Document:

Credit Agreement dated as of May 31, 2005

 Exhibit 10.68 
  
 EXECUTION COPY 
  

  
 CREDIT AGREEMENT 
  
 Dated as of May 31, 2005, 
  
 Among 
  
 HEXION LLC, 
  
 HEXION SPECIALTY CHEMICALS, INC., 
 as U.S.
Borrower, 
  
 BORDEN CHEMICAL CANADA, INC., 
 as Canadian Borrower, 
  
 RESOLUTION EUROPE B.V., 
 as Dutch Borrower, 
  
 BAKELITE AG, 
 as German Borrower, 
  
 BORDEN CHEMICAL GB LIMITED 
  
 and 
  
 BORDEN CHEMICAL UK LIMITED, 
 as U.K. Borrowers, 
  
 THE LENDERS PARTY HERETO, 
  
 JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent, 
  
 CITICORP NORTH AMERICA, INC., 
 as Syndication Agent, and 
  
 CREDIT SUISSE, 
 as Documentation Agent

  

  
 J.P. MORGAN SECURITIES INC., 
 CITIGROUP GLOBAL
MARKETS INC. 
 and 
 CREDIT SUISSE,

 as Joint Lead Arrangers and Joint Bookrunners 
  

 TABLE OF CONTENTS 
  

					
	ARTICLE I	  	 
		
	Definitions	  	 
			
	 SECTION 1.01.
	 	 Defined Terms
	  	2
	 SECTION 1.02.
	 	 Terms Generally
	  	65
	 SECTION 1.03.
	 	 Effectuation of Transfers
	  	65
	 SECTION 1.04.
	 	 Currency Translation
	  	66
		
	ARTICLE II	  	 
		
	The Credits	  	 
			
	 SECTION 2.01.
	 	 Commitments
	  	67
	 SECTION 2.02.
	 	 Loans and Borrowings
	  	68
	 SECTION 2.03.
	 	 Requests for Borrowings
	  	70
	 SECTION 2.04.
	 	 Swingline Loans
	  	71
	 SECTION 2.05.
	 	 Letters of Credit
	  	72
	 SECTION 2.06.
	 	 Canadian Bankers’ Acceptances
	  	82
	 SECTION 2.07.
	 	 Funding of Borrowings
	  	85
	 SECTION 2.08.
	 	 Interest Elections
	  	86
	 SECTION 2.09.
	 	 Termination and Reduction of Commitments; Return of Tranche B-3 Credit-Linked Deposits
	  	88
	 SECTION 2.10.
	 	 Repayment of Loans and B/As; Evidence of Debt
	  	89
	 SECTION 2.11.
	 	 Repayment of Term Loans, B/As, Revolving Facility Loans and Tranche B-3 Credit-Linked Deposits
	  	91
	 SECTION 2.12.
	 	 Prepayment of Loans
	  	94
	 SECTION 2.13.
	 	 Fees
	  	95
	 SECTION 2.14.
	 	 Interest
	  	97
	 SECTION 2.15.
	 	 Alternate Rate of Interest
	  	99
	 SECTION 2.16.
	 	 Increased Costs
	  	99
	 SECTION 2.17.
	 	 Break Funding Payments
	  	101
	 SECTION 2.18.
	 	 Taxes
	  	101
	 SECTION 2.19.
	 	 Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	  	103
	 SECTION 2.20.
	 	 Mitigation Obligations; Replacement of Lenders
	  	105
	 SECTION 2.21.
	 	 Incremental Commitments
	  	106
	 SECTION 2.22.
	 	 Illegality
	  	109
	 SECTION 2.23.
	 	 Credit-Linked Deposit Account
	  	109
	 SECTION 2.24.
	 	 Additional Reserve Costs
	  	110

  

 - i - 

					
	ARTICLE III	  	 
		
	Representations and Warranties	  	 
			
	 SECTION 3.01.
	 	 Organization; Powers
	  	111
	 SECTION 3.02.
	 	 Authorization
	  	111
	 SECTION 3.03.
	 	 Enforceability
	  	112
	 SECTION 3.04.
	 	 Governmental Approvals
	  	112
	 SECTION 3.05.
	 	 Financial Statements
	  	112
	 SECTION 3.06.
	 	 No Material Adverse Change or Material Adverse Effect
	  	113
	 SECTION 3.07.
	 	 Title to Properties; Possession Under Leases
	  	114
	 SECTION 3.08.
	 	 Subsidiaries
	  	114
	 SECTION 3.09.
	 	 Litigation; Compliance with Laws
	  	115
	 SECTION 3.10.
	 	 Federal Reserve Regulations
	  	115
	 SECTION 3.11.
	 	 Investment Company Act: Public Utility Holding Company Act
	  	116
	 SECTION 3.12.
	 	 Use of Proceeds
	  	116
	 SECTION 3.13.
	 	 Tax Returns
	  	116
	 SECTION 3.14.
	 	 No Material Misstatements
	  	117
	 SECTION 3.15.
	 	 Employee Benefit Plans
	  	117
	 SECTION 3.16.
	 	 Environmental Matters
	  	118
	 SECTION 3.17.
	 	 Security Documents
	  	119
	 SECTION 3.18.
	 	 Location of Real Property
	  	121
	 SECTION 3.19.
	 	 Solvency
	  	121
	 SECTION 3.20.
	 	 Labor Matters
	  	122
	 SECTION 3.21.
	 	 Insurance
	  	122
	 SECTION 3.22.
	 	 Representations and Warranties in Transaction Agreement
	  	122
	 SECTION 3.23.
	 	 First-Lien Indebtedness; Senior Debt
	  	122
	 SECTION 3.24.
	 	 Dutch Banking Act
	  	123
		
	ARTICLE IV	  	 
		
	Conditions of Lending	  	 
			
	 SECTION 4.01.
	 	 All Credit Events
	  	123
	 SECTION 4.02.
	 	 First Credit Event
	  	124
	 SECTION 4.03.
	 	 German Borrower
	  	128
		
	ARTICLE V	  	 
		
	Affirmative Covenants	  	 
			
	 SECTION 5.01.
	 	 Existence; Businesses and Properties
	  	129
	 SECTION 5.02.
	 	 Insurance
	  	130
	 SECTION 5.03.
	 	 Taxes
	  	131
	 SECTION 5.04.
	 	 Financial Statements, Reports, etc.
	  	131
	 SECTION 5.05.
	 	 Litigation and Other Notices
	  	134

  

 - ii - 

					
	 SECTION 5.06.
	 	 Compliance with Laws
	  	134
	 SECTION 5.07.
	 	 Maintaining Records; Access to Properties and Inspections
	  	135
	 SECTION 5.08.
	 	 Use of Proceeds
	  	135
	 SECTION 5.09.
	 	 Compliance with Environmental Laws
	  	135
	 SECTION 5.10.
	 	 Further Assurances; Additional Mortgages
	  	135
	 SECTION 5.11.
	 	 Fiscal Year; Accounting
	  	138
	 SECTION 5.12.
	 	 Rating
	  	138
	 SECTION 5.13.
	 	 Lender Meetings
	  	138
	 SECTION 5.14.
	 	 German Borrower
	  	139
	 SECTION 5.15.
	 	 Qualified IPO
	  	139
	 SECTION 5.16.
	 	 Financial Assistance
	  	139
	 SECTION 5.17.
	 	 U.K. Pension Matters
	  	139
	 SECTION 5.18.
	 	 RPP Merger
	  	140
		
	ARTICLE VI	  	 
		
	Negative Covenants	  	 
			
	 SECTION 6.01.
	 	 Indebtedness
	  	140
	 SECTION 6.02.
	 	 Liens
	  	144
	 SECTION 6.03.
	 	 Sale and Lease-Back Transactions
	  	149
	 SECTION 6.04.
	 	 Investments, Loans and Advances
	  	150
	 SECTION 6.05.
	 	 Mergers, Consolidations, Sales of Assets and Acquisitions
	  	153
	 SECTION 6.06.
	 	 Dividends and Distributions
	  	156
	 SECTION 6.07.
	 	 Transactions with Affiliates
	  	158
	 SECTION 6.08.
	 	 Business of Holdings, the U.S. Borrower and the Subsidiaries
	  	161
	 SECTION 6.09.
	 	 Limitation on Modifications and Payments of Indebtedness; Modifications of Certificate of Incorporation, By-Laws and Certain Other Agreements;
etc.
	  	161
	 SECTION 6.10.
	 	 Capital Expenditures
	  	163
	 SECTION 6.11.
	 	 Senior Secured Bank Leverage Ratio
	  	164
	 SECTION 6.12.
	 	 Indenture Restricted Subsidiaries
	  	164
	 SECTION 6.13.
	 	 Swap Agreements
	  	164
		
	ARTICLE VII	  	 
		
	Events of Default	  	 
			
	 SECTION 7.01.
	 	 Events of Default
	  	164
	 SECTION 7.02.
	 	 Exclusion of Certain Subsidiaries
	  	168
	 SECTION 7.03.
	 	 Right to Cure
	  	168

  

 - iii - 

					
	ARTICLE VIII	  	 
		
	The Agents	  	 
	 SECTION 8.01.
	 	 Appointment
	  	169
	 SECTION 8.02.
	 	 Delegation of Duties
	  	170
	 SECTION 8.03.
	 	 Exculpatory Provisions
	  	170
	 SECTION 8.04.
	 	 Reliance by Administrative Agent
	  	170
	 SECTION 8.05.
	 	 Notice of Default
	  	171
	 SECTION 8.06.
	 	 Non-Reliance on Agents and Other Lenders
	  	171
	 SECTION 8.07.
	 	 Indemnification
	  	171
	 SECTION 8.08.
	 	 Agent in Its Individual Capacity
	  	172
	 SECTION 8.09.
	 	 Successor Administrative Agent
	  	172
	 SECTION 8.10.
	 	 Agents and Arrangers
	  	173
	 SECTION 8.11.
	 	 Additional Intercreditor Agreements
	  	173
	 SECTION 8.12.
	 	 Certain German Matters
	  	173
	 SECTION 8.13.
	 	 Certain Canadian Matters
	  	174
	 SECTION 8.14.
	 	 Foreign Obligations
	  	174
	 SECTION 8.15.
	 	 Certain Italian Matters
	  	174
		
	ARTICLE IX	  	 
		
	Miscellaneous	  	 
	 SECTION 9.01.
	 	 Notices
	  	175
	 SECTION 9.02.
	 	 Survival of Agreement
	  	176
	 SECTION 9.03.
	 	 Binding Effect
	  	176
	 SECTION 9.04.
	 	 Successors and Assigns
	  	177
	 SECTION 9.05.
	 	 Expenses; Indemnity
	  	181
	 SECTION 9.06.
	 	 Right of Set-off
	  	182
	 SECTION 9.07.
	 	 Applicable Law
	  	182
	 SECTION 9.08.
	 	 Waivers; Amendment
	  	183
	 SECTION 9.09.
	 	 Interest Rate Limitation
	  	185
	 SECTION 9.10.
	 	 Conversion of Currencies
	  	186
	 SECTION 9.11.
	 	 Entire Agreement
	  	187
	 SECTION 9.12.
	 	 WAIVER OF JURY TRIAL
	  	187
	 SECTION 9.13.
	 	 Severability
	  	187
	 SECTION 9.14.
	 	 Counterparts
	  	187
	 SECTION 9.15.
	 	 Headings
	  	187
	 SECTION 9.16.
	 	 Jurisdiction; Consent to Service of Process
	  	187
	 SECTION 9.17.
	 	 Confidentiality
	  	188
	 SECTION 9.18.
	 	 JPMorgan Chase Bank, N.A. Direct Website Communications
	  	189
	 SECTION 9.19.
	 	 Release of Liens and Guarantees
	  	190
	 SECTION 9.20.
	 	 Dutch Parallel Debt
	  	191
	 SECTION 9.21.
	 	 German Parallel Debt; Limitation on Enforcement
	  	193
	 SECTION 9.22.
	 	 Dutch Banking Act
	  	193

  

 - iv - 

					
	 SECTION 9.23.
	 	Power of Attorney	  	194
	 SECTION 9.24.
	 	Certain Approvals	  	195
	 SECTION 9.25.
	 	U.S.A. Patriot Act	  	195
	 SECTION 9.26.
	 	Czech Parallel Debt	  	195
		
	ARTICLE X	  	 
		
	Collection Allocation Mechanism	  	 
	 SECTION 10.01.
	 	Implementation of CAM	  	195
	 SECTION 10.02.
	 	Letters of Credit	  	197

  
 Exhibits and Schedules 
  

			
	 Exhibit A
	  	Form of Assignment and Acceptance
	 Exhibit B
	  	Form of Administrative Questionnaire
	 Exhibit C
	  	Form of Affiliate Authorization
	 Exhibit D-1
	  	Form of Borrowing Request
	 Exhibit D-2
	  	Form of Swingline Borrowing Request
	 Exhibit E
	  	Form of Global Collateral Agreement
	 Exhibit F-1
	  	U.S. Guarantee Agreement
	 Exhibit F-2
	  	Foreign Guarantee Agreement
	 Exhibit G
	  	Mandatory Costs Rate
		
	 Schedule 1.01(a)
	  	Existing Letters of Credit
	 Schedule 1.01(b)
	  	Foreign Subsidiary Loan Parties
	 Schedule 1.01(c)
	  	Mortgaged Properties
	 Schedule 1.01(d)
	  	Unrestricted Subsidiaries
	 Schedule 1.01(e)
	  	Foreign Subsidiary Loan Party Jurisdictions
	 Schedule 1.01(f)
	  	Immaterial Subsidiaries
	 Schedule 2.01
	  	Commitments
	 Schedule 2.03
	  	Borrowing Requests
	 Schedule 2.05
	  	Issuing Banks
	 Schedule 3.01
	  	Organization and Good Standing
	 Schedule 3.04
	  	Governmental Approvals
	 Schedule 3.07(b)
	  	Possession under Leases
	 Schedule 3.08(a)
	  	Subsidiaries
	 Schedule 3.08(b)
	  	Subscriptions
	 Schedule 3.09
	  	Litigation
	 Schedule 3.13
	  	Taxes
	 Schedule 3.15
	  	Employee Benefit Plans
	 Schedule 3.16
	  	Environmental Matters
	 Schedule 3.20
	  	Labor Matters
	 Schedule 3.21
	  	Insurance
	 Schedule 4.02(b)
	  	Local U.S. and/or Foreign Counsel
	 Schedule 5.10(i)
	  	Subsidiary Collateral
	 Schedule 6.01
	  	Indebtedness

  

 - v - 

			
	 Schedule 6.02(a)
	  	Liens
	 Schedule 6.03
	  	Sale-Leasebacks
	 Schedule 6.04
	  	Investments
	 Schedule 6.07
	  	Transactions with Affiliates
	 Schedule 9.22
	  	PMP Requirements
	 Schedule 9.24
	  	Certain Approvals

  

 - vi - 

 CREDIT AGREEMENT dated as of May 31, 2005 (this “Agreement”), among HEXION LLC (f/k/a
BHI Acquisition Corp.), a Delaware limited liability company (“Holdings”), BORDEN CHEMICAL, INC. (to be renamed Hexion Specialty Chemicals, Inc. upon consummation of the RPP LLC Merger (as defined herein)), a New Jersey corporation
(the “U.S. Borrower”), BORDEN CHEMICAL CANADA, INC., a Canadian corporation (the “Canadian Borrower”), RESOLUTION EUROPE B.V., a company organized under the laws of The Netherlands (the “Dutch
Borrower”), BAKELITE AG, a company registered in the commercial register of Iserlohn/Germany (upon satisfaction of the conditions set forth in Section 4.03, the “German Borrower”), BORDEN CHEMICAL GB LIMITED, a corporation
organized under the laws of England and Wales, and BORDEN CHEMICAL UK LIMITED, a corporation organized under the laws of England and Wales (together, the “U.K. Borrowers” and, together with the U.S. Borrower, the Canadian Borrower,
the Dutch Borrower and the German Borrower, the “Borrowers”), the LENDERS party hereto from time to time, JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders, CITICORP NORTH AMERICA, INC.
(“Citibank”), as syndication agent (in such capacity, the “Syndication Agent”), CREDIT SUISSE, as documentation agent (in such capacity, the “Documentation Agent”), and J.P. MORGAN SECURITIES INC.,
CITIBANK GLOBAL MARKETS INC. and CREDIT SUISSE, as joint lead arrangers and joint bookrunners (in such capacity, the “Joint Lead Arrangers”). 
  

WHEREAS, pursuant to a Transaction Agreement dated as of April 22, 2005 (as amended on or prior to the date hereof consistent with Section 4.02(f), the
“Transaction Agreement”), among Holdings, RPP Holdings LLC, a Delaware limited liability company, Resolution Specialty Materials Holdings LLC, a Delaware limited liability company, BHI Merger Sub One Inc., a Delaware corporation,
BHI Merger Sub Two Inc., a Delaware corporation, and the U.S. Borrower (the parties to the Transaction Agreement, the “Combination Parties”), the Combination Parties have agreed upon certain mergers and other transactions
contemplated by the Transaction Agreement (such mergers and other transactions, collectively, the “Combination”); and 
  
 WHEREAS, in connection with the consummation of the Combination, (a) the U.S. Borrower has requested the Lenders to extend credit in the form of Tranche
B-1 Term Loans on the Closing Date in an aggregate principal amount not in excess of $210.0 million, (b) the Dutch Borrower has requested the Lenders to extend credit in the form of Tranche B-2 Term Loans on the Closing Date in an aggregate
principal amount not in excess of $290.0 million, (c) the U.S. Borrower has requested the Lenders to make Tranche B-3 Credit-Linked Deposits on the Closing Date in an aggregate amount of $50.0 million, (d) the U.S. Borrower and the Canadian Borrower
have requested the Lenders to extend credit in the form of the Canadian Tranche 

  

 
Revolving Facility Loans and Letters of Credit at any time and from time to time prior to the Revolving Facility Maturity Date in an aggregate principal
amount at any time outstanding not in excess of $50.0 million, (e) the U.S. Borrower, the Dutch Borrower, the German Borrower and the U.K. Borrowers have requested the Lenders to extend credit in the form of the European Tranche Revolving Facility
Loans, Swingline Loans and Letters of Credit at any time and from time to time prior to the Revolving Facility Maturity Date in an aggregate principal amount at any time outstanding not in excess of $125.0 million and (f) the U.S. Borrower has
requested the Lenders to extend credit in the form of the U.S. Tranche Revolving Facility Loans at any time and from time to time prior to the Revolving Facility Maturity Date in an aggregate principal amount at any time outstanding not in excess of
$50.0 million; 
  
 NOW, THEREFORE, the Lenders are willing to
extend such credit to the Borrowers on the terms and subject to the conditions set forth herein. Accordingly, the parties hereto agree as follows: 
  
 ARTICLE I 
  
 Definitions 
  
 SECTION 1.01. Defined Terms. As used in this Agreement, the following terms shall have the meanings specified below: 
  
 “ABR” shall mean, for any day, a rate per annum equal to the greater of (a) the Prime Rate in effect on such day and (b) the Federal
Funds Effective Rate in effect on such day plus 1⁄2 of 1%. For purposes hereof: “Prime Rate” shall mean the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, N.A. as its prime rate in effect
at its principal office in New York City (the Prime Rate not being intended to be the lowest rate of interest charged by JPMorgan Chase Bank, N.A. in connection with extensions of credit to debtors). Any change in the ABR due to a change in the
Prime Rate or the Federal Funds Effective Rate shall be effective as of the opening of business on the effective day of such change in the Prime Rate or the Federal Funds Effective Rate, respectively. 
  
 “ABR Borrowing” shall mean a Borrowing comprised of ABR
Loans. 
  
 “ABR Loan” shall mean any ABR Term
Loan, any ABR Revolving Loan or any Swingline Loan to the U.S. Borrower. 
  
 “ABR Revolving Borrowing” shall mean a Borrowing comprised of ABR Revolving Loans. 
  
 “ABR Revolving Loan” shall mean any Revolving Facility Loan bearing interest at a rate determined by reference to the ABR in accordance
with the provisions of Article II. 
  
 “ABR Term
Loan” shall mean any Term Loan bearing interest at a rate determined by reference to the ABR in accordance with the provisions of Article II. 
  

 2 

 “Acquired Assets” shall mean (a) the total purchase price of assets acquired pursuant to
a Permitted Business Acquisition during any fiscal year determined in accordance with GAAP (the “Specified Amount”); provided that if such Permitted Business Acquisition is not consummated during the first quarter of a fiscal
year, Acquired Assets for such fiscal year shall be determined by multiplying the Specified Amount by (i) 0.75 if such Permitted Business Acquisition is consummated during the second quarter of such fiscal year, (ii) 0.50 if such Permitted Business
Acquisition is consummated during the third quarter of such fiscal year and (iii) 0.25 if such Permitted Business Acquisition is consummated during the fourth quarter of such fiscal year and (b) with respect to any fiscal year occurring after such
Permitted Business Acquisition, the Specified Amount. 
  
 “Acquired Assets Amount” shall have the meaning assigned to such term in Section 6.10(a). 
  
 “Additional Mortgage” shall have the meaning assigned to such term in Section 5.10(c). 
  
 “Adjusted Eurocurrency Rate” shall mean, with respect to any
Eurocurrency Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) (i) for any Eurocurrency Borrowing denominated in U.S. Dollars or Sterling, the LIBO Rate, or (ii) for
any Eurocurrency Borrowing denominated in euros, the EURO LIBO Rate, in each case in effect for such Interest Period divided by (b) one minus the Statutory Reserves applicable to such Eurocurrency Borrowing, if any. 
  
 “Adjustment Date” shall have the meaning assigned to such
term in the definition of the term “Pricing Grid.” 
  
 “Administrative Agent” shall mean JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders hereunder, or, as applicable, such Affiliates thereof as it shall from time to time designate for the
purpose of performing its obligations hereunder in such capacity, including initially (a) with respect to a Loan or Borrowing made to the Dutch Borrower, the German Borrower or a U.K. Borrower, J.P. Morgan Europe Limited, and (b) with respect to a
Loan or Borrowing made to, or a B/A Drawing drawn by, the Canadian Borrower, JPMorgan Chase Bank, N.A., Toronto Branch. References to the “Administrative Agent” shall also include J.P. Morgan Europe Limited or any other Affiliate of
JPMorgan Chase Bank, N.A. or any other person designated by JPMorgan Chase Bank, N.A., in each case acting in its capacity as “Security Trustee”, “Trustee” or “Agent” under any Security Document
relating to collateral provided under the laws of any United Kingdom jurisdiction, or acting in any similar capacity under any other Security Document under the laws of the United States or any other jurisdiction. Notwithstanding the foregoing, for
purposes of Section 9.20, the term “Administrative Agent” shall mean JPMorgan Chase Bank, N.A. and any successor agent appointed pursuant to Section 8.09. 
  

 3 

 “Administrative Agent Fees” shall have the meaning assigned to such term in Section
2.13(e). 
  
 “Administrative Questionnaire” shall
mean an Administrative Questionnaire in the form of Exhibit B or in such other form as may be supplied by the Administrative Agent. 
  
 “Affiliate” shall mean, when used with respect to a specified person, another person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the person specified. 
  
 “Affiliate Authorization” means each Affiliate Authorization delivered by any Affiliate of a Lender to the Administrative Agent
substantially in the form of Exhibit C. 
  
 “Agent
Parties” shall have the meaning assigned to such term in Section 9.18(c). 
  
 “Agents” shall mean the Administrative Agent, the Syndication Agent and the Documentation Agent. 
  
 “Agreement” shall have the meaning assigned to such term in the preamble hereto. 
  
 “Alternative Currency” shall mean Sterling, euros or
Canadian Dollars. 
  
 “Alternative Currency Letter of
Credit” shall mean a Letter of Credit denominated in an Alternative Currency. 
  
 “Alternative Currency Revolving L/C Exposure” shall mean Revolving L/C Exposure related to Alternative Currency Letters of Credit. 
  
 “Applicable Margin” shall mean for any day (i) with respect to any Term Loan, 2.50% per annum in the case
of any Eurocurrency Loan and 1.00% per annum in the case of any ABR Loan or Base Rate Loan, (ii) with respect to any Revolving Facility Loan, 2.50% per annum in the case of any Eurocurrency Loan and 1.00% per annum in the case of any ABR Loan or
Base Rate Loan and (iii) with respect to any B/A Drawing, 2.50% per annum; provided that on and after the first Adjustment Date occurring after the delivery of financial statements pursuant to Section 5.04 for the first fiscal quarter of the
U.S. Borrower commencing after the Closing Date, the Applicable Margin with respect to Term Loans, Revolving Facility Loans and Swingline Loans will be determined pursuant to the Pricing Grid. 
  
 “Approved Fund” shall have the meaning assigned to such term
in Section 9.04(b). 
  
 “Asset Acquisition” shall
mean any Permitted Business Acquisition the aggregate consideration for which exceeds $1.0 million. 
  

 4 

 “Asset Disposition” shall mean any sale, transfer or other disposition by Holdings
(prior to a Qualified IPO), the U.S. Borrower or any of the Subsidiaries to any person other than Holdings (prior to a Qualified IPO), the U.S. Borrower or any Subsidiary to the extent otherwise permitted hereunder of any asset or group of related
assets (other than inventory or other assets sold, transferred or otherwise disposed of in the ordinary course of business) in one or a series of related transactions, the Net Proceeds from which exceed $1.0 million. 
  
 “Assignment and Acceptance” shall mean an assignment and
acceptance entered into by a Lender and an assignee, and accepted by the Administrative Agent and the U.S. Borrower (if required by Section 9.04), in the form of Exhibit A or such other form as shall be approved by the Administrative Agent.

  
 “Availability Period” shall mean (a) with
respect to the Canadian Tranche Commitments, the period from and including the Closing Date to but excluding the earlier of the Revolving Facility Maturity Date and in the case of each of the Canadian Tranche Revolving Facility Loans, Canadian
Tranche Revolving Facility Borrowings and Canadian Tranche Letters of Credit, the date of termination of the Canadian Tranche Commitments, (b) with respect to the European Tranche Commitments, the period from and including the Closing Date to but
excluding the earlier of the Revolving Facility Maturity Date and in the case of each of the European Tranche Revolving Facility Loans, European Tranche Revolving Facility Borrowings, Swingline Loans, Swingline Borrowings and European Tranche
Letters of Credit, the date of termination of the European Tranche Commitments, (c) with respect to the U.S. Tranche Commitments, the period from and including the Closing Date to but excluding the earlier of the Revolving Facility Maturity Date and
in the case of each of the U.S. Tranche Revolving Facility Loans and U.S. Tranche Revolving Facility Borrowings, the date of termination of the U.S. Tranche Commitments and (d) with respect to the Tranche B-3 Credit-Linked Deposits, the period from
and including the Closing Date to but excluding the earlier of the Tranche B-3 Maturity Date and the date on which all of the Tranche B-3 Credit-Linked Deposits are returned to the Tranche B-3 Lenders. 
  
 “Available Investment Basket Amount” shall mean, on any date
of determination, an amount equal to (a) the Cumulative Retained Excess Cash Flow Amount on such date of determination plus (b) the aggregate amount of proceeds received after the Closing Date and prior to such date of determination that would have
constituted Net Proceeds pursuant to clause (a) of the definition thereof except for the operation of clause (x) or (y) of the second proviso thereof (the “Below-Threshold Asset Sale Proceeds”), plus (c) the cumulative amount of
cash proceeds from the sale or issuance of Equity Interests of Holdings (after the Closing Date and prior to a Qualified IPO) (which proceeds have been contributed as common equity to the capital of the U.S. Borrower) or of the U.S. Borrower (other
than any such proceeds that are (i) received pursuant to the exercise of a Cure Right pursuant to Section 7.03 or (ii) used for Dividends pursuant to Section 6.06(e) or (g)), minus (d) any amounts thereof used to make Investments pursuant to Section
6.04(b)(y) after the Closing Date and on or prior to such date, minus (e) any amounts thereof used to make Investments pursuant to Section 6.04(j)(ii) after the Closing Date and on or prior to such date, minus (f) the 

  

 5 

 
aggregate amount of Capital Expenditures made after the Closing Date and on or prior to such date pursuant to Section 6.10(c), minus (g) the cumulative
amount of dividends paid and distributions made pursuant to Section 6.06(f)(iii) after the Closing Date and on or prior to such date, minus (h) the cumulative amount used to repay, repurchase, redeem, acquire, cancel or terminate Indebtedness
pursuant to clause (2) of the proviso to Section 6.09(b)(i) after the Closing Date and on or prior to such date; provided, however, for purposes of Section 6.06(f)(iii), the calculation of the Available Investment Basket Amount shall
not include any Below-Threshold Asset Sale Proceeds except to the extent they are used as contemplated in clauses (d), (e), (f) and (h) above. 
  
 “Available Unused Commitment” shall mean, with respect to a Revolving Facility Lender at any time, an amount equal to the amount by which
(a) the aggregate amount of the Revolving Facility Commitment of such Revolving Facility Lender at such time exceeds (b) the Revolving Facility Exposure of such Revolving Facility Lender at such time. 
  
 “B/A” shall mean a bill of exchange governed by the Bills of
Exchange Act (Canada) or a depository bill issued in accordance with the Depository Bills and Notes Act (Canada), denominated in Canadian Dollars, drawn by the Canadian Borrower and accepted by a Canadian Tranche Lender in accordance with the terms
of this Agreement. 
  
 “B/A Drawing” shall mean
B/As accepted and purchased on the same date and as to which a single Contract Period is in effect, including any B/A Equivalent Loans made on the same date and as to which a single Contract Period is in effect. For greater certainty, all provisions
of this Agreement that are applicable to B/As are also applicable, mutatis mutandis, to B/A Equivalent Loans. 
  
 “B/A Equivalent Loan” has the meaning assigned to such term in Section 2.06(j). 
  
 “Bakelite Acquisition” shall mean the acquisition by a
Wholly Owned Subsidiary of the U.S. Borrower of all the issued share capital of the German Borrower consummated on April 29, 2005, pursuant to the Bakelite Acquisition Agreement. 
  
 “Bakelite Acquisition Agreement” shall mean the Share Purchase Agreement dated as of October 6, 2004, all
material exhibits and schedules thereto and all agreements expressly contemplated thereby, in each case as amended, supplemented or modified from time to time (without giving effect to any waiver, amendment, supplement or other modification thereto
after the Closing Date in a manner materially adverse to the Lenders unless otherwise consented to by the Required Lenders). 
  
 “Base Rate” shall mean (a) with respect to European Tranche Revolving Facility Loans denominated in Sterling or euros, and European
Tranche Revolving Facility Loans denominated in U.S. Dollars and made to a U.K. Borrower, the rate of interest per annum quoted by the Administrative Agent as its base rate for loans made by it in U.S. Dollars, Sterling or euros, as applicable,
whether or not such rate is the lowest 

  

 6 

 
rate charged by the Administrative Agent to its most preferred borrowers, and, if such base rate is discontinued by the Administrative Agent as a standard, a
comparable reference rate designated by the Administrative Agent as a substitute therefor shall be the Base Rate with respect to such European Tranche Revolving Facility Loans, (b) with respect to Canadian Tranche Revolving Facility Loans
denominated in U.S. Dollars made to the Canadian Borrower, the U.S. Base Rate and (c) with respect to Canadian Tranche Revolving Facility Loans denominated in Canadian Dollars made to the Canadian Borrower, the Canadian Base Rate. 
  
 “Base Rate Borrowing” shall mean a Borrowing consisting of
Base Rate Loans. 
  
 “Base Rate Loan” shall mean
any Base Rate Revolving Loan, Base Rate Term Loan or any Swingline Loan to the Dutch Borrower, the German Borrower or a U.K. Borrower. 
  
 “Base Rate Revolving Borrowing” shall mean a Borrowing comprised of Base Rate Revolving Loans. 
  
 “Base Rate Revolving Loan” shall mean any Revolving Facility
Loan bearing interest at a rate determined by reference to the Base Rate in accordance with the provisions of Article II. 
  
 “Base Rate Term Loan” shall mean any Term Loan bearing interest at a rate determined by reference to the Base Rate in accordance with the
provisions of Article II. 
  
 “Benchmark LIBOR
Rate” shall have the meaning assigned to such term in Section 2.23(b). 
  
 “Board” shall mean the Board of Governors of the Federal Reserve System of the United States of America. 
  
 “Board of Directors” shall mean, as to any person, the board of directors or managers, as applicable, of such person (or, if such person
is a partnership, the board of directors or other governing body of the general partner of such person) or any duly authorized committee thereof. 
  
 “Borden Nova Scotia Finance ULC” shall mean a collective reference to Borden Nova Scotia Finance, ULC, Borden 2 Nova Scotia Finance, ULC
and any successor entity or entities formed as a result of the merger, amalgamation or other combination of such entities. 
  
 “Borrowers” shall have the meaning assigned to such term in the preamble hereto. 
  

 7 

 “Borrowing” shall mean a group of Loans of a single Type, Class and currency and made on
a single date to a single Borrower and, in the case of Eurocurrency Loans, as to which a single Interest Period is in effect. 
  
 “Borrowing Minimum” shall mean (a) in the case of a Borrowing denominated in U.S. Dollars, $5.0 million, (b) in the case of a Borrowing
denominated in euro, €1.0 million, (c) in the case of a Borrowing denominated in Sterling, £1.0 million and (d) in the case of a Borrowing denominated in Canadian Dollars, C$1.0 million. 
  
 “Borrowing Multiple” shall mean (a) in the case of a
Borrowing denominated in U.S. Dollars, $1.0 million, (b) in the case of a Borrowing denominated in euro, €1.0 million, (c) in the case of a Borrowing denominated in Sterling, £1.0 million and (d) in the case of a Borrowing denominated in
Canadian Dollars, C$1.0 million. 
  
 “Borrowing
Request” shall mean a request by a Borrower in accordance with the terms of Section 2.03 and substantially in the form of Exhibit D-1. 
  
 “Bridge Facility” shall mean a bridge loan facility in an aggregate principal amount of $250.0 million to finance the Bakelite
Acquisition pursuant to the Bridge Loan Agreement dated as of April 29, 2005, among Borden U.S. Finance Corp., Borden Nova Scotia Finance ULC, the U.S. Borrower, the subsidiary guarantors party thereto, the lenders party thereto and the agents,
arrangers and bookrunners party thereto. 
  
 “Budget” shall have the meaning assigned to such term in Section 5.04(f). 
  
 “Business Day” shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized
or required by law to remain closed; provided that (a) when used in connection with a Eurocurrency Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in deposits in the applicable
currency in the London interbank market, (b) when used in connection with a Loan denominated in euro, the term “Business Day” shall also exclude any day on which the Trans-European Automated Real Time Gross Settlement Express Transfer
(TARGET) payment system is not open for the settlement of payments in euro, (c) when used in connection with any Loan to the Canadian Borrower or B/A, the term “Business Day” shall also (i) exclude any day on which banks are not open for
dealings in deposits in Toronto but (ii) include, with respect to any Loan denominated in Canadian Dollars or any B/A, any day on which banks are open for dealings in deposits in Toronto and (d) when used in connection with any Loan to the Dutch
Borrower, the German Borrower or a U.K. Borrower, the term “Business Day” shall also include any day on which banks are open for dealings in deposits in euro, Sterling and U.S. Dollars in London and, with respect to any Loan to the German
Borrower, any day on which banks are open for dealings in deposits in euro in Frankfurt and, with respect to any Loan to the Dutch Borrower, any day on which banks are open for dealings in deposits in euro in Amsterdam. 
  
 “CAM” shall mean the mechanism for the allocation and
exchange of interests in Loans, participations in Letters of Credit and Swingline Loans and other 

  

 8 

 
extensions of credit under the several Tranches and collections thereunder established under Article X. 
  
 “CAM Exchange” shall mean the exchange of the Lender’s
interests provided for in Section 10.01. 
  
 “CAM Exchange
Date” shall mean the first date on which there shall occur (a) any event referred to in paragraph (h) or (i) of Section 7.01 in respect of any Borrower or (b) an acceleration of Loans pursuant to Section 7.01. 
  
 “CAM Percentage” shall mean, as to each Lender, a fraction,
expressed as a decimal, of which (a) the numerator shall be the aggregate U.S. Dollar Equivalent (determined on the basis of Exchange Rates prevailing on the CAM Exchange Date) of the sum, without duplication, of (i) the Obligations owed to such
Lender (whether or not at the time due and payable), (ii) the L/C Exposure of such Lender and (iii) the Swingline Exposure of such Lender, in each case immediately prior to the occurrence of the CAM Exchange Date, and (b) the denominator shall be
the aggregate U.S. Dollar Equivalent (as so determined) of the sum, without duplication, of (A) the Obligations owed to all the Lenders (whether or not at the time due and payable), (B) the L/C Exposure and (iii) the Swingline Exposure, in each case
immediately prior to the occurrence of the CAM Exchange Date; provided that, for purposes of clause (a) above, the Obligations owed to the Swingline Lender will be deemed not to include any Swingline Loans except to the extent provided in
clause (a)(iii) above. 
  
 “Canadian Base Rate”
shall mean, for any day, the rate of interest per annum equal to the greater of (a) the interest rate per annum publicly announced from time to time by the Administrative Agent as its prime rate in effect on such day at its principal office in
Toronto for determining interest rates applicable to commercial loans denominated in Canadian Dollars in Canada (each change in such reference rate being effective from and including the date such change is publicly announced as being effective) and
(b) the interest rate per annum equal to the sum of (i) the CDOR Rate applicable to bankers’ acceptances with a term of 30 days on such day and (ii) 0.50% per annum. 
  
 “Canadian Base Rate Borrowing” shall mean a Borrowing consisting of Canadian Base Rate Loans. 

 
 “Canadian Base Rate Loan” shall mean any Revolving
Facility Loan bearing interest at a rate determined by reference to the Canadian Base Rate in accordance with the provisions of Article II. 
  
 “Canadian Borrower” shall have the meaning assigned to such term in the preamble hereto. 
  
 “Canadian Dollars” or “C$” shall mean the
lawful money of Canada. 
  
 “Canadian Lending
Office” shall mean, as to any Canadian Tranche Lender, the applicable branch, office or Affiliate of such Canadian Tranche Lender 

  

 9 

 
designated by such Canadian Tranche Lender to make Canadian Tranche Loans to the Canadian Borrower and to accept and purchase or arrange for the purchase of
B/As. 
  
 “Canadian Security Documents” shall
mean all security agreements delivered pursuant to this Agreement and granted by any Foreign Subsidiary Loan Party incorporated under the laws of Canada or any province thereof, including (a) general security agreements, (b) debentures, (c)
intellectual property security agreements and (d) the Quebec Documents. 
  
 “Canadian Tranche” has the meaning assigned to such term under the definition of “Tranche”. 
  
 “Canadian Tranche Commitment” shall mean, with respect to each Canadian Tranche Lender, the commitment of such Canadian Tranche Lender to
make Canadian Tranche Revolving Facility Loans pursuant to Section 2.01, to acquire participations in Letters of Credit under the Canadian Tranche and to accept and purchase or arrange for the purchase of B/As pursuant to Section 2.06, expressed as
an amount representing the maximum aggregate permitted amount of such Lender’s Canadian Tranche Revolving Facility Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.09 and (b) reduced or increased
from time to time pursuant to assignments by or to such Lender pursuant to Section 2.21 or Section 9.04. The initial amount of each Lender’s Canadian Tranche Commitment is set forth on Schedule 2.01, or in the Assignment and Acceptance or
Incremental Assumption Agreement pursuant to which such Lender shall have assumed its Canadian Tranche Commitment, as applicable. The initial aggregate amount of the Lenders’ Canadian Tranche Commitments is $50.0 million. 
  
 “Canadian Tranche L/C Exposure” shall mean, at any time, the
sum of (a) the aggregate undrawn amount of all outstanding Canadian Tranche Letters of Credit denominated in U.S. Dollars at such time, (b) the U.S. Dollar Equivalent of the aggregate undrawn amount of all outstanding Canadian Tranche Letters of
Credit denominated in Canadian Dollars at such time and (c) the U.S. Dollar Equivalent of the aggregate amount of all L/C Disbursements in respect of Canadian Tranche Letters of Credit that have not yet been reimbursed by or on behalf of the
applicable Borrower at such time. The Canadian Tranche L/C Exposure of any Revolving Lender at any time shall be its Canadian Tranche Percentage of the total Canadian Tranche L/C Exposure at such time. 
  
 “Canadian Tranche Lender” shall mean a Lender with a
Canadian Tranche Commitment or with outstanding Canadian Tranche Revolving Facility Exposure. 
  
 “Canadian Tranche Letters of Credit” shall mean Letters of Credit issued under the Canadian Tranche. 
  
 “Canadian Tranche Percentage” shall mean, with respect to any Canadian Tranche Lender, the percentage of the total Canadian Tranche
Commitments represented by such Lender’s Canadian Tranche Commitment. If the Canadian Tranche Commitments have terminated or expired, the Canadian Tranche Percentages shall be 

  

 10 

 
determined based upon the Canadian Tranche Commitments most recently in effect, giving effect to any assignments pursuant to Section 9.04. 
  
 “Canadian Tranche Revolving Facility Exposure” shall mean,
at any time, the sum of (a) the aggregate principal amount of the Canadian Tranche Revolving Facility Loans denominated in U.S. Dollars outstanding at such time, (b) the U.S. Dollar Equivalent of the aggregate principal amount of the Canadian
Tranche Revolving Facility Loans denominated in Canadian Dollars outstanding at such time, (c) the U.S. Dollar Equivalent of the aggregate face amount of the B/As accepted by the Canadian Tranche Lenders and outstanding at such time and (d) the
Canadian Tranche L/C Exposure at such time. The Canadian Tranche Revolving Facility Exposure of any Lender at any time shall be such Lender’s Canadian Tranche Percentage of the total Canadian Tranche Revolving Facility Exposure at such time.

  
 “Canadian Tranche Revolving Facility Loan”
shall mean a loan made by a Canadian Tranche Lender pursuant to Section 2.01(c). Each Canadian Tranche Revolving Facility Loan denominated in U.S. Dollars and made to the U.S. Borrower shall be a Eurocurrency Loan or an ABR Loan, each Canadian
Tranche Revolving Facility Loan denominated in U.S. Dollars and made to the Canadian Borrower shall be a Eurocurrency Loan or a U.S. Base Rate Loan and each Canadian Tranche Revolving Facility Loan denominated in Canadian Dollars shall be a Canadian
Base Rate Loan. 
  
 “Capital Expenditures” shall
mean, for any person in respect of any period, the aggregate of all expenditures incurred by such person during such period that, in accordance with GAAP, are or should be included in “additions to property, plant or equipment” or similar
items reflected in the statement of cash flows of such person; provided, however, that Capital Expenditures for Holdings (prior to a Qualified IPO), the U.S. Borrower and the Subsidiaries shall not include: 
  
 (a) expenditures with funds that would have constituted Net
Proceeds under clause (a) of the definition of the term “Net Proceeds” (but that will not constitute Net Proceeds as a result of the first proviso to such clause (a)); 
  
 (b) expenditures of proceeds of insurance settlements, condemnation awards and other settlements in respect
of lost, destroyed, damaged or condemned assets, equipment or other property to the extent such expenditures are made to replace or repair such lost, destroyed, damaged or condemned assets, equipment or other property or otherwise to acquire,
maintain, develop, construct, improve, upgrade or repair assets or properties useful in the business of the U.S. Borrower and the Subsidiaries within 12 months of receipt of such proceeds; 
  
 (c) interest capitalized during such period; 
  
 (d) expenditures that are accounted for as capital
expenditures of such person and that actually are paid for by a third party (excluding Holdings (prior to a Qualified IPO), the U.S. Borrower or any Subsidiary) and for which none of Holdings (prior to a Qualified IPO), the U.S. Borrower or any
Subsidiary has 

  

 11 

 
provided or is required to provide or incur, directly or indirectly, any consideration or obligation to such third party or any other person (whether before,
during or after such period); 
  
 (e) the book
value of any asset owned by such person prior to or during such period to the extent that such book value is included as a capital expenditure during such period as a result of such person reusing or beginning to reuse such asset during such period
without a corresponding expenditure actually having been made in such period; provided that (i) any expenditure necessary in order to permit such asset to be reused shall be included as a Capital Expenditure during the period that such
expenditure actually is made and (ii) such book value shall have been included in Capital Expenditures when such asset was originally acquired; 
  
 (f) the purchase price of equipment purchased during such period to the extent that the consideration therefor consists of any combination
of (i) used or surplus equipment traded in at the time of such purchase and (ii) the proceeds of a concurrent sale of used or surplus equipment, in each case, in the ordinary course of business; 
  
 (g) Investments in respect of a Permitted Business
Acquisition; or 
  
 (h) the Transactions.

  
 “Capital Lease Obligations” of any person
shall mean the obligations of such person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of such person under GAAP and, for purposes hereof, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. 
  
 “Cash Interest Expense” shall mean, with respect to Holdings
(prior to a Qualified IPO), the U.S. Borrower and the Subsidiaries on a consolidated basis for any period, Interest Expense for such period, less the sum of (a) pay-in-kind Interest Expense or other noncash Interest Expense (including as a result of
the effects of purchase accounting), (b) to the extent included in Interest Expense, the amortization of any financing fees paid by, or on behalf of, Holdings (prior to a Qualified IPO), the U.S. Borrower or any Subsidiary, including such fees paid
in connection with the Transactions, (c) the amortization of debt discounts, if any, or fees in respect of Swap Agreements and (d) cash interest income of Holdings (prior to a Qualified IPO), the U.S. Borrower and the Subsidiaries for such period;
provided that Cash Interest Expense shall exclude any one-time financing fees paid in connection with the Transactions or any amendment of this Agreement. 
  
 “CDOR Rate” shall mean, on any date, an interest rate per annum equal to the average discount rate
applicable to bankers’ acceptances denominated in Canadian 

  

 12 

 
Dollars with a term equal to the Contract Period of the relevant B/As (for purposes of the definition of “Discount B/A Rate”) appearing on the
Reuters Screen CDOR Page (“Screen”) (or on any successor or substitute page of such Screen, or any successor to or substitute for such Screen, providing rate quotations comparable to those currently provided on such page of such
Screen, as determined by the Administrative Agent from time to time) at approximately 10:00 a.m., Toronto time, on such date (or, if such date is not a Business Day, on the next preceding Business Day) or, if such rate is not so reported, the
average of the rate quotes for bankers’ acceptances denominated in Canadian Dollars with a term of 30 days received by the Administrative Agent at approximately 10:00 a.m., Toronto time, on such day (or, if such day is not a Business Day, on
the next preceding Business Day) from one or more banks of recognized standing selected by it. 
  
 A “Change in Control” shall be deemed to occur if: 
  
 (a) at any time, (i) a majority of the seats (other than vacant seats) on the Board of Directors of (A) prior to a Qualified IPO, Holdings
or (B) after a Qualified IPO, the U.S. Borrower, shall at any time be occupied by persons who were neither (a) nominated by the Board of Directors of the U.S. Borrower or a Permitted Holder, (b) appointed by directors so nominated nor (c) appointed
by a Permitted Holder or (ii) a “Change in Control” shall occur under (x) the Existing Borden Second Secured Notes, the Existing RPP Second Secured Notes, the Existing Subordinated Notes or any Permitted Refinancing Indebtedness in respect
of any thereof, (y) the PIK Preferred Stock or (z) any Material Indebtedness secured by a Second-Priority Lien; 
  
 (b) at any time prior to a Qualified IPO, (i) Holdings shall fail to own, directly or indirectly, beneficially and of record, 51% of the
issued and outstanding common stock of the U.S. Borrower, or (ii) any combination of Permitted Holders shall fail to own beneficially (within the meaning of Rule 13d-5 of the Exchange Act as in effect on the Closing Date), directly or indirectly, in
the aggregate Equity Interests representing at least 51% of (A) the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Holdings or (B) the common economic interest represented by the issued and outstanding
Equity Interests of Holdings; or 
  
 (c) at any
time after a Qualified IPO, (a) any Person or “group” (within the meaning of Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, as in effect on the Closing Date), other than any combination of the Permitted Holders, shall
have acquired beneficial ownership of 35% or more of the voting and/or economic interest in the U.S. Borrower’s capital stock and the Permitted Holders shall own, directly or indirectly, less than such Person or “group” of the
economic and voting interest in the U.S. Borrower’s capital stock. 
  
 “Change in Law” shall mean (a) the adoption of any law, rule or regulation after the Closing Date, (b) any change in law, rule or regulation or in the interpretation or application thereof by any Governmental Authority
after the Closing 

  

 13 

 
Date or (c) compliance by any Lender or Issuing Bank (or, for purposes of Section 2.16(b), by any lending office of such Lender or by such Lender’s or
Issuing Bank’s holding company, if any) with any written request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Closing Date. 
  
 “Charges” shall have the meaning assigned to such term in
Section 9.09. 
  
 “CIGNA L/C” shall mean,
collectively, the Existing Letters of Credit issued for the account of the U.S. Borrower and for the benefit of various state workers’ compensation boards and surety bond issuers and any extensions, renewals or replacements thereof, so long as
the Administrative Agent, for the ratable benefit of the Secured Parties, has been named as a loss payee under the insurance policy that insures the obligations supported by such Existing Letters of Credit (or such extensions, renewals or
replacements) pursuant to a loss payable clause or endorsement in form and substance reasonably satisfactory to the Administrative Agent; provided that the aggregate face amount of Letters of Credit that may constitute the CIGNA L/C at any
time shall not exceed $15,280,900. 
  
 “Class”
when used in reference to (a) any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are European Tranche Revolving Facility Loans, Canadian Tranche Revolving Facility Loans, U.S. Tranche Revolving Facility
Loans, Tranche B-1 Term Loans, Tranche B-2 Term Loans, Other Revolving Facility Loans, Other Term Loans or Swingline Loans and (b) when used in reference to any Commitment, refers to whether such Commitment is a European Tranche Commitment, Canadian
Tranche Commitment, U.S. Tranche Commitment, Tranche B-1 Commitment, Tranche B-2 Commitment, Tranche B-3 Credit-Limited Deposit, Incremental Revolving Facility Commitment with respect to Other Revolving Facility Loans or Incremental Term Loan
Commitment with respect to Other Term Loans. Other Term Loans (together with the Incremental Term Loan Commitments in respect thereof) and Other Revolving Facility Loans (together with the Incremental Revolving Facility Commitments in respect
thereof) that have different terms and conditions shall be construed to be in different Classes. 
  
 “Closing Date” shall mean May 31, 2005. 
  
 “Closing Date First Lien Intercreditor Agreement” shall mean the Amended and Restated Intercreditor Agreement, dated as of December 22,
2003, as amended and restated as of May 31, 2005, among the U.S. Borrower and the Administrative Agent, and acknowledged and agreed to by the Domestic Subsidiary Loan Parties. 
  
 “Closing Date Intercreditor Agreements” shall mean the Closing Date First Lien Intercreditor Agreement and
the Closing Date Second Lien Intercreditor Agreement. 
  

 14 

 “Closing Date Second Lien Intercreditor Agreement” shall mean the Intercreditor
Agreement dated as of August 12, 2004, as amended and restated as of May 31, 2005, among the U.S. Borrower and the Administrative Agent, and acknowledged and agreed to by the Domestic Subsidiary Loan Parties. 
  
 “Code” shall mean the Internal Revenue Code of 1986, as
amended from time to time. 
  
 “Collateral” shall
mean all the “Collateral” as defined in any Security Document and shall also include the Mortgaged Properties. 
  
 “Collateral Agreement” shall mean the Collateral Agreement, in the form of Exhibit E, as amended, supplemented or otherwise
modified from time to time, among Holdings, the U.S. Borrower and each Domestic Subsidiary Loan Party and the Administrative Agent. 
  
 “Collateral and Guarantee Requirement” shall mean, at any time, the requirement that: 
  
 (a) on the Closing Date (except as provided in Section
4.02(e)), the Administrative Agent shall have received (i) from Holdings, the U.S. Borrower and each Domestic Subsidiary Loan Party, a counterpart of the Collateral Agreement, duly executed and delivered on behalf of such person, (ii) from Holdings,
the U.S. Borrower and each Domestic Subsidiary Loan Party, a counterpart of the U.S. Guarantee Agreement duly executed and delivered on behalf of such person, (iii) from the U.S. Borrower, each Domestic Subsidiary Loan Party and the Administrative
Agent, a counterpart of the Closing Date First Lien Intercreditor Agreement, duly executed and delivered on behalf of such person, (iv) from the U.S. Borrower, each Domestic Subsidiary Loan Party and the Administrative Agent, a counterpart of the
Closing Date Second Lien Intercreditor Agreement, duly executed and delivered on behalf of such person, and (v) from each Domestic Loan Party that directly owns Equity Interests of a Foreign Subsidiary (other than any Foreign Subsidiary organized
under the laws of an Excluded Jurisdiction) a counterpart of a Foreign Pledge Agreement, duly executed and delivered on behalf of such person; 
  
 (b) on the Closing Date (except as provided in Section 4.02(e)), the Administrative Agent shall have received from each Foreign Subsidiary
Loan Party (other than the German Borrower and any Foreign Subsidiary Loan Party that is a subsidiary of the German Borrower), (i) a counterpart of the Foreign Guarantee Agreement, duly executed and delivered on behalf of such person, and (ii) a
counterpart of all Foreign Security Documents and Foreign Pledge Agreements that it determines, based on the advice of counsel, to be necessary or advisable in connection with the pledge of, or granting of security interests in, Equity Interests,
Collateral or Indebtedness of such Foreign Subsidiary Loan Party, including as contemplated by paragraph (c) or (d) below, duly executed and delivered by such person; 
  

 15 

 (c) on the Closing Date (except as provided in Section 4.02(e)), all outstanding Equity
Interests of the U.S. Borrower (other than any shares of PIK Preferred Stock, options or management shares), all other outstanding Equity Interests directly owned by the U.S. Borrower or any Subsidiary Loan Party (other than the German Borrower and
any Foreign Subsidiary Loan Party that is a subsidiary of the German Borrower), and all Indebtedness owing to any Loan Party (other than intercompany indebtedness, which is governed by clause (d) below) shall have been pledged pursuant to the
Collateral Agreement (or other applicable Security Document) and the Administrative Agent shall have received certificates or other instruments representing all such Equity Interests (other than (i) uncertificated Equity Interests, (ii) Equity
Interests issued by Foreign Subsidiaries organized under the laws of a jurisdiction where receipt of such certificates or other instruments is not required for perfection of security interests in such Equity Interests and (iii) Equity Interests
issued by a Foreign Subsidiary organized under the laws of an Excluded Jurisdiction) and any notes or other instruments representing such Indebtedness in excess of $10.0 million, together with stock powers, note powers or other instruments of
transfer with respect thereto endorsed in blank, provided that in no event shall more than 65% of the issued and outstanding voting Equity Interests of any Foreign Subsidiary be pledged to secure Obligations of the Domestic Loan Parties;

  
 (d) except as provided in Section 4.02(e),
all Indebtedness of the U.S. Borrower and each Subsidiary (other than intercompany Indebtedness incurred in the ordinary course of business in connection with the cash management operations and intercompany sales of the U.S. Borrower and each
Subsidiary) that is owing to any Loan Party shall be evidenced by a promissory note or an instrument in form satisfactory to the Administrative Agent and, except for (x) Indebtedness of any Foreign Subsidiary owing to the U.S. Borrower or a Domestic
Subsidiary for so long as the pledge of such Indebtedness would be deemed an incurrence of Indebtedness under any of the Existing Notes Documents and (y) Indebtedness of the U.S. Borrower or any Domestic Subsidiary owing to the U.S. Borrower or a
Domestic Subsidiary at any time that the pledge of such Indebtedness would be deemed an incurrence of Indebtedness under any of the Existing Notes Documents and would not be permitted at such time as ratio debt under Section 4.4 of the indentures
under which the Existing RPP Second Secured Notes and the Existing Subordinated Notes are issued, shall have been pledged pursuant to the Collateral Agreement (or other applicable Security Document) and the Administrative Agent shall have received
all such promissory notes or instruments, together with note powers or other instruments of transfer with respect thereto endorsed in blank (other than with respect to any such intercompany debt the perfection of the pledge of which does not require
delivery to the Administrative Agent); 
  
 (e)
except as otherwise contemplated by any Security Document, all documents and instruments, including Uniform Commercial Code financing statements, filings with the United States Copyright Office and the United States Patent and Trademark Office,
filings with the U.K. Patent Office and OHIM, 

  

 16 

 
Personal Property Security Act financing statements (and similar documents) and filings with the Canadian Intellectual Property Office, required by law or
reasonably requested by the Administrative Agent to be filed, registered or recorded to create the Liens intended to be created by the Security Documents (in each case, including any supplements thereto) and perfect such Liens to the extent required
by, and with the priority required by, the Security Documents, shall have been filed, registered or recorded or delivered to the Administrative Agent for filing, registration or the recording concurrently with, or promptly following, the execution
and delivery of each such Security Document; 
  
 (f) all documents and particulars, including those required to be filed with the Registrar of Companies in England and Wales under section 395 of the UK Companies Act 1985, required by law or reasonably requested by the Administrative Agent
to be filed, registered or recorded to create the Liens intended to be created by the U.K. Debentures and perfect such Liens to the extent required by, and with the priority required by, the U.K. Debentures, shall within 21 days of the execution of
any applicable U.K. Debenture have been filed, registered or recorded; 
  
 (g) on the Closing Date (except as provided in Section 4.02(e)), the Administrative Agent shall have received (i) counterparts of each Foreign Mortgage to be entered into with respect to each Mortgaged Property duly
executed and delivered by the record owner of such Mortgaged Property, (ii) such other documents, including such surveys, abstracts, legal opinions, abstracts of title, title deeds and reports of title, as the Administrative Agent may reasonably
request with respect to any such Foreign Mortgage or Mortgaged Property, and (iii) a policy or policies or marked up unconditional binder of title insurance or foreign equivalent thereof, as applicable, paid for by the applicable Loan Party, issued
by a nationally recognized title insurance company insuring the Lien of each such Foreign Mortgage covering real property located in Canada to be entered into on the Closing Date as a valid first Lien on the Mortgaged Property described therein,
free of any other Liens except as expressly permitted by Section 6.02 and Liens arising by operation of law, together with such endorsements, coinsurance and reinsurance as the Administrative Agent may reasonably request; 
  
 (h) except as set forth pursuant to any Security Document,
each Loan Party shall have obtained all consents and approvals required to be obtained by it in connection with the execution and delivery of all Security Documents (or supplements thereto) to which it is a party and the granting by it of the Liens
thereunder and (ii) the performance of its obligations thereunder; and 
  
 (i) subject to Section 5.10(g), in the case of any person that (i) becomes a Domestic Subsidiary Loan Party after the Closing Date, the Administrative Agent shall have received from such Domestic Subsidiary Loan
Party, (x) a supplement to the Collateral Agreement, in the form specified therein, duly executed and delivered on behalf of such person, (y) a supplement to the U.S. Guarantee 

  

 17 

 
Agreement, in the form specified therein, duly executed and delivered on behalf of such person, and (z) with respect to any Foreign Pledge Agreement that the
Administrative Agent determines, based on the advice of counsel, to be necessary or advisable in connection with the pledge of Equity Interests or Indebtedness of a Foreign Subsidiary (other than a pledge of Equity Interests of any Foreign
Subsidiary that is not a Loan Party and is organized under the laws of an Excluded Jurisdiction) owned by such Domestic Subsidiary Loan Party, a counterpart thereof, duly executed and delivered on behalf of such person, or (ii) becomes a Foreign
Subsidiary Loan Party after the Closing Date, the Administrative Agent shall have received from such Foreign Subsidiary Loan Party a counterpart of (x) the Foreign Guarantee Agreement, duly executed and delivered by such person, and (y) all Foreign
Security Documents and Foreign Pledge Agreements that the Administrative Agent determines, based on the advice of counsel, to be necessary or advisable in connection with the pledge of Equity Interests, Collateral or Indebtedness of such Foreign
Subsidiary Loan Party (other than a pledge of Equity Interests of any Foreign Subsidiary that is not a Loan Party and is organized under the laws of an Excluded Jurisdiction), including as contemplated by paragraph (c) or (d) above, duly executed
and delivered by such person. 
  
 “Combination”
shall have the meaning assigned to such term in the first recital hereto. 
  
 “Combination Documents” shall mean the collective reference to the Transaction Agreement, all material exhibits and schedules thereto and all agreements expressly contemplated thereby. 
  
 “Combination Parties” shall have the meaning assigned to
such term in the first recital hereto. 
  
 “Combined
Group” shall mean the combination of the U.S. Borrower, RPP and RSM pursuant to EITF 02-5 “Definition of Common Control in Relation to FASB Statement of Financial Accounting Standards (“SFAS”) No. 141, “Business
Combinations”. 
  
 “Commitment Fee”
shall have the meaning assigned to such term in Section 2.13(a). 
  
 “Commitments” shall mean (a) with respect to any Lender, such Lender’s Canadian Tranche Commitment, European Tranche Commitment, U.S. Tranche Commitment, Tranche B-1 Commitment, Tranche B-2 Commitment, Tranche B-3
Credit-Linked Deposit, Incremental Revolving Facility Commitment and/or Incremental Term Loan Commitment and (b) with respect to the Swingline Lender, its Swingline Commitment. 
  
 “Conduit Lender” shall mean any special purpose corporation organized and administered by any Lender for
the purpose of making Loans otherwise required to 

  

 18 

 
be made by such Lender and designated by such Lender in a written instrument; provided that the designation by any Lender of a Conduit Lender shall
not relieve the designating Lender of any of its obligations to fund a Loan under this Agreement if, for any reason, its Conduit Lender fails to fund any such Loan, and the designating Lender (and not the Conduit Lender) shall have the sole right
and responsibility to deliver all consents and waivers required or requested under this Agreement with respect to its Conduit Lender; provided further that no Conduit Lender shall (a) be entitled to receive any greater amount pursuant
to Section 2.16, 2.17, 2.18 or 9.05 than the designating Lender would have been entitled to receive in respect of the extensions of credit made by such Conduit Lender or (b) be deemed to have any Commitment. 
  
 “Consolidated Debt” at any date shall mean the sum of
(without duplication) all Indebtedness (other than letters of credit, including Tranche B-3 Letters of Credit, to the extent undrawn) consisting of Capital Lease Obligations, bankers’ acceptances, Indebtedness for borrowed money, Disqualified
Stock and Indebtedness in respect of the deferred purchase price of property or services of the U.S. Borrower and the Subsidiaries determined on a consolidated basis on such date. 
  
 “Consolidated Leverage Ratio” shall mean, on any date, the ratio of (a) Consolidated Total Debt as of such
date to (b) EBITDA for the period of four consecutive fiscal quarters of the U.S. Borrower most recently ended as of such date, all determined on a consolidated basis in accordance with GAAP; provided that to the extent any Asset Disposition
or any Asset Acquisition (or any similar transaction or transactions that require a waiver or a consent of the Required Lenders pursuant to Section 6.04 or Section 6.05), including the Transactions, has occurred during the relevant Test Period,
EBITDA shall be determined for the respective Test Period on a Pro Forma Basis for such occurrences. 
  
 “Consolidated Net Income” shall mean, with respect to any person for any period, the aggregate of the Net Income of such person and its
subsidiaries for such period, on a consolidated basis; provided, however, that, without duplication, 
  
 (a) any net after-tax (i) extraordinary, (ii) nonrecurring non-cash or (iii) nonrecurring gains or losses or income or expenses (less all
fees and expenses relating thereto), including any severance expenses, transition expenses incurred in connection with the Combination and fees, expenses or charges related to any offering of Equity Interests of the U.S. Borrower, any Investment,
acquisition or Indebtedness permitted to be incurred hereunder (in each case, whether or not successful), including any such fees, expenses, charges or change in control payments related to the Transactions, in each case, shall be excluded;
provided that, with respect to each nonrecurring item, the U.S. Borrower shall have delivered to the Administrative Agent an officers’ certificate specifying and quantifying such item and stating that such item is a nonrecurring item;

  
 (b) any net after-tax income or loss from
discontinued operations and any net after-tax gain or loss on disposal of discontinued operations shall be excluded; 
  

 19 

 (c) any net after-tax gains or losses or any subsequent charges or expenses incurred
during such period attributable to business dispositions or asset dispositions other than in the ordinary course of business (as determined in good faith by the Board of Directors of the U.S. Borrower) shall be excluded; 
  
 (d) any net after-tax income or loss attributable to the
early extinguishment of indebtedness shall be excluded; 
  
 (e) (i) the Net Income for such period of any person that is not a subsidiary of such person, or that is accounted for by the equity method of accounting, shall be included only to the extent of the amount of
dividends or distributions or other payments paid in cash (or to the extent converted into cash) to the referent person or a subsidiary thereof in respect of such period and (ii) the Net Income for such period shall include any ordinary course
dividend, distribution or other payment in cash received from any person in excess of the amounts included in clause (i); 
  
 (f) the Net Income for such period of any subsidiary of such person shall be excluded to the extent that the declaration or payment of
dividends or similar distributions by such subsidiary of its Net Income is not at the date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of
its charter or any agreement, instrument, judgment, decree, order, statute, rule, or governmental regulation applicable to that subsidiary or its stockholders, unless such restriction with respect to the payment of dividends or in similar
distributions has been legally waived (provided that the net loss of any such subsidiary for such period shall be included); 
  
 (g) Consolidated Net Income for such period shall not include the cumulative effect of a change in accounting principles during such
period (including the expected change from LIFO to FIFO); 
  
 (h) any increase in amortization or depreciation or any one-time non-cash charges (such as purchased in-process research and development or capitalized manufacturing profit in inventory) resulting from purchase
accounting in connection with the Transactions or any acquisition that is consummated after the Closing Date shall be excluded; 
  
 (i) accruals and reserves that are established within twelve months after the Closing Date and that are so required to be established in
accordance with GAAP shall be excluded; 
  
 (j)
any non-cash impairment charges resulting from the application of Statement of Financial Accounting Standards No. 142 shall be excluded; 
  
 (k) any non-cash compensation expense realized from any deferred stock compensation plan or grants of stock appreciation or similar
rights, stock options, restricted stock or other rights to officers, directors and employees of such person or any of its subsidiaries shall be excluded; 
  

 20 

 (l) solely for purposes of calculating EBITDA, the Net Income of any person and its
subsidiaries shall be calculated without deducting the income attributable to, or adding the losses attributable to, the minority equity interests of third parties in any non-Wholly Owned Subsidiary except to the extent of dividends declared or paid
by such person or its subsidiaries in respect of such period or any prior period on the shares of capital stock of such subsidiary held by such third parties; 
  

(m) non-cash gains, losses, income and expenses resulting from fair value accounting required by Statement of Financial Accounting
Standards No. 133 shall be excluded; and 
  
 (n)
non-cash charges for deferred tax asset valuation allowances shall be excluded; 
  
 provided that any non-cash charge, expense, gain, loss or income referred to in clause (j), (k), (m) or (n) above that consists of or requires an accrual of, or cash reserve for, anticipated cash charges in any future period shall
not be excluded. 
  
 “Consolidated Non-cash
Charges” shall mean, with respect to any person for any period, the aggregate depreciation, amortization and other non-cash expenses of such person and its subsidiaries for such period reducing Consolidated Net Income for such period on a
consolidated basis and otherwise determined in accordance with GAAP, but excluding any such charge that consists of or requires an accrual of, or cash reserve for, anticipated cash charges for any future period. 
  
 “Consolidated Taxes” shall mean, with respect to any person
for any period, provision for Taxes based on income, profits or capital of such person and its subsidiaries for such period, including state, franchise and similar taxes, and, without duplication, any Tax Distributions taken into account in
calculating Consolidated Net Income. 
  
 “Consolidated
Total Assets” shall mean, as of any date, the total assets of the U.S. Borrower and the Subsidiaries, determined on a consolidated basis in accordance with GAAP, as set forth on the consolidated balance sheet of the U.S. Borrower as of such
date. 
  
 “Consolidated Total Debt” at any date
shall mean Consolidated Debt on such date less the lesser of (i) the unrestricted cash and marketable securities (determined in accordance with GAAP) of the U.S. Borrower and its Subsidiaries on such date in excess of the aggregate principal amount
of the Revolving Facility Loans and Swingline Loans on such date and (ii) $100.0 million. 
  
 “Constructive Distributions” shall mean constructive distributions made in cash or otherwise (i) to Holdings relating to reimbursements of certain pension costs and (ii) to Shell Oil Company relating
to reimbursements of certain pension costs in accordance with the Master Sales Agreement dated July 10, 2000, as amended as of November 14, 2000, and related ancillary agreements. 
  

 21 

 “Contract Period” shall mean, with respect to any B/A, the period commencing on the date
such B/A is issued and accepted and ending on the date 30, 60, 90 or 180 days thereafter, as the Canadian Borrower may elect (in each case subject to availability and provided that there remains a minimum of 30, 60, 90 or 180 days (depending on the
Contract Period selected by the Canadian Borrower) prior to the Revolving Facility Maturity Date), or any other number of days from 1 to 180 with the consent of each applicable Lender; provided that if such Contract Period would end on a day
other than a Business Day, such Contract Period shall be extended to the next succeeding Business Day. 
  
 “Control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of a person, whether through the ownership of voting securities, by contract or otherwise, and “Controlling” and “Controlled” shall have meanings correlative thereto. 
  
 “Credit Event” shall have the meaning assigned to such term
in Article IV. 
  
 “Cumulative Retained Excess Cash Flow
Amount” shall mean, at any date, an amount, not less than zero in the aggregate, determined on a cumulative basis equal to the sum of the Retained Percentage of Excess Cash Flow for each Excess Cash Flow Period commencing after the Closing
Date. 
  
 “Cure Amount” shall have the meaning
assigned to such term in Section 7.03(a). 
  
 “Cure
Right” shall have the meaning assigned to such term in Section 7.03(a). 
  
 “Current Assets” shall mean, with respect to Holdings (prior to a Qualified IPO), the U.S. Borrower and the Subsidiaries on a consolidated basis at any date of determination, all assets (other than
cash and Permitted Investments or other cash equivalents) that would, in accordance with GAAP, be classified on a consolidated balance sheet of Holdings (prior to a Qualified IPO), the U.S. Borrower and the Subsidiaries as current assets at such
date of determination, other than amounts related to current or deferred Taxes based on income or profits. 
  
 “Current Liabilities” shall mean, with respect to Holdings (prior to a Qualified IPO), the U.S. Borrower and the Subsidiaries on a
consolidated basis at any date of determination, all liabilities that would, in accordance with GAAP, be classified on a consolidated balance sheet of Holdings (prior to a Qualified IPO), the U.S. Borrower and the Subsidiaries as current liabilities
at such date of determination, other than (a) the current portion of any Indebtedness, (b) accruals of Interest Expense (excluding Interest Expense that is due and unpaid), (c) accruals for current or deferred Taxes based on income or profits, (d)
accruals, if any, of transaction costs resulting from the Transactions, and (e) accruals of any costs or expenses related to (i) severance or termination of employees prior to the Closing Date or (ii) bonuses, pension and other 

  

 22 

 
post-retirement benefit obligations, and (f) accruals for add-backs to EBITDA included in clauses (a)(iv) through (a)(vi) of the definition of such term.

  
 “Debenture Indentures” shall mean the
Indenture of the U.S. Borrower dated as of January 15, 1983, governing the Debentures due 2016, and the Indenture of the U.S. Borrower dated as of December 15, 1987, governing the Debentures due 2021 and 2023, in each case as amended, modified or
supplemented from time to time. 
  
 “Debentures”
shall mean the 8.375% Debentures of the U.S. Borrower due 2016, the 9.200% Debentures of the U.S. Borrower due 2021 and the 7.875% Debentures of the U.S. Borrower due 2023. 
  
 “Debt Service” shall mean, with respect to Holdings (prior to a Qualified IPO), the U.S. Borrower and the
Subsidiaries on a consolidated basis for any period, Cash Interest Expense for such period plus scheduled principal amortization of Consolidated Debt for such period. 
  
 “Default” shall mean any event or condition that upon notice, lapse of time or both would constitute an
Event of Default. 
  
 “Defaulting Lender” shall
mean any Lender with respect to which a Lender Default is in effect. 
  
 “Discount Proceeds” shall mean, with respect to any B/A, an amount (rounded upward, if necessary, to the nearest C$.01) calculated by multiplying (a) the face amount of such B/A by (b) the quotient obtained by dividing (i)
one by (ii) the sum of (A) one and (B) the product of (x) the Discount B/A Rate (expressed as a decimal) applicable to such B/A and (y) a fraction of which the numerator is the Contract Period applicable to such B/A and the denominator is 365, with
such quotient being rounded upward or downward to the fifth decimal place and .000005 being rounded upward. 
  
 “Discount B/A Rate” shall mean, with respect to a B/A being accepted and purchased on any day, (a) for a Lender that is a Schedule I
Lender, (i) the CDOR Rate applicable to such B/A or (ii) if the discount rate for a particular Contract Period is not quoted on the Reuters Screen CDOR Page, the arithmetic average (as determined by the Administrative Agent) of the percentage
discount rates (expressed as a decimal and rounded upward, if necessary, to the nearest 1/100 of 1%) quoted to the Administrative Agent by the Schedule I Reference Lenders as the percentage discount rate at which each such bank would, in accordance
with its normal practices, at approximately 10:00 a.m., Toronto time, on such day, be prepared to purchase bankers’ acceptances accepted by such bank having a face amount and term comparable to the face amount and Contract Period of such B/A,
and (b) for a Lender that is not a Schedule I Lender, the lesser of (i) the CDOR Rate applicable to such B/A plus 0.10% per annum and (ii) the arithmetic average (as determined by the Administrative Agent) of the percentage discount rates (expressed
as a decimal and rounded upward, if necessary, to the nearest 1/100 of 1%) quoted to the Administrative Agent by the Schedule II/III Reference Lenders as the percentage discount rate at which such bank would, in accordance with its normal 

  

 23 

 
practices, at approximately 10:00 a.m., Toronto time, on such day, be prepared to purchase bankers’ acceptances accepted by such bank having a face
amount and term comparable to the face amount and Contract Period of such B/A. 
  
 “Disqualified Stock” shall mean, with respect to any person, any Equity Interests of such person that, by their terms (or by the terms of any security into which such Equity Interests are convertible
or for which such Equity Interests are redeemable or exchangeable), or upon the happening of any event, (i) mature or are mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than as a result of a change of control or
asset sale), (ii) are convertible or exchangeable for Indebtedness or Disqualified Stock or (iii) are redeemable at the option of the holder thereof, in whole or in part, in each case prior to 91 days after the latest to mature of any Tranche, Other
Term Loan, if any, and Other Revolving Loan, if any (without regard to the proviso to the definition of “Term Facility Maturity Date” or “Revolving Facility Maturity Date” or any similar qualification to the maturity date of any
such Other Term Loan or Other Revolving Loan); provided, however, that only the portion of the Equity Interests that so mature or are mandatorily redeemable, are so convertible or exchangeable or are so redeemable at the option of the
holder thereof prior to such date shall be deemed to be Disqualified Stock; provided further, however, that if such Equity Interests are issued to any employee or to any plan for the benefit of employees of the U.S. Borrower or
the Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified Stock solely because they may be required to be repurchased by the U.S. Borrower in order to satisfy applicable statutory or regulatory
obligations or as a result of such employee’s termination, death or disability; provided further, however, that any class of Equity Interests of such person that by its terms authorizes such person to satisfy its
obligations thereunder by delivery of Equity Interests that are not Disqualified Stock shall not be deemed to be Disqualified Stock. 
  
 “Dividends” shall have the meaning assigned to such term in Section 6.06. 
  
 “Documentation Agent” shall have the meaning assigned to such term in the preamble hereto. 
  
 “Domestic Loan Party” shall mean the U.S. Borrower and any
Domestic Subsidiary Loan Party. 
  
 “Domestic
Subsidiary” shall mean any Subsidiary that is not a Foreign Subsidiary. 
  
 “Domestic Subsidiary Loan Party” shall mean each Wholly-Owned Domestic Subsidiary other than (a) Unrestricted Subsidiaries and (b) Indenture Restricted Subsidiaries. 
  
 “Dutch Banking Act” shall mean the Dutch Act on the
Supervision of Credit Institutions 1992 (Wet toezicht kredietwezen 1992), as amended from time to time. 
  
 “Dutch Borrower” shall have the meaning assigned to such term in the preamble hereto. 
  

 24 

 “Dutch Security Documents” shall mean (a) Dutch law notarial share pledges over the
Equity Interests in each Foreign Subsidiary Loan Party incorporated under Dutch law (including the Dutch Borrower), (b) Dutch law pledges over all receivables owing to any of the Foreign Subsidiary Loan Parties incorporated under Dutch law (which
will be notified pledges in respect of intercompany receivables, insurance receivables and bank account receivables and not notified until an Event of Default has occurred in respect of trade receivables), (c) Dutch law pledges over all stock,
inventory and other tangible assets located in the Netherlands and all intellectual property rights registered in or in respect of the Netherlands and (d) any other Dutch law security document that may be entered into by any Loan Party. 

 
 “Early Maturity Notes” shall mean (a) the Existing Notes
(other than the Borden U.S. Finance Corp/Borden Nova Scotia Finance, ULC Second-Priority Senior Secured 9% Notes due 2014 and the Debentures) and (b) any other debt securities and bank Indebtedness issued by the U.S. Borrower or any of the
Subsidiaries (other than Indebtedness issued by a Foreign Subsidiary that is not a Foreign Subsidiary Loan Party that is denominated in currencies other than the U.S. Dollar in the form of bank financings or notes offered or arranged outside the
United States and not placed with investors that regularly invest in the U.S. financial markets) with a final maturity prior to the date that is 91 days after the last to mature of the Facilities. 
  
 “Early Maturity Test Date” shall mean each date that is 91
days prior to the final maturity of any of the Early Maturity Notes. 
  
 “EBITDA” shall mean, with respect to the U.S. Borrower and the Subsidiaries on a consolidated basis for any period, the Consolidated Net Income of the U.S. Borrower and the Subsidiaries for such period plus (a) the
sum of (without duplication and to the extent the same was deducted in calculating Consolidated Net Income for such period): 
  
 (i) Consolidated Taxes of the U.S. Borrower and the Subsidiaries for such period; 
  
 (ii) Interest Expense of the U.S. Borrower and the
Subsidiaries for such period (net of interest income of the U.S. Borrower and the Subsidiaries for such period); 
  
 (iii) Consolidated Non-cash Charges of the U.S. Borrower and the Subsidiaries for such period; 
  
 (iv) plant closure, severance and other restructuring costs
and charges; 
  
 (v) impairment charges,
including the write-down of investments; 
  
 (vi)
non-operating expenses; 
  
 (vii) the amount of
management, monitoring, consulting, transaction and advisory fees and related expenses paid to the Fund or any Fund Affiliate (or any 

  

 25 

 
accruals relating to such fees and related expenses) during such period; provided, however, that such amount shall not exceed in any
four-quarter period the greater of (x) $3.0 million and (y) 2% of EBITDA of the U.S. Borrower and the Subsidiaries on a consolidated basis for the immediately preceding fiscal year; provided, however, any payment not made in any fiscal
year may be carried forward and paid in the following fiscal year; plus 
  
 (viii) the cost (or amortization of prior service cost) of subsidizing coverage for persons affected by amendments to medical benefit plans implemented prior to the Closing Date; provided, however, that
such amount will be included in EBITDA notwithstanding that such amount was not deducted in calculating Consolidated Net Income; 
  
 minus (b) the sum of (without duplication and to the extent the amounts described in this clause (b) increased such Consolidated Net Income for the respective
period for which EBITDA is being determined) (i) non-cash items increasing Consolidated Net Income of the U.S. Borrower and the Subsidiaries for such period (but excluding any such items (A) in respect of which cash was received in a prior period or
will be received in a future period or (B) that represent the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior period, including the amortization of employee benefit plan prior service costs), and (ii)
non-operating income. 
  
 For purposes of determining EBITDA under
this Agreement for any period that includes any of the fiscal quarters ended September 30, 2004, December 31, 2004, March 31, 2005, and June 30, 2005, EBITDA for such fiscal quarter shall be deemed to be $112.0 million, $120.0 million, $140.0
million and $145.0 million, respectively. 
  
 “EMU
Legislation” shall mean the legislative measures of the European Union for the introduction of, changeover to or operation of the euro in one or more member states. 
  
 “environment” shall mean ambient and indoor air, surface water and groundwater (including potable water,
navigable water and wetlands), the land surface or subsurface strata, natural resources such as flora and fauna, the workplace or as otherwise defined in any Environmental Law. 
  
 “Environmental Laws” shall mean all applicable laws (including common law), rules, regulations, codes,
ordinances, orders, decrees, directives, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by or with any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural
resources, the generation, management, Release or threatened Release of, or exposure to, any Hazardous Material or to health and safety matters (to the extent relating to the environment or Hazardous Materials). 
  
 “Equity Financing” shall mean, in connection with the
consummation of the Combination, the issuance by the U.S. Borrower of the PIK Preferred Stock in an 

  

 26 

 
aggregate amount of up to $350.0 million, which amount shall be distributed by the U.S. Borrower to the holders of its Equity Interests (including Holdings)
and by Holdings to the holders of its Equity Interests, on terms and conditions reasonably satisfactory to the Administrative Agent. 
  
 “Equity Interests” of any person shall mean any and all shares, interests, rights to purchase, warrants, options, participation or other
equivalents of or interests in (however designated) equity of such person, including any preferred stock, any limited or general partnership interest and any limited liability company membership interest. 
  
 “ERISA” shall mean the Employee Retirement Income Security
Act of 1974, as amended from time to time. 
  
 “ERISA
Affiliate” shall mean any trade or business (whether or not incorporated) that, together with Holdings (prior to a Qualified IPO), the U.S. Borrower or a Subsidiary, is treated as a single employer under Section 414(b) or (c) of the Code,
or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 
  
 “ERISA Event” shall mean (a) any Reportable Event; (b) the existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard
with respect to any Plan, the failure to make by its due date a required installment under Section 412(m) of the Code with respect to any Plan or the failure to make any required contribution to a Multiemployer Plan; (d) the incurrence by Holdings
(prior to a Qualified IPO), the U.S. Borrower, a Subsidiary or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by Holdings (prior to a Qualified IPO), the U.S. Borrower, a
Subsidiary or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention, or the institution by the PBGC of proceedings, to terminate any Plan or to appoint a trustee to administer any Plan; (f) the incurrence
by Holdings (prior to a Qualified IPO), the U.S. Borrower, a Subsidiary or any ERISA Affiliate of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by Holdings (prior to a
Qualified IPO), the U.S. Borrower, a Subsidiary or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from Holdings (prior to a Qualified IPO), the U.S. Borrower, a Subsidiary or any ERISA Affiliate of any notice, concerning
the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 
  
 “euro” or “€” shall mean the currency constituted by the Treaty on the European Union
and as referred to in the EMU Legislation. 
  
 “Eurocurrency Borrowing” shall mean a Borrowing comprised of Eurocurrency Loans. 
  

 27 

 “Eurocurrency Loan” shall mean any Eurocurrency Term Loan or Eurocurrency Revolving
Loan. 
  
 “Eurocurrency Revolving Borrowing”
shall mean a Borrowing comprised of Eurocurrency Revolving Loans. 
  
 “Eurocurrency Revolving Loan” shall mean any Revolving Facility Loan bearing interest at a rate determined by reference to the Adjusted Eurocurrency Rate in accordance with the provisions of Article II. 
  
 “Eurocurrency Term Loan” shall mean any Term Loan bearing
interest at a rate determined by reference to the Adjusted Eurocurrency Rate in accordance with the provisions of Article II. 
  
 “Euro Lending Office” shall mean, as to any European Tranche Lender or Tranche B-2 Lender, the applicable branch, office or Affiliate of
such European Tranche Lender or Tranche B-2 Lender designated (i) by such European Tranche Lender to make Loans to the Dutch Borrower, the German Borrower and the U.K. Borrowers or (ii) by such Tranche B-2 Lender to make Loans to the Dutch Borrower.

  
 “EURO LIBO Rate” shall mean, with respect to
any Eurocurrency Borrowing denominated in euro, for any Interest Period, the offered rate for deposits in euros in the European interbank market for the relevant Interest Period that is determined by the Banking Federation of the European Union, and
displayed on the appropriate page of the Telerate Screen, at or about 11:00 am (Brussels time) on the relevant quotation date for the delivery of euros on the first day of the relevant Interest Period; provided that, to the extent that an
interest rate is not ascertainable pursuant to the foregoing provisions of this definition, the “EURO LIBO Rate” shall be the interest rate per annum determined by the Administrative Agent to be the average of the rates per annum at
which deposits in euro are offered for a maturity comparable to such relevant Interest Period to major banks in the London interbank market in London, England by the Administrative Agent at approximately 11:00 a.m. (London time) on the date that is
two Business Days prior to the beginning of such Interest Period. 
  
 “European Tranche” has the meaning assigned to such term under the definition of “Tranche”. 
  
 “European Tranche Commitment” shall mean, with respect to each European Tranche Lender, the commitment of such European Tranche Lender to
make European Tranche Revolving Facility Loans and to acquire participations in Letters of Credit and Swingline Loans under the European Tranche, expressed as an amount representing the maximum aggregate permitted amount of such Lender’s
European Tranche Revolving Facility Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.09 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section
2.21 or Section 9.04. The initial amount of each Lender’s European Tranche Commitment is set forth on Schedule 2.01, or in the Assignment and Acceptance or Incremental Assumption 

  

 28 

 
Agreement pursuant to which such Lender shall have assumed its European Tranche Commitment, as applicable. The initial aggregate amount of the Lenders’
European Tranche Commitments is $125.0 million. 
  
 “European Tranche L/C Exposure” shall mean, at any time, the sum of (a) the aggregate undrawn amount of all outstanding European Tranche Letters of Credit denominated in U.S. Dollars at such time, (b) the U.S. Dollar
Equivalent of the aggregate undrawn amount of all outstanding European Tranche Letters of Credit denominated in euro or Sterling at such time and (c) the U.S. Dollar Equivalent of the aggregate amount of all L/C Disbursements in respect of European
Tranche Letters of Credit that have not yet been reimbursed by or on behalf of the applicable Borrower at such time. The European Tranche L/C Exposure of any Revolving Lender at any time shall be its European Tranche Percentage of the total European
Tranche L/C Exposure at such time. 
  
 “European Tranche
Lender” shall mean a Lender with a European Tranche Commitment or with outstanding European Tranche Revolving Facility Exposure. 
  
 “European Tranche Letters of Credit” shall mean Letters of Credit issued or deemed outstanding under the European Tranche. 
  
 “European Tranche Percentage” shall mean, with respect to
any European Tranche Lender, the percentage of the total European Tranche Commitments represented by such Lender’s European Tranche Commitment. If the European Tranche Commitments have terminated or expired, the European Tranche Percentages
shall be determined based upon the European Tranche Commitments most recently in effect, giving effect to any assignments pursuant to Section 9.04. 
  
 “European Tranche Revolving Facility Exposure” shall mean, at any time, the sum of (a) the aggregate principal amount of the European
Tranche Revolving Facility Loans denominated in U.S. Dollars outstanding at such time, (b) the U.S. Dollar Equivalent of the aggregate principal amount of the European Tranche Revolving Facility Loans denominated in euro outstanding at such time,
(c) the U.S. Dollar Equivalent of the aggregate principal amount of European Tranche Revolving Facility Loans denominated in Sterling outstanding at such time, (d) the European Tranche L/C Exposure at such time and (e) the Swingline Exposure at such
time. The European Tranche Revolving Facility Exposure of any Lender at any time shall be such Lender’s European Tranche Percentage of the total European Tranche Revolving Facility Exposure at such time. 
  
 “European Tranche Revolving Facility Loan” shall mean a loan
made by a European Tranche Lender pursuant to Section 2.01. Each European Tranche Revolving Facility Loan denominated in U.S. Dollars shall be a Eurocurrency Loan or (a) an ABR Loan (if to the U.S. Borrower) or (b) a Base Rate Loan (if to any other
Borrower), and each European Tranche Revolving Facility Loan denominated in Sterling or euro shall be a Eurocurrency Loan or a Base Rate Loan. 
  
 “Event of Default” shall have the meaning assigned to such term in Section 7.01. 
  

 29 

 “Excess Cash Flow” shall mean, with respect to the U.S. Borrower and the Subsidiaries on
a consolidated basis for any Excess Cash Flow Period, EBITDA of the U.S. Borrower and the Subsidiaries on a consolidated basis for such Excess Cash Flow Period, minus, without duplication, 
  
 (a) Debt Service for such Excess Cash Flow Period (reduced
by the aggregate principal amount of voluntary prepayments of Consolidated Debt that would otherwise constitute scheduled principal amortization during such Excess Cash Flow Period); 
  
 (b) the amount of any voluntary prepayment permitted hereunder of term Indebtedness (other than any Term
Loans) during such Excess Cash Flow Period, in each case to the extent not financed, or intended to be financed, using the proceeds of the incurrence of Indebtedness, so long as the amount of such prepayment is not already reflected in Debt Service;

  
 (c) (i) Capital Expenditures by the U.S.
Borrower and the Subsidiaries on a consolidated basis during such Excess Cash Flow Period that are paid in cash and (ii) the aggregate consideration paid in cash during such Excess Cash Flow Period in respect of Permitted Business Acquisitions and
other Investments permitted hereunder to the extent not financed with the proceeds of Indebtedness other than Loans that are not Incremental Term Loans (less any amounts received in respect thereof as a return of capital); 
  
 (d) Capital Expenditures that the U.S. Borrower or any
Subsidiary shall, during such Excess Cash Flow Period, become obligated to make but that are not made during such Excess Cash Flow Period (provided that any amount so deducted that will be paid after the close of such Excess Cash Flow Period
shall not be deducted again in a subsequent Excess Cash Flow Period); provided that the U.S. Borrower shall deliver a certificate to the Administrative Agent not later than 90 days after the end of such Excess Cash Flow Period, signed by a
Responsible Officer of the U.S. Borrower and certifying that such Capital Expenditures and the delivery of the related equipment will be made in the following Excess Cash Flow Period; 
  
 (e) Taxes paid in cash by Holdings (prior to a Qualified IPO), the U.S. Borrower and the Subsidiaries on a
consolidated basis during such Excess Cash Flow Period or that will be paid within six months after the close of such Excess Cash Flow Period (provided that any amount so deducted that will be paid after the close of such Excess Cash Flow
Period shall not be deducted again in a subsequent Excess Cash Flow Period) and for which reserves have been established, including income tax expense and withholding tax expense incurred in connection with cross-border transactions involving the
Foreign Subsidiaries; 
  
 (f) an amount equal to
any increase in Working Capital of the U.S. Borrower and the Subsidiaries for such Excess Cash Flow Period; 
  

 30 

 (g) cash expenditures made in respect of Swap Agreements during such Excess Cash Flow
Period, to the extent not reflected in the computation of EBITDA or Cash Interest Expense; 
  
 (h) permitted dividends or distributions or repurchases of its Equity Interests paid in cash by Holdings (prior to a Qualified IPO) or the
U.S. Borrower (after a Qualified IPO) during such Excess Cash Flow Period and permitted dividends paid by any Subsidiary to any person other than the U.S. Borrower or any of the Subsidiaries during such Excess Cash Flow Period, in each case in
accordance with Section 6.06 (other than Section 6.06(e), 6.06(f)(ii), 6.06(f)(iii) and 6.06(g)); 
  
 (i) amounts paid in cash during such Excess Cash Flow Period on account of (x) items that were accounted for as noncash reductions of Net
Income in determining Consolidated Net Income or as noncash reductions of Consolidated Net Income in determining EBITDA of the U.S. Borrower and the Subsidiaries in a prior Excess Cash Flow Period and (y) reserves or accruals established in purchase
accounting; 
  
 (j) to the extent not deducted in
the computation of Net Proceeds in respect of any asset disposition or condemnation giving rise thereto, the amount of any mandatory prepayment of Indebtedness (other than Indebtedness created hereunder or under any other Loan Document), together
with any interest, premium or penalties required to be paid (and actually paid) in connection therewith, and 
  
 (k) the amount related to items that were added to or not deducted from Net Income in calculating Consolidated Net Income or were added to
or not deducted from Consolidated Net Income in calculating EBITDA to the extent such items represented a cash payment (which had not reduced Excess Cash Flow upon the accrual thereof in a prior Excess Cash Flow Period), or an accrual for a cash
payment, by the U.S. Borrower and the Subsidiaries or did not represent cash received by the U.S. Borrower and the Subsidiaries, in each case on a consolidated basis during such Excess Cash Flow Period, 
  
 plus, without duplication, 
  
 (a) an amount equal to any decrease in Working Capital for
such Excess Cash Flow Period; 
  
 (b) all
proceeds received during such Excess Cash Flow Period of Capital Lease Obligations, purchase money Indebtedness, Sale and Lease-Back Transactions pursuant to Section 6.03 and any other Indebtedness, in each case to the extent used to finance any
Capital Expenditure (other than Indebtedness under this Agreement to the extent there is no corresponding deduction to Excess Cash Flow above in respect of the use of such Borrowings); 
  

 31 

 (c) all amounts referred to in clause (c) or (d) above to the extent funded with (i) the
proceeds of the issuance of Equity Interests of, or capital contributions to, the U.S. Borrower after the Closing Date, (ii) any amount that would have constituted Net Proceeds under clause (a) of the definition of the term “Net Proceeds”
if not so spent or (iii) Cumulative Retained Excess Cash Flow, in each case to the extent there is a corresponding deduction from Excess Cash Flow above; 
  
 (d) to the extent any permitted Capital Expenditures referred to in clause (d) above and the delivery of the related equipment do not
occur in the following Excess Cash Flow Period specified in the certificate of the U.S. Borrower provided pursuant to clause (d) above, the amount of such Capital Expenditures that were not so made in such following Excess Cash Flow Period;

  
 (e) cash payments received in respect of Swap
Agreements during such Excess Cash Flow Period to the extent (i) not included in the computation of EBITDA or (ii) such payments do not reduce Cash Interest Expense; 
  
 (f) any extraordinary or nonrecurring gain realized in cash during such Excess Cash Flow Period (except to
the extent such gain consists of Net Proceeds subject to 2.11(c)); 
  
 (g) to the extent deducted in the computation of EBITDA, cash interest income; and 
  
 (h) the amount related to items that were deducted from or not added to Net Income in connection with calculating Consolidated Net Income
or were deducted from or not added to Consolidated Net Income in calculating EBITDA to the extent either (x) such items represented cash received by the U.S. Borrower or any Subsidiary or (y) such items do not represent cash paid by the U.S.
Borrower or any Subsidiary, in each case on a consolidated basis during such Excess Cash Flow Period. 
  
 “Excess Cash Flow Period” shall mean (i) the period taken as one accounting period beginning on January 1, 2006, and ending on December
31, 2006, and (ii) each fiscal year of the U.S. Borrower ended thereafter. 
  
 “Excess Tranche B-3 Credit-Linked Deposits” shall mean, at any time, the excess, if any, of the Total Tranche B-3 Credit-Linked Deposit over the Tranche B-3 L/C Exposure at such time. The Excess
Tranche B-3 Credit-Linked Deposit of any Tranche B-3 Lender at any time shall mean its Tranche B-3 Percentage of the Excess Tranche B-3 Credit-Linked Deposits. 
  

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
  
 “Exchange Rate” shall mean, on
any day, for purposes of determining the U.S. Dollar Equivalent of any other currency, the rate at which such other currency may 

  

 32 

 
be exchanged into U.S. Dollars at the time of determination on such day on the Reuters WRLD Page for such currency. In the event that such rate does not
appear on any Reuters WRLD Page, the Exchange Rate shall be determined by reference to such other publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent and the U.S. Borrower, or, in the absence of
such an agreement, such Exchange Rate shall instead be the arithmetic average of the spot rates of exchange of the Administrative Agent in the market where its foreign currency exchange operations in respect of such currency are then being
conducted, at or about such time as the Administrative Agent shall elect after determining that such rates shall be the basis for determining the Exchange Rate, on such date for the purchase of U.S. Dollars for delivery two Business Days later;
provided that if at the time of any such determination, for any reason, no such spot rate is being quoted, the Administrative Agent may use any reasonable method it deems appropriate to determine such rate, and such determination shall be
conclusive absent manifest error. 
  
 “Excluded
Indebtedness” shall mean all Indebtedness permitted to be incurred under Section 6.01 (as amended or waived from time to time). 
  
 “Excluded Jurisdictions” shall mean Hong Kong, Ireland, Luxembourg, Korea, Argentina, South Africa, France, Philippines, Barbados,
People’s Republic of China, Mexico, Sweden, Japan, Switzerland, Singapore, Australia and Malaysia. 
  
 “Excluded Taxes” shall mean, with respect to the Administrative Agent, any Lender, any Issuing Bank or any other recipient of any payment
to be made by or on account of any obligation of any Borrower hereunder or, for purposes of Section 2.18 only, by or on account of any obligation of the Administrative Agent pursuant to Section 2.23(b), the following taxes, including interest,
penalties or other additions thereto: 
  
 (a)
income taxes imposed on (or measured by) its net income or franchise taxes imposed on (or measured by) its gross or net income by the country in which the applicable Borrower is legally organized or any political subdivision thereof, or by the
jurisdiction under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, in each case including any political subdivision thereof
(provided that no Foreign Lender shall be deemed to be located in any country solely as a result of taking any action under this Agreement), 
  
 (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction described in
clause (a) above, 
  
 (c) any withholding tax
that is attributable to a Lender’s failure to comply with Section 2.18(f), 
  
 (d) in the case of a Lender (other than an assignee pursuant to a request by the U.S. Borrower under Section 2.20(b) or by operation of
the CAM), any 

  

 33 

 
withholding tax imposed by the Country in which the applicable Borrower is legally organized or any political subdivision thereof that is in effect and would
apply to amounts payable by such Borrower from an office within such jurisdiction to the applicable Lending Office of such Lender at the time such Lender becomes a party to this Agreement (or designates a new Lending Office) provided that if
a Lender is required to complete an application for a reduced withholding tax rate under an applicable income tax treaty with the United Kingdom in order to receive the benefit of such reduced withholding tax rate and such Lender completes such
application as soon as practicable following the date hereof, the rate of withholding in effect on the date on which such application is approved shall be deemed to be the rate in effect on the date on which such Lender becomes a party to this
Agreement, 
  
 (e) in the case of a European
Tranche Lender (other than an assignee pursuant to a request by the U.S. Borrower under Section 2.20(b) or by operation of the CAM), any tax on income of the Lender levied by Germany solely as a result of any real property serving as collateral
under this Agreement, 
  
 except, in the case of clauses (d) and (e) above, to the
extent that (i) such Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from a Loan Party with respect to any withholding tax pursuant to Section 2.18(a)
or (ii) such withholding tax shall have resulted from the making of any payment to a location other than the office designated by the Administrative Agent or such Lender for the receipt of payments of the applicable type. 
  
 “Exemption Regulation” shall mean the Exemption Regulation
(Vrijstellingsregeling)dated 26 June 2002 of the Ministry of Finance of The Netherlands (as amended from time to time), as promulgated in connection with the Dutch Banking Act. 
  
 “Existing Borden Second Secured Notes” shall mean (a) $300.0 million aggregate principal amount of Borden
U.S. Finance Corp/Borden Nova Scotia Finance, ULC Second-Priority Senior Secured Floating Rate Notes due 2010 and (b) $325.0 million aggregate principal amount of Borden U.S. Finance Corp/Borden Nova Scotia Finance, ULC Second-Priority Senior
Secured 9% Notes due 2014. 
  
 “Existing Credit
Agreements” shall mean (a) the Amended and Restated Loan and Security Agreement dated as of August 12, 2004, among Borden Chemical Inc., certain subsidiaries thereof, the lenders party thereto and the agents named therein, (b) the Credit
Agreement dated as of January 24, 2005, among Resolution Performance Products Inc., RPP, Resolution Europe B.V., the lenders party thereto and the agents named therein and (c) the Credit Agreement dated as of August 2, 2004, among Resolution
Specialty Materials Inc., Resolution Specialty Materials LLC, the lenders party thereto and the agents named therein. 
  

 34 

 “Existing Letters of Credit” shall mean each letter of credit previously issued for the
account of, or guaranteed by, the U.S. Borrower (or any of its predecessor companies) or RSM pursuant to any of the Existing Credit Agreements that (a) is outstanding on the Closing Date and (b) is listed on Schedule 1.01(a). 
  
 “Existing Notes” shall mean (a) the Existing Borden Second
Secured Notes, (b) the Existing RPP Second Secured Notes, (c) the Existing Subordinated Notes, (d) the Debentures and (e) the Industrial Revenue Bonds, in each case outstanding on the Closing Date. 
  
 “Existing Notes Documents” shall mean the indentures under
which the Existing Notes are issued and all other instruments, agreements and other documents evidencing or governing the Existing Notes or providing for any security, guarantee or other right in respect thereof. 
  
 “Existing Notes Issuer” means any subsidiary of the U.S.
Borrower that is an issuer or co-issuer of any of the Existing Notes. 
  
 “Existing RPP 8% Notes” shall mean $140.0 million aggregate principal amount of RPP/RPP Capital Corporation 8% Senior Secured Notes due 2009. 
  
 “Existing RPP 9-1/2% Notes” shall mean $200.0 million aggregate principal amount of RPP/RPP Capital
Corporation 9-1/2% Senior Second Secured Notes due 2010. 
  
 “Existing RPP Second Secured Notes” shall mean (a) the Existing RPP 8% Notes and (b) the Existing RPP 9-1/2% Notes. 
  
 “Existing Second Secured Notes Documents” shall mean the indentures under which the Existing Borden Second Secured Notes and Existing RPP
Second Secured Notes are issued and all other instruments, agreements and other documents evidencing or governing the Existing Borden Second Secured Notes or the Existing RPP Second Secured Notes or providing for any security, guarantee or other
right in respect thereof. 
  
 “Existing Subordinated
Notes” shall mean $328.0 million aggregate principal amount of RPP/RPP Capital Corporation 13-1/2% Senior Subordinated Notes due 2010 outstanding on the Closing Date. 
  
 “Existing Subordinated Notes Documents” shall mean the indentures under which the Existing Subordinated
Notes are issued and all other instruments, agreements and other documents evidencing or governing the Existing Subordinated Notes or providing for any security, guarantee or other right in respect thereof. 
  
 “Federal Funds Effective Rate” shall mean, for any day, the
weighted average (rounded upward, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business
Day by the Federal 

  

 35 

 
Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upward, if necessary, to the next
1/100 of 1%) of the quotations for the day of such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
  
 “Fees” shall mean the Commitment Fees, the L/C Participation Fees, the Issuing Bank Fees and the
Administrative Agent Fees. 
  
 “Financial
Officer” of any person shall mean the Chief Financial Officer, principal accounting officer, Treasurer, Assistant Treasurer or Controller of such person. 
  
 “Flow Through Entity” means an entity that is treated as a partnership not taxable as a corporation, a
grantor trust or a disregarded entity for U.S. federal income tax purposes or subject to treatment on a comparable basis for purposes of state, local or foreign tax law. 
  
 “Foreign Borrowers” shall mean the Canadian Borrower, the Dutch Borrower, the German Borrower and the U.K.
Borrowers. 
  
 “Foreign Guarantee Agreement”
shall mean the Foreign Guarantee Agreement, substantially in the form of Exhibit F-2, as amended, supplemented or otherwise modified from time to time, among the Foreign Subsidiary Loan Parties and the Administrative Agent that provides for a
Guarantee by such Foreign Subsidiary Loan Parties of the Obligations of Foreign Subsidiary Loan Parties, in form and substance reasonably satisfactory to the Administrative Agent. 
  
 “Foreign Lender” shall mean, as to any Loan Party, any Lender that is organized under the laws of a
jurisdiction other than that in which such Loan Party is located. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 
  
 “Foreign Mortgages” shall mean the mortgages, debentures,
hypothecs, deeds of trust, charges, assignments of leases and rents and other security documents delivered pursuant to Section 4.02 or Section 5.10 with respect to Mortgaged Properties located outside the United States of America, each in form and
substance reasonably satisfactory to the Administrative Agent. 
  
 “Foreign Obligations” means the aggregate of (a) the Guaranteed Obligations (as defined in the Foreign Guarantee Agreement) of each of the Foreign Subsidiary Loan Parties and (b) the Guaranteed Obligations (as defined in
the Foreign Guarantee Agreement) of each of the U.S. Borrower and the Domestic Subsidiary Loan Parties but only to the extent they guarantee the Guaranteed Obligations (as defined in the Foreign Guarantee Agreement) of any of the Foreign Subsidiary
Loan Parties, each as they may exist from time to time, other than the Parallel Debt Foreign Obligations. 
  
 “Foreign Pledge Agreement” shall mean a pledge or charge agreement with respect to the Pledged Collateral that constitutes Equity
Interests of a Foreign Subsidiary, in form and substance reasonably satisfactory to the Administrative Agent; 

  

 36 

 
provided that in no event shall more than 65% of the issued and outstanding voting Equity Interests of such Foreign Subsidiary be pledged to secure
Obligations of the Domestic Loan Parties. 
  
 “Foreign
Security Documents” shall mean one or more security agreements, charges, mortgages or pledges with respect to Collateral (other than Collateral that is subject to a Foreign Mortgage) of a Foreign Subsidiary Loan Party (including,
notwithstanding the foregoing exclusion of Collateral subject to Foreign Mortgages, the Quebec Documents), including the Canadian Security Documents, the U.K. Debentures, the Security Trust Deed, the Dutch Security Documents and the German Security
Documents, each in form and substance reasonably satisfactory to the Administrative Agent, that secure the Obligations of any Foreign Subsidiary Loan Party. 
  
 “Foreign Subsidiary” shall mean any Subsidiary that is incorporated or organized under the laws of any jurisdiction other than the United
States of America, any State thereof or the District of Columbia. 
  
 “Foreign Subsidiary Loan Party” shall mean (a) each Foreign Borrower, (b) each Foreign Subsidiary that is set forth on Schedule 1.01(b), (c) each other Wholly-Owned Foreign Subsidiary organized under the laws of
Canada, the United Kingdom, The Netherlands or Germany (in the case of the German Borrower and its subsidiaries, subject to Section 4.03) and (d) at the U.S. Borrower’s option, any other Foreign Subsidiary organized under the laws of any
jurisdiction set forth on Schedule 1.01(e) that has satisfied the Collateral and Guarantee Requirement, completed all actions required by Sections 5.10(b) and (c) and delivered to the Administrative Agent a customary written opinion of legal
counsel in the United States with respect to applicable United States legal issues and, if applicable, such foreign jurisdiction with respect to the guarantee and security interests granted by such Foreign Subsidiary. 
  
 “Fund Affiliate” shall mean (a) each Affiliate of the Fund
that is neither a “portfolio company” (which means a company actively engaged in providing goods or services to unaffiliated customers) nor a company controlled by a “portfolio company” and (b) any individual who is a partner or
employee of Apollo Management, L.P., Apollo Management IV, L.P. or Apollo Management V, L.P. 
  
 “Fund” shall mean Apollo Investment Fund IV, L.P., Apollo Investment Fund V, L.P. and Apollo Overseas Partners IV, L.P. 
  
 “GAAP” shall mean generally accepted accounting principles in effect from time to time in the United
States, applied on a consistent basis, subject to the provisions of Section 1.02; provided that any reference to the application of GAAP in Section 3.13(a), 3.13(b), 3.20, 5.03, 5.07 and 6.02(e) to a Foreign Subsidiary (and not as a
consolidated Subsidiary of the U.S. Borrower) shall mean generally accepted accounting principles in effect from time to time in the jurisdiction of organization of such Foreign Subsidiary. 
  

 37 

 “German Borrower” shall have the meaning assigned to such term in the preamble hereto.

  
 “German Security” shall mean any security
assumed and accepted by or through the Administrative Agent or any Secured Party, as the case may be, pursuant to any German Security Document and held or administered by the Administrative Agent on behalf of or in trust for the Secured Parties and
any addition or replacement or substitution thereof. 
  
 “German Security Documents” shall mean all Security Documents governed by German law and “German Security Document” means any of them. 
  
 “Governmental Authority” shall mean any federal, state, local or foreign court or governmental agency,
authority, instrumentality or regulatory or legislative body. 
  
 “Guarantee” of or by any person (the “guarantor”) shall mean (a) any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other
obligation of any other person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or
payment of) such Indebtedness or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep well, to purchase assets, goods, securities or services, to take-or- pay or otherwise) or to purchase (or to advance or
supply funds for the purchase of) any security for the payment of such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the
payment thereof, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, (iv) entered into for
the purpose of assuring in any other manner the holders of such Indebtedness or other obligation of the payment thereof or to protect such holders against loss in respect thereof (in whole or in part) or (v) as an account party in respect of any
letter of credit or letter of guaranty issued to support such Indebtedness or other obligation, or (b) any Lien on any assets of the guarantor securing any Indebtedness or other obligation (or any existing right, contingent or otherwise, of the
holder of Indebtedness or other obligation to be secured by such a Lien) of any other person, whether or not such Indebtedness or other obligation is assumed by the guarantor; provided, however, that the term “Guarantee” shall not
include endorsements for collection or deposit, in either case in the ordinary course of business, or customary and reasonable indemnity obligations in effect on the Closing Date or entered into in connection with any acquisition or disposition of
assets permitted under this Agreement. 
  
 “Hazardous
Materials” shall mean all pollutants, contaminants, wastes, chemicals, materials, substances and constituents, including explosive or radioactive substances or petroleum or petroleum distillates, asbestos or asbestos containing 

  

 38 

 
materials, polychlorinated biphenyls or radon gas, of any nature subject to regulation or which can give rise to liability under any Environmental Law.

  
 “Holdings” shall have the meaning assigned to
such term in the preamble hereto. 
  
 “Holdings Exchange
Agreement” shall mean the letter agreement among Holdings and the Initial Purchasers of the PIK Preferred Stock dated May 20, 2005, pursuant to which Holdings and such Initial Purchasers have agreed upon certain exchange rights with respect
to the PIK Preferred Stock that would result in the issuance of debt securities of Holdings. 
  
 “Holdings Notes” shall mean an aggregate principal amount of senior secured debt securities of up to (a) $350.0 million plus (b) the aggregate amount of dividends paid-in-kind with respect to the PIK
Preferred Stock from and after the Closing Date until the date of the issuance of such debt securities, issued by Holdings in exchange for shares of PIK Preferred Stock pursuant to the Holdings Exchange Agreement. 
  
 “Holdings Notes Documents” shall mean the Holdings Exchange
Agreement and the indentures or other agreements under which the Holdings Notes are issued in accordance with, and on the terms contemplated by, the Holdings Exchange Agreement, and all other instruments, agreements and other documents evidencing or
governing the Holdings Notes or providing for the pledge of the PIK Preferred Stock to secure the Holdings Notes or any other right in respect thereof. 
  
 “Immaterial Subsidiary” shall mean any Subsidiary that (i) did not, as of the last day of the fiscal quarter of the U.S. Borrower most
recently ended, have assets with a value in excess of 5.0% of the Consolidated Total Assets or revenues representing in excess of 5.0% of total revenues of the U.S. Borrower and the Subsidiaries on a consolidated basis as of such date and (ii) taken
together with all Unrestricted Subsidiaries designated pursuant to clause (ii) of the definition thereof and all other Immaterial Subsidiaries as of the last day of the fiscal quarter of the U.S. Borrower most recently ended, did not have assets
with a value in excess of 10.0% of the Consolidated Total Assets or revenues representing in excess of 10.0% of total revenues of the U.S. Borrower and the Subsidiaries on a consolidated basis as of such date. Each Immaterial Subsidiary shall be set
forth in Schedule 1.01(f), and the U.S. Borrower shall update such Schedule from time to time after the Closing Date as necessary to reflect all Immaterial Subsidiaries at such time (the selection of Subsidiaries to be added to or removed
from such Schedule to be made as the U.S. Borrower may determine). 
  
 “Increased Amount Date” shall have the meaning assigned to such term in Section 2.21. 
  
 “Incremental Amount” shall mean, at any time, the excess, if any, of (a) $200.0 million over (b) the aggregate amount of all Incremental
Term Loan Commitments and Incremental Revolving Facility Commitments established prior to such time pursuant to Section 2.21. 
  

 39 

 “Incremental Assumption Agreement” shall mean an Incremental Assumption Agreement in
form and substance reasonably satisfactory to the Administrative Agent, among the U.S. Borrower, the Administrative Agent and one or more Incremental Term Lenders and/or Incremental Revolving Facility Lenders. 
  
 “Incremental Revolving Facility Lender” shall mean a Lender
with an Incremental Revolving Facility Commitment or an outstanding Incremental Revolving Facility Loan. 
  
 “Incremental Revolving Facility Commitment” shall mean the commitment of any Lender, established pursuant to Section 2.21, to make
Incremental Revolving Facility Loans to the U.S. Borrower. 
  
 “Incremental Revolving Facility Loans” shall mean Revolving Facility Loans made by one or more Lenders to the U.S. Borrower pursuant to Section 2.01(e). Incremental Revolving Facility Loans may be made in the form of
additional Revolving Facility Loans or, to the extent permitted by Section 2.21 and provided for in the relevant Incremental Assumption Agreement, Other Revolving Facility Loans. 
  
 “Incremental Term Lender” shall mean a Lender with an Incremental Term Loan Commitment or an outstanding
Incremental Term Loan. 
  
 “Incremental Term Loan
Commitment” shall mean the commitment of any Lender, established pursuant to Section 2.21, to make Incremental Term Loans to the U.S. Borrower. 
  
 “Incremental Term Loans” shall mean Term Loans made by one or more Lenders to the U.S. Borrower pursuant to Section 2.01(e). Incremental
Term Loans may be made in the form of additional Tranche B-1 Term Loans or Tranche B-2 Term Loans or, to the extent permitted by Section 2.21 and provided for in the relevant Incremental Term Loan Assumption Agreement, Other Term Loans. 

 
 “Indebtedness” of any person shall mean, without
duplication, (a) all obligations of such person for borrowed money, (b) all obligations of such person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such person under conditional sale or other title retention
agreements relating to property or assets purchased by such person, (d) all obligations of such person issued or assumed as the deferred purchase price of property or services (other than current trade liabilities and current intercompany
liabilities (but not any refinancings, extensions, renewals or replacements thereof) incurred in the ordinary course of business and maturing within 365 days after the incurrence thereof), (e) all Guarantees by such person of Indebtedness of others,
(f) all Capital Lease Obligations of such person, (g) all payments that such person would have to make in the event of an early termination, on the date Indebtedness of such person is being determined, in respect of outstanding Swap Agreements, (h)
the principal component of all obligations, contingent or otherwise, of such person as an account party in respect of letters of credit (including Tranche B-3 Letters of Credit), (i) the principal component of all obligations of such person in
respect of bankers’ 

  

 40 

 
acceptances and (j) the amount of all obligations of such person with respect to the redemption, repayment or other repurchase of any Disqualified Stock
(excluding accrued dividends that have not increased the liquidation preference of such Disqualified Stock). The Indebtedness of any person shall include the Indebtedness of any partnership in which such person is a general partner, other than to
the extent that the instrument or agreement evidencing such Indebtedness expressly limits the liability of such person in respect thereof. For the avoidance of doubt, except as provided in clause (h) above, the Tranche B-3 Credit-Linked Deposits
shall not constitute Indebtedness. 
  
 “Indemnified
Taxes” shall mean all Taxes other than Excluded Taxes and Other Taxes. 
  
 “Indemnitee” shall have the meaning assigned to such term in Section 9.05(b). 
  
 “Indenture Restricted Subsidiary” shall mean a “Restricted Subsidiary” under and as defined in either of the Debenture
Indentures. 
  
 “Industrial Revenue Bonds” shall
mean the Parish of Ascension, Louisiana, Industrial Revenue Bonds guaranteed by the U.S. Borrower outstanding on the Closing Date. 
  
 “Ineligible Institution” shall mean the persons identified in writing to the Administrative Agent by the U.S. Borrower on the Closing
Date, and as may be identified in writing to the Administrative Agent by the U.S. Borrower from time to time thereafter, with the written consent of the Administrative Agent, by delivery of a notice thereof to the Administrative Agent setting forth
such person or persons (or the person or persons previously identified to Agent that are to be no longer considered “Ineligible Institutions”). 
  
 “Information Memorandum” shall mean the Confidential Information Memorandum dated April, 2005, as modified or supplemented prior to the
Closing Date. 
  
 “Intercreditor Agreement” shall
mean (a) the Closing Date Intercreditor Agreements, as amended, modified or supplemented from time to time in accordance with this Agreement, and (b) any additional or replacement intercreditor agreement entered into by the Administrative Agent
pursuant to Section 8.11. 
  
 “Interest Election
Request” shall mean a request by the Borrower to convert or continue a Term Borrowing or Revolving Borrowing in accordance with Section 2.08. 
  
 “Interest Expense” shall mean, with respect to any person for any period, the sum of, without duplication, (a) gross interest expense of
such person for such period on a consolidated basis, including (i) the amortization of debt discounts, (ii) the amortization of all fees (including fees with respect to Swap Agreements) payable in connection with the incurrence of Indebtedness to
the extent included in interest expense, (iii) the portion of any payments or accruals with respect to Capital Lease Obligations 

  

 41 

 
allocable to interest expense and (iv) net payments and receipts (if any) pursuant to interest rate hedging obligations, and excluding amortization of
deferred financing fees and expensing of any bridge or other financing fees, (b) capitalized interest of such person, whether paid or accrued, and (c) commissions, discounts, yield and other fees and charges incurred for such period in connection
with any receivables financing of such person or any of its subsidiaries that are payable to persons other than Holdings (prior to a Qualified IPO), the U.S. Borrower and the Subsidiaries. 
  
 “Interest Payment Date” shall mean, (a) with respect to any
Eurocurrency Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurocurrency Borrowing with an Interest Period of more than three months’ duration each day that would have
been an Interest Payment Date had successive Interest Periods of three months’ duration been applicable to such Borrowing and, in addition, the date of any refinancing or conversion of such Borrowing with or to a Borrowing of a different Type,
(b) with respect to any ABR Loan (other than a Swingline Loan) or Base Rate Loan, the first day of each calendar quarter (being the first day of January, April, July and October of each year) and (c) with respect to any Swingline Loan, the day that
such Swingline Loan is required to be repaid pursuant to Section 2.10(a). 
  
 “Interest Period” shall mean, as to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing or on the last day of the immediately preceding Interest Period applicable to such
Borrowing, as applicable, and ending on the numerically corresponding day (or, if there is no numerically corresponding day, on the last day) in the calendar month that is 1, 2, 3 or 6 months thereafter (or 9 or 12 months, if at the time of the
relevant Borrowing, all Lenders make interest periods of such length available), as the applicable Borrower may elect, or the date any Eurocurrency Borrowing is converted to an ABR Borrowing in accordance with Section 2.08 or repaid or prepaid in
accordance with Section 2.10, 2.11 or 2.12; provided, however, that if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next
succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day. Interest shall accrue from and including the first day of an Interest Period to but excluding the last
day of such Interest Period. 
  
 “Investment”
shall have the meaning set forth in Section 6.04. 
  
 “Issuing Bank” shall mean (a) with respect to each of the European Tranche, the Canadian Tranche and Tranche B-3, each Issuing Bank set forth with respect to such Tranche on Schedule 2.05 and each other Issuing Bank
designated with respect to such Tranche pursuant to Section 2.05(k), in each case in its capacity as an issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.05(i) and (b) with respect to each Existing
Letter of Credit, the person that issued such Existing Letter of Credit and any successor to such person. An Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which
case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. 
  

 42 

 “Issuing Bank Fees” shall have the meaning assigned to such term in Section 2.13(b).

  
 “Joint Lead Arrangers” shall have the meaning
assigned to such term in the preamble hereto. 
  
 “L/C
Disbursement” shall mean a payment or disbursement made by an Issuing Bank pursuant to a Letter of Credit. The amount of any L/C Disbursement made by an Issuing Bank in an Alternative Currency and not reimbursed by the applicable Borrower
shall be determined as set forth in paragraph (e) or (m) of Section 2.05, as applicable. 
  
 “L/C Exposure” shall mean, at any time, the sum, without duplication, of the Revolving L/C Exposure and the Tranche B-3 L/C Exposure at such time. 
  
 “L/C Participation Fee” shall have the meaning assigned such
term in Section 2.13(b). 
  
 “Lender” shall mean
each financial institution listed on Schedule 2.01, as well as any person that becomes a “Lender” hereunder pursuant to Section 9.04 or Section 2.21. 
  
 “Lender Default” shall mean (a) the refusal (which has not been retracted) of a Lender to make available
its portion of any Borrowing or Tranche B-3 Credit-Linked Deposit, to acquire participations in a Swingline Loan pursuant to Section 2.04 or to fund its portion of any unreimbursed payment under Section 2.05(e), or (b) a Lender having notified in
writing the U.S. Borrower and/or the Administrative Agent that it does not intend to comply with its obligations under Section 2.04, 2.05, 2.06 or 2.07. 
  
 “Lending Office” shall mean, as to any Lender, the applicable branch, office or Affiliate of such Lender designated by such Lender to
make Loans to the U.S. Borrower, Canadian Borrower, U.K. Borrower, Dutch Borrower or German Borrower, as the case may be. 
  
 “Letter of Credit” shall mean any letter of credit issued pursuant to Section 2.05, including each Existing Letter of Credit. 

 
 “LIBO Rate” shall mean, with respect to any Eurocurrency
Borrowing denominated in U.S. Dollars or Sterling for any Interest Period, the rate per annum determined by the Administrative Agent at approximately 11:00 a.m., London time, on the date that is two Business Days prior to the commencement of such
Interest Period (or on the date of the commencement of such Interest Period if such Eurocurrency Borrowing is denominated in Sterling) by reference to the British Bankers’ Association Interest Settlement Rates for deposits in the currency of
such Eurocurrency Borrowing (as set forth by any service selected by the Administrative Agent that has been nominated by the British Bankers’ Association as an authorized information vendor for the purpose of displaying such rates) with a
maturity comparable to such Interest Period; provided that, to the extent that an interest rate is not ascertainable pursuant to the foregoing 

  

 43 

 
provisions of this definition, the “LIBO Rate” shall be the interest rate per annum determined by the Administrative Agent to be the average
of the rates per annum at which deposits in the currency of such Eurocurrency Borrowing are offered for a maturity comparable to such relevant Interest Period to major banks in the London interbank market in London, England, as selected by the
Administrative Agent at approximately 11:00 a.m. (London time) on the date that is two Business Days prior to the beginning of such Interest Period (or on the date of the commencement of such Interest Period if such Eurocurrency Borrowing is
denominated in Sterling). 
  
 “Lien” shall mean,
with respect to any asset, (a) any mortgage, deed of trust, lien, hypothecation, pledge, encumbrance, charge or security interest in or on such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or
title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities (other than securities representing an interest in a joint venture that
is not a Subsidiary), any purchase option, call or similar right of a third party with respect to such securities; provided that in no event shall an operating lease or an agreement to sell be deemed to constitute a Lien. 
  
 “Loan Documents” shall mean this Agreement, the Letters of
Credit, the Security Documents and any promissory note issued under Section 2.10(e), and solely for the purposes of Sections 4.02(l) and 7.01(c) hereof, the Fee Letter dated April 25, 2005, by and among Holdings, the U.S. Borrower, the
Administrative Agent and the Joint Lead Arrangers. 
  
 “Loan Parties” shall mean Holdings (prior to a Qualified IPO), the U.S. Borrower and the Subsidiary Loan Parties. 
  
 “Loans” shall mean the Term Loans, the Revolving Facility Loans and the Swingline Loans (and shall include any Loans under the
Incremental Revolving Facility Commitments or Incremental Term Loan Commitments). 
  
 “Local Time” shall mean (a) with respect to a Loan or Borrowing made to the U.S. Borrower, New York City time, (b) with respect to a Loan or Borrowing made to the Dutch Borrower, the German Borrower
or a U.K. Borrower, London time, and (c) with respect to a Loan or Borrowing made to the Canadian Borrower or a B/A, Toronto time. 
  
 “Majority Lenders” of any Tranche shall mean, at any time, Lenders under such Tranche having Loans and unused Commitments representing
more than 50% of the sum of all Loans outstanding under such Tranche and unused Commitments under such Tranche at such time. 
  
 “Management Group” means the group consisting of the directors, executive officers and other management personnel of the U.S. Borrower
and Holdings, as the case may be, on the Closing Date together with (a) any new directors of the U.S. Borrower or (prior to a Qualified IPO) Holdings whose election by such Boards of 

  

 44 

 
Directors or whose nomination for election by the shareholders of the U.S. Borrower or (prior to a Qualified IPO) Holdings, as the case may be, was approved
by a vote of a majority of the directors of the U.S. Borrower or (prior to a Qualified IPO) Holdings, as the case may be, then still in office who were either directors on the Closing Date or whose election or nomination was previously so approved
and (b) executive officers and other management personnel of the U.S. Borrower or (prior to a Qualified IPO) Holdings, as the case may be, hired at a time when the directors on the Closing Date together with the directors so approved constituted a
majority of the directors of the U.S. Borrower or Holdings, as the case may be. 
  
 “Margin Stock” shall have the meaning assigned to such term in Regulation U. 
  
 “Material Adverse Effect” shall mean the existence of any event, development or circumstance that subsequent to December 31, 2004, has
had or could reasonably be expected to have a material adverse effect on (a) the Transactions, (b) the business, property, operations or condition of the U.S. Borrower and the Subsidiaries, taken as a whole, or (c) the validity or enforceability of
any material Loan Document or the rights and remedies of the Administrative Agent and the Lenders thereunder. 
  
 “Material Indebtedness” shall mean Indebtedness (other than Loans and Letters of Credit) of any one or more of Holdings (prior to a
Qualified IPO), the U.S. Borrower or any Subsidiary in an aggregate principal amount exceeding $40.0 million, excluding the Industrial Revenue Bonds and Guarantees thereof. 
  
 “Material Subsidiary” shall mean any Subsidiary other than Immaterial Subsidiaries. 
  
 “Maximum Rate” shall have the meaning assigned to such term
in Section 9.09. 
  
 “Moody’s” shall mean
Moody’s Investors Service, Inc. 
  
 “Mortgaged
Properties” shall mean the owned real properties of the Loan Parties set forth on Schedule 1.01(c) and each additional real property encumbered by a Mortgage pursuant to Section 5.10. 
  
 “Mortgages” shall mean the mortgages, debentures, hypothecs,
deeds of trust, deeds to secure debt, assignments of leases and rents, and other security documents delivered pursuant to Section 4.02 or Section 5.10, as amended, supplemented or otherwise modified from time to time, with respect to Mortgaged
Properties, each in form and substance reasonably satisfactory to the Administrative Agent. 
  
 “Multiemployer Plan” shall mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which Holdings (prior to a Qualified IPO), the U.S. Borrower or any Subsidiary or any ERISA Affiliate
is making or accruing an obligation to make contributions, or has within any of the preceding six plan years made or accrued an obligation to make contributions. 
  

 45 

 “Net Income” shall mean, with respect to any person, the net income (loss) of such
person, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends. 
  
 “Net Proceeds” shall mean: 
  
 (a) 100% of the cash proceeds actually received by the U.S. Borrower or any Subsidiary Loan Party (or, in the case of any sale, transfer
or other disposition of Principal Property, any other Subsidiary) (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise and
including casualty insurance settlements and condemnation awards, but only as and when received) from any loss, damage, destruction or condemnation of, or any sale, transfer or other disposition (including any sale and leaseback of assets and any
mortgage or lease of real property) to any person of any asset or assets of the U.S. Borrower or any Subsidiary Loan Party (other than those pursuant to Section 6.05(a), (b), (c), (e), (f), (g), (i) or (j)), net of (i) attorneys’ fees,
accountants’ fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, required debt payments and required payments of other obligations
relating to the applicable asset (other than pursuant hereto (or pursuant to the Existing Notes, any Indebtedness secured by Second-Priority Liens or Permitted Refinancing Indebtedness in respect of any thereof)), other customary expenses and
brokerage, consultant and other customary fees actually incurred in connection therewith and (ii) Taxes paid or payable as a result thereof; provided that, if no Event of Default exists, the U.S. Borrower shall deliver a certificate of a
Responsible Officer of the U.S. Borrower to the Administrative Agent promptly following receipt of any such proceeds setting forth the U.S. Borrower’s intention to use, or to commit to use, any portion of such proceeds, to acquire, maintain,
develop, construct, improve, upgrade or repair assets useful in the business of the U.S. Borrower and the Subsidiaries or to make investments in Permitted Business Acquisitions or Investments permitted by Section 6.04, in each case within twelve
months of such receipt, such portion of such proceeds shall not constitute Net Proceeds except to the extent (A) not so used (or committed to be used) within such twelve-month period or (B) if committed to be used within such twelve-month period,
not so used within 18 months of such receipt); provided further that (x) no proceeds realized in a single transaction or series of related transactions shall constitute Net Proceeds unless such proceeds shall exceed $5.0 million and
(y) no proceeds shall constitute Net Proceeds in any fiscal year until the aggregate amount of all such proceeds in such fiscal year shall exceed $10.0 million; and 
  
 (b) 100% of the cash proceeds from the incurrence, issuance or sale by the U.S. Borrower or any Subsidiary
Loan Party of any Indebtedness (other than Excluded Indebtedness), net of all taxes and fees (including investment banking fees), commissions, costs and other expenses, in each case incurred in connection with such issuance or sale.

  

 46 

 
For purposes of calculating the amount of Net Proceeds, fees, commissions and other costs and expenses payable to Holdings or the U.S. Borrower or any
Affiliate of either of them shall be disregarded, except for financial advisory fees customary in type and amount paid to Affiliates of the Fund. 
  
 “Non-Consenting Lender” shall have the meaning assigned to such term in Section 2.20(c). 
  
 “Note” shall have the meaning assigned to such term in
Section 2.10(e). 
  
 “Obligations” shall, unless
otherwise indicated, have the meaning assigned to the term “Loan Document Obligations” in the Collateral Agreement. 
  
 “Other Revolving Facility Loans” shall have the meaning assigned to such term in Section 2.21(a). 
  
 “Other Taxes” shall mean any and all present or future stamp
or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, the Loan Documents, and any and all
interest and penalties related thereto. 
  
 “Other Term
Loans” shall have the meaning assigned to such term in Section 2.21. 
  
 “Overdraft Line” shall have the meaning assigned to such term in Section 6.01(v). 
  
 “Parallel Debt Foreign Obligations” shall have the meaning assignee to such term in Section 9.20. 
  
 “Parallel Debt U.S. Obligations” shall have the meaning
assigned to such term in Section 9.20. 
  
 “Participant” shall have the meaning assigned to such term in Section 9.04(c). 
  
 “PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar
functions. 
  
 “Perfection Certificates” shall
mean the Perfection Certificate with respect to each of the U.S. Borrower, the Canadian Borrower, the Dutch Borrower, the German Borrower and the U.K. Borrowers, in a form reasonably satisfactory to the Administrative Agent. 
  
 “Permitted Business Acquisition” shall mean any acquisition
of all or substantially all the assets of, or all the Equity Interests (other than directors’ qualifying shares) in, a person or division or line of business of a person (or any subsequent 

  

 47 

 
investment made in a person, division or line of business previously acquired in a Permitted Business Acquisition) if (a) such acquisition was not preceded
by, or effected pursuant to, an unsolicited or hostile offer by the acquirer or an Affiliate of the acquirer and (b) immediately after giving effect thereto: (i) no Event of Default shall have occurred and be continuing or would result therefrom;
(ii) all transactions related thereto shall be consummated in accordance with applicable laws; (iii) the U.S. Borrower and the Subsidiaries shall be in Pro Forma Compliance after giving effect to such acquisition, with the covenant set forth in
Section 6.11 recomputed as at the last day of the most recently ended fiscal quarter of the U.S. Borrower, and the U.S. Borrower shall have delivered to the Administrative Agent a certificate of a Responsible Officer of the U.S. Borrower to such
effect, together with all relevant financial information for such Subsidiary or assets, and (B) any acquired or newly formed Subsidiary shall not be liable for any Indebtedness (except for Indebtedness permitted by Section 6.01); (iv) the Available
Unused Commitments together with all cash and Permitted Investments of the U.S. Borrower and the Subsidiaries at such time shall be no less than $75.0 million; and (v) the person acquired in such acquisition shall be merged into a Subsidiary Loan
Party or become upon consummation of such acquisition a Subsidiary Loan Party. 
  
 “Permitted Cure Security” shall mean an equity security of Holdings (prior to a Qualified IPO) or the U.S. Borrower (after a Qualified IPO) having no mandatory redemption, repurchase or similar
requirements prior to 91 days after the latest to mature of any Tranche, Other Term Loan, if any, and Other Revolving Loan, if any (without regard to the proviso to the definition of “Term Facility Maturity Date” or “Revolving
Facility Maturity Date” or any similar qualification to the maturity date of any such Other Term Loan or Other Revolving Loan), and upon which all dividends or distributions (if any) shall, prior to 91 days after the latest to mature of any
Tranche, Other Term Loan, if any, and Other Revolving Loan, if any (without regard to the proviso to the definition of “Term Facility Maturity Date” or “Revolving Facility Maturity Date” or any similar qualification to the
maturity date of any such Other Term Loan or Other Revolving Loan), be payable solely in additional shares of such equity security. 
  
 “Permitted Holder” shall mean each of (a) the Fund and the Fund Affiliates and (b) the Management Group, with respect to not more than
10% of the total voting power of the Equity Interests of Holdings (prior to a Qualified IPO) or the U.S. Borrower. 
  
 “Permitted Investments” shall mean: 
  
 (1) U.S. dollars, pounds sterling, euros, or, in the case of any Foreign Subsidiary, such local currencies held by it from time to time in
the ordinary course of business; 
  
 (2)
securities issued or directly and fully guaranteed or insured by the government of, or any agency or instrumentality thereof, the United States of America, Australia, Great Britain, Canada, the Netherlands or any other member state of the European
Union, in each case with maturities not exceeding two years 

  

 48 

 
(or, in the case of any such U.S. securities held by Brazilian subsidiaries, five years) after the date of acquisition; 
  
 (3) in the case of any Foreign Subsidiary, securities issued
or directly and fully guaranteed or insured by the government of, or any agency or instrumentality thereof, Malaysia or Brazil, in each case with maturities not exceeding 270 days after the date of acquisition and held by it from time to time in the
ordinary course of business; 
  
 (4) certificates
of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances, in each case with maturities not exceeding one year and overnight bank deposits and demand deposits
(in their respective local currencies), in each case with any commercial bank having capital and surplus in excess of $500.0 million or the foreign currency equivalent thereof and whose long-term debt is rated “A” or the equivalent thereof
by Moody’s or S&P (or, in the case of an obligor domiciled outside of the United States, reasonably equivalent ratings of another internationally recognized credit rating agency); 
  
 (5) repurchase obligations for underlying securities of the
types described in clauses (2) and (4) above entered into with any financial institution meeting the qualifications specified in clause (4) above; 
  
 (6) commercial paper issued by a corporation (other than an Affiliate of U.S. Borrower) rated at least “A-1” or the equivalent
thereof by Moody’s or S&P (or, in the case of an obligor domiciled outside of the United States, reasonably equivalent ratings of another internationally recognized credit rating agency) and in each case maturing within one year after the
date of acquisition; 
  
 (7) readily marketable
direct obligations issued by any state of the United States of America or any political subdivision thereof having one of the two highest rating categories obtainable from either Moody’s or S&P in each case with maturities not exceeding two
years from the date of acquisition; 
  
 (8)
Indebtedness issued by persons (other than the Fund or any of its Affiliates) with a rating of “A” or higher from S&P or “A-2” or higher from Moody’s (or, in the case of an obligor domiciled outside of the United States,
reasonably equivalent ratings of another internationally recognized credit rating agency) in each case with maturities not exceeding two years from the date of acquisition; and 
  
 (9) investment funds investing at least 95% of their assets in securities of the types described in clauses
(1) through (8) above. 
  
 “Permitted Refinancing
Indebtedness” shall mean any Indebtedness issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund (collectively, to “Refinance”), the Indebtedness being
Refinanced (or previous refinancings thereof constituting Permitted Refinancing 

  

 49 

 
Indebtedness); provided that (a) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed
the principal amount (or accreted value, if applicable) of the Indebtedness so Refinanced (plus unpaid accrued interest and premium thereon and underwriting discounts, fees, commissions and expenses), (b) the average life to maturity of such
Permitted Refinancing Indebtedness is greater than or equal to that of the Indebtedness being Refinanced, (c) if the Indebtedness being Refinanced is subordinated in right of payment to the Obligations under this Agreement, such Permitted
Refinancing Indebtedness shall be subordinated in right of payment to such Obligations on terms at least as favorable to the Lenders as those contained in the documentation governing the Indebtedness being Refinanced, (d) no Permitted Refinancing
Indebtedness shall have obligors that are not Loan Parties hereunder, or greater guarantees or security, than the Indebtedness being Refinanced and (e) if the Indebtedness being Refinanced is secured by any collateral (whether equally and ratably
with, or junior to, the Secured Parties or otherwise), such Permitted Refinancing Indebtedness may be secured by such collateral (including in respect of working capital facilities of Foreign Subsidiaries that are not Loan Parties otherwise
permitted under this Agreement only, any collateral pursuant to after-acquired property clauses to the extent any such collateral secured the Indebtedness being Refinanced) on terms no less favorable to the Secured Parties than those contained in
the documentation (including any intercreditor agreement) governing the Indebtedness being Refinanced; provided that the intercreditor agreement governing the terms of any Liens that will be senior in priority to the Liens securing the
Existing RPP 9-1/2% Notes or the Existing Borden Second Secured Notes (or any Permitted Refinancing Indebtedness in respect of any thereof) may be subject to intercreditor terms no less favorable to the Lenders than those set forth in the Closing
Date First Lien Intercreditor Agreement. 
  
 “person” shall mean any natural person, corporation, business trust, joint venture, association, company, partnership, limited liability company or government, individual or family trusts, or any agency or political
subdivision thereof. 
  
 “PIK Preferred Stock”
shall mean the Series A Exchangeable PIK Preferred Stock issued by the U.S. Borrower on May 20, 2005. 
  
 “PIK Preferred Stock Documents” shall mean the certificate of designation governing the PIK Preferred Stock and all other instruments,
agreements and other documents evidencing or governing the PIK Preferred Stock. 
  
 “Plan” shall mean any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code and in respect of which Holdings (prior
to a Qualified IPO), the U.S. Borrower, any Subsidiary or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
  
 “Platform” shall have the meaning assigned to such term in
Section 9.18(b). 
  

 50 

 “Pledged Collateral” shall have the meaning assigned to such term in the Collateral
Agreement or a Foreign Pledge Agreement, as applicable. 
  
 “PMP” shall mean a professional market party (professionele marktpartij) within the meaning of the Exemption Regulation and the Policy Guidelines. 
  
 “Policy Guidelines” shall mean the 2005 Dutch Central Bank’s Policy Guidelines (issued in relation to
the Exemption Regulation) dated 29 December 2004 (Beleidsregel 2005 kernbegrippen markttoetreding en handhaving Wtk 1992) as amended from time to time. 
  

“Presumed Tax Rate” shall mean the highest effective marginal statutory combined U.S. federal, state and local income tax rate
prescribed for an individual residing in New York City (taking into account (a) the deductibility of state and local income taxes for U.S. federal income tax purposes, assuming the limitation of Section 68(a)(2) of the Code applies and taking into
account any impact of Section 68(f) of the Code, and (b) the character (long-term or short-term capital gain, dividend income or other ordinary income) of the applicable income). 
  
 “Pricing Grid” shall mean the table set forth below: 
  

							
	 Consolidated Leverage Ratio

	  	Applicable Margin for
ABR/Base Rate Revolving
Loans

	 	 	Applicable Margin for
Eurocurrency Revolving
Loans

	 
	 Equal to or greater than 3.75 to 1.00
	  	1.00	%	 	2.50	%
	 Equal to or greater than 3.25 to 1.00 and less than 3.75 to 1.00
	  	0.75	%	 	2.25	%
	 Less than 3.25 to 1.00
	  	0.50	%	 	2.00	%
			
	 Consolidated Leverage Ratio

	  	Applicable Margin for
ABR/Base Rate Term
Loans

	 	 	Applicable Margin for
Eurocurrency Term
Loans

	 
	 Equal to or greater than 3.75 to 1.00
	  	1.00	%	 	2.50	%
	 Less than 3.75 to 1.00
	  	0.75	%	 	2.25	%

  
 For the purposes of
the Pricing Grid, changes in the Applicable Margin resulting from changes in the Consolidated Leverage Ratio shall become effective on the date (the “Adjustment Date”) that is three Business Days after the date on which financial
statements are delivered to the Lenders pursuant to Section 5.04, commencing with the delivery of such financial statements for the first fiscal quarter of the U.S. Borrower commencing after the Closing Date, and shall remain in effect until the
next change to be effected pursuant to this paragraph. If any financial statements referred to above are not 

  

 51 

 
delivered within the time periods specified in Section 5.04, then, until the date that is three Business Days after the date on which such financial
statements are delivered, the highest rate set forth in each column of the Pricing Grid shall apply. In addition, at all times while a Default or an Event of Default shall have occurred and be continuing, the highest rate set forth in each column of
the Pricing Grid shall apply. 
  
 “primary
obligor” shall have the meaning assigned to such term in the definition of the term “Guarantee.” 
  
 “Principal Property” shall have the meaning assigned to such term in the Debenture Indentures. 
  
 “Pro Forma Basis” shall mean, as to any person, for any
events as described below that occur subsequent to the commencement of a period for which the financial effect of such events is being calculated, and giving effect to the events for which such calculation is being made, such calculation as will
give pro forma effect to such events as if such events occurred on the first day of the four consecutive fiscal quarter period ended on or before the occurrence of such event (the “Reference Period”): (i) in making any
determination of EBITDA, pro forma effect shall be given to any Asset Disposition and to any Asset Acquisition (or any similar transaction or transactions that require a waiver or consent of the Required Lenders pursuant to Section
6.04 or 6.05), in each case that occurred during the Reference Period (or, in the case of determinations made pursuant to the definition of the term “Permitted Business Acquisition,” or pursuant to Section 2.12(b), Section 6.01(w), Section
6.02(v) or Section 6.06(f) occurring during the Reference Period or thereafter and through and including the date upon which the respective Permitted Business Acquisition or incurrence of Indebtedness or Liens or Dividend is consummated) and (ii) in
making any determination on a Pro Forma Basis, (x) all Indebtedness (including Indebtedness incurred or assumed and for which the financial effect is being calculated, whether incurred under this Agreement or otherwise, but excluding normal
fluctuations in revolving Indebtedness incurred for working capital purposes and not to finance any acquisition) incurred or permanently repaid during the Reference Period (or, in the case of determinations made pursuant to the definition of the
term “Permitted Business Acquisition,” or pursuant to Section 2.12(b), Section 6.01(w), Section 6.02(v) or Section 6.06(f) occurring during the Reference Period or thereafter and through and including the date upon which the respective
Permitted Business Acquisition or incurrence of Indebtedness or Liens or Dividend is consummated) shall be deemed to have been incurred or repaid at the beginning of such period and (y) Interest Expense of such person attributable to interest on any
Indebtedness, for which pro forma effect is being given as provided in preceding clause (x), bearing floating interest rates shall be computed on a pro forma basis as if the rates that would have been in effect during the period for which pro forma
effect is being given had been actually in effect during such periods. 
  
 Pro forma calculations made pursuant to the definition of the term “Pro Forma Basis” shall be determined in good faith by a Responsible Officer of the U.S. Borrower. Any such pro forma calculation may include
adjustments appropriate, in the reasonable good faith determination of the U.S. Borrower, to reflect operating expense 

  

 52 

 
reductions, other operating improvements or synergies reasonably expected to result from the applicable pro forma event (including, to the extent applicable,
from the Transactions) in the 24-month period following the consummation of the pro forma event. The U.S. Borrower shall deliver to the Administrative Agent a certificate of a Financial Officer of the U.S. Borrower setting forth such demonstrable or
additional operating expense reductions and other operating improvements or synergies and information and calculations supporting them in reasonable detail. 
  
 “Pro Forma Compliance” shall mean, at any date of determination, that the U.S. Borrower shall be in pro forma compliance with the
covenant set forth in Section 6.11 as of the date of such determination or the last day of the most recent fiscal quarter-end, as the case may be (computed on the basis of (a) balance sheet amounts as of such date and (b) income statement amounts
for the most recently completed period of four consecutive fiscal quarters for which financial statements shall have been delivered to the Administrative Agent and calculated on a Pro Forma Basis in respect of the event giving rise to such
determination). 
  
 “Projections” shall
mean the projections of the U.S. Borrower and the Subsidiaries included in the Information Memorandum and any other projections and any forward-looking statements (including statements with respect to booked business) of such entities furnished to
the Lenders or the Administrative Agent by or on behalf of Holdings, the U.S. Borrower or any of the Subsidiaries prior to the Closing Date. 
  
 “Qualified IPO” shall mean an underwritten public offering of the Equity Interests of the U.S. Borrower that generates cash proceeds to
the U.S. Borrower of at least $350.0 million. 
  
 “Quebec
Documents” shall mean (a) a Deed of Hypothec given by the Canadian Borrower in favor of the Administrative Agent, as the person holding the power of attorney (fondé de pouvoir) of the Lenders, (b) a Bond in the principal amount of
C$1,200,000,000 issued by the Canadian Borrower in favor of the Administrative Agent, as agent, custodian and depository, and (c) the Bond Pledge Agreement entered into by the Canadian Borrower in favor of the Administrative Agent for the benefit of
the Pledgees (as defined therein) in respect of such Bond. 
  
 “Rate” shall have the meaning assigned to such term in the definition of the term “Type.” 
  
 “Reference Period” shall have the meaning assigned to such term in the definition of the term “Pro Forma Basis.” 
  
 “Refinance” shall have the meaning assigned to such term in
the definition of the term “Permitted Refinancing Indebtedness,” and “Refinanced” shall have a meaning correlative thereto. 
  
 “Register” shall have the meaning assigned to such term in Section 9.04(b). 
  

 53 

 “Regulation U” shall mean Regulation U of the Board as from time to time in effect and
all official rulings and interpretations thereunder or thereof. 
  
 “Regulation X” shall mean Regulation X of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof. 
  
 “Related Parties” shall mean, with respect to any specified person, such person’s Affiliates and the
respective directors, officers, employees, agents and advisors of such person and such person’s Affiliates. 
  
 “Release” shall mean any spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching,
dumping, disposing, depositing, emanating or migrating in, into, onto or through the environment. 
  
 “Remaining Present Value” shall mean, as of any date with respect to any lease, the present value as of such date of the scheduled future
lease payments with respect to such lease, determined with a discount rate equal to a market rate of interest for such lease reasonably determined at the time such lease was entered into. 
  
 “Reportable Event” shall mean any reportable event as defined in Section 4043(c) of ERISA or the
regulations issued thereunder, other than those events as to which the 30-day notice period referred to in Section 4043(c) of ERISA has been waived, with respect to a Plan (other than a Plan maintained by an ERISA Affiliate that is considered an
ERISA Affiliate only pursuant to subsection (m) or (o) of Section 414 of the Code). 
  
 “Required Lenders” shall mean, at any time, Lenders having (a) Loans (other than Swingline Loans) or B/As outstanding, (b) Revolving L/C Exposure, (c) Tranche B-3 L/C Exposure, (d) Swingline Exposure,
(e) Available Unused Commitments and (f) Excess Tranche B-3 Credit-Linked Deposits that, taken together, represent more than 50% of the sum of (u) all Loans (other than Swingline Loans) and B/As outstanding, (v) Revolving L/C Exposure, (w) Tranche
B-3 L/C Exposure, (x) Swingline Exposure, (y) the total Available Unused Commitments and (z) Excess Tranche B-3 Credit-Linked Deposits at such time. The Loans, B/As Revolving L/C Exposure, Tranche B-3 L/C Exposure, Swingline Exposure, Available
Unused Commitment and Excess Tranche B-3 Credit-Linked Deposit of any Defaulting Lender shall be disregarded in determining Required Lenders at any time. 
  
 “Required Percentage” shall mean, with respect to an Excess Cash Flow Period, 50%; provided that if the Consolidated Leverage
Ratio at the end of such Excess Cash Flow Period is less than or equal to 3.5 to 1.00 or if the Senior Secured Bank Leverage Ratio at the end of any Excess Cash Flow Period is less than or equal to 1.50 to 1.00, the Required Percentage shall be 0%.

  
 “Responsible Officer” of any person shall
mean any executive officer or Financial Officer of such person and any other officer or similar official thereof responsible for the administration of the obligations of such person in respect of this Agreement. 
  

 54 

 “Retained Percentage” shall mean, with respect to any Excess Cash Flow Period, (a) 100%
minus (b) the Required Percentage with respect to such Excess Cash Flow Period. 
  
 “Reuters Screen CDOR Page” means the display designated as page CDOR on the Reuters Monitor Money Rates Service or such other page as may, from time to time, replace that page on that service for the
purpose of displaying bid quotations for bankers’ acceptances accepted by leading Canadian banks. 
  
 “Revolving Facility Borrowing” shall mean a Borrowing comprised of Revolving Facility Loans. 
  
 “Revolving Facility Commitment” shall mean, with respect to
any Revolving Facility Lender, the sum of such Lender’s Canadian Tranche Commitment, such Lender’s European Tranche Commitment and such Lender’s U.S. Tranche Commitment. 
  
 “Revolving Facility Exposure” shall mean, with respect to any Lender, the sum of such Lender’s
Canadian Tranche Revolving Facility Exposure, such Lender’s European Tranche Revolving Facility Exposure and such Lender’s U.S. Tranche Revolving Facility Exposure. 
  
 “Revolving Facility Lender” shall mean a Canadian Tranche Lender, a European Tranche Lender, a U.S. Tranche
Lender or an Incremental Revolving Facility Lender. 
  
 “Revolving Facility Loans” shall mean Canadian Tranche Revolving Facility Loans, European Tranche Revolving Facility Loans, U.S. Tranche Revolving Facility Loans and Other Revolving Facility Loans. 
  
 “Revolving Facility Maturity Date” shall mean May 31, 2011;
provided that if, on any Early Maturity Test Date, the aggregate principal amount of Early Maturity Notes that mature within 91 days after such Early Maturity Test Date exceeds $200.0 million, the Revolving Facility Maturity Date shall be
such Early Maturity Test Date. 
  
 “Revolving L/C
Disbursement” shall mean any L/C Disbursement pursuant to a Canadian Tranche Letter of Credit or a European Tranche Letter of Credit, as applicable. 
  
 “Revolving L/C Exposure” shall mean at any time the sum of the Canadian Tranche L/C Exposure and the European Tranche L/C Exposure. The
Revolving L/C Exposure of any Revolving Facility Lender at any time shall mean the sum of its Canadian Tranche L/C Exposure and its European Tranche L/C Exposure. 
  
 “Revolving Letter of Credit” shall mean a Canadian Tranche Letter of Credit or a European Tranche Letter of
Credit, as applicable. 
  

 55 

 “RPP” shall mean Resolution Performance Products, LLC, a Delaware limited liability
company. 
  
 “RPP LLC Merger” shall have the
meaning assigned to such term in the Transaction Agreement. 
  
 “RSM” shall mean Resolution Specialty Materials, Inc., a Delaware corporation. 
  
 “RSM Capital” shall mean Resolution Specialty Materials Capital Corp., a Delaware corporation. 
  
 “RSM Europe” shall mean RSM Europe B.V., a company organized
under the laws of the Netherlands. 
  
 “S&P”
shall mean Standard & Poor’s Ratings Group, Inc. 
  
 “Sale and Lease-Back Transaction” shall have the meaning assigned to such term in Section 6.03. 
  
 “Schedule I Lender” shall mean any Lender named on Schedule I to the Bank Act (Canada). 
  
 “Schedule I Reference Lenders” shall mean any Schedule I
Lender as may be agreed by the Canadian Borrower and the Administrative Agent from time to time. 
  
 “Schedule II/III Reference Lenders” shall mean JPMorgan Chase Bank, Toronto Branch, Credit Suisse Toronto Branch and Citibank Canada
Branch. 
  
 “SEC” shall mean the Securities and
Exchange Commission or any successor thereto. 
  
 “Second-Priority Lien” shall mean (a) ”Second-Priority Liens” as defined in the agreements that are subject to the terms of the Closing Date Second Lien Intercreditor Agreement and (b) other Liens (other than
Liens securing the Obligations) that are subordinated to the Liens securing the Obligations pursuant to, and otherwise subject to the terms of, any other Intercreditor Agreement. 
  
 “Secured Parties” shall mean the “Secured Parties” as defined in the Collateral Agreement.

  
 “Securities Act” shall mean the Securities
Act of 1933, as amended. 
  
 “Security Documents”
shall mean the Mortgages, the Collateral Agreement, the U.S. Guarantee Agreement, the Foreign Guarantee Agreement, the Foreign Security Documents, the Foreign Pledge Agreements, any Intercreditor Agreement and each of the security agreements,
mortgages and other instruments and 

  

 56 

 
documents executed and delivered pursuant to any of the foregoing or pursuant to Section 5.10. 
  
 “Security Trust Deed” shall mean a security trust deed entered into between the Administrative Agent, as
security trustee thereunder, and the applicable grantors thereunder, in form and substance reasonably acceptable to the Administrative Agent. 
  
 “Senior Secured Bank Debt” at any date shall mean the aggregate principal amount of Consolidated Total Debt outstanding at such date that
consists of, without duplication, (i) Term Loans, Revolving Facility Exposure, Tranche B-3 L/C Exposure or Other Revolving Facility Loans and (ii) Indebtedness secured by a Lien (other than any Second-Priority Lien and other than Indebtedness of a
Subsidiary that is not a Loan Party secured by a Lien on assets of a Subsidiary that is not a Loan Party) under Section 6.02(a), (c), (i), (j), (l) or (v) (in each case of (i) and (ii), other than letters of credit to the extent undrawn and not
supporting Indebtedness of the type included in Consolidated Debt). 
  
 “Senior Secured Bank Leverage Ratio” shall mean, on any date, the ratio of (a) Senior Secured Bank Debt as of such date to (b) EBITDA for the period of four consecutive fiscal quarters of the U.S. Borrower most recently
ended as of such date, all determined on a consolidated basis in accordance with GAAP; provided that to the extent any Asset Disposition or any Asset Acquisition (or any similar transaction or transactions that require a waiver or a consent
of the Required Lenders pursuant to Section 6.04 or Section 6.05), including the Transactions, has occurred during the relevant Test Period, EBITDA shall be determined for the respective Test Period on a Pro Forma Basis for such occurrences.

  
 “Statutory Reserves” shall mean, with respect
to any currency, the aggregate of the maximum reserve, liquid asset, fees or similar requirements (including any marginal, special, emergency or supplemental reserves or other requirements) established by any central bank, monetary authority, the
Board, the Financial Services Authority, the European Central Bank or other Governmental Authority for any category of deposits or liabilities customarily used to fund loans in such currency, expressed in the case of each such requirement as a
decimal. Such reserve percentages shall, in the case of U.S. Dollar denominated Loans, include those imposed pursuant to Regulation D of the Board. Eurocurrency Loans shall be deemed to be subject to such reserve, liquid asset or similar
requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under any applicable law, rule or regulation, including Regulation D. Statutory Reserves shall be adjusted
automatically on and as of the effective date of any change in any reserve, liquid asset or similar requirement. 
  
 “Sterling” or “£” shall mean the lawful money of the United Kingdom. 
  
 “subsidiary” shall mean, with respect to any person (herein
referred to as the “parent”), any corporation, partnership, association or other business entity (a) of 

  

 57 

 
which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or more than 50% of the
general partnership interests are, at the time any determination is being made, directly or indirectly, owned, Controlled or held, or (b) that is, at the time any determination is made, otherwise Controlled, by the parent or one or more subsidiaries
of the parent or by the parent and one or more subsidiaries of the parent. 
  
 “Subsidiary” shall mean, unless the context otherwise requires, a subsidiary of the U.S. Borrower other than any Unrestricted Subsidiary. 
  
 “Subsidiary Loan Party” shall mean each Subsidiary that is (a) a Domestic Subsidiary Loan Party or (b) a
Foreign Subsidiary Loan Party. 
  
 “Swap
Agreement” shall mean any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt
instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar
plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of Holdings, the U.S. Borrower or any of the Subsidiaries shall be a Swap Agreement. 
  
 “Swingline Borrowing” shall mean a Borrowing comprised of
Swingline Loans. 
  
 “Swingline Borrowing
Request” shall mean a request by a Borrower substantially in the form of Exhibit D-2. 
  
 “Swingline Commitment” shall mean, with respect to each Swingline Lender, the commitment of such Swingline Lender to make Swingline Loans
pursuant to Section 2.04. The initial aggregate amount of the Swingline Commitments is $30.0 million. 
  
 “Swingline Exposure” shall mean, at any time, the sum of (a) the aggregate principal amount of all Swingline Loans denominated in U.S.
Dollars outstanding at such time and (b) the U.S. Dollar Equivalent of the aggregate principal amount of all Swingline Loans denominated in an Alternative Currency outstanding at such time, in each case under the European Tranche. The Swingline
Exposure of any Lender at any time shall be its European Tranche Percentage of the total Swingline Exposure at such time. 
  
 “Swingline Lender” shall mean JPMorgan Chase Bank, N.A., in its capacity as a lender of Swingline Loans. 
  
 “Swingline Loans” shall mean the swingline loans made to a
Borrower pursuant to Section 2.04. 
  

 58 

 “Syndication Agent” shall have the meaning assigned to such term in the preamble hereto.

  
 “Tax Distributions” shall mean (A) with
respect to each tax year or portion thereof that any direct or indirect parent of the U.S. Borrower qualifies as a Flow Through Entity, the distribution by the U.S. Borrower to the holders of Equity Interests of such direct or indirect parent of the
U.S. Borrower of an amount equal to the product of (i) the amount of aggregate net taxable income of the US Borrower allocated to the holders of Equity Interests of the U.S. Borrower for such period and (ii) the Presumed Tax Rate for such period;
and (B) with respect to any tax year or portion thereof that any direct or indirect parent of the U.S. Borrower does not qualify as a Flow Through Entity, the payment of dividends or other distributions to any direct or indirect parent company of
the U.S. Borrower that files a consolidated U.S. federal tax return that includes the U.S. Borrower and the Subsidiaries in an amount not to exceed the amount that the U.S. Borrower and the Subsidiaries would have been required to pay in respect of
federal, state or local taxes (as the case may be) in respect of such year if the U.S. Borrower and the Subsidiaries paid such taxes directly as a stand-alone taxpayer (or stand-alone group). 
  
 “Taxes” shall mean any and all present or future taxes,
levies, imposts, duties (including stamp duties), deductions, charges (including ad valorem charges) or withholdings imposed by any Governmental Authority and any and all interest and penalties related thereto. 
  
 “Term Borrowing” shall mean a Borrowing comprised of Term
Loans. 
  
 “Term Facility Maturity Date” shall
mean May 31, 2012; provided that if, on any Early Maturity Test Date, the aggregate principal amount of Early Maturity Notes that mature within 91 days after such Early Maturity Test Date exceeds $200.0 million, the Term Facility Maturity
Date shall be such Early Maturity Test Date. 
  
 “Term
Loan Commitment” shall mean each of a Tranche B-1 Term Loan Commitment and a Tranche B-2 Term Loan Commitment. The aggregate amount of the Term Loan Commitments on the Closing Date is $500.0 million. 
  
 “Term Loan Installment Date” shall have the meaning assigned
to such term in Section 2.11(a). 
  
 “Term Loans”
shall mean Tranche B-1 Term Loans, Tranche B-2 Term Loans and Other Term Loans. 
  
 “Test Period” shall mean, on any date of determination, the period of four consecutive fiscal quarters of the U.S. Borrower then most recently ended (taken as one accounting period). 
  
 “Total Revolving Facility Commitments” shall mean, on any
day, the sum of the Canadian Tranche Commitments, the European Tranche Commitments and the U.S. Tranche Commitments. 
  

 59 

 “Total Revolving Facility Exposure” shall mean, at any time, the sum of the European
Tranche Revolving Facility Exposure, the Canadian Tranche Revolving Facility Exposure and the U.S. Tranche Revolving Facility Exposure. 
  
 “Total Tranche B-3 Credit-Linked Deposit” shall mean, at any time, the sum of all Tranche B-3 Credit-Linked Deposits at such time, as the
same may be (i) reduced from time to time pursuant to Section 2.05(e) or Section 2.09 and (ii) increased from time to time pursuant to Section 2.05(e). 
  
 “Tranche” shall mean a category of Commitments and extensions of credits thereunder. For purposes hereof, each of the following comprises
a separate Tranche: (a) the European Tranche Commitments, the European Tranche Revolving Facility Loans, the European Tranche Letters of Credit and Swingline Loans made under the European Tranche Commitments, (b) the Canadian Tranche Commitments,
the Canadian Tranche Revolving Facility Loans and the Canadian Tranche Letters of Credit and Obligations in respect of outstanding B/As, (c) the U.S. Tranche Commitments and the U.S. Tranche Revolving Facility Loans, (d) the Tranche B-1 Commitments
and the Tranche B-1 Term Loans, (e) the Tranche B-2 Commitments and the Tranche B-2 Term Loans and (f) the Tranche B-3 Credit-Linked Deposits and Tranche B-3 Letters of Credit. The categories of Commitments and extensions of credit described under
clauses (a), (b), (c) and (f) of the immediately preceding sentence are, respectively, the “European Tranche”, the “Canadian Tranche”, the “U.S. Tranche” and “Tranche B-3”.

  
 “Tranche B-1 Term Loan Commitment” shall
mean, with respect to each Lender, the commitment, if any, of such Lender to make Tranche B-1 Term Loans hereunder on the Closing Date, expressed as an amount representing the maximum aggregate permitted principal amount of the Tranche B-1 Term
Loans to be made by such Lender hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.09 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 2.21 or
Section 9.04. The initial amount of each Lender’s Tranche B-1 Term Loan Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption or Incremental Assumption Agreement pursuant to which such Lender shall have assumed its
Tranche B-1 Term Loan Commitment, as applicable. The initial aggregate amount of the Lenders’ Tranche B-1 Term Loan Commitments is $210.0 million. 
  
 “Tranche B-1 Lender” shall mean a Lender with a Tranche B-1 Term Loan Commitment or an outstanding Tranche B-1 Term Loan. 
  
 “Tranche B-1 Term Loans” shall mean the term loans made by
the Lenders to the U.S. Borrower pursuant to clause (a)(i) of Section 2.01. 
  
 “Tranche B-2 Term Loan Commitment” shall mean, with respect to each Lender, the commitment, if any, of such Lender to make Tranche B-2 Term Loans hereunder on the Closing Date, expressed as an amount
representing the maximum aggregate permitted principal amount of the Tranche B-2 Term Loans to be made by such Lender hereunder, as such commitment may be (a) reduced from time to time pursuant to 

  

 60 

 
Section 2.09 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 2.21 or Section 9.04. The
initial amount of each Lender’s Tranche B-2 Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption or Incremental Assumption Agreement pursuant to which such Lender shall have assumed its Tranche B-2 Term Loan Commitment,
as applicable. The initial aggregate amount of the Lenders’ Tranche B-2 Term Loan Commitments is $290.0 million. 
  
 “Tranche B-2 Lender” shall mean a Lender with a Tranche B-2 Term Loan Commitment or an outstanding Tranche B-2 Term Loan. 
  
 “Tranche B-2 Term Loans” shall mean the term loans made by
the Lenders to the Dutch Borrower pursuant to clause (a)(ii) of Section 2.01. 
  
 “Tranche B-3 Credit-Linked Deposit” shall mean, as to each Tranche B-3 Lender, the cash deposit made by such Lender pursuant to Section 2.05, as such deposit may be (a) reduced from time to time
pursuant to Section 2.05(e)(ii) or Section 2.09, (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04 and (c) increased from time to time pursuant to Section 2.05(e). The amount of each
Tranche B-3 Lender’s Tranche B-3 Credit-Linked Deposit on the Closing Date is set forth on Schedule 2.01, or in the Assignment and Acceptance pursuant to which such Tranche B-3 Lender shall have acquired its Tranche B-3 Credit-Linked Deposit,
as applicable. The initial aggregate amount of the Tranche B-3 Credit-Linked Deposits is $50,000,000. 
  
 “Tranche B-3 Credit-Linked Deposit Account” shall mean the account established by the Administrative Agent under its sole and exclusive
control maintained at the office of JPMorgan Chase Bank, N.A., 270 Park Avenue, New York, NY 10017, designated as the “Hexion Tranche B-3 Credit-Linked Deposit Account” that shall be used solely to hold the Tranche B-3 Credit-Linked
Deposits. 
  
 “Tranche B-3 L/C Disbursement”
shall mean any L/C Disbursement pursuant to a Tranche B-3 Letter of Credit. 
  
 “Tranche B-3 L/C Exposure” shall mean, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Tranche B-3 Letters of Credit at such time and (b) the aggregate amount of all
Tranche B-3 L/C Disbursements that have not yet been reimbursed by or on behalf of the U.S. Borrower at such time. The Tranche B-3 L/C Exposure of any Tranche B-3 Lender at any time shall be its Tranche B-3 Percentage of the total Tranche B-3 L/C
Exposure at such time. 
  
 “Tranche B-3 Lender”
shall mean a Lender having a Tranche B-3 Credit-Linked Deposit or a participation in any Tranche B-3 Letter of Credit. 
  
 “Tranche B-3 Letters of Credit” shall mean, at any time, Letters of Credit in an amount equal to the lesser of (i) the Total Tranche B-3
Credit-Linked Deposit and (ii) the aggregate amount of Letters of Credit (other than Canadian Tranche Letters of Credit) denominated in U.S. Dollars and issued for the account of the U.S. Borrower 
  

 61 

 
outstanding at such time. Letters of Credit (other than Canadian Tranche Letters of Credit) will from time to time be deemed to be Tranche B-3 Letters of
Credit or European Tranche Letters of Credit in accordance with the provisions of Section 2.05(a). 
  
 “Tranche B-3 Maturity Date” shall mean the Term Facility Maturity Date. 
  
 “Tranche B-3 Percentage” shall mean, with respect to any Tranche B-3 Lender, the percentage of the total
Tranche B-3 Credit-Linked Deposits represented by such Lender’s Tranche B-3 Credit-Linked Deposit. If the Tranche B-3 Credit-Linked Deposits shall have been applied in full to reimburse Tranche B-3 L/C Disbursements, the Tranche B-3 Percentage
with respect to any Tranche B-3 Lender shall be determined based upon the Total Tranche B-3 Credit-Linked Deposit most recently in effect, giving effect to any assignments. 
  
 “Tranche Percentage” shall mean (a) with respect to any Revolving Lender holding any Commitment or Loan
under the European Tranche or the Canadian Tranche, such Lender’s European Tranche Percentage or Canadian Tranche Percentage, as applicable and (b) with respect to any Tranche B-3 Lender, such Lender’s Tranche B-3 Percentage.

  
 “Transaction Agreement” shall have the
meaning assigned to such term in the first recital hereto. 
  
 “Transaction Documents” shall mean the Combination Documents, the PIK Preferred Stock Documents, the Bakelite Acquisition Agreement and the Loan Documents. 
  
 “Transactions” shall mean, collectively, the transactions to occur pursuant to the Transaction Documents,
including (a) the Combination; (b) the execution and delivery of the Loan Documents and the initial borrowings hereunder; (c) the Equity Financing; (d) the repayment of the Bridge Facility; and (e) the payment of all fees and expenses in connection
therewith to be paid on, prior to or subsequent to the Closing Date and owing in connection with the foregoing. 
  
 “Type”, when used in respect of any Loan, Borrowing or B/A Drawing, shall refer to the Rate by reference to which interest on such Loan
or on the Loans comprising such Borrowing, or on such B/A Drawing, is determined. For purposes hereof, the term “Rate” shall include the Adjusted Eurocurrency Rate, ABR, any Base Rate and the Discount B/A Rate. 
  
 “U.K. Borrowers” shall have the meaning assigned to such
term in the preamble hereto. 
  
 “U.K. Debenture”
shall mean a fixed and floating charge over substantially all of the applicable grantors’ assets from time to time in form and substance acceptable to the Administrative Agent. 
  

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 “Unrestricted Subsidiary” shall mean (i) any subsidiary of the U.S. Borrower identified
on Schedule 1.01(d) hereto and (ii) any additional subsidiary of the U.S. Borrower designated as such by the U.S. Borrower that, together with all other Unrestricted Subsidiaries designated pursuant to this clause (ii), constitutes in the
aggregate less than 5% of (i) aggregate net sales on a trailing twelve months’ basis and (ii) Consolidated Total Assets at such date of determination; provided that, at any time an Unrestricted Subsidiary designation pursuant to this
clause (ii) causes the aggregate sales or aggregate assets test set forth above to no longer be satisfied, the Unrestricted Subsidiary or Unrestricted Subsidiaries, as applicable, that has or have either the highest sales or the largest book value
of assets, as applicable, of all such Unrestricted Subsidiaries as of the date of the most recent financial statements delivered pursuant to Section 5.04(a) or (b) shall automatically constitute a Subsidiary and cease to constitute an Unrestricted
Subsidiary and the U.S. Borrower shall promptly cause the U.S. Guarantee Agreement or the Foreign Guarantee Agreement, as applicable, and appropriate Security Documents to be executed and delivered to the Administrative Agent (such that, following
such conversion of each such Unrestricted Subsidiary to a Subsidiary, the Collateral and Guarantee Requirement shall be satisfied and the remaining Unrestricted Subsidiaries shall satisfy this definition); provided, further, that no
Existing Notes Issuer shall be an Unrestricted Subsidiary. 
  
 “U.S.A. Patriot Act” shall mean the U.S.A. Patriot Act, Title III of Pub.L. 107-56 (signed into law October 26, 2001). 
  
 “U.S. Base Rate” shall mean, for any day, the rate of interest per annum equal to the greater of (a) the interest rate per annum publicly
announced from time to time by the Administrative Agent as its reference rate in effect on such day at its principal office in Toronto for determining interest rates applicable to commercial loans denominated in U.S. Dollars in Canada (each change
in such reference rate being effective from and including the date such change is publicly announced as being effective) and (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%. 
  
 “U.S. Base Rate Borrowing” shall mean a Borrowing consisting
of U.S. Base Rate Loans. 
  
 “U.S. Base Rate
Loan” shall mean any Revolving Facility Loan bearing interest at a rate determined by reference to the U.S. Base Rate in accordance with the provisions of Article II. 
  
 “U.S. Borrower” shall have the meaning assigned to such term in the preamble hereto. 
  
 “U.S. Dollar Equivalent” shall mean, on any date of
determination, (a) with respect to any amount in U.S. Dollars, such amount, and (b) with respect to any amount in any other currency, the equivalent in U.S. Dollars of such amount, determined by the Administrative Agent pursuant to Section 1.04
using the Exchange Rate with respect to such currency at the time in effect under the provisions of such Section. 
  

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 “U.S. Dollars” or “$” shall mean lawful money of the United States of
America. 
  
 “U.S. Guarantee Agreement” shall
mean the U.S. Guarantee Agreement, substantially in the form of Exhibit F-1, as amended, supplemented or otherwise modified from time to time, among Holdings, the U.S. Borrower, the Domestic Subsidiary Loan Parties and the Administrative Agent.

  
 “U.S. Lending Office” shall mean, as to any
Lender, the applicable branch, office or Affiliate of such Lender designated by such Lender to make Loans to the U.S. Borrower. 
  
 “U.S. Obligations” shall mean the Obligations (as defined in the Collateral Agreement) of each of the U.S. Borrower and the Domestic
Subsidiary Loan Parties as they may exist from time to time other than (a) the Parallel Debt U.S. Obligations, (b) the Parallel Debt Foreign Obligations and (c) the Foreign Obligations. 
  
 “U.S. Tranche” has the meaning assigned to such term under the definition of “Tranche”.

  
 “U.S. Tranche Commitment” shall mean, with
respect to each U.S. Tranche Lender, the commitment of such U.S. Tranche Lender to make U.S. Tranche Revolving Facility Loans pursuant to Section 2.01, expressed as an amount representing the maximum aggregate permitted amount of such Lender’s
U.S. Tranche Revolving Facility Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.09 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 2.21
or Section 9.04. The initial amount of each Lender’s U.S. Tranche Commitment is set forth on Schedule 2.01, or in the Assignment and Acceptance or Incremental Assumption Agreement pursuant to which such Lender shall have assumed its U.S.
Tranche Commitment, as applicable. The initial aggregate amount of the Lenders’ U.S. Tranche Commitments is $50.0 million. 
  
 “U.S. Tranche Lender” shall mean a Lender with a U.S. Tranche Commitment or with outstanding U.S. Tranche Revolving Facility Exposure.

  
 “U.S. Tranche Percentage” shall mean, with
respect to any U.S. Tranche Lender, the percentage of the total U.S. Tranche Commitments represented by such Lender’s U.S. Tranche Commitment. If the U.S. Tranche Commitments have terminated or expired, the U.S. Tranche Percentages shall be
determined based upon the U.S. Tranche Commitments most recently in effect, giving effect to any assignments pursuant to Section 9.04. 
  
 “U.S. Tranche Revolving Facility Exposure” shall mean, at any time, the aggregate principal amount of the U.S. Tranche Revolving Facility
Loans outstanding at such time. The U.S. Tranche Revolving Facility Exposure of any Lender at any time shall be such Lender’s U.S. Tranche Percentage of the total U.S. Tranche Revolving Facility Exposure at such time. 
  

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 “U.S. Tranche Revolving Facility Loan” shall mean a loan made by a U.S. Tranche Lender
pursuant to Section 2.01(d). Each U.S. Tranche Revolving Facility Loan shall be a Eurocurrency Loan or an ABR Loan. 
  
 “Wholly Owned Subsidiary” of any person shall mean a subsidiary of such person, all of the Equity Interests of which (other than
directors’ qualifying shares or nominee or other similar shares required pursuant to applicable law) are owned by such person or another Wholly Owned Subsidiary of such person. 
  
 “Withdrawal Liability” shall mean liability to a Multiemployer Plan as a result of a complete or partial
withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
  
 “Working Capital” shall mean, with respect to the U.S. Borrower and the Subsidiaries on a consolidated basis at any date of
determination, Current Assets at such date of determination minus Current Liabilities at such date of determination; provided that, for purposes of calculating Excess Cash Flow, increases or decreases in Working Capital shall be
calculated without regard to any changes in Current Assets or Current Liabilities as a result of (a) any reclassification in accordance with GAAP of assets or liabilities, as applicable, between current and noncurrent or (b) the effects of purchase
accounting. 
  
 SECTION 1.02. Terms Generally. The
definitions set forth or referred to in Section 1.01 shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.
The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” All references herein to Articles, Sections, Exhibits and Schedules shall be deemed references
to Articles and Sections of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise require. Except as otherwise expressly provided herein, any reference in this Agreement to any Loan Document shall mean such document as
amended, restated, supplemented or otherwise modified from time to time. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time;
provided that, if the U.S. Borrower notifies the Administrative Agent that the U.S. Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application
thereof on the operation of such provision (or if the Administrative Agent notifies the U.S. Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or
after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or
such provision amended in accordance herewith. 
  
 SECTION 1.03.
Effectuation of Transfers. Each of the representations and warranties of Holdings and the Borrowers contained in this Agreement (and all corresponding definitions) are made after giving effect to the Transactions (or such 

  

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portion thereof as shall be consummated as of the date of the applicable representation or warranty), unless the context otherwise requires. 
  
 SECTION 1.04. Currency Translation. (a) For purposes of determining
compliance as of any date with Section 6.01, 6.02, 6.03, 6.04, 6.05, 6.06, 6.07 or 6.10 (other than for purposes of calculating the Consolidated Leverage Ratio or the Senior Secured Bank Leverage Ratio, as used in any such Section, which shall be
calculated in accordance with the definitions thereof), amounts incurred or outstanding in currencies other than U.S. Dollars shall be translated into U.S. Dollars at the exchange rates in effect on the first Business Day of the fiscal quarter in
which such determination occurs or in respect of which such determination is being made, as such exchange rates shall be determined in good faith by the U.S. Borrower. No Default or Event of Default shall arise as a result of any limitation or
threshold set forth in U.S. Dollars in Section 6.01, 6.02, 6.03, 6.04, 6.05, 6.06, 6.07 or 6.10 or paragraph (f) or (j) of Section 7.01 being exceeded solely as a result of changes in currency exchange rates from those rates applicable on the first
day of the fiscal quarter in which such determination occurs or in respect of which such determination is being made. 
  
 (b) (i) The Administrative Agent shall determine the U.S. Dollar Equivalent of any Letter of Credit denominated in any Alternative Currency as of each
date (with such date to be reasonably determined by the Administrative Agent) that is on or about the date of each request for the issuance, amendment, renewal or extension of such Alternative Currency Letter of Credit, using the Exchange Rate for
the applicable currency in relation to U.S. Dollars in effect on the date of determination, and each such amount shall be the U.S. Dollar Equivalent of such Letter of Credit until the next required calculation thereof pursuant to this Section
1.04(b)(i). The Administrative Agent shall in addition determine the U.S. Dollar Equivalent of any Letter of Credit denominated in any Alternative Currency as of the CAM Exchange Date as set forth in Section 10.02. 
  
 (ii) The Administrative Agent shall determine the U.S.
Dollar Equivalent of any Borrowing denominated in any Alternative Currency or any B/A accepted and purchased under Section 2.06 as of each date (with such date to be reasonably determined by the Administrative Agent) that is on or about the date of
a Borrowing Request, Interest Election Request or request for an acceptance and purchase of B/As with respect to such Borrowing or B/A, in each case using the Exchange Rate for the applicable currency in relation to U.S. Dollars in effect on the
date of determination, and each such amount shall be the U.S. Dollar Equivalent of such Borrowing or B/A until the next required calculation thereof pursuant to this Section 1.04(b)(ii). The Administrative Agent shall in addition determine the U.S.
Dollar Equivalent of any Borrowing denominated in any Alternative Currency or any B/A accepted and purchased under Section 2.06 as of the CAM Exchange Date as set forth in Section 10.01. 
  
 (iii) The U.S. Dollar Equivalent of any L/C Disbursement made by any Issuing Bank in any Alternative
Currency and not reimbursed by the applicable Borrower shall be determined as set forth in paragraphs (e) or (m) of Section 2.05, as applicable. In addition, the U.S. Dollar Equivalent of the Revolving L/C 
  

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Exposure shall be determined as set forth in paragraph (j) of Section 2.05, at the time and in the circumstances specified therein. 
  
 (iv) The Administrative Agent shall notify the Borrowers,
the applicable Lenders and the applicable Issuing Bank of each calculation of the U.S. Dollar Equivalent of each Letter of Credit, Borrowing, B/A accepted and purchased hereunder and L/C Disbursement. 
  
 ARTICLE II 
  
 The Credits 
  
 SECTION 2.01. Commitments. Subject to the terms and conditions set forth herein: 
  
 (a) each Lender agrees to make (i) Tranche B-1 Term Loans to the U.S. Borrower in U.S. Dollars on the
Closing Date from its U.S. Lending Office in a principal amount not to exceed its Tranche B-1 Term Loan Commitment and (ii) Tranche B-2 Term Loans to the Dutch Borrower in U.S. Dollars on the Closing Date from its Euro Lending Office in a principal
amount not to exceed its Tranche B-2 Term Loan Commitment; provided that (1) the Tranche B-1 Term Loans shall be made on the Closing Date prior to the consummation of the RPP LLC Merger and (2) the Tranche B-2 Term Loans shall be made on the
Closing Date subsequent to the consummation of the RPP LLC Merger; 
  
 (b) each European Tranche Lender agrees from time to time during the Availability Period with respect to the European Tranche Commitments (i) to make European Tranche Revolving Facility Loans (A) in euro, U.S. Dollars
or Sterling to each U.K. Borrower and (B) in euro to the Dutch Borrower and, subject to Section 4.03, the German Borrower, in each case from its Euro Lending Office and (ii) to make European Tranche Revolving Facility Loans in U.S. Dollars to the
U.S. Borrower from its U.S. Lending Office, in an aggregate principal amount that will not result in (w) such Lender’s European Tranche Revolving Facility Exposure exceeding such Lender’s European Tranche Commitment, (x) the European
Tranche Revolving Facility Exposure exceeding the total European Tranche Commitments, (y) the portion of the European Tranche Revolving Facility Exposure represented by Loans to or Revolving L/C Exposure in respect of (1) the Dutch Borrower
exceeding $125.0 million, (2) the German Borrower exceeding $75.0 million or (3) the U.K. Borrowers exceeding $75.0 million or (z) the Total Revolving Facility Exposure exceeding the Total Revolving Facility Commitments; provided that in no
event shall more than $50.0 million in aggregate principal amount of Revolving Facility Loans and Swingline Loans be made on the Closing Date (which $50.0 million may be borrowed prior to the consummation of the RPP LLC Merger); and 
  

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 (c) each Canadian Tranche Lender agrees from time to time during the Availability Period
with respect to the Canadian Tranche Commitments (i) to make Canadian Tranche Revolving Facility Loans in Canadian Dollars or U.S. Dollars to the Canadian Borrower from its Canadian Lending Office and/or to cause its Canadian Lending Office to
accept and purchase or arrange for the acceptance and purchase of drafts drawn by the Canadian Borrower in Canadian Dollars as B/As and (ii) to make Canadian Tranche Revolving Facility Loans in U.S. Dollars to the U.S. Borrower from its U.S. Lending
Office, in an aggregate principal amount that will not result in (A) such Lender’s Canadian Tranche Revolving Facility Exposure exceeding such Lender’s Canadian Tranche Commitment, (B) the Canadian Tranche Revolving Facility Exposure
exceeding the total Canadian Tranche Commitments or (C) the Total Revolving Facility Exposure exceeding the Total Revolving Facility Commitments; 
  
 (d) each U.S. Tranche Lender agrees from time to time during the Availability Period with respect to the U.S. Tranche Commitments to make
U.S. Tranche Revolving Facility Loans in U.S. Dollars to the U.S. Borrower from its U.S. Lending Office in an aggregate principal amount that will not result in (A) such Lender’s U.S. Tranche Revolving Facility Exposure exceeding such
Lender’s U.S. Tranche Commitment, (B) the U.S. Tranche Revolving Facility Exposure exceeding the total U.S. Tranche Commitments or (C) the Total Revolving Facility Exposure exceeding the Total Revolving Facility Commitments; 
  
 (e) each Lender having an Incremental Term Loan Commitment
or an Incremental Revolving Facility Commitment agrees, subject to the terms and conditions set forth in the applicable Incremental Assumption Agreement, to make Incremental Term Loans to the U.S. Borrower or the Dutch Borrower, as applicable,
and/or Incremental Revolving Facility Loans to any Borrower, in an aggregate principal amount not to exceed its Incremental Term Loan Commitment or Incremental Revolving Facility Commitment, as the case may be; 
  
 (f) each Tranche B-3 Lender agrees to fund the Tranche B-3
Credit-Linked Deposit as set forth in Section 2.05(d)(ii); and 
  
 (g) within the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Revolving Facility Loans. Amounts repaid in respect of Term Loans may not be
reborrowed. 
  
 SECTION 2.02. Loans and Borrowings. (a)
Each Loan shall be made as part of a Borrowing consisting of Loans of the same Class and Type made by the Lenders ratably in accordance with their respective Commitments of the applicable Class (or, in the case of Swingline Loans, in accordance with
their respective Swingline 

  

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Commitments); provided, however, that Revolving Facility Loans of any Tranche shall be made by the Revolving Facility Lenders ratably in accordance
with their respective Tranche Percentages in respect of such Tranche on the date such Loans are made hereunder. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder;
provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 
  
 (b) Subject to Section 2.15, (i) in the case of the U.S. Borrower, each Borrowing (other than a Swingline Borrowing) shall
be comprised entirely of ABR Loans or Eurocurrency Loans as the U.S. Borrower may request in accordance herewith; (ii) in the case of the Canadian Borrower, each Borrowing (A) denominated in U.S. Dollars shall be comprised entirely of U.S. Base Rate
Loans or Eurocurrency Loans as the Canadian Borrower may request in accordance herewith and (B) denominated in Canadian Dollars shall be comprised entirely of Canadian Base Rate Loans; and (iii) in the case of the German Borrower, the Dutch Borrower
and the U.K. Borrowers, each Borrowing shall be comprised entirely of Base Rate Loans or Eurocurrency Loans as the applicable Borrower may request in accordance herewith. Each Swingline Borrowing shall be an ABR Borrowing. Each Lender at its option
may make any ABR Loan, Base Rate Loan or Eurocurrency Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of any Borrower to
repay such Loan in accordance with the terms of this Agreement and such Lender shall not be entitled to any amounts payable under Section 2.16 or 2.18 solely in respect of increased costs or taxes resulting from such exercise and existing at the
time of such exercise. 
  
 (c) At the commencement of each
Interest Period for any Eurocurrency Revolving Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum. At the time that (i) each ABR Revolving
Borrowing or Base Rate Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum; provided that an ABR Revolving Borrowing or
Base Rate Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the Canadian Tranche Commitments, the European Tranche Commitments or the U.S. Tranche Commitments, as applicable, or that is required to
finance the reimbursement of an L/C Disbursement as contemplated by Section 2.05(e). Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of (i) ten
Eurocurrency Borrowings outstanding under each of the Tranche B-1 Term Loans, the Tranche B-2 Term Loans or any Other Term Loans and (ii) ten Eurocurrency Borrowings outstanding under each of the European Tranche, the Canadian Tranche, the U.S.
Tranche or any Other Revolving Facility Loans. 
  
 (d)
Notwithstanding any other provision of this Agreement, no Borrower shall be entitled to request, or to elect to convert or continue, any Borrowing or B/A Drawing if the Interest Period or Contract Period requested with respect thereto would 

  

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end after the Revolving Facility Maturity Date or the Term Facility Maturity Date, as applicable. 
  
 SECTION 2.03. Requests for Borrowings. To request a Revolving
Borrowing and/or a Term Borrowing, the applicable Borrower shall notify the Administrative Agent of such request (as provided in Section 9.01 and, unless otherwise agreed upon by the Administrative Agent, in Schedule 2.03) by telephone (a) in the
case of a Eurocurrency Borrowing, not later than 11:00 a.m., Local Time, three Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing or Base Rate Borrowing, not later than 12:00 p.m., Local Time, one Business
Day before the date of the proposed Borrowing; provided that any such notice of an ABR Revolving Borrowing or a Base Rate Borrowing to finance the reimbursement of an L/C Disbursement as contemplated by Section 2.05(e) may be given not later
than 11:00 a.m., Local Time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request
in a form approved by the Administrative Agent and signed by the applicable Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: 
  
 (i) the Borrower requesting such Borrowing; 
  
 (ii) the Class of such Borrowing; 
  
 (iii) the currency and aggregate amount of the requested
Borrowing; 
  
 (iv) the date of such Borrowing,
which shall be a Business Day; 
  
 (v) whether
such Borrowing is to be an ABR Borrowing, a Base Rate Borrowing or a Eurocurrency Borrowing; 
  
 (vi) in the case of a Eurocurrency Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated
by the definition of the term “Interest Period”; and 
  
 (vii) the location and number of the applicable Borrower’s account to which funds are to be disbursed. 
  
 If no election as to the Type of Revolving Borrowing is specified, then the requested Revolving Borrowing shall be (i) in the case of a Revolving Borrowing by the U.S.
Borrower, an ABR Borrowing and (ii) in the case of any other Revolving Borrowing, a Base Rate Borrowing. If no Interest Period is specified with respect to any requested Eurocurrency Borrowing, then the applicable Borrower shall be deemed to have
selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such
Lender’s Loan to be made as part of the requested Borrowing. 
  

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 SECTION 2.04. Swingline Loans. (a) Subject to the terms and conditions set forth herein, the
Swingline Lender agrees to make Swingline Loans in U.S. Dollars to the U.S. Borrower, in euro to the Dutch Borrower and the German Borrower and in euro, U.S. Dollars and Sterling to the U.K. Borrowers, from time to time during the Availability
Period with respect to the European Tranche Commitment, in an aggregate principal amount at any time outstanding that will not result in (i) the Swingline Exposure exceeding the Swingline Commitment, (ii) the European Tranche Revolving Facility
Exposure exceeding the total European Tranche Commitments or (iii) the Total Revolving Facility Exposure exceeding the Total Revolving Facility Commitments; provided that the Swingline Lender shall not be required to make a Swingline Loan to
refinance an outstanding Swingline Borrowing. Each Swingline Borrowing shall be in an amount that is an integral multiple of $100,000, €100,000 or £100,000, as the case may be, and not less than $1,000,000, €1,000,000 or
£1,000,000, as the case may be. Within the foregoing limits and subject to the terms and conditions set forth herein, the U.S. Borrower, the Dutch Borrower, the German Borrower and the U.K. Borrowers may borrow, prepay and reborrow Swingline
Loans. 
  
 (b) To request a Swingline Borrowing, the applicable
Borrower shall notify the Administrative Agent, JPMorgan Europe Limited and the Swingline Lender of such request by telephone (confirmed by a Swingline Borrowing Request by telecopy), not later than 1:00 p.m., Local Time, on the day of a proposed
Swingline Borrowing. Each such notice and Swingline Borrowing Request shall be irrevocable and shall specify (i) the Borrower requesting such Swingline Borrowing, (ii) the requested date (which shall be a Business Day) and (iii) the currency and
amount of the requested Swingline Borrowing. The Swingline Lender shall consult with the Administrative Agent as to whether the making of the Swingline Loan is in accordance with the terms of this Agreement prior to the Swingline Lender funding such
Swingline Loan. The Swingline Lender shall make each Swingline Loan to be made by it hereunder in accordance with Section 2.02(a) on the proposed date thereof by wire transfer of immediately available funds by 3:00 p.m., Local Time, to the account
of the applicable Borrower (or, in the case of a Swingline Borrowing made to finance the reimbursement of an L/C Disbursement as provided in Section 2.05(e), by remittance to the applicable Issuing Bank). 
  
 (c) The Swingline Lender may by written notice given to the Administrative
Agent not later than 12:00 p.m., Local Time, on any Business Day require the European Tranche Lenders to acquire participations on such Business Day in all or a portion of the outstanding Swingline Loans made by it. Such notice shall specify the
aggregate amount of such Swingline Loans in which the European Tranche Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each such Lender, specifying in such notice such European
Tranche Lender’s European Tranche Percentage of such Swingline Loan or Loans. Each European Tranche Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent for the
account of the Swingline Lender, such European Tranche Lender’s European Tranche Percentage of such Swingline Loan or Loans. Each European Tranche Lender acknowledges and agrees that its respective obligation to acquire participations in
Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any 

  

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circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment
shall be made without any offset, abatement, withholding or reduction whatsoever. Each European Tranche Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in
Section 2.07 with respect to Loans made by such European Tranche Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the
amounts so received by it from the European Tranche Lenders. The Administrative Agent shall notify the U.S. Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph (c), and thereafter payments in respect of such
Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any amounts received by the Swingline Lender from any Borrower (or other party on behalf of such Borrower) in respect of a Swingline Loan after receipt by the
Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the European
Tranche Lenders that shall have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear; provided that any such payment so remitted shall be repaid to the Swingline Lender or to the
Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the applicable Borrower for any reason. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve any Borrower
of any default in the payment thereof. 
  
 SECTION 2.05.
Letters of Credit. (a) General. Upon satisfaction of the conditions specified in Sections 4.01 and 4.02 on the Closing Date, each Existing Letter of Credit will, automatically and without any action on the part of any person, be deemed
to be a Letter of Credit issued under the Tranche specified therefor (subject to the third sentence of this subparagraph (a)) on Schedule 1.01(a) for all purposes of this Agreement and the other Loan Documents. In addition, subject to the
terms and conditions set forth herein (including, with respect to issuances of Tranche B-3 Letters of Credit, Section 2.23), each Borrower may request the issuance of Revolving Letters of Credit under either the European Tranche denominated in euro,
Sterling or U.S. Dollars or under the Canadian Tranche denominated in U.S. Dollars or Canadian Dollars (provided that, in the case of Canadian Dollar-denominated Revolving Letters of Credit for the account of the Canadian Borrower, an Issuing Bank
in respect thereof has been agreed and designated), and the U.S. Borrower may request issuance of Tranche B-3 Letters of Credit denominated in U.S. Dollars, in each case for its own account (or, in the case of Revolving Letters of Credit, for the
account of a Subsidiary, so long as such Borrower and such Subsidiary are co-applicants), in a form reasonably acceptable to the applicable Issuing Bank, at any time and from time to time during the Availability Period for such Tranche and prior to
the date that is five Business Days prior to (i) the Revolving Facility Maturity Date, in the case of the Canadian Tranche and European Tranche, or (ii) the Tranche B-3 Maturity Date, in the case of Tranche B-3. For purposes hereof, (i) all Letters
of Credit (other than Canadian Tranche Letters of Credit) that are denominated in U.S. Dollars and issued for the account of the U.S. Borrower shall at all times and from time to time be deemed to be Tranche B-3 Letters of Credit in the amount
specified in the 

  

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definition of Tranche B-3 Letters of Credit and be deemed to be European Tranche Letters of Credit only to the extent, and in an amount by which, the
aggregate amount of outstanding Letters of Credit (other than Canadian Tranche Letters of Credit) that are denominated in U.S. Dollars and issued for the account of the U.S. Borrower exceeds such amount specified in the definition of Tranche B-3
Letters of Credit, (ii) drawings under any Letter of Credit (other than Canadian Tranche Letters of Credit) that are denominated in U.S. Dollars and issued for the account of the U.S. Borrower shall be deemed to have been made under European Tranche
Letters of Credit for so long as, and to the extent that, there are any undrawn European Tranche Letters of Credit outstanding that are denominated in U.S. Dollars and issued for the account of the U.S. Borrower (and thereafter shall be deemed to
have been made under Tranche B-3 Letters of Credit) and (iii) any Letter of Credit (other than any Canadian Tranche Letter of Credit) that is denominated in U.S. Dollars and issued for the account of the U.S. Borrower and that expires or terminates
will be deemed to be a European Tranche Letter of Credit, for so long as, and to the extent that, there are outstanding European Tranche Letters of Credit that are denominated in U.S. Dollars and issued for the account of the U.S. Borrower
immediately prior to such expiration or termination; provided, however, that, at any time during which an Event of Default shall have occurred and be continuing, (A) Letters of Credit (other than Canadian Tranche Letters of Credit)
that are denominated in U.S. Dollars and issued for the account of the U.S. Borrower shall be deemed to be European Tranche Letters of Credit and Tranche B-3 Letters of Credit, (B) drawings under Letters of Credit (other than Canadian Tranche
Letters of Credit) that are denominated in U.S. Dollars and issued for the account of the U.S. Borrower shall be deemed to have been made under European Tranche Letters of Credit and Tranche B-3 Letters of Credit and (C) any Letter of Credit (other
than any Canadian Tranche Letter of Credit) that is denominated in U.S. Dollars and issued for the account of the U.S. Borrower and that expires or terminates shall be deemed to be a European Tranche Letter of Credit and a Tranche B-3 Letter of
Credit, in each case pro rata based upon (1) the total European Tranche Commitments at such time and (2) the sum of the Total Tranche B-3 Credit-Linked Deposit and the amount of the Total Tranche B-3 Credit-Linked Deposit that shall
have been applied to reimburse outstanding Tranche B-3 L/C Disbursements at such time. To the extent necessary to implement the foregoing, the identification of a Letter of Credit as a European Tranche Letter of Credit or a Tranche B-3 Letter of
Credit may change from time to time and a portion of a Letter of Credit may be deemed to be a Tranche B-3 Letter of Credit and the remainder be deemed to be a European Tranche Letter of Credit. Notwithstanding the foregoing, the entire face amount
of any Letter of Credit with an expiration date after the Revolving Facility Maturity Date shall at all times be deemed to be a Tranche B-3 Letter of Credit, subject to the limitations set forth in clause (i) of the third sentence of this paragraph
(a). In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by such Borrower to, or entered into by such Borrower
with, an Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. 
  
 (b) Notice of Issuance, Amendment, Renewal, Extension: Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal
(other than an automatic renewal in accordance with paragraph (c) of this Section) or 

  

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extension of an outstanding Letter of Credit), the applicable Borrower shall hand deliver or telecopy (or transmit by electronic communication, if
arrangements for doing so have been approved by the applicable Issuing Bank) to the applicable Issuing Bank and the Administrative Agent (three Business Days in advance of the requested date of issuance, amendment, renewal or extension) a notice
requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying whether such Letter of Credit is to be issued or maintained under the Canadian Tranche, the date of issuance,
amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the currency in which such Letter of
Credit is to be denominated (which shall be U.S. Dollars or (i) in the case of a Letter of Credit issued under the European Tranche for the account of any Foreign Subsidiary Borrower, euro or Sterling or (ii) in the case of a Letter of Credit issued
under the Canadian Tranche for the account of the Canadian Borrower, Canadian Dollars), the name and address of the beneficiary thereof and such other information as shall be necessary to issue, amend, renew or extend such Letter of Credit. If
requested by the applicable Issuing Bank, the applicable Borrower also shall submit a letter of credit application on such Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued,
amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the applicable Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or
extension (i) the Canadian Tranche L/C Exposure shall not exceed $35.0 million or the European Tranche L/C Exposure shall not exceed $65.0 million, as applicable, (ii) the Canadian Tranche Revolving Facility Exposure or the European Tranche
Revolving Facility Exposure, as applicable, shall not exceed the total Canadian Tranche Commitments or total European Tranche Commitments, as applicable, (iii) the Tranche B-3 L/C Exposure shall not exceed the Total Tranche B-3 Credit-Linked Deposit
and (iv) the Total Revolving Facility Exposure shall not exceed the Total Revolving Facility Commitments. 
  
 (c) Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date one year after the date
of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and (ii) (A) with respect to any Revolving Letter of Credit, the date that is five Business Days prior to the
Revolving Facility Maturity Date and (B) with respect to any Tranche B-3 Letter of Credit, the date that is five Business Days prior to the Tranche B-3 Maturity Date; provided that any Letter of Credit with a one-year tenor may provide for
the automatic renewal thereof for additional one-year periods (which, in no event, shall extend beyond the applicable date referred to in clause (ii) of this paragraph (c)). 
  
 (d) Participations. (i) By the issuance of a Revolving Letter of Credit (or an amendment to a Revolving Letter of
Credit increasing the amount thereof) and without any further action on the part of the applicable Issuing Bank or the Revolving Facility Lenders under the applicable Tranche, such Issuing Bank hereby grants to each such Revolving Facility Lender,
and each such Revolving Facility Lender hereby acquires from such Issuing Bank, a participation in such Revolving Letter of Credit equal to such 
  

 74 

 
Revolving Facility Lender’s Tranche Percentage in respect of such Tranche of the aggregate amount available to be drawn under such Revolving Letter of
Credit. In consideration and in furtherance of the foregoing, each Revolving Facility Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent in U.S. Dollars, for the account of the applicable Issuing Bank, such
Revolving Facility Lender’s Tranche Percentage of (i) each Revolving L/C Disbursement made by such Issuing Bank in U.S. Dollars and (ii) the U.S. Dollar Equivalent, using the Exchange Rates in effect on the date such payment is required, of
each Revolving L/C Disbursement made by such Issuing Bank in an Alternative Currency and, in each case, not reimbursed by the applicable Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required
to be refunded to such Borrower for any reason (or if such Revolving L/C Disbursement or reimbursement payment was refunded in an Alternative Currency, the U.S. Dollar Equivalent thereof using the Exchange Rate in effect on the date of such refund).
Each Revolving Facility Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Revolving Letters of Credit is absolute and unconditional and shall not be affected by any circumstance
whatsoever, including any amendment, renewal or extension of any Revolving Letter of Credit or the occurrence and continuance of a Default or Event of Default or reduction or termination of the Commitments, and that each such payment shall be made
without any offset, abatement, withholding or reduction whatsoever. 
  
 (ii) On the Closing Date, without any further action on the part of any Issuing Bank or the Tranche B-3 Lenders, each Issuing Bank hereby grants to each Tranche B-3 Lender, and each Tranche B-3 Lender hereby acquires
from such Issuing Bank, a participation in each Tranche B-3 Letter of Credit equal to such Tranche B-3 Lender’s Tranche B-3 Percentage of the aggregate amount available to be drawn under such Tranche B-3 Letter of Credit. The aggregate purchase
price for the participations of each Tranche B-3 Lender in Tranche B-3 Letters of Credit shall equal the amount of the Tranche B-3 Credit-Linked Deposit of such Tranche B-3 Lender. Each Tranche B-3 Lender shall pay to the Administrative Agent its
Tranche B-3 Credit-Linked Deposit in full on the Closing Date. Each Tranche B-3 Lender hereby absolutely and unconditionally agrees that if an Issuing Bank makes a Tranche B-3 L/C Disbursement that is not reimbursed by the U.S. Borrower on the date
due as provided in paragraph (e) of this Section, or is required to refund any reimbursement payment in respect of a Tranche B-3 L/C Disbursement to the U.S. Borrower for any reason, the Administrative Agent shall reimburse the applicable Issuing
Bank for the amount of such Tranche B-3 L/C Disbursement from such Tranche B-3 Lender’s Tranche B-3 Credit-Linked Deposit on deposit in the Tranche B-3 Credit-Linked Deposit Account. In the event the Tranche B-3 Credit-Linked Deposit Account is
charged by the Administrative Agent to reimburse the applicable Issuing Bank for an unreimbursed Tranche B-3 L/C Disbursement, the U.S. Borrower shall have the right, at any time prior to the Tranche B-3 Maturity Date, to pay over to the
Administrative Agent in reimbursement thereof an amount equal to the amount so charged, and such payment shall be deposited by the Administrative Agent in the Tranche B-3 Credit-Linked Deposit Account. Each Tranche B-3 Lender acknowledges and agrees
that its obligation to acquire and fund participations in 

  

 75 

 
respect of Tranche B-3 Letters of Credit pursuant to this subparagraph (ii) is unconditional and irrevocable and shall not be affected by any circumstance
whatsoever, including any amendment, renewal or extension of any Tranche B-3 Letter of Credit or the occurrence and continuance of a Default or Event of Default or the return of the Tranche B-3 Credit-Linked Deposits, and that each such payment
shall be made without any offset, abatement, withholding or reduction whatsoever. Without limiting the foregoing, each Tranche B-3 Lender irrevocably authorizes the Administrative Agent to apply amounts of its Tranche B-3 Credit-Linked Deposit as
provided in this subparagraph (ii). 
  
 (e) Reimbursement.
(i) If the applicable Issuing Bank shall make any L/C Disbursement in respect of a Letter of Credit, the applicable Borrower shall reimburse such L/C Disbursement by paying to the Administrative Agent an amount equal to such L/C Disbursement, in the
currency in which such L/C Disbursement is made, not later than 2:00 P.M., Local Time, on (A) the Business Day that the applicable Borrower receives notice under paragraph (g) of this Section of such L/C Disbursement, if such notice is received on
such day prior to 10:00 A.M., Local Time, or (B) if clause (A) does not apply, the Business Day immediately following the date the applicable Borrower receives such notice; provided that the applicable Borrower may, subject to the conditions
to borrowing set forth herein, request in accordance with Section 2.03 or 2.04 that such payment be financed with an ABR Revolving Borrowing, a Base Rate Revolving Borrowing or a Swingline Borrowing, as applicable, in an equivalent amount and, to
the extent so financed, such Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing, Base Rate Borrowing or Swingline Borrowing. 
  
 (ii) If a Borrower fails to reimburse any Revolving L/C
Disbursement when due, then (A) if such payment relates to an Alternative Currency Letter of Credit, automatically and with no further action required, such Borrower’s obligation to reimburse the applicable Revolving L/C Disbursement shall be
permanently converted into an obligation to reimburse the U.S. Dollar Equivalent, calculated using the Exchange Rates on the date when such payment was due, of such Revolving L/C Disbursement and (B) in the case of each Revolving L/C Disbursement,
the Administrative Agent shall promptly notify the applicable Issuing Bank and each Revolving Facility Lender under the applicable Tranche of the applicable Revolving L/C Disbursement, the payment then due from the applicable Borrower in respect
thereof and such Lender’s Tranche Percentage thereof. Promptly following receipt of such notice, each Revolving Facility Lender under the applicable Tranche shall pay to the Administrative Agent its Tranche Percentage in U.S. Dollars of the
payment then due from such Borrower in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Facility
Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from such Revolving Facility Lenders. Promptly following receipt by the Administrative Agent of any payment from a Borrower
pursuant to this paragraph, the Administrative Agent shall distribute such payment to the 

  

 76 

 
applicable Issuing Bank or, to the extent that Revolving Facility Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then
to such Lenders and such Issuing Bank as their interests may appear. Any payment made by a Revolving Facility Lender pursuant to this paragraph to reimburse an Issuing Bank for any Revolving L/C Disbursement (other than the funding of an ABR
Revolving Borrowing, Base Rate Revolving Borrowing or a Swingline Borrowing as contemplated above) shall not constitute a Loan and shall not relieve the applicable Borrower of its obligation to reimburse such Revolving L/C Disbursement. If the
applicable Borrower’s reimbursement of, or obligation to reimburse, any amounts in any Alternative Currency would subject the Administrative Agent, the applicable Issuing Bank or any Lender to any stamp duty, ad valorem charge or similar tax
that would not be payable if such reimbursement were made or required to be made in U.S. Dollars, such Borrower shall, at its option, either (x) pay the amount of any such tax requested by the Administrative Agent, the relevant Issuing Bank or
Lender or (y) reimburse each Revolving L/C Disbursement made in such Alternative Currency in U.S. Dollars, in an amount equal to the U.S. Dollar Equivalent, calculated using the applicable Exchange Rate on the date such Revolving L/C Disbursement is
made, of such Revolving L/C Disbursement. 
  
 (iii) If the U.S. Borrower fails to make (or cause another account party to make) any payment due under paragraph (e)(i) above with respect to a Tranche B-3 Letter of Credit, the Administrative Agent shall notify each Tranche B-3 Lender of
the applicable Tranche B-3 L/C Disbursement, the payment then due from the U.S. Borrower in respect thereof and such Lender’s Tranche B-3 Percentage thereof, and the Administrative Agent shall promptly pay to the applicable Issuing Bank each
Tranche B-3 Lender’s Tranche B-3 Percentage of such Tranche B-3 L/C Disbursement from such Tranche B-3 Lender’s Tranche B-3 Credit-Linked Deposit. Promptly following receipt by the Administrative Agent of any payment by the U.S. Borrower
in respect of any Tranche B-3 L/C Disbursement, the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the extent payments have been made from the Tranche B-3 Credit-Linked Deposits, to the Tranche B-3
Credit-Linked Deposit Account to be added to the Tranche B-3 Credit-Linked Deposits of the Tranche B-3 Lenders in accordance with their Tranche B-3 Percentages. The U.S. Borrower acknowledges that each payment made pursuant to this subparagraph
(iii) in respect of any Tranche B-3 L/C Disbursement is required to be made for the benefit of the distributees indicated in the immediately preceding sentence. Any payment made from the Tranche B-3 Credit-Linked Deposit Account, or from funds of
the Administrative Agent, pursuant to this paragraph to reimburse an Issuing Bank for any Tranche B-3 L/C Disbursement shall not constitute a Loan and shall not relieve the U.S. Borrower of its obligation to reimburse such Tranche B-3 L/C
Disbursement. 
  
 (f) Obligations Absolute. The obligation
of each Borrower to reimburse L/C Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all
circumstances whatsoever and irrespective of 

  

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(i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document
presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the applicable Issuing Bank under a Letter of Credit against
presentation of a draft or other document that does not comply with the terms of such Letter of Credit or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this
Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the applicable Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor any Issuing Bank, nor any of their Related Parties,
shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the
preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing
thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of such Issuing Bank, or any of the circumstances referred to in clauses (i), (ii) or (iii) of the first sentence; provided
that the foregoing shall not be construed to excuse the applicable Issuing Bank from liability to a Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by each Borrower to
the extent permitted by applicable law) suffered by such Borrower that are determined by a final and binding decision of a court of competent jurisdiction to have been caused by (i) such Issuing Bank’s failure to exercise care when determining
whether drafts and other documents presented under a Letter of Credit comply with the terms thereof or (ii) such Issuing Bank’s refusal to issue a Letter of Credit in accordance with the terms of this Agreement. The parties hereto expressly
agree that, in the absence of gross negligence or willful misconduct on the part of the applicable Issuing Bank, such Issuing Bank shall be deemed to have exercised care in each such determination and each refusal to issue a Letter of Credit. In
furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented that appear on their face to be in substantial compliance with the terms of a Letter of Credit, the applicable
Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such
documents if such documents are not in strict compliance with the terms of such Letter of Credit. 
  
 (g) Disbursement Procedures. The applicable Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to
represent a demand for payment under a Letter of Credit. Such Issuing Bank shall promptly notify the Administrative Agent and the applicable Borrower by telephone (confirmed by telecopy) of such demand for payment and whether such Issuing Bank has
made or will make a L/C Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the applicable Borrower of its obligation to reimburse such Issuing Bank and the applicable Revolving Facility
Lenders or Tranche B-3 Lenders with respect to any such L/C Disbursement. 
  

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 (h) Interim Interest. If an Issuing Bank shall make any L/C Disbursement, then, unless the
applicable Borrower shall reimburse such L/C Disbursement in full on the date such L/C Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such L/C Disbursement is made to but excluding the
date that such Borrower reimburses such L/C Disbursement, (i) if such L/C Disbursement is a Revolving L/C Disbursement made in U.S. Dollars, and at all times following the conversion to U.S. Dollars of a Revolving L/C Disbursement made in an
Alternative Currency pursuant to paragraph (e) above, at the rate per annum then applicable to ABR Revolving Loans (in the case of the U.S. Borrower) or Base Rate Loans (in the case of other Borrowers), (ii) if such L/C Disbursement is a Revolving
L/C Disbursement made in an Alternative Currency, at all times prior to its conversion to U.S. Dollars pursuant to paragraph (e) above, at the applicable Base Rate plus the Applicable Margin applicable to Eurocurrency Revolving Loans at such time
(or, in the case of a Revolving L/C Disbursement made in Canadian Dollars, at the Canadian Base Rate plus the Applicable Margin applicable to Canadian Base Rate Loans at such time) and (iii) if such L/C Disbursement is a Tranche B-3 L/C
Disbursement, at the rate per annum then applicable to ABR Term Loans; provided that, in each case, if such L/C Disbursement is not reimbursed by the applicable Borrower when due pursuant to paragraph (e) (ii) of this Section, then Section
2.14(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Facility Lender pursuant to paragraph (e) of
this Section or from the Tranche B-3 Credit-Linked Deposit of any Tranche B-3 Lender pursuant to paragraph (e)(iii) of this Section to reimburse such Issuing Bank shall be for the account of such Revolving Facility Lender or Tranche B-3 Lender to
the extent of such payment. 
  
 (i) Replacement of an Issuing
Bank. An Issuing Bank with respect to any one or more of the Canadian Tranche, the European Tranche or Tranche B-3, may be replaced at any time by written agreement among the U.S. Borrower, the Administrative Agent, the replaced Issuing Bank and
the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of an Issuing Bank. Any Issuing Bank in respect of the European Tranche shall be a PMP. At the time any such replacement shall become effective,
the Borrowers shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.13(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and
obligations of the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued under the applicable Tranche thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such
successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall
continue to have all the rights and obligations of such Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement but shall not be required to issue additional Letters of Credit. 
  
 (j) Cash Collateralization. If any Event of Default shall occur and be
continuing, (i) in the case of an Event of Default described in Section 7.01(h) or (i), on the Business Day or (ii) in the case of any other Event of Default, on the third Business 
  

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Day, in each case, following the date on which the U.S. Borrower receives notice from the Administrative Agent (or, if the maturity of the Loans has been
accelerated, Tranche B-3 Lenders and Revolving Facility Lenders with L/C Exposure representing greater than 50% of the total L/C Exposure) demanding the deposit of cash collateral pursuant to this paragraph, or if the original Revolving Facility
Maturity Date and Term Facility Maturity Date shall be changed to an earlier date pursuant to the proviso to the definition of the terms “Revolving Facility Maturity Date” and “Term Facility Maturity Date”, the Borrowers shall
deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders, an amount in cash in U.S. Dollars equal to the aggregate L/C Exposure as of such date plus any accrued and unpaid
interest thereon; provided that (i) the portions of such amount attributable to undrawn Alternative Currency Letters of Credit or L/C Disbursements in an Alternative Currency that the Borrowers are not late in reimbursing shall be deposited
in the applicable Alternative Currencies in the actual amounts of such undrawn Letters of Credit and L/C Disbursements and (ii) upon the occurrence of any Event of Default with respect to any Borrower described in clause (h) or (i) of Section 7.01,
the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind. For the purposes of this paragraph, the Alternative Currency
Revolving L/C Exposure shall be calculated using the Exchange Rates on the date notice demanding cash collateralization is delivered to a Borrower. Each such deposit pursuant to this paragraph shall be held by the Administrative Agent as collateral
for the payment and performance of the obligations of the Borrowers under this Agreement. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest
earned on the investment of such deposits, which investments shall be made at the option and sole discretion of (i) for so long as an Event of Default shall be continuing, the Administrative Agent and (ii) at any other time, the U.S. Borrower, in
each case, in Permitted Investments and at the risk and expense of the Borrowers, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account with respect to
Letters of Credit issued under any Tranche shall be applied by the Administrative Agent to reimburse each Issuing Bank for L/C Disbursements made in respect of Letters of Credit issued under such Tranche for which such Issuing Bank has not been
reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrowers for the Revolving L/C Exposure and Tranche B-3 L/C Exposure at such time or, if the maturity of the Loans has been
accelerated (but subject to the consent of Tranche B-3 Lenders and Revolving Facility Lenders with L/C Exposure representing greater than 50% of the total L/C Exposure), be applied to satisfy other obligations of the Borrowers under this Agreement.
If a Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to such Borrower within three Business Days
after all Events of Default have been cured or waived. 
  
 (k)
Additional Issuing Banks. From time to time, the U.S. Borrower may by notice to the Administrative Agent designate up to four Lenders (in addition to JPMorgan Chase Bank, N.A.), each of which agrees (in its sole discretion) to act in such

  

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capacity and each of which is reasonably satisfactory to the Administrative Agent as an Issuing Bank in respect of any one or more of the Canadian Tranche,
the European Tranche or Tranche B-3. Each such additional Issuing Bank shall execute a counterpart of this Agreement upon the approval of the Administrative Agent (which approval shall not be unreasonably withheld) and shall thereafter be an Issuing
Bank with respect to the applicable Tranche hereunder for all purposes. 
  
 (l) Issuing Bank Agreements. Unless otherwise requested by the Administrative Agent, each Issuing Bank shall report in writing to the Administrative Agent (i) on the first Business Day of each week, the daily activity (set forth by
day) in respect of Letters of Credit during the immediately preceding week, including all issuances, extensions, amendments and renewals, all expirations and cancelations and all disbursements and reimbursements, (ii) on or prior to each Business
Day on which such Issuing Bank expects to issue, amend, renew or extend any Letter of Credit under any Tranche, the date of such issuance, amendment, renewal or extension, and the aggregate face amount of the Letters of Credit to be issued, amended,
renewed or extended by it under any Tranche and outstanding under such Tranche after giving effect to such issuance, amendment, renewal or extension occurred (and whether the amount thereof changed), it being understood that such Issuing Bank shall
not permit any issuance, renewal, extension or amendment resulting in an increase in the amount of any Letter of Credit to occur without first obtaining written (or, with respect to any Issuing Bank, if the Administrative Agent so agrees with
respect to such Issuing Bank, telephonic) confirmation from the Administrative Agent that it is then permitted under this Agreement, (iii) on each Business Day on which such Issuing Bank makes any L/C Disbursement in respect of any Letter of Credit
issued under a Tranche, the identity of such Tranche, the date of such L/C Disbursement and the amount of such L/C Disbursement, (iv) on any Business Day on which a Borrower fails to reimburse an L/C Disbursement required to be reimbursed to such
Issuing Bank on such day, the date of such failure, the applicable Borrower and the amount and currency of such L/C Disbursement and (v) on any other Business Day, such other information as the Administrative Agent shall reasonably request.

  
 (m) Conversion. In the event that the Loans become
immediately due and payable on any date pursuant to Section 7.01, all amounts (i) that a Borrower is at the time or thereafter becomes required to reimburse or otherwise pay to the Administrative Agent in respect of L/C Disbursements made under any
Alternative Currency Letter of Credit (other than amounts in respect of which such Borrower has deposited cash collateral pursuant to paragraph (j) above, if such cash collateral was deposited in the applicable Alternative Currency to the extent so
deposited or applied), (ii) that the Revolving Facility Lenders are at the time or thereafter become required to pay to the Administrative Agent and the Administrative Agent is at the time or thereafter becomes required to distribute to the
applicable Issuing Bank pursuant to paragraph (e) of this Section in respect of unreimbursed L/C Disbursements made under any Alternative Currency Letter of Credit and (iii) of each Revolving Facility Lender’s participation in any Alternative
Currency Letter of Credit under which an L/C Disbursement has been made shall, automatically and with no further action required, be converted into the U.S. Dollar Equivalent, calculated using the Exchange Rates on such date (or in the case of

  

 81 

 
any L/C Disbursement made after such date, on the date such L/C Disbursement is made), of such amounts. On and after such conversion, all amounts accruing
and owed to the Administrative Agent, the applicable Issuing Bank or any Lender in respect of the obligations described in this paragraph shall accrue and be payable in U.S. Dollars at the rates otherwise applicable hereunder. 
  
 SECTION 2.06. Canadian Bankers’ Acceptances. (a) Each acceptance
and purchase of B/As of a single Contract Period pursuant to Section 2.01(c) or Section 2.08 shall be made ratably by the Canadian Tranche Lenders in accordance with the amounts of their Canadian Tranche Commitments. The failure of any Canadian
Tranche Lender to accept any B/A required to be accepted by it shall not relieve any other Canadian Tranche Lender of its obligations hereunder; provided that the Canadian Tranche Commitments are several and no Canadian Tranche Lender shall
be responsible for any other Canadian Tranche Lender’s failure to accept B/As as required hereunder. 
  
 (b) The B/As of a single Contract Period accepted and purchased on any date shall be in an aggregate amount that is an integral multiple of C$1,000,000
and not less than C$1,000,000. The face amount of each B/A shall be C$100,000 or any whole multiple thereof. If any Canadian Tranche Lender’s ratable share of the B/As of any Contract Period to be accepted on any date would not be an integral
multiple of C$100,000, the face amount of the B/As accepted by such Lender may be increased or reduced to the nearest integral multiple of C$100,000 by the Administrative Agent in its sole discretion. B/As of more than one Contract Period may be
outstanding at the same time; provided that there shall not at any time be more than a total of five B/A Drawings outstanding. 
  
 (c) To request an acceptance and purchase of B/As, the Canadian Borrower shall notify the Administrative Agent of such request by telephone or by
facsimile not later than 10:00 a.m., Local Time, one Business Day before the date of such acceptance and purchase. Each such request shall be irrevocable and, if telephonic, shall be confirmed promptly by hand delivery or facsimile to the
Administrative Agent of a written request in a form approved by the Administrative Agent and signed by the Canadian Borrower. Each such telephonic and written request shall specify the following information: 
  
 (i) the aggregate face amount of the B/As to be accepted and
purchased; 
  
 (ii) the date of such acceptance
and purchase, which shall be a Business Day; 
  
 (iii) the Contract Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Contract Period” (and which shall in no event end after the Revolving Facility Maturity Date); and 

 
 (iv) the location and number of the Canadian
Borrower’s account to which any funds are to be disbursed, which shall comply with the requirements of Section 2.07. If no Contract Period is specified with respect to any requested 

  

 82 

 
acceptance and purchase of B/As, then the Canadian Borrower shall be deemed to have selected a Contract Period of 30 days’ duration. 
  
 Promptly following receipt of a request in accordance with this paragraph, the Administrative
Agent shall advise each Canadian Tranche Lender of the details thereof and of the amount of B/As to be accepted and purchased by such Lender. 
  
 (d) The Canadian Borrower hereby appoints each Canadian Tranche Lender as its attorney to sign and endorse on its behalf, manually or by facsimile or
mechanical signature, as and when deemed necessary by such Lender, blank forms of B/As. It shall be the responsibility of each Canadian Tranche Lender to maintain an adequate supply of blank forms of B/As for acceptance under this Agreement. The
Canadian Borrower recognizes and agrees that all B/As signed and/or endorsed on its behalf by any Canadian Tranche Lender shall bind the Canadian Borrower as fully and effectually as if manually signed and duly issued by authorized officers of the
Canadian Borrower. Each Canadian Tranche Lender is hereby authorized to issue such B/As endorsed in blank in such face amounts as may be determined by such Lender to comply with any request of the Canadian Borrower hereunder; provided that
the aggregate face amount thereof is equal to the aggregate face amount of B/As required to be accepted by such Lender. No Canadian Tranche Lender shall be liable for any damage, loss or claim arising by reason of any loss or improper use of any
such instrument unless such loss or improper use results from the gross negligence or willful misconduct of such Lender. Each Canadian Tranche Lender shall maintain a record with respect to B/As (i) received by it from the Administrative Agent in
blank hereunder, (ii) voided by it for any reason, (iii) accepted and purchased by it hereunder and (iv) canceled at their respective maturities. Upon request by the Canadian Borrower, a Lender shall cancel all forms of B/A that have been pre-signed
or pre-endorsed on behalf of the Canadian Borrower and that are held by such Lender and are not required to be issued pursuant to this Agreement. 
  
 (e) Drafts of the Canadian Borrower to be accepted as B/As hereunder shall be signed as set forth in paragraph (d) above. Notwithstanding that any person
whose signature appears on any B/A may no longer be an authorized signatory for any of the Lenders or the Canadian Borrower at the date of issuance of such B/A, such signature shall nevertheless be valid and sufficient for all purposes as if such
authority had remained in force at the time of such issuance and any such B/A so signed shall be binding on the Canadian Borrower. 
  
 (f) Upon acceptance of a B/A by a Lender, such Lender shall purchase, or arrange the purchase of, such B/A from the Canadian Borrower at the Discount B/A
Rate for such Lender applicable to such B/A accepted by it and provide to the Administrative Agent the Discount Proceeds (net of applicable acceptance fees) for the account of the Canadian Borrower as provided in Section 2.07. The acceptance fee
payable by the Canadian Borrower to a Lender under Section 2.13(c) in respect of each B/A accepted by such Lender shall be set off against the Discount Proceeds payable by such Lender under this paragraph. Notwithstanding the foregoing, in the case
of any B/A Drawing resulting from the conversion or continuation of a B/A Drawing or Canadian Tranche Revolving Facility Loan pursuant to Section 2.08, the net amount that would otherwise be payable to 

  

 83 

 
the Canadian Borrower by each Lender pursuant to this paragraph will be applied as provided in Section 2.08(f). 
  
 (g) Each Lender may at any time and from time to time hold, sell, rediscount
or otherwise dispose of any or all B/A’s accepted and purchased by it hereunder. 
  
 (h) Each B/A accepted and purchased hereunder shall mature at the end of the Contract Period applicable thereto. 
  
 (i) The Canadian Borrower waives presentment for payment and any other defense to payment of any amounts due to a Lender in respect of a B/A accepted and
purchased by it pursuant to this Agreement that might exist solely by reason of such B/A being held, at the maturity thereof, by such Lender in its own right and the Canadian Borrower agrees not to claim any days of grace if such Lender as holder
sues the Canadian Borrower on the B/A for payment of the amounts payable by the Canadian Borrower thereunder. On the specified maturity date of a B/A, or such earlier date as may be required pursuant to the provisions of this Agreement, the Canadian
Borrower shall pay the Lender that has accepted and purchased such B/A the full face amount of such B/A, and after such payment the Canadian Borrower shall have no further liability in respect of such B/A and such Lender shall be entitled to all
benefits of, and be responsible for all payments due to third parties under, such B/A. 
  
 (j) At the option of the Canadian Borrower and any Lender, B/As under this Agreement to be accepted by that Lender may be issued in the form of depository bills for deposit with The Canadian Depository for Securities
Limited pursuant to the Depository Bills and Notes Act (Canada) or bills of exchange pursuant to the Bills of Exchange Act. All depository bills so issued and all bills of exchange shall be governed by the provisions of this Section 2.06. If a
Canadian Tranche Lender is not a bank under the Bank Act (Canada) or if a Canadian Tranche Lender notifies the Administrative Agent in writing that it is otherwise unable to accept B/As, such Canadian Tranche Lender will, instead of accepting and
purchasing B/As, make a Loan (a “B/A Equivalent Loan”) to the Canadian Borrower in the amount and for the same term as the draft that such Canadian Tranche Lender would otherwise have been required to accept and purchase hereunder.
Each such Canadian Tranche Lender will provide to the Administrative Agent the Discount Proceeds of such B/A Equivalent Loan for the account of the Canadian Borrower in the same manner as such Canadian Tranche Lender would have provided the Discount
Proceeds in respect of the draft that such Canadian Tranche Lender would otherwise have been required to accept and purchase hereunder. Each such B/A Equivalent Loan will bear interest at the same rate that would result if such Canadian Tranche
Lender had accepted (and been paid an acceptance fee) and purchased (on a discounted basis) a B/A for the relevant Contract Period (it being the intention of the parties that each such B/A Equivalent Loan shall have the same economic consequences
for the Lenders and the Canadian Borrower as the B/A that such B/A Equivalent Loan replaces). All such interest shall be paid in advance on the date such B/A Equivalent Loan is made, and will be deducted from the principal amount of such B/A
Equivalent Loan in the same amount and manner in which the deduction based on 

  

 84 

 
the Discount B/A Rate and the applicable acceptance fee of a B/A would be deducted from the face amount of the B/A. Subject to the repayment requirements of
this Agreement, on the last day of the relevant Contract Period for such B/A Equivalent Loan, the Canadian Borrower shall be entitled to convert each such B/A Equivalent Loan into another type of Loan, or to roll over each such B/A Equivalent Loan
into another B/A Equivalent Loan, all in accordance with the applicable provisions of this Agreement. 
  
 SECTION 2.07. Funding of Borrowings. (a) Each Lender shall make each Loan to be made by it and disburse the Discount Proceeds (net of applicable
acceptance fees) of each B/A to be accepted and purchased by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 noon, Local Time, to the account of the Administrative Agent most recently designated by
it for such purpose by notice to the Lenders; provided that Swingline Loans shall be made as provided in Section 2.04. The Administrative Agent will make such Loans or Discount Proceeds (net of applicable acceptance fees) available to the
applicable Borrower by promptly crediting the amounts so received, in like funds, to an account of such Borrower designated by such Borrower in the applicable Borrowing Request; provided that ABR Revolving Loans, Base Rate Revolving
Borrowings and Swingline Borrowings made to finance the reimbursement of a L/C Disbursement and reimbursements as provided in Section 2.05(e) shall be remitted by the Administrative Agent to the applicable Issuing Bank. 
  
 (b) Unless the Administrative Agent shall have received notice from a Lender
prior to the proposed date of any Borrowing or acceptance and purchase of B/As that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing or the applicable Discount Proceeds (net of applicable
acceptance fees), the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the applicable Borrower a
corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing or the applicable Discount Proceeds (net of applicable acceptance fees) available to the Administrative Agent, then the applicable Lender and
the applicable Borrower severally agree to pay to the Administrative Agent forthwith on demand (without duplication) such corresponding amount with interest thereon, for each day from and including the date such amount is made available to such
Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of (A) (1) in the case of a Borrowing by the U.S. Borrower, the Federal Funds Effective Rate, and (2) in the case of any other
amount, the rate reasonably determined by the Administrative Agent to be the cost to it of funding such amount, and (B) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, (ii) in the
case of a Borrower, (1) if such amount is a Borrowing made to the U.S. Borrower, the interest rate applicable to ABR Loans, (2) if such amount is a Borrowing made in U.S. Dollars to the Canadian Borrower, the interest rate applicable to U.S. Base
Rate Loans, (3) if such amount is a B/A Drawing or a Canadian Dollar-denominated Borrowing made to the Canadian Borrower, the interest rate applicable to Canadian Base Rate Loans and (4) if such amount is a Borrowing made to the Dutch Borrower, the
German Borrower or a U.K. Borrower, the interest rate 

  

 85 

 
applicable to the applicable Base Rate Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such
Lender’s Loan included in such Borrowing or such Lender’s purchase of B/As. If such Borrower pays such amount to the Administrative Agent, then such amount shall constitute a reduction of such Borrowing or of the face amount of such B/As.

  
 SECTION 2.08. Interest Elections. (a) Each Borrowing
initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Each B/A Drawing shall have a Contract Period as
specified in the applicable request therefor. Thereafter, the Borrower may elect to convert such Borrowing or B/A Drawing to a different Type or to continue such Borrowing or B/A Drawing and, in the case of a Eurocurrency Borrowing, may elect
Interest Periods therefor, all as provided in this Section, it being understood that no B/A Drawing may be converted or continued other than at the end of the Contract Period applicable thereto. The Borrower may elect different options with respect
to different portions of the affected Borrowing or B/A Drawing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing or accepting B/As comprising such B/A Drawing, as the case may
be, and the Loans or B/As resulting from an election made with respect to any such portion shall be considered a separate Borrowing or B/A Drawing. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.

  
 (b) To make an election pursuant to this Section, a Borrower
shall notify the Administrative Agent of such election (as provided in Section 9.01 and, unless otherwise agreed upon by the Administrative Agent, in Schedule 2.03) by telephone (i) in the case of an election that would result in a Borrowing, by the
time that a Borrowing Request would be required under Section 2.03 if such Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election and (ii) in the case of an election that would
result in a B/A Drawing or the continuation of a B/A Drawing, by the time that a request would be required under Section 2.06 if such Borrower were requesting an acceptance and purchase of B/As to be made on the effective date of such election. Each
such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed
by the applicable Borrower. Notwithstanding any other provision of this Section, no Borrower shall be permitted to (i) change the currency of any Borrowing, (ii) elect an Interest Period for Eurocurrency Loans that does not comply with Section
2.02(d) or Contract Period for B/As that does not comply with 2.06(c)(iii) or (iii) convert any Borrowing or B/A Drawing to a Borrowing or B/A Drawing not available under the Class of Commitments pursuant to which such Borrowing or B/A Drawing was
made. 
  

 86 

 (c) Each telephonic and written Interest Election Request shall specify the following information in
compliance with Section 2.02: 
  
 (i) the
Borrowing or B/A Drawing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing or B/A Drawing (in
which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing or B/A Drawing); 
  
 (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 
  
 (iii) whether the resulting outstanding credit extension is
to be an ABR Borrowing, a Eurocurrency Borrowing, a Base Rate Borrowing or a B/A Drawing; and 
  
 (iv) if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period to be applicable thereto after giving effect to such
election, which shall be a period contemplated by the definition of the term “Interest Period”, and in the case of an election of a B/A Drawing, the Contract Period to be applicable thereto, which shall be a period contemplated by the
definition of the term “Contract Period”. 
  
 If any such Interest
Election Request requests a Eurocurrency Borrowing or a B/A Drawing but does not specify an Interest Period or a Contract Period, then the applicable Borrower shall be deemed to have selected an Interest Period or Contract Period, as applicable, of
one month’s or 30 days’ duration, as applicable. 
  
 (d)
Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender to which such Interest Election Request relates of the details thereof and of such Lender’s portion of each resulting Borrowing or B/A
Drawing. 
  
 (e) If a Borrower fails to deliver a timely Interest
Election Request with respect to a Eurocurrency Borrowing or a B/A Drawing prior to the end of the Interest Period or Contract Period applicable thereto, then, unless such Borrowing or B/A Drawing is repaid as provided herein, at the end of such
Interest Period such Borrowing or B/A Drawing shall (i) in the case of a Borrowing denominated in U.S. Dollars by the U.S. Borrower, be converted to an ABR Borrowing, (ii) in the case of a Borrowing by the Dutch Borrower, the German Borrower or a
U.K. Borrower, be continued as a Base Rate Borrowing, (iii) in the case of a Borrowing denominated in U.S. Dollars by the Canadian Borrower, be converted to a U.S. Base Rate Borrowing, and (iv) in the case of a Borrowing or B/A Drawing denominated
in Canadian Dollars, be converted to a Canadian Base Rate Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the written request (including a request
through electronic means) of the Required Lenders, so notifies the U.S. Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a Eurocurrency Borrowing and (ii) unless repaid,
each Eurocurrency Borrowing shall (A) in the case of such a 

  

 87 

 
Borrowing by the U.S. Borrower, be converted to an ABR Borrowing at the end of the Interest Period applicable thereto, (B) in the case of such a Borrowing by
the Canadian Borrower, be converted to a U.S. Base Rate Borrowing at the end of the Interest Period applicable thereto or (C) in the case of such a Borrowing by the Dutch Borrower, the German Borrower or a U.K. Borrower, be continued as a Base Rate
Borrowing. 
  
 (f) Upon the conversion of any Canadian Tranche
Borrowing (or portion thereof), or the continuation of any B/A Drawing (or portion thereof), to or as a B/A Drawing, the net amount that would otherwise be payable to the Canadian Borrower by each Lender pursuant to Section 2.06(f) in respect of
such new B/A Drawing shall be applied against the principal of the Canadian Tranche Revolving Facility Loan made by such Lender as part of such Canadian Tranche Borrowing (in the case of a conversion), or the reimbursement obligation owed to such
Lender under Section 2.06(i) in respect of the B/As accepted by such Lender as part of such maturing B/A Drawing (in the case of a continuation), and the Canadian Borrower shall pay to such Lender an amount equal to the difference between the
principal amount of such Canadian Tranche Revolving Facility Loan or the aggregate face amount of such maturing B/As, as the case may be, and such net amount. 
  

SECTION 2.09. Termination and Reduction of Commitments; Return of Tranche B-3 Credit-Linked Deposits. (a) Unless previously terminated, the
Revolving Facility Commitments shall terminate on the Revolving Facility Maturity Date. 
  
 (b) Any Borrower may at any time terminate, or from time to time reduce, the Commitments of any Tranche of the Revolving Facility Commitments; provided that (i) each reduction of the Commitments of any Class
shall be in an amount that is an integral multiple of $1.0 million and not less than $5.0 million (or, if less, the remaining amount of any such Tranche of the Revolving Facility Commitments) and (ii) the Borrowers shall not terminate or reduce any
Tranche of the Revolving Facility Commitments if, after giving effect to any concurrent prepayment of the Revolving Facility Loans in accordance with Section 2.12, (A) the total European Tranche Revolving Facility Exposure would exceed the total
European Tranche Commitments, (B) the total Canadian Tranche Revolving Facility Exposure would exceed the total Canadian Tranche Commitments or (C) the total U.S. Tranche Revolving Facility Exposure would exceed the total U.S. Tranche Commitments.
The U.S. Borrower may at any time or from time to time direct the Administrative Agent to reduce the Total Tranche B-3 Credit-Linked Deposit; provided that (i) each reduction of the Tranche B-3 Credit-Linked Deposits shall be in an amount
that is an integral multiple of $1.0 million and not less than $5.0 million (or, if less, the remaining amount of the Total Tranche B-3 Credit-Linked Deposit) and (ii) the U.S. Borrower shall not direct the Administrative Agent to reduce the Tranche
B-3 Credit-Linked Deposits if, after giving effect to such reduction (and to the provisions of Section 2.05(a)), the aggregate Tranche B-3 L/C Exposure would exceed the Total Tranche B-3 Credit-Linked Deposit or the European Tranche Revolving
Facility Exposure would exceed the total European Tranche Commitments. In the event the Tranche B-3 Credit-Linked Deposits shall be reduced as provided in the immediately preceding sentence, the Administrative Agent will return all amounts in the
Tranche B-3 Credit-Linked Deposit Account in excess of the reduced 

  

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Total Tranche B-3 Credit-Linked Deposit to the Tranche B-3 Lenders, ratably in accordance with their Tranche B-3 Percentages of the Total Tranche B-3
Credit-Linked Deposit (as determined immediately prior to such reduction). 
  
 (c) The applicable Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Facility Commitments or the Total Tranche B-3 Credit-Linked Deposit under paragraph (b) of this
Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the
applicable Lenders of the contents thereof. Each notice delivered by a Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of any Tranche of the Revolving Facility Commitments or of a reduction of the
Total Tranche B-3 Credit-Linked Deposit to zero delivered by a Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by such Borrower (by notice to the
Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments of any Class or reduction of the Total Tranche B-3 Credit-Linked Deposit pursuant to this Section
2.09 shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class. 
  
 SECTION 2.10. Repayment of Loans and B/As; Evidence of Debt. (a) Each Borrower hereby unconditionally promises to pay
(i) to the Administrative Agent for the account of each Revolving Facility Lender the then unpaid principal amount of each Revolving Facility Loan of such Lender to such Borrower on the Revolving Facility Maturity Date, (ii) to the Administrative
Agent for the account of each Lender the then unpaid principal amount of each Term Loan of such Lender to such Borrower as provided in Section 2.11, (iii) to the Administrative Agent for the account of each Lender the face amount of each B/A, if
any, accepted by such Lender from the Canadian Borrower as provided in Section 2.06(i), and (iv) to the Swingline Lender the then unpaid principal amount of each Swingline Loan to such Borrower on the earlier of the Revolving Facility Maturity Date
and the first date after such Swingline Loan is made that is the 15th or last day of a calendar month and is at least five Business Days after such Swingline Loan is made; provided that on each date that a Revolving Facility Borrowing is made
by the U.S. Borrower, the U.S. Borrower shall repay all Swingline Loans then outstanding. 
  
 (b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of each Borrower to such Lender resulting from each Loan made or B/A accepted by such Lender,
including the amounts and currencies of principal and interest payable and paid to such Lender from time to time hereunder. 
  
 (c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the currency thereof, the Class
and Type thereof and the Interest Period (if any) applicable thereto, and the amount of each B/A and the Contract Period applicable thereto, (ii) the amount of any principal or 

  

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interest, or other amount in respect of any B/A, due and payable or to become due and payable from each Borrower to each Lender hereunder and (iii) any
amount received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 
  
 (d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence,
currencies and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of any Borrower to
repay the Loans in accordance with the terms of this Agreement. 
  
 (e) Any Lender may request that Loans of any Class made by it be evidenced by a promissory note (a “Note”). In such event, each Borrower under such Class shall prepare, execute and deliver to such Lender a promissory note
payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent and reasonably acceptable to the applicable Borrower. Thereafter, the Loans evidenced
by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory
note is a registered note, to such payee and its registered assigns). 
  

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 SECTION 2.11. Repayment of Term Loans, B/As, Revolving Facility Loans and Tranche B-3 Credit-Linked
Deposits. (a) (i) Subject to the other paragraphs of this Section, the U.S. Borrower shall repay Tranche B-1 Term Borrowings and the Dutch Borrower shall repay Tranche B-2 Term Borrowings on each date set forth below in the aggregate principal
amount set forth for such Borrowings opposite such date (each such date being referred to as a “Term Loan Installment Date”): 
  

							
	 Date

	  	 Amount of Tranche B-1
 Term Borrowings to Be
 Repaid

	  	 Amount of Tranche B-2
 Term Borrowings to Be
 Repaid

	 September 30, 2005
	  	$	525,000	  	$	725,000
	 December 31, 2005
	  	$	525,000	  	$	725,000
	 March 31, 2006
	  	$	525,000	  	$	725,000
	 June 30, 2006
	  	$	525,000	  	$	725,000
	 September 30, 2006
	  	$	525,000	  	$	725,000
	 December 31, 2006
	  	$	525,000	  	$	725,000
	 March 31, 2007
	  	$	525,000	  	$	725,000
	 June 30, 2007
	  	$	525,000	  	$	725,000
	 September 30, 2007
	  	$	525,000	  	$	725,000
	 December 31, 2007
	  	$	525,000	  	$	725,000
	 March 31, 2008
	  	$	525,000	  	$	725,000
	 June 30, 2008
	  	$	525,000	  	$	725,000
	 September 30, 2008
	  	$	525,000	  	$	725,000
	 December 31, 2008
	  	$	525,000	  	$	725,000
	 March 31, 2009
	  	$	525,000	  	$	725,000
	 June 30, 2009
	  	$	525,000	  	$	725,000
	 September 30, 2009
	  	$	525,000	  	$	725,000
	 December 31, 2009
	  	$	525,000	  	$	725,000
	 March 31, 2010
	  	$	525,000	  	$	725,000
	 June 30, 2010
	  	$	525,000	  	$	725,000
	 September 30, 2010
	  	$	525,000	  	$	725,000
	 December 31, 2010
	  	$	525,000	  	$	725,000
	 March 31, 2011
	  	$	525,000	  	$	725,000
	 June 30, 2011
	  	$	525,000	  	$	725,000
	 September 30, 2011
	  	$	525,000	  	$	725,000
	 December 31, 2011
	  	$	525,000	  	$	725,000
	 March 31, 2012
	  	$	525,000	  	$	725,000
	 Term Facility Maturity Date
	  	$	195,825,000	  	$	270,425,000

  
 To the extent not
previously paid, outstanding Term Loans shall be due and payable on the Term Facility Maturity Date. 
  
 (ii) In the event that any Incremental Term Loans are made on an Increased Amount Date, the U.S. Borrower shall repay such Incremental
Term Loans on the dates and in the amounts set forth in the Incremental Assumption Agreement. 
  

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 (b) To the extent not previously paid, outstanding Revolving Facility Loans shall be due and payable on
the Revolving Facility Maturity Date; provided that any Other Revolving Facility Loans shall be due and payable as set forth in the relevant Incremental Assumption Agreement. 
  
 (c) Prepayment of the Borrowings from: 
  
 (i) all Net Proceeds pursuant to Section 2.12(b) and Excess Cash Flow pursuant to Section 2.12(c) to be
applied to prepay Term Borrowings of any Class shall be applied (1) to reduce in order of maturity the next eight unpaid scheduled amortization payments under paragraph (a) above in respect of the Term Borrowings of such Class, and (2) thereafter,
to reduce on a pro rata basis (based on the amount of such amortization payments) the remaining scheduled amortization payments in respect of the Term Borrowings of such Class; provided, however that if any loans under the
Bridge Facility are outstanding on the date of such prepayment all proceeds that constitute Net Proceeds pursuant to clause (b) of the definition thereof shall be used to repay such loans under the Bridge Facility. 
  
 (ii) any optional prepayments of the Term Loans pursuant to
Section 2.12(a) shall be applied to the remaining installments thereof as directed by the U.S. Borrower. 
  
 (d) Prior to any repayment of any Borrowing or amounts owing in respect of outstanding B/A Drawings, or any reduction of Tranche B-3 Credit-Linked
Deposits, hereunder, the applicable Borrower shall select the Borrowing or Borrowings, B/A Drawing or B/A Drawings and/or Tranche B-3 Credit-Linked Deposits to be repaid or reduced and shall notify the Administrative Agent by telephone (confirmed by
telecopy) of such selection (i) in the case of an ABR Borrowing, a Base Rate Borrowing or a B/A Drawing, not later than 12:00 p.m., Local Time, one Business Day before the scheduled date of such repayment and (ii) in the case of a Eurocurrency
Borrowing or Tranche B-3 Credit-Linked Deposit, not later than 11:00 a.m., Local Time, three Business Days before the scheduled date of such repayment or reduction. Any mandatory prepayment of Term Borrowings shall be applied so that the aggregate
amount of such prepayment is allocated among the Tranche B-1 Term Borrowings, Tranche B-2 Term Borrowings and Other Term Loans of each Class, if any, pro rata based on the aggregate principal amount of outstanding Borrowings of each
such Class. In the case of prepayments under Section 2.12(a), the Borrowers may in their sole discretion select the Borrowing or Borrowings to be prepaid. Each repayment of a Borrowing or amounts owing in respect of outstanding B/A Drawings shall be
applied ratably to the Loans included in the repaid Borrowing or the B/As included in such B/A Drawing and each reduction of the Total Tranche B-3 Credit-Linked Deposit shall be applied ratably to the Tranche B-3 Credit-Linked Deposits of the
Tranche B-3 Lenders. The first $100.0 million of repayments and prepayments of Tranche B-2 Term Loans hereunder shall be deemed to be applied to the portion of the Tranche B-2 Term Loans the proceeds of which were used to fund a partnership with RSM
Capital pursuant to Section 5.08. Notwithstanding anything to the contrary in the immediately preceding sentence, prior to any repayment of a Swingline 

  

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Borrowing hereunder, the U.S. Borrower shall select the Borrowing or Borrowings to be repaid and shall notify the Administrative Agent by telephone
(confirmed by telecopy) of such selection not later than 12:00 p.m., Local Time, on the scheduled date of such repayment. Repayments of Borrowings shall be accompanied by accrued interest on the amount repaid. 
  
 (e) For the avoidance of doubt, and notwithstanding anything to the contrary
set forth in this Section 2.11 (including the amortization schedule set forth above), if the original Term Facility Maturity Date and the original Revolving Facility Maturity Date shall be changed to an earlier date pursuant to the provisos to the
definitions of the terms Term Facility Maturity Date and Revolving Facility Maturity Date, then, to the extent not previously paid, outstanding Term Loans, Revolving Facility Loans, B/As and Swingline Loans shall be due and payable on such earlier
date; provided that any Other Revolving Facility Loans and Other Term Loans shall be due and payable as set forth in the relevant Incremental Assumption Agreement. 
  
 (f) Amounts to be applied pursuant to this Section or Section 7.01 to prepay or repay amounts to become due with respect to
outstanding B/As shall be deposited in the Prepayment Account (as defined below). On the last day of the Contract Period of each B/A to be prepaid or repaid, the Administrative Agent shall apply any cash on deposit in the Prepayment Account to
amounts due in respect of the relevant B/As until all amounts due in respect of the relevant outstanding B/As have been satisfied (with any remaining funds being returned to the Canadian Borrower) or until all the allocable cash on deposit has been
exhausted. For purposes of this Agreement, the term “Prepayment Account” shall mean an account established by the Canadian Borrower with the Administrative Agent and over which the Administrative Agent shall have exclusive dominion
and control, including the exclusive right of withdrawal for application in accordance with this paragraph (f). The Administrative Agent will, at the request of the Canadian Borrower, use commercially reasonable efforts to invest amounts on deposit
in the Prepayment Account in short-term, cash equivalent investments selected by the Administrative Agent in consultation with the Canadian Borrower that mature prior to the last day of the applicable Contract Periods of the B/As to be prepaid;
provided that the Administrative Agent shall have no obligation to invest amounts on deposit in the Prepayment Account if a Default or Event of Default shall have occurred and be continuing. The Canadian Borrower shall indemnify the
Administrative Agent for any losses relating to the investments made at the request or direction of the Canadian Borrower so that the amount available to prepay amounts due in respect of B/As on the last day of the applicable Contract Period is not
less than the amount that would have been available had no investments been made pursuant thereto. Other than any interest earned on such investments (which shall be for the account of the Canadian Borrower, to the extent not necessary for the
prepayment of B/As in accordance with this Section), the Prepayment Account shall not bear interest. Interest or profits, if any, on such investments shall be deposited in the Prepayment Account and reinvested and disbursed as specified above. If
the maturity of the Loans and all amounts due hereunder has been accelerated pursuant to Section 7.01, the Administrative Agent may, in its sole discretion, apply all amounts on deposit in the Prepayment Account to satisfy any of the Obligations in
respect of Canadian Tranche Loans and B/As (and the Canadian Borrower hereby 

  

 93 

 
grants to the Administrative Agent a security interest in the Prepayment Account to secure such Obligations). 
  
 (g) The Administrative Agent shall return Tranche B-3 Credit-Linked Deposits
in the aggregate amount of $500,000 to the Tranche B-3 Lenders on June 30 of each year, beginning on June 30, 2006. To the extent not previously returned, all Tranche B-3 Credit-Linked Deposits shall be returned to the Tranche B-3 Lenders on the
Tranche B-3 Maturity Date. Any optional return of Tranche B-3 Credit-Linked Deposits effected pursuant to Section 2.10 shall be applied to reduce the subsequent scheduled returns of Tranche B-3 Credit-Linked Deposits to be effected pursuant to this
Section as directed by the U.S. Borrower. Each return of Tranche B-3 Credit-Linked Deposits pursuant to this Section 2.11(g) shall be accompanied by accrued interest on the amount of Tranche B-3 Credit-Linked Deposits paid to but excluding the date
of return. 
  
 SECTION 2.12. Prepayment of Loans. (a) The
Borrowers shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, without premium or penalty (but subject to Section 2.17), in an aggregate principal amount that is an integral multiple of the Borrowing
Multiple and not less than the Borrowing Minimum or, if less, the amount outstanding, subject to prior notice in accordance with Section 2.11(d). 
  
 (b) The U.S. Borrower shall apply all Net Proceeds promptly upon receipt thereof to prepay Term Borrowings in accordance with paragraphs (c) and (d) of
Section 2.11; provided that the U.S. Borrower shall not be required so to apply cash proceeds that constitute Net Proceeds pursuant to clause (b) of the definition thereof to prepay Term Borrowings if, on the date of receipt thereof, and
after giving effect to the incurrence, issuance or sale of Indebtedness that produces such Net Proceeds on a Pro Forma Basis, the Senior Secured Bank Leverage Ratio on the last day of the U.S. Borrower’s then most recently completed fiscal
quarter for which financial statements are available shall be less than or equal to 1.50 to 1.00. 
  
 (c) Not later than 90 days after the end of each Excess Cash Flow Period (commencing with the Excess Cash Flow Period beginning on January 1, 2006), the
U.S. Borrower shall calculate Excess Cash Flow for such Excess Cash Flow Period and shall apply an amount equal to the amount by which (A) the Required Percentage of such Excess Cash Flow exceeds (B) the aggregate principal amount of voluntary
prepayments of Term Loans pursuant to Section 2.12(a) and permanent voluntary reductions of Revolving Facility Commitments pursuant to Section 2.09(b) to the extent that an equal amount of Revolving Facility Loans was simultaneously repaid pursuant
to Section 2.12(a), in each case during such Excess Cash Flow Period, to prepay Term Borrowings in accordance with paragraphs (c) and (d) of Section 2.11. Not later than the date on which the U.S. Borrower is required to deliver financial statements
with respect to the end of each Excess Cash Flow Period under Section 5.04(a), the U.S. Borrower will deliver to the Administrative Agent a certificate signed by a Financial Officer of the U.S. Borrower setting forth the amount, if any, of Excess
Cash Flow for such fiscal year and the calculation thereof in reasonable detail. 
  

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 (d) (i) In the event and on such occasion that (A) the total European Tranche Revolving Facility Exposure
exceeds the total European Tranche Commitments, (B) the total Canadian Tranche Revolving Facility Exposure exceeds the total Canadian Tranche Commitments or (C) the total U.S. Tranche Revolving Facility Exposure exceeds the total U.S. Tranche
Commitments, the Borrowers under the applicable Tranche shall prepay Revolving Borrowings or Swingline Borrowings (or, if no such Borrowings are outstanding, deposit cash collateral in an account with the Administrative Agent pursuant to Section
2.05(j)) in an aggregate amount equal to such excess; provided that if such excess arises solely as a result of currency rate fluctuations, such prepayment or deposit, as the case may be, shall not be required to be made until the third
Business Day after the Administrative Agent shall have delivered to the Borrowers written notice of such required prepayment or deposit. 
  
 SECTION 2.13. Fees. (a) The U.S. Borrower agrees to pay to each Lender in respect of a Tranche (other than any Defaulting Lender), through the
Administrative Agent, three Business Days after the last day of March, June, September and December in each year, and three Business Days after the date on which the Revolving Facility Commitments of all the Lenders in respect of such Tranche shall
be terminated as provided herein, a commitment fee (a “Commitment Fee”) on the daily amount of the Available Unused Commitment of such Lender attributable to such Tranche during the preceding quarter (or other period commencing with
the Closing Date or ending with the date on which the last of the Commitments of such Lender in respect of such Tranche shall be terminated) at a rate equal to 0.50% per annum. All Commitment Fees shall be computed on the basis of the actual number
of days elapsed in a year of 360 days. For the purpose of calculating any Lender’s Commitment Fee, the outstanding Swingline Loans during the period for which such Lender’s Commitment Fee is calculated shall be deemed to be zero. The
Commitment Fee due to each Lender in respect of any Tranche shall commence to accrue on the Closing Date and shall cease to accrue on the date on which the last of the Commitments of such Lender in respect of such Tranche shall be terminated as
provided herein. For purposes of computing the average daily amount of any Revolving L/C Exposure for any period under this Section 2.13(a) and under Section 2.13(b), the average daily amount of Alternative Currency Revolving L/C Exposure for such
period shall be calculated by multiplying (i) the average daily balance of each Alternative Currency Letter of Credit (expressed in the currency in which such Alternative Currency Letter of Credit is denominated) by (ii) the Exchange Rate for the
Alternative Currency in which such Letter of Credit is denominated in effect on the last Business Day of such period or by such other reasonable method that the Administrative Agent deems appropriate. Any Commitment Fee paid in respect of the
Canadian Tranche (i) shall be paid to each Canadian Tranche Lender’s Canadian Lending Office to the extent paid by the Canadian Borrower and (ii) shall be paid to each Canadian Tranche Lender’s U.S. Lending Office to the extent paid by the
U.S. Borrower. 
  
 (b) The U.S. Borrower from time to time agrees
to pay (i) to each Revolving Facility Lender (other than any Defaulting Lender) in respect of a Tranche, through the Administrative Agent, three Business Days after the last day of March, June, September and December of each year and three Business
Days after the date on which 

  

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the Revolving Facility Commitments in respect of such Tranche of all the Lenders shall be terminated as provided herein, a fee (an “L/C Participation
Fee”) on such Lender’s Tranche Percentage of the daily aggregate Revolving L/C Exposure with respect to such Tranche (excluding the portion thereof attributable to unreimbursed Revolving L/C Disbursements), during the preceding quarter
(or shorter period commencing with the Closing Date or ending with the Revolving Facility Maturity Date or the date on which the Revolving Facility Commitments in respect of such Tranche shall be terminated) at the rate per annum equal to the
Applicable Margin for Eurocurrency Revolving Borrowings effective for each day in such period (provided that, solely in respect of the CIGNA L/C, such rate per annum shall be equal to such Applicable Margin minus 0.50%) and (ii) to
each Issuing Bank in respect of any Tranche of the Revolving Facility, for its own account, (x) three Business Days after the last day of March, June, September and December of each year and three Business Days after the date on which the Revolving
Facility Commitments in respect of such Tranche of all the Lenders shall be terminated as provided herein, a fronting fee in respect of each Revolving Letter of Credit issued by such Issuing Bank for the period from and including the date of
issuance of such Revolving Letter of Credit to and including the termination of such Revolving Letter of Credit, computed at a rate equal to 1/4 of 1% per annum of the daily average stated amount of such Revolving Letter of Credit (or as otherwise
agreed with such Issuing Bank), plus (y) in connection with the issuance, amendment or transfer of any such Letter of Credit or any Revolving L/C Disbursement thereunder, such Issuing Bank’s customary documentary and processing charges
(collectively, “Issuing Bank Fees”). All L/C Participation Fees and Issuing Bank Fees that are payable on a per annum basis shall be computed on the basis of the actual number of days elapsed in a year of 360 days. 
  
 (c) The Canadian Borrower agrees to pay to the Administrative Agent, for the
account of each Canadian Tranche Lender, on each date on which B/As drawn by the Canadian Borrower are accepted hereunder, in Canadian Dollars, an acceptance fee computed by multiplying the face amount of each such B/A by the product of (i) the
Applicable Margin for B/A Drawings on such date and (ii) a fraction, the numerator of which is the number of days in the Contract Period applicable to such B/A and the denominator of which is 365. 
  
 (d) The U.S. Borrower agrees to pay (i) in addition to the fees payable to
the Tranche B-3 Lenders pursuant to Section 2.23(b), to the Administrative Agent for the account of each Tranche B-3 Lender, three Business Days after the last day of March, June, September and December of each year and three Business Days after the
date on which the Tranche B-3 Credit-Linked Deposit shall be terminated as provided herein, a participation fee with respect to its participations in Tranche B-3 Letters of Credit, which shall accrue at the Applicable Margin from time to time in
effect in respect of Eurocurrency Term Loans on the daily amount of such Tranche B-3 Lender’s Tranche B-3 Credit-Linked Deposit during the period from and including the Closing Date to but excluding the date on which the entire amount of such
Lender’s Tranche B-3 Credit-Linked Deposit is returned to it and (ii) to each Issuing Bank, for its own account, (x) three Business Days after the last day of March, June, September and December of each year and three Business Days after the
date on which the Tranche B-3 Credit-Linked 

  

 96 

 
Deposits shall be terminated as provided herein, a fronting fee in respect of each Tranche B-3 Letter of Credit issued by such Issuing Bank for the period
from and including the date of issuance of such Tranche B-3 Letter of Credit to and including the termination of such Tranche B-3 Letter of Credit, computed at a rate equal to 1/4 of 1% per annum of the daily average stated amount of such Tranche
B-3 Letter of Credit (or as otherwise agreed with such Issuing Bank), plus (y) in connection with the issuance, amendment or transfer of any such Letter of Credit or any Tranche B-3 L/C Disbursement thereunder, such Issuing Bank’s customary
documentary and processing charges; provided that all such fees shall be payable on the date on which the Tranche B-3 Credit-Linked Deposits are returned to the Tranche B-3 Lenders and any such fees accruing after the date on which the
Tranche B-3 Credit-Linked Deposits are returned to the Tranche B-3 Lenders shall be payable on demand. Any other fees payable to any Issuing Bank pursuant to this paragraph shall be payable within 10 days after demand. All participation fees and
fronting fees in respect of Tranche B-3 Letters of Credit that are payable on a per annum basis shall be computed on the basis of the number of days elapsed in a year of 360 days. 
  
 (e) The U.S. Borrower agrees to pay to the Administrative Agent, for the account of the Administrative Agent, the fees set
forth in the Fee Letter dated as of April 25, 2005, as amended, restated, supplemented or otherwise modified from time to time, at the times specified therein (the “Administrative Agent Fees”). 
  
 (f) All Fees shall be paid on the dates due, in immediately available funds,
to the Administrative Agent for distribution, if and as appropriate, among the Lenders, except that Issuing Bank Fees shall be paid directly to the applicable Issuing Banks. Once paid, none of the Fees shall be refundable under any circumstances.

  
 SECTION 2.14. Interest. (a) The Loans comprising each
ABR Borrowing (including each Swingline Loan to the U.S. Borrower) shall bear interest at the ABR plus the Applicable Margin, the Loans comprising each U.S. Base Rate Borrowing shall bear interest at the U.S. Base Rate plus the Applicable Margin,
the Loans comprising each Canadian Base Rate Borrowing shall bear interest at the Canadian Base Rate plus the Applicable Margin and the Loans comprising each other Base Rate Borrowing (including each Swingline Loan to the Dutch Borrower, the German
Borrower or a U.K. Borrower) shall bear interest at the applicable Base Rate plus the Applicable Margin. 
  
 (b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted Eurocurrency Rate for the Interest Period in effect for such
Borrowing plus the Applicable Margin. 
  
 (c) Notwithstanding the
foregoing, if any principal of or interest on any Loan or Tranche B-3 L/C Disbursements or any Fees or other amount payable by the applicable Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such
overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this
Section, (ii) in the case of overdue unreimbursed amounts with respect 

  

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to any Tranche B-3 L/C Disbursement, 2% plus the rate otherwise applicable to such Tranche B-3 L/C Disbursement as provided in Section 2.05(h) or (iii) in
the case of any other amount, 2% plus the interest rate that would have applied had such amount, during the period of non-payment, constituted (A) in the case of an amount owed by the U.S. Borrower, an ABR Loan or (B) in the case of any other
amount, a Base Rate Loan to the Borrower that owes such amount in the currency of the overdue amount; provided that this paragraph (c) shall not apply to any Event of Default that has been waived by the Lenders pursuant to Section 9.08.

  
 (d) Accrued interest on each Loan shall be payable in arrears
(i) on each Interest Payment Date for such Loan, (ii) in the case of Revolving Facility Loans in respect of any Tranche, upon termination of the Revolving Facility Commitments in respect of such Tranche and (iii) in the case of the Term Loans, on
the Term Facility Maturity Date; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR
Revolving Loan or a Base Rate Revolving Loan under any Tranche prior to the end of the Availability Period in respect of such Tranche), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or
prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 
  
 (e) All interest hereunder shall be computed on the basis of a year of 360
days, except that (i) interest on Loans denominated in Sterling and (ii) interest computed by reference to (A) the ABR at times when the ABR is based on the Prime Rate, (B) the U.S. Base Rate at times when the U.S. Base Rate is based on the rate
described in clause (a) of the definition thereof or (C) the Canadian Base Rate, in each case shall be computed on the basis of a year of 365 days (or 366 days in a leap year other than, for purposes of clause (C) above, when the Canadian Base Rate
is based on the rate described in clause (b) of the definition of “Canadian Base Rate”), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable ABR,
Adjusted Eurocurrency Rate or Base Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 
  
 (f) For the purposes of the Interest Act (Canada) and disclosure thereunder, whenever any interest or any fee to be paid hereunder or in connection
herewith is to be calculated on the basis of a 360-day or 365-day year, the yearly rate of interest to which the rate used in such calculation is equivalent is the rate so used multiplied by the actual number of days in the calendar year in which
the same is to be ascertained and divided by 360 or 365, as the case may be. The rates of interest under this Agreement are nominal rates, and not effective rates or yields. The principle of deemed reinvestment of interest does not apply to any
interest calculation under this Agreement. 
  

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 SECTION 2.15. Alternate Rate of Interest. If prior to the commencement of any Interest Period for
a Eurocurrency Borrowing denominated in any currency or, with respect to the Benchmark LIBOR Rate, on any day: 
  
 (a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means
do not exist for ascertaining the Adjusted Eurocurrency Rate, the LIBO Rate or the EURO LIBO Rate, as applicable, for such currency for such Interest Period or the Benchmark LIBOR Rate for such day, as applicable; or 
  
 (b) the Administrative Agent is advised by the Required
Lenders or the Majority Lenders under any Tranche that the Adjusted Eurocurrency Rate, the LIBO Rate or the EURO LIBO Rate, as applicable, for such currency for such Interest Period or the Benchmark LIBOR Rate for such day, as applicable, will not
adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing or such Tranche B-3 Credit-Linked Deposit, as applicable, for such Interest Period or such day, as applicable; 
  
 then the Administrative Agent shall give notice thereof to the Borrowers and the Lenders by
telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrowers and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests
the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing denominated in such currency shall be ineffective and such Borrowing shall be converted to or continued as on the last day of the Interest Period
applicable thereto (A) if such Borrowing is a Borrowing by the U.S. Borrower, an ABR Borrowing, and (B) if such Borrowing is a Borrowing by the Dutch Borrower, the German Borrower or a U.K. Borrower, or a Canadian Tranche Borrowing denominated in
U.S. Dollars, a Base Rate Borrowing, (ii) if any Borrowing Request requests a Eurocurrency Borrowing in such currency, (A) if such Borrowing is a Borrowing by the U.S. Borrower, such Borrowing shall be made as an ABR Borrowing, and (B) if such
Borrowing is a Borrowing by the Dutch Borrower, the German Borrower or a U.K. Borrower, or a Canadian Tranche Borrowing denominated in U.S. Dollars, a Base Rate Borrowing and (iii) the Tranche B-3 Credit-Linked Deposits shall be invested so as to
earn a return equal to the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 
  
 SECTION 2.16. Increased Costs. (a) If any Change in Law shall:

  
 (i) impose, modify or deem applicable any
reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted Eurocurrency Rate) or Issuing Bank; or

  

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 (ii) impose on any Lender or Issuing Bank or the London interbank market any other
condition affecting this Agreement or Eurocurrency Loans or B/A Drawings made by such Lender or any Letter of Credit or participation therein or any Tranche B-3 Credit-Linked Deposit; 
  
 and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurocurrency Loan or
obtaining funds for the purchase of B/As (or of maintaining its obligation to make any such Loan or to accept and purchase B/As) or to increase the cost to such Lender or Issuing Bank of participating in, issuing or maintaining any Letter of Credit
or any Tranche B-3 Credit-Linked Deposit or to reduce the amount of any sum received or receivable by such Lender or Issuing Bank hereunder (whether of principal, interest or otherwise), then the applicable Borrower will pay to such Lender or
Issuing Bank, as applicable, such additional amount or amounts as will compensate such Lender or Issuing Bank, as applicable, for such additional costs incurred or reduction suffered. 
  
 (b) If any Lender or Issuing Bank determines that any Change in Law regarding capital requirements has or would have the
effect of reducing the rate of return on such Lender’s or Issuing Bank’s capital or on the capital of such Lender’s or Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or
participations in Letters of Credit or Swingline Loans held by, or Tranche B-3 Credit-Linked Deposits of, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or such Issuing Bank or such
Lender’s or such Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s or such Issuing
Bank’s holding company with respect to capital adequacy), then from time to time the Borrowers shall pay to such Lender or such Issuing Bank, as applicable, such additional amount or amounts as will compensate such Lender or such Issuing Bank
or such Lender’s or such Issuing Bank’s holding company for any such reduction suffered. 
  
 (c) A certificate of a Lender or an Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or Issuing Bank or its holding
company, as applicable, as specified in paragraph (a) or (b) of this Section shall be delivered to the U.S. Borrower and shall be conclusive absent manifest error. The Borrowers shall pay such Lender or Issuing Bank, as applicable, the amount shown
as due on any such certificate within 10 days after receipt thereof. 
  
 (d) Promptly after any Lender or any Issuing Bank has determined that it will make a request for increased compensation pursuant to this Section 2.16, such Lender or Issuing Bank shall notify the U.S. Borrower thereof. Failure or delay on
the part of any Lender or Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or Issuing Bank’s right to demand such compensation; provided that the Borrowers shall not be
required to compensate a Lender or an Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than 180 days prior to the date that such Lender or Issuing Bank, as applicable, notifies the U.S. Borrower of the Change
in Law giving rise to such increased 

  

 100 

 
costs or reductions and of such Lender’s or Issuing Bank’s intention to claim compensation therefor; provided, further, that, if the
Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. 
  
 SECTION 2.17. Break Funding Payments. In the event of (a) the payment
of any principal of any Eurocurrency Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan other than on the last day of the Interest
Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurocurrency Loan on the date specified in any notice delivered pursuant hereto or (d) the assignment of any Eurocurrency Loan other than on the last day of the
Interest Period applicable thereto as a result of a request by a Borrower pursuant to Section 2.20 or the CAM Exchange, then, in any such event, the Borrowers shall compensate each Lender for the loss, cost and expense attributable to such event. In
the case of a Eurocurrency Loan, such loss, cost or expense to any Lender shall be deemed to be the amount determined by such Lender to be the excess, if any, of (i) the amount of interest that would have accrued on the principal amount of such Loan
had such event not occurred, at the Adjusted Eurocurrency Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to
borrow, convert or continue a Eurocurrency Loan, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest that would accrue on such principal amount for such period at the interest rate that such
Lender would bid were it to bid, at the commencement of such period, for deposits in the applicable currency of a comparable amount and period from other banks in the Eurocurrency market. A certificate of any Lender setting forth any amount or
amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to such Borrower and shall be conclusive absent manifest error. Such Borrower shall pay such Lender the amount shown as due on any such certificate within 10
days after receipt thereof. 
  
 SECTION 2.18. Taxes. (a)
Any and all payments by or on account of any obligation of any Loan Party hereunder or under any other Loan Documents shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if a Loan
Party shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums
payable under this Section) the Administrative Agent, any Lender or any Issuing Bank, as applicable, receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Loan Party shall make such deductions and
(iii) such Loan Party shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 
  
 (b) Any and all payments by or on account of any obligation of the Administrative Agent pursuant to Section 2.23(b) hereunder shall be made free and clear
of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the Administrative Agent shall be required to deduct any Indemnified Taxes or Other Taxes 

  

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from such payments, then (i) the Administrative Agent shall so notify the U.S. Borrower and advise it of the additional amount required to be paid so that
the sum payable by the Administrative Agent pursuant to Section 2.23(b) after making all required deductions (including deductions applicable to additional sums payable under this Section) to the Tranche B-3 Lenders is an amount from the
Administrative Agent equal to the sum they would have received from the Administrative Agent had no deductions been made, (ii) the U.S. Borrower shall pay such additional amount to the Administrative Agent, (iii) the Administrative Agent shall make
all required deductions, (iv) the Administrative Agent shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law and (v) the U.S. Borrower shall indemnify, within 10 days after written demand
therefor, the Administrative Agent for the full amount of any deductions paid by the Administrative Agent with respect to any payments made on account of any obligation of the Administrative Agent pursuant to Section 2.23(b). 
  
 (c) In addition, the Loan Parties shall pay any Other Taxes to the relevant
Governmental Authority in accordance with applicable law. 
  
 (d)
Each Loan Party shall indemnify the Administrative Agent, each Lender and each Issuing Bank, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent, such Lender or
such Issuing Bank, as applicable, on or with respect to any payment by or on account of any obligation of such Loan Party hereunder or under any other Loan Documents (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable
to amounts payable under this Section) and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to such Loan Party by a Lender or an Issuing Bank, or by the Administrative Agent on its own behalf, on behalf of another Agent or on behalf of a Lender or an Issuing Bank, shall
be conclusive absent manifest error. 
  
 (e) As soon as
practicable after any payment of Indemnified Taxes or Other Taxes by a Loan Party to a Governmental Authority, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
  
 (f) Any Foreign Lender that is entitled to an exemption from or reduction of withholding Tax under the law of the
jurisdiction in which a Borrower under a Tranche in which such Lender participates is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to such Borrower (with a copy to the
Administrative Agent), to the extent such Lender is legally entitled to do so, at the time or times prescribed by applicable law, such properly completed and executed documentation prescribed by applicable law as may reasonably be requested by such
Borrower to permit such payments to be made without such withholding tax or at a reduced rate; provided that no Lender shall have any obligation 

  

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under this paragraph (e) with respect to any withholding Tax imposed by any jurisdiction other than the United States if in the reasonable judgment of such
Lender such compliance would subject such Lender to any material unreimbursed cost or expense or would otherwise be disadvantageous to such Lender in any material respect. 
  
 (g) If the Administrative Agent or a Lender determines, in its sole discretion, that it has received a refund of any
Indemnified Taxes or Other Taxes as to which it has been indemnified by a Loan Party or with respect to which such Loan Party has paid additional amounts pursuant to this Section 2.18, it shall pay over such refund to such Loan Party (but only to
the extent of indemnity payments made, or additional amounts paid, by such Loan Party under this Section 2.18 with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such
Lender (including any Taxes imposed with respect to such refund) as is determined by the Administrative Agent or Lender in good faith and in its sole discretion, and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund); provided that such Loan Party, upon the request of the Administrative Agent or such Lender, agrees to repay as soon as reasonably practicable the amount paid over to such Loan Party (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This Section
shall not be construed to require the Administrative Agent or any Lender to make available its Tax returns (or any other information relating to its Taxes which it deems confidential) to the Loan Parties or any other person. 
  
 SECTION 2.19. Payments Generally; Pro Rata Treatment; Sharing of
Set-offs. (a) Unless otherwise specified, each Borrower shall make each payment required to be made by it hereunder (whether of principal, face amount of B/As, interest, fees or reimbursement of L/C Disbursements, or of amounts payable under
Section 2.16, 2.17 or 2.18, or otherwise) prior to 2:00 p.m., Local Time, on the date when due, in immediately available funds, without condition or deduction for any defense, recoupment, set-off or counterclaim. Any amounts received after such time
on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent to the
applicable account designated to such Borrower by the Administrative Agent, except payments to be made directly to the applicable Issuing Bank or the Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.16,
2.17, 2.18 and 9.05 shall be made directly to the persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other person to the appropriate recipient promptly following receipt
thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for
the period of such extension. All payments under each Loan Document of principal or interest in respect of any Loan or amounts owing in respect of any B/A Drawing (or of any breakage indemnity in respect of any Loan or B/A Drawing) shall be made in
the currency of such Loan or B/A Drawing; all other payments hereunder and under each 

  

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other Loan Document shall be made in U.S. Dollars, except as otherwise expressly provided herein. Any payment required to be made by the Administrative Agent
hereunder shall be deemed to have been made by the time required if the Administrative Agent shall, at or before such time, have taken the necessary steps to make such payment in accordance with the regulations or operating procedures of the
clearing or settlement system used by the Administrative Agent to make such payment. 
  
 (b) If at any time insufficient funds are received by and available to the Administrative Agent from any Borrower to pay fully all amounts of principal, face amount of B/As, unreimbursed L/C Disbursements, interest
and fees then due from such Borrower hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due from such Borrower hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest
and fees then due to such parties, and (ii) second, towards payment of principal, face amount of B/As and unreimbursed L/C Disbursements then due from such Borrower hereunder, ratably among the parties entitled thereto in accordance with the
amounts of principal, face amount of B/As and unreimbursed L/C Disbursements then due to such parties. 
  
 (c) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any
of its Term Loans, Revolving Facility Loans, amounts owing in respect of B/A Drawings or participations in L/C Disbursements or Swingline Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Term
Loans, Revolving Facility Loans, amounts owing in respect of B/A Drawings and participations in L/C Disbursements and Swingline Loans and accrued interest thereon under any Tranche than the proportion received by any other Lender under such Tranche,
then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Term Loans, Revolving Facility Loans, amounts owing in respect of B/A Drawings and participations in L/C Disbursements and Swingline
Loans of other Lenders under such Tranche to the extent necessary so that the benefit of all such payments shall be shared by the Lenders under such Tranche ratably in accordance with the aggregate amount of principal of and accrued interest on
their respective Term Loans, Revolving Facility Loans, amounts owing in respect of B/A Drawings and participations in L/C Disbursements and Swingline Loans under such Tranche; provided that (i) if any such participations are purchased and all
or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph (c) shall not be
construed to apply to any payment made by a Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or
participations in L/C Disbursements to any assignee or participant, other than to the U.S. Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph (c) shall apply). Each Borrower consents to the foregoing and
agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower rights of set-off and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of such Borrower in the amount of such participation. 
  

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 (d) Unless the Administrative Agent shall have received notice from a Borrower prior to the date on which
any payment is due to the Administrative Agent for the account of the Lenders or the applicable Issuing Bank hereunder that such Borrower will not make such payment, the Administrative Agent may assume that such Borrower has made such payment on
such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the applicable Issuing Bank, as applicable, the amount due. In such event, if such Borrower has not in fact made such payment, then each of the
Lenders or the applicable Issuing Bank, as applicable, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date
such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of (A) (1) in the case of Loans to the U.S. Borrower, the Federal Funds Effective Rate, (2) in the case of any other Loans or amounts
owing in respect of B/A Drawings, the rate reasonably determined by the Administrative Agent to be the cost to it of funding such amount, (3) in the case of any other amounts denominated in U.S. Dollars, the Federal Funds Effective Rate, and (4) in
the case of any other amount denominated in a currency other than U.S. Dollars, the rate reasonably determined by the Administrative Agent to be the cost to it of funding such amount, and (B) a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation. 
  
 (e) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.04(c), 2.05(d) or (e), 2.07(b) or 2.19(d), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision
hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
  
 SECTION 2.20. Mitigation Obligations; Replacement of Lenders. (a) If
any Lender requests compensation under Section 2.16, or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.18 or 2.23, then such Lender shall use
reasonable efforts to designate a different lending office for funding or booking its Loans or Tranche B-3 Credit-Linked Deposits hereunder or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in
the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.16, 2.18 or 2.23, as applicable, in the future and (ii) would not subject such Lender to any material
unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender in any material respect. The applicable Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such
designation or assignment. 
  
 (b) If any Lender requests
compensation under Section 2.16, or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.18 or 2.23, or is a Defaulting Lender, then the U.S.
Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and 

  

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delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations under
this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the U.S. Borrower shall have received the prior written consent of the
Administrative Agent, which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, amounts owing in respect of B/A Drawings and participations in L/C
Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal, amounts owing in respect of B/A Drawings and accrued interest
and fees) or the applicable Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.16 or payments required to be made pursuant to Section 2.18 or 2.23, such
assignment will result in a reduction in such compensation or payments. Nothing in this Section 2.20 shall be deemed to prejudice any rights that a Borrower may have against any Lender that is a Defaulting Lender. 
  
 (c) If any Lender (i) has failed to consent to a proposed amendment, waiver,
discharge or termination that pursuant to the terms of Section 9.08 requires the consent of all the Lenders affected and with respect to which the Required Lenders shall have granted their consent or (ii) was in breach of its representation made
pursuant to Section 9.22 (any such Lender referred to in clause (i) or (ii), a “Non-Consenting Lender”), then provided no Event of Default then exists, the U.S. Borrower shall have the right (unless in the case of clause (i) such
Non-Consenting Lender grants such consent) to replace such Non-Consenting Lender by requiring such Non-Consenting Lender to assign its Loans, Commitments and unreimbursed Tranche B-3 Credit-Linked Deposits hereunder to one or more assignees
reasonably acceptable to the Administrative Agent; provided that: (a) all Obligations of the Borrowers owing to such Non-Consenting Lender being replaced shall be paid in full to such Non-Consenting Lender concurrently with such assignment,
and (b) the replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus accrued and unpaid interest thereon. In connection with any such assignment the Borrowers, the
Administrative Agent, such Non-Consenting Lender and the replacement Lender shall otherwise comply with Section 9.04. 
  
 SECTION 2.21. Incremental Commitments. (a) The U.S. Borrower or the Dutch Borrower may, by written notice to the Administrative Agent from time to
time, request Incremental Term Loan Commitments and/or Incremental Revolving Facility Commitments in an amount not to exceed the Incremental Amount from one or more Incremental Term Lenders and/or Incremental Revolving Facility Lenders (which may
include any existing Lender) willing to provide such Incremental Term Loans and/or Incremental Revolving Facility Loans, as the case may be, in their own discretion; provided that each Incremental Term Lender and/or Incremental Revolving
Facility Lender shall be subject to the approval of the Administrative Agent (which approval shall not be unreasonably withheld). Such notice shall set forth (i) the amount of the Incremental Term Loan Commitments and/or Incremental Revolving
Facility Commitments being requested (which shall be in minimum increments of $1.0 million 
  

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and a minimum amount of $25.0 million or equal to the remaining Incremental Amount), (ii) the date on which such Incremental Term Loan Commitments and/or
Incremental Revolving Facility Commitments are requested to become effective (the “Increased Amount Date”) and (iii) (a) whether such Incremental Term Loan Commitments are to be Tranche B-1 Term Loan Commitments, Tranche B-2 Term
Loan Commitments or commitments to make term loans with pricing and/or amortization terms different from the Tranche B-1 Term Loans and the Tranche B-2 Term Loans (“Other Term Loans”) and/or (b) whether such Incremental Revolving
Facility Commitments are to be Canadian Tranche Commitments, European Tranche Commitments, U.S. Tranche Commitments or commitments to make revolving loans with pricing and/or amortization terms different from the Canadian Tranche Revolving Facility
Loans, European Tranche Revolving Facility Loans and U.S. Tranche Revolving Facility Loans (“Other Revolving Facility Loans”). 
  
 (b) The U.S. Borrower and each Incremental Term Lender and/or Incremental Revolving Facility Lender shall execute and deliver to the Administrative Agent
an Incremental Assumption Agreement and such other documentation as the Administrative Agent shall reasonably specify to evidence the Incremental Term Loan Commitment of such Incremental Term Lender and/or Incremental Revolving Facility Commitment
of such Incremental Revolving Facility Lender. Each Incremental Assumption Agreement shall specify the terms of the Incremental Term Loans and/or Incremental Revolving Facility Loans to be made thereunder; provided that (i) the Other Term
Loans and Other Revolving Facility Loans shall rank pari passu or junior in right of payment and of security with the Tranche B-1 Term Loans, Tranche B-2 Term Loans and Revolving Facility Loans and (except as to pricing and
amortization) shall have the same terms as the Tranche B-1 Term Loans or Tranche B-2 Term Loans, as applicable, (ii) the final maturity date of (a) any Other Term Loans shall be no earlier than the Term Loan Maturity Date and/or (b) any Other
Revolving Facility Loans shall be no earlier than the Revolving Facility Maturity Date; provided that any Other Term Loans and Other Revolving Facility Loans may provide for an acceleration of their maturity to an Early Maturity Test Date if,
on such Early Maturity Test Date, the aggregate principal amount of Early Maturity Notes that mature within 91 days after such Early Maturity Test Date exceeds $200.0 million, (iii) the weighted average life to maturity of any Other Term Loans shall
be no shorter than the weighted average life to maturity of the Term Loans and (iv) the Other Revolving Facility Loans shall require no scheduled amortization or mandatory commitment reductions prior to the Revolving Facility Maturity Date;
provided further that the interest rate margin (which shall be deemed to include all upfront or similar fees or original issue discount payable to all Lenders providing such Other Term Loan and/or Other Revolving Facility Loan) in
respect of any Other Term Loan and/or Other Revolving Facility Loan shall be the same as that applicable to the Term Loans and/or the Revolving Facility Loans; except that the interest rate margin in respect of any Other Term Loan and/or Other
Revolving Facility Loan (which shall be deemed to include all upfront or similar fees or original issue discount payable to all Lenders providing such Other Term Loan and/or Other Revolving Facility Loan) may exceed the Applicable Margin for the
Term Loans and/or the Revolving Facility Loans (which shall, for such purposes only, be deemed to include all upfront or similar fees or original issue discount payable to all Lenders providing such Other Term Loan and/or 

  

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Other Revolving Facility Loan), respectively, by no more than 1⁄2 of 1% (it being understood that any such increase may take the form of original issue
discount (“OID”), with OID being equated to the interest rates in a manner reasonably determined by the Administrative Agent based on an assumed four-year life to maturity), or if it does so exceed such Applicable Margin (which
shall, for such purposes only, be deemed to include all upfront or similar fees or original issue discount payable to all Lenders providing such Other Term Loan and/or Other Revolving Facility Loan), such Applicable Margin shall be increased so that
the interest rate margin in respect of such Other Term Loan or Other Revolving Facility Loan, as the case may be (which shall be deemed to include all upfront or similar fees or original issue discount payable to all Lenders providing such Other
Term Loan and/or Other Revolving Facility Loan), is no more than 1⁄2 of 1% higher than the Applicable Margin for the Term Loans or the Revolving Facility Loans, respectively (which shall, for such purposes only, be deemed to include all upfront
or similar fees or original issue discount payable to all Lenders providing such Other Term Loan and/or Other Revolving Facility Loan). The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Incremental Assumption
Agreement. Each of the parties hereto hereby agrees that, upon the effectiveness of any Incremental Assumption Agreement, this Agreement shall be amended to the extent (but only to the extent) necessary to reflect the existence and terms of the
Incremental Term Loan Commitments and/or Incremental Revolving Loan Commitments evidenced thereby as provided for in Section 9.08(e). Any such deemed amendment may be memorialized in writing by the Administrative Agent with the U.S. Borrower’s
consent (not to be unreasonably withheld) and furnished to the other parties hereto. 
  
 (c) Notwithstanding the foregoing, no Incremental Term Loan Commitment or Incremental Revolving Facility Commitment shall become effective under this Section 2.21 unless (i) on the date of such effectiveness, the
conditions set forth in paragraphs (b) and (c) of Section 4.01 shall be satisfied and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer of the U.S. Borrower, (ii) the
Administrative Agent shall have received legal opinions, board resolutions and other closing certificates and documentation as required by the relevant Incremental Assumption Agreement and consistent with those delivered on the Closing Date under
Section 4.02 and such additional documents and filings (including amendments to the Mortgages and other Security Documents and title endorsement bringdowns) as the Administrative Agent may reasonably require to assure that the Incremental Term Loans
and/or Incremental Revolving Facility Loans are secured by the Collateral ratably with (or, to the extent agreed by the applicable Incremental Term Lenders or Incremental Revolving Facility Lenders in the applicable Incremental Assumption Agreement,
junior to) the existing Term Loans and Revolving Facility Loans and (iii) the U.S. Borrower would be in Pro Forma Compliance after giving effect to such Incremental Term Loan Commitment and/or Incremental Revolving Facility Commitments and the Loans
to be made thereunder and the application of the proceeds therefrom as if made and applied on such date. 
  
 (d) Each of the parties hereto hereby agrees that the Administrative Agent may take any and all action as may be reasonably necessary to ensure that all
Incremental Term Loans and/or Incremental Revolving Facility Loans (other than Other Term Loans 

  

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or Other Revolving Facility Loans), when originally made, are included in each Borrowing of outstanding Term Loans or Revolving Facility Loans under the same
Tranche on a pro rata basis, and the Borrowers agree that Section 2.17 shall apply to any conversion of Eurocurrency Loans to ABR Loans or Base Rate Loans reasonably required by the Administrative Agent to effect the foregoing. 
  
 SECTION 2.22. Illegality. If any Lender reasonably determines that any
change in law has made it unlawful, or that any Governmental Authority has asserted after the Closing Date that it is unlawful, for any Lender or its applicable lending office to make or maintain any Eurocurrency Loans, then, on notice thereof by
such Lender to the Borrowers through the Administrative Agent, any obligations of such Lender to make or continue Eurocurrency Loans or to convert ABR Borrowings or Base Rate Borrowings to Eurocurrency Borrowings shall be suspended until such Lender
notifies the Administrative Agent and the Borrowers that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrowers shall upon demand from such Lender (with a copy to the Administrative Agent),
either convert all Eurocurrency Borrowings of such Lender to ABR Borrowings or Base Rate Borrowings, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Borrowings to such day,
or immediately, if such Lender may not lawfully continue to maintain such Loans. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest on the amount so prepaid or converted. 
  
 SECTION 2.23. Credit-Linked Deposit Account. (a) The Tranche B-3
Credit-Linked Deposits shall be held by the Administrative Agent in the Tranche B-3 Credit-Linked Deposit Account, and no party other than the Administrative Agent shall have a right of withdrawal from the Tranche B-3 Credit-Linked Deposit Account
or any other right or power with respect to the Tranche B-3 Credit-Linked Deposits, except as expressly set forth in Section 2.05, 2.09 or 2.12. Notwithstanding any provision in this Agreement to the contrary, the sole funding obligation of each
Tranche B-3 Lender in respect of its participation in Tranche B-3 Letters of Credit shall be satisfied in full upon the funding of its Tranche B-3 Credit-Linked Deposit on the Closing Date. 
  
 (b) Each of the U.S. Borrower, the Administrative Agent, each Issuing Bank
issuing any Tranche B-3 Letter of Credit and each Tranche B-3 Lender hereby acknowledges and agrees that each Tranche B-3 Lender is funding its Tranche B-3 Credit-Linked Deposit to the Administrative Agent for application in the manner contemplated
by Section 2.05 and that the Administrative Agent has agreed to invest the Tranche B-3 Credit-Linked Deposits so as to earn a return (except during periods when, and to the extent to which, such Tranche B-3 Credit-Linked Deposits are used to cover
unreimbursed Tranche B-3 L/C Disbursements, and subject to Section 2.15) for the Tranche B-3 Lenders equal to a rate per annum, reset daily on each Business Day for the period until the next following Business Day, equal to (i) such day’s rate
for one month LIBOR deposits (the “Benchmark LIBOR Rate”) computed on the basis of the actual number of days elapsed in a year of 365 days (or 366 days in a leap year) minus (ii) 0.10%. Such interest will be paid to the
Tranche B-3 Lenders by the Administrative Agent quarterly in arrears when Letter of Credit fees are payable pursuant to Section 

  

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2.13. In addition to the foregoing payments by the Administrative Agent, the U.S. Borrower agrees to make payments to the Tranche B-3 Lenders quarterly in
arrears when Letter of Credit fees are payable pursuant to Section 2.13 (and together with the payment of such fees) in an amount equal to 0.10% per annum on the amounts of their respective Tranche B-3 Credit-Linked Deposits. 
  
 (c) The U.S. Borrower shall have no right, title or interest in or to the
Tranche B-3 Credit-Linked Deposits and no obligations with respect thereto (except for the reimbursement obligations provided in Section 2.05 and the obligation to pay fees as provided in this Section 2.23), it being acknowledged and agreed by the
parties hereto that the making of the Tranche B-3 Credit-Linked Deposits by the Tranche B-3 Lenders, the provisions of this Section 2.23 and the application of the Tranche B-3 Credit-Linked Deposits in the manner contemplated by Section 2.05
constitute agreements among the Administrative Agent, each Issuing Bank issuing any Tranche B-3 Letter of Credit and each Tranche B-3 Lender with respect to the funding obligations of each Tranche B-3 Lender in respect of its participation in
Tranche B-3 Letters of Credit and do not constitute any loan or extension of credit to the U.S. Borrower. 
  
 (d) Subject to the U.S. Borrower’s compliance with the cash-collateralization requirements set forth in Section 2.05(j), the Administrative Agent
shall return any remaining Tranche B-3 Credit-Linked Deposits to the Tranche B-3 Lenders following the occurrence of the Tranche B-3 Maturity Date. 
  
 SECTION 2.24. Additional Reserve Costs. (a) If and so long as any Lender is required to make special deposits with the Bank of England, to maintain
reserve asset ratios or to pay fees, in each case in respect of such Lender’s Loans, such Lender may require the relevant Borrower to pay, contemporaneously with each payment of interest on each of such Loans, additional interest on such Loans
at a rate per annum equal to the Mandatory Costs Rate calculated in accordance with the formula and in the manner set forth in Exhibit G, provided that no Lender may request the payment of any amount under this paragraph to the extent
resulting from a requirement imposed (other than as provided in Section 2.16) on such Lender by any Governmental Authority (and not on Lenders or any class of Lenders generally) in respect of a concern expressed by such Governmental Authority with
such Lender specifically, including with respect to its financial health. 
  
 (b) If and so long as any Lender is required to comply with reserve assets, liquidity, cash margin or other requirements of any monetary or other authority (including any such requirement imposed by the European
Central Bank or the European System of Central Banks, but excluding requirements reflected in the Mandatory Costs Rate) in respect of any of such Lender’s Loans such Lender may require the relevant Borrower to pay, contemporaneously with each
payment of interest on each of such Lender’s Loans subject to such requirements, additional interest on such Loans at a rate per annum specified by such Lender to be the cost to such Lender of complying with such requirements in relation to
such Loans, provided that no Lender may request the payment of any amount under this paragraph to the extent resulting from a requirement imposed (other than as provided in Section 2.16) on such Lender by any Governmental Authority 

  

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(and not on Lenders or any class of Lenders generally) in respect of a concern expressed by such Governmental Authority with such Lender specifically,
including with respect to its financial health. 
  
 (c) Any
additional interest owed pursuant to paragraph (a) or (b) above shall be determined by the relevant Lender, acting in good faith, which determination shall be conclusive absent manifest error, and notified to the relevant Borrower (with a copy to
the Administrative Agent) at least five Business Days before each date on which interest is payable for the relevant Loans, and such additional interest so notified to the relevant Borrower by such Lender shall be payable to such Lender on each date
on which interest is payable for such Loans. 
  
 ARTICLE III

  
 Representations and Warranties 
  
 Each Borrower represents and warrants to each of the Lenders that:

  
 SECTION 3.01. Organization; Powers. Except as set forth
on Schedule 3.01, each of Holdings (prior to a Qualified IPO), the U.S. Borrower and each of the Subsidiaries (a) is a limited liability company, unlimited company, corporation or partnership duly organized, validly existing and in good
standing (or, if applicable in a foreign jurisdiction, enjoys the equivalent status under the laws of any jurisdiction of organization outside the United States) under the laws of the jurisdiction of its organization, (b) has all requisite power and
authority to own its property and assets and to carry on its business as now conducted, (c) is qualified to do business in each jurisdiction where such qualification is required, except where the failure so to qualify could not reasonably be
expected to have a Material Adverse Effect, and (d) has the power and authority to execute, deliver and perform its obligations under each of the Loan Documents and each other agreement or instrument contemplated thereby to which it is or will be a
party and, in the case of each Borrower, to borrow and otherwise obtain credit hereunder. 
  
 SECTION 3.02. Authorization. The execution, delivery and performance by Holdings (prior to a Qualified IPO), the U.S. Borrower and each of the Subsidiary Loan Parties of each of the Loan Documents to which it
is a party, and the borrowings hereunder and the transactions forming a part of the Transactions (a) have been duly authorized by all corporate, stockholder or limited liability company or partnership action required to be obtained by Holdings, the
U.S. Borrower and such Subsidiary Loan Parties and (b) will not (i) violate (A) any provision of law, statute, rule or regulation, or of the certificate or articles of incorporation or other constitutive documents or by-laws of Holdings, the U.S.
Borrower or any such Subsidiary Loan Parties, (B) any applicable order of any court or any rule, regulation or order of any Governmental Authority or (C) any provision of any indenture, certificate of designation for preferred stock, agreement or
other instrument to which Holdings, the U.S. Borrower or any such Subsidiary Loan Parties is a party or by which any of them or any of their property is or may be bound, (ii) be in conflict with, result in a breach of or constitute (alone or with

  

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notice or lapse of time or both) a default under, give rise to a right of or result in any cancellation or acceleration of any right or obligation (including
any payment) or to a loss of a material benefit under any such indenture, certificate of designation for preferred stock, agreement or other instrument, where, other than in the case of the Existing Borden Second Secured Notes, the Existing RPP
Second Secured Notes, the Existing Subordinated Notes and the Debentures, any such conflict, violation, breach or default referred to in clause (i) or (ii) of this Section 3.02, could reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect, or (iii) result in the creation or imposition of any Lien upon or with respect to any property or assets now owned or hereafter acquired by Holdings (prior to a Qualified IPO), the U.S. Borrower or any such Subsidiary Loan
Parties, other than the Liens created by the Loan Documents and Liens permitted by Section 6.02. 
  
 SECTION 3.03. Enforceability. This Agreement has been duly executed and delivered by Holdings and each Borrower and constitutes, and each other
Loan Document when executed and delivered by each Loan Party that is party thereto will constitute, a legal, valid and binding obligation of such Loan Party enforceable against each such Loan Party in accordance with its terms, subject to (i) the
effects of bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or other similar laws affecting creditors’ rights generally, (ii) general principles of equity (regardless of whether such enforceability is considered in a
proceeding in equity or at law), (iii) implied covenants of good faith and fair dealing and (iv) except to the extent set forth in the applicable Foreign Pledge Agreements, any foreign laws, rules and regulations as they relate to pledges of Equity
Interests in Foreign Subsidiaries that are not Loan Parties. 
  
 SECTION 3.04. Governmental Approvals. No action, consent or approval of, registration or filing with or any other action by any Governmental Authority is or will be required in connection with the Transactions, except for (a) the
filing of Uniform Commercial Code financing statements and equivalent filings in foreign jurisdictions, (b) filings with the United States Patent and Trademark Office and the United States Copyright Office and comparable offices in foreign
jurisdictions and equivalent filings in foreign jurisdictions, (c) recordation of the Mortgages, (d) such as have been made or obtained and are in full force and effect, (e) such other actions, consents and approvals with respect to which the
failure to be obtained or made could not reasonably be expected to have a Material Adverse Effect and (f) filings or other actions listed on Schedule 3.04. 
  
 SECTION 3.05. Financial Statements.  
  
 (a) The U.S. Borrower has heretofore furnished to the Lenders: 
  
 (i) The unaudited pro forma combined balance
sheet (the “Pro Forma Balance Sheet”) and the related pro forma combined statement of operations (the “Pro Forma Income Statement” and, together with the Pro Forma Balance Sheet, the “Pro Forma Financial
Statements”) of the U.S. Borrower, together with its consolidated subsidiaries, as at December 31, 2004, and for the twelve months 

  

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then ended (in each case including the notes thereto), copies of which have heretofore been furnished to each Lender (via inclusion in the Information
Memorandum), have been prepared giving effect to the Transactions as set forth in the Information Memorandum (as if such events had occurred, in the case of the Pro Forma Balance Sheet, on such date and, in the case of the Pro Forma Income
Statement, on the first date of such twelve-month period). The Pro Forma Financial Statements have been prepared in good faith based on assumptions believed by Holdings and the U.S. Borrower to have been reasonable as of the date of delivery thereof
(it being understood that such assumptions are based on good faith estimates of certain items and that the actual amount of such items is subject to change). The Pro Forma Balance Sheet presents fairly in all material respects on a pro forma basis
the estimated financial position of the U.S. Borrower and its consolidated subsidiaries as at December 31, 2004, assuming that the events specified in the second preceding sentence had actually occurred at such date, and the Pro Forma Income
Statement presents fairly in all material respects on a pro forma basis the results of operations of U.S. Borrower and its consolidated subsidiaries for such twelve-month period, assuming that the events specified in the second preceding sentence
had actually occurred on the first day of such twelve-month period. 
  
 (ii) The financial statements (other than the Pro Forma Financial Statements) set forth in the Registration Statement on Form S-1 of the U.S. Borrower filed with the SEC prior to the date hereof and as amended as of
the Closing Date present fairly the financial condition and results of operations of each of the Combined Group, the Canadian Borrower, the U.S. Borrower and RSM, as applicable, as of and on such dates set forth on such financial statements
(subject, in the case of interim financial statements, to normal year-end audit adjustments). All such financial statements have been prepared in accordance with GAAP applied consistently throughout the periods involved (subject to (i) in the case
of interim financial statements, normal year-end adjustments, (ii) adjustments, reclassifications and exceptions set forth in the Transaction Agreement and the schedules and exhibits thereto and (iii) in the case of interim financial statements, the
absence of notes) except as disclosed therein. 
  
 (b) None of the
U.S. Borrower or the Subsidiaries has any material Guarantees, contingent liabilities and liabilities for taxes, or any long-term leases or unusual forward or long-term commitments, including any interest rate or foreign currency swap or exchange
transaction or other obligation in respect of derivatives, that are not reflected in the financial statements referred to in the preceding clauses (a)(i) and (ii). During the period from December 31, 2004, to and including the Closing Date there has
been no disposition by any of Holdings or any of its subsidiaries of any material part of its business or property other than in connection with the Transactions. 
  
 SECTION 3.06. No Material Adverse Change or Material Adverse Effect. Since December 31, 2004, there has been no
event, development or circumstance that has had or could reasonably be expected to have a material adverse effect on (a) the Transactions, (b) the business, property, operations or condition of the U.S. Borrower and 

  

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the Subsidiaries, taken as a whole, or (c) the validity or enforceability of any of the Loan Documents or the rights and remedies of the Administrative Agent
and the Lenders thereunder. 
  
 SECTION 3.07. Title to
Properties; Possession Under Leases. (a) Each of the U.S. Borrower and the Subsidiaries has good and valid record fee simple title to, or valid leasehold interests in, or easements or other limited property interests in, all its properties and
assets (including all Mortgaged Properties), except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties and assets for their intended purposes and except
where the failure to have such title, interests or easements could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. All such properties and assets held in fee simple are free and clear of Liens, other
than Liens expressly permitted by Section 6.02 or arising by operation of law. 
  
 (b) Each of the U.S. Borrower and the Subsidiaries has complied with all obligations under all leases to which it is a party, except where the failure to comply would not reasonably be considered to have Material
Adverse Effect, and all such leases are in full force and effect, except leases in respect of which the failure to be in full force and effect could not reasonably be expected to have a Material Adverse Effect. Except as set forth on Schedule
3.07(b), each of the U.S. Borrower and each of the Subsidiaries enjoys peaceful and undisturbed possession under all such leases, other than leases in respect of which the failure to enjoy peaceful and undisturbed possession could not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect. 
  
 (c) Each of the U.S. Borrower and the Subsidiaries owns or possesses, or could obtain ownership or possession of or rights under, on terms not materially adverse to it, all patents, trademarks, service marks, trade
names, copyrights, licenses and rights with respect thereto necessary for the present conduct of its business, without any conflict (of which the U.S. Borrower has been notified in writing) with the rights of others, and free from any burdensome
restrictions on the present conduct of the their businesses, except where such conflicts and restrictions could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
  
 (d) As of the Closing Date, none of the U.S. Borrower or the Subsidiaries has
received any notice of any pending or contemplated condemnation proceeding affecting any of the Mortgaged Properties or any sale or disposition thereof in lieu of condemnation that remains unresolved as of the Closing Date. 
  
 (e) None of the U.S. Borrower or the Subsidiaries is obligated on the Closing
Date under any right of first refusal, option or other contractual right to sell, assign or otherwise dispose of any Mortgaged Property or any interest therein, except as permitted under Section 6.02 or 6.05. 
  
 SECTION 3.08. Subsidiaries. (a) Schedule 3.08(a) sets forth as
of the Closing Date the name and jurisdiction of incorporation, formation or organization of 

  

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each subsidiary of Holdings and, as to each such subsidiary, the percentage of each class of Equity Interests owned by Holdings or by any such subsidiary.

  
 (b) As of the Closing Date, there are no outstanding
subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options granted to employees or directors and directors’ qualifying shares) of any nature relating to any Equity Interests of Holdings, any
Borrower or any of the Subsidiaries, except rights of employees to purchase Equity Interests of Holdings in connection with the Transactions or as set forth on Schedule 3.08(b). 
  
 (c) As of the Closing Date, no direct or indirect subsidiary of the U.S.
Borrower is an Indenture Restricted Subsidiary. 
  
 SECTION 3.09.
Litigation; Compliance with Laws. (a) As of the Closing Date except as set forth on Schedule 3.09, there are no actions, suits or proceedings at law or in equity or, to the knowledge of any Borrower, investigations by or on behalf of
any Governmental Authority or in arbitration now pending, or, to the knowledge of any Borrower, threatened in writing against or affecting Holdings (prior to a Qualified IPO) or any Borrower or any of its subsidiaries or any business, property or
rights of any such person (i) that involve any Loan Document or the Transactions or (ii) as to which an adverse determination is reasonably probable and which, if adversely determined, could reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect or materially adversely affect the Transactions. On the date of any Borrowing after the Closing Date, there are no actions, suits or proceedings at law or in equity or, to the knowledge of any Borrower,
investigations by or on behalf of any Governmental Authority or in arbitration now pending, or, to the knowledge of any Borrower, threatened in writing against or affecting Holdings (prior to a Qualified IPO) or any Borrower or any of its
subsidiaries or any business, property or rights of any such person as to which an adverse determination is reasonably probable and which, if adversely determined, could reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect. 
  
 (b) None of Holdings (prior to the Qualified
IPO), the U.S. Borrower, the Subsidiaries or their respective properties or assets is in violation of (nor will the continued operation of their material properties and assets as currently conducted violate) any law, rule or regulation (including
any zoning, building, Environmental Law, ordinance, code or approval or any building permit) or any restriction of record or agreement affecting any Mortgaged Property, or is in default with respect to any judgment, writ, injunction or decree of any
Governmental Authority, where such violation or default could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
  
 SECTION 3.10. Federal Reserve Regulations. (a) None of Holdings (prior to a Qualified IPO), the U.S. Borrower or the
Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying Margin Stock. 
  

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 (b) No part of the proceeds of any Loan will be used, whether directly or indirectly, and whether
immediately, incidentally or ultimately, (i) to purchase or carry Margin Stock or to extend credit to others for the purpose of purchasing or carrying Margin Stock or to refund indebtedness originally incurred for such purpose, or (ii) for any
purpose that entails a violation of, or that is inconsistent with, the provisions of the Regulations of the Board, including Regulation U or Regulation X. 
  
 SECTION 3.11. Investment Company Act: Public Utility Holding Company Act. None of Holdings (prior to a Qualified IPO), the U.S. Borrower or the
Subsidiaries is (a) an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended, or (b) a “holding company” as defined in, or subject to regulation under, the Public
Utility Holding Company Act of 1935, as amended. 
  
 SECTION 3.12.
Use of Proceeds. The Dutch Borrower will use (a) $190.0 million (net of fees) of the proceeds of the Tranche B-2 Term Loans to repay intercompany indebtedness owed to the U.S. Borrower and (b) $100.0 million of the proceeds of the Tranche B-2
Term Loans to fund a partnership with RSM Capital, which $100.0 million of proceeds will be used to repay $100.0 million aggregate principal amount of loans outstanding under the Bridge Facility. The remaining proceeds of the Term Loans and the
proceeds of the Revolving Facility Loans will be used (i) on the Closing Date to pay fees and expenses and to finance the payment of dividends to Holdings contemplated by the Transactions, and Holdings shall distribute such proceeds to the holders
of its Equity Interests on the Closing Date or as soon thereafter as (x) is tax-efficient for the holders of its Equity Interests or (y) appraisal rights with respect to any of the Transactions completed on the Closing Date have expired, and to
finance the repayment of Indebtedness contemplated by the Transactions on the Closing Date and (ii) for general corporate purposes (including for the repurchase of the Industrial Revenue Bonds and Permitted Business Acquisitions). The Borrowers will
use the proceeds of the Swingline Loans, and may request the issuance of Letters of Credit, solely for general corporate purposes (including for the back-up or replacement of existing letters of credit). 
  
 SECTION 3.13. Tax Returns. Except as set forth on Schedule
3.13: 
  
 (a) Each of Holdings (prior
to a Qualified IPO), the U.S. Borrower and the Subsidiaries (i) has timely filed or caused to be timely filed all federal, state, local and non-U.S. Tax returns required to have been filed by it that are material to such companies taken as a whole
and each such Tax return is true and correct in all material respects and (ii) has timely paid or caused to be timely paid all Taxes shown thereon to be due and payable by it and all other material Taxes or assessments, except Taxes or assessments
that are being contested in good faith by appropriate proceedings in accordance with Section 5.03 and for which Holdings (prior to a Qualified IPO), the U.S. Borrower or any of the Subsidiaries (as the case may be) has set aside on its books
adequate reserves in accordance with GAAP; 
  

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 (b) Each of Holdings (prior to a Qualified IPO), the U.S. Borrower and the Subsidiaries
has paid in full or made adequate provision (in accordance with GAAP) for the payment of all Taxes due with respect to all periods or portions thereof ending on or before the Closing Date, which Taxes, if not paid or adequately provided for, could
individually or in the aggregate reasonably be expected to have a Material Adverse Effect; and 
  
 (c) Other than as could not be, individually or in the aggregate, reasonably expected to have a Material Adverse Effect: as of the Closing
Date, with respect to each of Holdings, the U.S. Borrower and the Subsidiaries, (i) there are no claims being asserted in writing with respect to any Taxes, (ii) no presently effective waivers or extensions of statutes of limitation with respect to
Taxes have been given or requested and (iii) no Tax returns are being examined by, and no written notification of intention to examine has been received from, the Internal Revenue Service or any other Taxing authority. 
  
 SECTION 3.14. No Material Misstatements. (a) All written information
(other than the Projections, estimates and information of a general economic nature) (the “Information”) concerning Holdings, the U.S. Borrower, the Subsidiaries, the Transactions and any other transactions contemplated hereby
included in the Information Memorandum or otherwise prepared by or on behalf of the foregoing or their representatives and made available to any Lenders or the Administrative Agent in connection with the Transactions or the other transactions
contemplated hereby, when taken as a whole, were true and correct in all material respects, as of the date such Information was furnished to the Lenders and as of the Closing Date and did not contain any untrue statement of a material fact as of any
such date or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements were made. 
  
 (b) Any Projections and estimates and information of a general economic
nature prepared by or on behalf of the U.S. Borrower or any of its representatives and that have been made available to any Lenders or the Administrative Agent in connection with the Transactions or the other transactions contemplated hereby (i)
have been prepared in good faith based upon assumptions believed by the U.S. Borrower to be reasonable as of the date thereof, as of the date such Projections and estimates were furnished to the Initial Lenders and as of the Closing Date, and (ii)
as of the Closing Date, have not been modified in any material respect by the U.S. Borrower. 
  
 SECTION 3.15. Employee Benefit Plans. (a) Except as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect or as set forth on Schedule 3.15: (i) each of Holdings
(prior to a Qualified IPO), the U.S. Borrower, the Subsidiaries and the ERISA Affiliates is in compliance with the applicable provisions of ERISA and the provisions of the Code relating to Plans and the regulations and published interpretations
thereunder and any similar applicable law; no Reportable Event has occurred during the past five years as to which Holdings (prior to a Qualified IPO), the U.S. Borrower, a Subsidiary or any ERISA Affiliate was required to 

  

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file a report with the PBGC, other than reports that have been filed; (ii) no Reportable Event has occurred during the past five years as to which Holdings
(prior to a Qualified IPO), the U.S. Borrower, a Subsidiary or any ERISA Affiliate was required to file a report with the PBGC, other than reports that have been filed; (iii) the present value of all benefit liabilities under each Plan of Holdings
(prior to a Qualified IPO), the U.S. Borrower, the Subsidiaries and the ERISA Affiliates (based on those assumptions used to fund such Plan), as of the last annual valuation date applicable thereto for which a valuation is available, does not exceed
the value of the assets of such Plan, and the present value of all benefit liabilities of all underfunded Plans (based on those assumptions used to fund each such Plan), as of the last annual valuation dates applicable thereto for which valuations
are available, does not exceed the value of the assets of all such underfunded Plans; (iv) no ERISA Event has occurred or is reasonably expected to occur; and (v) none of Holdings (prior to a Qualified IPO), the U.S. Borrower, the Subsidiaries or
the ERISA Affiliates has received any written notification that any Multiemployer Plan is in reorganization or has been terminated within the meaning of Title IV of ERISA, or has knowledge that any Multiemployer Plan is reasonably expected to be in
reorganization or to be terminated. 
  
 (b) Each of Holdings
(prior to a Qualified IPO), the U.S. Borrower and the Subsidiaries is in compliance (i) with all applicable provisions of law and all applicable regulations and published interpretations thereunder with respect to any employee pension benefit plan
or other employee benefit plan governed by the laws of a jurisdiction other than the United States and (ii) with the terms of any such plan, except, in each case, for such noncompliance that could not reasonably be expected to have a Material
Adverse Effect. 
  
 (c) None of Holdings (prior to a Qualified
IPO), the U.S. Borrower or any of the Subsidiaries is or has at any time been an employer (for the purposes of sections 38 to 51 of the Pensions Act 2004) of an occupational pension scheme that is not a money purchase scheme (both terms as defined
in the Pension Schemes Act 1993), and none of Holdings (prior to a Qualified IPO), the U.S. Borrower or any of the Subsidiaries is or has at any time been “connected” with or an “associate” of (as those terms are used in sections
39 and 43 of the Pensions Act 2004) such an employer, other than any such scheme, connection or association that could not reasonably be expected to have a Material Adverse Effect. 
  
 SECTION 3.16. Environmental Matters. Except as disclosed on Schedule 3.16 and except as to matters that could
not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect (i) no written notice, request for information, order, complaint or penalty has been received by the U.S. Borrower or any of the Subsidiaries, and there
are no judicial, administrative or other actions, suits or proceedings pending or threatened, that allege a violation of or liability under any Environmental Laws, in each case relating to the U.S. Borrower or any of the Subsidiaries, (ii) each of
the U.S. Borrower and the Subsidiaries has obtained and maintained all permits, licenses and other approvals necessary for its operations to comply with all Environmental Laws and is, and during the term of all applicable statutes of limitation, has
been, in compliance with the terms of such permits, licenses and other 

  

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approvals and with all other Environmental Laws, (iii) there has been no material written environmental assessment or audit conducted since January 1, 2002,
by the U.S. Borrower or any of the Subsidiaries of any property currently owned or leased by the U.S. Borrower or any of the Subsidiaries that has not been made available to the Administrative Agent prior to the date hereof, (iv) no Hazardous
Material is located at, on or under any property currently or, to the knowledge of any Borrower, formerly owned, operated or leased by the U.S. Borrower or any of its Subsidiaries that would reasonably be expected to give rise to any cost, liability
or obligation of the U.S. Borrower or any of the Subsidiaries under any Environmental Laws, and no Hazardous Material has been generated, owned, treated, stored, handled or controlled by the U.S. Borrower or any of its Subsidiaries and transported
to or Released at any location in a manner that would reasonably be expected to give rise to any cost, liability or obligation of the U.S. Borrower or any of the Subsidiaries under any Environmental Laws, and (v) there are no written agreements in
which the U.S. Borrower or any of the Subsidiaries has expressly assumed or undertaken responsibility, and such assumption or undertaking of responsibility has not expired or otherwise terminated, for any liability or obligation of any other Person
arising under or relating to Environmental Laws, which in any such case has not been made available to the Administrative Agent prior to the date hereof. 
  
 SECTION 3.17. Security Documents. (a) The Collateral Agreement is effective to create in favor of the Administrative Agent (for the benefit of the
Secured Parties) a legal, valid and enforceable security interest in the Collateral described therein and proceeds thereof to the extent intended to be created thereby. In the case of the Pledged Collateral described in the Collateral Agreement,
when certificates or promissory notes, as applicable, representing such Pledged Collateral are delivered to the Administrative Agent, and in the case of the other Collateral described in the Collateral Agreement (other than the Intellectual Property
(as defined in the Collateral Agreement)), when financing statements and other filings specified on Schedule 6 of the Perfection Certificate with respect to the U.S. Borrower in appropriate form are filed in the offices specified on
Schedule 6 of the Perfection Certificate with respect to the U.S. Borrower, the Administrative Agent (for the benefit of the Secured Parties) shall have a fully perfected Lien on, and security interest in (to the extent required thereby), all
right, title and interest of the Loan Parties in such Collateral and, subject to Section 9-315 of the New York Uniform Commercial Code, the proceeds thereof, as security for the Obligations to the extent perfection can be obtained by filing Uniform
Commercial Code financing statements, in each case prior and superior in right to any other person (except, in the case of Collateral other than Pledged Collateral, Liens expressly permitted by Section 6.02 and Liens having priority by operation of
law). 
  
 (b) [reserved]. 
  
 (c) [reserved]. 
  
 (d) When the Collateral Agreement or a summary thereof is properly filed in the United States Patent and Trademark Office
and the United States Copyright Office, and, with respect to Collateral in which a security interest cannot be perfected by such filings, upon the proper filing of the financing statements referred to in paragraph  

  

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(a) above, the Administrative Agent (for the benefit of the Secured Parties) shall have a fully perfected Lien on, and security interest in, all right, title
and interest of the Loan Parties thereunder in the domestic Intellectual Property (to the extent intended to be created thereby), in each case prior and superior in right to any other person (it being understood that subsequent recordings in the
United States Patent and Trademark Office and the United States Copyright Office may be necessary to perfect a lien on registered trademarks and patents, trademark and patent applications and registered copyrights acquired by the grantors thereunder
after the Closing Date) except Liens permitted by Section 6.02 and Liens having priority by operation of Law. 
  
 (e) [reserved]. 
  
 (f) Each Foreign Pledge Agreement is effective to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a legal, valid and
enforceable security interest in the Collateral described therein and proceeds thereof to the fullest extent permissible under applicable law. In the case of the Pledged Collateral described in a Foreign Pledge Agreement, when certificates
representing such Pledged Collateral (if any) are delivered to the Administrative Agent, the Administrative Agent (for the benefit of the Secured Parties) shall have a fully perfected Lien on, and security interest in, all right, title and interest
of the Loan Parties in such Collateral and the proceeds thereof, as security for (i) in the case of Pledged Collateral owned by Domestic Loan Parties, the Obligations and (ii) in the case of Pledged Collateral owned by Foreign Subsidiary Loan
Parties, all Obligations of Foreign Subsidiary Loan Parties, in each case (subject to Section 6.02) prior and superior in right to any other person and, in respect of Foreign Security Documents only, subject to (A) registration of undisclosed
pledges and, where applicable, pledges of tangible assets with the governmental tax authorities, (B) recordation of notarial share pledges in the relevant shareholders registers, (C) execution and recordation of notarial mortgages in the relevant
land registries, (D) recordation of intellectual property pledges with the relevant intellectual property registers and (E) notification of debtors of certain receivables. 
  
 (g) [reserved]. 
  
 (h) The Mortgages executed and delivered on the Closing Date are, and the Mortgages executed and delivered after the Closing Date pursuant to Section 5.10
shall be, effective to create in favor of the Administrative Agent (for the benefit of the Secured Parties) a legal, valid and enforceable Lien on all of the Loan Parties’ right, title and interest in and to the Mortgaged Property thereunder
and the proceeds thereof, and when such Mortgages are filed or recorded in the proper real estate filing or recording offices, the Administrative Agent (for the benefit of the Secured Parties) shall have a fully perfected Lien on, and security
interest in, all right, title and interest of the Loan Parties in such Mortgaged Property and, to the extent applicable, subject to Section 9-315 of the Uniform Commercial Code, the proceeds thereof, in each case prior and superior in right to any
other Person, other than with respect to the rights of a Person pursuant to Liens expressly permitted by Section 6.02 and Liens having priority by operation of law. 
  

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 (i) After taking the actions specified for perfection therein, each Security Document (including the
Foreign Pledge Agreements but excluding the Collateral Agreement and the Mortgages, each of which is covered by another paragraph of this Section 3.17), when executed and delivered, will be effective under applicable law to create in favor of the
Administrative Agent (for the benefit of the Secured Parties) a legal, valid and enforceable security interest in the Collateral subject thereto (to the extent intended to be created thereby), and will constitute a fully perfected Lien on and
security interest in all right, title and interest of the Loan Parties in the Collateral subject thereto (to extent required thereby), prior and superior to the rights of any other Person, except for rights secured by Liens expressly permitted by
Section 6.02 and Liens having priority by operation of law. 
  
 (j) Notwithstanding anything herein (including this Section 3.17) or in any other Loan Document to the contrary, other than to the extent set forth in the applicable Foreign Pledge Agreements, no Borrower or any other Loan Party makes any
representation or warranty as to the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest in any Equity Interests of any Foreign Subsidiary that is not a Loan Party, or as to the rights
and remedies of the Agents or any Lender with respect thereto, under foreign law. 
  
 SECTION 3.18. Location of Real Property. The Perfection Certificate lists completely and correctly as of the Closing Date all material real property owned by Holdings, the U.S. Borrower and the Subsidiary Loan
Parties and the addresses thereof. As of the Closing Date, Holdings, the U.S. Borrower and the Subsidiary Loan Parties own in fee all the real property set forth as being owned by them on such Schedules. 
  
 SECTION 3.19. Solvency. (a) Immediately after giving effect to the
Transactions on the Closing Date, (i) the fair value of the assets of each Borrower (individually) and Holdings, the U.S. Borrower and the Subsidiaries on a consolidated basis, at a fair valuation, will exceed the debts and liabilities, direct,
subordinated, contingent or otherwise, of each Borrower (individually) and Holdings, the U.S. Borrower and the Subsidiaries on a consolidated basis, respectively; (ii) the present fair saleable value of the property of each Borrower (individually)
and Holdings, the U.S. Borrower and the Subsidiaries on a consolidated basis will be greater than the amount that will be required to pay the probable liability of each Borrower (individually) and Holdings, the U.S. Borrower and the Subsidiaries on
a consolidated basis, respectively, on their debts and other liabilities, direct, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii) each Borrower (individually) and Holdings, the U.S.
Borrower and the Subsidiaries on a consolidated basis will be able to pay their debts and liabilities, direct, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (iv) each Borrower (individually)
and Holdings, the U.S. Borrower and the Subsidiaries on a consolidated basis will not have unreasonably small capital with which to conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to be
conducted following the Closing Date. 
  

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 (b) None of Holdings (prior to a Qualified IPO) or any Borrower intends to, or believes that it or any
Subsidiary Loan Party will, incur debts beyond its ability to pay such debts as they mature, taking into account the timing and amounts of cash to be received by it or any such Subsidiary Loan Party and the timing and amounts of cash to be payable
on or in respect of its Indebtedness or the Indebtedness of any such Subsidiary Loan Party. 
  
 SECTION 3.20. Labor Matters. Except as, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect: (a) there are no strikes or other labor disputes pending or
threatened against Holdings (prior to a Qualified IPO), the U.S. Borrower or any of the Subsidiaries; (b) the hours worked and payments made to employees of Holdings (prior to a Qualified IPO), the U.S. Borrower and the Subsidiaries have not been in
violation of the Fair Labor Standards Act or any other applicable law dealing with such matters; (c) all payments due from Holdings (prior to a Qualified IPO), the U.S. Borrower or any of the Subsidiaries or for which any claim may be made against
Holdings (prior to a Qualified IPO), the U.S. Borrower or any of the Subsidiaries, on account of wages and employee health and welfare insurance and other benefits have been paid or accrued as a liability on the books of Holdings (prior to a
Qualified IPO), the U.S. Borrower or such Subsidiary to the extent required by GAAP; and (d) Holdings (prior to a Qualified IPO), the U.S. Borrower and the Subsidiaries are in compliance with all applicable laws, agreements, policies, plans and
programs relating to employment and employment practices. Except as set forth on Schedule 3.20, consummation of the Transactions will not give rise to a right of termination or right of renegotiation on the part of any union under any
collective bargaining agreement to which Holdings (prior to a Qualified IPO), the U.S. Borrower or any of the Subsidiaries (or any predecessor) is a party or by which Holdings (prior to a Qualified IPO), the U.S. Borrower or any of the Subsidiaries
(or any predecessor) is bound. 
  
 SECTION 3.21.
Insurance. Schedule 3.21 sets forth a true, complete and correct description of all material insurance maintained by or on behalf of Holdings, the U.S. Borrower or the Subsidiaries as of the Closing Date. As of such date, such
insurance is in full force and effect. The U.S. Borrower believes that the insurance maintained by or on behalf of Holdings (prior to a Qualified IPO), the U.S. Borrower and the Subsidiaries is adequate. 
  
 SECTION 3.22. Representations and Warranties in Transaction Agreement.
All representations and warranties of each Combination Party set forth in the Transaction Agreement were true and correct in all material respects as of the time such representations and warranties were made and shall be true and correct in all
material respects as of the Closing Date as if such representations and warranties were made on and as of such date, unless stated to relate to a specific earlier date, in which case such representations and warranties shall be true and correct in
all material respects as of such earlier date. 
  
 SECTION 3.23.
First-Lien Indebtedness; Senior Debt. The Obligations constitute (i) ”Senior First Lien Obligations” under and as defined in the Closing Date First Lien Intercreditor Agreement, (ii) ”First-Lien Indebtedness” (or the
equivalent 

  

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thereof) under and as defined in each other Intercreditor Agreement, (iii) ”First-Priority Lien Obligations” (or the equivalent thereof) under the
Existing Second Secured Notes Documents and with respect to any Permitted Refinancing Indebtedness with respect to the Existing Second Secured Notes, and with respect to any Indebtedness secured by Liens pursuant to Section 6.02(w) and (iv)
”Senior Debt” (or the equivalent thereof) under the Existing Subordinated Notes Documents and with respect to any Permitted Refinancing Indebtedness with respect to the Existing Subordinated Notes. 
  
 SECTION 3.24. Dutch Banking Act. The Dutch Borrower is in compliance
with the applicable provisions of the Dutch Banking Act and any implementing regulation including the Exemption Regulation. 
  
 ARTICLE IV 
  
 Conditions of Lending 
  
 The obligations of (a) the Lenders (including the Swingline Lender) to make Loans, accept and purchase or arrange for the acceptance and purchase of B/As and fund Tranche B-3 Credit-Linked Deposits and (b) any Issuing
Bank to issue, amend, extend or renew Letters of Credit or increase the stated amounts of Letters of Credit hereunder (each, a “Credit Event”) are subject to the satisfaction of the following conditions: 
  
 SECTION 4.01. All Credit Events. On the date of each Borrowing and B/A
Drawing and on the date of each issuance, amendment, extension or renewal of a Letter of Credit: 
  
 (a) The Administrative Agent shall have received, in the case of a Borrowing, a Borrowing Request as required by Section 2.03 (or a
Borrowing Request shall have been deemed given in accordance with the last paragraph of Section 2.03) or, in the case of a B/A, a request therefor as required by Section 2.06(c) or, in the case of the issuance, amendment, extension or renewal of a
Letter of Credit, the applicable Issuing Bank and the Administrative Agent shall have received a notice requesting the issuance, amendment, extension or renewal of such Letter of Credit as required by Section 2.05(b). 
  
 (b) The representations and warranties set forth in the Loan
Documents (other than, on the Closing Date, the representation and warranty set forth in Section 3.06) that are qualified by materiality shall be true and correct, and the representations and warranties that are not so qualified shall be true and
correct in all material respects, in each case on and as of the date of such Borrowing, B/A Drawing or issuance, amendment, extension or renewal of a Letter of Credit (other than an amendment, extension or renewal of a Letter of Credit without any
(i) increase in the stated amount of such Letter of Credit or (ii) extension of the expiration of such Letter of Credit), as applicable, with the same 

  

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effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date (in which case
such representations and warranties that are qualified by materiality shall be true and correct, and the representations and warranties that are not so qualified shall be true and correct in all material respects, as of such earlier date).

  
 (c) At the time of and immediately after such
Borrowing, B/A Drawing or issuance, amendment, extension or renewal of a Letter of Credit (other than an amendment, extension or renewal of a Letter of Credit without any (i) increase in the stated amount of such Letter of Credit or (ii) extension
of the expiration of such Letter of Credit), as applicable, no Event of Default or Default shall have occurred and be continuing. 
  
 Each Borrowing and B/A Drawing and each issuance, amendment, extension or renewal of a Letter of Credit (other than an amendment, extension or renewal of
a Letter of Credit without any (i) increase in the stated amount of such Letter of Credit or (ii) extension of the expiration of such Letter of Credit) shall be deemed to constitute a representation and warranty by Holdings (prior to a Qualified
IPO) and each of the Borrowers on the date of such Borrowing, issuance, amendment, extension or renewal as applicable, as to the matters specified in paragraphs (b) and (c) of this Section 4.01. 
  
 SECTION 4.02. First Credit Event. On the Closing Date: 
  
 (a) The Administrative Agent (or its counsel) shall have
received from each party hereto (other than the German Borrower) either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of
a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement. 
  
 (b) The Administrative Agent shall have received, on behalf of itself, the Lenders and each Issuing Bank on the Closing Date, a favorable
written opinion of (i) O’Melveny & Myers LLP, special counsel for Holdings and the Borrowers, in form and substance reasonably satisfactory to the Administrative Agent, and (ii) local U.S. and foreign counsel reasonably satisfactory to the
Administrative Agent as specified on Schedule 4.02(b), in each case (a) dated the Closing Date, (b) addressed to each Issuing Bank on the Closing Date, the Administrative Agent and the Lenders and (c) in form and substance reasonably
satisfactory to the Administrative Agent and covering such other matters relating to the Loan Documents and the Transactions as the Administrative Agent shall reasonably request, and each of Holdings and each Borrower hereby instructs its counsel to
deliver such opinions. 
  

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 (c) All legal matters incident to this Agreement, the borrowings and extensions of credit
hereunder and the other Loan Documents shall be reasonably satisfactory to the Administrative Agent, to the Lenders and to each Issuing Bank on the Closing Date. 
  
 (d) The Administrative Agent shall have received in the case of each Loan Party (other than the German
Borrower and its subsidiaries) each of the items referred to in clauses (i), (ii), (iii) and (iv) below: 
  
 (i) a copy of the certificate or articles of incorporation or limited liability agreement, including all amendments thereto, of each Loan
Party, (a) in the case of a corporation, certified as of a recent date by the Secretary of State (or other similar official) of the jurisdiction of its organization, and a certificate as to the good standing (to the extent such concept or a similar
concept exists under the laws of such jurisdiction) of each such Loan Party as of a recent date from such Secretary of State (or other similar official) or (b) in the case of a limited liability company, (i) certified by the Secretary or Assistant
Secretary of each such Loan Party or other person duly authorized by such Loan Party or (ii) otherwise in form and substance reasonably satisfactory to the Administrative Agent; 
  
 (ii) a certificate of the Secretary or Assistant Secretary or similar officer of each Loan Party or other
person duly authorized by such Loan Party dated the Closing Date and certifying 
  
 (A) that attached thereto is a true and complete copy of the by-laws (or limited liability company agreement, articles of association or
other equivalent governing documents) of such Loan Party as in effect on the Closing Date and at all times since a date prior to the date of the resolutions described in clause (b) below; 
  
 (B) that attached thereto is a true and complete copy of
resolutions duly adopted by the Board of Directors (or equivalent governing body) of such Loan Party (or its managing general partner or managing member) authorizing the execution, delivery and performance of the Loan Documents to which such person
is a party and, in the case of any Borrower, the borrowings hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect on the Closing Date; 
  
 (C) that the certificate or articles of incorporation,
articles of association or limited liability agreement of such Loan Party have not been amended since the date of the last amendment thereto disclosed pursuant to clause (i) above; 
  

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 (D) as to the incumbency and specimen signature of each officer executing any Loan
Document or any other document delivered in connection herewith on behalf of such Loan Party; and 
  
 (E) as to the absence of any pending proceeding for the dissolution or liquidation of such Loan Party or, to the knowledge of such
person, threatening the existence of such Loan Party; 
  
 (iii) a certificate of another officer as to the incumbency and specimen signature of the Secretary or Assistant Secretary or similar officer or other person duly authorized by such Loan Party executing the certificate pursuant to clause
(ii) above; and 
  
 (iv) such other documents as
the Administrative Agent on the Closing Date may reasonably request (including tax identification numbers and addresses). 
  
 (e) The elements of the Collateral and Guarantee Requirement required to be satisfied on the Closing Date shall have been satisfied and
the Administrative Agent shall have received a completed Perfection Certificate dated the Closing Date and signed by a Responsible Officer of the applicable Borrower, together with all attachments contemplated thereby, and the results of a search of
the Uniform Commercial Code (or equivalent) filings made with respect to the Loan Parties in the jurisdictions contemplated by the Perfection Certificates and copies of the financing statements (or similar documents) disclosed by such search and
evidence reasonably satisfactory to the Administrative Agent that the Liens indicated by such financing statements (or similar documents) are permitted by Section 6.02 or have been released; provided that, to the extent that it is not
practicable (x) for the Foreign Subsidiaries set forth on Schedule 5.10(i) to satisfy any of paragraphs (b), (c), (d), (e) and/or (g) of the Collateral and Guarantee Requirement, to the extent that such paragraphs are set forth with respect
to such Foreign Subsidiary on Schedule 5.10(i), (y) to perfect any security interest in the Equity Interests or assets of a Foreign Subsidiary set forth on Schedule 5.10(i) as provided in the Collateral and Guarantee Requirement or (z)
to deliver an opinion of counsel relating to clause (x) or (y) above, in each case prior to the Closing Date, such requirements may be satisfied after the Closing Date in accordance with Section 5.10(i). 
  
 (f) The Transactions contemplated by the Transaction
Agreement to be consummated on the Closing Date shall be consummated prior to or simultaneously with or, in the case of the RPP LLC Merger, immediately following the closing under this Agreement (but in any event on the Closing Date) in accordance
with applicable law and the terms and conditions of the Transaction Documents (none of which Transaction Documents shall have been waived, amended, supplemented or otherwise 

  

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modified in a manner materially adverse to Holdings, the U.S. Borrower and the Subsidiaries, taken as a whole, or the Lenders without the consent of the
Joint Lead Arrangers, such consent not to be unreasonably withheld) and as described in the Summary of Principal Terms and Conditions contained in the Information Memorandum, and in a manner consistent with the sources and uses set forth therein.

  
 (g) A registration statement on Form S-1
relating to the common stock of the U.S. Borrower, including a form of prospectus, shall have been filed with the SEC and such registration statement and prospectus shall conform in all material respects to the requirements of the Securities Act and
the rules and regulations of the SEC (including accounting requirements). 
  
 (h) On the Closing Date, after giving effect to the Transactions and the other transactions contemplated hereby, Holdings, the U.S. Borrower and the Subsidiaries shall have outstanding no Indebtedness other than (i)
the Loans and other extensions of credit under this Agreement, (ii) the Existing Notes and (iii) other Indebtedness permitted pursuant to Section 6.01. 
  
 (i) The Lenders shall have received (i) a solvency certificate in form and substance and from an independent investment bank or valuation
firm reasonably satisfactory to the Joint Lead Arrangers to the effect that, or (ii) a certificate from the Chief Financial Officer of the U.S. Borrower certifying that, the U.S. Borrower and the Subsidiaries, on a consolidated basis after giving
effect to the Transactions contemplated by the Transaction Agreement and the Loan Documents to be consummated on the Closing Date, are solvent on the Closing Date (provided that, if such a solvency opinion is delivered to any Combination
Party on the Closing Date in connection with the Combination, then such opinion shall also be delivered to the Lenders (or the Lenders shall be expressly permitted to rely thereon)). 
  
 (j) Since December 31, 2004, there shall have been no event, development or circumstance that has had or
could reasonably be expected to have a material adverse effect on (a) the Transactions or (b) the business, property, operations or condition of the U.S. Borrower and the Subsidiaries, taken as a whole, other than any (1) change in the industries in
which Holdings, the U.S. Borrower or the Subsidiaries operate or change in general economic conditions or (2) fact, event, change, circumstance or effect arising out of or resulting from (x) entering into the Transaction Agreement, (y) the
announcement of the Transaction Agreement or the consummation of the transactions contemplated thereby or (z) seasonal changes to the business of Holdings, the U.S. Borrower or the Subsidiaries. 
  

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 (k) All requisite governmental authorities and third parties shall have approved or
consented to the Transactions contemplated by the Transaction Agreement and the Loan Documents to be consummated on the Closing Date to the extent required and material, all applicable appeal periods shall have expired and there shall be no
litigation, governmental, administrative or judicial action, actual or threatened, that would reasonably be expected to restrain, prevent or impose burdensome conditions on the Transactions or the other transactions contemplated hereby. 

 
 (l) The Agents shall have received all fees payable
thereto or to any Lender on or prior to the Closing Date and, to the extent invoiced, all other amounts due and payable pursuant to the Loan Documents on or prior to the Closing Date, including, to the extent invoiced, reimbursement or payment of
all reasonable out-of-pocket expenses (including reasonable fees, charges and disbursements of Cravath, Swaine & Moore LLP and U.S. and foreign local counsel) required to be reimbursed or paid by the Loan Parties hereunder or under any Loan
Document. 
  
 (m) The U.S. Borrower shall have
used commercially reasonable efforts to cause the Facilities to be rated by each of Moody’s and S&P prior to the launch of syndication of the Facilities. 
  
 (n) The Administrative Agent shall have received insurance certificates satisfying the requirements of
Section 5.02 of this Agreement. 
  
 SECTION 4.03. German
Borrower. The German Borrower may not request a Borrowing or Letter of Credit hereunder and the German Borrower shall not be (and none of its subsidiaries shall be) a Loan Party hereunder, until (a) the supervisory board of the German Borrower
shall have approved its execution of this Agreement and each other Loan Document to which it shall be a party and the borrowing by the German Borrower of European Tranche Revolving Facility Loans and/or European Tranche Letters of Credit hereunder,
(b) the Administrative Agent shall have received from the German Borrower a counterpart of this Agreement and each other Loan Document to be entered into by the German Borrower signed on behalf of the German Borrower, (c) the Administrative Agent
shall have received, on behalf of itself, the Lenders and each Issuing Bank on such date, a favorable written opinion of legal counsel to the German Borrower in the United States and Germany in form and substance reasonably satisfactory to the
Administrative Agent and covering such matters relating to the Loan Documents as the Administrative Agent shall reasonably request, (d) the Administrative Agent shall have received, in the case of the German Borrower and each Subsidiary Loan Party
that is a subsidiary of the German Borrower, each of the items referred to in clauses (i), (ii), (iii) and (iv) of Section 4.02(d) (with references therein to the “Closing Date” to be deemed references to the date upon which the conditions
set forth in this Section 4.03 are to be satisfied, and disregarding the first parenthetical in Section 4.02(d)), (e) the Collateral and Guarantee Requirement shall have been satisfied with respect to the German Borrower and each Subsidiary Loan
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Borrower (with references therein to the “Closing Date” to be deemed references to the date upon which the conditions set forth in this Section
4.03 are to be satisfied, and disregarding the second parenthetical in paragraph (b) and the third parenthetical in paragraph (c) of the Collateral and Guarantee Requirement) and (f) unless otherwise agreed upon by the Administrative Agent, all
actions required by Sections 5.10(b) and (c) by the German Borrower and each such Subsidiary Loan Party shall have been completed. 
  
 ARTICLE V 
  
 Affirmative Covenants 
  
 Each of Holdings (solely with respect to Section 5.01(a) and Section 5.10(h) and only until a Qualified IPO) and each Borrower covenants and agrees with each Lender that so long as this Agreement shall remain in
effect (other than in respect of contingent indemnification obligations) and until the Commitments have been terminated and the principal of and interest on each Loan, all Fees and all other expenses or amounts payable under any Loan Document shall
have been paid in full and all Letters of Credit have been canceled or have expired and all amounts drawn thereunder have been reimbursed in full, unless the Required Lenders shall otherwise consent in writing, each of Holdings (solely with respect
to Section 5.01(a) and Section 5.10(h) and only until a Qualified IPO) and each Borrower will, and will cause each of the Material Subsidiaries to: 
  
 SECTION 5.01. Existence; Businesses and Properties. (a) Do or cause to be done all things necessary to preserve, renew and keep in full force and
effect its legal existence, (i) except as otherwise expressly permitted under Section 6.05, and (ii) except for the liquidation or dissolution of Subsidiaries if the assets of such Subsidiaries to the extent they exceed estimated liabilities are
acquired by the U.S. Borrower or a Wholly Owned Subsidiary of the U.S. Borrower in such liquidation or dissolution; provided that Subsidiaries that are Loan Parties may not be liquidated into Subsidiaries that are not Loan Parties.

  
 (b) Do or cause to be done all things necessary to (i) obtain,
preserve, renew, extend and keep in full force and effect the permits, franchises, authorizations, patents, trademarks, service marks, trade names, copyrights, licenses and rights with respect thereto necessary to the normal conduct of its business,
unless the failure to do so would not result, in each case, in a Material Adverse Effect (ii) comply in all material respects with all material applicable laws, rules, regulations (including any zoning, building, ordinance, code or approval or any
building permits or any restrictions of record or agreements affecting the Mortgaged Properties) and judgments, writs, injunctions, decrees and orders of any Governmental Authority, whether now in effect or hereafter enacted, and (iii) at all times
maintain and preserve all material property necessary to the normal conduct of its business and keep such property in good repair, working order and condition and from time to time make, or cause to be made, all needful and proper repairs, renewals,
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that the business carried on in connection therewith, if any, may be properly conducted at all times (in each case except as expressly permitted by this
Agreement). 
  
 SECTION 5.02. Insurance. (a) Keep its
insurable properties insured at all times by financially sound and reputable insurers in such amounts as shall be customary for similar businesses and maintain such other reasonable insurance (including, to the extent consistent with past practices,
self-insurance), of such types, to such extent and against such risks, as is customary with companies in the same or similar businesses and maintain such other insurance as may be required by law or any other Loan Document. 
  
 (b) Cause all such property and property casualty insurance policies to be
endorsed or otherwise amended to include a “standard” or “New York” lender’s loss payable endorsement, in form and substance reasonably satisfactory to the Administrative Agent, which endorsement shall provide that, from and
after the Closing Date, if the insurance carrier shall have received written notice from the Administrative Agent of the occurrence of an Event of Default, the insurance carrier shall pay all proceeds otherwise payable to the U.S. Borrower or the
other Loan Parties under such policies directly to the Administrative Agent; cause all such policies to provide that none of the Borrowers, the Administrative Agent or any other party shall be a coinsurer thereunder and to contain a
“Replacement Cost Endorsement,” without any deduction for depreciation, and such other provisions as the Administrative Agent may reasonably (in light of a Default or a material development in respect of the insured property) require from
time to time to protect their interests; deliver original or certified copies of all such policies or a certificate of an insurance broker to the Administrative Agent; cause each such policy to provide that it shall not be canceled, modified or not
renewed upon less than 30 days’ prior written notice (or 10 days’ prior written notice in the case of any failure to pay any premium due thereunder) thereof by the insurer to the Administrative Agent; deliver to the Administrative Agent,
prior to the cancellation, modification or nonrenewal of any such policy of insurance, a copy of a renewal or replacement policy (or other evidence of renewal of a policy previously delivered to the Administrative Agent), or insurance certificate
with respect thereto, together with evidence satisfactory to the Administrative Agent of payment of the premium therefor. 
  
 (c) Notify the Administrative Agent promptly whenever any separate insurance concurrent in form or contributing in the event of loss with that required to
be maintained under this Section 5.02 is taken out by Holdings (prior to a Qualified IPO), the U.S. Borrower or any of the Subsidiaries; and promptly deliver to the Administrative Agent a duplicate original copy of such policy or policies, or an
insurance certificate with respect thereto. 
  
 (d) In connection
with the covenants set forth in this Section 5.02, it is understood and agreed that: 
  
 (i) none of the Administrative Agent, the Lenders, the Issuing Bank and their respective agents or employees shall be liable for any loss
or damage insured by the insurance policies required to be maintained under this Section 5.02, it 

  

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being understood that (a) the Loan Parties shall look solely to their insurance companies or any other parties other than the aforesaid parties for the
recovery of such loss or damage and (b) such insurance companies shall have no rights of subrogation against the Administrative Agent, the Lenders, any Issuing Bank or their agents or employees. If, however, the insurance policies do not provide
waiver of subrogation rights against such parties, as required above, then each of Holdings and each Borrower hereby agrees, to the extent permitted by law, to waive, and to cause each of their Subsidiaries to waive, its right of recovery, if any,
against the Administrative Agent, the Lenders, any Issuing Bank and their agents and employees; and 
  
 (ii) the designation of any form, type or amount of insurance coverage by the Administrative Agent under this Section 5.02 shall in no
event be deemed a representation, warranty or advice by the Administrative Agent or the Lenders that such insurance is adequate for the purposes of the business of Holdings (prior to a Qualified IPO), the U.S. Borrower and the Subsidiaries or the
protection of their properties. 
  
 SECTION 5.03. Taxes.
Pay and discharge promptly when due all material Taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or in respect of its property, before the same shall become delinquent or in default, as well as all
lawful claims for labor, materials and supplies or otherwise that, if unpaid, might give rise to a Lien upon such properties or any part thereof; provided, however, that such payment and discharge shall not be required with respect to
any such Tax, assessment, charge, levy or claim so long as the validity or amount thereof shall be contested in good faith by appropriate proceedings, and Holdings (prior to a Qualified IPO), the U.S. Borrower or the affected Subsidiary, as
applicable, shall have set aside on its books adequate reserves in accordance with GAAP with respect thereto. 
  
 SECTION 5.04. Financial Statements, Reports, etc. Furnish to the Administrative Agent (which will promptly furnish such information to the
Lenders): 
  
 (a) within 90 days (or, if
applicable, such shorter period as the SEC shall specify for the filing of Annual Reports on Form 10-K or, if applicable, such longer period permitted under Rule 12b-25 under the Exchange Act) after the end of each fiscal year, (i) a consolidated
balance sheet and related statements of operations, cash flows and owners’ equity showing the financial position of the U.S. Borrower and its subsidiaries as of the close of such fiscal year and the consolidated results of its operations during
such year and (commencing in fiscal year 2006) setting forth in comparative form the corresponding figures for the prior fiscal year and (ii) management’s discussion and analysis of significant operational and financial developments during such
fiscal year, which consolidated balance sheet and related statements of operations, cash flows and owners’ equity shall be audited by independent public accountants of recognized national standing and accompanied by an opinion of such
accountants (which shall not be qualified in any material 

  

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respect) to the effect that such consolidated financial statements fairly present, in all material respects, the financial position and results of operations
of the U.S. Borrower and its subsidiaries on a consolidated basis in accordance with GAAP (it being understood that the delivery by the U.S. Borrower of Annual Reports on Form 10-K of the U.S. Borrower and its consolidated subsidiaries shall satisfy
the requirements of this Section 5.04(a) to the extent such Annual Reports include the information specified herein); 
  
 (b) within 45 days (or, if applicable, such shorter period as the SEC shall specify for the filing of Quarterly Reports on Form 10-Q or,
if applicable, such longer period permitted under Rule 12b-25 under the Exchange Act) after the end of each of the first three fiscal quarters of each fiscal year (commencing with the third fiscal quarter of 2005), (i) a consolidated balance sheet
and related statements of operations and cash flows showing the financial position of the U.S. Borrower and its subsidiaries as of the close of such fiscal quarter and the consolidated results of its operations during such fiscal quarter and the
then-elapsed portion of the fiscal year and (commencing in fiscal year 2006) setting forth in comparative form the corresponding figures for the corresponding periods of the prior fiscal year and (ii) management’s discussion and analysis of
significant operational and financial developments during such quarterly period, all of which shall be in reasonable detail and which consolidated balance sheet and related statements of operations and cash flows shall be certified by a Financial
Officer of the U.S. Borrower on behalf of the U.S. Borrower as fairly presenting, in all material respects, the financial position and results of operations of the U.S. Borrower and its subsidiaries on a consolidated basis in accordance with GAAP
(subject to normal year-end audit adjustments and the absence of footnotes (it being understood that the delivery by the U.S. Borrower of Quarterly Reports on Form 10-Q of the U.S. Borrower and its consolidated subsidiaries shall satisfy the
requirements of this Section 5.04(b) to the extent such Quarterly Reports include the information specified herein); 
  
 (c) (x) concurrently with any delivery of financial statements under paragraph (a) or (b) above, a certificate of a Financial Officer of
the U.S. Borrower (i) certifying that no Event of Default or Default has occurred or, if such an Event of Default or Default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect
thereto, (ii) commencing with the fiscal period ending September 30, 2005, setting forth computations of the Consolidated Leverage Ratio in reasonable detail as of the end of the applicable fiscal period and (iii) commencing with the fiscal period
ending September 30, 2005, setting forth computations in reasonable detail demonstrating compliance with the covenants contained in Sections 6.10 and 6.11 and (y) concurrently with any delivery of financial statements under paragraph (a) above, a
certificate of the accounting firm opining on 

  

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or certifying such statements stating whether they obtained knowledge during the course of their examination of such statements of any Default or Event of
Default (which certificate may be limited to accounting matters and disclaims responsibility for legal interpretations); 
  
 (d) promptly after the same become publicly available, copies of all periodic and other publicly available reports, proxy statements and,
to the extent requested by the Administrative Agent, other materials filed by Holdings (prior to a Qualified IPO), the U.S. Borrower or any of its subsidiaries with the SEC, or after an initial public offering, distributed to its stockholders
generally, as applicable; provided, however, that such reports, proxy statements, filings and other materials required to be delivered pursuant to this clause (d) shall be deemed delivered for purposes of this Agreement when posted to the website of
the U.S. Borrower; 
  
 (e) if, as a result of any
change in accounting principles and policies from those as in effect on the Closing Date, the consolidated financial statements of the U.S. Borrower and its subsidiaries delivered pursuant to paragraph (a) or (b) above will differ in any material
respect from the consolidated financial statements that would have been delivered pursuant to such clauses had no such change in accounting principles and policies been made, then, together with the first delivery of financial statements pursuant to
paragraph (a) and (b) above following such change, a schedule prepared by a Financial Officer on behalf of the U.S. Borrower reconciling such changes to what the financial statements would have been without such changes; 
  
 (f) within 90 days after the beginning of each fiscal year,
a detailed consolidated quarterly budget for such fiscal year and, as soon as available, significant revisions, if any, of such budget and quarterly projections with respect to such fiscal year, including a description of underlying assumptions with
respect thereto (collectively, the “Budget”); 
  
 (g) [reserved]; 
  
 (h) upon the reasonable request of the Administrative Agent, deliver an updated Perfection Certificate (or, to the extent such request relates to specified information contained in the Perfection Certificate, such information) reflecting
all changes since the date of the information most recently received pursuant to this paragraph (h) or Section 5.10(f); 
  
 (i) promptly, a copy of all reports submitted to the Board of Directors (or any committee thereof) of any of the U.S. Borrower or any
Subsidiary in connection with any material interim or special audit made by independent accountants of the books of the U.S. Borrower or any Subsidiary; 
  

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 (j) promptly, from time to time, such other information regarding the operations,
business affairs and financial condition of Holdings (prior to a Qualified IPO), the U.S. Borrower or any of its subsidiaries, or compliance with the terms of any Loan Document, or such consolidating financial statements, as in each case the
Administrative Agent may reasonably request (for itself or on behalf of any Lender); and 
  
 (k) promptly upon request by the Administrative Agent, copies of: (i) each Schedule B (Actuarial Information) to the most recent annual
report (Form 5500 Series) filed with the Internal Revenue Service with respect to a Plan; (ii) the most recent actuarial valuation report for any Plan; (iii) all notices received from a Multiemployer Plan sponsor, a plan administrator or any
governmental agency, or provided to any Multiemployer Plan by Holdings (prior to a Qualified IPO), the U.S. Borrower, a Subsidiary or any ERISA Affiliate, concerning an ERISA Event; and (iv) such other documents or governmental reports or filings
relating to any Plan or Multiemployer Plan as the Administrative Agent shall reasonably request. 
  
 SECTION 5.05. Litigation and Other Notices. Furnish to the Administrative Agent written notice of the following promptly after any Responsible
Officer of Holdings (prior to a Qualified IPO) or any Borrower obtains actual knowledge thereof: 
  
 (a) any Event of Default or Default, specifying the nature and extent thereof and the corrective action (if any) proposed to be taken with
respect thereto; 
  
 (b) the filing or
commencement of, or any written threat or notice of intention of any person to file or commence, any action, suit or proceeding, whether at law or in equity or by or before any Governmental Authority or in arbitration, against Holdings (prior to a
Qualified IPO), the U.S. Borrower or any of its subsidiaries as to which an adverse determination is reasonably probable and that, if adversely determined, could reasonably be expected to have a Material Adverse Effect; 
  
 (c) any other development specific to Holdings (prior to a
Qualified IPO), the U.S. Borrower or any of its subsidiaries that is not a matter of general public knowledge and that has had, or could reasonably be expected to have, a Material Adverse Effect; and 
  
 (d) the development of any ERISA Event that, together with
all other ERISA Events that have developed or occurred, could reasonably be expected to have a Material Adverse Effect. 
  
 SECTION 5.06. Compliance with Laws. Comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its
property, 

  

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except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect; provided that this Section 5.06 shall not
apply to Environmental Laws, which are the subject of Section 5.09, or to laws related to Taxes, which are the subject of Section 5.03. 
  
 SECTION 5.07. Maintaining Records; Access to Properties and Inspections. Maintain all financial records in accordance with GAAP and permit any
persons designated by the Administrative Agent or, upon the occurrence and during the continuance of an Event of Default, any Lender to visit and inspect the financial records and the properties of Holdings (prior to a Qualified IPO), any Borrower
or any of the Subsidiaries at reasonable times, upon reasonable prior notice to Holdings (prior to a Qualified IPO) or such Borrower, and as often as reasonably requested and to make extracts from and copies of such financial records, and permit any
persons designated by the Administrative Agent or, upon the occurrence and during the continuance of an Event of Default, any Lender upon reasonable prior notice to Holdings (prior to a Qualified IPO) or such Borrower to discuss the affairs,
finances and condition of Holdings (prior to a Qualified IPO), any Borrower or any of the Subsidiaries with the officers thereof and independent accountants therefor (subject to reasonable requirements of confidentiality, including requirements
imposed by law or by contract). 
  
 SECTION 5.08. Use of
Proceeds. In the case of the Dutch Borrower, use (a) $190.0 million (net of fees) of the proceeds of the Tranche B-2 Term Loans to repay intercompany indebtedness owed to the U.S. Borrower and (b) $100.0 million of the proceeds of the Tranche
B-2 Term Loans to fund a partnership with RSM Capital, which $100.0 million of proceeds will be used to repay $100.0 million aggregate principal amount of loans outstanding under the Bridge Facility. The remaining proceeds of the Term Loans and the
proceeds of the Revolving Facility Loans will be used (i) on the Closing Date to pay fees and expenses and to finance the payment of dividends to Holdings contemplated by the Transactions, and Holdings shall distribute such proceeds to the holders
of its Equity Interests on the Closing Date or as soon thereafter as (x) is tax-efficient for the holders of its Equity Interests or (y) appraisal rights with respect to any of the Transactions completed on the Closing Date have expired, and to
finance the repayment of Indebtedness contemplated by the Transactions on the Closing Date and (ii) for general corporate purposes (including for the repurchase of the Industrial Revenue Bonds and Permitted Business Acquisitions). The Borrowers will
use the proceeds of the Swingline Loans, and may request the issuance of Letters of Credit, solely for general corporate purposes (including for the back-up or replacement of existing letters of credit). 
  
 SECTION 5.09. Compliance with Environmental Laws. Comply with all
Environmental Laws applicable to its operations and properties; and comply with and obtain and renew all material permits, licenses and other approvals required pursuant to Environmental Law for its operations and properties, except, in each case
with respect to this Section 5.09, to the extent the failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
  
 SECTION 5.10. Further Assurances; Additional Mortgages. (a) Execute any and all further documents, financing
statements, agreements and instruments, and 

  

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take all such further actions (including the filing and recording of financing statements, fixture filings, Mortgages and other documents and recordings of
Liens in stock registries), that may be required under any applicable law, or that the Administrative Agent may reasonably request, to cause the Collateral and Guarantee Requirement to be and remain satisfied, all at the expense of the Loan Parties,
and provide to the Administrative Agent, from time to time upon reasonable request, evidence reasonably satisfactory to the Administrative Agent as to the perfection and priority of the Liens created or intended to be created by the Security
Documents. 
  
 (b) If any asset (including any real property
(other than real property covered by Section 5.10(c) below) or improvements thereto or any interest therein) that has an individual fair market value in an amount greater than $10.0 million is acquired by Holdings (prior to a Qualified IPO), any
Borrower or any other Loan Party after the Closing Date or owned by an entity at the time it becomes a Subsidiary Loan Party (in each case other than assets constituting Collateral under a Security Document that become subject to the Lien of such
Security Document upon acquisition thereof and other than assets that (i) are subject to secured financing arrangements containing restrictions permitted by Section 6.09(c) pursuant to which a Lien on such assets securing the Obligations is not
permitted or (ii) are not required to become subject to the Liens of the Administrative Agent pursuant to Section 5.10(g) or the Security Documents), cause such asset to be subjected to a Lien securing the Obligations and take, and cause the
Subsidiary Loan Parties to take, such actions as shall be necessary or reasonably requested by the Administrative Agent to grant and perfect such Liens, including actions described in paragraph (a) of this Section, all at the expense of the Loan
Parties, subject to paragraph (g) below. 
  
 (c) Promptly notify
the Administrative Agent of the acquisition of, and, upon the written request of the Administrative Agent, grant and cause each of the Subsidiary Loan Parties to grant to the Administrative Agent security interests and mortgages in, such real
property of the U.S. Borrower or any such Subsidiary Loan Parties as are not covered by the original Mortgages (other than assets that (i) are subject to permitted secured financing arrangements containing restrictions permitted by Section 6.09(c)
pursuant to which a Lien on such assets securing the Obligations is not permitted or (ii) are not required to become subject to the Liens of the Administrative Agent pursuant to Section 5.10(g) or the Security Documents), to the extent acquired
after the Closing Date and having a value at the time of acquisition in excess of $15.0 million pursuant to documentation in such form as is reasonably satisfactory to the Administrative Agent (each, an “Additional Mortgage”) and
constituting valid and enforceable perfected Liens superior to and prior to the rights of all third persons subject to no other Liens except as are permitted by Section 6.02 or arising by operation of law, at the time of perfection thereof, record
or file, and cause each such Subsidiary to record or file, the Additional Mortgage or instruments related thereto in such manner and in such places as is required by law to establish, perfect, preserve and protect the Liens in favor of the
Administrative Agent required to be granted pursuant to the Additional Mortgages and pay, and cause each such Subsidiary to pay, in full, all Taxes, fees and other charges payable in connection therewith, in each case subject to paragraph (g) below.
With respect to each such Additional Mortgage, the U.S. Borrower shall deliver to the  

  

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Administrative Agent contemporaneously therewith a title insurance policy and a survey meeting the requirements of subsection (g) of the definition of the
term “Collateral and Guarantee Requirement” if reasonably available with respect to property outside the United States. 
  
 (d) If any newly formed or acquired or any existing direct or indirect Subsidiary of Holdings (prior to a Qualified IPO) or the U.S. Borrower becomes a
Subsidiary Loan Party, within ten Business Days after the date such Subsidiary becomes a Subsidiary Loan Party, notify the Administrative Agent and the Lenders thereof and, within 20 Business Days after such date or such longer period as the
Administrative Agent shall agree, cause the Collateral and Guarantee Requirement to be satisfied with respect to such Subsidiary and with respect to any Equity Interest in or Indebtedness of such Subsidiary owned by or on behalf of any Loan Party,
subject to Section 5.10(g). 
  
 (e) If any newly formed or
acquired or any existing Foreign Subsidiary of Holdings (prior to a Qualified IPO) or the U.S. Borrower becomes a “first tier” Material Foreign Subsidiary of any Loan Party, within ten Business Days after the date such Subsidiary becomes a
Material Foreign Subsidiary, notify the Administrative Agent and the Lenders thereof and, within 20 Business Days after such date or such longer period as the Administrative Agent shall agree, cause the Collateral and Guarantee Requirement to be
satisfied with respect to any Equity Interest in such Subsidiary owned by or on behalf of any Loan Party, subject to Section 5.10(g). 
  
 (f) (i) Furnish to the Administrative Agent prompt written notice of any change (a) in any Loan Party’s corporate or organization name, (b) in any
Loan Party’s identity or organizational structure or (c) in any Loan Party’s organizational identification number; provided that the U.S. Borrower shall not effect or permit any such change unless all filings have
been made, or will have been made within any statutory period, under the Uniform Commercial Code or otherwise that are required in order for the Administrative Agent to continue at all times following such change to have a valid, legal and perfected
security interest in all the Collateral for the benefit of the applicable Secured Parties (to the extent intended to be created by the Security Documents) and (ii) promptly notify the Administrative Agent if any material portion of the Collateral is
damaged or destroyed. 
  
 (g) The Collateral and Guarantee
Requirement and the other provisions of this Section 5.10 (other than paragraph (h) below) need not be satisfied with respect to (i) any real property held by the U.S. Borrower or any of the Subsidiaries as a lessee under a lease, (ii) any Equity
Interests acquired after the Closing Date in accordance with this Agreement if, and to the extent that, and for so long as (a) doing so would violate applicable law or a contractual obligation binding on such Equity Interests and (b) such law or
obligation existed at the time of the acquisition thereof and was not created or made binding on such Equity Interests in contemplation of or in connection with the acquisition of such Equity Interests, (iii) any assets acquired after the Closing
Date, to the extent that, and for so long as, taking such actions would violate a contractual obligation binding on such assets that existed at the time of the acquisition thereof and was not created or made binding on such assets in contemplation
or in connection with the 
  

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acquisition of such assets (except in the case of assets acquired with Indebtedness permitted pursuant to Section 6.01(i) or (j) that is secured by a Lien
permitted pursuant to Section 6.02(i) or (j) or with Indebtedness otherwise permitted pursuant to Section 6.01 that is secured by a Lien permitted pursuant to Section 6.02(v)(ii) or (iii)), (iv) any Principal Property, (v) any Equity Interests or
evidences of Indebtedness of Indenture Restricted Subsidiaries owned by the U.S. Borrower or any Indenture Restricted Subsidiary and (vi) any Subsidiary or asset with respect to which the Administrative Agent determines that the cost of the
satisfaction of the Collateral and Guarantee Requirement or the provisions of this Section 5.10 with respect thereto exceeds the value of the security afforded thereby; provided that, upon the reasonable request of the Administrative Agent,
Holdings (prior to a Qualified IPO) and the U.S. Borrower shall, and shall cause any applicable Subsidiary to, use commercially reasonable efforts to have waived or eliminated any contractual obligation of the types described in clauses (ii) and
(iii) above. 
  
 (h) Prior to a Qualified IPO, ensure that
all outstanding Equity Interests of the U.S. Borrower (other than shares of PIK Preferred Stock, options and management shares) that are (i) sold by Holdings or (ii) newly issued by the U.S. Borrower shall have been pledged to the Administrative
Agent for the benefit of the Secured Parties to secure the Obligations pursuant to a security document not materially less favorable to the Secured Parties than the Collateral Agreement and in form and substance reasonably satisfactory to the
Administrative Agent, and the Administrative Agent shall have received certificates or other instruments representing all such Equity Interests, together with stock powers or other instruments of transfer with respect thereto endorsed in blank.

  
 (i) In the event that any requirement set forth in Section
4.02(e) (without giving effect to the proviso thereof) has not been satisfied in full on or prior to the Closing Date, cause such requirement to be satisfied as promptly as practicable after the Closing Date and, in any event, cause all such
requirements to be satisfied not later than (a) with respect to Canadian and U.K. Subsidiaries, and with respect to pledges of Equity Interests by Dutch Subsidiaries, 90 days following the Closing Date (or such later date as the Administrative Agent
may agree because of delays despite diligent efforts, but in no event later than 180 days after the Closing Date), and (b) with respect to other Foreign Subsidiaries (other than Dutch Subsidiaries), 180 days following the Closing Date (or such later
date as the Administrative Agent may agree because of delays despite diligent efforts, but in no event later than the date that is eighteen months after the Closing Date). 
  
 SECTION 5.11. Fiscal Year; Accounting. In the case of the U.S. Borrower, cause its fiscal year to end on December 31.

  
 SECTION 5.12. Rating. In the case of the U.S. Borrower,
use commercially reasonable efforts to maintain ratings from each of Moody’s and S&P for the Term Loans. 
  
 SECTION 5.13. Lender Meetings. In the case of the U.S. Borrower, upon the request of the Administrative Agent, participate in a meeting of the
Administrative 

  

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Agent and the Lenders once during each fiscal year to be held at such time and location as may be agreed upon by the U.S. Borrower and the Administrative
Agent. 
  
 SECTION 5.14. German Borrower. (a) (i) Cause, as
soon as practicable after the Closing Date, and in any event prior to the date that is six months after the Closing Date or such later date prior to the date that is eighteen months after the Closing Date as the Administrative Agent shall agree, the
German Borrower to be converted to a “Gesellschaft mit beschränkter Haftung” under applicable German law, (ii) promptly notify the Administrative Agent of the effectiveness of such conversion and (iii) simultaneously with or
promptly after the effectiveness of such conversion, take all actions contemplated by Section 5.10 in order to ensure that the Obligations (as defined in the Foreign Guarantee Agreement) of all Foreign Subsidiary Loan Parties receive the benefit of
(1) a Lien on the Collateral of the Foreign Subsidiary Loan Parties organized under the laws of Germany (provided that no Lien on any real property owned by any such Foreign Subsidiary Loan Party shall be granted to secure the Tranche B-2 Term
Loans) and (2) a Guarantee of such Obligations (as defined in the Foreign Guarantee Agreement) by the Foreign Subsidiary Loan Parties under the Foreign Guarantee Agreement, it being understood and agreed that the German Borrower and its subsidiaries
shall not provide any Guarantee or security for any Obligation (as defined in the Foreign Guarantee Agreement) of any Loan Party (other than as set forth in paragraph 2(b) of the Foreign Guarantee Agreement) prior to such conversion. 
  
 (b) Use all commercially reasonable efforts to cause the conditions set forth
in Section 4.03 to be satisfied as soon as practicable after the Closing Date. 
  
 SECTION 5.15. Qualified IPO. For so long as shares of PIK Preferred Stock remain outstanding, substantially contemporaneously with the receipt by the U.S. Borrower of the proceeds of any underwritten public
offering of Equity Interests of the U.S. Borrower, apply such proceeds irrevocably to redeem shares of PIK Preferred Stock in accordance with the terms thereof applicable to voluntary redemptions thereof in effect on the Closing Date. 
  
 SECTION 5.16. Financial Assistance. Comply in all respects with
Sections 151 to 158 of the United Kingdom Companies Act 1985 and any equivalent legislation in other jurisdictions, including in relation to the execution of the Security Documents and payment of amounts due under this Agreement. 
  
 SECTION 5.17. U.K. Pension Matters. (a) Ensure that all pension
schemes operated by or maintained for the benefit of the U.S. Borrower and the Subsidiaries and/or any of their respective employees are fully funded based on the minimum funding requirement under section 56 of the Pensions Act 1995 or the statutory
funding objective under section 222 of the Pensions Act 2004 and that no action or omission is taken by any member of the Group in relation to such a pension scheme that has or is reasonably likely to have a Material Adverse Effect (including the
termination or commencement of winding-up proceedings of any such pension scheme or the U.S. Borrower or any Subsidiary ceasing to employ any member of such a pension scheme). 
  

 139 

 (b) Ensure that none of the U.S. Borrower or any Subsidiary is or has been at any time an employer (for
the purposes of sections 38 to 51 of the Pensions Act 2004) of an occupational pension scheme that is not a money purchase scheme (both terms as defined in the Pension Schemes Act 1993) that has or is reasonably likely to have a Material Adverse
Effect or is “connected” with or an “associate” of (as those terms are used in sections 39 or 43 of the Pensions Act 2004) such an employer. 
  

(c) Deliver to the Administrative Agent at such times as those reports are prepared in order to comply with the then current statutory or auditing
requirements (as applicable either to the trustees of any relevant schemes or to the U.S. Borrower), actuarial reports in relation to all pension schemes mentioned in paragraph (a) above. 
  
 (d) Promptly notify the Administrative Agent of any material change in the rate of contributions to any pension schemes
mentioned in paragraph (a) above, paid or recommended to be paid (whether by the scheme actuary or otherwise) or required by law or otherwise. 
  
 SECTION 5.18. RPP Merger. Consummate the RPP Merger on the Closing Date. 
  
 ARTICLE VI 
  
 Negative Covenants 
  
 Each of Holdings (solely with respect to Section 6.01, 6.08(b) and 6.09 and only prior to a Qualified IPO) and each Borrower covenants and agrees with
each Lender that, so long as this Agreement shall remain in effect (other than in respect of contingent indemnification obligations) and until the Commitments have been terminated and the principal of and interest on each Loan, all Fees and all
other expenses or amounts payable under any Loan Document have been paid in full and all Letters of Credit have been canceled or have expired and all amounts drawn thereunder have been reimbursed in full, unless the Required Lenders shall otherwise
consent in writing, Holdings will not (solely with respect to Section 6.01, 6.08(b) and 6.09 and only prior to a Qualified IPO) and no Borrower will, or will cause or permit any of the Material Subsidiaries to: 
  
 SECTION 6.01. Indebtedness. Incur, create, assume or permit to exist
any Indebtedness, except: 
  
 (a) The Existing
Notes, other Indebtedness existing, or incurred pursuant to facilities existing, on the Closing Date and set forth on Schedule 6.01 and any Permitted Refinancing Indebtedness incurred to Refinance such Indebtedness or, without duplication,
replacements of such facilities that would constitute Permitted Refinancing Indebtedness with respect to such facilities if all Indebtedness available to be incurred thereunder were outstanding on the date of such replacement (other than Permitted
Refinancing Indebtedness in respect of intercompany indebtedness of the U.S. Borrower or any Subsidiary owed to the U.S. 

  

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Borrower or any Subsidiary Refinanced with Indebtedness owed to a person other than the U.S. Borrower or any Subsidiary); 
  
 (b) Indebtedness created hereunder and under the other Loan
Documents; 
  
 (c) Indebtedness of Holdings
(until a Qualified IPO), the U.S. Borrower and the Subsidiaries pursuant to Swap Agreements permitted by Section 6.13; 
  
 (d) Indebtedness owed to (including obligations in respect of letters of credit or bank guarantees or similar instruments for the benefit
of) any person providing workers’ compensation, health, disability or other employee benefits or property, casualty or liability insurance to Holdings (until a Qualified IPO), the U.S. Borrower or any Subsidiary, pursuant to reimbursement or
indemnification obligations to such person; provided that upon the incurrence of Indebtedness with respect to reimbursement obligations regarding workers’ compensation claims, such obligations are reimbursed not later than 30 days following
such incurrence; 
  
 (e) Indebtedness of the U.S.
Borrower to any Subsidiary and of any Subsidiary to the U.S. Borrower or any other Subsidiary; provided that (i) Indebtedness of any Subsidiary that is not a Subsidiary Loan Party to the Loan Parties shall be subject to Section 6.04(b) and
(ii) Indebtedness of any Borrower to any Subsidiary and Indebtedness of any other Loan Party to any Subsidiary that is not a Subsidiary Loan Party shall be subordinated to the Obligations on terms reasonably satisfactory to the Administrative Agent;

  
 (f) Indebtedness in respect of performance
bonds, bid bonds, appeal bonds, surety bonds and completion guarantees and similar obligations, in each case provided in the ordinary course of business, including those incurred to secure health, safety and environmental obligations in the ordinary
course of business; 
  
 (g) 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 or other cash management services in the ordinary course of business; provided
that (x) such Indebtedness (other than credit or purchase cards) is extinguished within ten Business Days of notification to any Borrower of its incurrence and (y) such Indebtedness in respect of credit or purchase cards is extinguished within 60
days from its incurrence; 
  
 (h) (i)
Indebtedness of a Subsidiary acquired after the Closing Date or a corporation merged into or consolidated with the U.S. Borrower 

  

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or any Subsidiary after the Closing Date and Indebtedness assumed in connection with the acquisition of assets, which Indebtedness in each case, exists at
the time of such acquisition, merger or consolidation and is not created in contemplation of such event and where such acquisition, merger or consolidation is permitted by this Agreement and (ii) any Permitted Refinancing Indebtedness incurred to
Refinance such Indebtedness; provided that the aggregate principal amount of such Indebtedness at the time of, and after giving effect to, such acquisition, merger or consolidation, such assumption or such incurrence, as applicable (together with
Indebtedness outstanding pursuant to this paragraph (h) or paragraph (i) of this Section 6.01 and the Remaining Present Value of outstanding leases permitted under Section 6.03), would not exceed $50.0 million in the aggregate; 
  
 (i) Capital Lease Obligations, mortgage financings and
purchase money Indebtedness incurred by Holdings (until a Qualified IPO), the U.S. Borrower or any Subsidiary prior to or within 270 days after the acquisition, lease or improvement of the respective asset permitted under this Agreement in order to
finance such acquisition or improvement, and any Permitted Refinancing Indebtedness in respect thereof, in an aggregate principal amount that at the time of, and after giving effect to, the incurrence thereof (together with Indebtedness outstanding
pursuant to paragraph (h) of this Section 6.01 or this paragraph (i) and the Remaining Present Value of leases permitted under Section 6.03) would not exceed $50.0 million in the aggregate; 
  
 (j) Capital Lease Obligations incurred by Holdings (until a
Qualified IPO), the U.S. Borrower or any Subsidiary in respect of any Sale and Lease-Back Transaction that is permitted under Section 6.03; 
  
 (k) other Indebtedness of Holdings (until a Qualified IPO), the U.S. Borrower or any Subsidiary, in an aggregate principal amount at any
time outstanding pursuant to this paragraph (k) not in excess of $50.0 million; 
  
 (l) Guarantees (i) by Holdings (until a Qualified IPO), the U.S. Borrower or any Subsidiary Loan Party of any Indebtedness of the U.S.
Borrower or any Subsidiary Loan Party expressly permitted to be incurred under this Agreement, (ii) by the U.S. Borrower or any Subsidiary Loan Party of Indebtedness otherwise expressly permitted hereunder of any Subsidiary that is not a Subsidiary
Loan Party to the extent such Guarantees are permitted by Section 6.04(b) and (iii) by any Foreign Subsidiary that is not a Subsidiary Loan Party of Indebtedness of another Foreign Subsidiary; provided that (A) Guarantees by Holdings, the
U.S. Borrower or any Subsidiary Loan Party under this Section 6.01(1) of any other Indebtedness of a person that is subordinated to other Indebtedness of such person shall be expressly subordinated to the Obligations on terms 

  

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not less favorable to the Lenders than the subordination terms of such other Indebtedness and (B) no subsidiary of the U.S. Borrower (other than Borden Nova
Scotia Finance, ULC) that is not a Domestic Loan Party shall Guarantee the Existing Subordinated Notes, the Debentures or any Permitted Refinancing Indebtedness in respect of any thereof or any Indebtedness that is secured by any Second-Priority
Liens; 
  
 (m) Indebtedness arising from
agreements of Holdings (until a Qualified IPO), the U.S. Borrower or any Subsidiary providing for indemnification, adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the disposition of any
business, assets or a Subsidiary, other than Guarantees of Indebtedness incurred by any person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition; 
  
 (n) [reserved]; 
  
 (o) letters of credit or bank guarantees (other than Letters
of Credit issued pursuant to Section 2.05) having an aggregate face amount not in excess of $15.0 million; 
  
 (p) Indebtedness supported by a Letter of Credit, in a principal amount not in excess of the stated amount of such Letter of Credit;

  
 (q) Indebtedness consisting of (x) the
financing of insurance premiums or (y) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 
  
 (r) the Holdings Notes and any Permitted Refinancing Indebtedness in respect thereof; 
  
 (s) [reserved]; 
  
 (t) [reserved]; 
  
 (u) all premium (if any), interest (including post-petition
interest), fees, expenses, charges and additional or contingent interest on obligations described in paragraphs (a) through (t) above and paragraphs (v) and (w) below; 
  
 (v) Indebtedness of the U.S. Borrower and the Subsidiaries incurred under lines of credit or overdraft
facilities (including, but not limited to, intraday, ACH and purchasing card/T&E services) extended by one or more financial institutions reasonably acceptable to the Administrative Agent or Lenders and (in each case) established for the U.S.
Borrower’s and the Subsidiaries’ ordinary course of operations (such Indebtedness, the “Overdraft Line”), which Indebtedness may be secured as, but only to the extent, provided in Section 6.02(b) and in the Security

  

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Documents (it being understood, however, that for a period of 30 consecutive days during each fiscal year of the U.S. Borrower the outstanding principal
amount of Indebtedness under the Overdraft Line shall not exceed $40.0 million); 
  
 (w) (i) other Indebtedness incurred by the U.S. Borrower or any Subsidiary Loan Party; provided that, (A) immediately after giving
effect to the incurrence of such Indebtedness on a Pro Forma Basis as if such incurrence of Indebtedness had occurred on the first day of the four fiscal quarter period ending on the last day of the U.S. Borrower’s then most recently completed
fiscal quarter for which financial statements are available, the Consolidated Leverage Ratio shall not exceed 5.00 to 1.00 and (B) at the time of the incurrence of such Indebtedness and after giving effect thereto, no Default or Event of Default
shall have occurred and be continuing or would result therefrom, and (ii) Permitted Refinancing Indebtedness in respect thereof; and 
  
 (x) up to $75.0 million in aggregate principal amount of Indebtedness of Foreign Subsidiaries that are not Loan Parties at any time
outstanding. 
  
 SECTION 6.02. Liens. Create, incur, assume
or permit to exist any Lien on any property or assets (including stock or other securities of any person, including any subsidiary of Holdings (prior to a Qualified IPO) or the U.S. Borrower) at the time owned by it or on any income or revenues or
rights in respect of any thereof, except: 
  
 (a)
Liens on property or assets of Holdings (prior to a Qualified IPO), the U.S. Borrower and the Subsidiaries existing on the Closing Date and set forth on Schedule 6.02(a); provided that (i) such Liens shall secure only those obligations
that they secure on the Closing Date (and Permitted Refinancing Indebtedness in respect thereof permitted by Section 6.01(a)) and shall not subsequently apply to any other property or assets of Holdings (prior to a Qualified IPO), the U.S. Borrower
or any Subsidiary and (ii) in the case of a Lien securing Permitted Refinancing Indebtedness, any such Lien is permitted, subject to compliance with clause (e) of the definition of the term “Permitted Refinancing Indebtedness”; 

 
 (b) any Lien created under the Loan Documents or
permitted in respect of any Mortgaged Property by the terms of the applicable Mortgage; provided, however, in no event shall the holders of the Indebtedness under the Overdraft Line have the right to receive proceeds in respect of a
claim in excess of $40.0 million in the aggregate (plus (i) any accrued and unpaid interest in respect of Indebtedness incurred by the U.S. Borrower and the Subsidiaries under the Overdraft Line and (ii) any accrued and unpaid fees and expenses
owing by the U.S. Borrower and the Subsidiaries under the Overdraft Line) from the enforcement of 

  

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any remedies available to the Secured Parties under all of the Loan Documents; 
  
 (c) any Lien on any property or asset of Holdings (prior to a Qualified IPO), the U.S. Borrower or any
Subsidiary securing Indebtedness or Permitted Refinancing Indebtedness permitted by Section 6.01(h); provided that such Lien (i) does not apply to any other property or assets of Holdings (prior to a Qualified IPO), the U.S. Borrower or any
of the Subsidiaries not securing such Indebtedness at the date of the acquisition of such property or asset (other than after acquired property subjected to a Lien securing Indebtedness incurred prior to such date and which Indebtedness is permitted
hereunder that require a pledge of after acquired property, it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition), (ii) such Lien is not
created in contemplation of or in connection with such acquisition and (iii) in the case of a Lien securing Permitted Refinancing Indebtedness, any such Lien is permitted, subject to compliance with clause (e) of the definition of the term
“Permitted Refinancing Indebtedness”; 
  
 (d) Liens for Taxes, assessments or other governmental charges or levies not yet delinquent or that are being contested in compliance with Section 5.03; 
  
 (e) landlord’s, carriers’, warehousemen’s, mechanics’, materialmen’s,
repairmen’s, construction or other like Liens arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or that are being contested in good faith by appropriate proceedings and in respect of
which, if applicable, Holdings (prior to a Qualified IPO), the U.S. Borrower or any Subsidiary shall have set aside on its books reserves in accordance with GAAP; 
  
 (f) (i) deposits and other Liens made in the ordinary course of business in compliance with the Federal
Employers Liability Act or any other workers’ compensation, unemployment insurance and other social security laws or regulations and deposits securing liability to insurance carriers under insurance or self-insurance arrangements in respect of
such obligations and (ii) deposits and other Liens securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing
property, casualty or liability insurance to Holdings (prior to a Qualified IPO), the U.S. Borrower or any Subsidiary; 
  
 (g) deposits and other Liens to secure the performance of bids, trade contracts (other than for Indebtedness), leases (other than Capital
Lease Obligations), statutory obligations, surety and appeal bonds, performance and return of money bonds, bids, leases, government 

  

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contracts, trade contracts, agreements with public utilities, and other obligations of a like nature (including letters of credit in lieu of any such bonds
or to support the issuance thereof) incurred by Holdings (prior to a Qualified IPO), the U.S. Borrower or any Subsidiary in the ordinary course of business, including those incurred to secure health, safety and environmental obligations in the
ordinary course of business; 
  
 (h) zoning
restrictions, survey exceptions, easements, trackage rights, leases (other than Capital Lease Obligations), licenses, special assessments, rights-of-way, restrictions on or agreements dealing with the use of real property, servicing agreements,
development agreements, site plan agreements and other similar encumbrances incurred in the ordinary course of business and title defects or irregularities that are of a minor nature and that, in the aggregate, do not interfere in any material
respect with the ordinary conduct of the business of Holdings (prior to a Qualified IPO), the U.S. Borrower or any Subsidiary; 
  
 (i) purchase money security interests in equipment or other property or improvements thereto hereafter acquired (or, in the case of
improvements, constructed) by Holdings (prior to a Qualified IPO), the U.S. Borrower or any Subsidiary (including the interests of vendors and lessors under conditional sale and title retention agreements); provided that (i) such security
interests secure Indebtedness permitted by Section 6.01(i) (including any Permitted Refinancing Indebtedness in respect thereof), (ii) such security interests are incurred, and the Indebtedness secured thereby is created, within 270 days after such
acquisition, (iii) the Indebtedness secured thereby does not exceed 100% of the cost of such equipment or other property or improvements at the time of such acquisition or construction, including transaction costs incurred by Holdings (prior to a
Qualified IPO), the U.S. Borrower or any Subsidiary in connection with such acquisition, and (iv) such security interests do not apply to any other property or assets of Holdings (prior to a Qualified IPO), the U.S. Borrower or any Subsidiary (other
than to accessions to such equipment or other property or improvements but not to other parts of the property to which any such improvements are made); provided, further, that individual financings of equipment provided by a single
lender may be cross-collateralized to other financings of equipment provided solely by such lender; 
  
 (j) Liens arising out of capitalized lease transactions permitted under Section 6.03, so long as such Liens attach only to the property
sold and being leased in such transaction and any accessions thereto or proceeds thereof and related property; 
  
 (k) Liens securing judgments that do not constitute an Event of Default under Section 7.01(j); provided that such Liens, to the
extent that 

  

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they secure aggregate amounts of more than $10.0 million, shall be discharged within 60 days of the creation thereof; 
  
 (l) other Liens with respect to property or assets of
Holdings (prior to a Qualified IPO), the U.S. Borrower or any Subsidiary not constituting Collateral for the Obligations with an aggregate fair market value (valued at the time of creation thereof) of not more than $50.0 million at any time;

  
 (m) Liens disclosed by the title insurance
policies delivered on or subsequent to the Closing Date and pursuant to Section 5.10 and any replacement, extension or renewal of any such Lien; provided that such replacement, extension or renewal Lien shall not cover any property other than
the property that was subject to such Lien prior to such replacement, extension or renewal; provided, further, that the Indebtedness and other obligations secured by such replacement, extension or renewal Lien are permitted by this
Agreement; 
  
 (n) [reserved]; 
  
 (o) any interest or title of a lessor under any leases or
subleases entered into by Holdings (prior to a Qualified IPO), the U.S. Borrower or any Subsidiary in the ordinary course of business; 
  
 (p) Liens that are contractual rights of set-off (i) relating to the establishment of depository relations with banks not given in
connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of Holdings (prior to a Qualified IPO), the U.S. Borrower or any Subsidiary to permit satisfaction of overdraft or similar obligations incurred in the
ordinary course of business of Holdings (prior to a Qualified IPO), the U.S. Borrower and the Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of Holdings (prior to a Qualified IPO), the U.S.
Borrower or any Subsidiary in the ordinary course of business; 
  
 (q) Liens arising solely by virtue of any statutory or common law provision relating to banker’s liens, rights of set-off or similar rights; 
  
 (r) Liens securing obligations in respect of trade-related letters of credit permitted under Section
6.01(f), (k) or (o) and covering the goods (or the documents of title in respect of such goods) financed by such letters of credit and the proceeds and products thereof; 
  
 (s) licenses of intellectual property and software granted in a manner consistent with past practice;

  
 (t) Liens in favor of customs and revenue
authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods; 
  

 147 

 (u) Liens on the assets of a Foreign Subsidiary that is not a Loan Party that secure
Indebtedness of such Foreign Subsidiary that is permitted to be incurred under Section 6.01; 
  
 (v) (i) other Liens on assets that are not Collateral, (ii) other Liens of the type referred to in Section 6.02(c) (without regard to the
proviso to Section 6.01(h)) that satisfy the requirements of the proviso to Section 6.02(c) and (iii) other Liens of the type referred to in Section 6.02(i) that secure Indebtedness of the type referred to in Section 6.01(i) (without regard to the
dollar limitation set forth therein) that satisfy the requirements of clauses (ii) through (iv) of the proviso to Section 6.02(i); provided that, after giving effect to any such Lien and the incurrence of any Indebtedness incurred at the time
such Lien is created, incurred or permitted to exist on a Pro Forma Basis, the Senior Secured Bank Leverage Ratio on the last day of the U.S. Borrower’s then most recently completed fiscal quarter for which financial statements are available
shall be less than or equal to 1.50 to 1.00 and at the time of the incurrence of such Lien and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing or would result therefrom; 
  
 (w) Second-Priority Liens on Collateral, 
  
 (x) Liens solely on any cash earnest money deposits made by
Holdings (prior to a Qualified IPO), the U.S. Borrower or any of the Subsidiaries in connection with any letter of intent or purchase agreement permitted hereunder; 
  
 (y) Liens arising out of consignment or similar arrangements for the sale of goods entered into in the
ordinary course of business; 
  
 (z) Liens
securing insurance premiums financing arrangements, provided that such Liens are limited to the applicable unearned insurance premiums; 
  
 (aa) Liens in favor of the U.S. Borrower or any Subsidiary Loan Party; 
  
 (bb) Liens on not more than $15.0 million of deposits securing Swap Agreements permitted to be incurred
under Section 6.13; 
  
 (cc) deposits or other
Liens with respect to property or assets of the U.S. Borrower or any Subsidiary; provided that such property and assets shall have an aggregate fair market value (valued at the time of creation of the Liens) of not more than $15.0 million at
any time; 
  
 (dd) Liens on PIK Preferred Stock
held by Holdings securing any Holdings Notes; and 
  

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 (ee) the reservations, limitations, provisos and conditions, if any, expressed in any
original grant from the Crown of any real property or any interest therein in Canada; provided they do not reduce the value of the assets or interfere in any material respect with the ordinary conduct of the business of Holdings (prior to a
Qualified IPO), the U.S. Borrower or any Subsidiary. 
  
 Notwithstanding the foregoing, (a) no Liens shall be permitted to exist, directly or indirectly, on (i) Pledged Collateral or any Indebtedness of the U.S. Borrower or any Subsidiary to the U.S. Borrower or a Domestic Subsidiary (unless such
Indebtedness shall have become subject to a first-priority Lien securing the Obligations), other than Liens in favor of the Administrative Agent for the benefit of the Secured Parties and Liens permitted by Section 6.02(d), (e), (k), (q) or (w), or
(ii) any real estate, fixtures or equipment of the U.S. Borrower or any of its subsidiaries located within the United States (except in respect of any such assets that the Board of Directors of the U.S. Borrower has determined do not constitute
Principal Property that shall have become subject to a first priority Lien securing the Obligations), other than Liens in favor of the Administrative Agent for the benefit of the Secured Parties and Liens permitted by Section 6.02(a), (c), (d), (e),
(h), (i), (j), (k), (l) (solely, in the case of clause (l), with respect to Liens of the type referred to in Section 6.02(i) that secure Indebtedness of the type referred to in Section 6.01(i) (without regard to the dollar limitation set forth
therein) that satisfy the requirements of clauses (ii) through (iv) of the proviso to Section 6.02(i)), (o), (q), (v)(i) (solely, in the case of clause (v)(i), with respect to Liens of the type referred to in Section 6.02(i) that secure Indebtedness
of the type referred to in Section 6.01(i) (without regard to the dollar limitation set forth therein) that satisfy the requirements of clauses (ii) through (iv) of the proviso to Section 6.02(i)), (v)(ii) or (v)(iii) that do not trigger a
requirement to grant equal and ratable Liens securing other outstanding Indebtedness of the U.S. Borrower or any Subsidiary, and (b) no Liens over any deposit account of the U.S. Borrower or any Subsidiary Loan Party other than Liens permitted by
Section 6.02(b), (d), (f), (g), (k), (p)(i), (p)(ii) or (q) shall be perfected. 
  
 SECTION 6.03. Sale and Lease-Back Transactions. Enter into any arrangement, directly or indirectly, with any person whereby it shall sell or transfer any property, real or personal, used or useful in its
business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property being sold or transferred (a “Sale and
Lease-Back Transaction”); provided that (i) a Sale and Lease-Back Transaction shall be permitted with respect to property (a) owned by the U.S. Borrower, any Domestic Subsidiary or any Foreign Subsidiary Loan Party that is acquired
after the Closing Date so long as such Sale and Lease-Back Transaction is consummated within 270 days of the acquisition of such property, (b) owned by any Foreign Subsidiary that is not a Loan Party regardless of when such property was acquired or
(c) that is included on Schedule 6.03 and (ii) at the time the lease in connection therewith is entered into, and after giving effect to the entering into of such Lease, the Remaining Present Value of such lease (together with Indebtedness
outstanding pursuant to paragraphs (h) and (i) of Section 6.01 and the Remaining Present Value of outstanding leases previously entered into under this Section 6.03) would not exceed $50.0 million in the aggregate. 
  

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 SECTION 6.04. Investments, Loans and Advances. Purchase, hold or acquire (including pursuant to
any merger with a person that is not a Wholly Owned Subsidiary immediately prior to such merger) any Equity Interests, evidences of Indebtedness or other securities of, make or permit to exist any loans or advances to or Guarantees of the
obligations of, or make or permit to exist any investment or any other interest in (each, an “Investment”), in any other person, except: 
  
 (a) Investments by Holdings in the Equity Interests of the U.S. Borrower; 
  
 (b) (i) Investments by the U.S. Borrower or any Subsidiary in the Equity Interests of the U.S. Borrower or
any Subsidiary; (ii) intercompany loans from the U.S. Borrower or any Subsidiary to the U.S. Borrower or any Subsidiary; and (iii) Guarantees by the U.S. Borrower or any Subsidiary Loan Party of Indebtedness otherwise expressly permitted hereunder
of the U.S. Borrower or any Subsidiary; provided that no (A) Investments shall be made after the Closing Date by the Loan Parties pursuant to clause (i) in Subsidiaries that are not Subsidiary Loan Parties, (B) intercompany loans shall be
made by Loan Parties after the Closing Date to Subsidiaries that are not Subsidiary Loan Parties pursuant to clause (ii), or (C) Guarantees should be given by Loan Parties of Indebtedness after the Closing Date of Subsidiaries that are not
Subsidiary Loan Parties pursuant to clause (iii), if, immediately after giving effect thereto, the sum of all such Investments made (or, pursuant to the last sentence of this Section, deemed made) pursuant to clauses (A), (B) and (C) (valued at the
time of the making thereof, and without giving effect to any write-downs or write-offs thereof, but after deducting any return of capital actually received by the U.S. Borrower or the respective Subsidiary Loan Parties in respect of investments or
loans theretofore made by them pursuant to this paragraph (b) (or, in the case of Guarantees made by them pursuant to this paragraph (b), after deducting any reduction in the amount thereof without having made payment thereunder)) would exceed (x)
5% of Consolidated Total Assets as of the end of the most recently completed fiscal year of the U.S. Borrower for which financial statements have been delivered to the Administrative Agent, plus (y) the portion, if any, of the Available
Investment Basket Amount on the date of such election that the U.S. Borrower elects to apply to this Section 6.04(b)(y); and provided further that intercompany current liabilities incurred in the ordinary course of business in
connection with the cash management operations and intercompany sales of Holdings (prior to a Qualified IPO), the U.S. Borrower and the Subsidiaries shall not be included in calculating the limitation in this paragraph at any time; 
  
 (c) Permitted Investments and Investments that were
Permitted Investments when made; 
  

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 (d) Investments arising out of the receipt by Holdings (prior to a Qualified IPO), the
U.S. Borrower or any Subsidiary of noncash consideration for the sale of assets permitted under Section 6.05; 
  
 (e) (i) loans and advances to employees of Holdings (prior to a Qualified IPO), the U.S. Borrower or any Subsidiary in the ordinary course
of business not to exceed $10.0 million in the aggregate at any time outstanding (calculated without regard to write-downs or write-offs thereof) and (ii) advances of payroll payments and expenses to employees in the ordinary course of business;

  
 (f) accounts receivable arising and trade
credit granted in the ordinary course of business and any securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss and any
prepayments and other credits to suppliers made in the ordinary course of business; 
  
 (g) Swap Agreements permitted pursuant to Section 6.13; 
  
 (h) Investments existing on the Closing Date and set forth on Schedule 6.04; 
  
 (i) Investments resulting from pledges and deposits referred
to in Sections 6.02(f), (g), (k), (t), (x), (bb) and (cc); 
  
 (j) other Investments by Holdings (prior to a Qualified IPO), the U.S. Borrower or any Subsidiary; provided that no Investments may be made (or, pursuant to the last sentence of this Section, deemed made)
pursuant to this Section 6.04(j) if, immediately after giving effect thereto, the sum of all such Investments made pursuant to this Section 6.04(j) (valued at the time of the making thereof, and without giving effect to any write-downs or write-offs
thereof, but after deducting any return of capital or principal actually received by the U.S. Borrower or the respective Subsidiary in respect of investments theretofore made by them pursuant to this Section 6.04(j) (or, in the case of Guarantees
made by them pursuant to this Section 6.04(j), after deducting any reduction in the amount thereof without them making payment thereunder)) would exceed (i) 5% of Consolidated Total Assets as of the end of the most recently completed fiscal year of
the U.S. Borrower for which financial statements have been delivered to the Administrative Agent, plus (ii) the portion, if any, of the Available Investment Basket Amount on the date of such election that the U.S. Borrower elects to apply to this
Section 6.04(j)(ii); 
  
 (k) Investments
constituting Permitted Business Acquisitions; 
  

 151 

 (l) Investments consisting of the licensing or contribution of intellectual property
pursuant to joint marketing arrangements with other persons; 
  
 (m) intercompany loans and other Investments between Foreign Subsidiaries that are not Loan Parties; 
  
 (n) Investments consisting of purchases and acquisitions of inventory, supplies, materials and equipment or purchases of contract rights
or licenses or leases of intellectual property in each case in the ordinary course of business; 
  
 (o) the Transactions; 
  
 (p) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with or
judgments against, customers and suppliers, in each case in the ordinary course of business or Investments acquired by the U.S. Borrower as a result of a foreclosure by the U.S. Borrower or any of the Subsidiaries with respect to any secured
Investments or other transfer of title with respect to any secured Investment in default; 
  
 (q) Investments of a Subsidiary acquired after the Closing Date or of a corporation merged into the U.S. Borrower or merged into or
consolidated with a Subsidiary in accordance with Section 6.05 after the Closing Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence on the
date of such acquisition, merger or consolidation; and 
  
 (r) Investments received substantially contemporaneously in exchange for Equity Interests of the U.S. Borrower; provided that such Investments are not included in any determination of the Available Investment Basket Amount;

  
 (s) any Investment in any person that, as a
result of such Investment, becomes a Domestic Subsidiary and an Indenture Restricted Subsidiary if, in the good faith determination of the Board of Directors of the U.S. Borrower, such Domestic Subsidiary could not transfer all Principal Properties
held by such Domestic Subsidiary to the U.S. Borrower or take other actions to avoid such Domestic Subsidiary’s being an Indenture Restricted Subsidiary, in each case without subjecting the U.S. Borrower or any of the other Subsidiaries to (a)
liabilities that could reasonably be expected to have a Material Adverse Effect or (b) material liability (other than in respect of Indebtedness or trade obligations); provided that no Investments may be made pursuant to this Section 6.04(s)
if, immediately after giving effect thereto, the sum of all such Investments 

  

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made pursuant to this Section 6.04(s) (valued at the time of the making thereof, and without giving effect to any write-downs or write-offs thereof, but
after deducting any return of capital actually received by the U.S. Borrower or the respective Subsidiary in respect of investments theretofore made by them pursuant to this Section 6.04(s)) would exceed 2.5% of Consolidated Total Assets as of the
end of the most recently completed fiscal year of the U.S. Borrower for which financial statements have been delivered to the Administrative Agent; 
  
 (t) Investments in joint ventures not in excess of $15.0 million in the aggregate; 
  
 (u) Guarantees by the U.S. Borrower or any Subsidiary of
operating leases (other than Capital Lease Obligations) or of other obligations that do not constitute Indebtedness, in each case entered into by any Subsidiary in the ordinary course of business; and 
  
 (v) Investments in connection with the purchase,
cancellation, or repayment of the Industrial Revenue Bonds (at par or at a premium). 
  
 The amount of Investments that may be made at any time pursuant to (a) either Section 6.04(b) or 6.04(j) (such Sections, the “Related Sections”) may, at the election of the U.S. Borrower, be increased by the amount of
Investments that could be made at such time under the other Related Section; provided that the amount of each such increase in respect of one Related Section shall be treated as having been used under the other Related Section or (b) Section
6.04(s) may, at the election of the U.S. Borrower, be increased by the amount of Investments that could be made at such time under Section 6.04(j); provided that the amount of each such increase shall be treated as having been used under
6.04(j). 
  
 SECTION 6.05. Mergers, Consolidations, Sales of
Assets and Acquisitions. Merge into or consolidate with any other person, or permit any other person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all
or any part of its assets (whether now owned or hereafter acquired), or issue, sell, transfer or otherwise dispose of any Equity Interests of any Subsidiary or, except to the extent otherwise permitted by Section 6.01, any Disqualified Stock of
Holdings (prior to a Qualified IPO), or the U.S. Borrower (other than PIK Preferred Stock), or purchase, lease or otherwise acquire (in one transaction or a series of transactions) all or any substantial part of the assets of any other person,
except that this Section shall not prohibit: 
  
 (a) (i) the lease, purchase and sale of inventory in the ordinary course of business by the U.S. Borrower or any Subsidiary, (ii) the acquisition of any other asset in the ordinary course of business by the U.S. Borrower or any Subsidiary,
(iii) the sale of surplus, obsolete or worn out equipment or other property in the ordinary course of business by the 

  

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U.S. Borrower or any Subsidiary or (iv) the sale of Permitted Investments in the ordinary course of business; 
  
 (b) if at the time thereof and immediately thereafter no
Event of Default shall have occurred and be continuing or would result therefrom, (i) the merger of any Subsidiary into the U.S. Borrower in a transaction in which the U.S. Borrower is the survivor, (ii) the merger or consolidation of any Domestic
Subsidiary into or with any Domestic Subsidiary Loan Party in a transaction in which the surviving or resulting entity is a Domestic Subsidiary Loan Party or the merger or consolidation of any Foreign Subsidiary into or with any Foreign Subsidiary
Loan Party in a transaction in which the surviving or resulting entity is a Foreign Subsidiary Loan Party and, in the case of each of clauses (i) and (ii), no person other than the U.S. Borrower or Subsidiary Loan Party receives any consideration,
(iii) the merger or consolidation of any Subsidiary that is not a Subsidiary Loan Party into or with any other Subsidiary that is not a Subsidiary Loan Party or (iv) the liquidation or dissolution or change in form of entity of any Subsidiary (other
than any Borrower) in accordance with Section 5.01(a)(ii) if the U.S. Borrower determines in good faith that such liquidation or dissolution is in the best interests of the U.S. Borrower and is not materially disadvantageous to the Lenders;

  
 (c) sales, transfers, leases or other
dispositions to the U.S. Borrower or a Subsidiary (upon voluntary liquidation or otherwise); provided that any sales, transfers, leases or other dispositions by a Loan Party to a Subsidiary that is not a Subsidiary Loan Party shall be made in
compliance with Section 6.07; provided, further that the aggregate gross proceeds of any sales, transfers, leases or other dispositions by a Loan Party to a Subsidiary that is not a Subsidiary Loan Party in reliance upon this paragraph
(c) (other than transactions referenced in Section 6.07(a)(xi)) and the aggregate gross proceeds of any or all assets sold, transferred or leased in reliance upon paragraph (h) below shall not exceed, in any fiscal year of the U.S. Borrower, 5% of
Consolidated Total Assets as of the end of the immediately preceding fiscal year; 
  
 (d) Sale and Lease-Back Transactions permitted by Section 6.03; 
  
 (e) Investments permitted by Section 6.04, Liens permitted by Section 6.02 and Dividends permitted by
Section 6.06; 
  
 (f) any swap of assets in
exchange for services or other assets in the ordinary course of business of comparable or greater value or usefulness to the business of the U.S. Borrower and the Subsidiaries as a whole, as determined in good faith by the management of the U.S.
Borrower, which in the event of a swap with a fair market value in excess of (x) $10.0 million shall be evidenced by a certificate from a Responsible Officer of the U.S. Borrower and (y) $25.0 million shall be set forth in a 

  

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resolution approved in good faith by at least a majority of the Board of Directors of the U.S. Borrower; 
  
 (g) the sale of defaulted receivables in the ordinary course
of business and not as part of an accounts receivables financing transaction; 
  
 (h) sales, transfers, leases or other dispositions of assets not otherwise permitted by this Section 6.05; provided that the aggregate gross proceeds (including noncash proceeds) of any or all assets sold,
transferred, leased or otherwise disposed of in reliance upon this paragraph (h) and in reliance upon the second proviso to paragraph (c) above shall not exceed, in any fiscal year of the U.S. Borrower, 5% of Consolidated Total Assets as of the end
of the immediately preceding fiscal year; provided, further, that the Net Proceeds thereof are applied in accordance with Section 2.12(b); 
  
 (i) any merger or consolidation in connection with a Permitted Business Acquisition; provided that following any such merger or
consolidation (i) involving any Borrower, such Borrower is the surviving corporation (and, if such merger or consolidation involves the U.S. Borrower, the U.S. Borrower is the surviving corporation), (ii) involving a Domestic Subsidiary, the
surviving or resulting entity shall be a Domestic Subsidiary Loan Party that is a Wholly Owned Subsidiary and (iii) involving a Foreign Subsidiary, the surviving or resulting entity shall be a Wholly Owned Subsidiary and, if such Foreign Subsidiary
is a Foreign Subsidiary Loan Party, the surviving or resulting entity shall be a Foreign Subsidiary Loan Party; 
  
 (j) licensing and cross-licensing arrangements involving any technology or other intellectual property of the U.S. Borrower or any
Subsidiary in the ordinary course of business; 
  
 (k) sales, leases or other dispositions of inventory of the U.S. Borrower and the Subsidiaries determined by the management of the U.S. Borrower to be no longer useful or necessary in the operation of the business of the U.S. Borrower or
any of the Subsidiaries; provided that the Net Proceeds thereof are applied in accordance with Section 2.12(b). 
  
 Notwithstanding anything to the contrary contained in Section 6.05 above, (i) prior to a Qualified IPO, Holdings shall not grant a Lien on (other than
pursuant to the Loan Documents) Equity Interests in the U.S. Borrower held by Holdings (other than any Lien on the PIK Preferred Stock securing the Holdings Notes in accordance with the Holdings Notes Documents), (ii) no sale, transfer or other
disposition of assets shall be permitted by this Section 6.05 (other than sales, transfers, leases or other dispositions to Loan Parties pursuant to paragraph (c) hereof) unless such disposition is for fair market value and (iii) no sale, transfer
or other disposition of assets shall be permitted by paragraph (a), (d), (h) or (k) of this Section 6.05 unless such disposition is for at least 

  

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75% cash consideration; provided that for purposes of clause (iii), the amount of any secured Indebtedness of Holdings (prior to a Qualified IPO), the
U.S. Borrower or any Subsidiary or other Indebtedness of a Subsidiary that is not a Loan Party (as shown on Holdings’s, the U.S. Borrower’s or such Subsidiary’s most recent balance sheet or in the notes thereto) that is assumed by the
transferee of any such assets shall be deemed to be cash. 
  
 SECTION 6.06. Dividends and Distributions. Declare or pay, directly or indirectly, any dividend or make, directly or indirectly, any other distribution (by reduction of capital or otherwise), whether in cash, property, securities or
a combination thereof, with respect to any of its Equity Interests (other than dividends and distributions on Equity Interests payable solely by the issuance of additional Equity Interests of the person paying such dividends or distributions) or
directly or indirectly redeem, purchase, retire or otherwise acquire for value (or permit any subsidiary of the U.S. Borrower to purchase or acquire) any of its Equity Interests or set aside any amount for any such purpose (other than through the
issuance of additional Equity Interests of the person redeeming, purchasing, retiring or acquiring such shares) (any of the foregoing dividends, distributions, redemptions, repurchases, retirements, other acquisitions or setting aside of amounts,
“Dividends”); provided, however, that: 
  
 (a) any Subsidiary may declare and pay dividends to, repurchase its Equity Interests from or make other distributions to the U.S. Borrower or to any Wholly Owned Subsidiary of the U.S. Borrower (or, in the case of
non-Wholly Owned Subsidiaries, to the U.S. Borrower or any Subsidiary that is a direct or indirect parent of such Subsidiary and to each other owner of Equity Interests of such Subsidiary on a pro rata basis (or more favorable basis from the
perspective of the U.S. Borrower or such Subsidiary) based on their relative ownership interests); 
  
 (b) prior to a Qualified IPO, the U.S. Borrower may declare and pay dividends or make other distributions to Holdings in respect of (i)
overhead, tax liabilities of Holdings, legal, accounting and other professional fees and expenses, (ii) fees and expenses related to any equity offering, investment or acquisition permitted hereunder (whether or not successful) and (iii) other fees
and expenses in connection with the maintenance of its existence and its ownership of the U.S. Borrower, and in order to permit Holdings to make payments permitted by Section 6.07(b); 
  
 (c) Holdings (prior to a Qualified IPO) or the U.S. Borrower (after a Qualified IPO) may purchase or redeem
(and the U.S. Borrower may declare and pay dividends or make other distributions to Holdings prior to a Qualified IPO, the proceeds of which are used so to purchase or redeem) Equity Interests of Holdings (prior to a Qualified IPO) or the U.S.
Borrower (including related stock appreciation rights or similar securities) held by then present or former directors, consultants, officers or employees of Holdings (prior to a Qualified IPO), the U.S. Borrower or 

  

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any of the Subsidiaries or by any Plan upon such person’s death, disability, retirement or termination of employment or under the terms of any such Plan
or any other agreement under which such shares of stock or related rights were issued; provided that the aggregate amount of such purchases or redemptions under this paragraph (c) shall not exceed in any fiscal year $10.0 million plus the
amount of net proceeds received by Holdings (prior to a Qualified IPO) or the U.S. Borrower (after a Qualified IPO) during such calendar year from sales of Equity Interests of Holdings (prior to a Qualified IPO) or the U.S. Borrower (after a
Qualified IPO), to directors, consultants, officers or employees of Holdings (prior to a Qualified IPO), the U.S. Borrower or any Subsidiary in connection with permitted employee compensation and incentive arrangements, which, if not used in any
year, may be carried forward to any subsequent calendar year; 
  
 (d) noncash repurchases of Equity Interests deemed to occur upon exercise of stock options if such Equity Interests represent a portion of the exercise price of such options; 
  
 (e) the U.S. Borrower may declare and pay on the Closing
Date cash dividends to Holdings of (i) up to $200.0 million with the proceeds of the Term Loans drawn on the Closing Date and (ii) up to $350.0 million solely with the proceeds of the Equity Financing, and Holdings may declare and pay dividends or
make other distributions with such proceeds; provided that the payment by the U.S. Borrower of up to $50.0 million of any such dividends declared on the Closing Date may be deferred and paid on a later date so long as no Default or Event of
Default shall have occurred and be continuing on such date or would result therefrom; 
  
 (f) after a Qualified IPO, the U.S. Borrower may pay dividends and make distributions to, or repurchase or redeem shares from, its equity
holders in an aggregate amount equal to (i) $50.0 million in any fiscal year plus (ii) the cash proceeds to the U.S. Borrower of the substantially contemporaneous issuance, sale or exchange of Equity Interests of the U.S. Borrower (so long as
such proceeds are not included in any determination of the Available Investment Basket Amount) plus (iii) the portion, if any, of the Available Investment Basket Amount on the date of such election that the U.S. Borrower elects to apply to
this Section 6.06(f)(iii); provided that, with respect to clause (iii), at the time of such dividend or distribution and after giving effect thereto and to any borrowing in connection therewith, the Consolidated Leverage Ratio on a Pro Forma
Basis does not exceed 3.50:1.00 and no Default or Event of Default shall have occurred and be continuing or would result therefrom; 
  
 (g) the U.S. Borrower may (i) redeem shares of PIK Preferred Stock with the proceeds of a Qualified IPO substantially contemporaneously
with the receipt of such proceeds; provided that, 

  

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immediately after giving effect thereto, no Default or Event of Default shall have occurred and be continuing or would result therefrom and (ii) on and after
the fifth anniversary of the issuance of the PIK Preferred Stock, pay regular dividends with respect to the outstanding shares of PIK Preferred Stock in accordance with the terms thereof set forth in the PIK Preferred Stock Documents; 
  
 (h) additional Dividends or other distributions to persons
other than the Fund or any of its Affiliates in an aggregate amount with all other Dividends and other distributions made pursuant to this clause (h) not to exceed $50.0 million; 
  
 (i) the U.S. Borrower may make Constructive Distributions; and 
  
 (j) distributions to minority shareholders of any subsidiary
that is acquired pursuant to a Permitted Business Acquisition pursuant to appraisal or dissenters’ rights with respect to shares of such subsidiary held by such shareholders. 
  
 SECTION 6.07. Transactions with Affiliates. (a) Sell or transfer any property or assets to, or purchase or acquire
any property or assets from, or otherwise engage in any other transaction with, any of its Affiliates or any known direct or indirect holder of 10% or more of any class of capital stock of Holdings (prior to a Qualified IPO) or the U.S. Borrower,
unless such transaction is (i) otherwise expressly permitted (or required) with such Affiliates or holders under this Agreement or (ii) upon terms no less favorable to Holdings (prior to a Qualified IPO), the U.S. Borrower or such Subsidiary, as
applicable, than would be obtained in a comparable arm’s length transaction with a person that is not an Affiliate; provided that this clause (ii) shall not apply to (A) the payment to the Fund of the monitoring and management fees
referred to in paragraph (b) below or fees payable on the Closing Date, (B) the indemnification of directors of Holdings (prior to a Qualified IPO), the U.S. Borrower or the Subsidiaries in accordance with customary practice or (C) to the extent
otherwise permitted under this Agreement (each of which shall not be prohibited by this Section 6.07), the following: 
  
 (i) any issuance of securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of,
employment arrangements, equity purchase agreements, stock options and stock ownership plans approved by the Board of Directors of Holdings (prior to a Qualified IPO) or the U.S. Borrower (after a Qualified IPO); 
  
 (ii) loans or advances to employees of Holdings (prior to a
Qualified IPO), the U.S. Borrower or any of the Subsidiaries in accordance with Section 6.04(e); 
  
 (iii) transactions among the U.S. Borrower and the Subsidiary Loan Parties and transactions among the Subsidiary Loan Parties not
prohibited by this Agreement; 
  

 158 

 (iv) the payment of fees and indemnities to directors, officers and employees of Holdings
(prior to a Qualified IPO), the U.S. Borrower and the Subsidiaries in the ordinary course of business; 
  
 (v) transactions pursuant to the Transaction Documents and permitted agreements in existence on the Closing Date and set forth on
Schedule 6.07 or any amendment thereto to the extent such amendment is not adverse to the Lenders in any material respect; 
  
 (vi) any employment agreements entered into by Holdings (prior to a Qualified IPO), the U.S. Borrower or any of the Subsidiaries in the
ordinary course of business; 
  
 (vii) dividends,
redemptions and repurchases permitted under Section 6.06; 
  
 (viii) any purchase by the Fund or any Fund Affiliate of Equity Interests of Holdings (prior to a Qualified IPO) or the U.S. Borrower (after a Qualified IPO) or any contribution prior to a Qualified IPO by Holdings
to, or purchase prior to a Qualified IPO by Holdings of, the equity capital of the U.S. Borrower; provided that prior to a Qualified IPO any Equity Interests of the U.S. Borrower purchased by Holdings (other than shares of PIK Preferred Stock
pledged to secure any Holdings Notes pursuant to the Holdings Notes Documents) shall be pledged to the Administrative Agent on behalf of the Lenders pursuant to the Collateral Agreement; 
  
 (ix) provided no Default or Event of Default shall have occurred and be continuing, payments by Holdings
(prior to a Qualified IPO), the U.S. Borrower or any of the Subsidiaries to the Fund or any Fund Affiliate made for any customary financial advisory, financing, underwriting or placement services or in respect of other investment banking activities,
including in connection with acquisitions or divestitures, which payments are approved by the majority of the Board of Directors of Holdings (prior to a Qualified IPO) or the U.S. Borrower (after a Qualified IPO), in good faith; 
  
 (x) payments or loans (or cancellation of loans) to
employees or consultants that are (i) approved by a majority of the Board of Directors or the managing member of the Borrower in good faith, (ii) made in compliance with applicable law and (iii) otherwise permitted under this Agreement; 

 
 (xi) transactions with Wholly Owned Subsidiaries for the
purchase or sale of goods, products, parts and services entered into in the ordinary course of business in a manner consistent with past practice; 
  
 (xii) any transaction in respect of which the U.S. Borrower delivers to the Administrative Agent (for delivery to the Lenders) a letter
addressed to the Board of Directors of the U.S. Borrower from an accounting, appraisal or investment banking firm, in each case of nationally recognized standing that is (a) in the good faith determination of the U.S. Borrower qualified to render
such letter and 

  

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(b) reasonably satisfactory to the Administrative Agent, which letter states that such transaction is on terms that are no less favorable to the U.S.
Borrower or such Subsidiary, as applicable, than would be obtained in a comparable arm’s-length transaction with a person that is not an Affiliate; 
  
 (xiii) subject to paragraph (b) below, the payment of all fees, expenses, bonuses and awards related to the Transactions contemplated by
the Transaction Agreement, including fees to the Fund or any Fund Affiliate; 
  
 (xiv) transactions with customers, clients, suppliers, or purchasers or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Agreement that
are fair to the U.S. Borrower or the Subsidiaries; 
  
 (xv) transactions between the U.S. Borrower or any of the Subsidiaries and any person, a director of which is also a director of the U.S. Borrower or any direct or indirect parent company of the U.S. Borrower, provided,
however, that (A) such director abstains from voting as a director of the U.S. Borrower or such direct or indirect parent company, as the case may be, on any matter involving such other person and (B) such person is not an Affiliate of the
U.S. Borrower for any reason other than such director’s acting in such capacity; 
  
 (xvi) transactions with joint ventures for the purchase or sale of goods, equipment and services entered into in the ordinary course of
business and in a manner consistent with past practice; 
  
 (xvii) transactions permitted by, and complying with, the provisions of Section 6.05; 
  
 (xviii) transactions in connection with the termination of the management agreements between each of RPP and RSM (and, in connection with
a Qualified IPO, the U.S. Borrower) and any Fund or Fund Affiliate; 
  
 (xix) transactions with joint ventures for the purchase or sale of goods, equipment and services entered into in the ordinary course of business and in a manner consistent with past practice; and 
  
 (xx) intercompany transactions for the purpose of improving
the consolidated tax efficiency of the U.S. Borrower and the Subsidiaries. 
  
 (b) Make any payment of or on account of monitoring or management or similar fees payable to the Fund or any Fund Affiliate unless no Default or Event of Default has occurred and is continuing and the aggregate amount
of such payments in any fiscal year does not exceed the sum of (i) the greater of (x) $3.0 million and (y) 2% of EBITDA of the U.S. Borrower and the Subsidiaries on a consolidated basis for the immediately preceding fiscal year; plus (ii) any
deferred fees, plus (iii) 1.5% of the value of transactions with respect to which the Fund or any Fund Affiliate provides any transaction, advisory or other services. 
  

 160 

 SECTION 6.08. Business of Holdings, the U.S. Borrower and the Subsidiaries. Notwithstanding any
other provisions hereof, engage at any time in any business or business activity other than: 
  
 (a) in the case of the U.S. Borrower and any Material Subsidiary (other than the Existing Notes Issuers), any business or business
activity conducted by any of them on the Closing Date and any business or business activities incidental or related thereto, or any business or activity that is reasonably similar thereto or a reasonable extension, development or expansion thereof
or ancillary thereto, including the consummation of the Transactions, 
  
 (b) in the case of Holdings prior to a Qualified IPO, (i) ownership of the Equity Interests in the U.S. Borrower, together with activities directly related thereto, (ii) performance of its obligations under and in
connection with the Loan Documents, the Holdings Notes Documents, the Transaction Agreement and the other agreements contemplated by the Transaction Agreement, (iii) actions incidental to the consummation of the Transactions, (iv) actions in
connection with the incurrence of Indebtedness and Guarantees permitted to be incurred by Holdings pursuant to Section 6.01, (v) actions required by law to maintain its existence and (vi) the issuance of Equity Interests, or 
  
 (c) in the case of any Existing Notes Issuer, (i) ownership
of intercompany loans, (ii) performance of its obligations under and in connection with the Existing Notes Documents (and the documents governing any Permitted Refinancing Indebtedness in respect of the Existing Notes) and the Loan Documents and
(iii) actions required by law to maintain its existence. 
  
 SECTION 6.09. Limitation on Modifications and Payments of Indebtedness; Modifications of Certificate of Incorporation, By-Laws and Certain Other Agreements; etc. (a) Amend or modify in any manner materially adverse to the Lenders, or
grant any waiver or release under or terminate in any manner (if such granting or termination shall be materially adverse to the Lenders), the articles or certificate of incorporation or by-laws or limited liability company operating agreement or
other organizational documents of the U.S. Borrower or any of the Subsidiaries or the Transaction Agreement. 
  
 (b) (i) Make, or agree or offer to pay or make, directly or indirectly, any payment or other distribution (whether in cash, securities or other property)
of or in respect of principal of or interest on the Existing Subordinated Notes or (prior to a Qualified IPO) the Holdings Notes (or any Permitted Refinancing Indebtedness in respect thereof), or any payment or other distribution (whether in cash,
securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of the Existing Subordinated Notes or the Holdings Notes (or any Permitted
Refinancing Indebtedness in 

  

 161 

 
respect thereof), except for (A) Refinancings permitted by Section 6.01(a) and (r), (B) payments of regularly scheduled interest, other than payments in
respect of Existing Subordinated Notes (or any Permitted Refinancing Indebtedness in respect thereof) prohibited by the subordination provisions thereof and (C) to the extent this Agreement is then in effect, principal on the scheduled maturity date
thereof; provided, however, that Holdings (prior to a Qualified IPO) or the U.S. Borrower may at any time and from time to time repay, repurchase, redeem, acquire, cancel or terminate all or any portion of the Existing Subordinated
Notes (or any Permitted Refinancing Indebtedness in respect thereof) or the Holdings Notes (or any Permitted Refinancing Indebtedness in respect thereof) (1) through the issuance, sale or exchange of Equity Interests of Holdings (prior to a
Qualified IPO) or the U.S. Borrower or with the proceeds of the substantially contemporaneous issuance of Equity Interests of Holdings (prior to a Qualified IPO) or the U.S. Borrower, so long as such proceeds are not included in any determination of
the Available Investment Basket Amount or received pursuant to the exercise of a Cure Right pursuant to Section 7.03 or (2) in an aggregate amount equal to the portion, if any, of the Available Investment Basket Amount on the date of such election
that the U.S. Borrower elects to apply pursuant to this clause (2); provided, further, that, with respect to this clause (2), at the time of such repayment, repurchase, redemption, acquisition, cancellation or termination and after
giving effect thereto and to any borrowing in connection therewith, the Consolidated Leverage Ratio of the U.S. Borrower on a Pro Forma Basis does not exceed 3.50:1.00 and no Default or Event of Default shall have occurred and be continuing or would
result therefrom; 
  
 (ii) Amend or modify, or
permit the amendment or modification of, any provision of the Existing Notes (or any Permitted Refinancing Indebtedness in respect thereof), the PIK Preferred Stock, the Holdings Notes (or any Permitted Refinancing Indebtedness in respect thereof)
or any agreement (including any document relating to the Existing Notes or the Holdings Notes (or any Permitted Refinancing Indebtedness in respect thereof) or the PIK Preferred Stock) relating thereto, other than amendments or modifications that
(1) are not in any manner materially adverse to Lenders and that do not affect the subordination provisions thereof (if any) in a manner adverse to the Lenders or (2) otherwise comply with the definition of “Permitted Refinancing
Indebtedness”. 
  
 (c) Permit any Material Subsidiary or, in
the case of clause (ii) below, the U.S. Borrower, to enter into any agreement or instrument that by its terms restricts (i) the payment of dividends or distributions or the making of cash advances by such Material Subsidiary to Holdings, the U.S.
Borrower or any Subsidiary that is a direct or indirect parent of such Subsidiary or (ii) the granting of Liens by such Material Subsidiary or the U.S. Borrower pursuant to the Security Documents, in each case other than those arising under any Loan
Document, except, in each case, restrictions existing by reason of: 
  
 (A) restrictions imposed by applicable law; 
  
 (B) contractual encumbrances or restrictions (i) in effect on the Closing Date (including under the Existing Note Documents), (ii) on the granting of Liens pursuant to documentation governing Indebtedness 

  

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incurred in compliance with Section 6.01 that is secured by Liens pursuant to Section 6.02(n) or (v), in each case no less favorable to the Lenders than
those restrictions set forth in any Existing Notes Documents on the Closing Date, or (iii) pursuant to documentation related to any permitted renewal, extension or refinancing of any Indebtedness existing on the Closing Date that does not expand the
scope of any such encumbrance or restriction; 
  
 (C) any restriction on a Subsidiary imposed pursuant to an agreement entered into for the sale or disposition of all or substantially all the Equity Interests or assets of such Subsidiary pending the closing of such sale or disposition;

  
 (D) customary provisions in joint venture
agreements and other similar agreements applicable to joint ventures entered into in the ordinary course of business; 
  
 (E) any restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement (other than Indebtedness
secured by Second-Priority Liens on the Collateral) to the extent that such restrictions apply only to the property or assets securing such Indebtedness; 
  
 (F) customary provisions contained in leases or licenses of intellectual property and other similar agreements entered into in the
ordinary course of business; 
  
 (G) customary
provisions restricting subletting or assignment of any lease governing a leasehold interest; 
  
 (H) customary provisions restricting assignment of any agreement entered into in the ordinary course of business; 
  
 (I) customary restrictions and conditions contained in any
agreement relating to the sale of any asset permitted under Section 6.05 pending the consummation of such sale; or 
  
 (J) any agreement in effect at the time such subsidiary becomes a Subsidiary, so long as such agreement was not entered into in
contemplation of such person becoming a Subsidiary and such restriction does not apply to the U.S. Borrower or any other Subsidiary. 
  
 SECTION 6.10. Capital Expenditures. Permit Holdings (prior to a Qualified IPO), the U.S. Borrower or the Subsidiaries to make any Capital
Expenditure, except that: 
  
 (a) During any
fiscal year the U.S. Borrower and the Subsidiaries may make Capital Expenditures so long as the aggregate amount thereof 

  

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(excluding expenditures pursuant to subsections 6.10(b) and (c)) does not exceed the sum of (i) $200.0 million, (ii) 10% of Acquired Assets (the
“Acquired Assets Amount”), and (iii) for each fiscal year after any Acquired Assets Amount is initially included in clause (ii) above, 5% of such Acquired Assets amount, calculated on a cumulative basis. 
  
 (b) Notwithstanding anything to the contrary contained in
paragraph (a) above, to the extent that the aggregate amount of Capital Expenditures made by the U.S. Borrower and the Subsidiaries in any fiscal year of the U.S. Borrower pursuant to Section 6.10(a) is less than the amount set forth for such fiscal
year, the amount of such difference may be carried forward and used to make Capital Expenditures in the next two succeeding fiscal years. 
  
 (c) In addition to the Capital Expenditures permitted pursuant to the preceding paragraphs (a) and (b), the U.S. Borrower and the
Subsidiaries may make additional Capital Expenditures at any time in an amount not to exceed the portion, if any, of the Available Investment Basket Amount on the date of such Capital Expenditure that the U.S. Borrower elects to apply to this
Section 6.10(c). 
  
 SECTION 6.11. Senior Secured Bank Leverage
Ratio. Permit the Senior Secured Bank Leverage Ratio on the last day of any fiscal quarter ending on or after September 30, 2005, to be in excess of 2.00 to 1.00. 
  
 SECTION 6.12. Indenture Restricted Subsidiaries. Create, acquire or otherwise permit to exist any Indenture
Restricted Subsidiary other than pursuant to Section 6.04(s). 
  
 SECTION 6.13. Swap Agreements. Enter into any Swap Agreement other than (a) Swap Agreements entered into in the ordinary course of business to hedge or mitigate risks to which the U.S. Borrower or any Subsidiary is exposed in the
conduct of its business or the management of its liabilities (including currency risks), and (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to
another floating rate or otherwise) with respect to any interest-bearing liability or investment of Holdings (prior to a Qualified IPO), the U.S. Borrower or any Subsidiary. 
  
 ARTICLE VII 
  
 Events of Default 
  
 SECTION 7.01. Events of Default. In case of the happening of any of the following events (“Events of Default”): 
  
 (a) any representation or warranty made or deemed made by
the U.S. Borrower or any other Loan Party in any Loan Document, or any representation, warranty, statement or information contained in any report, 

  

 164 

 
certificate, financial statement or other instrument furnished in connection with or pursuant to any Loan Document (other than the representations and
warranties of the Dutch Borrower set forth in Section 3.24 being untrue in any material respect by reason of any representation and warranty of a Lender set forth in Section 9.22 or in paragraph 2 of an Assignment and Acceptance being untrue (but
without prejudice to the other rights of the Lenders and the Administrative Agent under this Agreement or under applicable law and without prejudice to any other Event of Default that may occur by reason of any representation set out in Section 3.24
being untrue in any material respect), shall prove to have been false or misleading in any material respect when so made, deemed made or furnished by the U.S. Borrower or any other Loan Party; 
  
 (b) default shall be made in the payment of any principal of
any Loan or the reimbursement with respect to any L/C Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or by acceleration thereof or otherwise; 
  
 (c) default shall be made in the payment of any interest on
any Loan or on any L/C Disbursement or in the payment of any Fee or any other amount (other than an amount referred to in paragraph (b) above) due under any Loan Document, when and as the same shall become due and payable, and such default shall
continue unremedied for a period of five Business Days; 
  
 (d) any default shall be made in the due observance or performance by the U.S. Borrower (or, with respect to Section 5.08, the Dutch Borrower) of any covenant, condition or agreement contained in Section 5.01(a) (with
respect to the U.S. Borrower), 5.05(a), 5.08, 5.15 or in Article VI; 
  
 (e) default shall be made in the due observance or performance by the U.S. Borrower or any Subsidiary Loan Party of any covenant, condition or agreement contained in any Loan Document (other than those specified in
paragraphs (b), (c) and (d) above) and such default shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent to the U.S. Borrower; 
  
 (f) (i) any event or condition occurs that (a) results in any Material Indebtedness becoming due prior to
its scheduled maturity or (b) enables or permits (with all applicable grace periods having expired) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due,
or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity or (ii) Holdings (prior to a Qualified IPO) or (ii) the U.S. Borrower or any Subsidiary shall fail to pay the principal of any 

  

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Material Indebtedness at the stated final maturity thereof; provided that this clause (f) shall not apply to secured Indebtedness that becomes due as
a result of the voluntary sale or transfer of the property or assets securing such Indebtedness if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness; 
  
 (g) there shall have occurred a Change in Control;

  
 (h) an involuntary proceeding shall be
commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking (i) relief in respect of Holdings (prior to a Qualified IPO), the U.S. Borrower or any of its subsidiaries, or of a substantial part of the property or
assets of Holdings (prior to a Qualified IPO), the U.S. Borrower or any of its subsidiaries, under Title 11 of the United States Code, as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy, moratorium,
insolvency, receivership or similar law, (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for Holdings (prior to a Qualified IPO), the U.S. Borrower or any of its subsidiaries or for a substantial
part of the property or assets of Holdings (prior to a Qualified IPO), the U.S. Borrower or any of its subsidiaries or (iii) the winding-up or liquidation of Holdings (prior to a Qualified IPO), the U.S. Borrower or any of its subsidiaries (except,
in the case of any subsidiary (other than any Borrower), in a transaction permitted by Section 6.05); and such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be
entered; 
  
 (i) Holdings (prior to a Qualified
IPO), the U.S. Borrower or any of its subsidiaries shall (i) voluntarily commence any proceeding or file any petition seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other federal, state or
foreign bankruptcy, moratorium, insolvency, receivership or similar law, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or the filing of any petition described in paragraph (h) above, (iii)
apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for Holdings (prior to a Qualified IPO), the U.S. Borrower or any of its subsidiaries or for a substantial part of the property
or assets of Holdings (prior to a Qualified IPO), the U.S. Borrower or any of its subsidiaries, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the
benefit of creditors or (vi) become unable, admit in writing its inability or fail generally to pay its debts as they become due; 
  
 (j) the failure by the Holdings (prior to a Qualified IPO), U.S. Borrower or any Subsidiary to pay one or more final judgments aggregating
in excess of $25.0 million, which judgments are not 

  

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discharged or effectively waived or stayed for a period of 30 consecutive days, or any action shall be legally taken by a judgment creditor to levy upon
assets or properties of Holdings (prior to a Qualified IPO), the U.S. Borrower or any Subsidiary to enforce any such judgment; 
  
 (k) (i) an ERISA Event shall have occurred, (ii) a trustee shall be appointed by a United States district court to administer any Plan,
(iii) the U.S. Borrower, a Subsidiary or any ERISA Affiliate shall engage in any non-exempt “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan or (iv) any other event or condition
shall occur or exist with respect to a Plan or a Multiemployer Plan; and in each case in clauses (i) through (iv) above, such event or condition, together with all other such events or conditions, if any, could reasonably be expected to have a
Material Adverse Effect; 
  
 (l) (i) any Loan
Document shall for any reason be asserted in writing by Holdings (prior to a Qualified IPO), the U.S. Borrower or any Subsidiary Loan Party (or, in the case of any Security Document with respect to the pledge of Equity Interests of the U.S.
Borrower, the pledgor thereunder) not to be a legal, valid and binding obligation of any party thereto, (ii) any security interest purported to be created by any Security Document and to extend to assets that are not immaterial to the U.S. Borrower
and the Subsidiaries on a consolidated basis or (prior to a Qualified IPO) the Equity Interests of the U.S. Borrower (other than PIK Preferred Stock, options and management shares), shall cease to be, or shall be asserted in writing by the U.S.
Borrower or any other Loan Party (or, in the case of any Security Document with respect to the pledge of Equity Interests of the U.S. Borrower, the pledgor thereunder) not to be, a valid and perfected security interest (perfected as or having the
priority required by this Agreement or the relevant Security Document and subject to such limitations and restrictions as are set forth herein and therein) in the securities, assets or properties covered thereby, except to the extent that any such
loss of perfection or priority results from the limitations of foreign laws, rules and regulations as they apply to pledges of Equity Interests in Foreign Subsidiaries (other than as set forth in any Foreign Security Document (other than with
respect to Equity Interests in Subsidiaries that are not Loan Parties and are organized under the laws of an Excluded Jurisdiction) or in any Foreign Pledge Agreement) or the application thereof, or from the failure of the Administrative Agent to
maintain possession of certificates actually delivered to it representing securities pledged under the Collateral Agreement or any Foreign Security Document or Foreign Pledge Agreement or to file Uniform Commercial Code continuation statements or
take the actions described on Schedule 3.04 or in Section 5.14 and except to the extent that such loss is covered by a lender’s title insurance policy and the Administrative Agent shall be reasonably satisfied with the credit of such
insurer, or (iii) the Guarantees pursuant to the Security Documents by Holdings (prior to a 

  

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Qualified IPO), the U.S. Borrower or any material Subsidiary Loan Parties of any of the Obligations shall cease to be in full force and effect (other than in
accordance with the terms thereof), or shall be asserted in writing by Holdings (prior to a Qualified IPO) the U.S. Borrower or any Subsidiary Loan Party not to be in effect or not to be legal, valid and binding obligations; 
  
 then, and in every such event (other than an event with respect to any Borrower described in
paragraph (h) or (i) above), and at any time thereafter during the continuance of such event, the Administrative Agent, at the request of the Required Lenders, shall, by notice to the U.S. Borrower, take any or all of the following actions, at the
same or different times: (i) terminate forthwith the Commitments, (ii) declare the Loans and the Canadian Borrower’s obligations in respect of B/As then outstanding to be forthwith due and payable in whole or in part, whereupon the principal of
the Loans and the full face amount of the B/As then outstanding, together with accrued interest thereon and any unpaid accrued Fees and all other liabilities of the Borrowers accrued hereunder and under any other Loan Document, shall become
forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by each of the Borrowers, anything contained herein or in any other Loan Document to the contrary
notwithstanding and (iii) demand cash collateral pursuant to Section 2.05(j); and in any event with respect to any Borrower described in paragraph (h) or (i) above, the Commitments shall automatically terminate, the principal of the Loans and the
full face amount of the B/As then outstanding, together with accrued interest thereon and any unpaid accrued Fees and all other liabilities of the Borrowers accrued hereunder and under any other Loan Document, shall automatically become due and
payable and the Administrative Agent shall be deemed to have made a demand for cash collateral to the full extent permitted under Section 2.05(j), without presentment, demand, protest or any other notice of any kind, all of which are hereby
expressly waived by each of the Borrowers, anything contained herein or in any other Loan Document to the contrary notwithstanding. 
  
 SECTION 7.02. Exclusion of Certain Subsidiaries. Solely for the purposes of determining whether an Event of Default has occurred under clause (h),
(i) or (j) of Section 7.01, any reference in any such clause to any subsidiary shall be deemed not to include any Immaterial Subsidiary affected by any event or circumstance referred to in any such clause. 
  
 SECTION 7.03. Right to Cure. 
  
 (a) Notwithstanding anything to the contrary contained in Section 7.01, in
the event that the U.S. Borrower fails to comply with the requirements of the covenant set forth in Section 6.11, until the expiration of the 10th day subsequent to the date the certificate calculating the covenant set forth in Section 6.11 is
required to be delivered pursuant to Section 5.04(c), Holdings (prior to a Qualified IPO) and the U.S. Borrower (after a Qualified IPO) shall have the right to issue Permitted Cure Securities for cash or otherwise receive cash contributions to its
capital, and, in each case with respect to Holdings, to contribute any such cash to the capital of the U.S. Borrower (collectively, 

  

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the “Cure Right”), and upon the receipt by the U.S. Borrower of such cash (the “Cure Amount”) pursuant to the exercise by
Holdings or the U.S. Borrower of such Cure Right the covenant set forth in Section 6.11 shall be recalculated giving effect to the following pro forma adjustments: 
  
 (i) EBITDA shall be increased, solely for the purpose of measuring the covenant set forth in Section 6.11
and not for any other purpose under this Agreement, by an amount equal to the Cure Amount; and 
  
 (ii) If, after giving effect to the foregoing recalculations, the U.S. Borrower shall then be in compliance with the requirements of the
covenant set forth in Section 6.11, the U.S. Borrower shall be deemed to have satisfied the requirements of the covenant set forth in Section 6.11 as of the relevant date of determination with the same effect as though there had been no failure to
comply therewith at such date, and the applicable breach or default of the covenant set forth in Section 6.11 that had occurred shall be deemed cured for the purposes of this Agreement. 
  
 (b) Notwithstanding anything herein to the contrary, (a) in each four-fiscal-quarter period there shall be at least one
fiscal quarter in which the Cure Right is not exercised, (b) in each eight-fiscal-quarter period, there shall be a period of at least four consecutive fiscal quarters during which the Cure Right is not exercised and (c) for purposes of this Section
7.03, the Cure Amount shall be no greater than the amount required for purposes of complying with the covenant set forth in Section 6.11. 
  
 ARTICLE VIII 
  
 The Agents 
  
 SECTION 8.01. Appointment. Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and the other Loan Documents, and each such Lender irrevocably authorizes the
Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent
by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto. In addition, to the extent required under the laws of any jurisdiction other than the United States, each of the
Lenders and the Issuing Banks hereby grants to the Administrative Agent any required powers of attorney to execute any Security Document governed by the laws of such jurisdiction on such Lender’s or Issuing Bank’s behalf. Notwithstanding
any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent. 
  

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 SECTION 8.02. Delegation of Duties. The Administrative Agent may execute any of its duties under
this Agreement and the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence
or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 
  
 SECTION 8.03. Exculpatory Provisions. Neither any Agent or its Affiliates nor any of their respective officers, directors, employees, agents, attorneys-in-fact or affiliates shall be (i) liable for any action
lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement or any other Loan Document (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court of competent
jurisdiction to have resulted from its or such person’s own gross negligence or willful misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or
any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Agents under or in connection with, this Agreement or any other
Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party a party thereto to perform its obligations hereunder or thereunder.
The Agents shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the
properties, books or records of any Loan Party. 
  
 SECTION 8.04.
Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any instrument, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or
teletype message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper person or persons and upon advice and statements of legal counsel (including counsel to
Holdings (prior to a Qualified IPO) or the Borrowers), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent may deem and treat the payee of any Note as the owner thereof for all purposes unless a
written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan
Document unless it shall first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all or other Lenders) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders
against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this
Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or, if so specified by this Agreement, all or other Lenders), and such request and any action taken or failure to act pursuant thereto shall be binding upon
all the Lenders and all future holders of the Loans. 
  

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 SECTION 8.05. Notice of Default. The Administrative Agent shall not be deemed to have knowledge or
notice of the occurrence of any Default or Event of Default unless the Administrative Agent has received notice from a Lender, Holdings (prior to a Qualified IPO) or the U.S. Borrower referring to this Agreement, describing such Default or Event of
Default and stating that such notice is a “notice of default”. In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take such
action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all or other Lenders); provided that unless and until the Administrative Agent shall have
received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the
Lenders. 
  
 SECTION 8.06. Non-Reliance on Agents and Other
Lenders. Each Lender expressly acknowledges that neither the Agents nor any of their respective officers, directors, employees, agents, attorneys-in-fact or affiliates have made any representations or warranties to it and that no act by any
Agent hereafter taken, including any review of the affairs of a Loan Party or any affiliate of a Loan Party, shall be deemed to constitute any representation or warranty by any Agent to any Lender. Each Lender represents to the Agents that it has,
independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other
condition and creditworthiness of the Loan Parties and their affiliates and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon any Agent
or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan
Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates. Except for notices, reports and
other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the
business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the possession of the Administrative Agent or any of its officers, directors,
employees, agents, attorneys-in-fact or affiliates. 
  
 SECTION
8.07. Indemnification. The Lenders agree to indemnify each Agent in its capacity as such (to the extent not reimbursed by Holdings or the Borrowers and without limiting the obligation of Holdings or the Borrowers to do so), in the amount of
its pro rata share (based on its aggregate Revolving Facility Exposure, outstanding Term Loans and unused Commitments hereunder), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against such 

  

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Agent in any way relating to or arising out of the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred
to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of
such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from such Agent’s
gross negligence or willful misconduct. The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder. 
  
 SECTION 8.08. Agent in Its Individual Capacity. Each Agent and its affiliates may make loans to, accept deposits from, purchase and accept B/As
from and generally engage in any kind of business with any Loan Party as though such Agent were not an Agent. With respect to its Loans made or renewed by it and with respect to any Letter of Credit issued, or Letter of Credit or Swingline Loan
participated in, by it, each Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the terms “Lender” and
“Lenders” shall include each Agent in its individual capacity. 
  
 SECTION 8.09. Successor Administrative Agent. The Administrative Agent may resign as Administrative Agent upon 10 days’ notice to the Lenders and the U.S. Borrower; provided that such resignation
shall not affect the rights of the Administrative Agent pursuant to the Parallel Debt U.S. Obligations and the Parallel Debt Foreign Obligations and the Administrative Agent shall continue to hold such rights until the effective assignment thereof
by the Administrative Agent to its successor agent. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent
for the Lenders, which successor agent shall (unless an Event of Default under Sections 7.01(b), (c), (h) or (i) shall have occurred and be continuing) be subject to approval by the U.S. Borrower (which approval shall not be unreasonably withheld or
delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” shall mean such successor agent effective upon such appointment and approval, and the
former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any holders
of the Loans. If no successor agent has accepted appointment as Administrative Agent by the date that is 10 days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall
nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above. After any
retiring Administrative Agent’s resignation as Administrative Agent, the provisions of this Section 8 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement and the
other Loan Documents. The Administrative Agent will reasonably cooperate in assigning its rights under the Parallel Debt U.S. Obligations and the Parallel 

  

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Debt Foreign Obligations to any such successor agent and will reasonably cooperate in transferring all rights under the Dutch Security Documents to such
successor agent. 
  
 SECTION 8.10. Agents and Arrangers.
None of the Agents or the Joint Lead Arrangers shall have any duties or responsibilities hereunder in its capacity as such. 
  
 SECTION 8.11. Additional Intercreditor Agreements. The Administrative Agent shall be authorized to enter into, from time to time on and after the
Closing Date, without the consent of any Lender, amendments to, and amendments and restatements of, any Intercreditor Agreement and additional and replacement intercreditor agreements, in each case in order to effect the subordination of, and to
provide for certain additional rights, obligations and limitations in respect of, any Liens required by the terms of this Agreement to be Second-Priority Liens that are incurred in accordance with Article VI of this Agreement, and to establish
certain relative rights as between the holders of the Obligations (as defined in the Collateral Agreement) and the holders of the Indebtedness secured by such Second-Priority Liens; provided that the terms of such subordination and such
rights, obligations, limitations and relative rights are not materially less favorable to the Lenders than those set forth in the Closing Date Second Lien Intercreditor Agreement (or, if the Indebtedness secured by such Second-Priority Liens is
Permitted Refinancing Indebtedness in respect of the Existing RPP 8% Notes, not materially less favorable to the Lenders than those set forth in the Closing Date First Lien Intercreditor Agreement). 
  
 SECTION 8.12. Certain German Matters. In relation to the German
Security Documents the following additional provisions shall apply: (a) The Administrative Agent shall hold and administer any German Security that is security assigned (Sicherungseigentum/ Sicherungsabtretung) or otherwise transferred under
an non-accessory security right (nicht akzessorische Sicherheit) to it as trustee (Treuhänder) for the benefit of the Secured Parties; and administer any German Security that is pledged (Verpfändung) or otherwise
transferred to a Secured Party under an accessory security right (akzessorische Sicherheit) as agent, (b) each of the Secured Parties hereby authorizes the Administrative Agent (whether or not by or through employees or agents): (i) to
exercise such rights, remedies, powers and discretions as are specifically delegated to or conferred upon the Administrative Agent by the German Security Documents together with such powers and discretions as are reasonably incidental thereto; (ii)
to take such action on its behalf as may from time to time be authorized under or in accordance with the German Security Documents; and (iii) to accept as its representative (Stellvertreter) any pledge or other creation of any accessory right
made to such Secured Party in relation to the Loan Documents, (c) the Administrative Agent shall be exempted from the restrictions of Section 181 of the German Civil Code, and (d) none of the Secured Parties shall have any independent power to
enforce any of the German Security Documents or to exercise any rights, discretions or powers or to grant any consents or releases under or pursuant to any of the German Security Documents or otherwise have direct recourse to the security
constituted by any of the German Security Documents except through the Administrative Agent. 
  

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 SECTION 8.13. Certain Canadian Matters. For greater certainty, and without limiting the powers of
the Administrative Agent or any other person acting as an agent or mandatary for such agent hereunder or under any of the other Loan Documents, Holdings and each of the Borrowers hereby acknowledge that, for purposes of holding any security granted
by any Loan Party on property pursuant to the laws of the Province of Quebec to secure obligations of any Borrower or any other Loan Party under any bond or debenture issued by any Borrower or any other Loan Party, the Administrative Agent is and
shall be the holder of an irrevocable power of attorney (fondé de pouvoir within the meaning of Article 2692 of the Civil Code of Quebec) for all present and future Secured Parties, and in particular for all present and future
holders of any such bond or debenture. Each Agent, Lender, Issuing Bank and Joint Lead Arranger, on its own behalf and on behalf of its Affiliates that may from time to time be Secured Parties (each, an “Appointer”) hereby: (i)
irrevocably constitutes, ratifies and confirms, to the extent necessary, the Administrative Agent as the holder of an irrevocable power of attorney (fondé de pouvoir within the meaning of Article 2692 of the Civil Code of
Québec) in order to hold hypothecs and security granted by any Borrower or any other Loan Party on property pursuant to the laws of the Province of Quebec to secure obligations of any Borrower or any other Loan Party under any bond issued
by any Borrower or any other Loan Party; and (ii) appoints, ratifies and confirms and agrees that the Administrative Agent may act as the bondholder or debentureholder and mandatary, custodian and depository with respect to any bond or debenture
that may be issued by any Borrower or any Loan Party and pledged in their favor from time to time. Each assignee of an Appointer on its own behalf and on behalf of its Affiliates that may from time to time be Secured Parties shall be deemed to have
confirmed and ratified the constitution of the Administrative Agent as the holder of such irrevocable power of attorney (fondé de pouvoir) and shall be deemed to have confirmed and ratified the constitution of the Administrative Agent
as bondholder or debentureholder and mandatary, custodian and depositary with respect to any bond or debenture that may be issued by any Borrower or any Loan Party and pledged from time to time in favor of the Administrative Agent by the execution
of an Assignment and Acceptance or by otherwise becoming a party hereto. Notwithstanding the provisions of Section 32 of the An Act respecting the special powers of legal persons (Quebec), the Administrative Agent may acquire and be the
holder of any bond or debenture issued by any Borrower or any other Loan Party (i.e., the fondé de pouvoir may acquire and hold the first bond or debenture issued under any deed of hypothec by any Borrower or any Loan Party).
Each Borrower and each Loan Party hereby acknowledge that such bond or debenture constitutes a title of indebtedness, as such term is used in Article 2692 of the Civil Code of Quebec. 
  
 SECTION 8.14. Foreign Obligations. Notwithstanding anything in this
Agreement or any other Loan Document, and for the avoidance of doubt, no Foreign Loan Party shall provide, or be deemed to provide, any Guarantee of or security for any Obligation (as defined in the Collateral Agreement) of any Domestic Loan
Party. 
  
 SECTION 8.15. Certain Italian Matters.
Each of the Secured Parties (other than the Administrative Agent) hereby appoints the Administrative Agent to act as its agent in connection herewith and each Secured Party (other than the Administrative Agent) appoints the Administrative Agent as
mandatario con rappresentanza (common  

  

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representative) for the purposes of each Security Document governed by Italian law (each, an “Italian Security Document”) and as attorney in
fact of each of the Secured Parties for the purposes described below and grants the Administrative Agent the powers to enter into and execute, in the name and on behalf of each of the Secured Parties, each Italian Security Document and each Secured
Party authorizes the Administrative Agent in each such capacity to exercise such rights, powers and discretions as are specifically delegated to the Administrative Agent by the terms hereof and each Italian Security Document together with all
rights, powers and discretions as are reasonably incidental thereto (including any action in relation to the perfection, maintenance and enforcement of each Italian Security Document) or necessary to give effect to the agency hereby created and each
of the Italian Security Documents) or necessary to give effect to the agency hereby created and each of the Secured Parties (other than the Administrative Agent) irrevocably authorizes the Administrative Agent on its behalf to enter into any and
each Italian Security Document. 
  
 ARTICLE IX 

 
 Miscellaneous 
  
 SECTION 9.01. Notices. (a) Notices and other communications provided
for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 
  
 (i) if to any Loan Party, to it at Hexion Specialty Chemicals, Inc., 180 East Broad Street, Columbus, Ohio
43215, Attention: Treasurer, with a copy to Apollo Investment Fund IV, L.P., 9 West 57th Street, New York, New York
10019, Attention: Mark S. Antonvich; 
  
 (ii) if
to the Administrative Agent, to JPMorgan Chase Bank, N.A., 1111 Fannin, 10th Floor, Houston, Texas 77002, Attention: Anjelica Garza (telecopy 713-427-6889) (e-mail: anjelica.m.garza@jpmorgan.com), with a copy to JPMorgan Chase Bank, N.A., 270 Park
Avenue, 4th Floor, New York, New York 10017, Attention: Peter Dedousis (telecopy 212-270-5100) (e-mail:
peter.dedousis@jpmorgan.com); 
  
 (iii) if to
JPMorgan Europe Limited, 125 London Wall, London, England EC2Y 5AJ, Attention of Loans Agency Division, Stephen Gillies (telecopy 44-207-777-2360) (email: stephen.gillies@jpmchase.com), with a copy to the Administrative Agent as provided under
clause (ii) above; 
  
 (iv) if to JPMorgan Chase
Bank, N.A., Toronto Branch, 200 Bay Street, Royal Bank Plaza, South Tower, 18th Floor, Toronto, Ontario M5J 2J2
Canada, Attention of Funding Officer (telecopy (416) 981-9128), with a copy to the Administrative Agent as provided under clause (ii) above; and 
  

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 (v) if to an Issuing Bank, to it at the address or telecopy number set forth separately
in writing. 
  
 (b) Notices and other communications to the
Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by
the Administrative Agent and the applicable Lender. Each of the Administrative Agent and each Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures
approved by it; provided, further, that approval of such procedures may be limited to particular notices or communications. 
  
 (c) All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given
on the date of receipt if delivered by hand or overnight courier service, sent by telecopy or (to the extent permitted by paragraph (b) above) electronic means or on the date five Business Days after dispatch by certified or registered mail if
mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided in this Section 9.01 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 9.01. 
  
 (d) Any party hereto may change its address or telecopy number for notices
and other communications hereunder by notice to the other parties hereto. 
  
 SECTION 9.02. Survival of Agreement. All covenants, agreements, representations and warranties made by the Borrowers and the other Loan Parties herein, in the other Loan Documents and in the certificates or
other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the Lenders and each Issuing Bank and shall survive the making by the Lenders of the
Loans, the execution and delivery of the Loan Documents and the issuance of the Letters of Credit, regardless of any investigation made by such persons or on their behalf, and shall continue in full force and effect as long as the principal of or
any accrued interest on any Loan or L/C Disbursement or any Fee or any other amount payable under this Agreement or any other Loan Document is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not been
terminated. Without prejudice to the survival of any other agreements contained herein, indemnification and reimbursement obligations contained herein (including pursuant to Sections 2.16, 2.18 and 9.05) shall survive the payment in full of the
principal and interest hereunder, the return of Tranche B-3 Credit-Linked Deposits, the expiration of the Letters of Credit and the termination of the Commitments or this Agreement. 
  
 SECTION 9.03. Binding Effect. This Agreement shall become effective when it shall have been executed by Holdings, the
Borrowers and the Administrative Agent and when the Administrative Agent shall have received copies hereof that, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the
benefit of Holdings, the Borrowers, each Issuing Bank, 

  

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the Administrative Agent and each Lender and their respective permitted successors and assigns. 
  
 SECTION 9.04. Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns permitted hereby (including any affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) the Borrowers may not assign or otherwise transfer any of
their rights or obligations hereunder (other than pursuant to a merger permitted by Section 6.05(b) or (i)) without the prior written consent of each Lender (and any attempted assignment or transfer by any Borrower without such consent shall be null
and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section or Article X. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any person
(other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section), and, to
the extent expressly contemplated hereby, the Related Parties of each of the Agents, the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement or the other Loan Documents. 
  
 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any
Lender may assign to one or more assignees (each, an “Assignee”) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans or Tranche B-3 Credit-Linked Deposits
at the time owing to it) with the prior written consent of: 
  
 (A) the U.S. Borrower (such consent not to be unreasonably withheld); provided that no consent of the U.S. Borrower shall be required for an assignment to a Lender, an affiliate of a Lender, an Approved Fund
(as defined below) or, if an Event of Default under Sections 7.01(b), (c), (h) or (i) has occurred and is continuing, any other person; provided that any liability of any Borrower to an assignee that is an Approved Fund or affiliate of the assigning
Lender under Section 2.16 or 2.18 shall be limited to the amount, if any, that would have been payable hereunder by such Borrower in the absence of such assignment; and 
  
 (B) the Administrative Agent; provided that no consent of the Administrative Agent shall be required
for an assignment of all or any portion of a Tranche B-3 Credit-Linked Deposit or a Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund. 
  
 (ii) Assignments shall be subject to the following additional conditions: 
  
 (A) except in the case of an assignment to a Lender, an affiliate of a Lender or an Approved Fund or an
assignment of the entire remaining amount of the assigning Lender’s Commitments, Loans or Tranche B-3 Credit-Linked Deposits under any Tranche, the amount of the 

  

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Commitments or Loans of the assigning Lender subject to each such assignment (determined as of the trade date specified in the Assignment and Acceptance with
respect to such assignment or, if no trade date is so specified, as of the date such Assignment and Acceptance is delivered to the Administrative Agent) shall not be less than (x) $1,000,000 in respect of the Tranche B-3 Credit-Linked Deposits or
Term Loans and (y) $2,500,000 in respect of the Revolving Facility Loans, unless each of the U.S. Borrower and the Administrative Agent otherwise consent; 
  
 (B) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together with a
processing and recordation fee of $3,500; provided that (i) assignments pursuant to Section 2.20 shall not require the signature of the assigning Lender to become effective, (ii) any such processing and recordation fee in connection with
assignments pursuant to Section 2.20 shall be paid by the U.S. Borrower or the assignee and (iii) only one such processing and recordation fee shall be payable in connection with simultaneous assignments to two or more assignees that are Affiliates
of one another, or to two or more Approved Funds that are managed by the same investment advisor; 
  
 (C) the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; and 

 
 (D) AT ANY TIME WHEN AND TO THE EXTENT THAT IT IS A
REQUIREMENT OF DUTCH LAW THAT EACH LENDER TO THE DUTCH BORROWER BE A PMP, NO ASSIGNMENT OF EUROPEAN TRANCHE COMMITMENTS, EUROPEAN TRANCHE REVOLVING FACILITY LOANS OR EUROPEAN TRANCHE L/C EXPOSURE TO THE DUTCH BORROWER OR TRANCHE B-2 TERM LOANS MAY
BE MADE TO ANY PERSON THAT IS NOT A PMP AT THE TIME OF SUCH TRANSFER. 
  
 For the
purposes of this Section 9.04, “Approved Fund” means any person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course and that
is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
  
 (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(v) below, from and after the effective date specified in each
Assignment and Acceptance the Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning Lender
thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s 

  

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rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.16,
2.17, 2.18 and 9.05). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in
such rights and obligations in accordance with paragraph (c) of this Section. Without the consent of the U.S. Borrower (which consent shall not be unreasonably withheld) and the Administrative Agent, the Tranche B-3 Credit-Linked Deposit of any
Tranche B-3 Lender shall not be released in connection with any assignment by such Tranche B-3 Lender, but shall instead be purchased by the relevant assignee and continue to be held for application (to the extent not already applied) in accordance
with Section 2.05 to satisfy such assignee’s obligations in respect of Tranche B-3 L/C Disbursements. 
  
 (iv) The Administrative Agent, acting for this purpose as an agent of the Borrowers, shall maintain at one of its offices outside the
United Kingdom a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount of the Loans and Revolving L/C Exposure owing to, and
amounts in respect of B/As owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrowers, the Administrative Agent, the Issuing Bank and the
Lenders may treat each person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the
Borrowers, the Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 
  
 (v) Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an Assignee, the Assignee’s
completed Administrative Questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of
this Section, the Administrative Agent shall accept such Assignment and Acceptance and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the
Register as provided in this paragraph. 
  
 (c) (i) Any Lender
may, without the consent of any Borrower or the Administrative Agent, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement
(including all or a portion of its Commitments and the Loans and Tranche B-3 Credit-Linked Deposits and participations in Tranche B-3 Letters of Credit owing to it); provided that (a) such Lender’s obligations under this Agreement shall
remain unchanged, (b) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (c) the Borrowers, the Administrative Agent, the Issuing Bank and the other Lenders shall continue to deal
solely and directly with such 

  

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Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement pursuant to which a Lender sells such a participation
shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement and the other Loan Documents; provided
that (x) such agreement may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that (1) requires the consent of each Lender directly affected thereby pursuant to 9.04(a)(i) or
clauses (i), (ii), (iii), (iv), (v) or (vi) of the first proviso to Section 9.08(b) and (2) directly affects such Participant and (y) no other agreement with respect to such Participant may exist between such Lender and such Participant. Subject to
paragraph (c)(ii) of this Section, the Borrowers agree that each Participant shall be entitled to the benefits of Sections 2.16, 2.17 and 2.18 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to
paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.06 as though it were a Lender; provided that such Participant shall be subject to Section 2.19(c) as though it
were a Lender. 
  
 (ii) A Participant shall not
be entitled to receive any greater payment under Section 2.16, 2.17 or 2.18 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such
Participant is made with the U.S. Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.18 to the extent such Participant fails to comply with
Section 2.18(f) as though it were a Lender. 
  
 (d) Any Lender
may, without the consent of the Administrative Agent or any Borrower, at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment
to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of
its obligations hereunder or substitute any such pledgee or Assignee for such Lender as a party hereto. 
  
 (e) The Borrowers, at their expense and upon receipt of written notice from the relevant Lender, agree to issue Notes to any Lender requiring Notes to
facilitate transactions of the type described in paragraph (d) above. 
  
 (f) Notwithstanding the foregoing, any Conduit Lender may assign any or all of the Loans it may have funded hereunder to its designating Lender without the consent of any Borrower or the Administrative Agent and without regard to the
limitations set forth in Section 9.04(b). Each of Holdings, the Borrowers, each Lender and the Administrative Agent hereby confirms that it will not institute against a Conduit Lender or join any other person in instituting against a Conduit Lender
any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit
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each Lender designating any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto and each Loan Party for any loss, cost,
damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period of forbearance. 
  
 (g) Notwithstanding the foregoing, no assignment may be made or participation sold to an Ineligible Institution without the prior written consent of the
U.S. Borrower. 
  
 SECTION 9.05. Expenses; Indemnity. (a)
Each Borrower agrees to pay all reasonable out-of-pocket expenses (including Other Taxes) incurred by the Administrative Agent in connection with the preparation of this Agreement and the other Loan Documents, or by the Administrative Agent in
connection with the syndication of the Commitments or the administration of this Agreement (including expenses incurred in connection with due diligence, reasonable fees, disbursements and the charges for no more than one counsel in each
jurisdiction where Collateral is located) or in connection with the administration of this Agreement and any amendments, modifications or waivers of the provisions hereof or thereof or incurred by the Administrative Agent or any Lender in connection
with the enforcement or protection of their rights in connection with this Agreement and the other Loan Documents, in connection with the Loans made or the Letters of Credit issued hereunder, including the reasonable fees, charges and disbursements
of Cravath, Swaine & Moore LLP, counsel for the Administrative Agent and the Joint Lead Arrangers, and, in connection with any such enforcement or protection, the reasonable fees, charges and disbursements of any other counsel. 
  
 (b) The Borrowers agree to indemnify the Administrative Agent, the Joint Lead
Arrangers, each Issuing Bank, each Lender their respective Affiliates and each of their respective directors, trustees, officers, employees and agents (each such person being called an “Indemnitee”) against, and to hold each
Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including reasonable counsel fees, charges and disbursements (except the allocated costs of in-house counsel), incurred by or asserted against any
Indemnitee arising out of, in any way connected with, or as a result of (i) the execution or delivery of this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto
and thereto of their respective obligations thereunder or the consummation of the Transactions and the other transactions contemplated hereby, (ii) the use of the proceeds of the Loans or the use of any Letter of Credit or (iii) any claim,
litigation, investigation or proceeding relating to any of the foregoing, whether or not any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted primarily from the gross negligence or willful misconduct of such Indemnitee (treating, for this
purpose only, the Administrative Agent, any Joint Lead Arranger, any Issuing Bank, any Lender and any of their respective Related Parties as a single Indemnitee). Subject to and without limiting the generality of the foregoing sentence, the
Borrowers agree to indemnify each Indemnitee against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and 

  

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related expenses, including reasonable counsel or consultant fees, charges and disbursements (except the allocated costs of in-house counsel), incurred by or
asserted against any Indemnitee arising out of, in any way connected with or as a result of (a) any claim or liability related in any way to Environmental Laws and Holdings, the U.S. Borrower or any of their Subsidiaries, or (b) any actual or
alleged presence, Release or threatened Release of Hazardous Materials at, under, on or from any property currently or formerly owned, leased or operated by any predecessor of Holdings, the U.S. Borrower or any of their Subsidiaries; provided
that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted from the gross negligence or willful misconduct of such Indemnitee or any of its Related Parties. The provisions of this Section 9.05 shall remain operative and in full force and effect regardless of the expiration of the term of this
Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or
on behalf of the Administrative Agent, any Issuing Bank or any Lender. All amounts due under this Section 9.05 shall be payable on written demand therefor accompanied by reasonable documentation with respect to any reimbursement, indemnification or
other amount requested. 
  
 (c) Except as expressly provided in
Section 9.05(a) with respect to Other Taxes, which shall not be duplicative with any amounts paid pursuant to Section 2.18, this Section 9.05 shall not apply to Taxes. 
  
 SECTION 9.06. Right of Set-off. If an Event of Default shall have occurred and be continuing, each Lender and each
Issuing Bank is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness
at any time owing by such Lender or such Issuing Bank to or for the credit or the account of Holdings (prior to a Qualified IPO), any Borrower or any other Subsidiary against any of and all the obligations of Holdings (prior to a Qualified IPO) or
any Borrower now or hereafter existing under this Agreement or any other Loan Document held by such Lender or such Issuing Bank, irrespective of whether or not such Lender or such Issuing Bank shall have made any demand under this Agreement or such
other Loan Document and although the obligations may be unmatured. The rights of each Lender and each Issuing Bank under this Section 9.06 are in addition to other rights and remedies (including other rights of set-off) that such Lender or such
Issuing Bank may have. Notwithstanding the foregoing, no Lender shall exercise setoff rights with respect to the Canadian Borrower’s, the U.K. Borrower’s, the Dutch Borrower’s or the German Borrower’s assets and apply such
proceeds to the Obligations of the U.S. Borrower hereunder. 
  
 SECTION 9.07. Applicable Law. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN LETTERS OF CREDIT AND AS EXPRESSLY SET FORTH IN OTHER LOAN DOCUMENTS) SHALL BE 

  

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CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
  
 SECTION 9.08. Waivers; Amendment. (a) No failure or delay of the Administrative Agent, any Issuing Bank or any Lender
in exercising any right or power hereunder or under any Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or
power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, each Issuing Bank and the Lenders hereunder and under the other Loan Documents are cumulative and
are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or any other Loan Document or consent to any departure by Holdings, any Borrower or any other Loan Party therefrom shall in any
event be effective unless the same shall be permitted by paragraph (b) below, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on Holdings, any Borrower or any
other Loan Party in any case shall entitle such person to any other or further notice or demand in similar or other circumstances. 
  
 (b) Neither this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or modified, except as provided in
Section 2.21 or Section 8.11, or (x) in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by Holdings (prior to a Qualified IPO), the Borrowers and the Required Lenders and (y) in the case of any other Loan
Document, pursuant to an agreement or agreements in writing entered into by each party thereto and the Administrative Agent and consented to by the Required Lenders; provided, however, that no such agreement shall 
  
 (i) decrease or forgive the principal amount of, or extend
the final maturity of, or decrease the rate of interest on, any Loan or any L/C Disbursement, or extend the date on which the Tranche B-3 Credit-Linked Deposits are required to be returned in full to the Tranche B-3 Lenders, without the prior
written consent of each Lender directly affected thereby; provided, that any amendment to the financial covenant definitions in this Agreement shall not constitute a reduction in the rate of interest for purposes of this clause (i),

  
 (ii) increase or extend the Commitment of any
Lender or decrease the Commitment Fees or L/C Participation Fees or other fees of any Lender without the prior written consent of such Lender (it being understood that waivers or modifications of conditions precedent, covenants, Defaults or Events
of Default or of a mandatory reduction in the aggregate Commitments shall not constitute an increase of the Commitments of any Lender), 
  
 (iii) extend, waive or reduce the amount of any scheduled installment of principal or extend any date on which payment of interest on any
Loan or any L/C Disbursement or any Fees is due, without the prior written consent of each Lender adversely affected thereby, 
  

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 (iv) amend or modify the provisions of Section 2.19(b) or (c) in a manner that would by
its terms alter the pro rata sharing of payments required thereby, without the prior written consent of each Lender adversely affected thereby, 
  

(v) amend or modify the provisions of this Section or the definition of the terms “Required Lenders” or “Majority
Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the prior written consent of each
Lender adversely affected thereby (it being understood that, with the consent of the Required Lenders, additional extensions of credit pursuant to this Agreement may be included in the determination of the Required Lenders on substantially the same
basis as the Loans and Commitments are included on the Closing Date), 
  
 (vi) release all or substantially all the Collateral or release any of Holdings (prior to a Qualified IPO), any Borrower or any other Subsidiary Loan Party from its Guarantee under the U.S. Guarantee Agreement or the
Foreign Guarantee Agreement, as applicable, unless, in the case of (1) Holdings, upon a Qualified IPO or (2) a Subsidiary Loan Party, all or substantially all the Equity Interests of such Subsidiary Loan Party are sold or otherwise disposed of in a
transaction permitted by this Agreement, without the prior written consent of each Lender, 
  
 (vii) effect any waiver, amendment or modification that by its terms adversely affects the rights in respect of payments or collateral of
Lenders participating in any Tranche differently from those of Lenders participating in another Tranche, without the consent of the Majority Lenders participating in the adversely affected Tranche (it being agreed that the Required Lenders may
waive, in whole or in part, any prepayment required by Section 2.12 so long as the application of any prepayment still required to be made is not changed), 
  
 (viii) effect any waiver, amendment or modification of Section 5.02 of the Collateral Agreement, or any comparable provision of any other
Security Document, in a manner that materially adversely affects the rights in respect of payments or collateral of Lenders, without the consent of each Lender so affected; 
  
 provided, further, that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative
Agent or an Issuing Bank hereunder without the prior written consent of the Administrative Agent or such Issuing Bank acting as such at the effective date of such agreement, as applicable. Each Lender shall be bound by any waiver, amendment or
modification authorized by this Section 9.08 and any consent by any Lender pursuant to this Section 9.08 shall bind any Assignee of such Lender. 
  
 (c) Without the consent of the Syndication Agent, the Documentation Agent or any Joint Lead Arranger or Lender, the Loan Parties and the Administrative
Agent may (in their respective sole discretion, or shall, to the extent required by any Loan Document) enter into any amendment, modification or waiver of any Loan Document, or enter into any new agreement or instrument, to effect the granting,
perfection, protection 

  

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expansion or enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit of the Secured Parties, or as
required by local law to give effect to, or protect any security interest for the benefit of the Secured Parties, in any property or so that the security interests therein comply with applicable law. 
  
 (d) Notwithstanding the foregoing, this Agreement may be amended (or amended
and restated) with the written consent of the Required Lenders, the Administrative Agent, Holdings (prior to a Qualified IPO) and the Borrowers (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of
credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and the Revolving Facility Loans and the accrued
interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders. 
  

(e) Notwithstanding the foregoing, technical and conforming modifications to the Loan Documents may be made with the consent of the Borrowers and the
Administrative Agent to the extent necessary to integrate any Incremental Term Loan Commitments or Incremental Revolving Facility Commitments on substantially the same basis as the Term Loans or Revolving Facility Loans, as applicable. 

 
 SECTION 9.09. Interest Rate Limitation. (a) Notwithstanding
anything herein to the contrary, if at any time the applicable interest rate, together with all fees and charges that are treated as interest under applicable law (collectively, the “Charges”), as provided for herein or in any other
document executed in connection herewith, or otherwise contracted for, charged, received, taken or reserved by any Lender or any Issuing Bank, shall exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted for,
charged, taken, received or reserved by such Lender in accordance with applicable law, the rate of interest payable hereunder, together with all Charges payable to such Lender or such Issuing Bank, shall be limited to the Maximum Rate;
provided that such excess amount shall be paid to such Lender or such Issuing Bank on subsequent payment dates to the extent not exceeding the legal limitation. 
  
 (b) Without limiting Section 9.09(a), if any provision of this Agreement or any of the other Loan Documents would obligate
the Canadian Borrower to make any payment of interest under the Obligations of the Canadian Borrower or any other amount in an amount or calculated at a rate that would be prohibited by law or would result in the receipt by any Canadian Tranche
Lender of interest under the Obligations of the Canadian Borrower at a criminal rate (as such terms are construed under the Criminal Code (Canada)) then, notwithstanding such provision, such amount or rates shall be deemed to have been
adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law or so result in the receipt by such Canadian Tranche Lender of interest under the Obligations of the Canadian
Borrower at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: (i) first, by reducing the amount or rate of interest required to be paid to such Canadian Tranche Lender under this Section 9.09(b) and (ii)
thereafter, by reducing any fees, commissions, premiums and other amounts required to be paid to such 

  

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Canadian Tranche Lender that would constitute interest under the Obligations of the Canadian Borrower for purposes of Section 347 of the Criminal Code
(Canada). Notwithstanding the foregoing, and after giving effect to all adjustments contemplated hereby, if any Canadian Tranche Lender shall have received an amount in excess of the maximum permitted by Section 347 of the Criminal Code
(Canada), then the Canadian Borrower shall be entitled, by notice in writing to the Administrative Agent for the benefit of the Canadian Tranche Lenders, to obtain reimbursement from such Canadian Tranche Lender in an amount equal to such excess,
and pending such reimbursement, such amount shall be deemed to be an amount payable by such Canadian Tranche Lender to the Canadian Borrower. Any amount or rate of interest under the Obligations of the Canadian Borrower referred to in this Section
9.09 (b) shall be determined in accordance with generally accepted actuarial practices and principles as an effective annual rate of interest over the term that any Canadian Tranche Revolving Facility Loan to the Canadian Borrower remains
outstanding on the assumption that any charges, fees or expenses that fall within the meaning of “interest” (as defined in the Criminal Code (Canada)) shall, if they relate to a specific period of time, be pro-rated over that period
of time and otherwise be pro-rated over the period from the Closing Date to the date that all Obligations (other than contingent indemnities and expense reimbursement obligations to the extent no claim therefor has been made) have been indefeasibly
paid in full and all the Canadian Tranche Commitments have been terminated and, in the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Administrative Agent shall be conclusive for the purposes of
such determination. 
  
 SECTION 9.10. Conversion of
Currencies. (a) If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum owing hereunder in one currency into another currency, each party hereto agrees, to the fullest extent that it may effectively do so, that
the rate of exchange used shall be that at which in accordance with normal banking procedures in the relevant jurisdiction the first currency could be purchased with such other currency on the Business Day immediately preceding the day on which
final judgment is given. 
  
 (b) The obligations of each Borrower
in respect of any sum due to any party hereto or any holder of the obligations owing hereunder (the “Applicable Creditor”) shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than the
currency in which such sum is stated to be due hereunder (the “Agreement Currency”), be discharged only to the extent that, on the Business Day following receipt by the Applicable Creditor of any sum adjudged to be so due in the
Judgment Currency, the Applicable Creditor may in accordance with normal banking procedures in the relevant jurisdiction purchase the Agreement Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less than
the sum originally due to the Applicable Creditor in the Agreement Currency, such Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Applicable Creditor against such loss. The obligations of the
Borrowers contained in this Section 9.10 shall survive the termination of this Agreement and the payment of all other amounts owing hereunder. 
  

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 SECTION 9.11. Entire Agreement. This Agreement, the other Loan Documents and the agreements
regarding certain Fees referred to herein constitute the entire contract between the parties relative to the subject matter hereof. Any previous agreement among or representations from the parties or their Affiliates with respect to the subject
matter hereof is superseded by this Agreement and the other Loan Documents. Notwithstanding the foregoing, the Fee Letter dated as of April 25, 2005, shall survive the execution and delivery of this Agreement and remain in full force and effect.

  
 SECTION 9.12. WAIVER OF JURY TRIAL. EACH PARTY
HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN
DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.12. 
  
 SECTION 9.13. Severability. In the event any one or more of the
provisions contained in this Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any
way be affected or impaired thereby. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the
invalid, illegal or unenforceable provisions. 
  
 SECTION 9.14.
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an original but all of which, when taken together, shall constitute but one contract, and shall become effective as provided in Section
9.03. Delivery of an executed counterpart to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed original. 
  
 SECTION 9.15. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of
this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 
  
 SECTION 9.16. Jurisdiction; Consent to Service of Process. (a) Each of the parties hereto hereby irrevocably and unconditionally submits, for
itself and its property, to the nonexclusive jurisdiction of any New York State court or federal court of the United States of America sitting in New York City, and any appellate court from any 

  

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thereof, in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement of any
judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such federal
court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement
shall affect any right that any Lender or any Issuing Bank may otherwise have to bring any action or proceeding relating to this Agreement or the other Loan Documents against Holdings, any Borrower or any other Loan Party or their properties in the
courts of any jurisdiction. 
  
 (b) Each of the parties hereto
hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement or the other Loan Documents in any New York State or federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or
proceeding in any such court. 
  
 SECTION 9.17.
Confidentiality. Each of the Lenders, each Issuing Bank and each of the Agents agrees that it shall maintain in confidence any information relating to Holdings, the Borrowers and the other Loan Parties furnished to it by or on behalf of
Holdings, the Borrowers or the other Loan Parties (other than information that (a) has become generally available to the public other than as a result of a disclosure by such party, (b) has been independently developed by such Lender, such Issuing
Bank or such Agent without violating this Section 9.17 or (c) was available to such Lender, such Issuing Bank or such Agent from a third party having, to such person’s knowledge, no obligations of confidentiality to Holdings, the Borrowers or
any other Loan Party) and shall not reveal the same other than to its directors, trustees, officers, employees and advisors with a need to know or to any person that approves or administers the Loans on behalf of such Lender (so long as each such
person shall have been instructed to keep the same confidential in accordance with this Section 9.17), except: (a) to the extent necessary to comply with law or any legal process or the requirements of any Governmental Authority, the National
Association of Insurance Commissioners or of any securities exchange on which securities of the disclosing party or any Affiliate of the disclosing party are listed or traded, (b) as part of normal reporting or review procedures to Governmental
Authorities or the National Association of Insurance Commissioners, (c) to its parent companies, Affiliates or auditors (so long as each such person shall have been instructed to keep the same confidential in accordance with this Section 9.17), (d)
in order to enforce its rights under any Loan Document in a legal proceeding, (e) to any prospective assignee of, or prospective Participant in, any of its rights under this Agreement (so long as such person shall have been instructed to keep the
same confidential in accordance with this Section 9.17) and (f) to any direct or indirect contractual counterparty in Swap Agreements or such contractual counterparty’s professional advisor (so long as such contractual counterparty or
professional advisor to such contractual counterparty agrees to be bound by the provisions of this Section). 
  

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 SECTION 9.18. JPMorgan Chase Bank, N.A. Direct Website Communications.  
  
 (a) Delivery. (i) Each Loan Party hereby agrees that it will provide
to the Administrative Agent all information, documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to this Agreement and any other Loan Document, including all notices, requests, financial statements,
financial and other reports, certificates and other information materials, but excluding any such communication that (a) relates to a request for a new, or a conversion of an existing, borrowing or other extension of credit (including any election
of an interest rate or interest period relating thereto), (b) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (c) provides notice of any Default or Event of Default under this
Agreement or (d) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any borrowing or other extension of credit hereunder (all such non-excluded communications collectively, the
“Communications”), by transmitting the Communications in an electronic/soft medium in a format acceptable to the Administrative Agent. In addition, each Loan Party agrees to continue to provide the Communications to the
Administrative Agent in the manner specified in this Agreement or any other Loan Document but only to the extent requested by the Administrative Agent. Nothing in this Section 9.18 shall prejudice the right of the Agents, the Joint Lead Arrangers or
any Lender or any Loan Party to give any notice or other communication pursuant to this Agreement or any other Loan Document in any other manner specified in this Agreement or any other Loan Document. 
  
 (ii) The Administrative Agent agrees that receipt of the
Communications by the Administrative Agent at its e-mail address set forth in Section 9.01 shall constitute effective delivery of the Communications to the Administrative Agent for purposes of the Loan Documents. Each Lender agrees that notice to it
(as provided in the next sentence) specifying that the Communications have been posted to the Platform (as defined below) shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents. Each Lender agrees
(a) to notify the Administrative Agent in writing (including by electronic communication) from time to time of such Lender’s e-mail address to which the foregoing notice may be sent by electronic transmission and (b) that the foregoing notice
may be sent to such e-mail address. 
  
 (b) Posting. Each
Loan Party further agrees that the Administrative Agent may make the Communications available to the Lenders by posting the Communications on Intralinks or a substantially similar electronic transmission system (the “Platform”).

  
 (c) Platform. The Platform is provided “as
is” and “as available.” The Agent Parties (as defined below) do not warrant the accuracy or completeness of the Communications or the adequacy of the Platform and expressly disclaim liability for errors or omissions in the
Communications. No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, 

  

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non- infringement of third party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or
the Platform. In no event shall the Administrative Agent or any of its affiliates or any of their respective officers, directors, employees, agents advisors or representatives (collectively, “Agent Parties”) have any liability to
the Loan Parties, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise), arising out of any Loan
Party’s or the Administrative Agent’s transmission of communications through the internet, except to the extent the liability of any Agent Party is found in a final non-appealable judgment by a court of competent jurisdiction to have
resulted primarily from such Agent Party’s gross negligence or willful misconduct. 
  
 SECTION 9.19. Release of Liens and Guarantees. In the event that (1) any Loan Party conveys, sells, leases, assigns, transfers or otherwise disposes of all or any portion of any of the Equity Interests or
assets of any Loan Party (other than the Equity Interests of the U.S. Borrower) to a person that is not (and is not required to become) a Loan Party in a transaction not prohibited by this Agreement or (2) upon the satisfaction of the conditions
precedent to a Qualified IPO (with respect to the Equity Interests of the U.S. Borrower), then (i) in the case of a disposition of the Equity Interests of any Borrower (other than the U.S. Borrower) in a transaction not prohibited by this Agreement
and as a result of which such Borrower would cease to be a Subsidiary, such Borrower shall, immediately prior to the completion of any such disposition, pay the unpaid principal amount of all Loans made to such Borrower hereunder, together with all
accrued but unpaid interest thereon and other fees and amounts owed by such Borrower hereunder (and, if applicable, repay all amounts to become due with respect to outstanding B/As of such Borrower hereunder) in accordance with the provisions of
Section 2.11 and such Borrower shall thereafter cease for all purposes to have any of the rights or obligations of a Borrower hereunder, (ii) the Administrative Agent shall promptly (and the Lenders hereby authorize the Administrative Agent to) take
such action and execute any such documents as may be reasonably requested by Holdings or the U.S. Borrower and at the Borrowers’ expense to release any Liens created by any Loan Document in respect of such assets or Equity Interests, and, in
the case of a disposition of the Equity Interests of any Subsidiary Loan Party in a transaction not prohibited by this Agreement and as a result of which such Subsidiary Loan Party would cease to be a Subsidiary Loan Party (or upon a Qualified IPO,
with respect to Holdings), terminate such Subsidiary Loan Party’s obligations or Holdings’s obligations, as applicable, under the U.S. Guarantee Agreement or the Foreign Guarantee Agreement, as applicable. In addition, the Administrative
Agent agrees to take such actions as are reasonably requested by Holdings or the U.S. Borrower and at the Borrowers’ expense to terminate the Liens and security interests created by the Loan Documents when all the Obligations (other than
contingent indemnities and expense reimbursement obligations to the extent no claim therefor has been made) are paid in full and all Letters of Credit and Commitments are terminated. Any representation, warranty or covenant contained in any Loan
Document relating to any such Equity Interests, asset or subsidiary of the U.S. Borrower shall no longer be deemed to be made once such Equity Interests or asset is so conveyed, sold, leased, assigned, transferred or disposed of. 
  

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 SECTION 9.20. Dutch Parallel Debt. (a) Parallel Debt U.S. Obligations. (i) The U.S. Borrower
hereby irrevocably and unconditionally undertakes to pay to the Administrative Agent amounts equal to the aggregate amount from time to time payable (verschuldigd) to any of the Secured Parties under or pursuant to the U.S. Obligations (such
payment undertaking to the Administrative Agent hereinafter referred to as the “Parallel Debt U.S. Obligations”). 
  
 (ii) The Parallel Debt U.S. Obligations will become due and payable (opeisbaar) immediately upon the Administrative Agent’s first demand,
which may be made at any time, as and when one or more of the U.S. Obligations becomes due and payable. 
  
 (iii) Each of the parties to this Agreement hereby acknowledges that (A) the Parallel Debt U.S. Obligations constitute undertakings, obligations and
liabilities of the U.S. Borrower to the Administrative Agent that are transferable and independent from, and without prejudice to, the corresponding U.S. Obligations and (B) the Parallel Debt U.S. Obligations represent the Administrative
Agent’s own separate claim to receive payment of the Parallel Debt U.S. Obligations from the U.S. Borrower, it being understood that the amount that is or may become due and payable by the U.S. Borrower under or pursuant to the Parallel Debt
U.S. Obligations from time to time shall never exceed the aggregate amount that is payable under the U.S. Obligations from time to time. 
  
 (iv) For the avoidance of doubt, each of the parties to this Agreement confirms that the claims of the Administrative Agent against the U.S. Borrower in
respect of the Parallel Debt U.S. Obligations and the claims of any one or more of the Secured Parties against the U.S. Borrower under or pursuant to the U.S. Obligations payable to such Secured Parties do not constitute common property (een
gemeenschap) within the meaning of Article 3:166 of the Netherlands Civil Code (“NCC”) and that the provisions relating to such common property shall not apply. If, however, it would be held that such claims of the
Administrative Agent and such claims of any one or more of the Secured Parties do constitute such common property and such provisions do apply, the parties to this Agreement agree that any Intercreditor Agreement shall constitute an administration
agreement (beheersregeling) within the meaning of Article 3:168 NCC. 
  
 (v) For the avoidance of doubt, the parties hereto confirm that this Agreement is not to be construed as an agreement as referred to in Article 6:16 NCC and that Article 6:16 NCC shall not apply, and therefore that
the provisions relating to common property (een gemeenschap) within the meaning of Article 3:166 NCC shall not apply by analogy to the relationship between the Secured Parties on the one hand, and the U.S. Borrower as debtor of the Parallel
Debt U.S. Obligations, on the other hand. 
  
 (vi) To the extent
the Administrative Agent irrevocably (onaantastbaar) receives any amount in payment of the Parallel Debt U.S. Obligations (the “U.S. Received Amount”), the Administrative Agent shall distribute such amount among the Secured
Parties in accordance with the Intercreditor Agreements. Upon irrevocable (onaantastbaar) receipt of any U.S. Received Amount, the U.S. Obligations shall be 

  

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reduced by an aggregate amount (the “U.S. Deductible Amount”) equal to the U.S. Received Amount in the manner as if the U.S. Deductible
Amount were received as a payment of the U.S. Obligations on the date of receipt by the Administrative Agent of the U.S. Received Amount. 
  
 (b) Parallel Debt Foreign Obligations. (i) Each of the U.S. Borrower and the Foreign Borrowers hereby irrevocably and unconditionally undertakes to
pay to the Administrative Agent amounts equal to the aggregate amount payable (verschuldigd) to any of the Secured Parties or the Administrative Agent under or pursuant to the Foreign Obligations (these payment undertakings to the
Administrative Agent hereinafter collectively referred to as the “Parallel Debt Foreign Obligations”). 
  
 (ii) The Parallel Debt Foreign Obligations will become due and payable (opeisbaar) immediately upon the Administrative Agent’s first demand,
which may be made at any time, as and when one or more of the Foreign Obligations becomes due and payable. 
  
 (iii) Each of the parties to this Agreement hereby acknowledges that (A) the Parallel Debt Foreign Obligations constitute undertakings, obligations and
liabilities of the U.S. Borrower and the Foreign Borrowers to the Administrative Agent which are transferable and independent from, and without prejudice to, the corresponding Foreign Obligations and (B) the Parallel Debt Foreign Obligations
represent the Administrative Agent’s own separate claims to receive payment of the Parallel Debt Foreign Obligations from the U.S. Borrower and each of the Foreign Borrowers, it being understood that the amounts which may become due and payable
by the U.S. Borrower and the Foreign Borrowers under or pursuant to the Parallel Debt Foreign Obligations from time to time shall never exceed the aggregate amount which is payable under the Foreign Obligations from time to time. 
  
 (iv) For the avoidance of doubt, each of the parties to this Agreement
confirms that the claims of the Administrative Agent against the U.S. Borrower and each of the Foreign Borrowers in respect of the Parallel Debt Foreign Obligations and the claims of any or more of the Lenders, the Swingline Lender, Issuing Banks
and Swap Counterparties against the U.S. Borrower and the Foreign Subsidiary Loan Parties under or pursuant to the Foreign Obligations payable to such Secured Parties and Swap Counterparties do not constitute common property (een gemeenschap)
within the meaning of Article 3:166 of the Netherlands Civil Code (“NCC”) and that the provisions relating to such common property shall not apply. If, however, it shall be held that such claims of the Administrative Agent and such
claims of any one or more of the Secured Parties do constitute such common property and such provisions do apply, the parties to this Agreement agree that any Intercreditor Agreement shall constitute the administration agreement
(beheersregeling) within the meaning of Article 3:168 NCC. 
  
 (v) For the avoidance of doubt, the parties hereto confirm that this Agreement is not to be construed as an agreement as referred to in Article 6:16 NCC and that Article 6:16 NCC shall not apply, and therefore that the provisions relating
to common property (een gemeenschap) within the meaning of Article 3:166 NCC shall not 

  

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apply by analogy to the relationship between the Secured Parties, on the one hand, and the U.S. Borrower and the Foreign Borrowers as debtors of the Parallel
Debt Foreign Obligations on the other hand. 
  
 (vi) To the extent
the Administrative Agent irrevocably (onaantastbaar) receives any amount in payment of the Parallel Debt Foreign Obligations (the “Foreign Received Amount”), the Administrative Agent shall distribute such amount among the
Secured Parties in accordance with Intercreditor Agreements. Upon irrevocable (onaantastbaar) receipt of any Foreign Received Amount, the Foreign Obligations shall be reduced by an aggregate amount (the “Foreign Deductible
Amount”) equal to the Foreign Received Amount in the manner as if the Foreign Deductible Amount were received as a payment of the Foreign Obligations on the date of receipt by the Administrative Agent of the Foreign Received Amount.

  
 SECTION 9.21. German Parallel Debt; Limitation on
Enforcement. 
  
 (a) Each Loan Party hereby agrees and
covenants with the Administrative Agent by way of an abstract acknowledgement of debt (abstraktes Schuldanerkenntnis) that each of them shall pay to the Administrative Agent sums equal to, and in the currency of, any sums owing by it to a
Secured Party (other than the Administrative Agent) under any Loan Document (the “Principal Obligations”) as and when the same fall due for payment under the relevant Loan Document (the “German Parallel
Obligations”). 
  
 (b) The Administrative Agent shall
have its own independent right to demand payment of the German Parallel Obligations by the Loan Parties. The rights of the Secured Parties to receive payment of the Principal Obligations are several from the rights of the Administrative Agent to
receive the German Parallel Obligations; provided that the payment by an Obligor of its German Parallel Obligations to the Administrative Agent in accordance with this Section 9.21 shall be a good discharge of the corresponding Principal
Obligations and the payment by a Loan Party of its corresponding Principal Obligations in accordance with the provisions of the Loan Documents shall be a good discharge of the relevant German Parallel Obligations. In the event of a good discharge of
the Principal Obligations the Administrative Agent shall not be entitled any more to demand payment of the corresponding German Parallel Obligations and such German Parallel Obligations shall cease to exist. This shall apply accordingly in the event
of a good discharge of the German Parallel Obligations to the corresponding Principal Obligations. 
  
 (c) The obligations under this Agreement of any Foreign Subsidiary Loan Party incorporated in Germany as a limited liability company (Gesellschaft mit
bescränkter Haftung) shall be limited as set forth in Section 6(d) of the Foreign Guarantee Agreement. 
  
 SECTION 9.22. Dutch Banking Act. (a) On the date of this Agreement, each Lender (including the Swingline Lender) and each Issuing Bank in respect
of the European Tranche hereby represents and warrants for the benefit of the Dutch Borrower, 

  

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the Administrative Agent and the other Lenders that (i) it is a PMP (the requirements of which are set forth on Schedule 9.22), (ii) it is aware that
it does not benefit from the (creditor) protection offered by the Dutch Banking Act when lending monies to persons or entities which are subject to the prohibition of Section 82 of the Dutch Banking Act, and (iii) in light of the foregoing and other
considerations, it has made its own independent appraisal of risks arising under or in connection with the Loan Documents. 
  
 (b) On each date that an Assignee of any Loan to the Dutch Borrower or any European Tranche Commitment or, pursuant to Section 2.21, any Incremental
Revolving Facility Lender or Incremental Term Lender (if the applicable Incremental Revolving Facility Loans or Incremental Term Loans are to be made available to the Dutch Borrower) becomes a Lender, if such is at the time such person becomes a
Lender a requirement under Dutch law (including the Exemption Regulation), such Lender hereby represents and warrants for the benefit of the Dutch Borrower, the Administrative Agent and the Lenders that (i) it is a PMP (the requirements of which are
set forth on Schedule 9.22), (ii) it is aware that it does not benefit from the (creditor) protection offered by the Dutch Banking Act when lending monies to persons or entities that are subject to the prohibition of Section 82 of the Dutch
Banking Act, and (iii) in light of the foregoing and other considerations, it has made its own independent appraisal of risks arising under or in connection with the Loan Documents, and each Issuing Bank under the European Tranche represents that it
is a PMP (the requirements of which are set forth on Schedule 9.22). 
  
 (c) If at any time the U.S. Borrower or the Dutch Borrower has, after due enquiry in the relevant publicly available registers, reasonable grounds to believe that any Lender is not a PMP, then at the reasonable
request of such Borrower, such Lender shall provide to such Borrower information reasonably available to such Lender in order to enable such Borrower to verify that such Lender is a PMP. 
  
 SECTION 9.23. Power of Attorney. Each Lender (including the Swingline Lender) and each Issuing Bank hereby (and each
Affiliate of a Lender by entering into an Affiliate Authorization thereby) (i) authorizes the Administrative Agent as its agent and attorney to execute and deliver, on behalf of and in the name of such Lender or Issuing Bank (or Affiliate), all and
any Loan Documents (including Security Documents) and related documentation, (ii) authorizes the Administrative Agent to appoint any further agents or attorneys to execute and deliver, or otherwise to act, on behalf of and in the name of the
Administrative Agent for any such purpose and (iii) authorizes the Administrative Agent to delegate its powers under this power of attorney and to do any and all acts and to make and receive all declarations that are deemed necessary or appropriate
to the Administrative Agent. The Lenders and the Issuing Banks hereby (and each Affiliate of a Lender by entering into an Affiliate Authorization thereby) relieve the Administrative Agent from the self-dealing restrictions imposed by Section 181 of
the German Civil Code and the Administrative Agent may also relieve agents, delegates and attorneys appointed pursuant to the powers granted under this Section 9.23 from the restrictions imposed by Section 181 of the German Civil Code. 

 

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 SECTION 9.24. Certain Approvals. The Lenders on the Closing Date by execution of this Agreement
hereby approve or waive, as applicable, the collateral and intercreditor related matters set forth on Schedule 9.24. 
  
 SECTION 9.25. U.S.A. Patriot Act. Each Lender hereby notifies the Borrowers that pursuant to the requirements of the U.S.A. Patriot Act, it is
required to obtain, verify and record information that identifies the Borrowers, which information includes the name and address of each Borrower and other information that will allow such Lender to identify the Borrowers in accordance with the
U.S.A. Patriot Act. 
  
 SECTION 9.26. Czech Parallel Debt.

  
 (a) Notwithstanding any other provision of this Agreement,
each Loan Party hereby irrevocably and unconditionally undertakes to pay to the Administrative Agent sums equal to, and in the currency, of each amount payable by such Loan Party to each of the Secured Parties (other than the Administrative Agent)
under each of the Loan Documents as and when that amount falls due for payment under the relevant Loan Document. 
  
 (b) The Administrative Agent shall have its own independent right to demand payment of the amounts payable by each Loan Party under this Section 9.26,
irrespective of any discharge of such Loan Party’s obligation to pay those amounts to the other Secured Parties resulting from failure by them to take appropriate steps, in insolvency proceedings affecting that Loan Party, to preserve their
entitlement to be paid those amounts. 
  
 (c) Any amount due and
payable by a Loan Party to the Administrative Agent under this Section 9.26 shall be decreased to the extent that the other Secured Parties have received (and are able to retain) payment in full of the corresponding amount under the other provisions
of the Loan Documents and any amount due and payable by a Loan Party to the other Secured Parties under those provisions shall be decreased to the extent that the Administrative Agent has received (and is able to retain) payment in full of the
corresponding amount under this Section 9.26. 
  
 (d) The rights
of the Secured Parties (other than the Administrative Agent) to receive payment of amounts payable by each Loan Party under the Loan Documents are several and are separate and independent from, and without prejudice to, the rights of the
Administrative Agent to receive payment under this Section 9.26. 
  
 ARTICLE X 
  
 Collection Allocation Mechanism

  
 SECTION 10.01. Implementation of CAM. (a) On the
CAM Exchange Date, (i) each European Tranche Lender shall immediately be deemed to have acquired (and shall promptly make payment therefor to the Administrative Agent in accordance with Section 2.04(c)) participations in the Swingline Loans under
the European Tranche in an amount equal to such Lender’s European Tranche Percentage of each such 

  

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Swingline Loan outstanding on such date, (ii) simultaneously with the automatic conversions pursuant to clause (iii) below, the Lenders shall automatically
and without further act (and without regard to the provisions of Section 9.04 (but which such provisions shall remain applicable following such exchange)) be deemed to have exchanged interests in the Loans (other than the Swingline Loans) and B/As
and participations in Swingline Loans and Letters of Credit, such that in lieu of the interest of each Lender in each Loan, B/A and Letter of Credit in which it shall participate as of such date (including such Lender’s interest in the
Obligations of each Loan Party in respect of each such Loan, B/A and Letter of Credit), such Lender shall hold an interest in every one of the Loans (other than the Swingline Loans) and B/As and a participation in every one of the Swingline Loans
and Letters of Credit (including the Obligations of each Loan Party in respect of each such Loan, each Tranche B-3 Credit-Linked Deposit and each Reserve Account established pursuant to Section 10.02), whether or not such Lender shall previously
have participated therein, equal to such Lender’s CAM Percentage thereof, (iii) simultaneously with the deemed exchange of interests pursuant to clause (ii) above, the interests in the Loans to be received in such deemed exchange shall,
automatically and with no further action required, be converted into the U.S. Dollar Equivalent, determined using the Exchange Rate calculated as of such date, of such amount and on and after such date all amounts accruing and owed to the Lenders in
respect of such Obligations shall accrue and be payable in U.S. Dollars at the rate otherwise applicable hereunder and (iv) immediately upon the date of expiration of the Contract Period in respect thereof, the interests in each B/A received in the
deemed exchange of interests pursuant to clause (ii) above shall, automatically and with no further action required, be converted into the U.S. Dollar Equivalent, determined using the Exchange Rate calculated as of such date, of such amount and on
and after such date all amounts accruing and owed to the Lenders in respect of such Obligations shall accrue and be payable in U.S. Dollars at the rate otherwise applicable hereunder. It is understood and agreed that (i) Lenders holding interests in
B/As on the CAM Exchange Date shall discharge the obligations to fund such B/As at maturity in exchange for the interests acquired by such Lenders in funded Loans in the CAM Exchange and (ii) the CAM Exchange, in itself, will not affect the
aggregate amount of the Obligations (as defined in the Collateral Agreement) owing by each of (1) the Domestic Loan Parties and (2) the Foreign Subsidiary Loan Parties, on the CAM Exchange Date. Each Lender and each Loan Party hereby consents and
agrees to the CAM Exchange, and each Lender agrees that the CAM Exchange shall be binding upon its successors and assigns and any person that acquires a participation in its interests in any Loan or B/A or any participation in any Swingline Loan or
Letter of Credit. Each Loan Party agrees from time to time to execute and deliver to the Administrative Agent all such promissory notes and other instruments and documents as the Administrative Agent shall reasonably request to evidence and confirm
the respective interests of the Lenders after giving effect to the CAM Exchange, and each Lender agrees to surrender any promissory notes originally received by it in connection with its Loans hereunder to the Administrative Agent against delivery
of any promissory notes evidencing its interests in the Loans and B/As so executed and delivered; provided, however, that the failure of any Loan Party to execute or deliver or of any Lender to accept any such promissory note,
instrument or document shall not affect the validity or effectiveness of the CAM Exchange. 
  

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 (b) As a result of the CAM Exchange, upon and after the CAM Exchange Date, each payment received by the
Administrative Agent pursuant to any Loan Document in respect of the Obligations, each release by the Administrative Agent to the Lenders of Tranche B-3 Credit-Linked Deposits from the Tranche B-3 Credit-Linked Deposit Account, and each distribution
made by the Administrative Agent pursuant to any Security Document in respect of the Obligations, shall be distributed to the Lenders pro rata in accordance with their respective CAM Percentages. Any direct payment received by a Lender on or after
the CAM Exchange Date, including by way of set-off, in respect of an Obligation shall be paid over to the Administrative Agent for distribution to the Lenders in accordance herewith. 
  
 SECTION 10.02. Letters of Credit. (a) In the event that on the CAM Exchange Date any Letter of Credit under a Tranche
shall be outstanding and undrawn in whole or in part, or any L/C Disbursement under a Tranche shall not have been reimbursed by the applicable Borrower or with the proceeds of a Revolving Borrowing or Swingline Borrowing, each Revolving Lender under
such Tranche shall promptly pay over to the Administrative Agent, in immediately available funds, an amount in U.S. Dollars equal to such Lender’s Tranche Percentage of such undrawn face amount or (to the extent it has not already done so) such
unreimbursed drawing, as applicable, together with interest thereon from the CAM Exchange Date to the date on which such amount shall be paid to the Administrative Agent at the rate that would be applicable at the time to an ABR Revolving Loan in a
principal amount equal to such undrawn face amount or unreimbursed drawing, as applicable. The Administrative Agent shall establish a separate account (each, a “Reserve Account”) or accounts for each Lender for the amounts received
with respect to each such Letter of Credit pursuant to the preceding sentence. The Administrative Agent shall deposit in each Lender’s Reserve Account such Lender’s CAM Percentage of the amounts received from the Revolving Lenders as
provided above. For the purposes of this paragraph, the U.S. Dollar Equivalent of each Lender’s participation in each Letter of Credit denominated in an Alternative Currency shall be the amount in U.S. Dollars determined by the Administrative
Agent to be required in order for the Administrative Agent to purchase currency in the applicable Alternative Currency in an amount sufficient to enable it to deposit the actual amount of such participation in such undrawn Letter of Credit in the
applicable Alternative Currency in such Lender’s Reserve Account. The Administrative Agent shall have sole dominion and control over each Reserve Account, and the amounts deposited in each Reserve Account shall be held in such Reserve Account
until withdrawn as provided in paragraph (b), (c), (d) or (e) below. The Administrative Agent shall maintain records enabling it to determine the amounts paid over to it and deposited in the Reserve Accounts in respect of each Letter of Credit and
the amounts on deposit in respect of each Letter of Credit attributable to each Lender’s CAM Percentage. The amounts held in each Lender’s Reserve Account shall be held as a reserve against the Revolving L/C Exposure, shall be the property
of such Lender, shall not constitute Loans to or give rise to any claim of or against any Loan Party and shall not give rise to any obligation on the part of any Loan Party to pay interest to such Lender or any other obligation of any Loan Party, it
being agreed that the reimbursement obligations in respect of Letters of Credit shall arise only at such times as drawings are made thereunder, as provided in Section 2.05. 
  

 197 

 (b) In the event that after the CAM Exchange Date any drawing shall be made in respect of a Letter of
Credit under a Tranche, (i) the Administrative Agent shall, at the request of the applicable Issuing Bank, to the extent such drawing constitutes a Revolving L/C Disbursement, withdraw from the Reserve Account of each Lender under such Tranche any
amounts, up to the amount of such Lender’s CAM Percentage of such drawing or payment, deposited in respect of such Letter of Credit and remaining on deposit and deliver such amounts to such Issuing Bank in satisfaction of the reimbursement
obligations of the Lenders under such Tranche under Section 2.05(d) (but not of the applicable Borrower under Section 2.05(e)) and (ii) to the extent such drawing constitutes a Tranche B-3 L/C Disbursement, the Administrative Agent shall withdraw
from the Tranche B-3 Credit-Linked Deposit of each Lender such Lender’s CAM Percentage of such Tranche B-3 L/C Disbursement and deliver such amounts to the Issuing Bank as contemplated by Section 2.05(e). In the event that any Lender shall
default on its obligation to pay over any amount to the Administrative Agent as provided in this Section 10.02, the applicable Issuing Bank shall have a claim against such Lender to the same extent as if such Lender had defaulted on its obligations
under Section 2.05(d), but shall have no claim against any other Lender in respect of such defaulted amount, notwithstanding the exchange of interests in the applicable Borrower’s reimbursement obligations pursuant to Section 10.01. Each other
Lender shall have a claim against such defaulting Lender for any damages sustained by it as a result of such default, including, in the event that such Letter of Credit shall expire undrawn, its CAM Percentage of the defaulted amount. 
  
 (c) In the event that after the CAM Exchange Date any Letter of Credit shall
expire undrawn, the Administrative Agent shall (i) to the extent such Letter of Credit constitutes a Revolving Letter of Credit, withdraw from the Reserve Account of each Lender the amount remaining on deposit therein in respect of such Letter of
Credit and distribute such amount to such Lender and (ii) to the extent such Letter of Credit constitutes a Tranche B-3 Letter of Credit, withdraw from the Tranche B-3 Credit-Linked Deposit of each Lender the portion of such deposit attributable to
such Letter of Credit and distribute such amount to such Lender. 
  
 (d) With the prior written approval of the Administrative Agent (not to be unreasonably withheld), any Lender may withdraw its Tranche B-3 Credit-Linked Deposit or the amount held in its Reserve Account in respect of the undrawn amount of
any Letter of Credit. Any Lender making such a withdrawal shall be unconditionally obligated, in the event there shall subsequently be a drawing under such Letter of Credit, to pay over to the Administrative Agent, in the currency in which such
drawing is denominated, for the account of the applicable Issuing Bank, on demand, its CAM Percentage of such drawing or payment. 
  
 (e) Pending the withdrawal by any Lender of any amounts from its Reserve Account as contemplated by the above paragraphs, the Administrative Agent will,
at the direction of such Lender and subject to such rules as the Administrative Agent may prescribe for the avoidance of inconvenience, invest such amounts in Permitted Investments. Each Lender that has not withdrawn its amounts in its Reserve
Account as provided in paragraph (d) above shall have the right, at intervals reasonably specified by the Administrative Agent, to withdraw the earnings on investments so made by the Administrative Agent with amounts in its Reserve Account and to
retain such earnings for its own account. 
  
 [Signature Pages
Follow] 
  

 198 

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

			
	HEXION LLC,
		
	By:	 	 /s/ George F. Knight

	 	 	 Name: George F. Knight

	 	 	 Title: Vice President

	
	BORDEN CHEMICAL, INC.,
		
	By:	 	 /s/ George F. Knight

	 	 	 Name: George F. Knight

	 	 	 Title: Vice President

	
	BORDEN CHEMICAL CANADA INC.,
		
	By:	 	 /s/ George F. Knight

	 	 	 Name: George F. Knight

	 	 	 Title: Vice President

	
	 RESOLUTION EUROPE B.V.,

		
	By:	 	 /s/ J M Nodland

	 	 	 Name: J M Nodland

	 	 	 Title: President

  

			
	BORDEN CHEMICAL GB LIMITED,
		
	By:	 	 /s/ Richard Healy

	 	 	 Name: Richard Healy

	 	 	 Title: as Attorney

	
	BORDEN CHEMICAL UK LIMITED,
		
	By:	 	 /s/ Richard Healy

	 	 	 Name: Richard Healy

	 	 	 Title: as Attorney

	
	 BAKELITE AG,

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	Name of Institution: JPMorgan Chase Bank, N.A.
		
	by:	 	 /s/ Peter A. DeDousis

	 	 	 Name: Peter A. DeDousis

	 	 	 Title: Managing DirectorSecond Amended and Restated Intercreditor Agreement dated as of May 31, 2005

 Exhibit 10.69 
  
 EXECUTION COPY 
  
 SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT 
  
 SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT dated as of August 12, 2004, as amended and restated on April 29, 2005, and as further amended and
restated on May 31, 2005, among JPMORGAN CHASE BANK, N.A. (“JPMCB”), as Intercreditor Agent, WILMINGTON TRUST COMPANY, as New Trustee, HEXION LLC, a Delaware limited liability company (“Holdings”),
HEXION SPECIALTY CHEMICALS, INC., a New Jersey corporation (the “Company”), and each Subsidiary of the Company listed on Schedule I hereto. 
  
 A. The Company is party to the Credit Agreement dated as of May 31, 2005 (as amended, restated, supplemented, waived or
otherwise modified from time to time, the “Credit Agreement”), among Holdings, the Company, Borden Chemical Canada, Inc., a Canadian corporation, Resolution Europe B.V., a company organized under the laws of The Netherlands,
Bakelite AG, a company registered in the commercial register of Iserlohn/Germany, Borden Chemical GB Limited, a corporation organized under the laws of England and Wales, and Borden Chemical UK Limited, a corporation organized under the laws of
England and Wales, the lenders party thereto from time to time, JPMCB, as administrative agent, Citicorp North America, Inc., as syndication agent, Credit Suisse, as documentation agent, and J.P. Morgan Securities Inc., Citigroup Global Markets Inc.
and Credit Suisse, as joint lead arrangers and joint bookrunners. The Credit Agreement has been designated by the Company to be included in the definition of “Credit Agreement” under the Existing Borden Secured Notes Indenture and the New
Borden Secured Notes Indenture, and the Obligations of the Company and certain of the Company’s Subsidiaries under the Credit Agreement and the Senior Lender Documents executed or delivered pursuant thereto constitute First-Lien Indebtedness
and Senior Lender Claims hereunder. 
  
 B. The Company is party to
the Indenture dated as of December 22, 2003 (as amended, restated, supplemented, waived or otherwise modified from time to time, the “8% Senior Secured Notes Indenture”), among the Company, RPP Capital Corporation, a Delaware
corporation, certain of the Company’s Subsidiaries, and The Bank of New York, as trustee. The 8% Senior Secured Notes Indenture has been designated by the Company to be included in the definition of “Credit Agreement” under the
Existing Borden Secured Notes Indenture and the New Borden Secured Notes Indenture, and the Obligations of the Issuers, the Company and certain of the Company’s Subsidiaries under the 8% Senior Secured Notes Indenture and the Senior Lender
Documents executed or delivered pursuant thereto constitute First-Lien Indebtedness and Senior Lender Claims hereunder. 
  
 C. The Company is party to the Indenture dated as of August 12, 2004 (as amended, supplemented or otherwise modified from time to time, the
“Existing Borden Secured Notes Indenture”), among the Issuers, the Company, certain of the Company’s Subsidiaries, and the Trustee, pursuant to which the Notes are governed. The Obligations of the Issuers, the Company,
and certain of the Company’s Subsidiaries under the Existing Borden Secured Notes Indenture, the Notes, and the other Noteholder Documents have been designated by the Company to be Other Second-Lien Obligations under the New Borden Secured
Notes Indenture and such Obligations constitute Noteholder Claims and Second-Priority Claims hereunder. 

 D. The Company is party to the Indenture dated as of May 20, 2005 (as amended, supplemented or otherwise
modified from time to time, the “New Borden Secured Notes Indenture”), among the Issuers, the Company, certain of the Company’s Subsidiaries and Wilmington Trust Company, as trustee. The Obligations of the Issuers, the
Company and certain of the Company’s Subsidiaries under the New Borden Secured Notes Indenture, the New Notes and the other Second-Priority Documents executed or delivered pursuant thereto have been designated by the Company to be Future
Second-Lien Indebtedness (and Other Second Lien Obligations under the Existing Borden Secured Notes Indenture) and such Obligations constitute New Noteholder Claims and Second-Priority Claims hereunder. 
  
 E. The Company is party to the Indenture dated as of April 9, 2003 (as
amended, supplemented or otherwise modified from time to time, the “9 1/2% Senior Second Secured Notes
Indenture”), among the Company, RPP Capital Corporation, a Delaware corporation, certain of the Company’s Subsidiaries, and Deutsche Bank Trust Company Americas, as
trustee. The Obligations of the Company and certain of the Company’s Subsidiaries under the 9 1/2% Senior
Second Secured Notes Indenture and the other Second-Priority Documents executed or delivered pursuant thereto have been designated by the Company to be Future Second-Lien Indebtedness (and Other Second Lien Obligations under the Existing Borden
Secured Notes Indenture and the New Borden Secured Notes Indenture) and such Obligations constitute Second-Priority Claims hereunder. 
  
 F. Fleet Capital Corporation, the Company, each Subsidiary of the Company listed on Schedule I thereto, and certain other Persons party thereto entered
into the Amended and Restated Intercreditor Agreement dated as of April 29, 2005 (the “Existing Intercreditor Agreement”), and the Intercreditor Agent, Holdings, the Company, each Subsidiary of the Company listed on Schedule
I hereto and Wilmington Trust Company, as New Trustee, have agreed to amend and restate (i) the Existing Intercreditor Agreement and (ii) the Terminated Provisions, each in their entirety in the form hereof, to set forth, among other things, certain
rights and priorities with respect to the Senior Lender Collateral and the Second-Priority Collateral. 
  
 Accordingly, in consideration of the foregoing, the mutual covenants and obligations herein set forth and for other good and valuable consideration, the
sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
  
 Section 1. Section 1. Definitions. 
  
 1.1. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
  
 “8% Secured Parties” shall mean the holders from
time to time of the $140,000,000 aggregate principal amount of 8% senior secured notes due 2009 originally co-issued by Resolution Performance Products, LLC and RPP Capital Corporation, the trustee under the 8% Senior Secured Notes Indenture and the
Collateral Agent. 
  

 2 

 “8% Senior Secured Notes Indenture” shall have the meaning set forth in the
recitals. 
  
 “9 1/2% Secured Parties” shall mean the holders
from time to time of the $200,000,000 aggregate principal amount of 9 1/2% senior secured notes due 2010
originally co-issued by Resolution Performance Products, LLC and RPP Capital Corporation, the trustee under the 9 1/2% Senior Second Secured Notes Indenture and the Collateral Agent. 
  
 “9 1/2%
Senior Second Secured Notes Indenture” shall have the meaning set forth in the recitals. 
  
 “Agreement” shall mean this Agreement, as amended, renewed, extended, supplemented or otherwise
modified from time to time in accordance with the terms hereof. 
  
 “Bankruptcy Law” shall mean Title 11 of the United States Code and any similar Federal, state or foreign law for the relief of debtors. 
  
 “Business Day” shall mean any day other than a Saturday, a Sunday or a day that is a legal holiday
under the laws of the State of New York or on which banking institutions in the State of New York are required or authorized by law or other governmental action to close. 
  
 “Cash Management Obligations” shall mean, with respect to any Person, all obligations, whether now
owing or hereafter arising, of such Person in respect of overdrafts and related liabilities owed to any other Person that arise from treasury, depositary or cash management services, including any automated clearing house transfers of funds or any
similar transactions. 
  
 “Collateral
Agent” shall mean Wilmington Trust Company in its capacity as collateral agent for the holders under the Existing Borden Secured Notes Indenture, the New Borden Secured Notes Indenture, the 8% Senior Secured Notes Indenture and the
9 1/2% Senior Second Secured Notes Indenture, as applicable. 
  
 “Common Collateral” shall mean all of the assets of
any Grantor, whether real, personal or mixed, constituting both Senior Lender Collateral and Second-Priority Collateral. 
  
 “Company” shall have the meaning set forth in the preamble. 
  
 “Comparable Second-Priority Collateral Document” shall mean, in relation to any Common Collateral
subject to any Lien created under any Senior Collateral Document, those Second-Priority Collateral Documents that create a Lien on the same Common Collateral, granted by the same Grantor. 
  
 “Credit Agreement” shall have the meaning set forth in the recitals. 
  

 3 

 “Deposit Account” shall have the meaning set forth in the Uniform Commercial
Code. 
  
 “Deposit Account Collateral”
shall mean that part of the Common Collateral comprised of or contained in Deposit Accounts or Securities Accounts. 
  
 “DIP Financing” shall have the meaning set forth in Section 6.1. 
  
 “Discharge of Senior Lender Claims” shall mean, except to the extent otherwise provided in Section
5.7, payment in full in cash (except for contingent indemnities and cost and reimbursement obligations to the extent no claim has been made) of (a) all Obligations in respect of all outstanding First-Lien Indebtedness and, with respect to letters of
credit or letter of credit guaranties outstanding thereunder, delivery of cash collateral or backstop letters of credit in respect thereof in compliance with the Senior Credit Agreement, in each case after or concurrently with the termination of all
commitments to extend credit thereunder and (b) any other Senior Lender Claims that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid. 
  
 “Existing Borden Secured Notes Indenture” shall have
the meaning set forth in the recitals. 
  
 “Existing
Intercreditor Agreement” shall have the meaning set forth in the recitals. 
  
 “Existing Provisions” shall have the meaning set forth in Section 8.21. 
  
 “First-Lien Indebtedness” shall mean (a) any Bank Indebtedness (as defined in the Existing Borden Secured Notes Indenture on the
date hereof), including all Indebtedness incurred by the Company and its Subsidiaries pursuant to the Credit Agreement and the other Senior Lender Documents, that is secured by a Permitted Lien (as defined in the Existing Borden Secured Notes
Indenture on the date hereof and incurred or deemed incurred pursuant to clause (8) of the definition thereof), (b) all other Obligations (not constituting Indebtedness) of the Company and its Subsidiaries under the agreements governing such Bank
Indebtedness and (c) all other Obligations of the Company and its Subsidiaries in respect of Hedging Obligations or Cash Management Obligations in connection with Indebtedness described in clause (a) or Obligations described in clause (b).

  
 “Future First-Lien Indebtedness” shall
mean any First-Lien Indebtedness (including the obligations under the 8% Senior Secured Notes Indenture and any other Senior Lender Documents executed or delivered pursuant thereto) other than First-Lien Indebtedness referred to in clauses (a) and
(b) of the definition of First-Lien Indebtedness incurred pursuant to the Credit Agreement and the Senior Lender Documents entered into in connection therewith. 
  

“Future Second Lien Indebtedness” shall mean Indebtedness or Obligations (other than Noteholder Claims) of the Company and its
Subsidiaries that is to be equally and ratably secured with the Noteholder Claims and is so designated by the Company as Future Second Lien Indebtedness (including the Obligations under the New Borden Secured Notes Indenture, the 9 1/2% Senior Second Secured Notes Indenture and any other Second-Priority 

  

 4 

 
Documents executed or delivered pursuant thereto); provided, however, that such Future Second Lien Indebtedness is permitted to be so incurred in
accordance with any Senior Lender Documents and any Second-Priority Documents, as applicable. 
  
 “Grantors” shall mean the Company and each of the Subsidiaries that has executed and delivered a Second-Priority Collateral Document or a Senior Collateral Document. 
  
 “Hedging Obligations” shall mean, with respect to any
Person, all obligations and liabilities, whether now owing or hereafter arising, of such Person in respect of (a) currency exchange, interest rate or commodity swap agreements, currency exchange, interest rate or commodity cap agreements, and
currency exchange, interest rate or commodity collar agreements and (b) other agreements or arrangements designed to protect such Person against fluctuations in currency exchange, interest rates or commodity prices. 
  
 “Indebtedness” shall mean and include all obligations
that constitute “Indebtedness” within the meaning of the Existing Borden Secured Notes Indenture or the Senior Credit Agreement. 
  
 “Indenture Secured Parties” shall mean the Persons holding Noteholder Claims, including the Trustee. 
  
 “Insolvency or Liquidation Proceeding” shall mean (a)
any voluntary or involuntary case or proceeding under any Bankruptcy Law with respect to any Grantor, (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation,
reorganization or other similar case or proceeding with respect to any Grantor or with respect to any of its assets, (c) any liquidation, dissolution, reorganization or winding up of any Grantor whether voluntary or involuntary and whether or not
involving insolvency or bankruptcy or (d) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of any Grantor. 
  
 “Intercreditor Agent” shall mean JPMCB, in its capacity as administrative agent for the Senior Lenders under the Credit Agreement
and the other Senior Lender Documents entered into pursuant to the Credit Agreement, together with its successors (or if there is more than one Senior Credit Agreement, such agent or trustee as is designated “Intercreditor Agent” by Senior
Lenders holding a majority of the Senior Lender Claims then outstanding) and permitted assigns under the Senior Credit Agreement exercising substantially the same rights and powers. 
  
 “Issuers” shall mean (i) Borden U.S. Finance Corp., a Delaware corporation, and (ii) Borden Nova
Scotia Finance, ULC, a Nova Scotia unlimited liability company. 
  
 “JPMCB” shall have the meaning set forth in the preamble. 
  
 “Lien” shall mean, with respect to any asset, any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset. 
  
 “New Borden Secured Notes Indenture” shall have the
meaning set forth in the recitals. 
  

 5 

 “New Indenture Secured Parties” shall mean the Persons holding the New Noteholder
Claims, including the New Trustee. 
  
 “New Noteholder
Claims” shall mean all Obligations in respect of the New Notes or arising under the Noteholder Documents with respect to such notes or any of them, including all fees and expenses of the New Trustee thereunder. 
  
 “New Notes” shall mean (a) the initial $150,000,000
in aggregate principal amount of second-priority senior secured floating rate notes due 2010 co-issued pursuant to the New Borden Secured Notes Indenture, (b) the exchange notes issued in exchange therefor as contemplated by the Registration Rights
Agreement dated as of May 20, 2005, among the Issuers, the Company, certain of the Company’s Subsidiaries and Credit Suisse First Boston LLC, as representative of the initial purchasers party thereto, and (c) any additional notes issued under
the New Borden Secured Notes Indenture by the Issuers, to the extent permitted by any Senior Lender Document and any Second-Priority Document, as applicable. 
  
 “New Trustee” shall mean Wilmington Trust Company, in its capacity as trustee under the New Borden Secured Notes Indenture and
collateral agent under the Second-Priority Collateral Documents in respect of the New Noteholder Claims, and its permitted successors. 
  
 “Noteholder Claims” shall mean all Obligations in respect of the Notes or arising under the Noteholder Documents or any of them,
including all fees and expenses of the Trustee thereunder. 
  
 “Noteholder Collateral” shall mean all of the assets of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for any Noteholder Claim. 
  
 “Noteholder Collateral Agreement” shall mean the
Collateral Agreement dated as of May 31, 2005, among the Company, certain other domestic Grantors and the Collateral Agent in respect of the Existing Borden Secured Notes Indenture. 
  
 “Noteholder Collateral Documents” shall mean the Noteholder Collateral Agreement and any other
document or instrument pursuant to which a Lien is granted by any Grantor to secure any Noteholder Claims or under which rights or remedies with respect to any such Lien are governed. 
  
 “Noteholder Documents” shall mean (a) the Existing Borden Secured Notes Indenture, the Notes, the
Noteholder Collateral Documents and (b) any other related document or instrument executed and delivered pursuant to any Noteholder Document described in clause (a) above evidencing or governing any Obligations thereunder. 
  
 “Notes” shall mean (a)(i) the initial $150,000,000 in
aggregate principal amount of second-priority senior secured floating rate notes due 2010 and (ii) the initial $325,000,000 in aggregate principal amount of 9% second-priority senior secured notes due 2014, each co-issued by the Issuers pursuant to
the Existing Borden Secured Notes Indenture, (b) the exchange notes issued in exchange therefor as contemplated by the Registration Rights Agreement dated as of August 12, 2004, among the Issuers, the Company, certain of the Company’s
Subsidiaries and the initial purchasers party thereto, and (c) any additional notes issued under the Existing Borden 

  

 6 

 
Secured Notes Indenture by the Issuers, to the extent permitted by the Existing Borden Secured Notes Indenture, the Credit Agreement, any other Senior Lender
Documents and any Second-Priority Document, as applicable. 
  
 “Obligations” shall mean, with respect to any Indebtedness, any and all obligations, whether now owing or hereafter arising, with respect to the payment of (a) any principal of or interest (including interest accrued
on or accruing after the commencement of any Insolvency or Liquidation Proceeding, whether or not a claim for post-filing interest is allowed in such proceeding) or premium on any Indebtedness, including any reimbursement obligation in respect of
any letter of credit or letter of credit guaranty, (b) any fees, indemnification obligations, expense reimbursement obligations or other liabilities payable under the documentation governing such Indebtedness, (c) any obligation to post cash
collateral in respect of letters of credit or letter of credit guaranties and any other obligations and (d) with respect to any Indebtedness constituting Senior Lender Claims, any Cash Management Obligations or Hedging Obligations owing to any of
the Senior Lenders holding such Senior Lender Claims or any affiliates thereof. 
  
 “Officers’ Certificate” shall have the meaning set forth in the Existing Borden Secured Notes Indenture. 
  
 “Person” shall mean any natural person, corporation, limited liability company, trust, joint
venture, association, company, partnership, entity or other party, including any government and any political subdivision, agency or instrumentality thereof. 
  
 “Pledged Collateral” shall mean the Common Collateral in the possession of the Intercreditor Agent (or its agents or bailees), to
the extent that possession thereof is necessary to perfect a Lien thereon under the Uniform Commercial Code. 
  
 “Recovery” shall have the meaning set forth in Section 6.4. 
  
 “Required Lenders” shall mean, with respect to any Senior Credit Agreement, those Senior Lenders the
approval of which is required to approve an amendment or modification of, termination or waiver of any provision of or consent to any departure from such Senior Credit Agreement (or would be required to effect such consent under this Agreement if
such consent were treated as an amendment of the Senior Credit Agreement). 
  
 “RPP Intercreditor Agreement” shall mean the Second Amended and Restated Intercreditor Agreement dated as of December 22, 2003, as amended and restated on January 24, 2005, and as further
amended and restated on May 31, 2005, among JPMorgan Chase Bank, N.A., as Collateral Agent, The Bank of New York, as Trustee, the U.S. Borrower and the Subsidiaries of the U.S. Borrower party thereto, as amended, modified or supplemented from time
to time in accordance with the terms thereof. 
  
 “Second-Priority Agents” shall mean (a) the Trustee as agent for the Indenture Secured Parties and (b) the collateral agent for any Future Second-Lien Indebtedness (including the Collateral Agent). 
  

 7 

 “Second-Priority Claims” shall mean the Noteholder Claims and all other
Obligations in respect of, or arising under, the Second-Priority Documents, including all fees and expenses of the collateral agent for any Future Second-Lien Indebtedness. 
  
 “Second-Priority Collateral” shall mean the Noteholder Collateral and all of the assets of any
Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for any Future Second-Lien Indebtedness. 
  
 “Second-Priority Collateral Agreements” shall mean the Noteholder Collateral Agreement and any comparable agreement with respect
to any Future Second-Lien Indebtedness. 
  
 “Second-Priority Collateral Documents” shall mean the Noteholder Collateral Documents and any other agreement, document or instrument pursuant to which a Lien is now or hereafter granted securing any Second-Priority
Claims or under which rights or remedies with respect to such Liens are at any time governed. 
  
 “Second-Priority Documents” shall mean the Noteholder Documents, the New Borden Secured Notes Indenture, the 9 1/2% Senior Second Secured Notes Indenture and any other document or instrument evidencing or governing any Future Second-Lien Indebtedness. 
  
 “Second-Priority Designated Agent” shall mean such
agent or trustee as is designated “Second-Priority Designated Agent” by Second-Priority Secured Parties holding a majority in principal amount of the Second-Priority Claims then outstanding; it being understood that as of the date of this
agreement, the Trustee shall be so designated Second-Priority Designated Agent. 
  
 “Second-Priority Lien” shall mean any Lien on any assets of the Company or any other Grantor securing any Second-Priority Claims. 
  
 “Second-Priority Secured Parties” shall mean the Indenture Secured Parties and all other Persons
holding any Second-Priority Claims, including the collateral agent for any Future Second-Lien Indebtedness. 
  
 “Securities Account” shall have the meaning set forth in the Uniform Commercial Code. 
  
 “Senior Collateral Documents” shall mean any
agreement, document or instrument pursuant to which a Lien is now or hereafter granted securing any Senior Lender Claims or under which rights or remedies with respect to such Liens are at any time governed. 
  
 “Senior Credit Agreement” shall mean the Credit
Agreement, the 8% Senior Secured Notes Indenture and any other agreement governing any Future First-Lien Indebtedness. 
  
 “Senior Lender Cash Management Obligations” shall mean any Cash Management Obligations secured by any Common Collateral under the
Senior Collateral Documents. 
  

 8 

 “Senior Lender Claims” shall mean (a) all First-Lien Indebtedness outstanding,
including any Future First-Lien Indebtedness, and (b) all other Obligations (not constituting Indebtedness under any such First-Lien Indebtedness) with respect to First-Lien Indebtedness, including all Senior Lender Hedging Obligations and Senior
Lender Cash Management Obligations. Senior Lender Claims shall include all interest and expenses accrued or accruing (or that would, absent the commencement of an Insolvency or Liquidation Proceeding, accrue) after the commencement of an Insolvency
or Liquidation Proceeding in accordance with and at the rate specified in the relevant Senior Lender Document whether or not the claim for such interest or expenses is allowed or allowable as a claim in such Insolvency or Liquidation Proceeding.

  
 “Senior Lender Collateral” shall mean
all of the assets of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for any Senior Lender Claim. 
  
 “Senior Lender Documents” shall mean the Senior Credit Agreement, the Senior Collateral Documents and each of the other
agreements, documents and instruments (including each agreement, document or instrument providing for or evidencing a Senior Lender Hedging Obligation or Senior Lender Cash Management Obligation) providing for, evidencing or securing any Obligation
under the Credit Agreement or any Future First-Lien Indebtedness and any other related document or instrument executed or delivered pursuant to any Senior Lender Document at any time or otherwise evidencing or securing any Indebtedness arising under
any Senior Lender Document. 
  
 “Senior Lender Hedging
Obligations” shall mean any Hedging Obligations secured by any Common Collateral under the Senior Collateral Documents. 
  
 “Senior Lenders” shall mean the Persons holding Senior Lender Claims, including the Senior-Priority Agents. 
  
 “Senior-Priority Agents” shall mean (a) the
administrative agent under the Credit Agreement and (b) the collateral agent for any other First-Lien Indebtedness (including the collateral agent for the 8% Secured Parties). 
  
 “Subsidiary” shall mean any “Subsidiary” of the Company as defined in the Existing Borden
Secured Notes Indenture. 
  
 “Terminated
Provisions” shall have the meaning set forth in Section 8.21. 
  
 “Terminated RPP Security Agreement” shall mean the Second Amended and Restated US Security Agreement dated as of and as effective on January 24, 2005 (without giving effect to any amendment
thereto after such date), among Resolution Performance Products Inc., Resolution Performance Products LLC, RPP Capital Corporation, various Subsidiaries of Resolution Performance Products Inc., and General Electric Capital Corporation, as collateral
agent. 
  

 9 

 “Trustee” shall mean Wilmington Trust Company, in its capacity as trustee under
the Existing Borden Secured Notes Indenture and collateral agent under the Noteholder Collateral Documents, and its permitted successors. 
  
 “Uniform Commercial Code” or “UCC” shall mean the Uniform Commercial Code as from time to time in effect
in the State of New York. 
  
 1.2. Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The
words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word
“shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time
amended, supplemented or otherwise modified in accordance with this Agreement, (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and
“hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Sections shall be construed to refer to Sections of this
Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and
contract rights. 
  
 Section 2. Lien Priorities.

  
 2.1. Subordination of
Liens. Notwithstanding the date, time, manner or order of filing or recordation of any document or instrument or grant, attachment or perfection of any Liens granted to the Second-Priority Secured Parties on the Common Collateral or of any
Liens granted to the Intercreditor Agent or the Senior Lenders on the Common Collateral and notwithstanding any provision of the UCC, or any applicable law or the Second-Priority Documents or the Senior Lender Documents or any other circumstance
whatsoever, each Second-Priority Agent, on behalf of itself and each applicable Second-Priority Secured Party, hereby agrees that: (a) any Lien on the Common Collateral securing any Senior Lender Claims now or hereafter held by or on behalf of the
Intercreditor Agent or any Senior Lenders or any agent or trustee therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall have priority over and be senior in all respects and prior to any
Lien on the Common Collateral securing any Second-Priority Claims, (b) any Lien on the Common Collateral securing any Second-Priority Claims now or hereafter held by or on behalf of the Trustee, the Collateral Agent or any Second-Priority Secured
Parties or any agent or trustee therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on the Common 

  

 10 

 
Collateral securing any Senior Lender Claims and (c) with respect to any Second-Priority Claims (and as between the Second-Priority Agents and the
Second-Priority Secured Parties), the Liens on the Common Collateral securing any Second-Priority Claims now or hereafter held by or on behalf of the Trustee, the Collateral Agent or any Second-Priority Secured Party or any agent or trustee therefor
regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall rank equally and ratably in all respects. All Liens on the Common Collateral securing any Senior Lender Claims shall be and remain senior in all
respects and prior to all Liens on the Common Collateral securing any Second-Priority Claims for all purposes, whether or not such Liens securing any Senior Lender Claims are subordinated to any Lien securing any other obligation of the Company, any
other Grantor or any other Person. 
  
 2.2.
Prohibition on Contesting Liens. Each Second-Priority Agent, for itself and on behalf of each applicable Second-Priority Secured Party, and the Senior-Priority Agents, for itself and on behalf of each applicable Senior Lender, agrees
that it shall not (and hereby waives any right to) contest or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the validity, perfection, priority, validity or enforceability of (a) a
Lien securing any Senior Lender Claims held (or purported to be held) by or on behalf of the Intercreditor Agent or any of the Senior Lenders or any agent or trustee therefor in any Senior Lender Collateral or (b) a Lien securing any Second-Priority
Claims held (or purported to be held) by or on behalf of any Second-Priority Secured Party in the Common Collateral, as the case may be; provided, however, that nothing in this Agreement shall be construed to prevent or impair the rights of the
Intercreditor Agent or any Senior Lender to enforce this Agreement (including the priority of the Liens securing the Senior Lender Claims as provided in Section 2.1) or any of the Senior Lender Documents. 
  
 2.3. No New Liens. Subject to Section 11.03 of
the Existing Borden Secured Notes Indenture and the corresponding provision of any Second-Priority Document relating to Future Second-Lien Indebtedness, so long as the Discharge of Senior Lender Claims has not occurred, the parties hereto agree
that, after the date hereof, if any Second-Priority Agent shall hold any Lien on any assets of the Company or any other Grantor securing any Second-Priority Claims that are not also subject to the first-priority Lien in respect of the Senior Lender
Claims under the Senior Lender Documents, such Second-Priority Agent shall notify the Intercreditor Agent promptly upon becoming aware thereof and, upon demand by the Intercreditor Agent or the Company, will assign or release such Lien to the
Intercreditor Agent (and/or its designee) as security for the applicable Senior Lender Claims (in the case of an assignment, each Second-Priority Agent may retain a junior lien on such assets subject to the terms hereof). Subject to Section 11.03 of
the Existing Borden Secured Notes Indenture and the corresponding provision of any Second-Priority Document relating to Future Second-Lien Indebtedness, each Second-Priority Agent agrees that, after the date hereof, if it shall hold any Lien on any
assets of the Company or any other 

  

 11 

 
Grantor securing any Second-Priority Claims that are not also subject to the Lien in favor of the other Second-Priority Agent such Second-Priority Agent
shall notify any other Second-Priority Agent promptly upon becoming aware thereof. 
  
 2.4. Perfection of Liens. Neither the Intercreditor Agent nor the Senior Lenders shall be responsible for perfecting and
maintaining the perfection of Liens with respect to the Common Collateral for the benefit of the Second-Priority Agents and the Second-Priority Secured Parties. The provisions of this Intercreditor Agreement are intended solely to govern the
respective Lien priorities as between the Senior Lenders and the Second-Priority Secured Parties and shall not impose on the Intercreditor Agent, the Second-Priority Agents, the Second-Priority Secured Parties or the Senior Lenders or any agent or
trustee therefor any obligations in respect of the disposition of proceeds of any Common Collateral which would conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or governmental authority
or any applicable law. 
  
 Section 3. Enforcement.

  
 3.1. Exercise of Remedies.

  
 (a) So long as the Discharge of Senior Lender Claims has not
occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against the Company or any other Grantor, (i) no Second-Priority Agent or any Second-Priority Secured Party will (x) exercise or seek to exercise any rights
or remedies (including setoff) with respect to any Common Collateral in respect of any applicable Second-Priority Claims, institute any action or proceeding with respect to such rights or remedies (including any action of foreclosure), (y) contest,
protest or object to any foreclosure proceeding or action brought with respect to the Common Collateral by the Intercreditor Agent or any Senior Lender in respect of the Senior Lender Claims, the exercise of any right by the Intercreditor Agent or
any Senior Lender (or any agent or sub-agent on their behalf) in respect of the Senior Lender Claims under any lockbox agreement, control agreement, landlord waiver or bailee’s letter or similar agreement or arrangement to which any
Second-Priority Agent or any Second-Priority Secured Party either is a party or may have rights as a third party beneficiary, or any other exercise by any such party, of any rights and remedies relating to the Common Collateral under the Senior
Lender Documents or otherwise in respect of Senior Lender Claims, or (z) object to the forbearance by the Senior Lenders from bringing or pursuing any foreclosure proceeding or action or any other exercise of any rights or remedies relating to the
Common Collateral in respect of Senior Lender Claims and (ii) except as otherwise provided herein, the Intercreditor Agent and the Senior Lenders shall have the exclusive right to enforce rights, exercise remedies (including setoff and the right to
credit bid their debt) and make determinations regarding the release, disposition or restrictions with respect to the Common Collateral without any consultation with or the consent of any Second-Priority Agent or any Second-Priority Secured Party;
provided, however, that (A) in any Insolvency or Liquidation Proceeding commenced by or against the Company or any other Grantor, each Second-Priority Agent may file a claim or statement of interest with respect to the applicable Second-Priority
Claims and (B) each Second-Priority Agent may take any action (not adverse to the prior Liens on the Common Collateral 

  

 12 

 
securing the Senior Lender Claims, or the rights of the Intercreditor Agent or the Senior Lenders to exercise remedies in respect thereof) in order to
create, prove, perfect, preserve or protect (but not enforce) its rights in, and perfection and priority of its Lien on, the Common Collateral. In exercising rights and remedies with respect to the Senior Lender Collateral, the Intercreditor Agent
and the Senior Lenders may enforce the provisions of the Senior Lender Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion. Such exercise and enforcement
shall include the rights of an agent appointed by them to sell or otherwise dispose of Common Collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and to exercise all the rights and remedies of a secured lender
under the Uniform Commercial Code of any applicable jurisdiction and of a secured creditor under Bankruptcy Laws of any applicable jurisdiction. 
  
 (b) So long as the Discharge of Senior Lender Claims has not occurred, each Second-Priority Agent, on behalf of itself and each applicable Second-Priority
Secured Party, agrees that it will not, in the context of its role as secured creditor, take or receive any Common Collateral or any proceeds of Common Collateral in connection with the exercise of any right or remedy (including setoff) with respect
to any Common Collateral in respect of the applicable Second-Priority Claims. Without limiting the generality of the foregoing, unless and until the Discharge of Senior Lender Claims has occurred, except as expressly provided in the proviso in
clause (ii) of Section 3.1(a), the sole right of the Second-Priority Agents and the Second-Priority Secured Parties with respect to the Common Collateral is to hold a Lien on the Common Collateral in respect of the applicable Second-Priority Claims
pursuant to the Second-Priority Documents, as applicable, for the period and to the extent granted therein and to receive a share of the proceeds thereof, if any, after the Discharge of Senior Lender Claims has occurred. 
  
 (c) Subject to the proviso in clause (ii) of Section 3.1(a), (i) each
Second-Priority Agent, for itself and on behalf of each applicable Second-Priority Secured Party, agrees that no Second-Priority Agent or any Second-Priority Secured Party will take any action that would hinder any exercise of remedies undertaken by
the Intercreditor Agent or the Senior Lenders with respect to the Common Collateral under the Senior Loan Documents, including any sale, lease, exchange, transfer or other disposition of the Common Collateral, whether by foreclosure or otherwise,
and (ii) each Second-Priority Agent, for itself and on behalf of each applicable Second-Priority Secured Party, hereby waives any and all rights it or any Second-Priority Secured Party may have as a junior lien creditor or otherwise to object to the
manner in which the Intercreditor Agent or the Senior Lenders seek to enforce or collect the Senior Lender Claims or the Liens granted in any of the Senior Lender Collateral, regardless of whether any action or failure to act by or on behalf of the
Intercreditor Agent or Senior Lenders is adverse to the interests of the Second-Priority Secured Parties. 
  
 (d) Each Second-Priority Agent hereby acknowledges and agrees that no covenant, agreement or restriction contained in any applicable Second-Priority
Document shall be deemed to restrict in any way the rights and remedies of the Intercreditor Agent or the Senior Lenders with respect to the Senior Lender Collateral as set forth in this Agreement and the Senior Lender Documents. 
  
 3.2. Cooperation. Subject to the proviso in
clause (ii) of Section 3.1(a), each Second-Priority Agent, on behalf of itself and each applicable 

  

 13 

 
Second-Priority Secured Party, agrees that, unless and until the Discharge of Senior Lender Claims has occurred, it will not commence, or join with any
Person (other than the Senior Lenders and the Intercreditor Agent upon the request thereof) in commencing, any enforcement, collection, execution, levy or foreclosure action or proceeding with respect to any Lien held by it in the Common Collateral
under any of the applicable Second-Priority Documents or otherwise in respect of the applicable Second-Priority Claims. 
  
 Section 4. Payments. 
  
 4.1. Application of Proceeds. After an event of default under any First-Lien Indebtedness has occurred with respect to which
the Intercreditor Agent has provided written notice to each Second-Priority Agent, and until such event of default is cured or waived, so long as the Discharge of Senior Lender Claims has not occurred, the Common Collateral or proceeds thereof
received in connection with the sale or other disposition of, or collection on, such Common Collateral upon the exercise of remedies, shall be applied by the Intercreditor Agent to the Senior Lender Claims in such order as specified in the relevant
Senior Lender Documents until the Discharge of Senior Lender Claims has occurred. Upon the Discharge of Senior Lender Claims, the Intercreditor Agent shall deliver promptly to the Second-Priority Designated Agent any Common Collateral or proceeds
thereof held by it in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct to be applied by the Second-Priority Designated Agent ratably to the Second-Priority Claims and, with
respect to each class of Second-Priority Claims, in such order as specified in the relevant Second-Priority Documents. 
  
 4.2. Payments Over. Any Common Collateral or proceeds thereof received by any Second-Priority Agent or any Second-Priority
Secured Party in connection with the exercise of any right or remedy (including setoff) relating to the Common Collateral in contravention of this Agreement shall be segregated and held in trust for the benefit of and forthwith paid over to the
Intercreditor Agent (and/or its designees) for the benefit of the applicable Senior Lenders in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. The Intercreditor Agent is hereby
authorized to make any such endorsements as agent for any Second-Priority Agent or any such Second-Priority Secured Party. This authorization is coupled with an interest and is irrevocable. 
  
 Section 5. Other Agreements. 
  
 5.1. Releases. 
  
 (a) If, at any time any Grantor or the holder of any Senior Lender Claim
delivers notice to each Second-Priority Agent that any specified Common Collateral (including all or substantially all of the equity interests of a Grantor or any of its Subsidiaries) is sold, transferred or otherwise disposed of: 
  
 (i) by the owner of such Common Collateral in a transaction permitted under
the Senior Credit Agreement, the Existing Borden Secured Notes Indenture and each other Second-Priority Document (if any); or 
  

 14 

 (ii) during the existence of any Event of Default under (and as defined in) the Senior Credit Agreement
to the extent the Intercreditor Agent has consented to such sale, transfer or disposition: 
  
 then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of the Second-Priority Secured Parties upon such Collateral will automatically be released and discharged as and
when, but only to the extent, such Liens on such Collateral securing Senior Lender Claims are released and discharged. Upon delivery to each Second-Priority Agent of a notice from the Intercreditor Agent stating that any release of Liens securing or
supporting the Senior Lender Claims has become effective (or shall become effective upon each Second-Priority Agent’s release), each Second-Priority Agent will promptly execute and deliver such instruments, releases, termination statements or
other documents confirming such release on customary terms. In the case of the sale of all or substantially all of the capital stock of a Grantor or any of its Subsidiaries, the guarantee in favor of the Second-Priority Secured Parties, if any, made
by such Grantor or Subsidiary will automatically be released and discharged as and when, but only to the extent, the guarantee by such Grantor or Subsidiary of Senior Lender Claims is released and discharged. 
  
 (b) Each Second-Priority Agent, for itself and on behalf of each applicable
Second-Priority Secured Party, hereby irrevocably constitutes and appoints the Intercreditor Agent and any officer or agent of the Intercreditor Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable
power and authority in the place and stead of each Second-Priority Agent or such holder or in the Intercreditor Agent’s own name, from time to time in the Intercreditor Agent’s discretion, for the purpose of carrying out the terms of this
Section 5.1, to take any and all appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the purposes of this Section 5.1, including any termination statements, endorsements or other
instruments of transfer or release. 
  
 (c) Unless and until the
Discharge of Senior Lender Claims has occurred, each Second-Priority Agent, for itself and on behalf of each applicable Second-Priority Secured Party, hereby consents to the application, whether prior to or after a default, of Deposit Account
Collateral or proceeds of Common Collateral to the repayment of Senior Lender Claims pursuant to the Senior Credit Agreement; provided that nothing in this Section 5.1(c) shall be construed to prevent or impair the rights of the Second-Priority
Agents or the Second-Priority Secured Parties to receive proceeds in connection with the Second-Priority Claims not otherwise in contravention of this agreement. 
  
 5.2. Insurance. Unless and until the Discharge of Senior Lender Claims has occurred, the
Intercreditor Agent and the Senior Lenders shall have the sole and exclusive right, subject to the rights of the Grantors under the Senior Lender Documents, to adjust settlement for any insurance policy covering the Common Collateral in the event of
any loss thereunder and to approve any award granted in any condemnation or similar proceeding affecting the Common 

  

 15 

 
Collateral. Unless and until the Discharge of Senior Lender Claims has occurred, all proceeds of any such policy and any such award if in respect of the
Common Collateral shall be paid (a) first, prior to the occurrence of the Discharge of Senior Lender Claims, to the Intercreditor Agent for the benefit of Senior Lenders pursuant to the terms of the Senior Lender Documents, (b) second, after the
occurrence of the Discharge of Senior Lender Claims, to the Second-Priority Agents for the benefit of the Second-Priority Secured Parties pursuant to the terms of the applicable Second-Priority Documents and (c) third, if no Second-Priority
Obligations are outstanding, to the owner of the subject property, such other person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct. If any Second-Priority Agent or any Second-Priority Secured Party shall, at
any time, receive any proceeds of any such insurance policy or any such award in contravention of this Agreement, it shall pay such proceeds over to the Intercreditor Agent in accordance with the terms of Section 4.2. 
  
 5.3. Amendments to Second-Priority Collateral
Documents. 
  
 (a) Without the prior written consent of
the Intercreditor Agent and the Required Lenders, no Second-Priority Collateral Document may be amended, supplemented or otherwise modified or entered into to the extent such amendment, supplement or modification, or the terms of any new
Second-Priority Collateral Document, would be prohibited by or inconsistent with any of the terms of this Agreement. Each Second-Priority Agent agrees that each applicable Second-Priority Collateral Document shall include the following language (or
language to similar effect approved by the Intercreditor Agent): 
  
 “Notwithstanding anything herein to the contrary, (i) the liens and security interests granted to the [applicable Second-Priority Agent] pursuant to this Agreement are expressly subject and subordinate to the liens and security
interests granted to (a) JPMorgan Chase Bank, N.A., as administrative agent (and its permitted successors), for the benefit of the lenders referred to below, pursuant to the [Collateral Agreement][Foreign Pledge Agreement] dated as of May 31, 2005
(as amended, restated, supplemented or otherwise modified from time to time), by and among [Hexion LLC, Hexion Specialty Chemicals, Inc., the other “Borrowers” named therein, JPMorgan Chase Bank, N.A., as administrative agent, the lenders
party thereto and the other parties party thereto] [parties to the Foreign Pledge Agreement], or (b) any agent or trustee for any other Senior Lenders (as defined in the Second Amended and Restated Intercreditor Agreement referred to below), and
(ii) the exercise of any right or remedy by the [applicable Second-Priority Agent] hereunder is subject to the limitations and provisions of the Second Amended and Restated Intercreditor Agreement dated as of May 31, 2005 (as further amended,
restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), by and among JPMorgan Chase Bank, N.A., as Intercreditor Agent, Hexion Specialty Chemicals, Inc. and the subsidiaries party thereto. In the
event of any conflict between the terms of the Intercreditor Agreement and the terms of this Agreement, the terms of the Intercreditor Agreement shall govern”. 
  

 16 

 (b) In the event that the Intercreditor Agent or the Senior Lenders under the Credit Agreement or, if
there is no Credit Agreement, any other Senior Lenders, enter into any amendment, waiver or consent in respect of or replace any of the Senior Collateral Documents for the purpose of adding to, or deleting from, or waiving or consenting to any
departures from any provisions of, any Senior Collateral Document or changing in any manner the rights of the Intercreditor Agent, the Senior Lenders, the Company or any other Grantor thereunder (including the release of any Liens in Senior Lender
Collateral), then such amendment, waiver or consent shall apply automatically to any comparable provision of each Comparable Second-Priority Collateral Document without the consent of any Second-Priority Agent or any Second-Priority Secured Party
and without any action by any Second-Priority Agent, the Company or any other Grantor; provided, however, that (A) such amendment, waiver or consent does not materially adversely affect the rights of the Second-Priority Secured Parties or the
interests of the Second-Priority Secured Parties in the Second-Priority Collateral and not the other creditors of the Company or such Grantor, as the case may be, that have a security interest in the affected collateral in a like or similar manner,
and (B) written notice of such amendment, waiver or consent shall have been given to each Second-Priority Agent. 
  
 5.4. Rights As Unsecured Creditors. Notwithstanding anything to the contrary in this Agreement, the Second-Priority Agents
and the Second-Priority Secured Parties may exercise rights and remedies as an unsecured creditor against the Company or any Subsidiary that has guaranteed the Second-Priority Claims in accordance with the terms of the applicable Second-Priority
Documents and applicable law. Nothing in this Agreement shall prohibit the receipt by any Second-Priority Agent or any Second-Priority Secured Party of the required payments of interest and principal so long as such receipt is not the direct or
indirect result of the exercise by any Second-Priority Agent or any Second-Priority Secured Party of rights or remedies as a secured creditor in respect of Common Collateral or enforcement in contravention of this Agreement of any Lien in respect of
Second-Priority Claims held by any of them. In the event any Second-Priority Agent or any Second-Priority Secured Party becomes a judgment lien creditor in respect of Common Collateral as a result of its enforcement of its rights as an unsecured
creditor in respect of Second-Priority Claims, such judgment lien shall be subordinated to the Liens securing Senior Lender Claims on the same basis as the other Liens securing the Second-Priority Claims are so subordinated to such Liens securing
Senior Lender Claims under this Agreement. Nothing in this Agreement impairs or otherwise adversely affects any rights or remedies the Intercreditor Agent or the Senior Lenders may have with respect to the Senior Lender Collateral. 
  
 5.5. Intercreditor Agent as Gratuitous Bailee for
Perfection. 
  
 (a) The Intercreditor Agent agrees to
hold the Pledged Collateral that is part of the Common Collateral in its possession or control (or in the possession or control of its agents or bailees) as gratuitous bailee for each Second-Priority Agent and any assignee solely for the purpose of
perfecting the security interest granted in such Pledged Collateral pursuant to the Second-Priority Collateral Agreements, subject to the terms and conditions of this Section 5.5. 
  

 17 

 (b) The Intercreditor Agent agrees to hold the Deposit Account Collateral that is part of the Common
Collateral and controlled by the Intercreditor Agent as gratuitous bailee for each Second-Priority Agent and any assignee solely for the purpose of perfecting the security interest granted in such Deposit Account Collateral pursuant to the
Second-Priority Collateral Agreements, subject to the terms and conditions of this Section 5.5. 
  
 (c) In the event that the Intercreditor Agent (or its agent or bailees) has Lien filings against Intellectual Property that is part of the Common
Collateral that are necessary for the perfection of Liens in such Common Collateral, the Intercreditor Agent agrees to hold such Liens as gratuitous bailee for each Second-Priority Agent and any assignee solely for the purpose of perfecting the
security interest granted in such Liens pursuant to the Second-Priority Collateral Agreements, subject to the terms and conditions of this Section 5.5. 
  
 (d) Except as otherwise specifically provided herein (including Sections 3.1 and 4.1), until the Discharge of Senior Lender Claims has occurred, the
Intercreditor Agent shall be entitled to deal with the Pledged Collateral in accordance with the terms of the Senior Lender Documents as if the Liens under the Second-Priority Collateral Documents did not exist. The rights of the Second-Priority
Agents and the Second-Priority Secured Parties with respect to such Pledged Collateral shall at all times be subject to the terms of this Agreement. 
  
 (e) The Intercreditor Agent shall have no obligation whatsoever to any Second-Priority Agent or any Second-Priority Secured Party to assure that the
Pledged Collateral is genuine or owned by the Grantors or to protect or preserve rights or benefits of any Person or any rights pertaining to the Common Collateral except as expressly set forth in this Section 5.5. The duties or responsibilities of
the Intercreditor Agent under this Section 5.5 shall be limited solely to holding the Pledged Collateral as gratuitous bailee for each Second-Priority Agent for purposes of perfecting the Lien held by the Second-Priority Secured Parties. 

 
 (f) The Intercreditor Agent shall not have by reason of the
Second-Priority Collateral Documents or this Agreement or any other document a fiduciary relationship in respect of any Second-Priority Agent or any Second-Priority Secured Party and the Second-Priority Agents and the Second-Priority Secured Parties
hereby waive and release the Intercreditor Agent from all claims and liabilities arising pursuant to the Intercreditor Agent’s role under this Section 5.5, as agent and gratuitous bailee with respect to the Common Collateral. 
  
 (g) Upon the Discharge of Senior Lender Claims, the Intercreditor Agent shall
deliver to the Second-Priority Designated Agent, to the extent that it is legally permitted to do so, the remaining Pledged Collateral (if any) and the Deposit Account Collateral (if any) together with any necessary endorsements (or otherwise allow
the Second-Priority Designated Agent to obtain control of such Pledged Collateral and Deposit Account Collateral) or as a court of competent jurisdiction may otherwise direct. The Company shall take such further action as is required to effectuate
the transfer contemplated hereby and shall indemnify the Intercreditor Agent for loss or damage suffered by the Intercreditor Agent as a result of such transfer except for loss or damage suffered by the Intercreditor Agent as a result of its own
willful misconduct, gross negligence or bad faith. The Intercreditor Agent has no obligation to follow instructions from any Second-Priority Agent in contravention of this Agreement. 
  

 18 

 (h) Neither the Intercreditor Agent nor the Senior Lenders shall be required to marshal any present or
future collateral security for the Company’s or its Subsidiaries’ obligations to the Intercreditor Agent or the Senior Lenders under the Senior Credit Agreement or the Senior Collateral Documents or any assurance of payment in respect
thereof or to resort to such collateral security or other assurances of payment in any particular order, and all of their rights in respect of such collateral security or any assurance of payment in respect thereof shall be cumulative and in
addition to all other rights, however existing or arising. 
  
 5.6. Second-Priority Designated Agent as Gratuitous Bailee for Perfection. 
  
 (a) Upon the Discharge of Senior Lender Claims, the Second-Priority Designated Agent agrees to hold the Pledged Collateral that is part of the Common
Collateral in its possession or control (or in the possession or control of its agents or bailees) as gratuitous bailee for the other Second-Priority Agents and any assignee solely for the purpose of perfecting the security interest granted in such
Pledged Collateral pursuant to the applicable Second-Priority Collateral Agreement, subject to the terms and conditions of this Section 5.6. 
  
 (b) Upon the Discharge of Senior Lender Claims, the Second-Priority Designated Agent agrees to hold the Deposit Account Collateral that is part of the
Common Collateral and controlled by the Second-Priority Designated Agent as gratuitous bailee for the other Second-Priority Agent and any assignee solely for the purpose of perfecting the security interest granted in such Deposit Account Collateral
pursuant to the Second-Priority Collateral Agreement, subject to the terms and conditions of this Section 5.6. 
  
 (c) In the event that the Second-Priority Designated Agent (or its agent or bailees) has Lien filings against Intellectual Property that is part of the
Common Collateral that are necessary for the perfection of Liens in such Common Collateral, upon the Discharge of Senior Lender Claims, the Second-Priority Designated Agent agrees to hold such Liens as gratuitous bailee for the other Second-Priority
Agents and any assignee solely for the purpose of perfecting the security interest granted in such Liens pursuant to the applicable Second-Priority Collateral Agreement, subject to the terms and conditions of this Section 5.6. 
  
 (d) The Second-Priority Designated Agent, in its capacity as gratuitous
bailee, shall have no obligation whatsoever to the other Second-Priority Agents to assure that the Pledged Collateral is genuine or owned by the Grantors or to protect or preserve rights or benefits of any Person or any rights pertaining to the
Common Collateral except as expressly set forth in this Section 5.6. The duties or responsibilities of the Second-Priority Designated Agent under this Section 5.6 upon the Discharge of Senior Lender Claims shall be limited solely to holding the
Pledged Collateral as gratuitous bailee for the other Second-Priority Agents for purposes of perfecting the Lien held by the applicable Second-Priority Secured Parties. 
  
 (e) The Second-Priority Designated Agent shall not have by reason of the Second-Priority Collateral Documents or this
Agreement or any other document a fiduciary relationship in respect of the other Second-Priority Agents (or the Second-Priority Secured Parties for which such other Second-Priority Agents is agent) and the other Second-Priority Agents hereby waive
and release the Second-Priority Designated Agent from all claims and liabilities arising pursuant to the Second-Priority Designated Agent’s role under this Section 5.6, as agent and gratuitous bailee with respect to the Common Collateral.

  

 19 

 (f) In the event that the Second-Priority Designated Agent shall cease to be so designated the
Second-Priority Designated Agent pursuant to the definition of such term, the then Second-Priority Designated Agent shall deliver to the successor Second-Priority Designated Agent, to the extent that it is legally permitted to do so, the remaining
Pledged Collateral (if any) and the Deposit Account Collateral (if any) together with any necessary endorsements (or otherwise allow the successor Second-Priority Designated Agent to obtain control of such Pledged Collateral and Deposit Account
Collateral) or as a court of competent jurisdiction may otherwise direct, and such successor Second-Priority Designated Agent shall perform all duties of the Second-Priority Designated Agent as set forth herein. The Company shall take such further
action as is required to effectuate the transfer contemplated hereto and shall indemnify the Second-Priority Designated Agent for loss or damage suffered by the Second-Priority Designated Agent as a result of such transfer except for loss or damage
suffered by the Second-Priority Designated Agent as a result of its own wilful misconduct, gross negligence or bad faith. The Second-Priority Designated Agent has no obligation to follow instructions from the successor Second-Priority Designated
Agent in contravention of this Agreement. 
  
 5.7. When Discharge of Senior Lender Claims Deemed to Not Have Occurred. If, at any time after the Discharge of Senior Lender Claims has occurred, the Company incurs and designates any Future First-Lien Indebtedness, then such
Discharge of Senior Lender Claims shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken prior to the date of such designation as a result of the occurrence of such first
Discharge of Senior Lender Claims), and the applicable agreement governing such Future First-Lien Indebtedness shall automatically be treated as a Senior Credit Agreement for all purposes of this Agreement, including for purposes of the Lien
priorities and rights in respect of Common Collateral set forth herein and the granting by the Intercreditor Agent of amendments, waivers and consents hereunder. Upon receipt of notice of such designation (including the identity of the new
Intercreditor Agent), each Second-Priority Agent shall promptly (i) enter into such documents and agreements (at the expense of the Company), including amendments or supplements to this Agreement, as the Company or such new Intercreditor Agent shall
reasonably request in writing in order to provide the new Intercreditor Agent the rights of the Intercreditor Agent contemplated hereby and (ii) to the extent then held by any Second-Priority Agent, deliver to the Intercreditor Agent the Pledged
Collateral that is Common Collateral together with any necessary endorsements (or otherwise allow such Intercreditor Agent to obtain possession or control of such Pledged Collateral). 
  
 5.8. No Release If Event of Default. Notwithstanding any other provisions contained in this
Agreement, if an Event of Default (as defined in the Existing Borden Secured Notes Indenture or any other Second-Priority Document, as applicable) exists on the date on which all First-Lien Indebtedness is repaid in full and terminated (including
all commitments and letters of credit thereunder), 

  

 20 

 
the second-priority Liens on the Second-Priority Collateral securing the Second-Priority Claims relating to such Event of Default will not be released,
except to the extent such Collateral or any portion thereof was disposed of in order to repay the First-Lien Indebtedness secured by such Collateral, and thereafter the applicable Second-Priority Agent will have the right to direct the Intercreditor
Agent to foreclose upon such Collateral (but in such event, the Liens on such Collateral securing the applicable Second-Priority Claims will be released when such Event of Default and all other Events of Default under the Existing Borden Secured
Notes Indenture or any other Second-Priority Document, as applicable, cease to exist). 
  
 Section 6. Insolvency or Liquidation Proceedings. 
  
 6.1. Financing Issues. If the Company or any other Grantor shall be subject to any Insolvency or Liquidation Proceeding and
the Intercreditor Agent shall desire to permit the use of cash collateral or to permit the Company or any other Grantor to obtain financing under Section 363 or Section 364 of Title 11 of the United States Code or any similar provision in any
Bankruptcy Law (“DIP Financing”), then each Second-Priority Agent, on behalf of itself and each applicable Second-Priority Secured Party, agrees that it will raise no (a) objection to and will not otherwise contest such use of cash
collateral or DIP Financing and will not request adequate protection or any other relief in connection therewith (except to the extent permitted by the proviso in clause (ii) of Section 3.1(a) and Section 6.3) and, to the extent the Liens securing
the Senior Lender Claims under the Senior Credit Agreement or, if no Senior Credit Agreement exists, under the other Senior Lender Documents are subordinated or pari passu with such DIP Financing, will subordinate its Liens in the Common Collateral
to such DIP Financing (and all Obligations relating thereto) on the same basis as the other Liens securing the Second-Priority Claims are so subordinated to Liens securing Senior Lender Claims under this Agreement, (b) objection and will not
otherwise contest any motion for relief from the automatic stay or from any injunction against foreclosure or enforcement in respect of Senior Lender Claims made by the Intercreditor Agent or any holder of Senior Lender Claims, (c) objection to (and
will not otherwise contest) any lawful exercise by any holder of Senior Lender Claims of the right to credit bid Senior Lender Claims at any sale in foreclosure of Senior Lender Collateral, (d) objection to (and will not otherwise contest) any other
request for judicial relief made in any court by any holder of Senior Lender Claims relating to the lawful enforcement of any Lien on Senior Lender Collateral or (e) objection to (and will not otherwise contest) any order relating to a sale of
assets of any Grantor for which the Intercreditor Agent has consented that provides, to the extent the sale is to be free and clear of Liens, that the Liens securing the Senior Lender Claims and the Second-Priority Claims will attach to the proceeds
of the sale on the same basis of priority as the Liens securing the Senior Lender Collateral rank to the Liens securing the Second-Priority Collateral in accordance with this Agreement. 
  

 21 

 6.2. Relief from the Automatic Stay. Until the Discharge of Senior Lender
Claims has occurred, each Second-Priority Agent, on behalf of itself and each applicable Second-Priority Secured Party, agrees that none of them shall seek relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding
in respect of the Common Collateral, without the prior written consent of the Intercreditor Agent and the Required Lenders. 
  
 6.3. Adequate Protection. Each Second-Priority Agent, on behalf of itself and each applicable Second-Priority Secured Party,
agrees that none of them shall contest (or support any other Person contesting) (a) any request by the Intercreditor Agent or the Senior Lenders for adequate protection or (b) any objection by the Intercreditor Agent or the Senior Lenders to any
motion, relief, action or proceeding based on the Intercreditor Agent’s or the Senior Lenders’ claiming a lack of adequate protection. Notwithstanding the foregoing, in any Insolvency or Liquidation Proceeding, (i) if the Senior Lenders
(or any subset thereof) are granted adequate protection in the form of additional collateral in connection with any DIP Financing or use of cash collateral under Section 363 or Section 364 of Title 11 of the United States Code or any similar
Bankruptcy Law, then each Second-Priority Agent, on behalf of itself and any applicable Second-Priority Secured Party, may seek or request adequate protection in the form of a replacement Lien on such additional collateral, which Lien is
subordinated to the Liens securing the Senior Lender Claims and such DIP Financing (and all Obligations relating thereto) on the same basis as the other Liens securing the Second-Priority Claims are so subordinated to the Liens securing Senior
Lender Claims under this Agreement and (ii) in the event any Second-Priority Agent, on behalf of itself or any applicable Second-Priority Secured Party, seeks or requests adequate protection and such adequate protection is granted in the form of
additional collateral, then such Second-Priority Agent, on behalf of itself or each such Second-Priority Secured Party, agrees that the Senior-Priority Agents shall also be granted a senior Lien on such additional collateral as security for the
applicable Senior Lender Claims and any such DIP Financing and that any Lien on such additional collateral securing the Second-Priority Claims shall be subordinated to the Liens on such collateral securing the Senior Lender Claims and any such DIP
Financing (and all Obligations relating thereto) and any other Liens granted to the Senior Lenders as adequate protection on the same basis as the other Liens securing the Second-Priority Claims are so subordinated to such Liens securing Senior
Lender Claims under this Agreement. 
  
 6.4.
Preference Issues. If any Senior Lender is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of the Company or any other Grantor (or any trustee, receiver or similar person
therefor), because the payment of such amount was declared to be fraudulent or preferential in any respect or for any other reason, any amount (a “Recovery”), whether received as proceeds of security, enforcement of any right
of setoff or otherwise, then the Senior Lender Claims shall be reinstated to the extent of such Recovery and deemed to be outstanding as if such payment had not occurred and the Senior Lenders shall be entitled to a Discharge of Senior Lender

  

 22 

 
Claims with respect to all such recovered amounts. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in
full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto. 
  
 6.5. Application. This Agreement shall be applicable prior to and after the commencement of any Insolvency or Liquidation
Proceeding. All references herein to any Grantor shall apply to any trustee for such Person and such Person as debtor in possession. The relative rights as to the Collateral and proceeds thereof shall continue after the filing thereof on the same
basis as prior to the date of the petition, subject to any court order approving the financing of, or use of cash collateral by, any Grantor. 
  
 6.6. 506(c) Claims. Until the Discharge of Senior Lender Claims has occurred, each Second-Priority Agent, on behalf of
itself and each applicable Second-Priority Secured Party, will not assert or enforce any claim under Section 506(c) of the United States Bankruptcy Code senior to or on a parity with the Liens securing the Senior Lender Claims for costs or expenses
of preserving or disposing of any Common Collateral. 
  
 Section 7. Reliance; Waivers; etc. 
  
 7.1. Reliance. The consent by the Senior Lenders to the execution and delivery of the Second-Priority Documents to which the Senior Lenders have consented and all loans and other extensions of credit made or deemed made on and
after the date hereof by the Senior Lenders to the Company or any Subsidiary shall be deemed to have been given and made in reliance upon this Agreement. Each Second-Priority Agent, on behalf of itself and each applicable Second-Priority Secured
Party, acknowledges that it and the applicable Second-Priority Secured Parties have, independently and without reliance on the Intercreditor Agent or any Senior Lender, and based on documents and information deemed by them appropriate, made their
own credit analysis and decision to enter into the applicable Second-Priority Document, this Agreement and the transactions contemplated hereby and thereby and they will continue to make their own credit decision in taking or not taking any action
under the applicable Second-Priority Document or this Agreement. 
  
 7.2. No Warranties or Liability. Each Second-Priority Agent, on behalf of itself and each applicable Second-Priority Secured Party, acknowledges and agrees that neither the Intercreditor Agent nor any
Senior Lender has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectibility or enforceability of any of the Senior Lender Documents, the ownership of any Common
Collateral or the perfection or priority of any Liens thereon. The Senior Lenders will be entitled to manage and supervise their respective loans and extensions of credit under the Senior Lender Documents in accordance with law and as they may
otherwise, in their sole discretion, deem appropriate, and the Senior Lenders may manage their 

  

 23 

 
loans and extensions of credit without regard to any rights or interests that any Second-Priority Agent or any of the Second-Priority Secured Parties have in
the Common Collateral or otherwise, except as otherwise provided in this Agreement. Neither the Intercreditor Agent nor any Senior Lender shall have any duty to any Second-Priority Agent or any Second-Priority Secured Party to act or refrain from
acting in a manner that allows, or results in, the occurrence or continuance of an event of default or default under any agreements with the Company or any Subsidiary thereof (including the Second-Priority Documents), regardless of any knowledge
thereof that they may have or be charged with. Except as expressly set forth in this Intercreditor Agreement, the Intercreditor Agent, the Senior Lenders, the Second-Priority Agents and the Second-Priority Secured Parties have not otherwise made to
each other, nor do they hereby make to each other, any warranties, express or implied, nor do they assume any liability to each other with respect to (a) the enforceability, validity, value or collectibility of any of the Second-Priority Claims, the
Senior Lender Claims or any guarantee or security which may have been granted to any of them in connection therewith, (b) the Company’s title to or right to transfer any of the Common Collateral or (c) any other matter except as expressly set
forth in this Intercreditor Agreement. 
  
 7.3.
Obligations Unconditional. All rights, interests, agreements and obligations of the Intercreditor Agent and the Senior Lenders, and the Second-Priority Agents and the Second-Priority Secured Parties, respectively, hereunder shall
remain in full force and effect irrespective of: 
  
 (a) any lack
of validity or enforceability of any Senior Lender Documents or any Second-Priority Documents; 
  
 (b) any change in the time, manner or place of payment of, or in any other terms of, all or any of the Senior Lender Claims or Second-Priority Claims, or any amendment or waiver or other modification, including any
increase in the amount thereof, whether by course of conduct or otherwise, of the terms of the Senior Credit Agreement or any other Senior Lender Document or of the terms of the Existing Borden Secured Notes Indenture or any other Second-Priority
Document; 
  
 (c) any exchange of any security interest in any
Common Collateral or any other collateral, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the Senior Lender Claims or Second-Priority Claims or any guarantee thereof;

  
 (d) the commencement of any Insolvency or Liquidation
Proceeding in respect of the Company or any other Grantor; or 
  
 (e) any other circumstances that otherwise might constitute a defense available to, or a discharge of, the Company or any other Grantor in respect of the Senior Lender Claims, or of any Second-Priority Agent or any Second-Priority Secured
Party in respect of this Agreement. 
  

 24 

 Section 8. Miscellaneous. 
  
 8.1. Conflicts. Subject to Section 8.19, in the event of any conflict between the provisions
of this Agreement and the provisions of any Senior Lender Document or any Second-Priority Document, the provisions of this Agreement shall govern. 
  
 8.2. Continuing Nature of this Agreement; Severability. Subject to Section 6.4, this Agreement shall continue to be
effective until the Discharge of Senior Lender Claims shall have occurred or such later time as all the Obligations in respect of the Second-Priority Claims shall have been paid in full. This is a continuing agreement of lien subordination and the
Senior Lenders may continue, at any time and without notice to each Second-Priority Agent or any Second-Priority Secured Party, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any other
Grantor constituting Senior Lender Claims in reliance hereon. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

  
 8.3. Amendments; Waivers. No
amendment, modification or waiver of any of the provisions of this Agreement by any Second-Priority Agent or any Senior-Priority Agent shall be deemed to be made unless the same shall be in writing signed on behalf of the party making the same or
its authorized agent and each waiver, if any, shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party in any
other respect or at any other time. The Company and the other Grantors shall not have any right to consent to or approve any amendment, modification or waiver of any provision of this Agreement except to the extent their rights are affected.
Notwithstanding anything in this Section 8.3 to the contrary, this Agreement may be amended from time to time at the request of the Company, at the Company’s expense, and without the consent of any Second-Priority Agent, any Senior-Priority
Agent, any Senior Lender or any Second-Priority Secured Party to (i) add other parties holding Future Second-Lien Indebtedness (or any agent or trustee therefor) and Future First-Lien Indebtedness (or any agent or trustee therefor) in each case to
the extent such Indebtedness is not prohibited by the Senior Credit Agreement, the Existing Borden Secured Notes Indenture or any other Second-Priority Document governing Future Second-Lien Indebtedness, (ii) in the case of Future Second-Lien
Indebtedness, (a) establish that the Lien on the Common Collateral securing such Future Second-Lien Indebtedness shall be junior and subordinate in all respects to all Liens on the Common Collateral securing any Senior Lender Claims and shall share
in the benefits of the Common Collateral equally and ratably with all Liens on the Common Collateral securing any Second-Priority Claims, and (b) provide to the holders of such Future Second-Lien Indebtedness 

  

 25 

 
(or any agent or trustee thereof) the comparable rights and benefits (including any improved rights and benefits that have been consented to by the
Intercreditor Agent) as are provided to the holders of Second-Priority Claims under this Agreement, and (iii) in the case of Future First-Lien Indebtedness, (a) establish that the Lien on the Common Collateral securing such Future First-Lien
Indebtedness shall be superior in all respects to all Liens on the Common Collateral securing any Second-Priority Claims and any Future Second-Lien Indebtedness and shall share in the benefits of the Common Collateral equally and ratably with all
Liens on the Common Collateral securing any Senior Lender Claims, and (b) provide to the holders of such Future First-Lien Indebtedness (or any agent or trustee thereof) the comparable rights and benefits as are provided to the holders of Senior
Lender Claims under this Agreement, in each case so long as such modifications do not expressly violate the provisions of the Senior Credit Agreement, the Existing Borden Secured Notes Indenture or any other Second-Priority Document governing Future
Second-Lien Indebtedness. Any such additional party and each Second-Priority Agent shall be entitled to rely on the determination of officers of the Company that such modifications do not violate the Senior Credit Agreement, the Existing Borden
Secured Notes Indenture or any other Second-Priority Document governing Future Second-Lien Indebtedness if such determination is set forth in an Officers’ Certificate delivered to such party, the Intercreditor Agent and each Second-Priority
Agent; provided, however, that such determination will not affect whether or not the Company has complied with its undertakings in the Senior Credit Agreement, the Senior Collateral Documents, the Existing Borden Secured Notes Indenture, any
other Second-Priority Document governing Future Second-Lien Indebtedness, the Second-Priority Collateral Documents or this Agreement. 
  
 8.4. Information Concerning Financial Condition of the Company and the Subsidiaries. The Intercreditor Agent, the Senior
Lenders, each Second-Priority Agent and the Second-Priority Secured Parties shall each be responsible for keeping themselves informed of (a) the financial condition of the Company and the Subsidiaries and all endorsers and/or guarantors of the
Second-Priority Claims or the Senior Lender Claims and (b) all other circumstances bearing upon the risk of nonpayment of the Second-Priority Claims or the Senior Lender Claims. The Intercreditor Agent, the Senior Lenders, each Second-Priority Agent
and the Second-Priority Secured Parties shall have no duty to advise any other party hereunder of information known to it or them regarding such condition or any such circumstances or otherwise. In the event that the Intercreditor Agent, any Senior
Lender, any Second-Priority Agent or any Second-Priority Secured Party, in its or their sole discretion, undertakes at any time or from time to time to provide any such information to any other party, it or they shall be under no obligation (w) to
make, and the Intercreditor Agent, the Senior Lenders, the Second-Priority Agents and the Second-Priority Secured Parties shall not make, any express or implied representation or warranty, including with respect to the accuracy, completeness,
truthfulness or validity of any such information so provided, (x) to provide any additional information or to 

  

 26 

 
provide any such information on any subsequent occasion, (y) to undertake any investigation or (z) to disclose any information that, pursuant to accepted or
reasonable commercial finance practices, such party wishes to maintain confidential or is otherwise required to maintain confidential. 
  
 8.5. Subrogation. Each Second-Priority Agent, on behalf of itself and each applicable Second-Priority Secured Party, hereby
waives any rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of Senior Lender Claims has occurred. 
  
 8.6. Application of Payments. Except as otherwise provided herein, all payments received by the Senior Lenders may be
applied, reversed and reapplied, in whole or in part, to such part of the Senior Lender Claims as the Senior Lenders, in their sole discretion, deem appropriate, consistent with the terms of the Senior Lender Documents. Except as otherwise provided
herein, each Second-Priority Agent, on behalf of itself and each applicable Second-Priority Secured Party, assents to any such extension or postponement of the time of payment of the Senior Lender Claims or any part thereof and to any other
indulgence with respect thereto, to any substitution, exchange or release of any security that may at any time secure any part of the Senior Lender Claims and to the addition or release of any other Person primarily or secondarily liable therefor.

  
 8.7. Consent to Jurisdiction;
Waivers. The parties hereto consent to the jurisdiction of any state or federal court located in New York, New York, and consent that all service of process may be made by registered mail directed to such party as provided in Section 8.8 for
such party. Service so made shall be deemed to be completed three days after the same shall be posted as aforesaid. The parties hereto waive any objection to any action instituted hereunder in any such court based on forum non conveniens, and any
objection to the venue of any action instituted hereunder in any such court. Each of the parties hereto waives any right it may have to trial by jury in respect of any litigation based on, or arising out of, under or in connection with this
Agreement, or any course of conduct, course of dealing, verbal or written statement or action of any party hereto in connection with the subject matter hereof. 
  

8.8. Notices. All notices to the Second-Priority Secured Parties and the Senior Lenders permitted or required under this
Agreement may be sent to the Trustee, the Intercreditor Agent or any Second-Priority Agent as provided in the Existing Borden Secured Notes Indenture, the Credit Agreement, the other relevant Senior Lender Document or the relevant Second-Priority
Document, as applicable. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing and may be personally served, telecopied, electronically mailed or sent by courier
service or U.S. mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a telecopy or electronic mail or upon receipt via U.S. mail (registered or certified, with postage prepaid and properly
addressed). For the purposes hereof, the addresses of the parties hereto shall be as 
  

 27 

 
set forth below each party’s name on the signature pages hereto, or, as to each party, at such other address as may be designated by such party in a
written notice to all of the other parties. The Senior-Priority Agents hereby agree to promptly notify each Second-Priority Agent upon payment in full in cash of all Indebtedness under the applicable Senior Lender Documents (except for contingent
indemnities and cost and reimbursement obligations to the extent no claim therefor has been made). 
  
 8.9. Further Assurances. Each of the Second-Priority Agents, on behalf of itself and each applicable Second-Priority Secured
Party, and the Intercreditor Agent, on behalf of itself and each Senior Lender, agrees that each of them shall take such further action and shall execute and deliver to the Intercreditor Agent and the Senior Lenders such additional documents and
instruments (in recordable form, if requested) as the Intercreditor Agent or the Senior Lenders may reasonably request to effectuate the terms of and the lien priorities contemplated by this Agreement. 
  
 8.10. Governing Law. This Agreement has been
delivered and accepted at and shall be deemed to have been made at New York, New York and shall be interpreted, and the rights and liabilities of the parties bound hereby determined, in accordance with the laws of the State of New York. 

 
 8.11. Binding on Successors and Assigns.
This Agreement shall be binding upon the Intercreditor Agent, the Senior Lenders, the Second-Priority Agents, the Second-Priority Secured Parties, the Company, the Company’s Subsidiaries party hereto and their respective permitted successors
and assigns. 
  
 8.12. Specific
Performance. The Intercreditor Agent may demand specific performance of this Agreement. Each Second-Priority Agent, on behalf of itself and each applicable Second-Priority Secured Party, hereby irrevocably waives any defense based on the
adequacy of a remedy at law and any other defense that might be asserted to bar the remedy of specific performance in any action that may be brought by the Intercreditor Agent. 
  
 8.13. Section Titles. The section titles contained in this Agreement are and shall be without
substantive meaning or content of any kind whatsoever and are not a part of this Agreement. 
  
 8.14. Counterparts. This Agreement may be executed in one or more counterparts, including by means of facsimile, each of
which shall be an original and all of which shall together constitute one and the same document. 
  
 8.15. Authorization. By its signature, each Person executing this Agreement on behalf of a party hereto represents and
warrants to the other parties hereto that it is duly authorized to execute this Agreement. The Intercreditor Agent represents and warrants that this Agreement is binding upon the Senior Lenders. The Trustee represents and warrants that this
Agreement is binding upon the Indenture Secured Parties. The New Trustee represents and warrants that this Agreement is binding upon the New Indenture Secured Parties. 
  

 28 

 8.16. No Third Party Beneficiaries; Successors and Assigns. This Agreement
and the rights and benefits hereof shall inure to the benefit of, and be binding upon, each of the parties hereto and their respective successors and assigns and shall inure to the benefit of each of, and be binding upon, the holders of Senior
Lender Claims and Second-Priority Claims. No other Person shall have or be entitled to assert rights or benefits hereunder. 
  
 8.17. Effectiveness. This Agreement shall become effective when executed and delivered by the parties hereto. This Agreement
shall be effective both before and after the commencement of any Insolvency or Liquidation Proceeding. All references to the Company or any other Grantor shall include the Company or any other Grantor as debtor and debtor-in-possession and any
receiver or trustee for the Company or any other Grantor (as the case may be) in any Insolvency or Liquidation Proceeding. 
  
 8.18. Intercreditor Agent and Second-Priority Agents. It is understood and agreed that (a) JPMCB is entering into this
Agreement in its capacity as administrative agent under the Credit Agreement and the provisions of Article VIII of the Credit Agreement applicable to JPMCB as administrative agent thereunder shall also apply to JPMCB as Intercreditor Agent
hereunder, (b) Wilmington Trust Company is entering in this Agreement in its capacity as (i) Trustee, and the provisions of Article 7 of the Existing Borden Secured Notes Indenture applicable to the Trustee thereunder shall also apply to the Trustee
hereunder, and (ii) New Trustee, and the provisions of Article 7 of the New Borden Secured Notes Indenture applicable to the Trustee thereunder shall also apply to the New Trustee hereunder. 
  
 8.19. Relative Rights. Notwithstanding
anything in this Agreement to the contrary (except to the extent contemplated by Section 5.3(b)), nothing in this Agreement is intended to or will (a) amend, waive or otherwise modify the provisions of the Senior Credit Agreement, the Existing
Borden Secured Notes Indenture or any other Senior Lender Documents or Second-Priority Documents entered into in connection with the Senior Credit Agreement, the Existing Borden Secured Notes Indenture or any other Senior Lender Document or
Second-Priority Document or permit the Company or any Subsidiary to take any action, or fail to take any action, to the extent such action or failure would otherwise constitute a breach of, or default under, the Senior Credit Agreement or any other
Senior Lender Documents entered into in connection with the Senior Credit Agreement, the Existing Borden Secured Notes Indenture or any other Second-Priority Documents, (b) change the relative priorities of the Senior Lender Claims or the Liens
granted under the Senior Lender Documents on the Common Collateral (or any other assets) as among the Senior Lenders, (c) otherwise change the relative rights of the Senior Lenders in respect of the Common Collateral as among such Senior Lenders or
(d) obligate 

  

 29 

 
the Company or any Subsidiary to take any action, or fail to take any action, that would otherwise constitute a breach of, or default under, the Senior
Credit Agreement or any other Senior Lender Document entered into in connection with the Senior Credit Agreement, the Existing Borden Secured Notes Indenture or any other Second-Priority Documents. 
  
 8.20. References. Notwithstanding anything to
the contrary in this Agreement, any references contained herein to any Section, clause, paragraph, definition or other provision of the Existing Borden Secured Notes Indenture (including any definition contained therein) shall be deemed to be a
reference to such Section, clause, paragraph, definition or other provision as in effect on the date of this Agreement; provided that any reference to any such Section, clause, paragraph or other provision shall refer to such Section, clause,
paragraph or other provision of the Existing Borden Secured Notes Indenture, as applicable (including any definition contained therein), as amended or modified from time to time if such amendment or modification has been (1) made in accordance with
the Existing Borden Secured Notes Indenture, and (2) approved in writing by, or on behalf of, the requisite Senior Lenders as are needed under the terms of the Senior Credit Agreement to approve such amendment or modification. 
  
 8.21. Terminated Provisions. Notwithstanding
anything herein to the contrary, until the Obligations under the 9 1/2% Senior Second Secured Notes Indenture
have been paid in full, to the extent that the terms and provisions of this Agreement (the “Existing Provisions”) are inconsistent with the terms and provisions of the Terminated RPP Security Agreement (including the
provisions of Annex N thereto) governing the rights of the 9 1/2% Secured Parties against the Common Collateral
relative to the rights of the Senior Lenders against the Common Collateral (the “Terminated Provisions”) in a manner that would materially and adversely affect the rights and benefits of any of the 9 1/2% Secured Parties, then the Existing Provisions shall, solely as they relate to the rights of the 9 1/2% Secured Parties against the Common Collateral relative to the rights of the Senior Lenders against the Common
Collateral, be deemed to be inoperative and to be replaced by the Terminated Provisions. 
  
 8.22. Intercreditor Agreements. Notwithstanding anything to the contrary contained in this Agreement, the Liens, rights,
remedies and benefits of the 8% Secured Parties in respect of the Common Collateral and this Agreement are also expressly subject to all of the terms, provisions and conditions of the RPP Intercreditor Agreement. Each party hereto agrees that the
Senior Lenders (as among themselves) and the Second-Priority Secured Parties (as among themselves) may each enter into intercreditor agreements (or similar arrangements) with the Intercreditor Agent (including the RPP Intercreditor Agreement)
governing the rights, benefits and privileges as among the Senior Lenders or the Second-Priority Secured Parties, as the case may be, in respect of the Common Collateral, this Agreement and the other Senior Collateral Documents or Second-Priority
Collateral Documents, as the case may be, 

  

 30 

 
including as to application of proceeds of the Common Collateral, voting rights, control of the Common Collateral and waivers with respect to the Common
Collateral, in each case so long as (A) the terms thereof do not violate or conflict with the provisions of this Agreement or the other Senior Collateral Documents or Second-Priority Collateral Documents, as the case may be, (B) in the case of any
such intercreditor agreement (or similar arrangement) affecting any Senior Lenders, the Senior-Priority Agent acting on behalf of such Senior Lenders agrees in its sole discretion to enter into any such intercreditor agreement (or similar
arrangement) and (C) in the case of any such intercreditor agreement (or similar arrangement) affecting the Senior Lenders holding Senior Lender Claims under the Credit Agreement, the Required Lenders authorize the applicable Senior-Priority Agent
to enter into any such intercreditor agreement (or similar arrangement). Notwithstanding the preceding clauses (B) and (C), to the extent that the applicable Senior-Priority Agent is not authorized by the Required Lenders to enter into any such
intercreditor agreement (or similar arrangement ) or does not agree to enter into such intercreditor agreement (or similar arrangement ), such intercreditor agreement (or similar arrangement ) shall not be binding upon the applicable Senior-Priority
Agent but, subject to the immediately succeeding sentence, may still bind the other parties party thereto. In any event, if a respective intercreditor agreement (or similar arrangement) exists, the provisions thereof shall not be (or be construed to
be) an amendment, modification or other change to this Agreement or any other Senior Collateral Document or Second-Priority Collateral Document, and the provisions of this Agreement and the other Senior Collateral Documents and Second-Priority
Collateral Documents shall remain in full force and effect in accordance with the terms hereof and thereof (as such provisions may be amended, modified or otherwise supplemented from time to time in accordance with the terms thereof, including to
give effect to any intercreditor agreement (or similar arrangement)). 
  
 [Remainder of page intentionally left blank] 
  

 31 

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

  

			
	INTERCREDITOR AGENT:
	
	 JPMORGAN CHASE BANK, N.A., as
 Intercreditor
Agent

		
	By	 	 /s/ Peter DeDousis

	Name:	 	Peter DeDousis
	Title:	 	Managing Director

  

 32 

			
	HEXION SPECIALTY CHEMICALS, INC.,
		
	By	 	 /s/ George F. Knight

	Name:	 	George F. Knight
	 Title:
	 	 Vice President

	
	BORDEN U.S. FINANCE CORP.,
		
	By	 	 /s/ George F. Knight

	Name:	 	George F. Knight
	 Title:
	 	 Vice President

	
	BORDEN SERVICES COMPANY,
		
	By	 	 /s/ George F. Knight

	Name:	 	George F. Knight
	 Title:
	 	 Vice President

	
	BAKELITE NORTH AMERICA HOLDING COMPANY,
		
	By	 	 /s/ George F. Knight

	Name:	 	George F. Knight
	 Title:
	 	 Vice President

	
	BORDEN CHEMICAL FOUNDRY, INC.,
		
	By	 	 /s/ George F. Knight

	Name:	 	George F. Knight
	 Title:
	 	 Vice President

  

 33 

			
	BAKELITE EPOXY POLYMERS CORPORATION,
		
	By	 	 /s/ George F. Knight

	Name:	 	George F. Knight
	Title:	 	Vice President
	
	BORDEN CHEMICAL INVESTMENTS, INC.,
		
	By	 	 /s/ George F. Knight

	Name:	 	George F. Knight
	Title:	 	Vice President
	
	BORDEN CHEMICAL INTERNATIONAL, INC.,
		
	By	 	 /s/ George F. Knight

	Name:	 	George F. Knight
	Title:	 	Vice President
	
	BDS TWO, INC.,
		
	By	 	 /s/ George F. Knight

	Name:	 	George F. Knight
	Title:	 	Vice President
	
	RPP CAPITAL CORPORATION,
		
	By	 	 /s/ George F. Knight

	Name:	 	George F. Knight
	Title:	 	Vice President

  

 34 

			
	RESOLUTION SPECIALTY MATERIALS LLC,
		
	By	 	 /s/ George F. Knight

	Name:	 	George F. Knight
	Title:	 	Vice President
	
	RESOLUTION SPECIALTY MATERIALS CAPITAL CORP.,
		
	By	 	 /s/ George F. Knight

	Name:	 	George F. Knight
	Title:	 	Vice President
	
	LAWTER INTERNATIONAL INC.,
		
	By	 	 /s/ George F. Knight

	Name:	 	George F. Knight
	Title:	 	Vice President
	
	OILFIELD TECHNOLOGY GROUP, INC.,
		
	By	 	 /s/ George F. Knight

	Name:	 	George F. Knight
	Title:	 	Vice President
	
	RESOLUTIONS’ JV LLC,
		
	By	 	 /s/ George F. Knight

	Name:	 	George F. Knight
	Title:	 	Vice President
	
	HEXION LLC,
		
	By	 	 /s/ George F. Knight

	Name:	 	George F. Knight
	Title:	 	Vice President

  

 35 

			
	NEW TRUSTEE:
	
	WILMINGTON TRUST COMPANY,
		
	By	 	 /s/ Mary C. St. Amand

	Name:	 	Mary C. St. Amand
	Title:	 	Assistant Vice President

  

 36

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}]]