 	By:	 	 /s/ John J. Hardig

		 		 	Name: John J. Hardig
		 		 	Title: Assistant Treasurer

  
 [Signature Page –
Amendment No. 3 to XPO Senior Secured Term Loan Credit Agreement] 

			
	 XPO LOGISTICS SUPPLY CHAIN     CORPORATE SERVICES, INC. 

XPO LOGISTICS SUPPLY CHAIN HOLDING     COMPANY

XPO LOGISTICS SUPPLY CHAIN OF NEW     JERSEY, LLC 

XPO LOGISTICS SUPPLY CHAIN OF TEXAS, LLC
 XPO LOGISTICS
SUPPLY CHAIN, INC. 
 XPO LOGISTICS WORLDWIDE     GOVERNMENT SERVICES, LLC

XPO LOGISTICS WORLDWIDE, INC.
 XPO LOGISTICS WORLDWIDE,
LLC

 
					
			
		 	By:	 	 /s/ John J. Hardig

		 		 	Name: John J. Hardig
		 		 	Title: Treasurer

 
					
		
		 	XPO DISTRIBUTION SERVICES, INC.

 
					
			
		 	By:	 	 /s/ Karlis P. Kirsis

		 		 	Name: Karlis P. Kirsis
		 		 	Title: Vice President and Assistant Secretary

 
					
		
		 	CTP LEASING, INC.

 
					
			
		 	By:	 	 /s/ Andrew J. DiLuciano

		 		 	Name: Andrew J. DiLuciano
		 		 	Title: President

 
					
		
		 	PDS TRUCKING, INC.

 
					
			
		 	By:	 	 /s/ Andrew J. DiLuciano

		 		 	Name: Andrew J. DiLuciano
		 		 	Title: Treasurer

  
 [Signature Page –
Amendment No. 3 to XPO Senior Secured Term Loan Credit Agreement] 

 
			
	 CITIBANK, N.A., as a Refinancing Term

    Lender

		
	By:	 	 /s/ Akshay Kulkarni

		 	Name: Akshay Kulkarni
		 	Title: Vice President

  
 [Signature Page –
Amendment No. 3 to XPO Senior Secured Term Loan Credit Agreement] 

 
			
	MORGAN STANLEY SENIOR FUNDING, INC.,     as Agent
		
	By:	 	 /s/ Chance Moreland

		 	Name: Chance Moreland
		 	Title: Authorized Signatory

  
 [Signature Page –
Amendment No. 3 to XPO Senior Secured Term Loan Credit Agreement] 

 Remaining Signature Pages 

[To be held on file with the Agent] 

 SCHEDULE 1 

Refinancing Term Commitments 

Part A 
  

					
	 Name of Refinancing Term Lender
	  	Refinancing Term Commitment	 
	 Citibank, N.A.
	  	$	821,440,679.15	 
	 TOTAL:
	  	$	821,440,679.15	 

 Part B 

[To be held on file with the Agent] 

 EXHIBIT A 

Additional Amendments 

EXECUTION                      
   
 CUSIP Number: 98379EAB2 
  

 
 SENIOR SECURED TERM LOAN CREDIT
AGREEMENT1 
 by and among 

XPO LOGISTICS, INC., 
 as
Borrower, 
 THE OTHER SUBSIDIARIES SIGNATORY HERETO, 

as Guarantors, 
 THE LENDERS
SIGNATORY HERETO 
 FROM TIME TO TIME, 

as Lenders, 
 MORGAN STANLEY
SENIOR FUNDING, INC. 
 as Agent, 

MORGAN STANLEY SENIOR FUNDING, INC., 

J.P. MORGAN SECURITIES LLC, BARCLAYS BANK PLC, 

DEUTSCHE BANK SECURITIES INC., HSBC SECURITIES (USA) INC.  

and CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, 

as Joint Lead Arrangers and Joint Bookrunners 

Dated as of October 30, 2015 
  

 
  

	1 	Conformed for Incremental and Refinancing Amendment No. 1 and Refinancing Amendment No. 2. 

 Interests in Borrower (other than Disqualified Stock) or any direct or indirect parent of
Borrower (provided, that in the case of any such parent, such Indebtedness or Disqualified Stock is retired or extinguished), plus 

(6) 100% of the aggregate amount received by Borrower or any Restricted Subsidiary after the Closing Date in cash and the Fair
Market Value (as determined in good faith by Borrower) of property other than cash received by Borrower or any Restricted Subsidiary from: 

(A) the sale or other disposition (other than to Borrower or a Restricted Subsidiary) of Restricted Investments made by
Borrower and the Restricted Subsidiaries and from repurchases and redemptions of such Restricted Investments from Borrower and the Restricted Subsidiaries by any Person (other than Borrower or any Restricted Subsidiary) and from repayments of loans
or advances, and releases of guarantees, which constituted Restricted Investments (other than in each case to the extent that the Restricted Investment was made pursuant to Section 7.2(b)(vii)), 

(B) the sale (other than to Borrower or a Restricted Subsidiary) of the Capital Stock of an Unrestricted Subsidiary, or 

(C) a distribution or dividend from an Unrestricted Subsidiary, plus 

(7) in the event any Unrestricted Subsidiary has been redesignated as a Restricted Subsidiary or has been merged, consolidated
or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into Borrower or a Restricted Subsidiary, the Fair Market Value (as determined in good faith by Borrower) of the Investment of Borrower or the Restricted
Subsidiaries in such Unrestricted Subsidiary (which, if the Fair Market Value of such Investment shall exceed $62.5 million, shall be determined by the Board of Directors of Borrower) at the time of such redesignation, combination or transfer (or of
the assets transferred or conveyed, as applicable) (other than in each case to the extent that the designation of such Subsidiary as an Unrestricted Subsidiary was made pursuant to Section 7.2(b)(vii)) or constituted a Permitted
Investment). 
 “Current Assets” shall mean, at any time, the consolidated current assets (other than cash and Cash
Equivalents) of Borrower and its Restricted Subsidiaries at such time. 
 “Current Liabilities” shall mean, at any time,
(a) the consolidated current liabilities of Borrower and its Restricted Subsidiaries at such time, but excluding, without duplication, the current portion of any long-term Indebtedness and (b) revolving loans, swingline loans and letter of
credit obligations under the ABL Credit Agreement or any other revolving credit facility. 
 “Custodian” means any
receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 
 “Default” means any
event which is, or after notice or passage of time or both would be, an Event of Default. 
 “Defaulting Lender “ shall
mean any Lender that (a) has failed to fund all or any portion of its Loans on the date such Loans were required to be funded hereunder, (b) has notified Borrower and Agent in writing that it does not intend to comply with its funding
obligations hereunder, or has made a public statement to that effect, (c) has failed, within three Business Days after written request by Agent or 

  
 -19- 

 (3) to the extent not otherwise included, Indebtedness of another Person secured
by a Lien on any asset owned by such Person (whether or not such Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness will be the lesser of: (a) the Fair Market Value (as determined in
good faith by Borrower) of such asset at such date of determination, and (b) the amount of such Indebtedness of such other Person; 

provided, however, that, notwithstanding the foregoing, Indebtedness shall be deemed not to include (1) Contingent
Obligations incurred in the ordinary course of business and not in respect of borrowed money; (2) deferred or prepaid revenues; (3) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or
other unperformed obligations of the respective seller; (4) obligations under or in respect of a Qualified Securitization Financing; (including all obligations of any Securitization Subsidiary); (5) trade and
other ordinary course payables, accrued expenses and intercompany liabilities arising in the ordinary course of business; (6) obligations in respect of cash management services; (7) in the case of Borrower and the Restricted Subsidiaries
(x) all intercompany Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business and (y) intercompany liabilities in connection with cash management, tax
and accounting operations of Borrower and the Restricted Subsidiaries; and (8) any obligations under Hedging Obligations; provided that such agreements are entered into for bona fide hedging purposes of Borrower or the Restricted
Subsidiaries (as determined in good faith by the board of directors or senior management of Borrower, whether or not accounted for as a hedge in accordance with GAAP) and, in the case of any foreign exchange contract, currency swap agreement,
futures contract, option contract or other similar agreement, such agreements are related to business transactions of Borrower or the Restricted Subsidiaries entered into in the ordinary course of business and, in the case of any interest rate
protection agreement, interest rate future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement or other similar agreement or arrangement,
such agreements substantially correspond in terms of notional amount, duration and interest rates, as applicable, to Indebtedness of Borrower or the Restricted Subsidiaries Incurred without violation of this Agreement. 

Notwithstanding anything in this Agreement to the contrary, Indebtedness shall not include, and shall be calculated without giving effect to,
the effects of Statement of Financial Accounting Standards No. 133 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this Agreement as a result of
accounting for any embedded derivatives created by the terms of such Indebtedness; and any such amounts that would have constituted Indebtedness under this Agreement but for the application of this sentence shall not be deemed an Incurrence of
Indebtedness under this Agreement. 
 “Indemnified Person” has the meaning ascribed to in Section 2.11. 

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

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

“Information” has the meaning ascribed to it in Section 12.8. 

  
 -33- 

 “Insolvency Law” means the Bankruptcy Code, as now and hereafter in effect, any
successors to such statute and any other applicable insolvency or other similar law of any jurisdiction solely to the extent that the amount of such loans and advances shall be contributed to Borrower in cash as common equity; 

(7) any Investment acquired by Borrower or any Restricted Subsidiary (a) in exchange for any other Investment or accounts
receivable held by Borrower or such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts receivable, or (b) as a result of a
foreclosure by Borrower or any Restricted Subsidiary with respect to any secured Investment or other transfer of title with respect to any secured Investment in default, or as a result of a Bail-In Action with respect to any contractual counterparty
of the Borrower or any Restricted Subsidiary; 
 (8) Hedging Obligations permitted under Section 7.1(b)(x); 

(9) any Investment by Borrower or any Restricted Subsidiary in a Similar Business having an aggregate Fair Market Value (as
determined in good faith by Borrower), taken together with all other Investments made pursuant to this clause (9) that are at that time outstanding, not to exceed the sum of (x) the greater of $540820 million and
60% of Consolidated EBITDA at the time such Investment is made, plus (y) an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually
received in respect of any such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to
this clause (9) is made in any Person that is not a Restricted Subsidiary at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made
pursuant to clause (1) above and shall cease to have been made pursuant to this clause (9) for so long as such Person continues to be a Restricted Subsidiary; 

(10) additional Investments by Borrower or any Restricted Subsidiary having an aggregate Fair Market Value (as determined in
good faith by Borrower), taken together with all other Investments made pursuant to this clause (10) that are at that time outstanding, not to exceed the sum of (x) the greater of $540820 million and 60% of
Consolidated EBITDA as of the date of such Investment plus (y) an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received in
respect of any such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause
(10) is made in any Person that is not a Restricted Subsidiary at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant
to clause (1) above and shall cease to have been made pursuant to this clause (10) for so long as such Person continues to be a Restricted Subsidiary; 

(11) loans and advances to officers, directors or employees for business-related travel expenses, moving expenses and other
similar expenses, in each case Incurred in the ordinary course of business or consistent with past practice or to fund such person’s purchase of Equity Interests of Borrower or any direct or indirect parent of Borrower; 

(12) Investments the payment for which consists of Equity Interests of Borrower (other than Disqualified Stock) or any direct
or indirect parent of Borrower, as applicable; provided, however, that such Equity Interests will not increase the amount available for Restricted Payments under clause (4) of the definition of “Cumulative Credit”; 

  
 -43- 

 (13) any transaction to the extent it constitutes an Investment that is permitted
by and made in accordance with the provisions of Section 7.5(b) (except transactions described in clauses (ii), (iv), (vi), (viii)(B) and (xv) of Section 7.5(b)); 

(14) guarantees issued in accordance with Section 7.1 and Section 6.12 including, without limitation,
any guarantee or other obligation issued or incurred under the ABL Credit Agreement (or any credit facility or facilities which amend, restate, refinance, replace, increase or otherwise modify the ABL Credit Agreement) in connection with any letter
of credit issued for the account of Borrower or any of its Subsidiaries (including with respect to the issuance of, or payments in respect of drawings under, such letters of credit); 

(15) Investments consisting of or to finance purchases and acquisitions of inventory, supplies, materials, services or
equipment or purchases of contract rights or licenses or leases of intellectual property; 
 (16) any Investment in a
Securitization Subsidiary or any Investment by a Securitization Subsidiary in any other Person in connection with a Qualified Securitization Financing, including Investments of funds held in accounts permitted or required by the arrangements
governing such Qualified Securitization Financing or any related Indebtedness; 
 (17) any Investment in an entity which is
not a Restricted Subsidiary to which a Restricted Subsidiary sells Securitization Assets pursuant to a Securitization Financing; 

(18) Investments of a Restricted Subsidiary acquired after the Closing Date or of an entity merged into, amalgamated with, or
consolidated with Borrower or a Restricted Subsidiary in a transaction that is not prohibited by Section 7.8 after the Closing Date to the extent that such Investments were not made in contemplation of such acquisition, merger,
amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation; 

(19) Investments in the ordinary course of business consisting of Uniform Commercial Code Article 3 endorsements for collection
or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers; 
 (20) advances in the form of
a prepayment of expenses, so long as such expenses are being paid in accordance with customary trade terms of Borrower or the Restricted Subsidiaries; 

(21) Investments in joint ventures or Unrestricted Subsidiaries not to exceed $100 million in the aggregate at any
onehaving an aggregate Fair Market Value (as determined in good faith by the Company), taken together with all other Investments made pursuant to this clause (21) that are at that time outstanding, not to
exceed the sum of (x) the greater of (A) $150 million and (B) 10% of Consolidated EBITDA in the aggregate as of the date of such Investment, plus (y) an amount equal to any returns (including dividends, interest,
distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received in respect of any such Investment (with the Fair Market Value each Investment being measured at the time made and without giving effect
to subsequent changes in value); provided, however, that if any Investment pursuant to this clause (21) is made in any Person that is not a Restricted Subsidiary at the date of the making of such Investment and such Person becomes
a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) 

  
 -44- 

 (19) leases or subleases, and licenses or sublicenses (including with respect to
intellectual property) granted to others in the ordinary course of business, and Liens on real property which is not owned but is leased or subleased by Borrower or any Restricted Subsidiary; 

(20) Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings,
extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in clauses (6), (7), (8), (9), (10), (11), (15) and (25) of this definition; provided, however, that
(x) such new Lien shall be limited to all or part of the same property (including any after acquired property to the extent it would have been subject to the original Lien) that secured the original Lien (plus improvements on and accessions to
such property, proceeds and products thereof, customary security deposits and any other assets pursuant to the after-acquired property clauses to the extent such assets secured (or would have secured) the Indebtedness being refinanced, refunded,
extended, renewed or replaced), and (y) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount (or accreted value, if applicable) or, if greater,
committed amount of the applicable Indebtedness described under clauses (6), (7), (8), (9), (10), (11), (15) and (25) at the time the original Lien became a Permitted Lien under this Agreement, (B) unpaid accrued interest and premiums
(including tender premiums), and (C) an amount necessary to pay any underwriting discounts, defeasance costs, commissions, fees and expenses related to such refinancing, refunding, extension, renewal or replacement; provided,
further, however, that (X) in the case of any Liens to secure any refinancing, refunding, extension or renewal of Indebtedness secured by a Lien referred to in clause (6)(B), (6)(C) or (25), the principal amount of any
Indebtedness Incurred for such refinancing, refunding, extension or renewal shall be deemed secured by a Lien under clause (6)(B), (6)(C) or (25) and not this clause (20) for purposes of determining the principal amount of
Indebtedness outstanding under clause (6)(B) or (6)(C) and (Y) in the case of Liens to secure any refinancing, refunding, extension or renewal of Indebtedness secured by a Lien referred to in clause (6)(B) or (25), such new Lien
shall have priority equal to or more junior than the Lien securing such refinanced, refunded, extended or renewed Indebtedness; 

(21) Liens on equipment of Borrower or any Restricted Subsidiary granted in the ordinary course of business to Borrower’s
or such Restricted Subsidiary’s client at which such equipment is located; 
 (22) judgment and attachment Liens not
giving rise to an Event of Default and notices of lis pendens and associated rights related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made; 

(23) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale or purchase of
goods entered into in the ordinary course of business; 
 (24) Liens incurred to secure cash management services or to
implement cash pooling arrangements in the ordinary course of business; 
 (25) other Liens securing obligations the
outstanding principal amount of which does not, taken together with the principal amount of all other obligations secured by Liens incurred under this clause (25) that are at that time outstanding, exceed the greater of
$270410 million and 30% of Consolidated EBITDA at the time of incurrence (which Lien may be pari passu with or junior to, but not senior to, the Lien securing the Obligations hereunder, except to the extent such Liens
secure any Capitalized Lease Obligation or any purchase money Indebtedness, in which 

  
 -48- 

 “Principal Property” means any “Principal Property” (as defined in
either or both of the Existing Con-way Indentures) owned by Con-way or any of its Restricted Subsidiaries (as defined in either or both of the Existing Con-way Indentures). 

“Pro Rata Share” means with respect to all matters relating to any Lender, (i) the percentage obtained by
dividing (A) the Commitment of such Lender by (B) the aggregate Commitments of all Lenders (provided that if the Commitments shall have terminated, the Pro Rata Share of each Lender shall be obtained by dividing
(A) the aggregate Loans of such Lender by (B) the aggregate Loans of all Lenders), in each case as any such percentages may be adjusted by increases or decreases in Commitments and Loans pursuant to the terms and conditions hereof
or by assignments permitted pursuant to Section 11.1. 
 “Public Lender” has the meaning ascribed to it in
Section 10.13(a). 
 “Qualified Plan” means a Pension Plan that is intended to be tax-qualified under
Section 401(a) of the IRC. 
 “Qualified Securitization Financing” means any Securitization Financing of a
Securitization Subsidiary that meets the following conditions: 
 (1) the Board of Directors of Borrower shall have
determined in good faith that such Qualified Securitization Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to Borrower and the Securitization Subsidiary;

 (2) all sales of Securitization Assets and related assets to the Securitization Subsidiary are made at Fair Market Value
(as determined in good faith by Borrower); and 
 (3) the financing terms, covenants, termination events and other provisions
thereof shall be market terms (as determined in good faith by Borrower) and may include Standard Securitization Undertakings. 

TheFor the avoidance of doubt, the grant of a security interest in any Securitization Assets of Borrower or any
Restricted Subsidiary (other than a Securitization Subsidiary) to secure ABL Facility Indebtedness, Indebtedness in respect of the 2019 Notes, 2021 Notes, 2022 Notes, Indebtedness hereunder or any Refinancing Indebtedness with respect to the 2019
Notes, 2021 Notes, 2022 Notes or hereunder (in each case, to the extent not constituting a Securitization Financing) shall not be deemed a Qualified Securitization Financing. 

“Railcars” means the railroad cars, locomotives or other rolling stock (including stacktrain), or accessories used on such
railroad cars, locomotives or other rolling stock (including superstructures and racks) owned by Borrower or any Restricted Subsidiary and employed in the conduct of such Person’s business. 

“Ratio Debt” has the meaning specified in Section 7.1(a). 

“Ratio Incremental Basket” has the meaning specified in Section 2.15(a). 

“Real Property” shall mean collectively, all right, title and interest (including any leasehold estate) in and to any and all
parcels of or interests in real property owned in fee or leased by any Credit Party, whether by lease, license, or other means, together with, in each case, all easements, 

  
 -51- 

 “Securitization Financing” means any transaction or series of transactions that
may be entered into by Borrower or any of their Subsidiaries pursuant to which Borrower or any of their Subsidiaries may sell, convey or otherwise transfer (including, for the avoidance of doubt, any conveyance or transfer effected by means of
declaration of a trust over the relevant assets) to (a) a Securitization Subsidiary (in the case of a transfer by Borrower or any of its Subsidiaries); and (b) any other Person (in the case of a transfer by a Securitization
Subsidiary), or may grant a security interest in, any Securitization Assets (whether now existing or arising in the future) of Borrower or any of their Subsidiaries, and any assets related thereto including, without limitation, all collateral
securing such Securitization Assets, all contracts and all guarantees or other obligations in respect of such Securitization Assets, proceeds of such Securitization Assets and other assets which are customarily transferred or in respect of which
security interests are customarily granted in connection with asset securitization transactions involving Securitization Assets and any Hedging Obligations entered into by Borrower or any such Subsidiary in connection with such Securitization
Assets. 
 “Securitization Repurchase Obligation” means any obligation of a seller of Securitization Assets in a Qualified
Securitization Financing to repurchase Securitization Assets arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a Securitization Asset or portion thereof becoming subject to any asserted
defense, dispute, off-set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 

“Securitization Subsidiary” means a Wholly Owned Restricted Subsidiary (or another Person formed for the purposes of engaging
in a Qualified Securitization Financing with Borrower in which Borrower or any of its Subsidiaries makes an Investment and to which Borrower or any of its Subsidiaries transfers Securitization Assets and related assets) which
engages in no activities other than in connection with the financing of Securitization Assets of Borrower and its Subsidiaries, all proceeds thereof and all rights (contractual or other), collateral and other assets relating thereto, and any
business or activities incidental or related to such business, and which is designated by the Board of Directors of Borrower (as provided below) as a Securitization Subsidiary and: 

(a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by Borrower or any other
Restricted Subsidiary (excluding guarantees of obligations (other than the principal of and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates Borrower or any other Restricted
Subsidiary in any way other than pursuant to Standard Securitization Undertakings, or (iii) subjects any property or asset of Borrower or any other Restricted Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction
thereof, other than pursuant to Standard Securitization Undertakings; 
 (b) with which neither Borrower nor any Restricted Subsidiary has
any material contract, agreement, arrangement or understanding other than on terms which Borrower reasonably believes to be no less favorable to Borrower or such Restricted Subsidiary than those that might be obtained at the time from Persons that
are not Affiliates of Borrower (other than pursuant to Standard Securitization Undertakings); and 
 (c) to which neither Borrower nor any
Restricted Subsidiary has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results (other than pursuant to Standard Securitization Undertakings). 

  
 -54- 

 Any such designation by the Board of Directors of Borrower shall be evidenced to Agent by filing with Agent a
certified copy of the resolution of the Board of Directors of Borrower giving effect to such Credit Party; provided, that to the extent that no Event of Default has occurred and is continuing, Borrower shall only be responsible for the costs
of providing such access once per Fiscal Year. Furthermore, so long as any Event of Default has occurred and is continuing or at any time after all or any portion of the Obligations hereunder have been declared due and payable pursuant to
Section 9.2(b), Borrower shall provide reasonable assistance to Agent to obtain access, which access shall be coordinated in scope and substance in consultation with Borrower, to their suppliers and customers. 

6.14 Post-Closing Matters. Execute and deliver the documents and complete the tasks set forth on Schedule 6.14, in each case
within the time limits specified on such schedule, as such time limits may be extended from time to time by Agent in its reasonable discretion. 

6.15 Use of Proceeds. All proceeds of the Loans shall be used as provided in Section 2.4. 

7. NEGATIVE COVENANTS 
 Each Credit Party (to the
extent applicable as set forth below) executing this Agreement agrees as to itself and its Restricted Subsidiaries that from and after the Closing Date and until the Termination Date: 

7.1 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock. 

(a)(i) Borrower shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness
(including Acquired Indebtedness) or issue any shares of Disqualified Stock; and (ii) Borrower shall not permit any of the Restricted Subsidiaries (other than any Guarantor) to issue any shares of Preferred Stock; provided,
however, that Borrower and any Guarantor may Incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and any Restricted Subsidiary that is not a Guarantor may Incur Indebtedness (including Acquired
Indebtedness), issue shares of Disqualified Stock or issue shares of Preferred Stock, in each case if the Fixed Charge Coverage Ratio of Borrower for the most recently ended four full Fiscal Quarters for which internal financial statements are
available immediately preceding the date on which such additional Indebtedness is Incurred or such Disqualified Stock or Preferred Stock is issued would be no less than 2.00 to 1.00 determined on a pro forma basis (including a pro
forma application of the net proceeds therefrom), as if the additional Indebtedness had been Incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of proceeds therefrom had occurred at
the beginning of such four-quarter period; provided, that the amount of Indebtedness (including Acquired Indebtedness), Disqualified Stock and Preferred Stock that may be incurred or issued, as applicable, pursuant to the foregoing by
Restricted Subsidiaries that are not Guarantors, together with all Indebtedness, Disqualified Stock or Preferred Stock Incurred by Restricted Subsidiaries that are not Guarantors pursuant to Section 7.1(b)(xii) and (xvi)(A) below,
together with any Refinancing Indebtedness in respect thereof, shall not exceed, in the aggregate, the greater of $540820 million and 60% of Consolidated EBITDA as of the date on which such Indebtedness is Incurred
(plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount) (Indebtedness Incurred pursuant to this clause (a), the “Ratio Debt”). 

(b) The limitations set forth in Section 7.1(a) shall not apply to: 

(i) the Incurrence by Borrower or any Restricted Subsidiary of Indebtedness (including under the ABL Credit Agreement and the issuance and
creation of letters of credit and bankers’ acceptances thereunder) up to an aggregate principal amount outstanding at the time of Incurrence that, together with the aggregate principal amount of Indebtedness outstanding under clause
(xvii) below at the time of Incurrence, does not exceed the Borrowing Base; 

  
 -93- 

 (ii) the Incurrence by Borrower and the other Guarantors of Indebtedness under this Facility and
the Con-way Bridge Facility (in each case, including any guarantees of any of the foregoing); 
 (iii) Indebtedness, Preferred Stock and
Disqualified Stock of Borrower, the Guarantors and their Restricted Subsidiaries (including, for the avoidance of doubt, Con-way and any Restricted Subsidiary which is a Subsidiary thereof) existing on the Closing Date (other than Indebtedness
described in clauses (i) and (ii) of this Section 7.1(b)) and, if such Indebtedness is for borrowed money and is in excess of $20,000,000, listed on Schedule 7.1 hereto; 

(iv) Indebtedness (including Capitalized Lease Obligations) Incurred by Borrower or any Restricted Subsidiary, Disqualified Stock issued by
Borrower or any Restricted Subsidiary and Preferred Stock issued by any Restricted Subsidiary to finance (whether prior to or within 270 days after) the acquisition, lease, construction, repair, replacement or improvement of property (real or
personal) or equipment (whether through the direct purchase of assets or the Capital Stock of any Person owning such assets) that, when aggregated with the principal amount or liquidation preference of all other Indebtedness, Disqualified Stock or
Preferred Stock then outstanding and Incurred pursuant to this clause (iv), together with any Refinancing Indebtedness in respect thereof Incurred pursuant to clause (xv) below, does not exceed at any one time outstanding the greater of
$570685 million and 50% of Consolidated EBITDA as of the date such Indebtedness is Incurred (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount); 

(v) Indebtedness Incurred by Borrower or any Restricted Subsidiary constituting reimbursement obligations with respect to letters of credit
and bank guarantees issued in the ordinary course of business, including without limitation letters of credit in respect of workers’ compensation claims, health, disability or other benefits to employees or former employees or their families or
property, casualty or liability insurance or self-insurance, and letters of credit in connection with the maintenance of, or pursuant to the requirements of, environmental law or permits or licenses from governmental authorities, or other
Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims; 
 (vi) Indebtedness arising from
agreements of Borrower or any Restricted Subsidiary providing for indemnification, adjustment of acquisition or purchase price or similar obligations (including earn-outs), in each case, Incurred or assumed in connection with the Transactions, any
Investments or any acquisition or disposition of any business, assets or a Subsidiary not prohibited by this Agreement, other than guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Subsidiary
for the purpose of financing such acquisition; 
 (vii) Indebtedness of Borrower to a Restricted Subsidiary, provided that (except in
respect of intercompany current liabilities incurred in the ordinary course of business in connection with the cash management, tax and accounting operations of Borrower and its Subsidiaries) any such Indebtedness owed to a Restricted Subsidiary
that is not a Guarantor is subordinated in right of payment to the Obligations of Borrower under the Loans; provided, further, that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted
Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except any pledge of such Indebtedness constituting a Permitted Lien but not the transfer thereof upon foreclosure) shall be deemed, in each
case, to be an Incurrence of such Indebtedness not permitted by this clause (vii); 

  
 -94- 

 (viii) shares of Preferred Stock of a Restricted Subsidiary issued to Borrower or another
Restricted Subsidiary; provided that any subsequent issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary that holds such shares of Preferred Stock of another Restricted Subsidiary ceasing to
be a Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to Borrower or another Restricted Subsidiary) shall be deemed, in each case, to be an issuance of shares of Preferred Stock not permitted by
this clause (viii); 
 (ix) Indebtedness of a Restricted Subsidiary to Borrower or another Restricted Subsidiary; provided that if a
Guarantor incurs such Indebtedness to a Restricted Subsidiary that is not a Guarantor (except in respect of intercompany current liabilities incurred in the ordinary course of business in connection with the cash management, tax and accounting
operations of Borrower and its Subsidiaries), such Indebtedness is subordinated in right of payment to the Guaranty of such Guarantor; provided, further, that any subsequent issuance or transfer of any Capital Stock or any other event which
results in any Restricted Subsidiary holding such Indebtedness ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to Borrower or another Restricted Subsidiary or any pledge of such Indebtedness
constituting a Permitted Lien but not the transfer thereof upon foreclosure) shall be deemed, in each case, to be an Incurrence of such Indebtedness not permitted by this clause (ix); 

(x) Hedging Obligations that are not incurred for speculative purposes but (A) for the purpose of fixing or hedging interest rate risk with
respect to any Indebtedness that is permitted by the terms of this Agreement to be outstanding; (B) for the purpose of fixing or hedging currency exchange rate risk with respect to any currency exchanges; or (C) for the purpose of fixing
or hedging commodity price risk with respect to any commodity purchases or sales and, in each case, extensions or replacements thereof; 

(xi) obligations (including reimbursement obligations with respect to letters of credit, bank guarantees, warehouse receipts and similar
instruments) in respect of performance, bid, appeal and surety bonds, completion guarantees and similar obligations provided by Borrower or any Restricted Subsidiary in the ordinary course of business or consistent with past practice or industry
practice; 
 (xii) Indebtedness or Disqualified Stock of Borrower or Indebtedness, Disqualified Stock or Preferred Stock of any Restricted
Subsidiary in an aggregate principal amount or liquidation preference, which when aggregated with the principal amount and liquidation preference of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding and Incurred
pursuant to this clause (xii), together with any Refinancing Indebtedness in respect thereof incurred pursuant to clause (xv) below, does not exceed at any one time outstanding the greater of $675820 million and 60% of
Consolidated EBITDA as of the date such Indebtedness is Incurred (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount) (it being understood that any Indebtedness Incurred pursuant to this clause (xii) shall
cease to be deemed Incurred or outstanding for purposes of this clause (xii) but shall be deemed Incurred for purposes of Section 7.1(a) from and after the first date on which Borrower, or the Restricted Subsidiary, as the case may
be, could have Incurred such Indebtedness under Section 7.1(a) without reliance upon this clause (xii)); provided, that the amount of Indebtedness, Disqualified Stock and Preferred Stock that may be Incurred or issued, as
applicable, pursuant to this clause (xii) by Restricted Subsidiaries that are not Guarantors, together with all Indebtedness, Disqualified Stock or Preferred Stock Incurred by Restricted Subsidiaries that are not Guarantors pursuant to the
first paragraph of this covenant or clause (xvi)(A) below, and any 

  
 -95- 

 
Refinancing Indebtedness of Restricted Subsidiaries that are not Guarantors incurred in respect thereof, shall not exceed, in the aggregate, the greater of $
540820 million and 60% of Consolidated EBITDA (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount); 

(xiii) Indebtedness or Disqualified Stock of Borrower or any Restricted Subsidiary and Preferred Stock of any Restricted Subsidiary in an
aggregate principal amount or liquidation preference at any time outstanding, together with Refinancing Indebtedness in respect thereof incurred pursuant to clause (xv) hereof, not greater than 100.0% of the net cash proceeds received by
Borrower and the Restricted Subsidiaries since immediately after the Closing Date from the issue or sale of Equity Interests of Borrower or any direct or indirect parent entity of Borrower (which proceeds are contributed to Borrower or a Restricted
Subsidiary) or cash contributed to the capital of Borrower (in each case other than proceeds of Disqualified Stock or sales of Equity Interests to, or contributions received from Borrower or any of its Subsidiaries) to the extent such net cash
proceeds or cash have not been applied to make Restricted Payments or to make other Investments, payments or exchanges pursuant to Section 7.2(b) or to make Permitted Investments (other than Permitted Investments specified in clauses
(1) and (3) of the definition thereof) (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount) (it being understood that any Indebtedness incurred pursuant to this clause (xiii) shall cease to be deemed
incurred or outstanding for purposes of this clause (xiii) but shall be deemed incurred for the purposes of Section 7.1(a) from and after the first date on which Borrower, or the Restricted Subsidiary, as the case may be, could have
incurred such Indebtedness under Section 7.1(a) without reliance upon this clause (xiii)); 
 (xiv) any guarantee by Borrower or
any Restricted Subsidiary of Indebtedness or other obligations of Borrower or any Restricted Subsidiary so long as the Incurrence of such Indebtedness Incurred by Borrower or such Restricted Subsidiary is permitted under the terms of this Agreement;
provided that (A) if such Indebtedness is by its express terms subordinated in right of payment to the Loans or the Guaranty of such Restricted Subsidiary, as applicable, any such guarantee with respect to such Indebtedness shall be
subordinated in right of payment to the Loans or such Guaranty, as applicable, substantially to the same extent as such Indebtedness is subordinated to the Loans or the Guaranty, as applicable, and (B) if such guarantee is of Indebtedness of
Borrower, such guarantee is Incurred in accordance with, or not in contravention of, Section 6.12 solely to the extent Section 6.12 is applicable; 

(xv) the Incurrence by Borrower or any of the Restricted Subsidiaries of Indebtedness or Disqualified Stock, or by any Restricted Subsidiary
of Preferred Stock of a Restricted Subsidiary, that serves to refund, refinance or defease any Indebtedness Incurred or Disqualified Stock or Preferred Stock issued as permitted under Section 7.1(a) and clauses (i), (ii), (iii), (iv),
(xii), (xiii), (xv), (xvi), (xx) and (xxiv) of this Section 7.1(b) up to the outstanding principal amount (or, if applicable, the liquidation preference, face amount, or the like) or, if greater, committed amount (only to the
extent the committed amount could have been Incurred on the date of initial Incurrence and was deemed Incurred at such time for the purposes of this Section 7.1) of such Indebtedness or Disqualified Stock or Preferred Stock, in each case
at the time such Indebtedness was Incurred or Disqualified Stock or Preferred Stock was issued pursuant to Section 7.1(a) or clauses (i), (ii), (iii), (iv), (xii), (xiii), (xv), (xvi), (xx) and (xxiv) of this
Section 7.1(b), or any Indebtedness, Disqualified Stock or Preferred Stock Incurred to so refund or refinance such Indebtedness, Disqualified Stock or Preferred Stock, plus any additional Indebtedness, Disqualified Stock or Preferred
Stock Incurred to pay premiums (including tender premiums), accrued and unpaid interest, expenses, defeasance costs and fees in connection therewith (subject to the following proviso, “Refinancing Indebtedness”) prior to its
respective maturity; provided, however, that such Refinancing Indebtedness: 

  
 -96- 

 (A) has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is
Incurred which is not less than the shorter of (x) the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being refunded, refinanced or defeased and (y) the Weighted Average Life to
Maturity that would result if all payments of principal on the Indebtedness, Disqualified Stock and Preferred Stock being refunded or refinanced that were due on or after the date that is one year following the Latest Maturity Date of any Loans then
outstanding were instead due on such date; 
 (B) to the extent such Refinancing Indebtedness refinances (a) Indebtedness junior in right of
payment to the Loans or a Guaranty, as applicable, such Refinancing Indebtedness is junior in right of payment to the Loans or the Guaranty, as applicable, (b) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness is Disqualified
Stock or Preferred Stock, (c) Indebtedness secured by a Lien on the Collateral that is pari passu or junior to the Lien on the Collateral securing the Obligations hereunder, such Refinancing Indebtedness is secured by a Lien on the Collateral
that is pari passu with or junior to the Lien on the Collateral securing the Obligations hereunder to the same extent as such Indebtedness, and a Senior Representative of such Refinancing Indebtedness acting on behalf of the holders of such
Indebtedness shall have become party to or otherwise subject to the provisions of ABL Intercreditor Agreement (and the Pari Passu Intercreditor Agreement or the Junior Intercreditor Agreement, as applicable) and (d) the ABL Facility, the Lien
on the Collateral securing such Indebtedness shall have the priorities contemplated by the ABL Intercreditor Agreement, and a Senior Representative of such Refinancing Indebtedness acting on behalf of the holders of such Indebtedness shall have
become party to or otherwise subject to the provisions of the ABL Intercreditor Agreement; and 
 (C) shall not include
(x) Indebtedness of a Restricted Subsidiary that is not a Guarantor that refinances Indebtedness of Borrower or a Guarantor, or (y) Indebtedness of Borrower or a Restricted Subsidiary that refinances Indebtedness of an Unrestricted
Subsidiary; 
 (xvi) Indebtedness, Disqualified Stock or Preferred Stock of (A) Borrower or any Restricted Subsidiary incurred to
finance an acquisition or (B) Persons that are acquired by Borrower or any Restricted Subsidiary or are merged, consolidated or amalgamated with or into Borrower or any Restricted Subsidiary in accordance with the terms of this Agreement (so
long as such Indebtedness is not incurred in contemplation of such acquisition, merger, consolidation or amalgamation); provided that after giving effect to such acquisition or merger, consolidation or amalgamation, either: 

(A) Borrower would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth
in Section 7.1(a); or 
 (B) the Fixed Charge Coverage Ratio of Borrower would be no less than immediately prior to such
acquisition or merger, consolidation or amalgamation; 
 provided, that the amount of Indebtedness, Disqualified Stock and Preferred Stock that may
be Incurred or issued, as applicable, pursuant to clause (xvi)(A) by Restricted Subsidiaries that are not Guarantors, together with all Indebtedness, Disqualified Stock or Preferred Stock Incurred by Restricted Subsidiaries that are not Guarantors
pursuant the first paragraph of this covenant or clause (xii) above, together with any Refinancing Indebtedness of Restricted Subsidiaries that are not Guarantors incurred in respect thereof, shall not exceed, in the aggregate, the greater of
$540820 million and 60% of Consolidated EBITDA (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount); 

  
 -97- 

 provided, further, that with respect to Indebtedness incurred pursuant to clause (xvi)(A) (and not
assumed); 
 (xvii) Indebtedness Incurred by a Securitization Subsidiary in a Qualified Securitization Financing that is not
recourse to Borrower or any Restricted Subsidiary other than a Securitization Subsidiary (except for Standard Securitization Undertakings); provided that the amount of Indebtedness outstanding under this clause (xvii) shall not exceed,
when aggregated with all Indebtedness outstanding under clause (i) at the time of Incurrence, the maximum amount permitted under clause (i);[reserved]; 

(xviii) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against
insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within five Business Days of its Incurrence; 

(xix) Indebtedness of Borrower or any Restricted Subsidiary supported by a letter of credit or bank guarantee, in a principal amount not in
excess of the stated amount of such letter of credit; 
 (xx) Indebtedness of Restricted Subsidiaries of Borrower that are not Guarantors
not to exceed at any one time outstanding (together with any Refinancing Indebtedness of Restricted Subsidiaries that are not Guarantors incurred in respect thereof pursuant to clause (xv) above) the greater of $270410
million or 30% of Consolidated EBITDA as of the date on which such Indebtedness is Incurred (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount); 

(xxi) Indebtedness of Borrower or any Restricted Subsidiary consisting of (A) the financing of insurance premiums or (B) take-or-pay
obligations contained in supply arrangements, in each case, in the ordinary course of business; 
 (xxii) Indebtedness consisting of
Indebtedness of Borrower or a Restricted Subsidiary to current or former officers, directors and employees thereof or any direct or indirect parent thereof, their respective estates, spouses or former spouses, in each case to finance the purchase or
redemption of Equity Interests of Borrower or any direct or indirect parent of Borrower to the extent described in Section 7.2(b)(iv); 

(xxiii) Indebtedness in respect of obligations of Borrower or any Restricted Subsidiary to pay the deferred purchase price of goods or
services or progress payments in connection with such goods and services; provided that such obligations are incurred in connection with open accounts extended by suppliers on customary trade terms in the ordinary course of business and not
in connection with the borrowing of money or any Hedging Obligations; and 
 (xxiv)Indebtedness under asset-level financings, Capitalized
Lease Obligations and purchase money indebtedness incurred by (1) Norbert Dentressangle S.A. or any of its Subsidiaries or (2) any Foreign Subsidiary of Borrower, in each case in the ordinary course of business consistent with past
practice; provided that the amount of Indebtedness outstanding under this Section 7.1(b)(xxiv), together with any Refinancing Indebtedness in respect thereof incurred pursuant to Section 7.1(b)(xv) shall not exceed, in the
aggregate, the greater of $6751,025 million and 75% of Consolidated EBITDA (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount). 

  
 -98- 

 Borrower from any such sale of Designated Preferred Stock (other than Disqualified Stock) issued after the
Closing Date; and 
 (C) the declaration and payment of dividends on Refunding Capital Stock that is Preferred Stock in excess of the
dividends declarable and payable thereon pursuant to Section 7.2(b)(ii); provided, however, in the case of each of clauses (A) and (B) above of this clause (vi), that for the most recently ended four full Fiscal Quarters
for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock, after giving effect to such issuance (and the payment of dividends or distributions and treating such Designated
Preferred Stock as Indebtedness for borrowed money for such purpose) on a pro forma basis (including a pro forma application of the net proceeds therefrom), Borrower would have had a Fixed Charge Coverage Ratio no less than 2.00 to
1.00. 
 (vii) Investments in joint ventures and Unrestricted Subsidiaries having an aggregate Fair Market Value (as determined in good
faith by Borrower), taken together with all other Investments made pursuant to this clause (vii) that are at that time outstanding, not to exceed the sum of (a) the greater of $180275 million and 20% of Consolidated
EBITDA as of the date of such Investment and (b) an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received in respect of any
such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause (vii) is
made in any Person that is not Borrower or a Restricted Subsidiary at the date of the making of such Investment and such Person becomes Borrower or a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made
pursuant to clause (1) of the definition of Permitted Investments and shall cease to have been made pursuant to this clause (vii) for so long as such Person continues to be Borrower or a Restricted Subsidiary; 

(viii) Restricted Payments that are made with (or in an aggregate amount that does not exceed the aggregate amount of) Excluded Contributions;

 (ix) other Restricted Payments in an aggregate amount, when taken together with all other Restricted Payments made pursuant to this
clause (ix) that are at that time outstanding, not to exceed the greater of $500750 million and 55% of Consolidated EBITDA as of the date such Restricted Payment is made; 

(x) the distribution, as a dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to Borrower or a Restricted Subsidiary
by, Unrestricted Subsidiaries; 
 (xi) with respect to any taxable period for which Borrower and/or any of its Subsidiaries are members of a
consolidated, combined, affiliated, unitary or similar income tax group for U.S. federal and/or applicable state or local income tax purposes of which a direct or indirect parent of Borrower is the common parent (a “Tax Group”),
distributions (“Tax Distributions”) to any direct or indirect parent of Borrower to pay the portion of the taxes of such Tax Group attributable to the income of Borrower and/or its applicable Subsidiaries in an amount not to exceed
the amount of any U.S. federal, state and/or local income taxes (as applicable) that Borrower and/or its applicable Subsidiaries would have paid for such taxable period had Borrower and/or its applicable Subsidiaries been a stand-alone corporate
taxpayer or a stand-alone corporate group with respect to such taxes; provided that distributions attributable to the income of any Unrestricted Subsidiary shall be permitted only to the extent that such Unrestricted Subsidiary made
distributions to Borrower or any Restricted Subsidiary for such purpose; 

  
 -103- 

 For purposes of determining compliance with this Section 7.3, (i) the priority
of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital Stock and
(ii) the subordination of loans or advances made to Borrower or a Restricted Subsidiary to other Indebtedness Incurred by Borrower or any such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances.

 7.4 Asset Sales. 
 (a)
Borrower shall not, and shall not permit any of the Restricted Subsidiaries to, cause or make an Asset Sale, unless (x) Borrower or any Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least
equal to the Fair Market Value (as determined in good faith by Borrower) of the assets sold or otherwise disposed of, and (y) at least 75% of the consideration therefor received by Borrower or such Restricted Subsidiary, as the case may be, is
in the form of Cash Equivalents; provided that the amount of: 
 (i) any liabilities (as shown on Borrower’s or a Restricted
Subsidiary’s most recent balance sheet or in the notes thereto) of Borrower or a Restricted Subsidiary (other than liabilities that are by their terms subordinated to the Loans or any Guaranty) that are assumed by the transferee of any such
assets or that are otherwise cancelled or terminated in connection with the transaction with such transferee, 
 (ii) any notes or other
obligations or other securities or assets received by Borrower or such Restricted Subsidiary from such transferee that are converted by Borrower or such Restricted Subsidiary into cash within 180 days of the receipt thereof (to the extent of the
cash received), 
 (iii) Indebtedness of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Sale,
to the extent that Borrower and each other Restricted Subsidiary are released from any guarantee of payment of such Indebtedness in connection with the Asset Sale, 

(iv) consideration consisting of Indebtedness of Borrower (other than Subordinated Indebtedness) received after the Closing Date from Persons
who are not Borrower or any Restricted Subsidiary, and 
 (v) any Designated Non-cash Consideration received by Borrower or any Restricted
Subsidiary in such Asset Sale having an aggregate Fair Market Value (as determined in good faith by Borrower), taken together with all other Designated Non-cash Consideration received pursuant to this Section 7.4(a)(v) that is at that
time outstanding, not to exceed the greater of $225340 million and 25% of Consolidated EBITDA at the time of the receipt of such Designated Non-cash Consideration (with the Fair Market Value of each item of Designated
Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value), 
 shall be deemed to be Cash
Equivalents for the purposes of this Section 7.4(a). 
 7.5 Transactions with Affiliates. 

(a) Borrower shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, make any payment to, or sell,
lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any under any Insolvency Law and (iii) each Lender shall be entitled to pursue its deficiency
claim after liquidation of all or substantially all of the Collateral and application of the proceeds therefrom. 

  
 -107- 

 10.10 Procedures. Agent is hereby authorized by each Credit Party and each other Person to
whom any Obligations hereunder are owed to establish procedures (and to amend such procedures from time to time) to facilitate administration and servicing of the Loans and other matters incidental thereto. Without limiting the generality of the
foregoing, Agent is hereby authorized to establish procedures to make available or deliver, or to accept, notices, documents and similar items on, by posting to or submitting and/or completion on, E-Systems. The posting, completion and/or submission
by any Credit Party of any communication pursuant to an E-System shall constitute a representation and warranty by the Credit Parties that any representation, warranty, certification or other similar statement required by the Loan Documents to be
provided, given or made by a Credit Party in connection with any such communication is true, correct and complete in all material respects except as expressly noted in such communication or otherwise on such E-System. 

10.11 Collateral Matters. 

(a) Lenders hereby irrevocably authorize and direct Agent to release Liens upon any Collateral (and any such Liens shall be automatically
released), without further action by Agent or any other Person,, (i) upon the Termination Date; (ii) in respect of property of any Subsidiary being sold or disposed of or transferred (including property owned by any
Subsidiary being sold or disposed of or transferred) if the sale or Disposition or transfer is made in compliance with this Agreement and the Loan Documents (or otherwise is not prohibited) (and Agent may, in its discretion, request, and rely
conclusively without further inquiry on, a certificate from the Borrower certifying as such prior to Agent taking any action to evidence such release) or such sale or Disposition is approved by the Requisite Lenders (or such greater number of
Lenders as may be required under Section 12.2); (iii) to the extent the applicable Collateral is or becomes Excluded Property and/or Excluded Principal Property; (iv) to the extent the applicable Collateral constitutes property
leased to Credit Parties under a lease which has expired or been terminated in a transaction permitted under this Agreement; (v) to the extent the Credit Party owning such Collateral is released from its Obligations hereunder (pursuant to
Section 13.10 or otherwise); or (vi) as required by the terms of any Intercreditor Agreement. Upon request by Agent or Borrower at any time, Lenders will confirm in writing Agent’s authority to release any Lien upon particular
types or items of Collateral pursuant to this Section 10.11. In addition, the Lenders hereby authorize Agent, to subordinate any Lien granted to or held by Agent upon any Collateral to any Lien on such asset permitted pursuant to
paragraph (6)(C) of the definition of Permitted Lien. In addition, the Guaranty of the Obligations by, and the liens on the assets of, any Restricted Subsidiary which is designated as an Unrestricted Subsidiary will automatically be terminated
and released at the time of such designation. 
 (b) Promptly, and in any event not later than five (5) Business Days’ following
written request by Borrower, Agent shall (and is hereby irrevocably authorized and directed by Lenders to) execute such documents as may be necessary to evidence the release (or subordination) of its Liens upon Collateral as contemplated by
Section 10.11(a); provided, however, that (i) Agent shall be fully protected in relying on such certification by Borrower (and shall not be responsible for or have a duty to ascertain or inquire into any representation
or warranty contained therein) and any execution and delivery of such requested documentation shall be without recourse or warranty to Agent (other than Agent’s authority to execute and deliver such documents) and (ii) such release shall
not in any manner discharge, affect or impair the Obligations hereunder or any Liens (other than those expressly being released) upon (or obligations of Credit Parties in respect of) all interests retained by Credit Parties, 

  
 -120-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00279-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00279-of-00352.parquet"}]]