Document:

Amended and Restated Credit Agreement dated as of June 25, 2010

 Exhibit 10.1 

EXECUTION COPY 
  

 

 

 

 AMENDED AND RESTATED CREDIT AGREEMENT 

dated as of 

June 25, 2010 

among 
 CENTRAL
GARDEN & PET COMPANY, 
 The Subsidiary Borrowers from Time to Time Party Hereto 

The Lenders from Time to Time Party Hereto 

and 
 JPMORGAN
CHASE BANK, NATIONAL ASSOCIATION 
 as Administrative Agent 

SUNTRUST BANK 
 as
Syndication Agent 
 and 

BANK OF THE WEST and GENERAL ELECTRIC CAPITAL CORPORATION, 

as Co-Documentation Agents 
  

 
 J.P. MORGAN
SECURITIES INC. and SUNTRUST ROBINSON HUMPHREY, INC., 
 as Joint Bookrunners and Joint Lead Arrangers 

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	 	  	Page
		
	ARTICLE I Definitions	  	1
				
		 	SECTION 1.01.	  	 Defined Terms.
	  	1
		 	SECTION 1.02.	  	 Classification of Loans and Borrowings.
	  	29
		 	SECTION 1.03.	  	 Terms Generally.
	  	29
		 	SECTION 1.04.	  	 Accounting Terms; GAAP.
	  	29
		 	SECTION 1.05.	  	 Company Acting on Behalf of Itself and Subsidiary Borrowers.
	  	30
		 	SECTION 1.06.	  	 Status of Obligations.
	  	30
		 	SECTION 1.07.	  	 Amendment and Restatement of the Existing Credit Agreement.
	  	30
		 	SECTION 1.08.	  	 Joint and Several Liability for Obligations of the Company, Domestic Subsidiary Borrowers and Non-Affected Foreign
Subsidiary Borrowers; Joint and Several Liability for Obligations of the Affected Foreign Subsidiary Borrowers; No Liability of Affected Foreign Subsidiary Borrowers for Obligations of the Company, the Domestic Subsidiary Borrowers or the
Non-Affected Foreign Subsidiary Borrowers.
	  	31
		
	ARTICLE II The Credits	  	32
				
		 	SECTION 2.01.	  	 Commitments.
	  	32
		 	SECTION 2.02.	  	 Loans and Borrowings.
	  	33
		 	SECTION 2.03.	  	 Requests for Borrowings.
	  	33
		 	SECTION 2.04.	  	 Determination of Dollar Amounts.
	  	34
		 	SECTION 2.05.	  	 Swingline Loans.
	  	34
		 	SECTION 2.06.	  	 Letters of Credit.
	  	35
		 	SECTION 2.07.	  	 Funding of Borrowings.
	  	39
		 	SECTION 2.08.	  	 Interest Elections.
	  	40
		 	SECTION 2.09.	  	 Termination and Reduction of Commitments.
	  	41
		 	SECTION 2.10.	  	 Repayment of Loans; Evidence of Debt.
	  	42
		 	SECTION 2.11.	  	 Prepayment of Loans.
	  	42
		 	SECTION 2.12.	  	 Fees.
	  	44
		 	SECTION 2.13.	  	 Interest.
	  	45
		 	SECTION 2.14.	  	 Alternate Rate of Interest.
	  	46
		 	SECTION 2.15.	  	 Increased Costs.
	  	46
		 	SECTION 2.16.	  	 Break Funding Payments.
	  	47
		 	SECTION 2.17.	  	 Taxes.
	  	48
		 	SECTION 2.18.	  	 Payments Generally; Allocations of Proceeds; Pro Rata Treatment; Sharing of Set-offs.
	  	49
		 	SECTION 2.19.	  	 Mitigation Obligations; Replacement of Lenders.
	  	51
		 	SECTION 2.20.	  	 Incremental Credit Extensions.
	  	52
		 	SECTION 2.21.	  	 Market Disruption.
	  	54
		 	SECTION 2.22.	  	 Judgment Currency.
	  	54
		 	SECTION 2.23.	  	 Designation of Subsidiary Borrowers.
	  	55

 Table of Contents 

(continued) 
  

							
	 	 	 	  	 	  	Page
				
		 	SECTION 2.24.	  	 Defaulting Lenders.
	  	55
		
	ARTICLE III Representations and Warranties	  	57
				
		 	SECTION 3.01.	  	 Organization; Powers; Subsidiaries.
	  	57
		 	SECTION 3.02.	  	 Authorization; Enforceability.
	  	57
		 	SECTION 3.03.	  	 Governmental Approvals; No Conflicts.
	  	58
		 	SECTION 3.04.	  	 Financial Condition; No Material Adverse Change; Contingent Obligations.
	  	58
		 	SECTION 3.05.	  	 Properties.
	  	59
		 	SECTION 3.06.	  	 Litigation and Environmental Matters.
	  	59
		 	SECTION 3.07.	  	 Compliance with Laws and Agreements; No Burdensome Restrictions.
	  	59
		 	SECTION 3.08.	  	 Investment Company Status.
	  	60
		 	SECTION 3.09.	  	 Taxes.
	  	60
		 	SECTION 3.10.	  	 ERISA.
	  	60
		 	SECTION 3.11.	  	 Disclosure.
	  	60
		 	SECTION 3.12.	  	 Federal Reserve Regulations.
	  	60
		 	SECTION 3.13.	  	 No Default.
	  	60
		 	SECTION 3.14.	  	 Solvency.
	  	60
		 	SECTION 3.15.	  	 Insurance.
	  	60
		 	SECTION 3.16.	  	 Senior Subordinated Notes.
	  	61
		 	SECTION 3.17.	  	 Collateral Documents.
	  	61
		 	SECTION 3.18.	  	 SDN List Designation.
	  	61
		
	ARTICLE IV Conditions	  	61
				
		 	SECTION 4.01.	  	 Effective Date.
	  	61
		 	SECTION 4.02.	  	 Each Credit Event.
	  	63
		 	SECTION 4.03.	  	 Designation of a Subsidiary Borrower.
	  	64
		
	ARTICLE V Affirmative Covenants	  	64
				
		 	SECTION 5.01.	  	 Financial Statements; Ratings Change and Other Information.
	  	65
		 	SECTION 5.02.	  	 Notices of Material Events.
	  	66
		 	SECTION 5.03.	  	 Existence; Conduct of Business.
	  	66
		 	SECTION 5.04.	  	 Payment of Obligations.
	  	66
		 	SECTION 5.05.	  	 Maintenance of Properties; Insurance.
	  	67
		 	SECTION 5.06.	  	 Books and Records; Inspection Rights.
	  	67
		 	SECTION 5.07.	  	 Compliance with Laws and Material Contractual Obligations.
	  	67
		 	SECTION 5.08.	  	 Use of Proceeds.
	  	68
		 	SECTION 5.09.	  	 Subsidiary Guaranty and Collateral Documents; Additional Subsidiary Guarantors.
	  	68
		 	SECTION 5.10.	  	 Collateral.
	  	69

  

 ii 

 Table of Contents 

(continued) 
  

							
	 	 	 	  	 	  	Page
				
		 	SECTION 5.11.	  	 Designation Under Senior Subordinated Note Indenture.
	  	70
		
	ARTICLE VI Negative Covenants	  	70
				
		 	SECTION 6.01.	  	 Indebtedness.
	  	70
		 	SECTION 6.02.	  	 Liens.
	  	71
		 	SECTION 6.03.	  	 Fundamental Changes.
	  	73
		 	SECTION 6.04.	  	 Investments, Loans, Advances, Guarantees and Acquisitions.
	  	73
		 	SECTION 6.05.	  	 Swap Agreements.
	  	75
		 	SECTION 6.06.	  	 Restricted Payments.
	  	75
		 	SECTION 6.07.	  	 Transactions with Affiliates.
	  	75
		 	SECTION 6.08.	  	 Restrictive Agreements.
	  	75
		 	SECTION 6.09.	  	 Changes in Fiscal Year.
	  	76
		 	SECTION 6.10.	  	 Asset Sales.
	  	76
		 	SECTION 6.11.	  	 Leases.
	  	77
		 	SECTION 6.12.	  	 Payments and Modification of Subordinated Indebtedness.
	  	77
		 	SECTION 6.13.	  	 Capital Expenditures.
	  	78
		 	SECTION 6.14.	  	 Non-Guarantor Subsidiaries; Guarantors Under Senior Subordinated Notes.
	  	78
		 	SECTION 6.15.	  	 Financial Covenants.
	  	78
		
	ARTICLE VII Events of Default	  	79
		
	ARTICLE VIII The Administrative Agent	  	81
		
	ARTICLE IX Miscellaneous	  	85
				
		 	SECTION 9.01.	  	 Notices.
	  	85
		 	SECTION 9.02.	  	 Waivers; Amendments.
	  	86
		 	SECTION 9.03.	  	 Expenses; Indemnity; Damage Waiver.
	  	88
		 	SECTION 9.04.	  	 Successors and Assigns.
	  	89
		 	SECTION 9.05.	  	 Survival.
	  	92
		 	SECTION 9.06.	  	 Counterparts; Integration; Effectiveness.
	  	92
		 	SECTION 9.07.	  	 Severability.
	  	92
		 	SECTION 9.08.	  	 Right of Setoff.
	  	92
		 	SECTION 9.09.	  	 Governing Law; Jurisdiction; Consent to Service of Process.
	  	93
		 	SECTION 9.10.	  	 WAIVER OF JURY TRIAL.
	  	94
		 	SECTION 9.11.	  	 Headings.
	  	94
		 	SECTION 9.12.	  	 Confidentiality.
	  	94
		 	SECTION 9.13.	  	 USA PATRIOT Act.
	  	95
		 	SECTION 9.14.	  	 Confirmation of Co-Obligors.
	  	95
		 	SECTION 9.15.	  	 Appointment for Perfection.
	  	96

  

 iii 

 Table of Contents 

(continued) 
  

			
	 	  	Page
		
	 ARTICLE X Company Guarantee
	  	96

  

 iv 

 Table of Contents 

(continued) 
  

							
	 	 	 	    	 	  	Page
		
	 SCHEDULES:
	  	
		
	 Schedule 2.01 – Commitments
	  	
	 Schedule 2.02 – Mandatory Cost
	  	
	 Schedule 2.06 – Existing Letters of Credit
	  	
	 Schedule 3.01 – Subsidiaries
	  	
	 Schedule 3.06 – Disclosed Matters
	  	
	 Schedule 3.15 – Insurance
	  	
	 Schedule 6.01 – Existing Indebtedness
	  	
	 Schedule 6.02 – Existing Liens
	  	
	 Schedule 6.08 – Restrictive Agreements
	  	
				
	 EXHIBITS:
	 		    		  	
				
	Exhibit A	 	–	    	Form of Assignment and Assumption	  	
	Exhibit B-1	 	–	    	Form of Opinion of Loan Parties’ Counsel	  	
	Exhibit B-2	 	–	    	Form of Opinion of Loan Parties’ Local U.S. Counsel	  	
	Exhibit C	 	–	    	Form of Commitment and Acceptance	  	
	Exhibit D	 	–	    	Form of Written Money Transfer Instruction	  	
	Exhibit E	 	–	    	List of Closing Documents	  	
	Exhibit F-1	 	–	    	Form of Borrowing Subsidiary Agreement	  	
	Exhibit F-2	 	–	    	Form of Borrowing Subsidiary Termination	  	
	Exhibit G	 	–	    	Form of Pledge and Security Agreement (U.S.)	  	
	Exhibit H	 	–	    	Form of Subsidiary Guaranty (U.S.)	  	
	Exhibit I	 	–	    	Form of Compliance Certificate	  	

  

 v 

 AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”) dated as of June 25,
2010 among CENTRAL GARDEN & PET COMPANY, the SUBSIDIARY BORROWERS from time to time party hereto, the LENDERS from time to time party hereto, SUNTRUST BANK, as Syndication Agent, BANK OF THE WEST and GENERAL ELECTRIC CAPITAL CORPORATION, as
Co-Documentation Agents, and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Administrative Agent. 
 WHEREAS, (i) the
Borrowers, the lenders party thereto and the Administrative Agent are currently party to the Credit Agreement, dated as of February 28, 2006 (as amended, supplemented or otherwise modified prior to the date hereof, the “Existing Credit
Agreement”); 
 WHEREAS, the Borrowers, the Lenders, the Departing Lenders (as hereafter defined) and the
Administrative Agent have agreed (a) to enter into this Agreement in order to (i) amend and restate the Existing Credit Agreement in its entirety; (ii) re-evidence the “Secured Obligations” under, and as defined in, the
Existing Credit Agreement, which shall be repayable in accordance with the terms of this Agreement; and (iii) set forth the terms and conditions under which the Lenders will, from time to time, make loans and extend other financial
accommodations to or for the benefit of the Borrowers and (b) that each Departing Lender shall cease to be a party to the Existing Credit Agreement, as evidenced by its execution and delivery of its Departing Lender Signature Page; 

WHEREAS, it is the intent of the parties hereto that this Agreement not constitute a novation of the obligations and liabilities of the
parties under the Existing Credit Agreement or be deemed to evidence or constitute full repayment of such obligations and liabilities, but that this Agreement amend and restate in its entirety the Existing Credit Agreement and re-evidence the
obligations and liabilities of the Borrowers outstanding thereunder, which shall be payable in accordance with the terms hereof; and 

WHEREAS, it is also the intent of the Borrowers and the Subsidiary Guarantors to confirm that all obligations under the applicable
“Loan Documents” (as referred to and defined in the Existing Credit Agreement) shall continue in full force and effect as modified or restated by the Loan Documents (as referred to and defined herein) and that, from and after the Effective
Date, all references to the “Credit Agreement” contained in any such existing “Loan Documents” shall be deemed to refer to this Agreement; 

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the parties hereto hereby agree that the
Existing Credit Agreement is hereby amended and restated as follows: 
 ARTICLE I 

Definitions 

SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 
 “Acquisition Trigger
Event” means that (i) the Company and/or any of its Subsidiaries completes any Eligible Trigger Acquisition such that the aggregate consideration for such Eligible Trigger Acquisition, when taken together with the aggregate
consideration in respect of all other Eligible Trigger Acquisitions made by the Company and its Subsidiaries during the previous twelve-month period, exceeds $200,000,000 and (ii) the ratio of (x) the aggregate consideration paid by the
Company and/or 

 
any of its Subsidiaries to consummate all such Eligible Trigger Acquisitions during the previous twelve-month period to (y) the total Consolidated EBITDA of all target businesses (calculated
as though the definition of Consolidated EBITDA and any definitions embedded therein were in reference to such target businesses) acquired pursuant to such Eligible Trigger Acquisitions is equal to or less than 10.0x (all as computed (including,
without limitation, the inclusion of any synergies resulting in the Company’s business or operations as a result of any such acquisition) in a manner that is reasonably acceptable to the Administrative Agent). 

“Adjusted LIBO Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period, an interest rate per
annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to the sum of (i) (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate plus, without duplication, (ii) in the case of
Loans by a Lender from its office or branch in the United Kingdom, the Mandatory Cost. 
 “Administrative
Agent” means JPMorgan Chase Bank, National Association (including its branches and affiliates), in its capacity as administrative agent for the Lenders hereunder. 

“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 “Affected Foreign Subsidiary” means any Foreign Subsidiary to the extent such Foreign Subsidiary acting as a
Subsidiary Guarantor (a) would be prohibited by applicable law or (b) would cause a Financial Assistance Problem or a Deemed Dividend Problem. 

“Affected Foreign Subsidiary Borrower” means a Foreign Subsidiary Borrower that is an Affected Foreign Subsidiary.

 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through
one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Aggregate Revolving Commitment” means the aggregate of the Revolving Commitments of all of the Lenders, as reduced or
increased from time to time pursuant to the terms and conditions of this Agreement. As of the Effective Date, the Aggregate Revolving Commitment is $275,000,000. 

“Agreed Currencies” means (i) Dollars, (ii) euro, (iii) Pounds Sterling, (iv) Canadian Dollars,
(v) Australian Dollars, (vi) Japanese Yen and (vii) any other currency agreed to by the Administrative Agent and each Lender. 

“Agreement” means this Credit Agreement, as the same may be amended, restated, supplemented or otherwise modified from
time to time. 
 “Alternate Base Rate” means, for any day, a rate per annum equal to the
greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day
plus  1/2 of 1% and (c) the Adjusted LIBO
Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that, for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the rate
appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page of such page) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective
Rate or the Adjusted LIBO Rate shall be effective from and including the effective date 
  

 2 

 
of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively. 

“Applicable Revolving Credit Percentage” means, with respect to any Lender, the percentage of the Aggregate Revolving
Commitment represented by such Lender’s Revolving Commitment at such time; provided that, in the case of Section 2.24 when a Defaulting Lender shall exist, “Applicable Revolving Credit Percentage” shall mean the percentage
of the Aggregate Revolving Commitment (disregarding any Defaulting Lender’s Revolving Commitment) represented by such Lender’s Revolving Commitment at such time. If the Revolving Commitments have terminated or expired, the Applicable
Revolving Credit Percentages shall be determined based upon the Revolving Commitments most recently in effect, giving effect to any assignments and to any Lender’s status as a Defaulting Lender at the time of determination. 

“Applicable Pledge Percentage” means 100%, but 65% in the case of a pledge of Equity Interests in a Foreign Subsidiary
to the extent a 100% pledge would cause a Deemed Dividend Problem. 
 “Applicable Rate” means, for any day,
with respect to any ABR Revolving Loan or Eurocurrency Revolving Loan, or with respect to the Letter of Credit participation fees described in Section 2.12(b)(i) or the commitment fees payable hereunder, as the case may be, the applicable rate
per annum set forth below under the caption “Revolving Loan ABR Spread”, “Revolving Loan Eurocurrency Spread and Letter of Credit Participation Fees” or “Commitment Fee Rate,” as the case may be, based upon the Total
Leverage Ratio applicable on such date as reflected in the then most recently delivered Financials: 
  

												
	 Pricing Level:
	 	 Total Leverage Ratio:
	  	Revolving Loan
Eurocurrency
Spread
and
Letter of Credit
Participation Fees:	 	 	Revolving Loan
ABR Spread:	 	 	Commitment Fee
Rate:	 
	 Level I
	 	< 1.75 to 1.00	  	2.50	% 	 	1.50	% 	 	0.35	% 
					
	 Level II
	 	 > 1.75 to 1.00 but

< 2.25 to 1.00
	  	2.75	% 	 	1.75	% 	 	0.40	% 
					
	 Level III
	 	 > 2.25 to 1.00 but

< 2.75 to 1.00
	  	3.00	% 	 	2.00	% 	 	0.50	% 
					
	 Level IV
	 	 > 2.75 to 1.00 but

< 3.25 to 1.00
	  	3.25	% 	 	2.25	% 	 	0.625	% 
					
	 Level V
	 	> 3.25 to 1.00	  	3.50	% 	 	2.50	% 	 	0.75	% 

 For purposes
of, and notwithstanding, the foregoing, 
 (a) if at any time the Company fails to deliver the Financials
required under Section 5.01(a) or 5.01(b) on or before the date such Financials are due, Pricing Level V shall be deemed applicable for the period commencing three (3) Business Days after such Financials are due and ending on the date
which is three (3) Business Days after such Financials are actually delivered, after which the Applicable Rate shall be determined in accordance with the table above as applicable; 

 

 3 

 (b) adjustments, if any, to the Applicable Rate then in effect shall be
effective three (3) Business Days after the Administrative Agent has received the applicable Financials (it being understood and agreed that each change in the Applicable Rate shall apply during the period commencing on the effective date of
such change and ending on the date immediately preceding the effective date of the next such change); and 
 (c)
notwithstanding the foregoing, Pricing Level III shall be deemed to be applicable for the period from the Effective Date until the Administrative Agent’s receipt of the applicable Financials for the Company’s first fiscal quarter ending
after the Effective Date (unless such Financials demonstrate that Pricing Level IV or V should have been applicable during such period, in which case such Pricing Level shall be deemed to be applicable during such period) and adjustments to the
Pricing Level then in effect shall thereafter be effected in accordance with the preceding paragraphs. 
 “Approved
Fund” has the meaning assigned to such term in Section 9.04. 
 “Asset Sale” means any sale,
transfer, lease or other disposition (including pursuant to a Sale and Leaseback Transaction) of any property or asset of the Company or any of its Subsidiaries (including a disposition of Equity Interests of any Person), in one or a series of
transactions. 
 “Assignment and Assumption” means an assignment and assumption agreement entered into by a
Lender and an assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 

“Attributable Receivables Indebtedness” at any time shall mean the principal amount of Indebtedness which (i) if a
Permitted Receivables Facility is structured as a secured lending agreement, constitutes the principal amount of such Indebtedness or (ii) if a Permitted Receivables Facility is structured as a purchase agreement, would be outstanding at such
time under the Permitted Receivables Facility if the same were structured as a secured lending agreement rather than a purchase agreement. 

“Australian Dollars” means the lawful currency of Australia. 

“Availability Period” means the period from and including the Effective Date to but excluding the earlier of the
Revolving Loan Maturity Date and the date of termination of the Revolving Commitments. 
 “Banking Services”
means each and any of the following bank services provided to the Company or any Subsidiary by any Lender or any of its Affiliates: (a) credit cards for commercial customers (including, without limitation, commercial credit cards and purchasing
cards), (b) stored value cards and (c) treasury management services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, overdrafts and interstate depository network services).

 “Banking Services Agreement” means any agreement entered into by the Company or any Subsidiary in connection
with Banking Services. 
 “Banking Services Obligations” means any and all obligations of the Company or any
Subsidiary, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor) in connection with Banking Services.

  

 4 

 “Bankruptcy Event” means, with respect to any Person, such Person becomes
the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business
appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy
Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such ownership interest does not result
in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to
reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 
 “Board” means the
Board of Governors of the Federal Reserve System of the United States of America. 
 “Borrower” means the
Company or any Subsidiary Borrower. 
 “Borrowing” means Loans (including one or more Swingline Loans) of the
same Class, Type, and currency made, converted or continued on the same date and, in the case of Eurocurrency Loans, as to which a single Interest Period is in effect. 

“Borrowing Request” means a request by any Borrower for a Borrowing in accordance with Section 2.03. 

“Borrowing Subsidiary Agreement” means a Borrowing Subsidiary Agreement substantially in the form of
Exhibit F-1. 
 “Borrowing Subsidiary Termination” means a Borrowing Subsidiary Termination
substantially in the form of Exhibit F-2. 
 “Business Day” means 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, 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 the relevant Agreed Currency in the London interbank market or the principal financial center of such Agreed Currency (and, if the Borrowings are denominated in euro, the term “Business
Day” shall also exclude any day on which the TARGET payment system is not open for the settlement of payments in euro). 

“Canadian Dollars” means the lawful currency of Canada. 

“Capital Expenditures” means, without duplication, any expenditure or commitment to expend money for any purchase or
other acquisition of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of the Company and its Subsidiaries prepared in accordance with GAAP. 

“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any
lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the
amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 
  

 5 

 “Capitalized Lease” of a Person means any lease of property by such Person
as lessee which would be capitalized on a balance sheet of such Person prepared in accordance with GAAP. 
 “Cash
Equivalents” means any (1) marketable direct obligations issued by or unconditionally guaranteed by, the United States of America or issued by any agency thereof and backed by the full faith and credit of the United States of America,
in each case maturing within one year from the date of acquisition thereof, (2) marketable direct obligations issued by any state of the United States of America or any political subdivision of any such state or any public instrumentality
thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition, having one of the three highest ratings obtainable from either S&P or Moody’s, (3) commercial paper maturing no more than one year
from the date of creation thereof and, at the time of acquisition, having a rating of at least A-1 from S&P or at least P-1 from Moody’s, (4) certificates of deposit or bankers’ acceptances maturing within one year from the date
of acquisition thereof issued by any bank organized under the laws of the United States of America or any state thereof or the District of Columbia or any U.S. branch of a foreign bank or by a bank organized under the laws of any foreign country
recognized by the United States of America, in each case having at the date of acquisition thereof combined capital and surplus of not less than $250,000,000 (or the foreign currency equivalent thereof), (5) repurchase obligations with a term
of not more than seven days for underlying securities of the types described in clause (1) above entered into with any bank meeting the qualifications specified in clause (4) above, and (6) investments in money market funds which
invest substantially all their assets in securities of the types described in clauses (1) through (5) above. 

“Change in Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by
any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof, a “Group”), other than Permitted Holders, of Equity Interests representing more than
50% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Company; (b) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or
substantially all of the assets of the Company to any Person or Group, other than to the Permitted Holders; (c) the first day on which a majority of the members of the Board of Directors of the Company are not Continuing Directors; (d) the
acquisition of direct or indirect Control of the Company by any Person or group other than the Permitted Holders; (e) the approval by the holders of Equity Interests of the Company of any plan or proposal for the liquidation or dissolution of
the Company; or (f) any “Change in Control” under and as defined in any Senior Subordinated Note Indenture. 

“Change in Law” means (a) the adoption of any law, rule or regulation after the date of this Agreement,
(b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender or the Issuing Bank (or, for purposes of
Section 2.15(b), by any lending office of such Lender or by such Lender’s or the Issuing Bank’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority
made or issued after the date of this Agreement. 
 “Class”, when used in reference to any Loan or Borrowing,
refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans, Incremental Term Loans or Swingline Loans. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

 

 6 

 “Co-Documentation Agent” means Bank of the West or General Electric Capital
Corporation, in its respective capacity as a co-documentation agent for the credit facility evidenced by this Agreement. 

“Collateral” means all property and interests in personal property now owned or hereafter acquired by any Loan Party in
or upon which a security interest or Lien is from time to time granted to the Administrative Agent, for the benefit of the Holders of Secured Obligations, whether under a Pledge and Security Agreement, under any of the other Collateral Documents or
under any of the other Loan Documents. 
 “Collateral Documents” means all agreements, instruments and
documents executed in connection with this Agreement pursuant to which the Administrative Agent is granted a security interest in Collateral, including, without limitation, each Pledge and Security Agreement and all other security agreements,
control agreements, collateral access agreements, loan agreements, notes, guarantees, subordination agreements, pledges, powers of attorney, consents, assignments, contracts, fee letters, notices, leases, mortgages, financing statements and all
other written matter whether heretofore, now, or hereafter executed by or on behalf of the Company or any of its Subsidiaries and delivered to the Administrative Agent or any of the Lenders, together with all agreements and documents referred to
therein or contemplated thereby. 
 “Commitment” means a Revolving Commitment and/or an Incremental Term Loan
Commitment, as the context may require. 
 “Commitment and Acceptance” is defined in Section 2.20.

 “Company” means Central Garden & Pet Company, a Delaware corporation. 

“Computation Date” is defined in Section 2.04. 

“Consolidated EBITDA” means, with reference to any period, (a) Consolidated Net Income for such period,
plus, (b) without duplication and to the extent deducted from revenues in determining Consolidated Net Income, (i) Consolidated Interest Expense, (ii) expense for income taxes paid or accrued, (iii) the aggregate
depreciation, depletion, amortization and other non-cash charges (including write-offs and write-downs), impairments and expenses, excluding any such amount that represents an accrual or reserve for a cash expenditure for a future period, less any
non-cash items increasing Consolidated Net Income, (iv) in connection with acquisitions (x) all restructuring costs, facilities relocation costs and acquisition integration costs and fees, including cash severance payments, and
(y) any expenses or charges related to any equity offering with respect to Equity Interests of the Company (other than Disqualified Stock), Permitted Investment, acquisition, disposition, recapitalization or the incurrence of Indebtedness
permitted under this Agreement, including a permitted refinancing thereof, and any amendment or modification to the terms of any such transaction; provided, that the aggregate amount of all cash costs, expenses or charges under this clause
(iv) (the “Cash Add-Backs”) plus the aggregate amount of “Excluded Cash Subtractions” (as defined below) shall not exceed $30,000,000 in any fiscal year of the Company, (v) the amount of any expense
related to minority interests, and (vi) the amount of any earn-out payments, contingent consideration or deferred purchase price of any kind in conjunction with Permitted Acquisitions, minus, (c) without duplication and to the
extent included in determining such Consolidated Net Income, (i) any non-cash gains, excluding any gains that represent the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior period (other than reversals of
accruals or reserves that have been previously added back to Consolidated Net Income in calculating Consolidated EBITDA in accordance with this definition), (ii) the amount of any subsequent cash payments in respect of any non-cash charges
described in the preceding 
  

 7 

 
clause (b)(iii) deducted in arriving at Consolidated EBITDA for any period and (iii) the amount of any subsequent cash payments in respect of any non-cash charges described in the preceding
clause (b)(iv) deducted in arriving at Consolidated EBITDA for any period; provided, that such cash payments shall not be required to be subtracted under this clause (iii) (the “Excluded Cash Subtractions”) for so long
as the aggregate amount of “Cash Add-Backs” (as defined above) plus the aggregate amount of Excluded Cash Subtractions does not exceed $30,000,000 in any fiscal year of the Company, all of the foregoing calculated for the Company
and its Subsidiaries in accordance with GAAP on a consolidated basis. For purposes of this Agreement, Consolidated EBITDA for any period of four (4) consecutive fiscal quarters during which an acquisition (and/or a disposition) shall have been
made by the Company or any Subsidiary shall be calculated after giving pro forma effect (calculated in a manner reasonably acceptable to the Administrative Agent) to such acquisition (and/or disposition), as if such acquisition (and/or
disposition) occurred on the first day of such four (4) fiscal quarter period. 
 “Consolidated Interest
Expense” means, with reference to any period, the sum of: (a) the aggregate of all cash and non-cash interest expense with respect to all outstanding Indebtedness of the Company and its Subsidiaries, including the net costs or benefits
associated with interest rate Swap Agreements, for such period determined on a consolidated basis in conformity with GAAP, but excluding amortization or write-off of debt issuance costs, deferred financing or liquidity fees, commissions, fees
and expenses, (b) the consolidated interest expense of the Company and its Subsidiaries that was capitalized during such period, (c) the interest component of Capital Lease Obligations paid, accrued and/or scheduled to be paid or accrued
by the Company and its Subsidiaries during such period as determined on a consolidated basis in accordance with GAAP, (d) dividends declared and paid in cash or Disqualified Stock in respect of Disqualified Stock, excluding dividends payable in
an Equity Interest other than Disqualified Stock, (e) interest accruing on any Indebtedness of any other Person (other than a Subsidiary) to the extent such Indebtedness is guaranteed by (or secured by the assets of) the Company or its
Subsidiary and such Indebtedness is accelerated or any payment is actually made in respect of such Guarantee, and (f) the interest component of all Attributable Receivable Indebtedness of the Company and its Subsidiaries for such period. In the
event that the Company or any Subsidiary shall have completed an acquisition (and/or a disposition) since the beginning of the relevant period, Consolidated Interest Expense shall be calculated for such period after giving pro forma effect
(calculated in a manner reasonably acceptable to the Administrative Agent) as if such acquisition (and/or disposition), and any related incurrence or repayment of Indebtedness, had occurred at the beginning of such period. 

“Consolidated Net Income” means, with reference to any period, the aggregate net income (or loss) of the Company and its
Subsidiaries for such period on a consolidated basis, determined in accordance with GAAP; provided that there shall be excluded therefrom to the extent otherwise included, without duplication: (a) gains and losses from Asset Sales and the
related tax effects according to GAAP, (b) the net income of any Subsidiary of the Company (other than a Subsidiary Guarantor or Subsidiary Borrower) to the extent that the declaration of dividends or similar distributions by that Subsidiary of
the Company of that income is not at the date of determination wholly 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 similar distributions has been legally waived;
provided that Consolidated Net Income of the Company will be increased by the amount of dividends or other distributions or other payments actually paid in cash (or to the extent converted into cash) to the Company or a Subsidiary thereof in respect
of such period, to the extent not already included therein, (c) any non-cash impairment charge or asset write-off, in each case pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP, (d) the net loss of any Person,
other than the Company or a Subsidiary of the Company, (e) any non-cash compensation charges and deferred compensation charges, including any arising from existing stock options resulting from any merger or recapitalization

  

 8 

 
transaction; provided, however, that Consolidated Net Income for any period shall be reduced by any cash payments made during such period by such Person in connection with any such deferred
compensation (but only to the extent that that the Company incurred a non-cash compensation or deferred compensation charge after the Effective Date relating to such deferred compensation, and such charge was excluded from Consolidated Net Income in
accordance with this clause (e)), whether or not such reduction is in accordance with GAAP, (f) inventory purchase accounting adjustments and amortization and impairment charges resulting from other purchase accounting adjustments in connection
with acquisition transactions, and (g) the net income or gain of any Person, other than the Company or a Subsidiary of the Company, except to the extent of cash dividends or distributions paid to the Company or a Subsidiary Guarantor or
Subsidiary Borrower by such Person. 
 “Consolidated Net Worth” means the greater of (a) consolidated
stockholders’ equity of the Company and its Subsidiaries, calculated in accordance with GAAP on a consolidated basis as of the Effective Date, and (b) consolidated stockholders’ equity of the Company and its Subsidiaries, calculated
in accordance with GAAP on a consolidated basis as reflected in the most recent consolidated balance sheet of the Company delivered to the Lenders. 

“Consolidated Senior Secured Indebtedness” means, at any time, the aggregate amount of Indebtedness of the Company and
its consolidated Subsidiaries as of such time that is secured by Liens on any property or assets of the Company or any of its Subsidiaries (including, without limitation, the Secured Obligations), the payment of which has not been made expressly
subordinated to payment of the Secured Obligations. 
 “Consolidated Total Assets” means total assets of the
Company and its Subsidiaries calculated in accordance with GAAP on a consolidated basis as reflected in the most recent consolidated balance sheet of the Company delivered to the Lenders. 

“Consolidated Total Assets Basket” means the greater of (a) total assets of the Company and its Subsidiaries
calculated in accordance with GAAP on a consolidated basis as of the Effective Date, and (b) total assets of the Company and its Subsidiaries calculated in accordance with GAAP on a consolidated basis as reflected in the most recent
consolidated balance sheet of the Company delivered to the Lenders. 
 “Consolidated Total Indebtedness” means
at any time, the aggregate amount of Indebtedness of the Company and its consolidated Subsidiaries as of such time. 

“Continuing Directors” means, as of any date of determination, any member of the Board of Directors of the Company who:

 (1) was a member of such Board of Directors on the Effective Date; or 

(2) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were
members of such Board of Directors at the time of such nomination or election. 
 “Control” means the
possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and
“Controlled” have meanings correlative thereto. 
 “Credit Event” is defined in Section 4.02.

  

 9 

 “Credit Party” means the Administrative Agent, the Issuing Bank, the Swingline
Lender or any other Lender. 
 “Deemed Dividend Problem” means, with respect to any Foreign Subsidiary, such
Foreign Subsidiary’s accumulated and undistributed earnings and profits being deemed to be repatriated to the Company or the applicable parent Domestic Subsidiary under Section 956 of the Code and the effect of such repatriation causing
material adverse tax consequences to the Company or such parent Domestic Subsidiary, in each case as determined by the Company in its commercially reasonable judgment acting in good faith and in consultation with its legal and tax advisors.

 “Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of
time or both would, unless cured or waived, become an Event of Default. 
 “Defaulting Lender” means any Lender
that (a) has failed, within three (3) Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or
(iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such
Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has
made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good
faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend
credit, (c) has failed, within three (3) Business Days after written request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations
(and is financially able to meet such obligations) to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans under this Agreement (unless, in the case of any such request with respect to the funding of
prospective Loans, such certification indicates that such Lender has made a good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a Loan under this Agreement cannot be
satisfied), provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or
(d) has become the subject of a Bankruptcy Event. 
 “Departing Lender” means each lender under the
Existing Credit Agreement that executes and delivers to the Administrative Agent a Departing Lender Signature Page. 

“Departing Lender Signature Page” means each signature page to this Agreement on which it is indicated that the
Departing Lender executing the same shall cease to be a party to the Existing Credit Agreement to which it is a party on the Effective Date. 

“Disclosed Matters” means the actions, suits and proceedings and the environmental matters disclosed in Schedule
3.06. 
 “Disqualified Stock” means any preferred stock or other Equity Interest that, by its terms (or by
the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the
holder thereof, in whole or in part, on or prior to the date that is ninety-one (91) days after the later of the Revolving Loan Maturity Date and any maturity date applicable to a tranche of Incremental Term Loans. 

 

 10 

 “Dollar Amount” of any currency at any date shall mean (i) the amount
of such currency if such currency is Dollars or (ii) the equivalent in such currency of Dollars if such currency is a Foreign Currency, calculated on the basis of the Exchange Rate for such currency, on or as of the most recent Computation Date
provided for in Section 2.04. 
 “Dollars” or “$” refers to lawful money of the United
States of America. 
 “Domestic Subsidiary” means a Subsidiary organized under the laws of a jurisdiction
located in the United States of America or any state thereof or the District of Columbia. 
 “Domestic Subsidiary
Borrower” means any Domestic Subsidiary that has been designated as a Subsidiary Borrower pursuant to Section 2.23 and that has not ceased to be a Subsidiary Borrower pursuant to such Section. 

“Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in
accordance with Section 9.02). 
 “Eligible Trigger Acquisition” shall mean any acquisition completed
after the Effective Date and permitted hereunder. 
 “Environmental Laws” means all laws, rules, regulations,
codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources,
the management, release or threatened release of any Hazardous Material or to health and safety matters. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), of the Company or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation,
storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other
consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability
company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest. 

“Equivalent Amount” of any currency with respect to any amount of Dollars at any date shall mean the equivalent in such
currency of such amount of Dollars, calculated on the basis of the Exchange Rate for such other currency at 11:00 a.m., London time, on the date on or as of which such amount is to be determined. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Company, 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. 

 

 11 

 “ERISA Event” means (a) any “reportable event”, as defined
in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the
minimum funding standard with respect to any Plan; (d) the incurrence by the Company or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Company or any
ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Company or any of its ERISA Affiliates of any
liability with respect to the withdrawal or partial withdrawal of the Company or any of its ERISA Affiliates from any Plan or Multiemployer Plan; or (g) the receipt by the Company or any ERISA Affiliate of any notice, or the receipt by any
Multiemployer Plan from the Company or any ERISA Affiliate of any notice, concerning the imposition upon the Company or any of its ERISA Affiliates of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be,
insolvent or in reorganization, within the meaning of Title IV of ERISA. 
 “EU” means the European Union.

 “euro” and/or “EUR” means the single currency of the participating member states of the EU.

 “Eurocurrency”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans
comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 

“Eurocurrency Payment Office” of the Administrative Agent shall mean, for each of the Agreed Currencies which is a
Foreign Currency, the office, branch, affiliate or correspondent bank of the Administrative Agent for such currency as specified from time to time by the Administrative Agent to the Company and each Lender. 

“Event of Default” has the meaning assigned to such term in Article VII. 

“Exchange Rate” means, on any day, with respect to any Foreign Currency, the rate at which such Foreign Currency may be
exchanged into Dollars, as set forth at approximately 11:00 a.m., Local Time, on such date on the Reuters World Currency Page for such Foreign Currency. In the event that such rate does not appear on any Reuters World Currency Page, the Exchange
Rate with respect to such Foreign Currency shall be determined by reference to such other publicly available service for displaying exchange rates as may be reasonably selected by the Administrative Agent or, in the event no such service is
selected, such Exchange Rate shall instead be calculated on the basis of the arithmetical mean of the buy and sell spot rates of exchange of the Administrative Agent for such Foreign Currency on the London market at 11:00 a.m., Local Time, on such
date for the purchase of Dollars with such Foreign Currency, 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, after
consultation with the Company, may use any reasonable method it deems appropriate to determine such rate, and such determination shall be conclusive absent manifest error. 

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender, the Issuing Bank or any other recipient of
any payment to be made by or on account of any obligation of the Company hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of America, or by the jurisdiction under the laws of which such
recipient is organized or in 
  

 12 

 
which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed by the United States of America
or any similar tax imposed by any other jurisdiction in which the Company is located and (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Company under Section 2.19(b)), any withholding tax that is
imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such Foreign Lender’s failure to comply with Section 2.17(e),
except to the extent that such Foreign 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 the Company with respect to such withholding tax pursuant to
Section 2.17(a). 
 “Existing Credit Agreement” is defined in the recitals hereof. 

“Existing Letters of Credit” is defined in Section 2.06(k). 

“Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, 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 Reserve Bank of New York, or, if such
rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds
brokers of recognized standing selected by it. 
 “Financial Assistance Problem” means, with respect to any
Foreign Subsidiary, the inability of such Foreign Subsidiary to become a Subsidiary Guarantor or to permit its Equity Interests to be pledged pursuant to a pledge agreement on account of legal or financial limitations imposed by the jurisdiction of
organization of such Foreign Subsidiary or other relevant jurisdictions having authority over such Foreign Subsidiary, in each case as determined by the Company in its commercially reasonable judgment acting in good faith and in consultation with
its legal and tax advisors. 
 “Financial Officer” means the chief financial officer, principal accounting
officer, treasurer or controller of the Company. 
 “Financials” means the annual or quarterly financial
statements, and accompanying certificates and other documents, of the Company required to be delivered pursuant to Section 5.01(a) or 5.01(b). 

“Foreign Currencies” means each Agreed Currency other than Dollars. 

“Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the
Company 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 Subsidiary” means any Subsidiary that is not a Domestic Subsidiary. 

“Foreign Subsidiary Borrower” means any Foreign Subsidiary that has been designated as a Subsidiary Borrower pursuant to
Section 2.23 and that has not ceased to be a Subsidiary Borrower pursuant to such Section. 
 “GAAP”
means, subject to Section 1.04, generally accepted accounting principles in the United States of America, as set forth in the opinions and pronouncements of the Accounting Principles 

 

 13 

 
Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as
may be approved by a significant segment of the accounting profession of the United States of America. 
 “Governmental
Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 

“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the
guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness 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, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the
payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other
financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to
support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances,
wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated
pursuant to any Environmental Law. 
 “Holders of Secured Obligations” means the holders of the Secured
Obligations from time to time and shall include (i) each Lender and the Issuing Bank in respect of its Loans and LC Exposure, (ii) the Administrative Agent, the Issuing Bank and the Lenders in respect of all other present and future
obligations and liabilities of the Company and each of its Subsidiaries of every type and description arising under or in connection with this Agreement or any other Loan Document, (iii) each Lender and affiliate of such Lender in respect of
Swap Agreements and Banking Services Agreements entered into with such Person by the Company or its Subsidiaries, (iv) each indemnified party under Section 9.03 in respect of the obligations and liabilities of the Company or its
Subsidiaries to such Person under this Agreement or under the other Loan Documents, and (v) in the case of each Person described in clauses (i) through (iv), such Person’s respective successors and (in the case of a Lender, permitted)
transferees and assigns. 
 “Hostile Acquisition” means (a) the acquisition of the Equity Interests of a
Person through a tender offer or similar solicitation of the owners of such Equity Interests which has not been approved (prior to such acquisition) by the board of directors (or any other applicable governing body) of such Person or by similar
action if such Person is not a corporation and (b) any such acquisition as to which such approval has been withdrawn. 

“Increase Effective Date” is defined in Section 2.20(c). 

“Increase Notice” is defined in Section 2.20(b). 

“Incremental Term Loan” has the meaning assigned to such term in Section 2.20. 

 

 14 

 “Incremental Term Loan Amendment” has the meaning assigned to such term in
Section 2.20. 
 “Incremental Term Loan Commitment” means, with respect to each Lender, the commitment, if
any, of such Lender to make an Incremental Term Loan hereunder on the applicable Increase Effective Date pursuant to Section 2.20, expressed as an amount representing the maximum principal amount of the Incremental Term Loan to be made by such
Lender on such Increase Effective Date hereunder. 
 “Indebtedness” of any Person means, 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 Capital Lease Obligations of such Person, (d) all obligations of such
Person issued or assumed as the deferred purchase price of property, all conditional sale obligations and all obligations under any title retention agreement (but excluding trade accounts payable and other accrued liabilities arising in the ordinary
course of business), (e) all obligations for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction, (f) all Off-Balance Sheet Liabilities of such Person, (g) all Attributable
Receivables Indebtedness of such Person, (h) guarantees and other contingent obligations in respect of Indebtedness referred to elsewhere in this definition, (i) all obligations of any other Person of the type referred to elsewhere in this
definition which are secured by any Lien on any property or asset of such Person, the amount of such obligation being deemed to be the lesser of the fair market value of such property or asset and the amount of the obligation so secured,
(j) all obligations under interest rate or currency Swap Agreements of such Person, (k) all contingent or non-contingent obligations of such Person under any earn-out provision to the extent such obligations would be considered a liability
of such Person in accordance with GAAP, and (l) all Disqualified Stock issued by such Person with the amount of Indebtedness represented by such Disqualified Stock being equal to the greater of its voluntary or involuntary liquidation
preference and its maximum fixed repurchase price, but excluding accrued dividends, if any. 
 Notwithstanding the foregoing,
the term “Indebtedness” will exclude, (i) any liability for federal, state, local or other taxes, (ii) worker’s compensation claims, self-insurance obligations, performance, surety, appeal and similar bonds and completion
guarantees provided in the ordinary course of business, (iii) obligations arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of
business, provided that such Indebtedness is extinguished within two (2) business days of its Incurrence, and (iv) any Indebtedness that has been defeased or called for redemption, provided that funds in an amount equal to all such
Indebtedness (including interest and any other amounts required to be paid to the holders thereof in order to give effect to such defeasance or redemption) have been deposited with a trustee for the benefit of the relevant holders of such
Indebtedness. 
 For purposes hereof, the “maximum fixed repurchase price” of any Disqualified Stock which does not
have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Stock as if such Disqualified Stock were purchased on any date on which Indebtedness shall be required to be determined pursuant to this Agreement,
and if such price is based upon, or measured by, the fair market value of such Disqualified Stock, such fair market value shall be determined reasonably and in good faith by the board of directors of the Company of such Disqualified Stock. The
Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in
or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. For purposes of determining Indebtedness, the “principal amount” of the obligations of the Company
or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) 

 

 15 

 
that the Company or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time. 

“Indemnified Taxes” means Taxes other than Excluded Taxes. 

“Information Memorandum” means the Confidential Information Memorandum dated May 2010 relating to the Company and the
Transactions. 
 “Interest Election Request” means a request by the applicable Borrower to convert or continue
a Revolving Borrowing in accordance with Section 2.08. 
 “Interest Payment Date” means (a) with
respect to any ABR Loan (other than a Swingline Loan), the last day of each March, June, September and December and the Revolving Loan Maturity Date, (b) 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 prior to the last day of such Interest Period that occurs at intervals of three
months’ duration after the first day of such Interest Period and the Revolving Loan Maturity Date and (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid and the Revolving Loan Maturity Date. 

“Interest Period” means with respect to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing
and ending on the numerically corresponding day in the calendar month that is one, two, three or six months (or, such longer period as may be agreed to by all of the Lenders) thereafter, as the applicable Borrower may elect; provided, that
(i) 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, in the case of a Eurocurrency Borrowing only, 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 and (ii) any Interest Period pertaining to a Eurocurrency Borrowing that commences on the last Business Day of a calendar month (or
on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing
initially shall be the date on which such Borrowing is made and, in the case of a Revolving Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

“Issuing Bank” means JPMorgan Chase Bank, National Association, in its capacity as the issuer of Letters of Credit
hereunder, and its successors in such capacity as provided in Section 2.06(i). The Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Issuing Bank, in which case the term
“Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. 

“Japanese Yen” means the lawful currency of Japan. 

“LC Collateral Account” has the meaning assigned to such term in Section 2.06(j). 

“LC Disbursement” means a payment made by the Issuing Bank pursuant to a Letter of Credit. 

“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit
at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the applicable Borrower at such time. The LC Exposure 

 

 16 

 
of any Lender at any time shall be its Applicable Revolving Credit Percentage of the total LC Exposure at such time. 

“Lead Arranger” means each of J.P. Morgan Securities Inc. and SunTrust Robinson Humphrey, Inc., and its respective
successors, in its capacity as joint lead arranger and joint bookrunner for the credit transaction evidenced by this Agreement. 

“Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have become a Lender
hereunder pursuant to Section 2.20 or pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the context otherwise requires, the term
“Lenders” includes the Swingline Lender. For the avoidance of doubt, the term “Lenders” excludes the Departing Lenders. 

“Letter of Credit” means any letter of credit issued pursuant to this Agreement (including Existing Letter of Credit
deemed issued hereunder). 
 “LIBO Rate” means, with respect to any Eurocurrency Borrowing for any Interest
Period, the rate appearing on, in the case of Dollars, Reuters Screen LIBOR01 Page and, in the case of any Foreign Currency, the appropriate page of such service which displays British Bankers Association Interest Settlement Rates for deposits in
such Foreign Currency (or, in each case, on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service, as
determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to deposits in the relevant Agreed Currency in the London interbank market) at approximately 11:00 a.m., London time, two
(2) Business Days prior to (or, in the case of Loans denominated in Pounds Sterling, on the day of) the commencement of such Interest Period, as the rate for deposits in the relevant Agreed Currency with a maturity comparable to such Interest
Period. In the event that such rate is not available at such time for any reason, then the “LIBO Rate” with respect to such Eurocurrency Borrowing for such Interest Period shall be the rate at which deposits in the relevant Agreed
Currency in an Equivalent Amount of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the Administrative Agent in immediately available funds in the London interbank market at
approximately 11:00 a.m., London time, two (2) Business Days prior to (or, in the case of Loans denominated in Pounds Sterling, on the day of) the commencement of such Interest Period. 

“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance,
charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect
as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 

“Loan Documents” means this Agreement (including the Company’s Guarantee included in Article X hereof), each
Borrowing Subsidiary Agreement, each Borrowing Subsidiary Termination, each Subsidiary Guaranty, each Pledge and Security Agreement, each other Collateral Document, any promissory notes executed and delivered pursuant to Section 2.10(f) and any
and all other instruments and documents (including any subordination agreements) executed and delivered in connection with any of the foregoing. 

“Loan Parties” means, collectively, the Borrowers and the Subsidiary Guarantors. 

 

 17 

 “Loans” means the loans made by the Lenders to the Borrowers pursuant to
this Agreement. 
 “Local Time” means (i) Chicago time in the case of a Loan, Borrowing or LC Disbursement
denominated in Dollars to, or for the account of, the Company or any Domestic Subsidiary Borrower and (ii) local time at the place of the relevant Loan or Borrowing (or such earlier local time as is necessary for the relevant funds to be
received and transferred to the Administrative Agent for same day value on the date the relevant reimbursement obligation is due) in the case of a Loan or Borrowing which is denominated in a Foreign Currency or which is to, or for the account of, a
Foreign Subsidiary Borrower. 
 “Mandatory Cost” is described in Schedule 2.02. 

“Marketable Securities” means publicly traded debt or equity securities that are listed for trading on a national
securities exchange and that were issued by a corporation whose debt securities are rated in one of the three highest rating categories by either S&P or Moody’s. 

“Material Adverse Effect” means a material adverse effect on (a) the business, assets, property or financial
condition of the Company and its Subsidiaries taken as a whole or (b) the ability of any Borrower or any other Loan Party to perform any of its obligations under this Agreement or any other Loan Document or (c) the value of all or any
material part of the Collateral or on the Administrative Agent’s Liens on the Collateral (on behalf of itself and the Holders of Secured Obligations) or the priority of such Liens or (d) the rights of or benefits available to the Lenders
under this Agreement or any other Loan Document. 
 “Material Indebtedness” means Indebtedness (other than the
Loans and Letters of Credit) of any one or more of the Company and its Subsidiaries in an aggregate principal amount exceeding $25,000,000. 

“Material Subsidiary” means (a) each Subsidiary Borrower and (b) each other Subsidiary (examined on a
consolidated basis with its respective Subsidiaries) (i) which, as of the most recent fiscal quarter of the Company, for the period of four consecutive fiscal quarters then ended, for which financial statements have been delivered pursuant to
Section 5.01, contributed greater than ten percent (10%) of the Company’s Consolidated EBITDA for such period or (ii) which contributed greater than ten percent (10%) of the Company’s Consolidated Total Assets as of
such date, excluding any Receivables Entity. 
 “Moody’s” means Moody’s Investors Service, Inc.

 “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 

“Net Proceeds” means, with respect to any event (a) the cash proceeds received in respect of such event including
(i) any cash received in respect of any non-cash proceeds, but only as and when received, (ii) in the case of a casualty, insurance proceeds, and (iii) in the case of a condemnation or similar event, condemnation awards and similar
payments, net of (b) the sum of (i) all fees and out-of-pocket expenses paid by the Company and its Subsidiaries to third parties (other than fees and expenses paid to Affiliates at prices or on terms and conditions less favorable to the
Company or any such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties) in connection with such event, (ii) in the case of a sale, transfer or other disposition of an asset (including pursuant to a Sale
and Leaseback Transaction or a casualty or a condemnation or similar proceeding), the amount of all payments required to be made by the Company and its Subsidiaries as a result of such event to repay

  

 18 

 
Indebtedness (other than the Secured Obligations) secured by such asset, and (iii) the amount of all taxes paid (or reasonably estimated to be payable) by the Company and its Subsidiaries,
and the amount of any reserves established by the Company and its Subsidiaries to fund contingent liabilities reasonably estimated to be payable, in each case during the year that such event occurred or the next succeeding year and that are directly
attributable to such event (as determined reasonably and in good faith by the chief financial officer of the Company); provided that “Net Proceeds” shall include on a dollar-for-dollar basis all amounts remaining in such reserve
after such liability shall have been satisfied in full or terminated. 
 “Non-Affected Foreign Subsidiary
Borrower” means a Foreign Subsidiary Borrower that is not an Affected Foreign Subsidiary. 

“Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all LC Exposure, all accrued
and unpaid fees and all expenses, reimbursements, indemnities and other obligations and indebtedness (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether
allowed or allowable in such proceeding), obligations and liabilities of any of the Company and its Subsidiaries to any of the Lenders, the Administrative Agent, the Issuing Bank or any indemnified party, individually or collectively, existing on
the Effective Date or arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, arising or incurred
under this Agreement or any of the other Loan Documents or in respect of any of the Loans made or reimbursement or other obligations incurred or any of the Letters of Credit or other instruments at any time evidencing any thereof. 

“OFAC” is defined in Section 3.19. 

“Off-Balance Sheet Liabilities” of a Person means (a) any repurchase obligation or liability of such Person with
respect to accounts or notes receivable sold by such Person (including Attributable Receivables Indebtedness), (b) any indebtedness, liability or obligation under any Sale and Leaseback Transaction which is not a Capital Lease Obligation,
(c) any indebtedness, liability or obligation under any so-called “synthetic lease” transaction entered into by such Person, or (d) any indebtedness, liability or obligation arising with respect to any other transaction which is
the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheets of such Person (other than Operating Leases). 

“Operating Lease” of a Person means any lease of property (other than a Capitalized Lease) by such Person as lessee
which has an original term (including any required renewals and any renewals effective at the option of the lessor) of one year or more. 

“Operating Lease Obligations” of the Company and its Subsidiaries means, for any period, the aggregate amount of fixed
lease payments due under all Operating Leases of the Company and its Subsidiaries during such period. 
 “Other
Taxes” means any and all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise
with respect to, this Agreement or any other Loan Document. 
 “Overnight Foreign Currency Rate” means, for any
amount payable in a Foreign Currency, the rate of interest per annum as determined by the Administrative Agent at which overnight or weekend deposits in the relevant currency (or if such amount due remains unpaid for more than three
(3) Business Days, then for such other period of time as the Administrative Agent may elect) for delivery in 
  

 19 

 
immediately available and freely transferable funds would be offered by the Administrative Agent to major banks in the interbank market upon request of such major banks for the relevant currency
as determined above and in an amount comparable to the unpaid principal amount of the related Borrowing, plus any taxes, levies, imposts, duties, deductions, charges or withholdings imposed upon, or charged to, the Administrative Agent by any
relevant correspondent bank in respect of such amount in such relevant currency. 
 “Parent” means, with
respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary. 

“Participant” has the meaning set forth in Section 9.04. 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity
performing similar functions. 
 “Permitted Acquisition” means any acquisition (whether by purchase, merger,
consolidation or otherwise but excluding in any event a Hostile Acquisition) or series of related acquisitions by the Company or any Subsidiary of all or substantially all the assets of, or resulting in ownership of more than 50% of the Equity
Interests in, a Person or a division or line of business of a Person if, at the time of and immediately after giving effect thereto, (a) no Default has occurred and is continuing or would arise after giving effect thereto, (b) such Person
or division or line of business is engaged in a Permitted Business, (c) in the case of an acquisition resulting in ownership of more than 50% of the Equity Interests in a Person, the Company shall directly or indirectly (through one or more
Subsidiaries) Control such Person, (d) without limiting the preceding clause (a), all actions required to be taken with respect to any acquired, newly formed or resulting Subsidiary under Section 5.09 and Section 5.10 shall have been
taken and, in the case of an acquisition or involving a merger or consolidation, the Company and its Subsidiaries shall be in compliance with Section 6.03 and (e) the Company and its Subsidiaries are in compliance, on a pro
forma basis reasonably acceptable to the Administrative Agent after giving effect to such acquisition (giving effect to any synergies or cost savings deemed acceptable to the Administrative Agent), with the covenants contained in Sections
6.14 and 6.15 recomputed as of the last day of the most recently ended fiscal quarter of the Company for which financial statements are available, as if such acquisition (and any related incurrence or repayment of Indebtedness, with any new
Indebtedness being deemed to be amortized over the applicable testing period in accordance with its terms) had occurred on the first day of each relevant period for testing such compliance and, if the aggregate consideration paid in respect of such
acquisition exceeds $75,000,000, the Company shall have delivered to the Administrative Agent a certificate of a Financial Officer of the Company to such effect, together with all relevant financial information, statements and projections reasonably
requested by the Administrative Agent. 
 “Permitted Business” means any business (including stock or assets)
that derives a majority of its revenues from the business engaged in by the Company and its Subsidiaries on the Effective Date, any other business in the consumer products industry and/or activities that are reasonably similar, ancillary or related
to, or a reasonable extension, development or expansion of, the businesses in which the Company and its Subsidiaries are engaged on the Effective Date or any business in the consumer products industry. 

“Permitted Encumbrances” means: 

(a) Liens imposed by law for taxes, assessments or governmental charges or claims (other than Liens imposed under Environmental Laws or
Liens imposed under ERISA that have priority 
  

 20 

 
over the Liens in favor of the Administrative Agent for the benefit of the Holders of Secured Obligations) that are not yet delinquent or are being contested in compliance with Section 5.04;

 (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed
by law, arising in the ordinary course of business and securing obligations that are not overdue by more than sixty (60) days or are being contested in compliance with Section 5.04; 

(c) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, employment and
unemployment insurance and other social security laws or regulations, other than any Lien imposed under ERISA; 
 (d) deposits
or other Liens to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, or arising as a result of process payments under government
contracts to the extent required or imposed by applicable laws, in each case in the ordinary course of business; 
 (e) judgment
liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VII; and 
 (f)
easements, rights-of-way, restrictions and other similar encumbrances affecting real property which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from the value of the real property subject thereto
or materially interfere with the ordinary conduct of the business of the Company or its Subsidiaries conducted and proposed to be conducted at such real property; 

provided that, the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness. 

“Permitted Holders” means (i) William E. Brown, (ii) the spouse or lineal descendants of William E. Brown or
(iii) any corporation, limited liability company, partnership, trust or other entity, the controlling equity interests in which are held by or for the benefit of William E. Brown and/or his spouse or lineal descendants. 

“Permitted Investments” means investments in cash and Cash Equivalents. 

“Permitted Payments” shall mean (a) the payment of any dividend or the consummation of any irrevocable redemption
within 60 days after the date of declaration of such dividend or notice of such redemption if the dividend or payment of the redemption price, as the case may be, was otherwise permitted to be made under this Agreement on the date of declaration or
notice, (b) any Restricted Payment made out of the net cash proceeds of the substantially concurrent sale of, or made by exchange for, Equity Interests of the Company (other than Disqualified Stock and other than Equity Interests of the Company
issued or sold to a Subsidiary of the Company or an employee stock ownership plan or to a trust established by the Company or any of its Subsidiaries for the benefit of their employees) or a substantially concurrent cash capital contribution
received by the Company from its shareholders; provided, however, that the net cash proceeds from such sale or such cash capital contribution (to the extent so used for such Restricted Payment) shall be excluded from the calculation of
amounts under clause (iii) of the definition of “Permitted Payment Amount”, (c) the defeasance, redemption, repurchase or other acquisition of any Subordinated Indebtedness through the application of net proceeds of a
substantially concurrent sale for cash (other than to a Subsidiary of the Company) of Refinancing Indebtedness or otherwise pursuant to the express terms of Section 6.01(b), in each case made in full compliance with any and all subordination
provisions applicable to such Subordinated Indebtedness, (d) the redemption, repurchase, or other acquisition or retirement for value of any Equity Interests of the 

 

 21 

 
Company, in each case in connection with the repurchase provisions of employee stock option or stock purchase agreements or other agreements to compensate management employees or upon the death,
disability, retirement, severance or termination of employment of management employees; provided that all such redemptions or repurchases pursuant to this clause (d) shall not exceed in any fiscal year $5.0 million (with unused amounts in any
calendar year carried over to succeeding calendar years subject to a maximum of $15.0 million in any calendar year; provided that amounts in any calendar year may be increased by an amount not to exceed the net cash proceeds received by the Company
or any of its Subsidiaries from the sale of the Company’s Equity Interests (other than Disqualified Stock) to any member of the management or the board of directors of the Company or any Subsidiary), (e) repurchases of Equity Interests
deemed to occur upon the exercise of stock options if such Equity Interests represents a portion of the exercise price thereof, (f) repurchases of Equity Interests deemed to occur upon the exercise of stock options or the vesting of restricted
stock grants to satisfy tax withholding obligations, and (g) the payment of any dividend by a Subsidiary of the Company to the holders of its Equity Interests on a pro rata basis and the redemption, purchase, cancellation or other retirement of
equity interests in a Subsidiary. 
 “Permitted Payment Amount” shall mean, at any time, an amount equal to the
sum of (i) $200,000,000 plus (ii) 50% of the cumulative Consolidated Net Income of the Company for each fiscal quarter ending on and after June 26, 2010, treated as a single accounting period (or if the cumulative Consolidated
Net Income for such period shall be a loss, minus 100% of such loss) plus (iii) 100% of the aggregate net cash proceeds, and the fair market value of property other than cash, that would constitute Marketable Securities or a Permitted
Business received by the Company from any Person (other than a Subsidiary of the Company) from the issuance and sale subsequent to the Effective Date of Equity Interest of the Company (other than Disqualified Stock) plus (iv) in the
event that the Company issues or assumes any Indebtedness permitted hereunder that by its terms is convertible into or exchangeable for Equity Interests of the Company other than Disqualified Stock (“Convertible Debt”), the amount
by which Indebtedness is reduced on the Company’s balance sheet upon the conversion of such Convertible Debt into Equity Interests other than Disqualified Stock (less the amount of any cash or the fair value of any other property, distributed
by the Company upon such conversion); provided, however, that the foregoing amount shall not exceed the net cash proceeds originally received by the Company or any Subsidiary from the sale of such Indebtedness. 

“Permitted Payment Usage” shall mean, at any time, an amount equal to the sum of (i) the aggregate amount of
Restricted Payments made subsequent to the Effective Date (other than Permitted Payments made pursuant to clauses (b), (c), (d), (e) and (g) of the definition of “Permitted Payments”), plus (ii) the sum of all investments,
loans or advances made subsequent to the Effective Date pursuant to Section 6.04(p), plus (iii) the aggregate amount of all voluntary prepayments in respect of Subordinated Indebtedness made subsequent to the Effective Date pursuant to
clause (ii) of Section 6.12. 
 “Permitted Receivables Facility” shall mean a receivables facility or
facilities created under Permitted Receivables Facility Documents, providing for: 
 (a) the sale or pledge by
the Company and/or one or more other Receivables Sellers of Permitted Receivables Facility Assets (thereby providing financing to the Company and/or such Receivables Sellers) to the Receivables Entity (either directly or through another Receivables
Seller), which in turn shall sell or pledge interests in the respective Permitted Receivables Facility Assets to third-party investors pursuant to the Permitted Receivables Facility Documents (with the Receivables Entity permitted to issue investor
certificates, purchased interest certificates or other similar documentation evidencing interests in the Permitted Receivables Facility Assets) in return for the cash used by the Receivables Entity to purchase the Permitted Receivables Facility
Assets from the Company and/or the respective Receivables Sellers, in each case as more fully set 
  

 22 

 
forth in the Permitted Receivables Facility Documents (a “Receivables Securitization Facility”); or 

(b) the sale by the Company and/or one or more Receivables Sellers of Permitted Receivables Facility Assets (thereby
providing financing to the Company and/or such Receivables Sellers) to a third party (other than an Affiliate) pursuant to arrangements under which such Permitted Receivables Facility Assets are factored on a non-recourse basis, as more fully set
forth in the Permitted Receivables Facility Documents (a “Receivables Factoring Arrangement”); 
 provided, that
(i) the maximum aggregate amount of Attributable Receivables Indebtedness permitted to be outstanding (and the actual amount outstanding) under all Receivables Securitization Facilities and Receivables Factoring Arrangements shall not exceed
$100,000,000 at any time, and (ii) the investors or financiers party to any Receivables Securitization Facility or Receivables Factoring Arrangement shall have entered into an intercreditor agreement with the Administrative Agent, for itself
and the Holders of Secured Obligations, in form and substance reasonably satisfactory to the Administrative Agent, providing for the treatment of Liens on the Permitted Receivables Facility Assets. 

“Permitted Receivables Facility Assets” shall mean (i) Receivables (whether now existing or arising in the future)
of the Company and its Subsidiaries which are transferred or pledged to the Receivables Entity, or transferred to a non-Affiliate third party, pursuant to the Permitted Receivables Facility, and any related assets that are customarily transferred or
in respect of which security interests are customarily granted in connection with asset securitization transactions or factoring arrangements involving receivables similar to Receivables and all proceeds and collections thereof, and (ii) loans
to the Company and its Subsidiaries secured by Receivables (whether now existing or arising in the future) of the Company and its Subsidiaries which are made pursuant to a Receivables Securitization Facility. 

“Permitted Receivables Facility Documents” shall mean each of the documents and agreements entered into in connection
with the Permitted Receivables Facility, including all documents and agreements relating to the issuance, funding and/or purchase of certificates and purchased interests, all of which documents and agreements shall be in form and substance
reasonably satisfactory to the Administrative Agent, in each case as such documents and agreements may be amended, modified, supplemented, refinanced or replaced from time to time so long as (i) any such amendments, modifications, supplements,
refinancings or replacements do not impose any conditions or requirements on the Company or any of its Subsidiaries that are more restrictive in any material respect than those in existence immediately prior to any such amendment, modification,
supplement, refinancing or replacement, (ii) any such amendments, modifications, supplements, refinancings or replacements are not adverse in any material respect to the interests of the Lenders and (iii) any such amendments,
modifications, supplements, refinancings or replacements are otherwise in form and substance reasonably satisfactory to the Administrative Agent. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension benefit plan (other
than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Company 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. 
 “Pledge
and Security Agreement” means (i) that certain Amended and Restated Pledge and Security Agreement dated as of the Effective Date in the form of Exhibit G by and among the Loan

  

 23 

 
Parties party thereto and the Administrative Agent for the benefit of the Holders of Secured Obligations or (ii) any similar pledge and/or security agreement governed by applicable local law
with respect to a Foreign Subsidiary (modified as deemed reasonably acceptable by the Administrative Agent to reflect foreign law provisions, customs and practices), in any such case, as the same may be amended, restated, supplemented or otherwise
modified from time to time. 
 “Pounds Sterling” means the lawful currency of the United Kingdom. 

“Prime Rate” means the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, National
Association as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 

“Productive Assets” means assets (including Equity Interests) that are used or usable by the Company and its
Subsidiaries in Permitted Businesses. 
 “Proposed New Lender” is defined in Section 2.20. 

“Receivables” shall mean all accounts receivable (including, without limitation, all rights to payment created by or
arising from sales of goods, leases of goods or the rendition of services rendered no matter how evidenced whether or not earned by performance). 

“Receivables Entity” shall mean, in the context of a Receivables Securitization Facility, a wholly-owned Subsidiary of
the Company which engages in no activities other than in connection with the financing of accounts receivable of the Receivables Sellers and which is designated (as provided below) as the “Receivables Entity” (a) no portion of the
Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by the Company or any other Subsidiary of the Company (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness))
pursuant to Standard Securitization Undertakings, (ii) is recourse to or obligates the Company or any other Subsidiary of the Company in any way (other than pursuant to Standard Securitization Undertakings) or (iii) subjects any property
or asset of the Company or any other Subsidiary of the Company, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings, (b) with which neither the Company nor
any of its Subsidiaries has any contract, agreement, arrangement or understanding (other than pursuant to the Permitted Receivables Facility Documents (including with respect to fees payable in the ordinary course of business in connection with the
servicing of accounts receivable and related assets)) on terms less favorable to the Company or such Subsidiary than those that might be obtained at the time from persons that are not Affiliates of the Company, and (c) to which neither the
Company nor any other Subsidiary of the Company has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results. Any such designation shall be evidenced to the
Administrative Agent by filing with the Administrative Agent an officer’s certificate of the Company certifying that, to the best of such officer’s knowledge and belief after consultation with counsel, such designation complied with the
foregoing conditions. 
 “Receivables Factoring Arrangement” has the meaning set forth in the defined term
“Permitted Receivables Facility”. 
 “Receivables Securitization Facility” has the meaning set forth
in the defined term “Permitted Receivables Facility”. 
  

 24 

 “Receivables Sellers” shall mean the Company and those Subsidiaries that
are from time to time party to the Permitted Receivables Facility Documents. 
 “Refinancing Indebtedness” has
the meaning set forth in Section 6.01(b). 
 “Register” has the meaning set forth in Section 9.04.

 “Related Parties” means, 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. 

“Required Lenders” means, at any time, Lenders having Revolving Credit Exposures and unused Revolving Commitments
representing more than 50% of the sum of the total Revolving Credit Exposures and unused Revolving Commitments at such time. 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with
respect to any Equity Interests in the Company or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition,
cancellation or termination of any such Equity Interests in the Company or any option, warrant or other right to acquire any such Equity Interests in the Company. 

“Revolving Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to
acquire participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) reduced or
terminated from time to time pursuant to Section 2.09, (b) increased from time to time pursuant to Section 2.20 and (c) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to
Section 9.04. The initial amount of each Lender’s Revolving Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption. Commitment and Acceptance or other documentation contemplated hereby pursuant to which such
Lender shall have assumed its Revolving Commitment, as applicable. 
 “Revolving Commitment Increase” is
defined in Section 2.20(a). 
 “Revolving Credit Exposure” means, with respect to any Lender at any time,
the sum of the outstanding principal amount of such Lender’s Revolving Loans and its LC Exposure and Swingline Exposure at such time. 

“Revolving Lender” means any Lender with a Revolving Commitment. 

“Revolving Loan” means a Loan made pursuant to Section 2.01 (including after giving effect to an increase in the
Aggregate Commitment pursuant to Section 2.20). 
 “Revolving Loan Maturity Date” means June 25,
2015. 
 “S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s
Financial Services LLC business. 
 “Sale and Leaseback Transaction” means any sale or other transfer of assets
or property by any Person with the intent to lease any such asset or property as lessee. 
  

 25 

 “SEC” means the United States Securities and Exchange Commission.

 “Secured Obligations” means all Obligations, together with all Swap Obligations and Banking Services
Obligations outstanding on the Effective Date or otherwise from time to time owing to one or more Lenders or their respective Affiliates. 

“Senior Secured Leverage Ratio” has the meaning set forth in Section 6.15(b). 

“Senior Subordinated Note Indenture” means (i) that certain Indenture, dated as of March 8, 2010 (the
“Base Indenture”), by and among the Company and certain of its Subsidiaries and Wells Fargo Bank, National Association, as trustee thereunder, as modified by that certain First Supplemental Indenture, dated as of March 8, 2010
(collectively with the Base Indenture, the “2010 Indenture”), by and among the Company and certain of its Subsidiaries and Wells Fargo Bank, National Association, as trustee thereunder and (ii) any other Indenture in respect of
Subordinated Indebtedness expressly permitted by the terms of this Agreement, in each case, as the same may be amended, restated, supplemented, modified, extended, refinanced or replaced from time to time to the extent permitted by, and in
accordance with, the terms of this Agreement. 
 “Senior Subordinated Notes” means (i) the Company’s
8.25% Senior Subordinated Notes due 2018 issued pursuant to the 2010 Indenture in an initial aggregate principal amount of $400,000,000 and (ii) any other subordinated notes issued pursuant to a Senior Note Indenture, in each case, as the same
may be amended, restated, supplemented, modified, extended, refinanced or replaced from time to time to the extent permitted by, and in accordance with, the terms of this Agreement. 

“Solvent” means, in reference to any Person, (a) the fair value (measured on a going concern basis) of the assets
of such Person and its subsidiaries, taken as a whole, will exceed their debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value (measured on a going concern basis) of the property of such Person and
its subsidiaries, taken as a whole, will be greater than the amount that will be required to pay the probable liability of its debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute
and matured in the ordinary course of business; (c) such Person and its subsidiaries, taken as a whole, will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and
matured; and (d) such Person and its subsidiaries, taken as a whole, will not have unreasonably small capital with which to conduct the business in which they are engaged as such business is now conducted and is proposed to be conducted
following the Effective Date. 
 “Standard Securitization Undertakings” shall mean, in the context of a
Receivables Securitization Facility, representations, warranties, covenants and indemnities entered into by the Company or any Subsidiary thereof in connection with the Permitted Receivables Facility which are reasonably customary in an accounts
receivable financing transaction. 
 “Statutory Reserve Rate” means, with respect to any currency, a fraction
(expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus 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, liquid asset, fees or similar requirements shall, in the case of 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, fee or similar requirements without benefit of or credit for proration, exemptions or

  

 26 

 
offsets that may be available from time to time to any Lender under any applicable law, rule or regulation, including Regulation D of the Board. The Statutory Reserve Rate shall be adjusted
automatically on and as of the effective date of any change in any reserve, liquid asset or similar requirement. 

“Subordinated Indebtedness” means any Indebtedness of the Company or any of its Subsidiaries incurred from time to time
the payment of which and, if applicable, Liens securing such Indebtedness, are subordinated to payment of the Secured Obligations under the Loan Documents to the written satisfaction of, and the terms and conditions of which are otherwise reasonably
satisfactory to, the Administrative Agent, including, without limitation, the Indebtedness evidenced by any Senior Subordinated Notes. 

“Subordinated Indebtedness Documents” means any document, agreement or instrument evidencing any Subordinated
Indebtedness or entered into in connection with any Subordinated Indebtedness, including, without limitation, any Senior Subordinated Note Indenture and any Senior Subordinated Notes. 

“subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited
liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with
GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the
ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, Controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more
subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 
 “Subsidiary” means
any subsidiary of the Company. 
 “Subsidiary Borrower” means any Domestic Subsidiary Borrower or any Foreign
Subsidiary Borrower. 
 “Subsidiary Guarantor” means each Material Subsidiary and each other Subsidiary
required to become a “Subsidiary Guarantor” as a result of Section 6.14 (other than any Affected Foreign Subsidiary or Receivables Entity). The Subsidiary Guarantors on the Effective Date are identified as such in Schedule 3.01
hereto. 
 “Subsidiary Guaranty” means (i) that certain Amended and Restated Guaranty dated as of the
Effective Date in the form of Exhibit H (including any and all supplements thereto) and executed by each Subsidiary Guarantor, or (ii) any similar guaranty governed by applicable local law with respect to a Foreign Subsidiary (modified
as deemed reasonably acceptable by the Administrative Agent to reflect foreign law provisions, customs and practices), in each case as amended, restated, supplemented or otherwise modified from time to time. 

“Swap Agreement” means 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
the Company or its Subsidiaries shall be a Swap Agreement. 
  

 27 

 “Swap Obligations” means any and all obligations of the Company or any
Subsidiary, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any and all Swap Agreements
permitted hereunder with a Lender or an Affiliate of a Lender, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any such Swap Agreement transaction. 

“Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time.
The Swingline Exposure of any Lender at any time shall be its Applicable Revolving Credit Percentage of the total Swingline Exposure at such time. 

“Swingline Lender” means JPMorgan Chase Bank, National Association, in its capacity as lender of Swingline Loans
hereunder. 
 “Swingline Loan” means a Loan made pursuant to Section 2.05. 

“Syndication Agent” means SunTrust Bank, in its capacity as syndication agent for the credit facility evidenced by this
Agreement. 
 “TARGET” means the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET)
payment system (or, if such payment system ceases to be operative, such other payment system (if any) reasonably determined by the Administrative Agent to be a suitable replacement) for the settlement of payments in euro. 

“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed
by any Governmental Authority. 
 “Total Leverage Ratio” means the ratio, determined as of the end of each of
the Company’s fiscal quarters, of (i) Consolidated Total Indebtedness to (ii) Consolidated EBITDA for the period of 4 consecutive fiscal quarters ending with the end of such fiscal quarter. 

“Transactions” means the execution, delivery and performance by the Loan Parties of this Agreement and the other Loan
Documents, the borrowing of Loans and other credit extensions, the use of the proceeds thereof and the issuance of Letters of Credit hereunder. 

“Trigger Quarter” has the meaning set forth in Section 6.15(b). 

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the
Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York or any other state the
laws of which are required to be applied in connection with the issue of perfection of security interests. 

“Unliquidated Obligations” means, at any time, any Secured Obligations (or portion thereof) that are contingent in
nature or unliquidated at such time, including any Secured Obligation that is: (i) an obligation to reimburse a bank for drawings not yet made under a letter of credit issued by it; (ii) any other obligation (including any guarantee) that
is contingent in nature at such time; or (iii) an obligation to provide collateral to secure any of the foregoing types of obligations. 
  

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 “Weighted Average Life to Maturity” means, when applied to any Indebtedness
at any date, the number of years obtained by dividing: (1) the then outstanding aggregate principal amount of such Indebtedness; into (2) the sum of the total of the products obtained by multiplying; (a) the amount of each then
remaining installment, sinking fund, serial maturity or other required payment of principal, including payment at final maturity, in respect thereof; by (b) the number of years (calculated to the nearest one-twelfth) which will elapse between
such date and the making of such payment. 
 “Withdrawal Liability” means liability to a Multiemployer Plan as
a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

SECTION 1.02. Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by
Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurocurrency Loan”) or by Class and Type (e.g., a “Eurocurrency Revolving Loan”). Borrowings also may be classified and referred to by Class
(e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurocurrency Borrowing”) or by Class and Type (e.g., a “Eurocurrency Revolving Borrowing”). 

SECTION 1.03. 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”. The word “law” shall be construed as referring to all statutes, rules, regulations, codes and
other laws (including official rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply), and all judgments, orders and decrees, of all Governmental Authorities. 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, restated, supplemented or otherwise
modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (b) any definition of or reference to any statute, rule or regulation shall be construed as referring thereto as from time
to time amended, supplemented or otherwise modified (including by succession of comparable successor laws), (c) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any
restrictions on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof, (d) 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, (e) all references herein to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all
tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 SECTION 1.04.
Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature as used in the calculation of financial covenants or tests set forth in this Agreement shall be construed in accordance with
GAAP, as in effect on the Effective Date, applied in a manner consistent with that used in the preparation of the financial statements referred to in Section 3.04(a); provided that, if the Company notifies the Administrative Agent that
the Company requests an amendment to any provision hereof to give effect to any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Company that
the Required Lenders request an amendment to any provision hereof for such purpose), then the Company, the Required Lenders and the Administrative Agent shall negotiate in good faith to amend such term to preserve the original intent thereof in
light of such change in GAAP, 
  

 29 

 
provided that, until so amended, such term continue to be construed and computed in accordance with GAAP prior to such change therein and the Company shall provide to the Agent and the
Lenders reconciliation statements showing the difference in such calculation, together with the delivery of quarterly and annual financial statements required hereunder. Notwithstanding any other provision contained herein, all terms of an
accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Accounting Standards Codification 825-10-25 (previously referred
to as Statement of Financial Accounting Standards 159) (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Company or any
Subsidiary at “fair value”, as defined therein. 
 SECTION 1.05. Company Acting on Behalf of Itself and Subsidiary
Borrowers. Whether or not expressly provided herein, each notice or certificate delivered hereunder or in connection herewith or the other Loan Documents by or to the Company (in its capacity as a Borrower) or an officer thereof, and each notice
or consent requested by or from the Company (in its capacity as a Borrower) or an officer thereof, shall be so delivered or given to, by or on behalf of the Company for the benefit of itself and the Subsidiary Borrowers. In furtherance and without
limitation of the foregoing, the Company is hereby authorized and given an irrevocable power of attorney by and on behalf of each of the Subsidiary Borrowers to perform and accept any and all such actions on its behalf under this Agreement and the
other Loan Documents. 
 SECTION 1.06. Status of Obligations. In the event that the Company or any other Loan Party shall
at any time issue or have outstanding any Subordinated Indebtedness, the Company shall take or cause such other Loan Party to take all such actions as shall be necessary to cause the Secured Obligations to constitute senior indebtedness (however
denominated) in respect of such Subordinated Indebtedness and to enable the Administrative Agent and the Lenders to have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under
the terms of such Subordinated Indebtedness. Without limiting the foregoing, the Obligations are hereby designated as “senior indebtedness” and as “designated senior indebtedness” and words of similar import under and in respect
of any indenture or other agreement or instrument under which such Subordinated Indebtedness is outstanding and are further given all such other designations as shall be required under the terms of any such Subordinated Indebtedness in order that
the Lenders may have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness. 

SECTION 1.07. Amendment and Restatement of the Existing Credit Agreement. The parties to this Agreement agree that, upon
(i) the execution and delivery by each of the parties hereto of this Agreement and (ii) satisfaction of the conditions set forth in Section 4.01, the terms and provisions of the Existing Credit Agreement shall be and hereby are
amended, superseded and restated in their entirety by the terms and provisions of this Agreement. This Agreement is not intended to and shall not constitute a novation. All “Loans” made and “Obligations” incurred under and as
defined in the Existing Credit Agreement which are outstanding on the Effective Date shall continue as Loans and Obligations under (and shall be governed by the terms of) this Agreement and the other Loan Documents, subject to any Departing
Lender’s receipt of payment in full in cash in immediately available funds of the Loans and other amounts owing to such Departing Lender under the Existing Credit Agreement as described below. Without limiting the foregoing, upon the
effectiveness hereof: (a) all references in the “Loan Documents” (as defined in the Existing Credit Agreement) to the “Administrative Agent”, the “Credit Agreement” and the “Loan Documents” shall be
deemed to refer to the Administrative Agent, this Agreement and the Loan Documents, (b) the Existing Letters of Credit which remain outstanding on the Effective Date shall continue as Letters of Credit under (and shall be governed by the terms
of) this Agreement, (c) all obligations constituting “Secured Obligations” (under and as defined in the Existing Credit Agreement) 

 

 30 

 
with any Lender (other than a Departing Lender) or any Affiliate of any Lender (other than a Departing Lender) which are outstanding on the Effective Date shall continue as Secured Obligations
under this Agreement and the other Loan Documents, (d) all Liens granted in favor of the Administrative Agent for the benefit of the Holders of Secured Obligations securing payment of the “Secured Obligations” (under and as defined in
the Existing Credit Agreement) shall in all respects be ratified, reaffirmed and continuing and in full force and effect with respect to all Secured Obligations, (e) notwithstanding any provisions to the contrary in the Existing Credit
Agreement, the Administrative Agent shall make such reallocations, sales, assignments or other relevant actions in respect of each Lender’s credit and loan exposure under the Existing Credit Agreement as are necessary in order that each such
Lender’s Revolving Credit Exposure hereunder reflects such Lender’s Applicable Revolving Credit Percentage of the outstanding aggregate Revolving Exposures on the Effective Date, (f) the Existing Loans (as defined in
Section 2.01) of each Departing Lender shall be repaid in full in cash in immediately available funds (accompanied by any accrued and unpaid interest and fees thereon and any other amounts or liabilities owing to each Departing Lender under the
Existing Credit Agreement), each Departing Lender’s “Commitment” under the Existing Credit Agreement shall immediately terminate and be of no further force and effect, each Departing Lender shall not be a Lender for any purpose
hereunder (except to the extent of any indemnification of the Existing Credit Agreement that is meant to continue to apply to such Departing Lender by its express terms), and such Departing Lender shall be released from any obligation or liability
under the Existing Credit Agreement and (g) the Company hereby agrees to compensate each Lender (including each Departing Lender) for any and all losses, costs and expenses incurred by such Lender in connection with the sale and assignment of
any Eurocurrency Loans (including the “Eurocurrency Loans” under the Existing Credit Agreement) and such reallocation described above, in each case on the terms and in the manner set forth in Section 2.16 hereof. Without limiting the
forgoing, the parties hereto (including, without limitation, each Departing Lender) hereby agree that the consent of any Departing Lender shall be limited to the acknowledgements and agreements set forth in this Section 1.07 and shall not be
required as a condition to the effectiveness of any other amendments, restatements, supplements or modifications to the Existing Credit Agreement or the Loan Documents. 

SECTION 1.08. Joint and Several Liability for Obligations of the Company, Domestic Subsidiary Borrowers and Non-Affected Foreign
Subsidiary Borrowers; Joint and Several Liability for Obligations of the Affected Foreign Subsidiary Borrowers; No Liability of Affected Foreign Subsidiary Borrowers for Obligations of the Company, the Domestic Subsidiary Borrowers or the
Non-Affected Foreign Subsidiary Borrowers. 
 (a) Joint and Several Liability for Obligations of the Company, Domestic
Subsidiary Borrowers and Non-Affected Foreign Subsidiary Borrowers. Notwithstanding anything to the contrary contained herein, each of the Company, each Domestic Subsidiary Borrower and each Non-Affected Foreign Subsidiary Borrower jointly and
severally hereby irrevocably and unconditionally retains and accepts, not merely as a surety but also as a co-debtor, joint and several liability with one another with respect to the payment and performance of all of the Obligations of or
attributable to such Borrowers arising hereunder or under the other Loan Documents, it being the intention of the parties hereto that all of such Obligations shall be the joint and several obligations of the Company, the Domestic Subsidiary
Borrowers and the Non-Affected Foreign Subsidiary Borrowers without preferences or distinction among them. Each provision hereunder or in the Loan Documents relating to the obligations or liabilities of the Company, any Domestic Subsidiary Borrower
or any Non-Affected Foreign Subsidiary Borrower shall be deemed to include a reference to all such Borrowers, as joint and several obligors for such obligations and liabilities, whether or not a specific reference to any other Borrower is included
therein. 
 (b) Joint and Several Liability for Obligations of the Affected Foreign Subsidiary Borrowers. Notwithstanding
anything to the contrary contained herein, each of the Company, each Domestic Subsidiary Borrower and each Non-Affected Foreign Subsidiary Borrower jointly and severally 

 

 31 

 
hereby irrevocably and unconditionally retains and accepts, not merely as a surety but also as a co-debtor, joint and several liability with the Affected Foreign Subsidiary Borrowers (and the
Affected Foreign Subsidiary Borrowers retain and accept such joint and several liability with one another) with respect to the payment and performance of all of the Obligations of or attributable to the Affected Foreign Subsidiary Borrowers arising
hereunder or under the other Loan Documents, it being the intention of the parties hereto that all of such Obligations shall be the joint and several obligations of the Company, each Domestic Subsidiary Borrower and each Foreign Subsidiary Borrower
without preferences or distinction among them. Each provision hereunder or in the Loan Documents relating to the obligations or liabilities of any Affected Foreign Subsidiary Borrowers shall be deemed to include a reference to the Company, the
Domestic Subsidiary Borrowers and any other Foreign Subsidiary Borrower, as a joint and several obligor for such obligations and liabilities, whether or not a specific reference to the Company, any Domestic Subsidiary Borrower or such other Foreign
Subsidiary Borrower is included therein. 
 (c) No Liability of Affected Foreign Subsidiary Borrowers for Obligations of the
Company, the Domestic Subsidiary Borrowers or the Non-Affected Foreign Subsidiary Borrowers. Notwithstanding anything to the contrary contained herein and notwithstanding that the Company, the Domestic Subsidiary Borrowers and the Non-Affected
Foreign Subsidiary Borrowers shall be liable for all of the Loans and other Obligations of all Borrowers hereunder, no Affected Foreign Subsidiary Borrower shall be liable for the Loans made to or any other Obligations incurred solely by or on
behalf of the Company, any Domestic Subsidiary Borrower or any Non-Affected Foreign Subsidiary Borrower. 
 ARTICLE II

 The Credits 

SECTION 2.01. Commitments. (a) Prior to the Effective Date, certain “Loans” were previously made to the Borrowers under
(and as defined in) the Existing Credit Agreement which remain outstanding as of the date of this Agreement (such outstanding loans being hereinafter referred to as the “Existing Loans”). Subject to the terms and conditions set
forth in this Agreement, the Borrowers and each of the Lenders agree that on the Effective Date but subject to the satisfaction of the conditions precedent set forth in Section 4.01 and the reallocation and other transactions described in
Section 1.07, the Existing Loans shall be reevidenced as Loans of the same Class under this Agreement and the terms of the Existing Loans shall be restated in their entirety and shall be evidenced by this Agreement. Subject to the terms and
conditions set forth herein, each Lender agrees to make Revolving Loans to the Borrowers in Agreed Currencies from time to time during the Availability Period in an aggregate principal amount that will not result in (i) subject to Sections 2.04
and 2.11(b)(i), such Lender’s Revolving Credit Exposure exceeding the Dollar Amount of such Lender’s Revolving Commitment or (ii) subject to Sections 2.04 and 2.11(b)(i), the sum of the Dollar Amount of the total Revolving Credit
Exposures exceeding the Aggregate Revolving Commitment. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Revolving Loans. Amounts repaid or prepaid in respect of
Incremental Term Loans may not be reborrowed. 
 (b) Subject to the terms and conditions set forth herein and of any Incremental
Term Loan Amendment effected in accordance with Section 2.20, each Lender that has an Incremental Term Loan Commitment in accordance with the provisions of Section 2.20 agrees to make an Incremental Term Loan to the Company on the
applicable Increase Effective Date for such Incremental Term Loan, in Dollars, in a principal amount equal to its Incremental Term Loan Commitment for such tranche of Incremental Term Loans. 

 

 32 

 SECTION 2.02. Loans and Borrowings. 

(a) Each Revolving Loan (which, for the avoidance of doubt, shall exclude any Swingline Loan) shall be made as part of a Borrowing
consisting of Revolving Loans made by the Revolving Lenders ratably in accordance with their respective Revolving Commitments. 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. Any Swingline Loan shall be made in accordance with the procedures set forth
in Section 2.05. 
 (b) Subject to Section 2.14, each Revolving Borrowing shall be comprised entirely of ABR Loans or
Eurocurrency Loans as the relevant Borrower may request in accordance herewith; provided that each ABR Loan shall only be made in Dollars and shall only be made to the Company or a Domestic Subsidiary Borrower. Each Swingline Loan shall be an
ABR Loan. Each Lender at its option may make any Eurocurrency Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the provisions of Sections 2.14, 2.15, 2.16 and 2.17 shall
apply to such Affiliate to the same extent as to such Lender); provided that any exercise of such option shall not affect the obligation of the relevant Borrower to repay such Loan in accordance with the terms of this Agreement. 

(c) At the commencement of each Interest Period for any Eurocurrency Borrowing, such Borrowing shall be in an aggregate amount that is an
integral multiple of $1,000,000 (or, if such Borrowing is denominated in (i) Japanese Yen, JPY 100,000,000 or (ii) a Foreign Currency other than Japanese Yen, 1,000,000 units of such currency) and not less than $5,000,000 (or, if such
Borrowing is denominated in (i) Japanese Yen, JPY 500,000,000 or (ii) a Foreign Currency other than Japanese Yen, 5,000,000 units of such currency). At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate
amount that is an integral multiple of $500,000 and not less than $1,000,000; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the Aggregate Revolving Commitment or that is
required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e). Each Swingline Loan shall be in an amount that is an integral multiple of $250,000 and not less than $500,000. Borrowings of more than one Type and
Class may be outstanding at the same time. 
 (d) Notwithstanding any other provision of this Agreement, no Borrower shall be
entitled to request, or to elect to convert or continue, any Revolving Borrowing if the Interest Period requested with respect thereto would end after the Revolving Loan Maturity Date. 

SECTION 2.03. Requests for Borrowings. To request a Revolving Borrowing, the applicable Borrower, or the Company on behalf of the
applicable Borrower, shall notify the Administrative Agent of such request (a) by irrevocable written notice, including e-mail (via written Borrowing Request in a form approved by the Administrative Agent and signed by (or, in the case of
e-mail, sent by) the applicable Borrower, or the Company on behalf of the applicable Borrower, promptly followed by telephonic confirmation of such request) in the case of a Eurocurrency Borrowing, not later than 12:00 noon, Local Time, three
(3) Business Days (in the case of a Eurocurrency Borrowing denominated in Dollars to the Company) or by irrevocable written notice, including e-mail (via a written Borrowing Request in a form approved by the Administrative Agent and signed by
(or, in the case of e-mail, sent by) such Borrower, or the Company on its behalf) not later than four (4) Business Days (in the case of a Eurocurrency Borrowing denominated in a Foreign Currency or a Eurocurrency Borrowing to a Foreign
Subsidiary Borrower), in each case before the date of the proposed Borrowing or (b) by telephone in the case of an ABR Borrowing, not later than 12:00 noon, Chicago time, one (1) Business Day before the date of the proposed Borrowing;
provided that any such notice of an ABR Revolving Borrowing to 
  

 33 

 
finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e) may be given not later than 12:00 noon, Chicago 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 facsimile to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the applicable
Borrower, or the Company on behalf of the applicable Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: 

(i) the aggregate amount of the requested Borrowing, and whether such Borrowing is to be a Revolving Loan or an
Incremental Term Loan; 
 (ii) the date of such Borrowing, which shall be a Business Day; 

(iii) whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing; 

(iv) in the case of a Eurocurrency Borrowing, the Agreed Currency and initial Interest Period to be applicable thereto,
which shall be a period contemplated by the definition of the term “Interest Period”; and 
 (v) the
location and number of the applicable Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.07. 

If no election as to the Type of Borrowing is specified, then, in the case of a Borrowing denominated in Dollars to the Company or any Domestic
Subsidiary Borrower, the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurocurrency Revolving Borrowing, then the relevant 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. 
 SECTION 2.04. Determination of Dollar Amounts. The Administrative Agent will determine the
Dollar Amount of each Eurocurrency Borrowing (a) as of the date three (3) Business Days prior to the date of such Borrowing or, if applicable, date of conversion/continuation of any Borrowing as a Eurocurrency Borrowing, (b) as of the
last Business Day of each calendar month and (c) during the continuation of an Event of Default, on any other Business Day elected by the Administrative Agent in its discretion or upon instruction by the Required Lenders. Each day upon or as of
which the Administrative Agent determines Dollar Amounts as described in the preceding clauses (a), (b) and (c) is herein described as a “Computation Date” with respect to each Borrowing for which a Dollar Amount is determined on
or as of such day. 
 SECTION 2.05. Swingline Loans. 

(a) Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make Swingline Loans in Dollars to the Company
from time to time during the Availability Period, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding $10,000,000 or (ii) the Dollar
Amount of the aggregate amount of the Lenders’ Revolving Credit Exposures exceeding the Aggregate Revolving Commitment; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding
Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the Company may borrow, prepay and reborrow Swingline Loans. 

 

 34 

 (b) To request a Swingline Loan, the Company shall notify the Administrative Agent of such
request by telephone (confirmed by facsimile), not later than 1:00 p.m., Chicago time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of
the requested Swingline Loan. The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Company. The Swingline Lender shall make each Swingline Loan available to the Company by means of a credit to the
general deposit account of the Company with the Swingline Lender (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e), by remittance to the Issuing Bank) by 4:00 p.m.,
Chicago time, on the requested date of such Swingline Loan. 
 (c) The Swingline Lender may by written notice given to the
Administrative Agent and the Revolving Lenders not later than 11:00 a.m., Chicago time, on any Business Day require the Revolving Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans outstanding. Such
notice shall specify the aggregate amount of Swingline Loans in which Revolving Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Revolving Lender, specifying in such notice
such Revolving Lender’s Applicable Revolving Credit Percentage of such Swingline Loan or Swingline Loans. Each Revolving 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 Lender’s Applicable Revolving Credit Percentage of such Swingline Loan or Loans. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans
pursuant to this paragraph is absolute and unconditional and shall not be affected by any 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 Revolving 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 Revolving Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the
Swingline Lender the amounts so received by it from the Revolving Lenders. The Administrative Agent shall notify the Company of any participations in any Swingline Loan acquired pursuant to this paragraph, 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 the Company (or other party on behalf of the Company) 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
Revolving 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 Company for any reason. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Company of any
default in the payment thereof. 
 SECTION 2.06. Letters of Credit. 

(a) General. Subject to the terms and conditions set forth herein, the Company may request the issuance of Letters of Credit
denominated in Dollars for its own account or for the account of any Subsidiary of the Company, in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time during the Availability Period;
provided, however, that, notwithstanding the issuance of any Letter of Credit for the account of any Subsidiary of the Company, any and all reimbursement obligations with respect to LC Disbursements, fees, costs, expenses, indemnities
or other obligations owing with respect any such Letter of Credit under this Agreement shall constitute primary obligations of the Company as a named co-applicant on such Letter of Credit (and, if

  

 35 

 
the Issuing Bank so requests, such obligations shall be joint and several obligations the Company and such Subsidiary, as evidenced by a separate agreement in form and substance reasonably
satisfactory to the Company and the Issuing Bank, signed by such Subsidiary, providing for such joint and several liability and affirming such Subsidiary’s assumption of all of the covenants and other obligations set forth in this
Section 2.06). 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 the Company to, or entered into by the
Company with, the 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 or extension of an outstanding Letter of Credit), the Company shall hand deliver or facsimile (or transmit by electronic communication, if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank and
the Administrative Agent (reasonably 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 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 relevant account party, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the Issuing Bank, the Company also shall submit a
letter of credit application on the 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 Company shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the amount of the LC Exposure shall not exceed $50,000,000 and (ii) subject to
Section 2.04, the total Revolving Credit Exposures shall not exceed the Aggregate Revolving Commitment. 
 (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) the date that is five (5) Business Days prior to the Revolving Loan Maturity Date. 

(d) Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof)
and without any further action on the part of the Issuing Bank or the Revolving Lenders, the Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such
Lender’s Applicable Revolving Credit Percentage of the aggregate Dollar Amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally
agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Revolving Lender’s Applicable Revolving Credit Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the Company on the date due as
provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Company for any reason. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant to this
paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or 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. 

(e) Reimbursement. If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Company shall
reimburse such LC Disbursement by paying to the Administrative Agent the amount of such LC Disbursement, not later than 1:00 p.m., Chicago time, on 

 

 36 

 
the date that such LC Disbursement is made, if the Company shall have received notice of such LC Disbursement prior to 11:00 a.m., Chicago time, on such date, or, if such notice has not been
received by the Company prior to such time on such date, then not later than 1:00 p.m., Chicago time, on (i) the Business Day that the Company receives such notice, if such notice is received prior to 11:00 a.m., Chicago time, on the day of
receipt, or (ii) the Business Day immediately following the day that the Company receives such notice, if such notice is not received prior to such time on the day of receipt; provided that the Company may, subject to the conditions to
borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with an ABR Revolving Borrowing or Swingline Loan in the amount of such LC Disbursement and, to the extent so financed, the Company’s
obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing or Swingline Loan. If the Company fails to make such payment when due, the Administrative Agent shall notify each Revolving Lender of the
applicable LC Disbursement, the payment then due from the Company in respect thereof and such Revolving Lender’s Applicable Revolving Credit Percentage thereof. Promptly following receipt of such notice, each Revolving Lender shall pay to the
Administrative Agent its Applicable Revolving Credit Percentage of the payment then due from the Company, in the same manner as provided in Section 2.07 with respect to Loans made by such Revolving Lender (and Section 2.07 shall apply,
mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Revolving Lenders. Promptly following receipt by the
Administrative Agent of any payment from the Company pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that the Revolving Lenders have made payments pursuant to this paragraph to
reimburse the Issuing Bank, then to such Revolving Lenders and the Issuing Bank as their interests may appear. Any payment made by a Revolving Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the
funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Company of its obligation to reimburse such LC Disbursement. 

(f) Obligations Absolute. The Company’s obligation to reimburse LC 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 (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 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 Company’s obligations hereunder. Neither the
Administrative Agent, the Lenders nor the 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 the Issuing Bank; provided that the
foregoing shall not be construed to excuse the Issuing Bank from liability to the Company to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Company to the extent permitted
by applicable law) suffered by the Company that are caused by the 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. The parties hereto
expressly agree that, in the absence of gross negligence or willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent 

 

 37 

 
jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree
that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the 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 Issuing Bank shall, promptly following its receipt thereof, examine all documents
purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Company by telephone (confirmed by facsimile) of such demand for payment and whether the Issuing Bank has
made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Company of its obligation to reimburse the Issuing Bank and the Revolving Lenders with respect to any such
LC Disbursement. 
 (h) Interim Interest. If the Issuing Bank shall make any LC Disbursement, then, unless the Company
shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Company
reimburses such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans; provided that, if the Company fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then
Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this
Section to reimburse the Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment. 
 (i)
Replacement of the Issuing Bank. The Issuing Bank may be replaced at any time by written agreement among the Company, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify
the Lenders of any such replacement of the Issuing Bank. At the time any such replacement shall become effective, the Company shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(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 Issuing Bank under this Agreement with respect to Letters of Credit to be issued by it 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 an Issuing Bank under this Agreement with respect to Letters of Credit then outstanding and 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, on the Business Day that the Company receives notice from the Administrative Agent or those Lenders with Revolving Credit Exposure representing greater than 50% of the
total Revolving Credit Exposure (or, if the maturity of the Loans has been accelerated, Lenders with LC Exposure representing greater than 50% of the total LC Exposure) demanding the deposit of cash collateral pursuant to this paragraph, the Company
shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders (the “LC Collateral Account”), an amount in cash equal to 105% of the LC Exposure as of such date
plus any accrued and unpaid interest thereon; provided that 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, upon the occurrence 
  

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of any Event of Default with respect to the Company described in clause (h) or (i) of Article VII. The Company also shall deposit cash collateral pursuant to this paragraph as and to
the extent required by Section 2.11(b). Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the Secured Obligations. The Administrative Agent shall have exclusive dominion and control,
including the exclusive right of withdrawal, over the LC Collateral Account and the Company hereby grants the Administrative Agent a security interest in the LC Collateral Account. Other than any interest earned on the investment of such deposits,
which investments shall be made at the option and sole discretion of the Administrative Agent and at the Company’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in
such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the
reimbursement obligations of the Company for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure representing greater than 50% of the total LC Exposure), be
applied to satisfy other Secured Obligations. If the Company 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 the Company within three (3) Business Days after all Events of Default have been cured or waived. 
 (k) Existing
Letters of Credit. Certain letters of credit that were issued for the account of the Company or its Subsidiaries under the Existing Credit Agreement and remain outstanding on the Effective Date are identified on Schedule 2.06 (the
“Existing Letters of Credit”). As of the Effective Date, (i) the Existing Letters of Credit shall be deemed to be Letters of Credit issued pursuant to and in compliance with this Section 2.06 and shall continue to exist as
Letters of Credit hereunder, (ii) the undrawn amount of the Existing Letters of Credit and the unreimbursed amount of LC Disbursements with respect to the Existing Letters of Credit shall be included in the calculation of LC Exposure and
(iii) the provisions of this Section 2.06, Section 2.12(b) and Section 2.18 shall apply to the Existing Letters of Credit as if such Letters of Credit were originally issued hereunder, and the Company and the Lenders hereby
expressly acknowledge their respective obligations hereunder with respect to the Existing Letters of Credit. 
 SECTION 2.07.
Funding of Borrowings. 
 (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by
wire transfer of immediately available funds (i) in the case of Loans denominated in Dollars to the Company, by 1:00 p.m., Chicago time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the
Lenders and (ii) in the case of each Loan denominated in a Foreign Currency or to a Foreign Subsidiary Borrower, by 1:00 p.m., Local Time, in the city of the Administrative Agent’s Eurocurrency Payment Office for such currency and Borrower
and at such Eurocurrency Payment Office for such currency and Borrower; provided that Swingline Loans shall be made as provided in Section 2.05. The Administrative Agent will make such Loans available to the relevant Borrower by promptly
crediting the amounts so received, in like funds, to (x) an account of such Borrower maintained with the Administrative Agent in New York City or Chicago and designated by the relevant Borrower in the applicable Borrowing Request, in the case
of Loans denominated in Dollars to the Company or a Domestic Subsidiary Borrower and (y) an account of such Borrower maintained with the Administrative Agent in the relevant city or other jurisdiction and designated by such Borrower in the
applicable Borrowing Request, in the case of Loans denominated in a Foreign Currency or to a Foreign Subsidiary Borrower; provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in
Section 2.06(e) shall be remitted by the Administrative Agent to the Issuing Bank. 
  

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 (b) Unless the Administrative Agent shall have received notice from a Lender prior to the
proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in
accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the relevant Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing
available to the Administrative Agent, then the applicable Lender and such Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such
amount is made available to such Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, 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 (including, without limitation, the Overnight Foreign Currency Rate in the case of Loans denominated in a Foreign Currency) or (ii) in the case of such Borrower, the interest rate
applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. 

SECTION 2.08. Interest Elections. 

(a) Each Revolving 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. Thereafter, the relevant Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a
Eurocurrency Revolving Borrowing, may elect Interest Periods therefor, all as provided in this Section. A Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be
allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. 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, or the Company on its behalf, shall notify the
Administrative Agent of such election by telephone or irrevocable written notice in the case of a Borrowing denominated in Dollars or by irrevocable written notice (via an Interest Election Request in a form approved by the Administrative Agent and
signed by such Borrower, or the Company on its behalf) in the case of a Borrowing denominated in a Foreign Currency 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. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or facsimile to the Administrative Agent of a
written Interest Election Request in a form approved by the Administrative Agent and signed by the relevant Borrower, or the Company on its behalf. Notwithstanding any contrary provision herein, this Section shall not be construed to permit any
Borrower 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 (iii) convert any Borrowing to a Borrowing of a Type not available under such
Borrowing. 
 (c) Each telephonic and written Interest Election Request shall specify the following information in compliance
with Section 2.02: 
 (i) the Borrowing to which such Interest Election Request applies and, if different
options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be
specified for each resulting Borrowing); 
  

 40 

 (ii) the effective date of the election made pursuant to such Interest
Election Request, which shall be a Business Day; 
 (iii) whether the resulting Borrowing is to be an ABR
Borrowing or a Eurocurrency Borrowing; and 
 (iv) if the resulting Borrowing is a Eurocurrency Borrowing, the
Interest Period and Agreed Currency to be applicable thereto after giving effect to such election, which Interest Period shall be a period contemplated by the definition of the term “Interest Period”. 

If any such Interest Election Request requests a Eurocurrency Borrowing but does not specify an Interest Period, then the applicable Borrower shall be
deemed to have selected an Interest Period of one month’s duration. 
 (d) Promptly following receipt of an Interest
Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 

(e) If the relevant Borrower, or the Company on its behalf, fails to deliver a timely Interest Election Request with respect to a
Eurocurrency Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period (i) in the case of a Borrowing denominated in Dollars borrowed by
the Company or a Domestic Subsidiary Borrower, such Borrowing shall be converted to an ABR Borrowing and (ii) in the case of a Borrowing denominated in a Foreign Currency or in Dollars borrowed by a Foreign Subsidiary Borrower, such Borrowing
shall automatically continue as a Eurocurrency Borrowing in the same Agreed Currency with an Interest Period of one month unless (x) such Eurocurrency Borrowing is or was repaid in accordance with Section 2.11 or (y) such Borrower, or
the Company on its behalf, shall have given the Administrative Agent an Interest Election Request requesting that, at the end of such Interest Period, such Eurocurrency Borrowing continue as a Eurocurrency Borrowing for the same or another Interest
Period. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Company, 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 in Dollars borrowed by the Company or a Domestic Subsidiary Borrower shall be
converted to an ABR Borrowing at the end of the Interest Period applicable thereto. 
 SECTION 2.09. Termination and
Reduction of Commitments. 
 (a) Unless previously terminated, the Revolving Commitments shall terminate on the Revolving
Loan Maturity Date. 
 (b) The Company may at any time terminate, or from time to time reduce, the Commitments; provided
that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $5,000,000 and not less than $15,000,000 and (ii) the Company shall not terminate or reduce the Revolving Commitments if, after giving effect
to any concurrent prepayment of the Loans in accordance with Section 2.11, the Dollar Amount of the sum of the Revolving Credit Exposures would exceed the Aggregate Revolving Commitment. 

(c) The Company shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of
this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. 

 

 41 

 
Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Company pursuant to this Section shall be
irrevocable; provided that a notice of termination of the Commitments delivered by the Company may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the
Company (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 shall be permanent. Each reduction of the Commitments shall be made
ratably among the Lenders in accordance with their respective Commitments. 
 SECTION 2.10. Repayment of Loans; Evidence of
Debt. 
 (a) Each Borrower hereby unconditionally promises to pay (i) to the Administrative Agent
for the account of each Lender the then unpaid principal amount of each Revolving Loan made to such Borrower on the earlier of the Revolving Loan Maturity Date and the date of termination of the Revolving Commitments in the currency of such Loan and
(ii) in the case of the Company, to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of (x) the Revolving Loan Maturity Date, (y) the first date after such Swingline Loan is made that is the
15th or last day of a calendar month and is at least two
(2) Business Days after such Swingline Loan is made and (z) the date of termination of the Revolving Commitments; provided that on each date that a Revolving Borrowing is made, the Company shall repay all Swingline Loans then
outstanding. The Company shall repay any Incremental Term Loans on the dates and in such increments as shall be determined with respect to such Incremental Term Loans in accordance with Section 2.20. 

(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 by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class,
Agreed Currency and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from each Borrower to each Lender hereunder and (iii) the amount of any
sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 
 (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 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 to any Borrower be evidenced by a promissory note. In such event, the
relevant Borrower 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. 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 any such promissory note is a registered note, to such payee and its registered assigns). 
 SECTION
2.11. Prepayment of Loans. 
  

 42 

 (a) Voluntary Prepayments. Any Borrower shall have the right at any time and from
time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with the provisions of this Section 2.11(a). The applicable Borrower, or the Company on behalf of the applicable Borrower, shall notify the
Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by telephone (confirmed by facsimile) of any prepayment hereunder (i) in the case of prepayment of a Eurocurrency Borrowing, not later than noon,
Local Time, three (3) Business Days (in the case of a Eurocurrency Borrowing denominated in Dollars) or four (4) Business Days (in the case of a Eurocurrency Borrowing denominated in a Foreign Currency), in each case before the date of
prepayment, (ii) in the case of prepayment of an ABR Borrowing, not later than noon, Chicago time, one (1) Business Day before the date of prepayment or (iii) in the case of prepayment of a Swingline Loan, not later than 1:00 p.m.,
Chicago time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is
given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09.
Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of
an advance of a Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by (i) accrued interest to the
extent required by Section 2.13 and (ii) break funding payments pursuant to Section 2.16. 
 (b) Mandatory
Prepayments. 
 (i) If at any time, (A) other than as a result of fluctuations in currency exchange
rates, the sum of the aggregate principal Dollar Amount of all of the Revolving Credit Exposures (calculated, with respect to those Borrowings denominated in Foreign Currencies, as of the most recent Computation Date with respect to each such
Borrowing) exceeds the Aggregate Revolving Commitment or (B) solely as a result of fluctuations in currency exchange rates, the sum of the aggregate principal Dollar Amount of all of the outstanding Revolving Credit Exposures (as so calculated
as of the most recent Computation Date with respect to such Borrowing) exceeds 105% of the Aggregate Revolving Commitment, the Borrowers shall within one (1) Business Day after demand repay Borrowings and, if no Borrowings are then outstanding,
cash collateralize LC Exposure in an account with the Administrative Agent pursuant to Section 2.06(j), in an aggregate principal amount sufficient to cause the aggregate Dollar Amount of all Revolving Credit Exposures (so calculated) to be
less than or equal to the Aggregate Revolving Commitment. 
 (ii) In the event the Company or any Subsidiary
receives any Net Proceeds from an Asset Sale (other than an Asset Sale of the type permitted by Section 6.10(a), (b) or (c)), the Borrowers shall make a mandatory prepayment of the Loans, within five (5) Business Days after the
Company’s or any Subsidiary’s receipt of such Net Proceeds, in an aggregate amount equal to 100% of such Net Proceeds. Notwithstanding the foregoing, Net Proceeds of any such Asset Sales with respect to which the Company shall have given
the Administrative Agent written notice, within five (5) Business Days of receipt of such Net Proceeds, of its intention to replace the property subject to any such Asset Sale or invest such Net Proceeds in the purchase of assets (other than
securities, unless those securities represent Equity Interests in an entity that becomes a Subsidiary Guarantor) to be used by one or more of the Company or its Subsidiaries in their businesses within three hundred and fifty (350) days
following such Asset Sale (or, in the case of an Asset Sale (other than an Asset Sale of the type permitted by Section 6.10(a), (b) or (c)) in excess of 20% of the Consolidated Total Assets Basket in aggregate amount during any
twelve-
  

 43 

 
month period, within one hundred and eighty (180) days following such Asset Sale with respect to such portion in excess of 20% of the Consolidated Total Assets Basket), shall not be subject
to the provisions of the first sentence of this Section 2.11(b)(ii) unless and to the extent that such applicable period shall have expired without such Net Proceeds being used for such replacement or investment. 

(iii) Each mandatory prepayment required by clause (b)(ii) of this Section 2.11 shall be referred to in this clause
(iii) as a “Designated Prepayment.” Designated Prepayments shall be applied first, to repay any installments of any Incremental Term Loans then outstanding (allocated ratably between or among multiple tranches of
Incremental Term Loans (and applied more specifically as set forth in any Incremental Term Loan Amendment), second, upon repayment in full of any such Incremental Term Loans, the Aggregate Revolving Commitments shall be permanently reduced
ratably among the Lenders in the amount of any such Designated Prepayment effective as of the time of any such Designated Prepayment (whether or not Revolving Loans are outstanding in such amount), and to repay with proceeds of such Designated
Prepayment first any Revolving Loans and thereafter Swingline Loans then outstanding prior to effecting any such reduction of the Aggregate Revolving Commitments. Designated Prepayments of Loans shall first be applied to ABR Loans and to any
Eurocurrency Loans maturing on such date and then to subsequently maturing Eurocurrency Loans in order of maturity. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. All mandatory prepayment
hereunder shall be accompanied by (x) accrued interest to the extent required by Section 2.13 and (y) break fund payments pursuant to Section 2.16. 

SECTION 2.12. Fees. 

(a) The Company agrees to pay to the Administrative Agent for the account of each Revolving Lender a commitment fee, which shall accrue
at the Applicable Rate on the average daily unused Dollar Amount (without giving effect to the outstanding principal amount of any Swingline Loan) of the Revolving Commitment of such Lender during the period from and including the Effective Date to
but excluding the date on which such Revolving Commitment terminates. Accrued commitment fees shall be payable in arrears on the last day of March, June, September and December of each year and on the date on which the Revolving Commitments
terminate, commencing on the first such date to occur after the date hereof. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding
the last day). 
 (b) The Company agrees to pay (i) to the Administrative Agent for the account of each Revolving Lender a
participation fee with respect to its participations in Letters of Credit, which shall accrue at the Applicable Rate (which shall be the same Applicable Rate used to determine the interest rate applicable to Eurocurrency Revolving Loans) on the
average daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such
Lender’s Revolving Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) to the Issuing Bank for its own account a fronting fee, which shall accrue at the rate of 0.125% per annum on the
average daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date of termination of the Revolving
Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing Bank’s standard fees with respect to the issuance, amendment, cancellation, negotiation, transfer, presentment, renewal or extension of any Letter of
Credit or processing of drawings thereunder. Unless otherwise specified above, participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year

  

 44 

 
shall be payable on the third
(3rd) Business Day following such last day,
commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable on the date on which the Revolving Commitments terminate and any such fees accruing after the date on which the Revolving
Commitments terminate shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within ten (10) days after demand. All participation fees and fronting fees shall be computed on the basis
of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

(c) The Company agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately
agreed upon between the Company and the Administrative Agent. 
 (d) All fees payable hereunder or under any other Loan Document
shall be paid on the dates due, in Dollars and immediately available funds, to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees, to the
Lenders. Fees paid shall not be refundable under any circumstances. 
 SECTION 2.13. Interest. 

(a) The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus
the Applicable Rate (which, in the case of Swingline Loans shall be the Applicable Rate for ABR Revolving Loans). 
 (b) The
Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. 

(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by any 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 or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Revolving Loans as provided in paragraph
(a) of this Section. Without limiting the foregoing, during the occurrence and continuance of any other Event of Default, the Administrative Agent or the Required Lenders may, at their option, by notice to the Borrower (i) declare that the
principal of any Loan shall bear interest at 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) declare that any other amount owing hereunder shall bear interest at 2%
plus the rate applicable to ABR Revolving Loans as provided in paragraph (a) of this Section. 
 (d) Accrued
interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Revolving Loans, upon termination of the Revolving Commitments; 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 prior to the end of the Availability Period), accrued interest on the principal
amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Revolving 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 interest (i) computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a

  

 45 

 
leap year) and (ii) for Borrowings denominated in Pounds Sterling shall be computed on the basis of a year of 365 days, 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 Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

 SECTION 2.14. Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurocurrency
Borrowing: 
 (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 LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or 

(b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such
Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period; 

then the Administrative Agent shall give notice thereof to the applicable Borrower and the Lenders by telephone or facsimile as promptly as practicable
thereafter and, until the Administrative Agent notifies the applicable Borrower 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 shall be ineffective and any such Eurocurrency Borrowing shall be repaid on the last day of the then current Interest Period applicable thereto, (ii) any Eurocurrency Borrowing
by a Foreign Subsidiary Borrower that is requested to be continued shall be repaid on the last day of the then current Interest Period applicable thereto and (iii) if any Borrowing Request by the Company or a Domestic Subsidiary Borrower
requests a Eurocurrency Borrowing in Dollars, such Borrowing shall be made as an ABR Borrowing (and if any Borrowing Request requests a Eurocurrency Borrowing by a Foreign Subsidiary Borrower or denominated in a Foreign Currency, such Borrowing
Request shall be ineffective); provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted. 

SECTION 2.15. Increased Costs. 

(a) If any Change in Law shall: 

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

(ii) impose on any Lender or the Issuing Bank or the London interbank market any other condition, cost or expense
affecting this Agreement or Eurocurrency Loans made by such Lender or any Letter of Credit or participation therein; 
 and the result of any of
the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurocurrency Loan or of maintaining its obligation to make any such Loan (including, without limitation, pursuant to any conversion of any Borrowing denominated
in an Agreed Currency into a Borrowing denominated in any other Agreed Currency) or to increase the cost to such Lender or the Issuing Bank of participating in, issuing or maintaining any Letter of Credit (including, without limitation, pursuant to
any conversion of any Borrowing denominated in an Agreed Currency into a 
  

 46 

 
Borrowing denominated in any other Agreed Currency) or to reduce the amount of any sum received or receivable by such Lender or the Issuing Bank hereunder, whether of principal, interest or
otherwise (including, without limitation, pursuant to any conversion of any Borrowing denominated in an Agreed Currency into a Borrowing denominated in any other Agreed Currency), then the applicable Borrower will pay to such Lender or the Issuing
Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered. 

(b) If any Lender or the 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 the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or
participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company could have
achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy), then from time
to time the applicable Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company
for any such reduction suffered. 
 (c) A certificate of a Lender or the Issuing Bank setting forth the amount or amounts
necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section together with reasonably detailed calculations thereof shall be delivered to the
Company and shall be conclusive absent manifest error. The Company shall pay, or cause the other Borrowers to pay, such Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within ten (10) days after
receipt thereof. 
 (d) Failure or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this
Section shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the Company shall not be required to compensate a Lender or the 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 the Issuing Bank, as the case may be, notifies the Company of the Change in Law giving rise to such increased costs or reductions and of such
Lender’s or the 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 2.16. 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 or as a result of any prepayment pursuant to
Section 2.11), (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 (regardless of whether such notice may be revoked under Section 2.11(a) and is revoked in accordance therewith) 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 the Company pursuant to Section 2.19, then, in any such event, the applicable Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. Such loss, cost
or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the
Adjusted LIBO 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 

 

 47 

 
failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount
for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits in the relevant 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 together with reasonably detailed calculations thereof shall be delivered to the applicable Borrower and shall be conclusive absent
manifest error. The applicable Borrower shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

SECTION 2.17. Taxes. 

(a) Any and all payments by or on account of any obligation of each Borrower hereunder shall be made free and clear of and without
deduction for any Indemnified Taxes or Other Taxes; provided that if any Borrower 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, Lender or Issuing Bank (as the case may be) receives an amount equal to the sum it would have received had no
such deductions been made, (ii) such Borrower shall make such deductions and (iii) such Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

(b) In addition, each Borrower shall pay any Other Taxes related to such Borrower and imposed on or incurred by the Administrative Agent,
a Lender or the Issuing Bank to the relevant Governmental Authority in accordance with applicable law. 
 (c) The relevant
Borrower shall indemnify the Administrative Agent, each Lender and the Issuing Bank, within ten (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 the Issuing Bank, as the case may be, on or with respect to any payment by or on account of any obligation of such Borrower hereunder or any other Loan Document (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to
amounts payable under this Section) and any penalties, interest and 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 the Company by a Lender or the Issuing Bank, or by the Administrative Agent on its own behalf or on behalf of a Lender or the Issuing Bank together with
reasonably detailed calculations thereof, shall be conclusive absent manifest error. 
 (d) As soon as practicable after any
payment of Indemnified Taxes or Other Taxes by any Borrower to a Governmental Authority, such Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such
payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which a
Borrower 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), at the time or times prescribed by applicable law, such
properly completed and executed documentation prescribed by applicable law or reasonably requested by such Borrower as will permit such payments to be made without withholding or at a reduced rate. 

 

 48 

 (f) If the Administrative Agent or a Lender determines, in its sole discretion, that it has
received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrowers or with respect to which a Borrower has paid additional amounts pursuant to this Section 2.17, it shall pay over such refund to such Borrower
(but only to the extent of indemnity payments made, or additional amounts paid, by such Borrower under this Section 2.17 with respect to the Taxes or Other Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses of the
Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, that such Borrower, upon the request of the Administrative Agent or such
Lender, agrees to repay the amount paid over to such Borrower (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 any Borrower or any other Person. 
 SECTION 2.18. Payments Generally; Allocations of Proceeds; Pro
Rata Treatment; Sharing of Set-offs. 
 (a) Each Borrower shall make each payment required to be made by it hereunder or
under any other Loan Document (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to (i) in the case of payments denominated in Dollars by
the Company or any Domestic Subsidiary Borrower, 1:00 p.m., Chicago time and (ii) in the case of payments denominated in a Foreign Currency or by a Foreign Subsidiary Borrower, 12:00 noon, Local Time, in the city of the Administrative
Agent’s Eurocurrency Payment Office for such currency, in each case on the date when due, in immediately available funds, without 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 (i) in the same currency in which the applicable Credit Event was made (or
where such currency has been converted to another currency, in such other currency) and (ii) to the Administrative Agent at its offices at 10 South Dearborn Street, Chicago, Illinois 60603 or, in the case of a Credit Event denominated in a
Foreign Currency or to a Foreign Subsidiary Borrower, the Administrative Agent’s Eurocurrency Payment Office for such currency, except payments to be made directly to the Issuing Bank or Swingline Lender as expressly provided herein and except
that payments pursuant to Sections 2.15, 2.16, 2.17, 2.20 (in connection with the reallocation of Revolving Credit Exposures) and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such
payments denominated in the same currency received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder or under any other Loan Document 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. Notwithstanding the foregoing
provisions of this Section, if, after the making of any Credit Event in any Foreign Currency, currency control or exchange regulations are imposed in the country which issues such currency with the result that the type of currency in which the
Credit Event was made (the “Original Currency”) no longer exists or any Borrower is not able to make payment to the Administrative Agent for the account of the Lenders in such Original Currency, then all payments to be made by such
Borrower hereunder in such currency shall instead be made when due in Dollars in an amount equal to the Dollar Amount (as of the date of repayment) of such payment due, it being the intention of the parties hereto that the Borrowers take all risks
of the imposition of any such currency control or exchange regulations. 
 (b) Any proceeds of Collateral received by the
Administrative Agent (i) not constituting a specific payment of principal, interest, fees or other sum payable under the Loan 

 

 49 

 
Documents (which shall be applied as specified by the Company), (ii) after an Event of Default has occurred and is continuing and the Administrative Agent so elects or the Required Lenders
so direct or (iii) after an acceleration of the Obligations pursuant to Article VII (unless otherwise agreed by the Required Lenders), such funds shall be applied ratably first, to pay any fees, indemnities, or expense reimbursements
including amounts then due to the Administrative Agent and the Issuing Bank from any Borrower, second, to pay any fees or expense reimbursements then due to the Lenders from any Borrower, third, to pay interest then due and payable on
the Loans ratably, fourth, to prepay principal on the Loans and unreimbursed LC Disbursements and any other amounts owing with respect to Banking Services Obligations and Swap Obligations ratably, fifth, to pay an amount to the
Administrative Agent equal to one hundred five percent (105%) of the aggregate undrawn face amount of all outstanding Letters of Credit and the aggregate amount of any unpaid LC Disbursements, to be held as cash collateral for such Obligations
and sixth, to the payment of any other Secured Obligation due to the Administrative Agent or any Lender by any Borrower. Notwithstanding anything to the contrary contained in this Agreement, unless so directed by the Company, or unless a
Default is in existence, none of the Administrative Agent or any Lender shall apply any payment which it receives to any Eurocurrency Loan of a Class, except (a) on the expiration date of the Interest Period applicable to any such Eurocurrency
Loan or (b) in the event, and only to the extent, that there are no outstanding ABR Loans of the same Class and, in any event, the Borrowers shall pay the break funding payment required in accordance with Section 2.16. The Administrative
Agent and the Lenders shall have the continuing and exclusive right to apply and reverse and reapply any and all such proceeds and payments to any portion of the Secured Obligations. 

(c) At the election of the Administrative Agent, all payments of principal, interest, LC Disbursements, fees, premiums, reimbursable
expenses (including, without limitation, all reimbursement for fees and expenses pursuant to Section 9.03), and other sums payable under the Loan Documents, may be paid from the proceeds of Borrowings made hereunder whether made following a
request by a Borrower (or the Company on behalf of a Borrower) pursuant to Section 2.03 or a deemed request as provided in this Section or may be deducted from any deposit account of such Borrower maintained with the Administrative Agent Each
Borrower hereby irrevocably authorizes (i) the Administrative Agent to make a Borrowing for the purpose of paying each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents and
agrees that all such amounts charged shall constitute Loans (including Swingline Loans) and that all such Borrowings shall be deemed to have been requested pursuant to Sections 2.03, 2.04 or 2.05, as applicable and (ii) the Administrative Agent
to charge any deposit account of the relevant Borrower maintained with the Administrative Agent for each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents. 

(d) 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 Revolving Loans or participations in LC Disbursements or Swingline Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Revolving Loans and participations in LC
Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Revolving Loans and
participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued
interest on their respective Revolving Loans and participations in LC Disbursements and Swingline Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered,
such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by any Borrower pursuant to
and in accordance with the express terms of this Agreement 
  

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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 LC Disbursements and Swingline Loans to any assignee
or participant, other than to the Company or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph 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. 
 (e) Unless the Administrative Agent shall have received notice from the
relevant Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the 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 Issuing Bank, as the case may be, the amount due. In such event, if such Borrower has not in fact made
such payment, then each of the Lenders or the Issuing Bank, as the case may be, 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 the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with
banking industry rules on interbank compensation (including without limitation the Overnight Foreign Currency Rate in the case of Loans denominated in a Foreign Currency). 

(f) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b),
2.18(e) or 9.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender for the benefit of
the Administrative Agent, the Swingline Lender or the Issuing Bank to satisfy such Lender’s obligations to it under such Section until all such unsatisfied obligations are fully paid and/or (ii) hold any such amounts in a segregated
account as cash collateral for, and application to, any future funding obligations of such Lender under any such Section; in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative Agent in its
discretion. 
 SECTION 2.19. Mitigation Obligations; Replacement of Lenders. 

(a) If any Lender requests compensation under Section 2.15, 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 2.17, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its
rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as the
case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Company hereby agrees to pay all reasonable costs and expenses incurred by any
Lender in connection with any such designation or assignment including the $3,500 fee contemplated by Section 9.04(b). 

(b) If (i) any Lender requests compensation under Section 2.15, or (ii) 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 2.17, or (iii) any Lender becomes a Defaulting Lender, then the Company may, at its sole expense and effort, upon notice to such Lender
and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions 

 

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contained in Section 9.04), all its interests, rights and obligations under the Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a
Lender accepts such assignment); provided that (i) the Company shall have received the prior written consent of the Administrative Agent (and, if a Revolving Commitment is being assigned, the Issuing Bank), 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 and participations in LC 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 and accrued interest and fees) or the Company (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim
for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and
delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Company to require such assignment and delegation cease to apply. 

SECTION 2.20. Incremental Credit Extensions. 

(a) At any time, but not more than four (4) times during the term of this Agreement, and subject to the terms and conditions of this
Section 2.20, the Company may request (i) one or more tranches of term loans (the “Incremental Term Loans”) and/or (ii) one or more increases in the Aggregate Revolving Commitment (each such increase, a
“Revolving Commitment Increase”) without the consent of any Lender not providing such Incremental Term Loans or Revolving Commitment Increases, as the case may be; provided that the aggregate amount of all Incremental Term
Loans and Revolving Commitment Increases made during the term of this Agreement shall not exceed $200,000,000. Any tranche of Incremental Term Loans (A) shall be available to the Company in Dollars and (B) shall rank pari passu in right of
payment and security with the Revolving Loans, (C) shall not mature earlier than the Revolving Loan Maturity Date (but may have amortization prior to such date, may be required to be mandatorily prepaid in full prior to prepayment of the
Revolving Loans, and may permit voluntary prepayments by the Company) and (D) except as set forth above, shall be treated substantially the same as (and in any event no more favorably than) the Revolving Loans; provided that (1) the
terms and conditions applicable to any tranche of Incremental Term Loans maturing after the Revolving Loan Maturity Date may provide for material additional or different financial or other covenants or prepayment requirements applicable only during
periods after the Revolving Loan Maturity Date and (2) the Incremental Term Loans may be priced differently than the Revolving Loans. 

(b) Each tranche of Incremental Term Loans and each Revolving Commitment Increase shall be in a minimum amount of $25,000,000 and
integral multiples of $5,000,000. A commitment to make Incremental Term Loans shall become an “Incremental Term Loan Commitment” under this Agreement, and a commitment to participate in a Revolving Commitment Increase shall become a
“Revolving Commitment” (or in the case of a Revolving Commitment Increase to be provided by an existing Revolving Lender, an increase in such Lender’s Revolving Commitment) under this Agreement, in any such case, pursuant to a
“Commitment and Acceptance” substantially in the form of Exhibit C (a “Commitment and Acceptance”). Any request for a tranche of Incremental Term Loans or a Revolving Commitment Increase shall be made in a written
notice (an “Increase Notice”) given to the Administrative Agent and the Lenders by the Company not less than ten (10) Business Days or, in the case of a request for a tranche of Incremental Term Loans, twenty (20) Business
Days, prior to the proposed effective date therefor, which Increase Notice shall specify the amount of the proposed tranche of Incremental Term Loans or the Revolving Commitment Increase, as the case may be, and the proposed effective date thereof.
Incremental Term Loans may be made, and Revolving Commitment Increases may be provided, by any existing Lender or by any other bank or other financial institution (any such other bank or other financial institution, a “Proposed New
Lender”); provided that any Proposed New Lender 
  

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shall be consented to by the Administrative Agent and, in the case of a Revolving Commitment Increase, the Issuing Bank (which consent shall not be unreasonably withheld or delayed). The
Administrative Agent shall notify the Company and the Lenders on or before the Business Day immediately prior to the proposed effective date of the tranche of Incremental Term Loan Commitments (and the related Incremental Term Loans) or the
Revolving Commitment Increase, of the amount of each Lender’s and Proposed New Lender’s Incremental Term Loan Commitment or new or increased Revolving Commitment, as applicable, and the resulting aggregate amount of the tranche of
Incremental Term Loan Commitments (and the related Incremental Term Loans) or the amount of the Aggregate Revolving Commitment, as the case may be, which amount shall be effective on the following Business Day, subject to the satisfaction of the
conditions described in clause (c) below. 
 (c) Without limiting the applicability of any conditions to Borrowings set
forth in this Agreement, the effectiveness of any tranche of Incremental Term Loan Commitments (and the corresponding availability of the related Incremental Term Loans) and the effectiveness of each Revolving Commitment Increase shall be subject to
the following conditions precedent: 
 (i) Both as of the date of the applicable Increase Notice and as of the
proposed effective date of such Incremental Term Loan Commitments (and related Incremental Term Loans) or Revolving Commitment Increase, (i) all representations and warranties under Article III and the other Loan Documents shall be true and
correct in all material respects as though made on such date (except with respect to any representation or warranty expressly stated to have been made as of a specific date which shall have been true and correct in all material respects as of such
specified date), (ii) no event shall have occurred and then be continuing which constitutes a Default or an Event of Default and (iii) the Company shall have demonstrated to the Administrative Agent’s reasonable satisfaction that, as
of the proposed effective date of the Revolving Commitment Increase or Incremental Term Loan Commitments, as the case may be, after giving effect thereto, the Company and its Subsidiaries are in compliance on a pro forma basis with the
covenants contained in Section 6.15 recomputed as of the last day of the most recently ended fiscal quarter of the Company for which financial statements are available, as if such Revolving Commitment Increase or Incremental Term Loan
Commitments, as applicable, had been effective as of the first day of each relevant period for testing such compliance; 

(ii) the Borrowers, the Administrative Agent and each Proposed New Lender or Lender that shall have agreed to provide a
“Commitment” in support of such Incremental Term Loans or Revolving Commitment Increase shall have executed and delivered a Commitment and Acceptance; 

(iii) counsel for the Borrowers and the Subsidiary Guarantors shall have provided to the Administrative Agent supplemental
opinions in form and substance reasonably satisfactory to the Administrative Agent; 
 (iv) the Borrowers, the
Subsidiary Guarantors and the Proposed New Lenders shall otherwise have executed and delivered such other instruments and documents as may be required under Article IV or that the Administrative Agent shall have reasonably requested in connection
with such increase (including, in the case of a tranche of Incremental Term Loans, an amendment to, or amended and restatement of, this Agreement and, as appropriate, the other Loan Documents (an “Incremental Term Loan Amendment”),
executed by the Borrowers, each Lender agreeing to provide such Incremental Term Loans, if any, each Proposed New Lender, if any, and the Administrative Agent, which amendment or amendments may, without the consent of any other Lenders, effect such
amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect such 

 

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Incremental Term Loans in accordance with this Section 2.20), and each Loan Party shall have reaffirmed its obligations, and the Liens granted, under the Loan Documents; and 

(v) in the case of a Revolving Commitment Increase, the Administrative Agent shall have administered the reallocation of
the Revolving Credit Exposures on the effective date of such increase ratably among the Revolving Lenders (including new Lenders) after giving effect to such increase; provided, that (1) the Borrowers hereby agree to compensate the
Revolving Lenders for all losses, expenses and liabilities incurred by any Revolving Lender in connection with the sale or assignment of any Eurocurrency Loan resulting from such reallocation on the terms and in the manner set forth in
Section 2.16, and (2) the Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in this Agreement shall not apply to the reallocation of
Revolving Credit Exposures effected pursuant to this clause (v). 
 Upon satisfaction of the conditions precedent to any tranche
of Incremental Term Loans or Revolving Commitment Increase, the Administrative Agent shall promptly advise the Company and each Lender of the effective date thereof (each such effective date, an “Increase Effective Date”). Upon any
Increase Effective Date that is supported by a Proposed New Lender, such Proposed New Lender shall become a party to this Agreement as a Lender and shall have the rights and obligations of a Lender hereunder. Nothing contained herein shall
constitute, or otherwise be deemed to be, a commitment on the part of any Lender to make Incremental Term Loans or increase its Revolving Commitment at any time. 

SECTION 2.21. Market Disruption. Notwithstanding the satisfaction of all conditions referred to in Article II and Article IV with
respect to any Borrowing to be effected in any Foreign Currency, if (i) there shall occur on or prior to the date of such Borrowing any change in national or international financial, political or economic conditions or currency exchange rates
or exchange controls which would, in the reasonable opinion of the Administrative Agent or the Revolving Lenders having at such time Revolving Credit Exposures and unused Revolving Commitments representing more than 50% of the sum of the total
Revolving Credit Exposures and unused Revolving Commitments, make it impracticable for the applicable Eurocurrency Borrowings to be denominated in the Agreed Currency specified by the applicable Borrower or (ii) an Equivalent Amount of such
currency is not readily calculable, then the Administrative Agent shall forthwith give notice thereof to such Borrower and the Lenders, and such Borrowing shall not be denominated in such Agreed Currency but shall, except as otherwise set forth in
Section 2.07, be made on the date of such Borrowing in Dollars, in an aggregate principal amount equal to the Dollar Amount of the aggregate principal amount specified in the related Borrowing Request or Interest Election Request, as the case
may be, as ABR Loans, unless such Borrower notifies the Administrative Agent at least one (1) Business Day before such date that (a) it elects not to borrow on such date or (b) it elects to borrow on such date in a different Agreed
Currency, as the case may be, in which the denomination of such Loans would, in the reasonable opinion of the Administrative Agent and Revolving Lenders having at such time Revolving Credit Exposures and unused Revolving Commitments representing
more than 50% of the sum of the total Revolving Credit Exposures and unused Revolving Commitments, be practicable and in an aggregate principal amount equal to the Dollar Amount of the aggregate principal amount specified in the related Borrowing
Request or Interest Election Request, as the case may be. 
 SECTION 2.22. Judgment Currency. If for the purposes of
obtaining judgment in any court it is necessary to convert a sum due from any Borrower hereunder in the currency expressed to be payable herein (the “specified currency”) into another currency, the parties hereto agree, to the
fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the specified currency with such other currency at the
Administrative Agent’s main New York City office on the Business Day 
  

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preceding that on which final, non-appealable judgment is given. The obligations of each Borrower in respect of any sum due to any Lender or the Administrative Agent hereunder shall,
notwithstanding any judgment in a currency other than the specified currency, be discharged only to the extent that on the Business Day following receipt by such Lender or the Administrative Agent (as the case may be) of any sum adjudged to be so
due in such other currency such Lender or the Administrative Agent (as the case may be) may in accordance with normal, reasonable banking procedures purchase the specified currency with such other currency. If the amount of the specified currency so
purchased is less than the sum originally due to such Lender or the Administrative Agent, as the case may be, in the specified currency, each Borrower agrees, to the fullest extent that it may effectively do so, as a separate obligation and
notwithstanding any such judgment, to indemnify such Lender or the Administrative Agent, as the case may be, against such loss, and if the amount of the specified currency so purchased exceeds (a) the sum originally due to any Lender or the
Administrative Agent, as the case may be, in the specified currency and (b) any amounts shared with other Lenders as a result of allocations of such excess as a disproportionate payment to such Lender under Section 2.18, such Lender or the
Administrative Agent, as the case may be, agrees to remit such excess to such Borrower. 
 SECTION 2.23. Designation of
Subsidiary Borrowers. The Company may at any time and from time to time designate up to seven (7) wholly-owned Domestic Subsidiaries or Foreign Subsidiaries as a Subsidiary Borrower during the term of this Agreement; provided, that
any Subsidiary’s eligibility as a Subsidiary Borrower shall be subject to (a) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) with notice to the Lenders and (b) the Administrative
Agent’s receipt of evidence reasonably satisfactory to it that such Subsidiary would not, in its capacity as a Borrower hereunder, be required by law to withhold or deduct any Taxes from or in respect of any sum payable hereunder by such
Subsidiary to the Administrative Agent or any Lender unless an exemption from such requirement can be obtained by such Subsidiary (with the reasonable cooperation of the Administrative Agent and the Lenders) and that no other material adverse tax,
regulatory or other consequences would affect the Administrative Agent or the Lenders as a result of such Subsidiary’s status as a Borrower. Subject to the foregoing, upon delivery to the Administrative Agent of a Borrowing Subsidiary Agreement
executed by such Subsidiary and the Company and the satisfaction (or waiver in accordance with the terms hereof) of the other conditions precedent set forth in Section 4.03, such Subsidiary shall for all purposes of this Agreement be a
Subsidiary Borrower and a party to this Agreement until the Company shall have executed and delivered to the Administrative Agent a Borrowing Subsidiary Termination with respect to such Subsidiary, whereupon such Subsidiary shall cease to be a
Subsidiary Borrower and a party to this Agreement. Notwithstanding the preceding sentence, no Borrowing Subsidiary Termination will become effective as to any Subsidiary Borrower at a time when any principal of or interest on any Loan to such
Borrower shall be outstanding hereunder, provided that such Borrowing Subsidiary Termination shall be effective to terminate the right of such Subsidiary Borrower to make further Borrowings under this Agreement. As soon as practicable upon
receipt of a Borrowing Subsidiary Agreement, the Administrative Agent shall furnish a copy thereof to each Lender. 
 SECTION
2.24. Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

(a) fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 2.12(a);

 (b) the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether all
Lenders or the Required Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 9.02), except 

 

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that (i) such Defaulting Lender’s Commitment may not be increased or extended without its consent and (ii) except as otherwise agreed to in this Section 2.24, the principal
amount of, or interest or fees payable on, Loans or LC Disbursements may not be reduced or excused or the scheduled date of payment may not be postponed as to such Defaulting Lender without such Defaulting Lender’s consent; 

(c) if any Swingline Exposure or LC Exposure exists at the time such Lender becomes a Defaulting Lender then: 

(i) all or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender shall be reallocated among the
non-Defaulting Lenders in accordance with their respective Applicable Revolving Credit Percentages but only to the extent the sum of all non-Defaulting Lenders’ Revolving Credit Exposures plus such Defaulting Lender’s Swingline Exposure
and LC Exposure does not exceed the total of all non-Defaulting Lenders’ Commitments; 
 (ii) if the
reallocation described in clause (i) above cannot, or can only partially, be effected, the Company shall within one (1) Business Day following notice by the Administrative Agent (x) first, prepay such Swingline Exposure and
(y) second, cash collateralize for the benefit of the Issuing Bank only the Company’s obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause
(i) above) in accordance with the procedures set forth in Section 2.06(j) for so long as such LC Exposure is outstanding; 

(iii) if the Company cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause
(ii) above, the Company shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is
cash collateralized; 
 (iv) if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause
(i) above, then the fees payable to the Lenders pursuant to Sections 2.12(a) and 2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Revolving Credit Percentages; and 

(v) if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized
pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Bank or any other Lender hereunder, all letter of credit fees payable under Section 2.12(b) with respect to such Defaulting
Lender’s LC Exposure shall be payable to the Issuing Bank until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and 

(d) so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing
Bank shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the Commitments of the non-Defaulting
Lenders and/or cash collateral will be provided by the Company in accordance with Section 2.24(c), and participating interests in any newly made Swingline Loan or any newly issued or increased Letter of Credit shall be allocated among
non-Defaulting Lenders in a manner consistent with Section 2.24(c)(i) (and such Defaulting Lender shall not participate therein). 
 If
(i) a Bankruptcy Event with respect to a Parent of any Lender shall occur following the date hereof and for so long as such event shall continue or (ii) the Swingline Lender or the Issuing Bank has a good faith belief that any Lender has
defaulted in fulfilling its obligations under one or more other agreements in 
  

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which such Lender commits to extend credit, the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing Bank shall not be required to issue, amend or increase any Letter
of Credit, unless the Swingline Lender or the Issuing Bank, as the case may be, shall have entered into arrangements with the Company or such Lender, satisfactory to the Swingline Lender or the Issuing Bank, as the case may be, to defease any risk
to it in respect of such Lender hereunder. 
 In the event that the Administrative Agent, the Company, the Swingline Lender and the Issuing Bank
each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s
Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders (other than Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance
with its Applicable Revolving Credit Percentage. 
 ARTICLE III 

Representations and Warranties 

The Company represents and warrants to the Administrative Agent, the Issuing Bank and the Lenders with respect to itself and, to the
extent applicable, its Subsidiaries (and each Subsidiary Borrower shall also be deemed to independently make each representation and warranty with respect to itself and, to the extent applicable, its Subsidiaries to the extent that such
representation and warranty relates to such Subsidiary Borrower or its Subsidiaries) that: 
 SECTION 3.01. Organization;
Powers; Subsidiaries. Each of the Company and its Subsidiaries is duly organized, validly existing and in good standing (to the extent such concept is applicable in the relevant jurisdiction) under the laws of the jurisdiction of its
organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is
qualified to do business in, and is in good standing (to the extent such concept is applicable) in, every jurisdiction where such qualification is required. Schedule 3.01 hereto (as supplemented from time to time) identifies each Subsidiary,
whether or not such Subsidiary is a Material Subsidiary or a Subsidiary Guarantor, the jurisdiction of its incorporation or organization, as the case may be, the percentage of issued and outstanding shares of each class of its capital stock or other
equity interests owned by the Company and the other Subsidiaries and, if such percentage is not 100% (excluding directors’ qualifying shares as required by law), a description of each class issued and outstanding. All of the outstanding shares
of capital stock and other equity interests of each Subsidiary are validly issued and outstanding and fully paid and nonassessable and all such shares and other equity interests indicated on Schedule 3.01 as owned by the Company or another
Subsidiary are owned, beneficially and of record, by the Company or such Subsidiary free and clear of all Liens, other than Liens created under the Loan Documents. There are no outstanding commitments or other obligations of the Company to issue,
and no options, warrants or other rights of any Person to acquire, any shares of any class of capital stock or other equity interests of the Company, except for pursuant to the Company’s employee and non-employee benefit plans filed with the
SEC. There are no outstanding commitments or other obligations of any Subsidiary to issue, and no options, warrants or other rights of any Person to acquire, any shares of any class of capital stock or other equity interests of such Subsidiary.

 SECTION 3.02. Authorization; Enforceability. The Transactions are within each Loan Party’s corporate or other
organizational powers, as applicable, and have been duly authorized by all necessary corporate or other organizational action and, if required, by all necessary shareholder or other equity holder action, as applicable. This Agreement, and each of
the other Loan Documents, has been 
  

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duly executed and delivered by each Loan Party party thereto and constitutes a legal, valid and binding obligation of each such Loan Party, enforceable in accordance with its terms, subject to
applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. Without
limiting the foregoing, each Borrowing Subsidiary Agreement has been duly executed and delivered by the Borrower party thereto and constitutes a legal, valid and binding obligation of such Borrower, enforceable against such Borrower in accordance
with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity
or at law. 
 SECTION 3.03. Governmental Approvals; No Conflicts. The Transactions (a) do not require any consent or
approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (b) will not violate any applicable law or regulation or the charter,
by-laws or other organizational documents of the Company or any of its Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default under (i) any Senior Subordinated Note Indenture and any Senior
Subordinated Notes, (ii) any indenture, agreement or other instrument evidencing Material Indebtedness binding upon the Company or any of its Subsidiaries or its assets, or (iii) any other indenture, agreement or other instrument binding
upon the Company or any of its Subsidiaries or its assets the violation of or default under which could reasonably be expected to result in a Material Adverse Effect, or give rise to a right under any of the indentures, agreements or instruments
referred to in clause (c)(i), (ii) or (iii) to require any payment to be made by the Company or any of its Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of the Company or any of its
Subsidiaries, other than Liens created under the Loan Documents. 
 SECTION 3.04. Financial Condition; No Material Adverse
Change; Contingent Obligations. 
 (a) The Company has heretofore furnished to the Lenders its consolidated balance sheet
and statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended September 26, 2009 reported on by Deloitte & Touche LLP, independent public accountants, and (ii) as of and for the fiscal
quarter (and the portion of the fiscal year) ended March 27, 2010, certified by its chief financial officer. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of
the Company and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii) above.

 (b) Since March 27, 2010, there has been no material adverse change in (i) the business, assets, operations, or
financial condition of the Company and its Subsidiaries, taken as a whole (ii) the ability of any Borrower or any other Loan Party to perform any of its obligations under this Agreement or any other Loan Document or (iii) the value of all
or any material part of the Collateral or on the Administrative Agent’s Liens on the Collateral (on behalf of itself and the Holders of Secured Obligations) or the priority of such Liens or (iv) the rights of or benefits available to the
Lenders under this Agreement or any other Loan Document. 
 (c) Except as disclosed in the financial statements referred to in
clause (a) above or in the notes thereto or in the Disclosed Matters, neither the Company nor any of its Subsidiaries has, as of the Effective Date, any contingent liabilities which are material individually or in the aggregate. After
the Effective Date, neither the Company nor any of its Subsidiaries has any contingent liabilities except as disclosed in the financial statements referred to in clause (a) above or in the notes thereto or in the

  

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Disclosed Matters, or except for any contingent liability that could not reasonably be expected to have a Material Adverse Effect. 

SECTION 3.05. Properties. 

(a) Each of the Company and its Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property
material to its business, 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 for their intended purposes. There are no Liens on any of the owned real
or personal properties of the Company or any of its Subsidiaries except for Liens permitted by Section 6.02. 
 (b) Each of
the Company and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by the Company and its Subsidiaries does not, to the
knowledge of the Company or its Subsidiaries, infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

 SECTION 3.06. Litigation and Environmental Matters. 

(a) There are no actions, suits, proceedings or investigations by or before any arbitrator or Governmental Authority pending against or,
to the knowledge of any Borrower, threatened against or affecting the Company or any of its Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be
expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve this Agreement or the Transactions. There are no labor controversies pending against or, to the knowledge
of the Company, threatened against or affecting the Company or any of its Subsidiaries (x) which could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect, or (y) that involve this Agreement or
the Transactions. 
 (b) Except for the Disclosed Matters and except with respect to any other matters that, individually or in
the aggregate, could not reasonably be expected to result in a Material Adverse Effect, neither the Company nor any of its Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit,
license or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for
any Environmental Liability. 
 (c) Since the date of this Agreement, there has been no change in the status of the Disclosed
Matters that, individually or in the aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect. Neither the Company nor any Subsidiary is party or subject to any law, regulation, rule or order, or any
obligation under any agreement or instrument, that has a Material Adverse Effect. 
 SECTION 3.07. Compliance with Laws and
Agreements; No Burdensome Restrictions. Each of the Company and its Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other
instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. Without limiting the foregoing, neither the Company nor any
Subsidiary is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any (i) agreement or instrument to which it is a party, which default would reasonably be expected to have a
Material Adverse Effect or 
  

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(ii) any agreement or instrument evidencing or governing Material Indebtedness. Neither the Company nor any of its Subsidiaries is party or subject to any law, regulation, rule or order, or any
obligation under any agreement or instrument, that has, or could reasonably be expected to have, a Material Adverse Effect. 

SECTION 3.08. Investment Company Status. Neither the Company nor any of its Subsidiaries is an “investment company” as
defined in, or subject to regulation under, the Investment Company Act of 1940, as amended. 
 SECTION 3.09. Taxes. Each
of the Company and its Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being
contested in good faith by appropriate proceedings and for which the Company or such Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with GAAP or (b) to the extent that the failure to do so could not
reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.10. ERISA. No ERISA Event has occurred or is
reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.11. Disclosure. The Company has disclosed to the Lenders all agreements, instruments and corporate or other restrictions
to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. Neither any of the other reports, financial
statements, certificates or other information furnished by or on behalf of the Company or any Subsidiary to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or
supplemented by other information so furnished), taken as a whole, nor the Information Memorandum, contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Company represents only that such information was prepared in good faith based upon assumptions believed to be
reasonable at the time. 
 SECTION 3.12. Federal Reserve Regulations. No part of the proceeds of any Loan have been used
or will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X. Margin stock (as defined in Regulation U) constitutes less than 25% of the value of
those assets of the Company and its Subsidiaries which are subject to any limitation on sale, pledge, or other restriction hereunder. 

SECTION 3.13. No Default. No Default or Event of Default has occurred and is continuing. 

SECTION 3.14. Solvency. Immediately after the consummation of the Transactions to occur on the Effective Date and immediately
following the making of each Loan and each issuance of a Letter of Credit hereunder and after giving effect to the application of the proceeds of such Loans and Letters of Credit, the Company is and will be, and the Company and its Subsidiaries
(taken as a whole) are and will be, Solvent. 
 SECTION 3.15. Insurance. Each of the Company and its Subsidiaries
maintains, with financially sound and reputable insurance companies, insurance on all their real and personal property in such amounts, subject to such deductibles and self-insurance retentions and covering such properties and 

 

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risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. Schedule 3.15 sets forth a description of all
material insurance maintained by or on behalf of the Company and the Subsidiaries as of the Effective Date. As of the Effective Date, all premiums in respect of such insurance that are due and payable have been paid. The Company believes that the
insurance maintained by or on behalf of the Borrower and the Subsidiaries is adequate. 
 SECTION 3.16. Senior Subordinated
Notes. The subordination provisions of any Senior Subordinated Notes and each Senior Subordinated Note Indenture are enforceable against the holders thereof in accordance with their terms and the Secured Obligations constitute “Senior
Debt” and “Designated Senior Debt” (or any term of like import) under each Senior Subordinated Note Indenture. 

SECTION 3.17. Collateral Documents. The provisions of this Agreement and the other Loan Documents create legal and valid Liens on
all the Collateral in favor of the Administrative Agent, for the benefit of the Administrative Agent and the Holders of Secured Obligations, and such Liens, when properly recorded or filed (or, as appropriate, possession or control is obtained) in
accordance with applicable law, constitute perfected and continuing Liens on the Collateral, securing the Secured Obligations, enforceable against the applicable Loan Party and all third parties, and having priority over all other Liens on the
Collateral except in the case of Liens of the type permitted under Section 6.02, but solely to the extent any such permitted Liens would have priority over the Liens in favor of the Administrative Agent pursuant to any applicable law.

 SECTION 3.18. SDN List Designation. Neither the Company nor any of its Subsidiaries or Affiliates is a country,
individual or entity named on the Specifically Designated National and Blocked Persons (SDN) list issued by the Office of Foreign Asset Control (“OFAC”) of the Department of the Treasury of the United States of America. 

ARTICLE IV 

Conditions 

SECTION 4.01. Effective Date. The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit
hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02): 

(a) The Administrative Agent (or its counsel) shall have received from (i) each party hereto (including Departing Lenders) either
(A) a counterpart of this Agreement signed on behalf of such party or (B) written evidence satisfactory to the Administrative Agent (which may include facsimile or electronic transmission of a signed signature page of this Agreement) that
such party has signed a counterpart of this Agreement or, in the case of a Departing Lender, that such Departing Lender has consented to the terms set forth in Section 1.07 hereof and (ii) each Loan Party either (A) a counterpart
signed on behalf of such Loan Party or (B) written evidence satisfactory to the Administrative Agent (which may include facsimile or electronic transmission of a signed signature page of such Loan Party) that such Loan Party has signed a
counterpart, of each Loan Document to which it is a party, including, without limitation, a Subsidiary Guaranty (in the case of each Subsidiary Guarantor), a Pledge and Security Agreement, and such other Collateral Documents and Loan Documents as
the Administrative Agent or its counsel may have reasonably requested, as further described in the list of closing documents attached as Exhibit E. 

(b) The Administrative Agent shall have received favorable written opinions (addressed to the Administrative Agent and the Lenders and
dated the Effective Date) of (i) Orrick, Herrington & Sutcliffe LLP, special counsel for the Loan Parties, addressing matters of California, New 

 

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York and Delaware law and substantially in the form of Exhibit B-1, and (ii) local Arizona, Georgia and Wisconsin counsel for the domestic Loan Parties which are Material Subsidiaries
or Subsidiaries that are required to be Subsidiary Guarantors on the Effective Date in order for the Company to comply with Section 6.14, substantially in the form of Exhibit B-2, in each case, covering such matters relating to the Loan
Parties, this Agreement, the other Loan Documents or the Transactions as the Administrative Agent or the Required Lenders shall reasonably request. The Company hereby requests such counsel to deliver such opinions. 

(c) The Lenders shall have received (i) audited consolidated financial statements of the Company for the two most recent fiscal
years ended prior to the Effective Date as to which such financial statements are available, (ii) unaudited interim consolidated financial statements of the Company for each quarterly period ended subsequent to the date of the latest financial
statements delivered pursuant to clause (i) of this paragraph as to which such financial statements are available, and (iii) satisfactory financial statement projections through and including the Company’s 2015 fiscal year, together
with such information as the Administrative Agent and the Lenders shall reasonably request (including, without limitation, a detailed description of the assumptions used in preparing such projections). 

(d) The Administrative Agent shall have received (i) such documents and certificates as the Administrative Agent or its counsel may
reasonably request relating to the organization, existence and good standing of the initial Loan Parties, the authorization of the Transactions and any other legal matters relating to such Loan Parties, the Loan Documents or the Transactions, all in
form and substance satisfactory to the Administrative Agent and its counsel and as further described in the list of closing documents attached as Exhibit E (ii) to the extent requested by any of the Lenders, all documentation and other
information required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act. 

(e) The Administrative Agent shall have received a certificate, dated the Effective Date and signed by the President, a Vice President or
a Financial Officer of the Company, confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02. 

(f) The Administrative Agent shall have received evidence reasonably satisfactory to it that all governmental and third party approvals
necessary or, in the discretion of the Administrative Agent, advisable in connection with the Transactions and the continuing operations of the Company and its Subsidiaries have been obtained and are in full force and effect. 

(g) (i) The Administrative Agent (for the benefit of itself and the other parties entitled thereto) and the Lead Arrangers shall have
received all fees and other amounts due and payable on or prior to the Effective Date, including (x) to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Company hereunder, and
(y) all accrued and unpaid interest under the Existing Credit Agreement and all accrued and unpaid fees under Section 2.12 of the Existing Credit Agreement, and (ii) the Departing Lenders shall have been repaid in full as contemplated
by Section 1.07 on the Effective Date, substantially concurrently with the effectiveness hereof. Without limiting the foregoing, if, after giving effect to the transactions contemplated hereby on the Effective Date (including, without
limitation, the reduction of the Aggregate Revolving Commitment), the aggregate Revolving Exposures exceed the Aggregate Revolving Commitment, then the Company shall prepay Loans on the Effective Date in such amounts as shall be necessary to
eliminate such excess. 
 (h) Liens creating a first priority (except in the case of Liens permitted under Section 6.02,
but solely to the extent any such permitted Liens would have priority over the Liens in favor of the 
  

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Administrative Agent pursuant to any applicable law) security interest in the Collateral in favor of the Administrative Agent (for itself and the other Holders of Secured Obligations) shall have
been reaffirmed and perfected (and all actions required in connection therewith shall have been taken). 
 (i) There shall exist
an absence of any injunction or temporary restraining order or any pending or threatened litigation which, in the judgment of the Administrative Agent could prohibit the making of the Loans or the issuance of Letters of Credit or the related
transactions. 
 (j) The Administrative Agent shall have received a certificate from the chief financial officer of the Company
providing that the Company and its Subsidiaries, taken as a whole, are Solvent and will be Solvent immediately after the consummation of the Transactions to occur on the Effective Date. 

(k) The Administrative Agent shall have received each other instrument, document or agreement identified on the list of closing documents
attached hereto as Exhibit E, all in form and substance reasonably satisfactory to the Administrative Agent. 
 The initial Borrowings
and, if applicable, other extensions of credit made on the Effective Date shall be deemed to constitute a representation and warranty by the Borrowers on the Effective Date as to the matters specified in this Section. 

The Administrative Agent shall notify the Company and the Lenders of the Effective Date, and such notice shall be conclusive and binding. 

SECTION 4.02. Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing (other than the
conversion of a Eurocurrency Loan into an ABR Loan), and of the Issuing Bank to issue, amend, renew or extend any Letter of Credit (each such event, a “Credit Event”), including, without limitation, the initial Credit Events
occurring on the Effective Date, is subject to the satisfaction of the following conditions: 
 (a) The representations and
warranties of the Borrowers set forth in this Agreement and the other Loan Documents shall be true and correct in all material respects on and as of the date of such Credit Event (or, if any such representation or warranty is expressly stated to
have been made as of a specific date, as of such specific date). 
 (b) At the time of and immediately after giving effect to
such Credit Event, no Default shall have occurred and be continuing. 
 (c) If the Credit Event involves the advancement by the
Lenders of new or incremental Loans or the issuance, amendment, renewal or extension of new or incremental Letters of Credit, the Administrative Agent shall have received a certificate from a Financial Officer of the Company certifying that the
Loans or Letters of Credit comprising such Credit Event are permitted to be incurred as “Indebtedness” under and as defined in each Senior Subordinated Note Indenture, and constitute “Designated Senior Debt” and “Senior
Debt” thereunder. 
 (d) No law or regulation shall prohibit, and no order, judgment or decree of any Governmental
Authority shall enjoin, prohibit or restrain, any Lender from making the requested Loan or the Issuing Bank or any Lender from issuing, renewing, extending or increasing the face amount of or participating in the Letter of Credit requested to be
issued, renewed, extended or increased. 
  

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 Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to
constitute a representation and warranty by the Borrowers on the date thereof as to the matters specified in paragraphs (a), (b) and (c) of this Section. 

SECTION 4.03. Designation of a Subsidiary Borrower. The designation of a Subsidiary Borrower pursuant to Section 2.23 is
subject to the condition precedent that the Company or such proposed Subsidiary Borrower shall have furnished or caused to be furnished to the Administrative Agent: 

(a) Copies, certified by the Secretary or Assistant Secretary of such Subsidiary, of its Board of Directors’ resolutions (and
resolutions of other bodies, if any are deemed necessary by counsel for the Administrative Agent) approving the Borrowing Subsidiary Agreement and any other Loan Documents to which such Subsidiary is becoming a party and such documents and
certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of such Subsidiary; 

(b) An incumbency certificate, executed by the Secretary or Assistant Secretary of such Subsidiary, which shall identify by name and
title and bear the signature of the officers of such Subsidiary authorized to request Borrowings hereunder and sign the Borrowing Subsidiary Agreement and the other Loan Documents to which such Subsidiary is becoming a party, upon which certificate
the Administrative Agent and the Lenders shall be entitled to rely until informed of any change in writing by the Company or such Subsidiary; 

(c) Opinions of counsel to such Subsidiary, in form and substance reasonably satisfactory to the Administrative Agent and its counsel,
with respect to the laws of its jurisdiction of organization and such other matters as are reasonably requested by counsel to the Administrative Agent and addressed to the Administrative Agent and the Lenders. 

(d) Any promissory notes requested by any Lender, and any other instruments and documents reasonably requested by the Administrative
Agent, each in such form as the Administrative Agent may reasonably require. 
 (e) Such other lien searches, instruments,
documents or agreements as the Administrative Agent may reasonably request (including, without limitation, an amendment or supplement to this Agreement which the Administrative Agent, in its discretion, shall deem appropriate or necessary) in
connection with the addition of such Subsidiary Borrower, all in form and substance reasonably satisfactory to the Administrative Agent. 

ARTICLE V 

Affirmative Covenants 

Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees and other amounts
payable hereunder and under the other Loan Documents shall have been paid in full and all Letters of Credit shall have expired or terminated (unless cash collateral in an amount equal to 105% of the aggregate undrawn face amount of such Letters of
Credit shall have been pledged to the Administrative Agent in a manner consistent with Section 2.06(j) of this Agreement) and all LC Disbursements shall have been reimbursed, the Company covenants and agrees with the Lenders that: 

 

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 SECTION 5.01. Financial Statements; Ratings Change and Other Information. The Company
will furnish to the Administrative Agent, who shall in turn furnish to each Lender: 
 (a) within ninety (90) days after
the end of each fiscal year of the Company, its audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the
figures for the previous fiscal year, all reported on by Deloitte & Touche LLP or other independent public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any
qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Company and its consolidated
Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; 
 (b) within forty-five (45) days after
the end of each of the first three fiscal quarters of each fiscal year of the Company, its consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the
then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of
its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Company and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to
normal year-end audit adjustments and the absence of footnotes; 
 (c) concurrently with any delivery of financial statements
under clause (a) or (b) above, a certificate of a Financial Officer of the Company substantially in the form of Exhibit I hereto (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the
details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with certain provisions of Article VI (including, Sections 6.14 and 6.15), Sections
5.09 and 5.10 and certain provisions of the Collateral Documents, and the determination of Material Subsidiaries and the Applicable Rate and (iii) stating whether any change in GAAP or in the application thereof has occurred since the date of
the audited financial statements referred to in Section 3.04 and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate; 

(d) concurrently with any delivery of financial statements under clause (a) above, a certificate of the accounting firm that
reported on such financial statements stating whether they obtained knowledge during the course of their examination of such financial statements of any Default (which certificate may be limited to the extent required by accounting rules or
guidelines); 
 (e) promptly after the same become publicly available, copies of all periodic and other reports, proxy
statements and other materials filed by the Company or any Subsidiary with the SEC, or any Governmental Authority succeeding to any or all of the functions of said Commission, or with any national securities exchange, or distributed by the Company
to its shareholders generally, as the case may be; 
 (f) as soon as available, but in any event not more than ninety
(90) days after the beginning of each fiscal year of the Company, a copy of the plan and forecast (including a projected consolidated balance sheet, income statement and funds flow statement) of the Company for each fiscal quarter of the
upcoming fiscal year in form reasonably satisfactory to the Administrative Agent; and 
  

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 (g) promptly following any request therefor, such other information regarding the
operations, business affairs and financial condition of the Company or any Subsidiary, or compliance with the terms of this Agreement or any other Loan Document, as the Administrative Agent or any Lender may reasonably request. 

In lieu of furnishing to the Administrative Agent hard copies of the quarterly financial statements described in clause (b) above and the annual
financial statements and auditor’s report described in clause (a) above and the other documents referred to in clause (e) above, the Company may make such documents available to the Administrative Agent and the Lenders at its website
located at www.central.com and through the United States SEC’s EDGAR system (“EDGAR”) or by transmitting such documents electronically to the Administrative Agent and the Lenders. The Administrative Agent shall provide
to any Lender hard copies of such documents upon request if such Lender does not have access to the Company’s website or EDGAR. 

SECTION 5.02. Notices of Material Events. The Company will furnish to the Administrative Agent and each Lender prompt written
notice of the following: 
 (a) the occurrence of any Default; 

(b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or
affecting the Company or any Affiliate thereof that could reasonably be expected to result in a Material Adverse Effect; 
 (c)
the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in liability of the Company and its Subsidiaries in an aggregate amount exceeding $1,000,000; and

 (d) any other event or development that results in, or could reasonably be expected to result in, a Material Adverse Effect.

 Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the Company
setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

SECTION 5.03. Existence; Conduct of Business. The Company will, and will cause each of its Subsidiaries to, do or cause to be done
all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, qualifications, licenses, permits, privileges and franchises, patents, copyrights, trademarks and tradenames material to the conduct of its
business and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted
under Section 6.03. 
 SECTION 5.04. Payment of Obligations. The Company will, and will cause each of its
Subsidiaries to, pay its obligations, including Tax liabilities, that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being
contested in good faith by appropriate proceedings, (b) the Company or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could
not reasonably be expected to result in a Material Adverse Effect. 
  

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 SECTION 5.05. Maintenance of Properties; Insurance. The Company will, and will cause
each of its Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and (b) maintain, with financially sound and reputable insurance
companies, insurance in such amounts customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations, and the Company will furnish to the Lenders upon request of the Administrative Agent
information in reasonable detail as to the insurance so maintained. The Company shall deliver to the Administrative Agent endorsements in form and substance reasonably acceptable to the Administrative Agent (x) to all “All Risk”
physical damage insurance policies on all of the Loan Parties’ tangible real and personal property and assets and business interruption insurance policies naming the Administrative Agent as lender loss payee and (y) to all general
liability, property and casualty policies naming the Administrative Agent an additional insured; provided, that the Company shall not be required to deliver to the Administrative Agent such endorsements to any automobile insurance policies. In the
event the Company or any other Loan Party at any time or times hereafter shall fail to obtain or maintain any of the policies or insurance required herein or to pay any premium in whole or in part relating thereto, then the Administrative Agent,
without waiving or releasing any obligations or resulting Event of Default hereunder, may at any time or times thereafter (but shall be under no obligation to do so) obtain and maintain such policies of insurance and pay such premiums and take any
other action with respect thereto which the Administrative Agent deems advisable. All sums so disbursed by the Administrative Agent shall constitute part of the Secured Obligations, payable as provided in this Agreement or other Loan Documents. The
Company shall direct (and, if applicable, shall cause the other Loan Parties to direct) all insurers under policies of property damage, boiler and machinery and business interruption insurance and payors and any condemnation claim or award relating
to the property to pay all proceeds payable under such policies or with respect to such claim or award for any loss with respect to the Collateral directly to the Administrative Agent, for the benefit of the Holders of Secured Obligations, to the
extent such proceeds are required to be used to prepay the Secured Obligations pursuant to the terms hereof or any other Loan Document. Each such policy shall contain a long-form loss-payable endorsement naming the Administrative Agent as lender
loss payee, which endorsement shall be in form and substance reasonably acceptable to the Administrative Agent. 
 SECTION 5.06.
Books and Records; Inspection Rights. The Company will, and will cause each of its Subsidiaries to, keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its
business and activities. The Company will, and will cause each of its Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice, at the sole cost of the Company, to visit and
inspect any of its property, including, without limitation, the Collateral, books and financial records of the Company and its Subsidiaries, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition
with its officers and independent accountants, all at such reasonable times and as often as reasonably requested. The Company acknowledges that the Administrative Agent, after exercising its rights of inspection, may prepare and distribute to the
Lenders certain reports pertaining to the Company and its Subsidiaries’ assets for internal use by the Administrative Agent and the Lenders. 

SECTION 5.07. Compliance with Laws and Material Contractual Obligations. 

(a) The Company will, and will cause each of its Subsidiaries to, (i) comply with all laws, rules, regulations and orders of any
Governmental Authority applicable to it or its property (including without limitation Environmental Laws) and (ii) perform in all material respects its obligations under material agreements to which it is a party, in each case except where the
failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
  

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 (b) The Company will ensure, and cause each of its Subsidiaries to ensure, that no person
who owns a controlling interest in or otherwise controls a Loan Party is or shall be (i) listed on the Specially Designated Nationals and Blocked Person List maintained by OFAC of Department of the Treasury, and/or any other similar lists
maintained by OFAC pursuant to any authorizing statute, Executive Order or regulation or (ii) a person designated under Section 1(b), (c) or (d) of Executive Order No. 13224 (September 23, 2001), any related enabling
legislation or any other similar Executive Orders. 
 SECTION 5.08. Use of Proceeds. The proceeds of the Revolving Loans
will be used only (i) to finance Permitted Acquisitions, investments, Restricted Payments and payments of Subordinated Indebtedness, in each case, permitted hereunder, and Capital Expenditures and (ii) to finance the working capital needs,
and for other general corporate purposes, of the Company and its Subsidiaries in the ordinary course of business. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of
the Regulations of the Board, including Regulations T, U and X. Letters of Credit will be issued for general corporate purposes of the Company and its Subsidiaries in the ordinary course of business. 

SECTION 5.09. Subsidiary Guaranty and Collateral Documents; Additional Subsidiary Guarantors. 

(a) The Company shall cause (i) each of its Material Subsidiaries and (ii) each other Subsidiary necessary for the Company to
comply with the requirements set forth in Section 6.14, to guarantee, pursuant to a Subsidiary Guaranty or a supplement thereto, the Secured Obligations. In furtherance of the above, the Company shall promptly upon any Person becoming a
Material Subsidiary or a Subsidiary required to comply with Section 6.14 to provide written notice thereof to the Administrative Agent and the Lenders, setting forth information in reasonable detail (as requested by the Administrative Agent)
describing all of the personal property of such Person, and shall promptly (and, in any event, within thirty (30) days of becoming a Material Subsidiary or a Subsidiary required to comply with Section 6.14) (A) cause such Person to
execute a Subsidiary Guaranty and a Pledge and Security Agreement (or joinders or supplements thereto) and such other Collateral Documents as are reasonably necessary for the Company and its Subsidiaries to comply with this Section 5.09 and
Section 5.10, (B) cause the Applicable Pledge Percentage of the issued and outstanding equity interests of such Person to be delivered to the Administrative Agent (together with undated stock powers signed in blank, if applicable) and
pledged to the Administrative Agent pursuant to an appropriate Pledge and Security Agreement (or joinder or other supplement thereto) and (C) deliver such other documentation as the Administrative Agent may reasonably request in connection with
the foregoing, including, without limitation, certified resolutions and other authority documents of such Person and, to the extent reasonably requested by the Administrative Agent with respect to Material Subsidiaries, favorable opinions of counsel
to such Person (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to above), all in form, content and scope reasonably satisfactory to the Administrative Agent. 

(b) Without limiting the foregoing clause (a), in the event that a Subsidiary Guarantor which is not a Material Subsidiary becomes a
Material Subsidiary, the Company shall promptly upon such Person becoming a Material Subsidiary provide written notice thereof to the Administrative Agent and the Lenders and shall promptly (and, in any event, within thirty (30) days of
becoming a Material Subsidiary) deliver favorable opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to in clause (a) above), all in
form, content and scope reasonably satisfactory to the Administrative Agent. 
 (c) Notwithstanding the foregoing, no Foreign
Subsidiary shall be required to execute and deliver a Subsidiary Guaranty or a Pledge and Security Agreement (or a joinder or 
  

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supplement thereto) or any such Collateral Documents if such execution and delivery would cause a Deemed Dividend Problem or a Financial Assistance Problem with respect to such Foreign Subsidiary
and, in lieu thereof, the Company and the relevant Subsidiaries shall provide the pledge agreements with respect to the Applicable Pledge Percentage of Equity Interests of such Foreign Subsidiary required under this Section 5.09 or
Section 5.10. 
 SECTION 5.10. Collateral. 

(a) The Company will cause, and will cause each other Loan Party to cause, all of its owned existing and future personal property
(including, without limitation, all existing and future intercompany Indebtedness and all existing and future Equity Interests in Subsidiaries, subject to the limitations herein) to be subject at all times to first priority, perfected Liens in favor
of the Administrative Agent for the benefit of the Holders of Secured Obligations, to secure the Secured Obligations in accordance with the terms and conditions of the Collateral Documents, subject in any case to Liens permitted by Section 6.02
hereof. Without limiting the generality of the foregoing, the Company will cause the Applicable Pledge Percentage of the issued and outstanding Equity Interests of each Subsidiary directly owned by the Company or any other Loan Party to be subject
at all times to a first priority, perfected Lien in favor of the Administrative Agent in accordance with the terms and conditions of the Collateral Documents or such other security documents as the Administrative Agent shall reasonably request,
together with such other documentation as the Administrative Agent may reasonably request in connection with the foregoing, including, without limitation, certified resolutions and other authority documents of such Person and, to the extent
reasonably requested by the Administrative Agent, customary opinions of counsel with respect to such Person (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to above and
attachment and perfection of all Liens thereunder), all in form, content and scope reasonably satisfactory to the Administrative Agent; provided, however, that notwithstanding the foregoing, no pledge agreement in respect of the
Applicable Pledge Percentage of the Equity Interests of a Foreign Subsidiary shall be required to be governed by the applicable local law where such Foreign Subsidiary is organized and supported by opinions of local counsel is organized unless such
Foreign Subsidiary is a Material Subsidiary. 
 (b) The Lenders and the Company, on behalf of itself and the other Loan Parties,
irrevocably authorize the Administrative Agent, at its option and in its reasonable judgment, in the event that, at any time, the Administrative Agent determines that it does not have a first priority, perfected Lien on substantially all of the
personal property of any Loan Party to secure the Secured Obligations, to obtain first priority, perfected Liens on such unencumbered assets as the Administrative Agent deems necessary (or at the direction of the Required Lenders) to secure the
Secured Obligations. The Company shall provide, and cause the other Loan Parties to provide, the Administrative Agent with all information reasonably requested by the Administrative Agent from time to time related to assets owned by the Company and
the its Subsidiaries, shall cooperate fully with the Administrative Agent with respect to the performance of due diligence and the execution of instruments and other Collateral Documents and making of any filings necessary to facilitate such Lien
perfection (including, without limitation, certified resolutions and other authority documents of any applicable Subsidiary and, to the extent requested by the Administrative Agent, customary opinions of counsel with respect to such Subsidiary
(which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to above and attachment and perfection of all Liens thereunder), all in form, content and scope reasonably satisfactory
to the Administrative Agent) and shall pay all reasonable costs and expenses incurred by the Administrative Agent and its counsel in connection therewith, whereupon such Subsidiary shall thereafter be deemed a “Loan Party” hereunder.

  

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 (c) If any assets are acquired by a Loan Party after the Effective Date (other than assets
constituting Collateral under the Security Agreement that become subject to the Lien under the Security Agreement upon acquisition thereof), the Company will notify the Administrative Agent thereof, and, if requested by the Administrative Agent, the
Company will cause such assets to be subjected to a Lien securing the Secured Obligations and will take, and cause the other Loan Parties to take, such actions as shall be necessary or reasonably requested by the Administrative Agent to grant and
perfect such Liens, all at the expense of the Company. 
 SECTION 5.11. Designation Under Senior Subordinated Note
Indenture. The Company will ensure that its Indebtedness under this Agreement shall at times constitute “senior debt” under and as defined in any Senior Subordinated Note Indenture. 

ARTICLE VI 

Negative Covenants 

Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees and other amounts payable
hereunder and under the other Loan Documents have been paid in full and all Letters of Credit have expired or terminated (unless cash collateral in an amount equal to 105% of the aggregate undrawn face amount of such Letters of Credit shall have
been pledged to the Administrative Agent in a manner consistent with Section 2.06(j) of this Agreement) and all LC Disbursements shall have been reimbursed, the Company covenants and agrees with the Lenders that: 

SECTION 6.01. Indebtedness. The Company will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist
any Indebtedness, except: 
 (a) the Secured Obligations and any other Indebtedness created under the Loan Documents;

 (b) Indebtedness existing on the date hereof and set forth in Schedule 6.01 (including the Senior Subordinated Notes
described therein), and extensions, renewals and replacements of any Indebtedness permitted under this clause (b) with Indebtedness of a similar type; provided that, except for other Subordinated Indebtedness permitted by
Section 6.01(h), (i) the principal amount of such Indebtedness is not increased, (ii) any Liens securing such Indebtedness are not extended to any additional property of any Loan Party, (iii) no Loan Party that is not originally
obligated with respect to repayment of such Indebtedness is required to become obligated with respect thereto, (iv) such extension, refinancing or renewal does not result in a shortening of the Weighted Average Life to Maturity of the
Indebtedness so extended, refinanced or renewed, (v) the terms of any such extension, refinancing, or renewal are not less favorable (taken as a whole, as determined by the Administrative Agent) to the obligor or obligors thereunder than the
original terms of such Indebtedness and (vi) if the Indebtedness that is refinanced, renewed, or extended was subordinated in right of payment or Liens to the Secured Obligations, then the terms and conditions of the refinancing, renewal, or
extension Indebtedness must include subordination terms and conditions that are at least as favorable to the Administrative Agent and the Lenders as those that were applicable to the refinanced, renewed, or extended Indebtedness (any extended,
renewed or replacement Indebtedness having the attributes referred to in the preceding clauses (i) through (vi) being referred to as “Refinancing Indebtedness”); 

(c) Indebtedness of the Company to any Subsidiary and of any Subsidiary to the Company or any other Subsidiary; provided that
(i) Indebtedness of any Subsidiary that is not a Loan Party to any Loan Party shall be subject to Section 6.04(g), (ii) Indebtedness of the Company or any Subsidiary to a Loan Party shall be subject to a first priority Lien in favor
of the Administrative Agent 
  

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(for itself and the Holders of Secured Obligations) as Collateral for the Secured Obligations and (iii) Indebtedness of any Loan Party shall be subordinated to the Secured Obligations on
terms reasonably satisfactory to the Administrative Agent; 
 (d) Guarantees by the Company of Indebtedness of any Subsidiary
and by any Subsidiary of Indebtedness of the Company or any other Subsidiary; provided that (i) the Indebtedness so guaranteed is permitted by this Section 6.01, (ii) Guarantees by any Loan Party of Indebtedness of any
Subsidiary that is not a Loan Party shall be subject to Section 6.04 and (iii) Guarantees permitted under this clause (d) shall be subordinated to the Secured Obligations of the Company or the applicable Subsidiary on the same terms
as the Indebtedness so guaranteed is subordinated to the Secured Obligations; 
 (e) Indebtedness of the Company or any
Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets, including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien
on any such assets prior to the acquisition thereof, and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof; provided that (i) such Indebtedness is incurred prior
to or within 180 days after such acquisition or the completion of such construction or improvement and (ii) the aggregate principal amount of Indebtedness permitted by this clause (e) shall not exceed $20,000,000 at any time outstanding;

 (f) Indebtedness of the Company or any Subsidiary incurred pursuant to Permitted Receivables Facilities; it being understood
and agreed that the Attributable Receivables Indebtedness thereunder shall not exceed an aggregate amount of $100,000,000 at any time outstanding; 

(g) Indebtedness of the Company or any Subsidiary as an account party in respect of trade letters of credit; 

(h) other Subordinated Indebtedness (for the avoidance of doubt, subject to the terms and conditions in the definition thereof);
provided that the Company shall have demonstrated to the Administrative Agent’s reasonable satisfaction that, after giving effect to the incurrence of such Subordinated Indebtedness, the Company and its Subsidiaries are in compliance on
a pro forma basis with the covenants contained in Sections 6.14 and 6.15 recomputed as of the last day of the most recently ended fiscal quarter of the Company for which financial statements are available, as if such Subordinated Indebtedness had
been incurred on the first day of each relevant period for testing such compliance; and 
 (i) other Indebtedness of the Company
and its Subsidiaries, not otherwise permitted by this Section, at any time outstanding not exceeding 15% of Consolidated Net Worth; provided that the aggregate principal amount of Indebtedness of the Company’s Subsidiaries that are not
Loan Parties permitted by this clause (i) shall not exceed at any time outstanding $40,000,000 minus the amount of intercompany Indebtedness incurred by such Subsidiaries pursuant to clause (c) above. 

SECTION 6.02. Liens. The Company will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any
Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except: 

(a) Permitted Encumbrances; 

(b) any Lien on any property or asset of the Company or any Subsidiary existing on the date hereof and set forth in Schedule 6.02;
provided that (i) such Lien shall not apply to any other 
  

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property or asset of the Company or any Subsidiary and (ii) such Lien shall secure only those obligations which it secures on the date hereof and extensions, renewals and replacements
thereof permitted by Section 6.01; 
 (c) Liens on fixed or capital assets acquired, constructed or improved by the Company
or any Subsidiary; provided that (i) such security interests secure Indebtedness (including Capitalized Lease Obligations) permitted by clause (e) of Section 6.01, (ii) such security interests and the Indebtedness secured
thereby are incurred prior to or within 180 days after such acquisition or the completion of such construction or improvement, (iii) the Indebtedness secured thereby does not exceed 100% of the cost of acquiring, constructing or improving
such fixed or capital assets and (iv) such security interests shall not apply to any other property or assets of the Company or any Subsidiary; 

(d) Liens on Permitted Receivables Facility Assets in connection with or to secure Indebtedness arising under Permitted Receivables
Facilities; 
 (e) customary bankers’ Liens and rights of setoff arising by operation of law and incurred on deposits made
in the ordinary course of business; 
 (f) Liens securing the Secured Obligations in favor of the Administrative Agent for the
benefit of itself and the Holders of Secured Obligations created pursuant to any Loan Document; 
 (g) Liens in favor of the
Company or any Subsidiary securing Indebtedness of the Company or a Subsidiary permitted under Section 6.01(c); provided, that any such Liens on assets of a Loan Party shall be subordinated in a manner acceptable to the Administrative
Agent to Liens in favor of the Administrative Agent for the benefit of itself and the Holders of Secured Obligations created pursuant to any Loan Document; 

(h) Liens on property of a Person existing at the time such Person is merged with or into or consolidated with the Company or any of its
Subsidiaries; provided that such Liens (i) were in existence prior to the contemplation of such merger or consolidation, (ii) do not extend to any assets other than those of the Person merged into or consolidated with the Company or
the Subsidiary and (iii) shall secure only those obligations which it secures on the date such Person is merged with or into or consolidated with into the Company or such Subsidiary; 

(i) Liens on property (including Equity Interests) existing at the time of acquisition of the property by the Company or any of its
Subsidiaries, provided that such Liens (i) were in existence prior to the contemplation of such acquisition, (ii) do not extend to any property other than that acquired and (iii) shall secure only those obligations which it
secures on the date of such acquisition; 
 (j) Liens upon specific items of inventory or other goods in transit and proceeds
thereof securing obligations in respect of bankers’ acceptances issued or created to facilitate the purchase, shipment or storage of such inventory or other goods in the ordinary course of business; provided, that the aggregate value of
all inventory and other goods securing such obligations shall not exceed $20,000,000 at any time; 
 (k) to the extent
constituting Liens, precautionary financing statements with respect to a lessor’s rights in and to personal property leased under operating leases (but not Capitalized Leases) to the Company or any of its Subsidiaries in the ordinary course of
the Company or the Subsidiary’s business and only covering the property so leased; 
  

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 (l) Liens granted by a Subsidiary in favor of a licensor under any intellectual property
license agreement entered into by such Subsidiary, as licensee, in the ordinary course of such Subsidiary’s business; provided that (i) such Liens do not encumber any property other than the intellectual property licensed by such
Subsidiary pursuant to the applicable license agreement and the property manufactured or sold by such Subsidiary utilizing such intellectual property and (ii) the value of the property subject to such Liens does not, at any time, exceed $10
million in the aggregate for all such licenses; 
 (m) Liens securing permitted Refinancing Indebtedness with respect to any
permitted Indebtedness secured by Liens permitted by clause (h); provided that, for the avoidance of doubt, such Liens do not extend to any property other than the property which secured the Indebtedness so refinanced and the principal amount
of such Indebtedness shall not be increased; and 
 (n) other Liens securing Indebtedness having an aggregate principal amount
not to exceed $50,000,000 at any time. 
 SECTION 6.03. Fundamental Changes. 

(a) The Company will not, and will not permit any Subsidiary to, merge into or consolidate with any other Person, or permit any other
Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose (including pursuant to a Sale and Leaseback Transaction) of (in one transaction or in a series of transactions) any of its assets, or all or substantially all
of the Equity Interests of any of its Subsidiaries (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred and
be continuing: 
 (i) any Person may merge into the Company in a transaction in which the Company is the
surviving corporation; 
 (ii) any Person (other than the Company) may merge into any Subsidiary in a transaction
in which the surviving entity is a Subsidiary; provided, that if any party to such merger is a Subsidiary that is a Borrower or a Subsidiary Guarantor, the surviving entity shall be or become a Borrower or a Subsidiary Guarantor, as the case
may be, concurrently with such merger; 
 (iii) any Subsidiary that is not a Loan Party may liquidate or dissolve
if the Company determines in good faith that such liquidation or dissolution is in the best interests of the Company and is not materially disadvantageous to the Lenders; and 

(iv) any Asset Sale permitted pursuant to Section 6.10 may be consummated; 

provided that any merger described in this Section 6.03(a) involving a Person that is not a wholly owned Subsidiary immediately prior to such
merger shall not be permitted unless also permitted by Section 6.04. 
 (b) The Company will not, and will not permit any
of its Subsidiaries to, engage to any material extent in any business other than Permitted Businesses. 
 SECTION 6.04.
Investments, Loans, Advances, Guarantees and Acquisitions. The Company will not, and will not permit any of its Subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a wholly owned
Subsidiary prior to such merger) 
  

 73 

 
any Equity Interests, evidences of indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or
advances to, Guarantee any obligations of, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person
constituting a business unit, except: 
 (a) Permitted Investments; 

(b) investments by the Company and its Subsidiaries existing on the date hereof in the capital stock of their respective Subsidiaries, as
set forth on Schedule 3.01; 
 (c) (i) payroll, travel and similar loans and advances to employees and officers of the
Company and its Subsidiaries for bona fide business purposes incurred in the ordinary course of business and consistent with past practice or (ii) other loans and advances to employees and officers of the Company and its Subsidiaries (including
to fund such person’s purchase of Equity Interests of the Company pursuant to compensatory plans) approved by the board of directors in good faith; provided, that the aggregate principal amount of all such loans and advances described in
this clause (ii) shall not exceed $1,000,000 at any time outstanding; 
 (d) to the extent constituting investments, Swap
Agreements entered into in the ordinary course of business and otherwise in compliance with this Agreement; 
 (e) investments
in securities of trade creditors or customers received pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such trade creditors or customers or in good faith settlement of delinquent obligations of such
trade creditors or customers; 
 (f) investments received in compromise or resolution of litigation, arbitration or other
disputes with persons who are not Affiliates; 
 (g) investments made by the Company or its Subsidiaries as a result of
permitted non-cash consideration received in connection with an Asset Sale made in compliance with Section 2.11 hereof; 

(h) to the extent constituting investments, accounts receivable or notes receivable arising in the ordinary course of business;

 (i) subject to the other restrictions in Section 6.01, loans, advances or capital contributions made by the Company to
any Subsidiary and made by any Subsidiary to the Company or any other Subsidiary; provided that not more than $25,000,000 in loans, advances or capital contributions may be made and remain outstanding, during the term of this Agreement, by
any Loan Party to a Subsidiary which is not a Loan Party; 
 (j) Guarantees constituting Indebtedness permitted by
Section 6.01; 
 (k) investments made in connection with a Permitted Receivables Facility that is a Receivables
Securitization Facility; 
 (l) any investment, loan or advance in any Person to the extent it consists of prepaid expenses,
negotiable instruments held for collection and lease, utility and workers’ compensation, performance and other similar deposits made in the ordinary course of business; 

 

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 (m) Permitted Acquisitions; 

(n) Permitted Payments (to the extent constituting investments); 

(o) any other investment, loan or advance (other than acquisitions) made during the term of this Agreement in an aggregate amount not to
exceed the greater of (A) $75 million and (B) 7.5% of the total consolidated assets of the Company and its Subsidiaries, determined in accordance with GAAP and as set forth on the Company’s most recently available internal
consolidated balance sheet as of such date; and 
 (p) if no Default has occurred and is continuing, any other investment, loan
or advance which would not cause the Permitted Payment Usage to exceed the Permitted Payment Amount. 
 SECTION 6.05. Swap
Agreements. The Company will not, and will not permit any of its Subsidiaries to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which the Company or any Subsidiary has actual exposure
(other than those in respect of Equity Interests of the Company or any of its Subsidiaries), 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 the Company or any Subsidiary. 

SECTION 6.06. Restricted Payments. The Company will not, and will not permit any of its Subsidiaries to, declare or make, or agree
to pay or make, directly or indirectly, any Restricted Payment, except (a) the Company may declare and pay dividends with respect to its Equity Interests payable solely in additional shares of its common stock, (b) the Company may make
Permitted Payments, and (c) the Company may make Restricted Payments by means of net settlement payments pursuant to and in accordance with stock option plans or other benefit plans for management, consultants or employees of the Company and
its Subsidiaries, and (d) if no Default has occurred and is continuing, the Company may make additional Restricted Payments if the making of such Restricted Payments would not cause the Permitted Payment Usage to exceed the Permitted Payment
Amount. 
 SECTION 6.07. Transactions with Affiliates. The Company will not, and will not permit any of its Subsidiaries
to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) in the ordinary course
of business at prices and on terms and conditions not less favorable to the Company or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions permitted by the terms of this Agreement
solely between or among the Company and its wholly owned Subsidiaries and not involving any other Affiliate and (c) any Restricted Payment permitted by Section 6.06. 

SECTION 6.08. Restrictive Agreements. The Company will not, and will not permit any of its Subsidiaries to, directly or
indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Company or any Subsidiary to create, incur or permit to exist any Lien upon any
of its property or assets in favor of the Administrative Agent (for the benefit of itself and the other Holders of Secured Obligations) to secure the Secured Obligations, or (b) the ability of any Subsidiary to pay dividends or other
distributions with respect to holders of its Equity Interests or to make or repay loans or advances to the Company or any other Subsidiary or to Guarantee Indebtedness of the Company or any other Subsidiary; provided that (i) the
foregoing shall not apply to restrictions and conditions imposed by law or by this Agreement and the other Loan Documents, (ii) the foregoing shall not apply to restrictions and conditions existing on the date 

 

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hereof and specifically identified on Schedule 6.08 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or
condition), (iii) the foregoing shall not apply to customary restrictions and conditions contained in Permitted Receivables Facility Documents, (iv) the foregoing shall not apply to restrictions and conditions contained in any Senior
Subordinated Note Indenture in respect of Senior Subordinated Notes to the extent such restrictions and conditions are no more restrictive than those set forth in the 2010 Indenture (as determined by the Administrative Agent); provided, that
at all times the Secured Obligations shall constitute “Senior Debt” and “Designated Senior Debt” (or other terms of like import) permitted to be incurred under any Senior Subordinated Note Indenture and the Liens created pursuant
to the Loan Documents securing the Secured Obligations shall constitute permitted Liens thereunder, and such Liens shall not be required to be shared equally and ratably with the holders of any Senior Subordinated Notes, (v) the foregoing shall
not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is
permitted hereunder, (vi) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the
property or assets securing such Indebtedness and (vii) clause (a) of the foregoing shall not apply to customary provisions in leases and other contracts restricting the assignment thereof. 

SECTION 6.09. Changes in Fiscal Year. The Company will not, nor will it permit any of its Subsidiaries to, change its fiscal year
from the basis in effect on the Effective Date. 
 SECTION 6.10. Asset Sales. The Company will not, nor will it permit
any Subsidiary to, sell, transfer, lease or otherwise dispose (including pursuant to a Sale and Leaseback Transaction) of any property or asset of the Company or any of its Subsidiaries (including a disposition of Equity Interests of any Subsidiary)
other than: 
 (a) sales or other dispositions of inventory in the ordinary course of business; 

(b) sales or other dispositions of used, obsolete, worn-out or surplus equipment or property in the ordinary course of business;

 (c) sales or transfers of Permitted Receivables Facility Assets under and in accordance with the terms of Permitted
Receivables Facilities; 
 (d) other sales, transfers, leases or other dispositions (including pursuant to a Sale and Leaseback
Transaction) of assets for fair value not exceeding 40% of the Consolidated Total Assets Basket in an aggregate amount during the term of this Agreement; provided, that (i) such sale, transfer, lease or other disposition is for at least
75% cash consideration; provided, that any consideration in the form of Productive Assets received by a Loan Party constituting Collateral that is subject to a first priority perfected Lien in favor of the Administrative Agent for the benefit
of the Holders of Secured Obligations (other than Equity Interests of a Subsidiary unless the assets of such Subsidiary are also subject to such Lien) shall be deemed to be cash for purposes of this provision; provided, further, that,
asset sales generating consideration in an aggregate amount not to exceed $10,000,000 (as identified by the Company to the Administrative Agent) shall not be subject to the foregoing 75% cash consideration requirement (it being understood and
agreed, for the avoidance of doubt that any non-cash consideration received in connection with any such sale, transfer, lease or other disposition (including, without limitation, any promissory note or other instrument) shall be pledged to the
Administrative Agent for the benefit of the Holders of Secured Obligations in accordance with (and to the extent required by) the terms of this Agreement and the Collateral Documents); and (ii) with respect to any sale, lease or disposition of
assets pursuant to this Section 6.10(d), (x) the Net Proceeds of such sale or other disposition of assets are 

 

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applied and the Aggregate Revolving Commitment is reduced, in each case to the extent required by Section 2.11(b) and (y) at the time of such sale or other disposition, and
immediately after giving effect thereto, no Default shall have occurred and be continuing. 
 SECTION 6.11. Leases. The
Company will not permit Operating Lease Obligations of the Company and its Subsidiaries, determined as of the end of each of its fiscal quarters ending on or after June 26, 2010 for the most recently ended 4 consecutive fiscal quarters
(including such fiscal quarter end), to exceed $60,000,000. The Company will not, and will not permit any Subsidiary to, enter into any Sale and Leaseback Transaction except to the extent that the underlying sale, lease, Indebtedness, Liens (if
applicable) or any other component of the transaction is otherwise permitted hereunder. 
 SECTION 6.12. Payments and
Modification of Subordinated Indebtedness. The Company will not, and will not permit any Subsidiary to, directly or indirectly voluntarily prepay, defease or in substance defease, purchase, redeem, retire or otherwise acquire, any Subordinated
Indebtedness or any Indebtedness from time to time outstanding under the Subordinated Indebtedness Documents other than (i) any Permitted Payment and (ii) if no Default has occurred and is continuing, the Company may make voluntary
prepayments in respect of such Subordinated Indebtedness if the making of such prepayment would not cause the Permitted Payment Usage to exceed the Permitted Payment Amount, in each case made in full compliance with any and all subordination
provisions applicable to such Subordinated Indebtedness. Furthermore, the Company will not, and will not permit any Subsidiary to, amend the Subordinated Indebtedness Documents or any document, agreement or instrument evidencing any Indebtedness
incurred pursuant to the Subordinated Indebtedness Documents (or any replacements, substitutions, extensions or renewals thereof) or pursuant to which such Indebtedness is issued where such amendment, modification or supplement provides for the
following or which has any of the following effects: 
 (a) increases the overall principal amount of any such Indebtedness or
increases the amount of any single scheduled installment of principal or interest; 
 (b) shortens or accelerates the date upon
which any installment of principal or interest becomes due or adds any additional mandatory redemption provisions; 
 (c)
shortens the final maturity date of such Indebtedness or otherwise accelerates the amortization schedule with respect to such Indebtedness; 

(d) increases the rate of interest accruing on such Indebtedness; 

(e) provides for the payment of additional fees or increases existing fees; 

(f) amends or modifies any financial or negative covenant (or covenant which prohibits or restricts the Company or any Subsidiary from
taking certain actions) in a manner which is more onerous or more restrictive in any material respect to the Company or such Subsidiary or which is otherwise materially adverse to the Borrower, any Subsidiary and/or the Lenders or, in the case of
any such covenant, which places material additional restrictions on the Company or such Subsidiary or which requires the Company or such Subsidiary to comply with more restrictive financial ratios or which requires the Company or such Subsidiary to
better its financial performance, in each case from that set forth in the existing applicable covenants in the Subordinated Indebtedness Documents or the applicable covenants in this Agreement; or 

(g) amends, modifies or adds any affirmative covenant in a manner which (i) when taken as a whole, is materially adverse to the
Borrower, any Subsidiary and/or the Lenders or (ii) is more 
  

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onerous than the existing applicable covenant in the Subordinated Indebtedness Documents or the applicable covenant in this Agreement. 

SECTION 6.13. Capital Expenditures. The Company will not, nor will it permit any Subsidiary to, expend, or be committed to expend,
in excess of $75,000,000 (the “Maximum Capital Expenditures Amount”) for Capital Expenditures of the Company and its Subsidiaries during any fiscal year of the Company; provided that the Maximum Capital Expenditures Amount
for any fiscal year shall be increased by an amount equal to the excess, if any (but in no event more than $10,000,000), of the Maximum Capital Expenditures Amount for the previous fiscal year (without giving effect to any adjustment in accordance
with this proviso) over the actual amount of Capital Expenditures for such previous fiscal year. 
 SECTION 6.14.
Non-Guarantor Subsidiaries; Guarantors Under Senior Subordinated Notes. The Company shall not permit (a) the portion of Consolidated EBITDA represented by Subsidiaries which are not Subsidiary Guarantors to exceed ten percent
(10%) of the Company’s Consolidated EBITDA or (b) the total assets of the Subsidiaries which are not Subsidiary Guarantors to be equal to or greater than ten percent (10%) of the Company’s Consolidated Total Assets. In
addition, the Company shall not at any time permit any Subsidiary to guaranty any other Indebtedness of a Borrower (including, without limitation, the obligations under any Senior Subordinated Note Indenture and/or any Senior Subordinated Notes)
unless and until such Subsidiary has become a Subsidiary Guarantor pursuant to, and in accordance with the terms of, Sections 5.09 and 5.10 hereof. 

SECTION 6.15. Financial Covenants. 

(a) Minimum Interest Coverage Ratio. The Company will not permit the ratio, determined as of the end of each of its fiscal
quarters ending on and after June 26, 2010 for the period of 4 consecutive fiscal quarters ending with the end of such fiscal quarter, of (i) Consolidated EBITDA to (ii) Consolidated Interest Expense, all calculated for the Company
and its Subsidiaries on a consolidated basis, to be less than 2.75 to 1.00. 
 (b) Maximum Senior Secured Leverage Ratio.
The Company will not permit the ratio, determined as of the end of each of its fiscal quarters ending on and after June 26, 2010, of (i) Consolidated Senior Secured Indebtedness as of the last day of such fiscal quarter to
(ii) Consolidated EBITDA for the period of 4 consecutive fiscal quarters ending with the end of such fiscal quarter (such ratio, the “Senior Secured Leverage Ratio”), all calculated for the Company and its Subsidiaries on a
consolidated basis, to be greater than: 
 i. 2.00 to 1.00 as of the last day of any fiscal quarter (other than
any fiscal quarter ending on or about March 31); and 
 ii. 2.25 to 1.00 as of the last day of any fiscal
quarter ending on or about March 31. 
 Notwithstanding the foregoing, if during any fiscal quarter (the “Trigger
Quarter”), an Acquisition Trigger Event shall have occurred, then the Senior Secured Leverage Ratio may be greater than 2.00 to 1.00 but shall not exceed (i) 2.50 to 1.00 as of the last day of the Trigger Quarter and the first fiscal
quarter following the Trigger Quarter and (ii) 2.25 to 1.00 for the second and third fiscal quarters following the Trigger Quarter (or 2.50 to 1.00 if such second or third fiscal quarter after such Trigger Quarter is a fiscal quarter ending on
or about March 31); provided that, the Senior Secured Leverage Ratio shall return to less than or equal to 2.00 to 1.00 as of the last day of the fourth fiscal quarter after such Trigger Quarter (or 2.25 to 1.00 if such fourth fiscal
quarter after such Trigger Quarter is a fiscal 
  

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quarter ending on or about March 31); provided, further, that following the occurrence of a Trigger Quarter, no subsequent Trigger Quarter shall be permitted to occur for
purposes of this covenant calculation until the fifth fiscal quarter following the preceding Acquisition Trigger Event. 

ARTICLE VII 

Events of Default 

If any of the following events (“Events of Default”) shall occur: 

(a) any Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC 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 otherwise; 

(b) any Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause
(a) of this Article) payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three (3) Business Days; 

(c) any representation or warranty made or deemed made by or on behalf of any Borrower or any Subsidiary in or in connection with this
Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this
Agreement or any other Loan Document or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect when made or deemed made; 

(d) (i) the Company or any Subsidiary shall fail to observe or perform any covenant, condition or agreement contained in
Section 5.02, 5.03 (with respect to organizational existence), 5.08, 5.09 or 5.10 or in Article VI or X or (ii) any Loan Document shall for any reason not be or shall cease to be in full force and effect or is declared to be null and void,
or the Company or any Loan Party takes any action for the purpose of terminating, repudiating or rescinding any Loan Document or any of its obligations thereunder not otherwise permitted hereunder; 

(e) any Borrower or any Subsidiary Guarantor, as applicable, shall fail to observe or perform any covenant, condition or agreement
contained in this Agreement (other than those specified in clause (a), (b) or (d) of this Article) or any other Loan Document, and such failure shall continue unremedied for a period of thirty (30) days after the earlier to occur of
(i) written notice thereof from the Administrative Agent to the Company (which notice will be given at the request of any Lender) or (ii) the date on which an officer of the Company knew or should have known of such failure; 

(f) the Company or any Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect
of any Material Indebtedness, when and as the same shall become due and payable after all applicable grace periods; 
 (g) any
event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material
Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this
clause (g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; 

 

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 (h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed
seeking (i) bankruptcy, winding up, dissolution, liquidation, reorganization or other relief in respect of the Company or any Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy,
insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Company or any Subsidiary or for a substantial part of its
assets, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered; 

(i) the Company or any Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking bankruptcy, winding up,
dissolution, liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and
appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Company or any
Subsidiary or for a substantial part of its assets, (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) take
any action for the purpose of effecting any of the foregoing; 
 (j) the Company or any Subsidiary shall become unable, admit in
writing its inability or fail generally to pay its debts as they become due; 
 (k) one or more judgments for the payment of
money in an aggregate amount in excess of $20,000,000 shall be rendered against the Company, any Subsidiary or any combination thereof (excluding amounts to the extent covered by a valid and binding policy of insurance between the defendant and the
insurer covering full payment thereof and with respect to which such insurer has been notified, and has not disputed the claim made for payment), or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the
Company or any Subsidiary to enforce any such judgment, and the same shall remain undischarged, unstayed (including pursuant to an appeal), unvacated or unbonded, as appropriate, for a period of sixty (60) consecutive days; 

(l) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that
have occurred, could reasonably be expected to result in a Material Adverse Effect; 
 (m) a Change in Control shall occur;

 (n) any Collateral Document shall for any reason fail to create a valid and perfected first priority security interest in any
Collateral purported to be covered thereby, except as permitted by the terms of any Collateral Document; or 
 (o) any Loan
Document shall fail to remain in full force or effect or any action shall be taken or shall be failed to be taken to discontinue or to assert the invalidity or unenforceability of, or which results in the discontinuation or invalidity or
unenforceability of, any Loan Document or any Lien in favor of the Administrative Agent under the Loan Documents, or such Lien shall not have the priority contemplated by the Loan Documents; or 

(p) the subordination provisions of any Senior Subordinated Notes or any Senior Subordinated Note Indenture shall fail to be enforceable
against the holders thereof in accordance with their terms; 
  

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 then, and in every such event (other than an event with respect to any Borrower described in clause
(h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Company, take either or both of the following
actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any
principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations
of the Borrowers accrued hereunder and under the other Loan Documents, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers; and in case of any
event with respect to any Borrower described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other
obligations accrued hereunder and under the other Loan Documents, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers. Upon the occurrence and
during the continuance of an Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, exercise any rights and remedies provided to the Administrative Agent under the Loan Documents or at law or equity,
including all remedies provided under the Uniform Commercial Code. 
 ARTICLE VIII 

The Administrative Agent 

Each of the Lenders and the Issuing Bank hereby irrevocably appoints the Administrative Agent as its agent and authorizes the
Administrative Agent to take such actions on its behalf, and on behalf of the Holders of Secured Obligations, including execution of the other Loan Documents, and to exercise such powers as are delegated to the Administrative Agent by the terms of
the Loan Documents, together with such actions and powers as are reasonably incidental thereto. 
 The bank serving as the
Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from,
lend money to and generally engage in any kind of business with Company or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder. 

The Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without
limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent shall not
have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is required to exercise in writing as directed by
the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and (c) except as expressly set forth in the Loan Documents, the Administrative Agent shall
not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Company or any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its
Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary
under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of

  

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any Default unless and until written notice thereof is given to the Administrative Agent by the Company or a Lender, and the Administrative Agent shall not be responsible for or have any duty to
ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or in connection with any Loan
Document, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any
other agreement, instrument or document, (v) the creation, perfection or priority of Liens on the Collateral or the existence of the Collateral or (vi) the satisfaction of any condition set forth in Article IV or elsewhere herein, other
than to confirm receipt of items expressly required to be delivered to the Administrative Agent or its counsel. 
 The
Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed
or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative
Agent may consult with legal counsel (who may be counsel for the Company), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel,
accountants or experts. 
 The Administrative Agent may perform any and all its duties and exercise its rights and powers by or
through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory
provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit
facilities provided for herein as well as activities as Administrative Agent. 
 Subject to the appointment and acceptance of a
successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders, the Issuing Bank and the Company. Upon any such resignation, the Required Lenders shall have the right, in
consultation with the Company, to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of
its resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon
the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring
Administrative Agent shall be discharged from its duties and obligations hereunder. The fees payable by any Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between such
Borrower and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their
respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent. 

Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on
such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any
other Lender and based on such documents and information as it shall from time to time deem appropriate, 
  

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continue to make its own decisions in taking or not taking action under or based upon this Agreement, any Loan Document or any related agreement or any document furnished hereunder or thereunder.

 None of the Lenders, if any, identified in this Agreement as a Syndication Agent or Co-Documentation Agent, shall have any
right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such. Without limiting the foregoing, none of such Lenders shall have or be deemed to have a fiduciary relationship with
any Lender. Each Lender hereby makes the same acknowledgments with respect to the relevant Lenders in their respective capacities as Syndication Agent or Co-Documentation Agents, as applicable, as it makes with respect to the Administrative Agent in
the preceding paragraph. 
 Except with respect to the exercise of setoff rights of any Lender, including the Issuing Bank, in
accordance with Section 9.08, the proceeds of which are applied in accordance with this Agreement and the other Loan Documents, and subject to the agreements in the second succeeding paragraph, each Lender agrees that it will not take any
action, nor institute any actions or proceedings, against any Borrower or other Loan Party with respect to any Loan Document without the prior written consent of the Required Lenders or, as may be provided in this Agreement or the other Loan
Documents, with the consent of the Administrative Agent. 
 The Lenders, including the Issuing Bank, are not partners or
co-venturers, and no Lender shall be liable for the acts or omissions of, or (except as otherwise set forth herein in case of the Administrative Agent) authorized to act for, any other Lender. The Administrative Agent shall have the exclusive right
on behalf of the Lenders to enforce the payment of the principal of and interest on any Loan or any Letter of Credit after the date such principal or interest has become due and payable pursuant to the terms of this Agreement. 

In its capacity, the Administrative Agent is a “representative” of the Holders of Secured Obligations within the meaning of the
term “secured party” as defined in the New York Uniform Commercial Code. Each Lender authorizes the Administrative Agent to enter into each of the Collateral Documents to which it is a party and to take all action contemplated by such
documents. Each Lender agrees that no Holder of Secured Obligations (other than the Administrative Agent) shall have the right individually to seek to realize upon the security granted by any Collateral Document, it being understood and agreed that
such rights and remedies may be exercised solely by the Administrative Agent for the benefit of the Holders of Secured Obligations upon the terms of the Collateral Documents. In the event that any Collateral is hereafter pledged by any Person as
collateral security for the Secured Obligations, the Administrative Agent is hereby authorized, and hereby granted a power of attorney, to execute and deliver on behalf of the Holders of Secured Obligations any Loan Documents necessary or
appropriate to grant and perfect a Lien on such Collateral in favor of the Administrative Agent on behalf of the Holders of Secured Obligations. The Administrative Agent is further authorized, and hereby granted a power of attorney, to execute and
deliver on behalf of the Holders of Secured Obligations any intercreditor agreements necessary or appropriate to subordinate Subordinated Indebtedness to the Secured Obligations. The Lenders hereby authorize the Administrative Agent, at its option
and in its discretion, to release any Lien granted to or held by the Administrative Agent upon any Collateral (i) as described in Section 9.02(d); (ii) as permitted by, but only in accordance with, the terms of the applicable Loan
Document; or (iii) if approved, authorized or ratified in writing by the Required Lenders, unless such release is required to be approved by all of the Lenders hereunder. Upon request by the Administrative Agent at any time, the Lenders will
confirm in writing the Administrative Agent’s authority to release particular types or items of Collateral pursuant hereto. Upon any sale or transfer of assets constituting Collateral which is permitted pursuant to the terms of any Loan
Document, or consented to in writing by the Required Lenders or all of the Lenders, as applicable, and upon at least five (5) Business Days’ prior written request by the Company to the Administrative Agent, the Administrative Agent shall
(and is 
  

 83 

 
hereby irrevocably authorized by the Lenders to) execute such documents as may be necessary to evidence the release of the Liens granted to the Administrative Agent for the benefit of the Holders
of Secured Obligations herein or pursuant hereto upon the Collateral that was sold or transferred; provided, however, that (i) the Administrative Agent shall not be required to execute any such document on terms which, in the
Administrative Agent’s opinion, would expose the Administrative Agent to liability or create any obligation or entail any consequence other than the release of such Liens without recourse or warranty, and (ii) such release shall not in any
manner discharge, affect or impair the Secured Obligations or any Liens upon (or obligations of the Company or any Subsidiary in respect of) all interests retained by the Company or any Subsidiary, including (without limitation) the proceeds of the
sale, all of which shall continue to constitute part of the Collateral. 
 The acknowledgments and agreements of any Lender in
this Article VIII shall be deemed to be made by such Lender on behalf of itself and its Affiliates. For purposes of such acknowledgements and agreements, the term “Lender” shall include the Issuing Bank. 

Each Borrower, on its behalf and on behalf of its Subsidiaries, and each Lender, on its behalf and on the behalf of its affiliated
Holders of Secured Obligations, hereby irrevocably constitute 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 each Borrower or any Subsidiary on property pursuant to the laws of the Province of Quebec to secure obligations of any Borrower or any Subsidiary under any bond, debenture or similar title of indebtedness issued by
any Borrower or any Subsidiary in connection with this Agreement, and agree that the Administrative Agent may act as the bondholder and mandatary with respect to any bond, debenture or similar title of indebtedness that may be issued by any Borrower
or any Subsidiary and pledged in favor of the Holders of Secured Obligations in connection with this Agreement. Notwithstanding the provisions of Section 32 of the An Act respecting the special powers of legal persons (Quebec), JPMorgan Chase
Bank, National Association, as Administrative Agent may acquire and be the holder of any bond issued by any Borrower or any Subsidiary in connection with this Agreement (i.e., the fondé de pouvoir may acquire and hold the first bond issued
under any deed of hypothec by any Borrower or any Subsidiary). 
 The Administrative Agent is hereby authorized to execute and
deliver any documents necessary or appropriate to create and perfect the rights of pledge for the benefit of the Holders of Secured Obligations including a right of pledge with respect to the entitlements to profits, the balance left after winding
up and the voting rights of the Company as ultimate parent of any subsidiary of the Company which is organized under the laws of the Netherlands and the Equity Interests of which are pledged in connection herewith (a “Dutch
Pledge”). Without prejudice to the provisions of this Agreement and the other Loan Documents, the parties hereto acknowledge and agree with the creation of parallel debt obligations of the Company or any relevant Subsidiary as will be
described in any Dutch Pledge (the “Parallel Debt”), including that any payment received by the Administrative Agent in respect of the Parallel Debt will - conditionally upon such payment not subsequently being avoided or reduced by
virtue of any provisions or enactments relating to bankruptcy, insolvency, preference, liquidation or similar laws of general application - be deemed a satisfaction of a pro rata portion of the corresponding amounts of the Obligations, and any
payment to the Holders of Secured Obligations in satisfaction of the Obligations shall - conditionally upon such payment not subsequently being avoided or reduced by virtue of any provisions or enactments relating to bankruptcy, insolvency,
preference, liquidation or similar laws of general application - be deemed as satisfaction of the corresponding amount of the Parallel Debt. The parties hereto acknowledge and agree that, for purposes of a Dutch Pledge, any resignation by the
Administrative Agent is not effective until its rights under the Parallel Debt are assigned to the successor Administrative Agent. 
  

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 The parties hereto acknowledge and agree for the purposes of taking and ensuring the
continuing validity of German law governed pledges (Pfandrechte) with the creation of parallel debt obligations of the Company and its Subsidiaries as will be further described in a separate German law governed parallel debt undertaking. The
Administrative Agent shall (i) hold such parallel debt undertaking as fiduciary agent (Treuhaender) and (ii) administer and hold as fiduciary agent (Treuhaender) any pledge created under a German law governed Collateral Document which is
created in favor of any Secured Party or transferred to any Secured Party due to its accessory nature (Akzessorietaet), in each case in its own name and for the account of the Holders of Secured Obligations. Each Lender, on its own behalf and on
behalf of its affiliated Holders of Secured Obligations, hereby authorizes the Administrative Agent to enter as its agent in its name and on its behalf into any German law governed Collateral Document, to accept as its agent in its name and on its
behalf any pledge under such Collateral Document and to agree to and execute as agent its in its name and on its behalf any amendments, supplements and other alterations to any such Collateral Document and to release any such Collateral Document and
any pledge created under any such Collateral Document in accordance with the provisions herein and/or the provisions in any such Collateral Document. 

ARTICLE IX 

Miscellaneous 

SECTION 9.01. Notices. 

(a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph
(b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile, as follows: 

(i) if to any Borrower, to it c/o Central Garden & Pet Company, 1340 Treat Boulevard, Suite 600, Walnut Creek,
California 94597, Attention of Chief Financial Officer (Facsimile No. (925) 947-0918); 

(ii) if to the Administrative Agent, (A) in the case of Borrowings by the Company denominated in
Dollars, to JPMorgan Chase Bank, National Association, Loan and Agency Services Group, 10 South Dearborn Street,
19th Floor, Suite IL1-0010, Chicago, Illinois 60603-2003,
Attention of April Yebd (Facsimile No. (312) 385-7096) and (B) in the case of Borrowings by any Foreign Subsidiary Borrower or Borrowings denominated in Foreign Currencies, to J.P. Morgan Europe Limited, 125 London Wall, London EC2Y 5AJ,
Attention of Claire Johnson (Facsimile No. 44 207 777 2360); 
 (iii) if to the Issuing Bank, to it at
JPMorgan Chase Bank, National Association, Global Trade Services, Regional Processing Center, 333 South Grand Avenue, Suite 3600, Los Angeles, California, Attention of Danny Blagojevic, Vice President & Manager, (Facsimile No.
(213) 621-8079); 
 (iv) if to the Swingline Lender, to it at JPMorgan Chase Bank,
National Association, Loan and Agency Services Group, 10 South Dearborn Street,
19th Floor, Suite IL1-0010, Chicago, Illinois 60603-2003,
Attention of April Yebd (Facsimile No. (312) 385-7096); and 
 (v) if to any other Lender, to it at its
address (or facsimile number) set forth in its Administrative Questionnaire. 
  

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 (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. The Administrative Agent or the Company may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such
procedures may be limited to particular notices or communications. 
 (c) Any party hereto may change its address or facsimile
number for notices and other communications hereunder by notice to the other parties hereto. 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. 
 SECTION 9.02. Waivers; Amendments. 

(a) No failure or delay by the Administrative Agent, the Issuing Bank or any Lender in exercising any right or power hereunder or under
any other 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, the 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 any Loan Document or consent to any departure by any Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then
such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver
of any Default, regardless of whether the Administrative Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time. 

(b) Except as provided in Section 2.20, neither this Agreement nor any provision hereof may be waived, amended or modified except
pursuant to an agreement or agreements in writing entered into by the Borrowers and the Required Lenders or by the Borrowers and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall
(i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon (other than (a) a waiver of the application
of the default rate of interest pursuant to Section 2.13(c) hereof or (b) as a result of a change in the definition of Total Leverage Ratio or any of the components thereof or the method of calculation thereof), or reduce any fees payable
hereunder, without the written consent of each Lender affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the
amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby, (iv) change Section 2.18(b) or (d) in a manner that would alter
the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) change any of the provisions of this Section or the definition of “Required Lenders” or any other provision hereof specifying the
number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender, (vi) other than pursuant to a transaction permitted by
the terms of this Agreement or any other Loan Document, (x) release all or substantially all of the Collateral or (y) release the Company or all or substantially all of the Subsidiary Guarantors from, their respective obligations under
Article X or the Subsidiary Guaranties, as applicable, without the written consent of each Lender or (vii) amend, waive or modify Section 2.24 without the prior written consent of the Required Lenders, the Administrative

  

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Agent, the Issuing Bank and the Swingline Lender; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent,
the Issuing Bank or the Swingline Lender hereunder or under any other Loan Document without the prior written consent of the Administrative Agent, the Issuing Bank or the Swingline Lender, as the case may be. 

(c) Notwithstanding the foregoing, this Agreement and any other Loan Document may be amended (or amended and restated) with the written
consent of the Required Lenders, the Administrative Agent and the Borrowers to each relevant Loan Document (x) to add one or more credit facilities (in addition to the Incremental Term Loans pursuant to Section 2.20) to this Agreement and
to permit 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 Revolving Loans, Incremental Term
Loans and the accrued interest and fees in respect thereof and (y) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders and Lenders. 

(d) The Lenders hereby irrevocably authorize the Administrative Agent, at its option and in its sole discretion, to release any Liens
granted to the Administrative Agent by the Loan Parties on any Collateral (i) upon the termination of all the Commitments, payment and satisfaction in full in cash of all Secured Obligations (other than Unliquidated Obligations), and the cash
collateralization of all Unliquidated Obligations in a manner satisfactory to the Administrative Agent, (ii) constituting property being sold or disposed of if the Company certifies to the Administrative Agent that the sale or disposition is
made in compliance with the terms of this Agreement (and the Administrative Agent may rely conclusively on any such certificate, without further inquiry), (iii) constituting property leased to the Company or any Subsidiary under a lease which
has expired or been terminated in a transaction permitted under this Agreement, or (iv) as required to effect any sale or other disposition of such Collateral in connection with any exercise of remedies of the Administrative Agent and the
Lenders pursuant to Article VII. Any such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those expressly being released) upon (or obligations of the Loan Parties in respect of) all interests
retained by the Loan Parties, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral. 

(e) If, in connection with any proposed amendment, waiver or consent requiring the consent of “each Lender” or “each
Lender directly affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is not obtained (any such Lender whose consent is necessary but not obtained being referred to herein as a
“Non-Consenting Lender”), then the Company may, at is sole cost and expense, elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided that, concurrently with such replacement, (i) another
bank or other entity which is reasonably satisfactory to the Company and the Administrative Agent shall agree, as of such date, to purchase for cash the Loans and other Obligations due to the Non-Consenting Lender pursuant to an Assignment and
Assumption and to become a Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to be terminated as of such date and to comply with the requirements of clause (b) of Section 9.04, and
(ii) each Borrower shall pay to such Non-Consenting Lender in same day funds on the day of such replacement (1) all interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender by such Borrower hereunder to and
including the date of termination, including without limitation payments due to such Non-Consenting Lender under Sections 2.15 and 2.17, and (2) an amount, if any, equal to the payment which would have been due to such Lender on the day of such
replacement under Section 2.16 had the Loans of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement Lender. 

(f) Notwithstanding anything to the contrary herein the Administrative Agent may, with the consent of the Borrowers only, amend, modify
or supplement this Agreement or any of the other 
  

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Loan Documents as may be reasonably necessary or advisable to cure any ambiguity, omission, mistake, defect or inconsistency in order to more accurately reflect the intent of the parties.

 SECTION 9.03. Expenses; Indemnity; Damage Waiver. 

(a) The Company shall pay (i) all reasonable, documented out-of-pocket expenses incurred by the Administrative Agent, the Lead
Arrangers and their Affiliates, including the reasonable, documented fees, charges and disbursements of counsel for the Administrative Agent, in connection with the syndication and distribution (including, without limitation, via the internet or
through a service such as IntraLinks) of the credit facilities provided for herein, the preparation and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable, documented out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal or extension of any
Letter of Credit or any demand for payment thereunder and (iii) all documented, out-of-pocket expenses incurred by the Administrative Agent, the Issuing Bank or any Lender, including the fees, charges and disbursements of any counsel for the
Administrative Agent, the Issuing Bank or any Lender, in connection with the enforcement or protection of its rights in connection with any Loan Document, including its rights under this Section, or in connection with the Loans made or Letters of
Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. Expenses being reimbursed by the Company under this Section include, without
limiting the generality of the foregoing, costs and expenses incurred in connection with (i) lien searches, (ii) taxes, fees and other charges for filing financing statements and continuations, and other actions to perfect, protect, and
continue the Administrative Agent’s Liens and the Collateral and (iii) sums paid or incurred to take any action required of any Loan Party under the Loan Documents that such Loan Party fails to pay or take. 

(b) The Company shall indemnify the Administrative Agent, the Issuing Bank and each Lender, and each Related Party of any of the
foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements
of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any other Loan Document or agreement or instrument
contemplated hereby or thereby, the performance by the parties of this Agreement or any other Loan Document of their respective obligations hereunder or thereunder or the consummation of the Transactions or any other transactions contemplated hereby
or thereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do
not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Company or any of its Subsidiaries, or any Environmental
Liability related in any way to the Company or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and
regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses 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 the material breach of any express material obligation in the Loan Documents by such Indemnitee.

 (c) To the extent that the Company fails to pay any amount required to be paid by it to the Administrative Agent, the Issuing
Bank or the Swingline Lender or any Related Party of any of 
  

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them under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent, the Issuing Bank or the Swingline Lender, as the case may be, such
Lender’s Applicable Revolving Credit Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount (it being understood that the Company’s failure to pay any such
amount shall not relieve the Company of any default in the payment thereof); provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the
Administrative Agent, the Issuing Bank or the Swingline Lender in its capacity as such. 
 (d) To the extent permitted by
applicable law, no Borrower shall assert, and each Borrower hereby waives, any claim against any Indemnitee (i) for any damages arising from the use by others of information or other materials obtained through telecommunications, electronic or
other information transmission systems (including the Internet), or (ii), on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a
result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. 

(e) All amounts due under this Section shall be payable not later than fifteen (15) days after written demand therefor. 

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) no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written
consent of each Lender (and any attempted assignment or transfer by any Borrower without such consent shall be null and void), (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this
Section and (iii) notwithstanding anything to the contrary herein, no Lender may assign or otherwise transfer its rights or obligations hereunder in connection with a Revolving Commitment or the Revolving Loans to the Borrower or any of the
Borrower’s Affiliates or Subsidiaries. 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 Administrative Agent,
the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) (i)
Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the
time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of: 
 i. the
Company; provided that the Company shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice;
provided, further, that no consent of the Company shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee; and

  

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 ii. the Administrative Agent; and 

iii. the Issuing Bank. 

(ii) Assignments shall be subject to the following additional conditions: 

i. except in the case of an assignment to a Lender, an Affiliate or a Lender or an Approved Fund, or an assignment of the
entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to the Administrative Agent) shall not be less than the lesser of $5,000,000 and the remaining amount of such Lender’s Revolving Credit Exposure or Revolving Commitment, unless each of the Company and the
Administrative Agent otherwise consent, provided that no such consent of the Company shall be required if an Event of Default has occurred and is continuing; 

ii. each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement and the other Loan Documents, provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender’s rights and obligations in respect
of one Class of Commitments or Loans; 
 iii. the parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 (except in the case of an assignment from a Lender to an Affiliate, or an Approved Fund, of such Lender); and 

iv. the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire
in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Company and its affiliates, the Loan Parties and their Related Parties or their
respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 

For the purposes of this Section 9.04(b), the term “Approved Fund” has the following meaning: 

“Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or
investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that
administers or manages a Lender. 
 (ii) Subject to acceptance and recording thereof pursuant to paragraph
(b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and
obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an
Assignment and Assumption covering all of the assigning Lender’s rights and 
  

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obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03). 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. 
 (iii) The Administrative Agent, acting for this purpose as an agent of
each Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans and
LC Disbursements 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
Company, the Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(iv) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the
assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment
required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee
shall have failed to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(e) or 9.03(c), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the
information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. 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 the Company, the Administrative Agent, the
Issuing Bank or the Swingline Lender, 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 Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance
of such obligations and (C) the Borrowers, the Administrative Agent, the Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this
Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision
of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b)
that affects such Participant. Subject to paragraph (c)(ii) of this Section, each Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 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 9.08 as though it were a Lender, provided such Participant agrees
to be subject to Section 2.18(d) as though it were a Lender. 
 (ii) A Participant shall not be entitled to receive any
greater payment under Section 2.15 or 2.17 than the applicable Lender would have been entitled to receive with respect to the 

 

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participation sold to such Participant, unless the sale of the participation to such Participant is made with the Company’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 2.17 unless the Company is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with
Section 2.17(e) as though it were a Lender. 
 (d) Any Lender may at any time pledge or assign a security interest in all
or any portion of its rights under this Agreement to secure obligations of such Lender, including without limitation 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.

 SECTION 9.05. Survival. All covenants, agreements, representations and warranties made by the Loan Parties in the Loan
Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and
delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, the Issuing Bank or
any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any
Loan or any 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 expired or terminated. The provisions of Sections
2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit
and the Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof. 

SECTION 9.06. Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties
hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees
payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.
Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear
the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this
Agreement by facsimile or other electronic imaging shall be effective as delivery of a manually executed counterpart of this Agreement. 

SECTION 9.07. Severability. Any provision of any Loan Document held to be invalid, illegal or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular
provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION 9.08. Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, 
  

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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 and in whatever currency denominated) at any time held
and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of any Borrower against any of and all of the Secured Obligations held by such Lender, irrespective of whether or not such Lender shall have made
any demand under any Loan Document and although such obligations may be unmatured. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 

SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process. 

(a) This Agreement shall be construed in accordance with and governed by the law of the State of New York. 

(b) Each Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the
Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this
Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State
or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. Nothing in this Agreement or any other Loan Document shall affect any right that the Administrative Agent, the Issuing Bank or any Lender or the Borrower may otherwise have to bring any action or proceeding relating to
this Agreement against any Borrower or its properties in the courts of any jurisdiction or against any Lender, as the case may be. 

(c) Each Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section. Each of the
parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01. Each
Foreign Subsidiary Borrower irrevocably designates and appoints the Company, as its authorized agent, to accept and acknowledge on its behalf, service of any and all process which may be served in any suit, action or proceeding of the nature
referred to in Section 9.09(b) in any federal or New York State court sitting in New York City. The Company hereby represents, warrants and confirms that the Company has agreed to accept such appointment (and any similar appointment by a
Subsidiary Guarantor which is a Foreign Subsidiary). Said designation and appointment shall be irrevocable by each such Foreign Subsidiary Borrower until all Loans, all reimbursement obligations, interest thereon and all other amounts payable by
such Foreign Subsidiary Borrower hereunder and under the other Loan Documents shall have been paid in full in accordance with the provisions hereof and thereof and such Foreign Subsidiary Borrower shall have been terminated as a Borrower hereunder
pursuant to Section 2.23. Each Foreign Subsidiary Borrower hereby consents to process being served in any suit, action or proceeding of the nature referred to in Section 9.09(b) in any federal or New York State court sitting in New York
City by service of process upon the Company as provided in this Section 9.09(d); provided that, to the extent lawful and possible, notice of said service upon such agent shall be mailed by registered or certified air mail, postage
prepaid, return receipt requested, to the Company and (if applicable to) such Foreign Subsidiary Borrower at its address set forth 

 

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in the Borrowing Subsidiary Agreement to which it is a party or to any other address of which such Foreign Subsidiary Borrower shall have given written notice to the Administrative Agent (with a
copy thereof to the Company). Each Foreign Subsidiary Borrower irrevocably waives, to the fullest extent permitted by law, all claim of error by reason of any such service in such manner and agrees that such service shall be deemed in every respect
effective service of process upon such Foreign Subsidiary Borrower in any such suit, action or proceeding and shall, to the fullest extent permitted by law, be taken and held to be valid and personal service upon and personal delivery to such
Foreign Subsidiary Borrower. To the extent any Foreign Subsidiary Borrower has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether from service or notice, attachment prior to judgment, attachment
in aid of execution of a judgment, execution or otherwise), each Foreign Subsidiary Borrower hereby irrevocably waives such immunity in respect of its obligations under the Loan Documents. Nothing in this Agreement or any other Loan Document will
affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 SECTION 9.10.
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT,
ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 SECTION 9.11. Headings. Article and Section headings
and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

SECTION 9.12. Confidentiality. 

(a) Each of the Administrative Agent, the Issuing Bank and the Lenders agrees to maintain the confidentiality of the Information (as
defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such
disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority (including any self-regulatory authority, such as
the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the
exercise of any remedies under this Agreement or any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement
containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or
prospective counterparty (or its advisors) to any swap or derivative transaction relating to any Borrower and its obligations, (g) with the consent of the Company or (h) to the extent such Information (i) becomes publicly available
other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, the Issuing Bank or any Lender on a non-confidential basis from a source other than the Company or any of its Subsidiaries. For the
purposes of this Section, “Information” means all 
  

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information received from the Company relating to the Company or its business, other than any such information that is available to the Administrative Agent, the Issuing Bank or any Lender on a
non-confidential basis prior to disclosure by the Company; provided that, in the case of information received from the Company after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person
required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such
Information as such Person would accord to its own confidential information. 
 (b) EACH LENDER ACKNOWLEDGES THAT INFORMATION AS
DEFINED IN SECTION 9.12(a) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWERS AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE
PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS. 

(c) ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY ANY BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR
IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWERS (AND THEIR AFFILIATES, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE
SECURITIES) AND ITS SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWERS AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL
NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW. 
 SECTION 9.13. USA PATRIOT Act.
Each Lender that is subject to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies each Loan Party that pursuant to the requirements of the Act,
it is required to obtain, verify and record information that identifies such Loan Party, which information includes the name and address of such Loan Party and other information that will allow such Lender to identify such Loan Party in accordance
with the Act. 
 SECTION 9.14. Confirmation of Co-Obligors. Each of the Subsidiary Guarantors hereby enters into this
Agreement in order to ratify and affirm its obligations under the Subsidiary Guaranty that such Subsidiary Guarantor is a co-obligor, jointly and severally with the Borrowers and the other Subsidiary Guarantors, with respect to the full and punctual
payment and performance when due (whether at stated maturity, upon acceleration or otherwise) of the Secured Obligations, including, without limitation, (i) the principal of and interest on each Loan made to any Borrower for the benefit of the
Company, such Borrower and/or such Subsidiary Guarantor pursuant to this Agreement (it being acknowledged and agreed by the Administrative Agent and each Lender that Loans being made to any Borrower hereunder may be further advanced to one or more
Subsidiary Guarantors by such Borrower), (ii) obligations owing under or in connection with Letters of Credit (it being acknowledged and agreed by the Administrative Agent and each Lender that Letters of Credit being issued for the benefit of a
Borrower hereunder may in fact be for the benefit of one or more Subsidiary Guarantors), (iii) all other amounts payable by any Borrower under this Agreement and the other Loan Documents, including, without limitation, all obligations under any
Swap Agreement and any Banking Services Agreement, and 
  

 95 

 
(iv) the punctual and faithful performance, keeping, observance, and fulfillment by any Borrower of all of the agreements, conditions, covenants, and obligations of such Borrower contained in the
Loan Documents. 
 SECTION 9.15. Appointment for Perfection. Each Lender hereby appoints each other Lender as its agent
for the purpose of perfecting Liens, for the benefit of the Administrative Agent and the Holders of Secured Obligations, in assets which, in accordance with Article 9 of the UCC or any other applicable law can be perfected only by possession. Should
any Lender (other than the Administrative Agent) obtain possession of any such Collateral, such Lender shall notify the Administrative Agent thereof, and, promptly upon the Administrative Agent’s request therefor shall deliver such Collateral
to the Administrative Agent or otherwise deal with such Collateral in accordance with the Administrative Agent’s instructions. 

ARTICLE X 

Company Guarantee 

In order to induce the Lenders to extend credit to the other Borrowers hereunder, the Company hereby irrevocably and unconditionally
guarantees, as a primary obligor and not merely as a surety, the payment when and as due of the Secured Obligations of such other Borrowers. The Company further agrees that the due and punctual payment of such Secured Obligations may be extended or
renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound upon its guarantee hereunder notwithstanding any such extension or renewal of any such Secured Obligation. 

The Company waives presentment to, demand of payment from and protest to any Borrower of any of the Secured Obligations, and also waives
notice of acceptance of its obligations and notice of protest for nonpayment. The obligations of the Company hereunder shall not be affected by (a) the failure of the Administrative Agent, the Issuing Bank or any Lender to assert any claim or
demand or to enforce any right or remedy against any Borrower under the provisions of this Agreement, any other Loan Document or otherwise; (b) any extension or renewal of any of the Secured Obligations; (c) any rescission, waiver,
amendment or modification of, or release from, any of the terms or provisions of this Agreement, or any other Loan Document or agreement; (d) any default, failure or delay, willful or otherwise, in the performance of any of the Secured
Obligations; (e) the failure of the Administrative Agent to take any steps to perfect and maintain any security interest in, or to preserve any rights to, any security or collateral for the Secured Obligations, if any; (f) any change in
the corporate, partnership or other existence, structure or ownership of any Borrower or any other guarantor of any of the Secured Obligations; (g) the enforceability or validity of the Secured Obligations or any part thereof or the
genuineness, enforceability or validity of any agreement relating thereto or with respect to any collateral securing the Secured Obligations or any part thereof, or any other invalidity or unenforceability relating to or against any Borrower or any
other guarantor of any of the Secured Obligations, for any reason related to this Agreement, any Swap Agreement, any other Loan Document, or any provision of applicable law, decree, order or regulation of any jurisdiction purporting to prohibit the
payment by such Borrower or any other guarantor of the Secured Obligations, of any of the Secured Obligations or otherwise affecting any term of any of the Secured Obligations; or (h) any other act, omission or delay to do any other act which
may or might in any manner or to any extent vary the risk of the Company or otherwise operate as a discharge of a guarantor as a matter of law or equity or which would impair or eliminate any right of the Company to subrogation. 

Without limiting the waivers in the foregoing paragraph, the Company hereby further waives: 

 

 96 

 (a) any defense arising by reason of or deriving from (1) an election of remedies by
the Administrative Agent and the Holders of Secured Obligations or (2) any election by the Administrative Agent and the Holders of Secured Obligations under Section 1111(b) of the Chapter 11 of Title 11 of the United States Code (11 U.S.C.
101 et seq.) to limit the amount of, or any collateral securing, its claim against the Company or any other guarantor of the Secured Obligations; 

(b) pursuant to California Civil Code Section 2856, all rights and defenses arising out of an election of remedies by the creditor,
even though that election of remedies, such as a nonjudicial foreclosure with respect to security for a guaranteed obligation, has destroyed the Company’s rights of subrogation and reimbursement against any other Borrower or guarantor of the
Secured Obligations; 
 (c) the benefits of Section 2815 of the California Civil Code (or any similar law in any other
jurisdiction) purporting to allow a guarantor to revoke a continuing guaranty with respect to any transactions occurring after the date of the guaranty; and 

(d) the Company’s right, under Sections 2845 or 2850 of the California Civil Code, or otherwise, to require the Administrative Agent
and the other Holders of Secured Obligations to institute suit against, or to exhaust any rights and remedies which the Administrative Agent and the other Holders of Secured Obligations has or may have against any other Borrower or guarantor of the
Secured Obligations or any third party, or against any collateral provided by any other guarantor of the Secured Obligations, or any third party; and the Company further waives any defense arising by reason of any disability or other defense (other
than the defense that the Secured Obligations shall have been fully and finally performed and indefeasibly paid) of any other Borrower or guarantor of the Secured Obligations or by reason of the cessation from any cause whatsoever of the liability
of such other Borrowers or guarantors in respect thereof. 
 WITHOUT LIMITING THE GENERALITY OF ANY OTHER WAIVER OR OTHER
PROVISION SET FORTH IN THIS GUARANTEE, THE COMPANY HEREBY ABSOLUTELY, KNOWINGLY, UNCONDITIONALLY, AND EXPRESSLY WAIVES AND AGREES NOT TO ASSERT ANY AND ALL BENEFITS OR DEFENSES ARISING DIRECTLY OR INDIRECTLY UNDER ANY ONE OR MORE OF CALIFORNIA CIVIL
CODE SECTIONS 2799, 2808, 2809, 2810, 2815, 2819, 2820, 2821, 2822, 2825, 2839, 2845, 2848, 2849, AND 2850, AND CALIFORNIA UNIFORM COMMERCIAL CODE SECTIONS 3116, 3118, 3119, 3419, 3605. 

In accordance with Section 9.09 hereof, this Agreement shall be construed in accordance with and governed by the law of the state of
New York. The foregoing referenced provisions of California law are included solely out of an abundance of caution, and shall not be construed to mean that any of the referenced provisions of California law are in any way applicable to this
Agreement or to any of the Secured Obligations. 
 The Company further agrees that its agreement hereunder constitutes a
guarantee of payment when due (whether or not any bankruptcy or similar proceeding shall have stayed the accrual or collection of any of the Secured Obligations or operated as a discharge thereof) and not merely of collection, and waives any right
to require that any resort be had by the Administrative Agent, the Issuing Bank or any Lender to any balance of any deposit account or credit on the books of the Administrative Agent, the Issuing Bank or any Lender in favor of any Borrower or any
other Person. 
 The obligations of the Company hereunder shall not be subject to any reduction, limitation, impairment or
termination for any reason, and shall not be subject to any defense or set-off, counterclaim, recoupment or termination whatsoever, by reason of the invalidity, illegality or 

 

 97 

 
unenforceability of any of the Secured Obligations, any impossibility in the performance of any of the Secured Obligations or otherwise. 

The Company further agrees that its obligations hereunder shall continue to be effective or be reinstated, as the case may be, if at any
time payment, or any part thereof, of any Secured Obligation is rescinded or must otherwise be restored by the Administrative Agent, the Issuing Bank or any Lender upon the bankruptcy or reorganization of any Borrower or otherwise. 

In furtherance of the foregoing and not in limitation of any other right which the Administrative Agent, the Issuing Bank or any Lender
may have at law or in equity against the Company by virtue hereof, upon the failure of any other Borrower to pay any Secured Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or
otherwise, the Company hereby promises to and will, upon receipt of written demand by the Administrative Agent, the Issuing Bank or any Lender, forthwith pay, or cause to be paid, to the Administrative Agent, the Issuing Bank or any Lender in cash
an amount equal to the unpaid principal amount of such Secured Obligations then due, together with accrued and unpaid interest thereon. The Company further agrees that if payment in respect of any Secured Obligation shall be due in a
currency other than Dollars and/or at a place of payment other than New York, Chicago or any other Eurocurrency Payment Office and if, by reason of any Change in Law, disruption of currency or foreign exchange markets, war or civil disturbance
or other event, payment of such Secured Obligation in such currency or at such place of payment shall be impossible or, in the reasonable judgment of the Administrative Agent, the Issuing Bank or any Lender, disadvantageous to the Administrative
Agent, the Issuing Bank or any Lender in any material respect, then, at the election of the Administrative Agent, the Company shall make payment of such Secured Obligation in Dollars (based upon the applicable Equivalent Amount in effect on the date
of payment) and/or in New York, Chicago or such other Eurocurrency Payment Office as is designated by the Administrative Agent and, as a separate and independent obligation, shall indemnify the Administrative Agent, the Issuing Bank and any
Lender against any losses or reasonable out-of-pocket expenses that it shall sustain as a result of such alternative payment. 

Upon payment by the Company of any sums as provided above, all rights of the Company against any Borrower arising as a result thereof by
way of right of subrogation or otherwise shall in all respects be subordinated and junior in right of payment to the prior indefeasible payment in full in cash of all the Secured Obligations owed by such Borrower to the Administrative Agent, the
Issuing Bank and the Lenders. 
 Nothing shall discharge or satisfy the liability of the Company hereunder except the full
performance and payment of the Secured Obligations. 
 [Signature Pages Follow] 

 

 98 

 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 above written. 
  

			
	 CENTRAL GARDEN & PET COMPANY,

as the Company

		
	By:	 	 /s/ Stuart W. Booth

	Name:	 	Stuart W. Booth
	Title:	 	Senior Vice President, Chief Financial Officer and Secretary

Signature Page to Amended and Restated Credit Agreement 

Central Garden & Pet Company 

					
	ALL-GLASS AQUARIUM CO., INC.
	B2E BIOTECH, LLC
	B2E CORPORATION
	FARNAM COMPANIES, INC.
	FOUR PAWS PRODUCTS, LTD.
	CEDAR WORKS, LLC
	GRANT LABORATORIES, INC.
	GRO TEC, INC.
	GULFSTREAM HOME & GARDEN, INC.
	INTERPET USA, LLC
	KAYTEE PRODUCTS INCORPORATED
	MATSON, LLC
	MATTHEWS REDWOOD AND NURSERY SUPPLY, INC.
	NEW ENGLAND POTTERY, LLC
	PENNINGTON SEED, INC.
	PENNINGTON SEED, INC. OF NEBRASKA
	PETS INTERNATIONAL, LTD.
	SEEDS WEST, INC.
	T.F.H. PUBLICATIONS, INC.
	 WELLMARK INTERNATIONAL,

each as a Subsidiary Guarantor

		
	By:	 	 /s/ Stuart W. Booth

	Name:	 	Stuart W. Booth

					
	Title:	  	Executive Vice President, Chief Financial Officer, Treasurer and Secretary of Pennington Seed, Inc.
		  	 Secretary of Pets International, Ltd.

Senior Vice President and Secretary of T.F.H. Publications, Inc.

Treasurer, Chief Financial Officer, and Secretary of Gulfstream Home & Garden, Inc.

Vice President and Assistant Secretary of Kaytee Products Incorporated

Vice President, Chief Financial Officer and Secretary of Four Paws Products, Ltd., Grant Laboratories, Inc., Matthews Redwood and Nursery Supply, Inc. and
New England Pottery, LLC
 Vice President – Finance, Chief Financial Officer and Secretary of Matson, LLC

Vice President – Finance and Assistant Secretary of Pennington Seed, Inc. of Nebraska and Seeds West, Inc.

Vice President – Finance and Secretary of B2E Biotech, LLC, B2E Corporation, Interpet USA, LLC and Wellmark International

Vice President, Finance and Assistant Secretary for All Glass Aquarium Co., Inc., Cedar Works, LLC and Gro Tec, Inc.

Vice President, Finance, Secretary and Treasurer of Farnam Companies, Inc.

 

 Signature Page to Amended and Restated Credit Agreement 

Central Garden & Pet Company 

			
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,
	as Administrative Agent, the Issuing Bank, the Swingline Lender and a Lender
		
	By:	 	 /s/ Alex Rogin

	Name:	 	Alex Rogin
	Title:	 	Vice President

  

 Signature Page to Amended and Restated Credit Agreement 

Central Garden & Pet Company 

			
	SUNTRUST BANK,
	as Syndication Agent and a Lender
		
	By:	 	 /s/ E. Donald Besch, Jr.

	Name:	 	E. Donald Besch, Jr.
	Title:	 	Managing Director

  

 Signature Page to Amended and Restated Credit Agreement 

Central Garden & Pet Company 

			
	BANK OF THE WEST,
	as a Co-Documentation Agent and a Lender
		
	By:	 	 /s/ Phitsanu J. Kochaphum

	Name:	 	Phitsanu J. Kochaphum
	Title:	 	Regional Vice President

  

 Signature Page to Amended and Restated Credit Agreement 

Central Garden & Pet Company 

			
	GENERAL ELECTRIC CAPITAL CORPORATION,
	as a Co-Documentation Agent and a Lender
		
	By:	 	 /s/ Ankur Gupta

	Name:	 	Ankur Gupta
	Title:	 	Its Duly Authorized Signatory

  

 Signature Page to Amended and Restated Credit Agreement 

Central Garden & Pet Company 

			
	COBANK, ACB,
	as a Lender
		
	By:	 	 /s/ Hal Nelson

	Name:	 	Hal Nelson
	Title:	 	Vice President

  

 Signature Page to Amended and Restated Credit Agreement 

Central Garden & Pet Company 

			
	BANK OF AMERICA, N.A.,
	as a Lender
		
	By:	 	 /s/ J. Casey Cosgrove

	Name:	 	J. Casey Cosgrove
	Title:	 	Senior Vice President

  

 Signature Page to Amended and Restated Credit Agreement 

Central Garden & Pet Company 

			
	 COÖPERATIEVE CENTRALE RAIFFEISEN- BOERENLEENBANK B.A. “RABOBANK INTERNATIONAL” NEW YORK BRANCH,

as a Lender

		
	By:	 	 /s/ Steven Cashiola

	Name:	 	Steven Cashiola
	Title:	 	Vice President
		
	By:	 	 /s/ Rebecca O. Morrow

	Name:	 	Rebecca O. Morrow
	Title:	 	Executive Director

  

 Signature Page to Amended and Restated Credit Agreement 

Central Garden & Pet Company 

			
	UNION BANK, N.A.,
	as a Lender
		
	By:	 	 /s/ Eric Stern

	Name:	 	Eric Stern
	Title:	 	Vice President

  

 Signature Page to Amended and Restated Credit Agreement 

Central Garden & Pet Company 

			
	U.S. BANK NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ Kurban H. Merchant

	Name:	 	Kurban H. Merchant
	Title:	 	Vice President

  

 Signature Page to Amended and Restated Credit Agreement 

Central Garden & Pet Company 

			
	CIBC INC.,
	as a Lender
		
	By:	 	 /s/ Eoin Roche

	Name:	 	Eoin Roche
	Title:	 	Authorized Signatory

  

 Signature Page to Amended and Restated Credit Agreement 

Central Garden & Pet Company 

			
	DEUTSCHE BANK AG NEW YORK BRANCH,
	as a Lender
		
	By:	 	 /s/ Erin Morrissey

	Name:	 	Erin Morrissey
	Title:	 	Vice President
		
	By:	 	 /s/ Enrique Landaeta

	Name:	 	Enrique Landaeta
	Title:	 	Vice President

  

 Signature Page to Amended and Restated Credit Agreement 

Central Garden & Pet Company 

			
	The undersigned Departing Lender hereby acknowledges and agrees that, from and after the Effective Date, it is no longer a party to the Existing Credit Agreement and
will not be a party to this Agreement.
	
	 Farm Credit Services of America, PCA,

as a Departing Lender

		
	By	 	 /s/ Steven L. Moore

		 	Name: Steven L. Moore
		 	Title: Vice President

  

 Signature Page to Amended and Restated Credit Agreement 

Central Garden & Pet Company 

			
	The undersigned Departing Lender hereby acknowledges and agrees that, from and after the Effective Date, it is no longer a party to the Existing Credit Agreement and
will not be a party to this Agreement.
	
	WELLS FARGO BANK, N.A., as a Departing Lender
		
	By	 	 /s/ Lacy Houstoun

		 	Name: Lacy Houstoun
		 	Title: Vice President

  

 Signature Page to Amended and Restated Credit Agreement 

Central Garden & Pet Company 

			
	The undersigned Departing Lender hereby acknowledges and agrees that, from and after the Effective Date, it is no longer a party to the Existing Credit Agreement and
will not be a party to this Agreement.
	
	Harris, N.A., as a Departing Lender
		
	By	 	 /s/ Scott W. Morris

		 	Name: Scott W. Morris
		 	Title: Vice President

  

 Signature Page to Amended and Restated Credit Agreement 

Central Garden & Pet Company 

			
	The undersigned Departing Lender hereby acknowledges and agrees that, from and after the Effective Date, it is no longer a party to the Existing Credit Agreement and
will not be a party to this Agreement.
	
	ING Capital LLC, as a Departing Lender
		
	By	 	 /s/ Dan Lamprecht

		 	Name: Dan Lamprecht
		 	Title: Managing Director

  

 Signature Page to Amended and Restated Credit Agreement 

Central Garden & Pet Company 

			
	The undersigned Departing Lender hereby acknowledges and agrees that, from and after the Effective Date, it is no longer a party to the Existing Credit Agreement and
will not be a party to this Agreement.
	
	 GreenStone Farm Credit Services, ACA/FLCA,

as a Departing Lender

		
	By	 	 /s/ Curtis Flammini

		 	Name: Curtis Flammini
		 	Title: Vice President

  

 Signature Page to Amended and Restated Credit Agreement 

Central Garden & Pet Company 

			
	The undersigned Departing Lender hereby acknowledges and agrees that, from and after the Effective Date, it is no longer a party to the Existing Credit Agreement and
will not be a party to this Agreement.
	
	HSBC Bank USA, N.A., as a Departing Lender
		
	By	 	 /s/ David Hants

		 	Name: David Hants
		 	Title: Senior Vice President

  

 Signature Page to Amended and Restated Credit Agreement 

Central Garden & Pet Company 

			
	The undersigned Departing Lender hereby acknowledges and agrees that, from and after the Effective Date, it is no longer a party to the Existing Credit Agreement and
will not be a party to this Agreement.
	
	 CREDIT AGRICOLE CORPORATE AND

INVESTMENT BANK (f/k/a Calyon Corporate & Investment Bank, as a Departing Lender

For purposes of acknowledging Section 1.07 only

		
	By	 	 /s/ David Cagle

		 	Name: David Cagle
		 	Title: Managing Director
		
	By	 	 /s/ Blake Wright

		 	Name: Blake Wright
		 	Title: Managing Director

  

 Signature Page to Amended and Restated Credit Agreement 

Central Garden & Pet Company 

 SCHEDULE 2.01 

COMMITMENTS 

Revolving Commitments 
  

				
	 LENDER
	  	REVOLVING
COMMITMENT
	 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
	  	$	37,500,000
	 SUNTRUST BANK
	  	$	37,500,000
	 BANK OF THE WEST
	  	$	32,500,000
	 GENERAL ELECTRIC CAPITAL CORPORATION
	  	$	32,500,000
	 COBANK, ACB
	  	$	30,000,000
	 BANK OF AMERICA, N.A.
	  	$	20,000,000
	 COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK INTERNATIONAL” NEW YORK BRANCH
	  	$	20,000,000
	 UNION BANK OF CALIFORNIA, N.A.
	  	$	20,000,000
	 U.S. BANK NATIONAL ASSOCIATION
	  	$	20,000,000
	 CIBC, INC.
	  	$	15,000,000
	 DEUTSCHE BANK AG NEW YORK BRANCH
	  	$	10,000,000
		
	 AGGREGATE REVOLVING COMMITMENT
	  	$	275,000,000

 SCHEDULE 2.02 

MANDATORY COST 
  

	1.	The Mandatory Cost is an addition to the interest rate to compensate Lenders for the cost of compliance with (a) the requirements of the Bank of England and/or the
Financial Services Authority (or, in either case, any other authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank. 

 

	2.	On the first day of each Interest Period (or as soon as possible thereafter) the Administrative Agent shall calculate, as a percentage rate, a rate (the
“Associated Costs Rate”) for each Lender, in accordance with the paragraphs set out below. The Mandatory Cost will be calculated by the Administrative Agent as a weighted average of the Lenders’ Associated Costs Rates (weighted
in proportion to the percentage participation of each Lender in the relevant Loan) and will be expressed as a percentage rate per annum. 

  

	3.	The Associated Costs Rate for any Lender lending from a Facility Office in a Participating Member State will be the percentage notified by that Lender to the
Administrative Agent. This percentage will be certified by that Lender in its notice to the Administrative Agent to be its reasonable determination of the cost (expressed as a percentage of that Lender’s participation in all Loans made from
that Facility Office) of complying with the minimum reserve requirements of the European Central Bank in respect of loans made from that Facility Office. 

  

	4.	The Associated Costs Rate for any Lender lending from a Facility Office in the United Kingdom will be calculated by the Administrative Agent as follows:

  

	 	(a)	in relation to a Loan in Pounds Sterling: 

  

			
	
AB + C(B – D) + E x 
0.01
	 	per cent. per annum
	100 – (A + C )	 

  

	 	(b)	in relation to a Loan in any currency other than Pounds Sterling: 

  

			
	 E x 0.01
	 	per cent. per annum.
	300	 

 Where: 

 

	 	A	is the percentage of Eligible Liabilities (assuming these to be in excess of any stated minimum) which that Lender is from time to time required to maintain as an
interest free cash ratio deposit with the Bank of England to comply with cash ratio requirements. 

  

	 	B	is the percentage rate of interest (excluding the Applicable Rate and the Mandatory Cost and, if the Loan is an Unpaid Sum, the additional rate of interest specified in
Section 2.13(c) payable for the relevant Interest Period on the Loan). 

  

	 	C	is the percentage (if any) of Eligible Liabilities which that Lender is required from time to time to maintain as interest bearing Special Deposits with the Bank of
England. 

	 	D	is the percentage rate per annum payable by the Bank of England to the Administrative Agent on interest bearing Special Deposits. 

 

	 	E	is designed to compensate Lenders for amounts payable under the Fees Rules and is calculated by the Administrative Agent as being the average of the most recent rates
of charge supplied by the Reference Banks to the Administrative Agent pursuant to paragraph 7 below and expressed in pounds per £1,000,000. 

  

	5.	For the purposes of this Schedule: 

  

	 	(a)	“Eligible Liabilities” and “Special Deposits” have the meanings given to them from time to time under or pursuant to the Bank of England Act 1998 or
(as may be appropriate) by the Bank of England; 

  

	 	(b)	“Facility Office” means the office or offices notified by a Lender to the Administrative Agent in writing on or before the date it becomes a Lender (or,
following that date, by not less than five Business Days’ written notice) as the office or offices through which it will perform its obligations under this Agreement. 

 

	 	(c)	“Fees Rules” means the rules on periodic fees contained in the FSA Supervision Manual or such other law or regulation as may be in force from time to time in
respect of the payment of fees for the acceptance of deposits; 

  

	 	(d)	“Fee Tariffs” means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee
required pursuant to the Fees Rules but taking into account any applicable discount rate); 

  

	 	(e)	“Participating Member State” means any member state of the European Union that adopts or has adopted the euro as its lawful currency in accordance with
legislation of the European Union relating to economic and monetary union. 

  

	 	(f)	“Reference Banks” means, in relation to Mandatory Cost, the principal London offices of JPMorgan Chase Bank, National Association. 

 

	 	(g)	“Tariff Base” has the meaning given to it in, and will be calculated in accordance with, the Fees Rules. 

 

	 	(h)	“Unpaid Sum” means any sum due and payable but unpaid by any Borrower under the Loan Documents. 

 

	6.	In application of the above formulae, A, B, C and D will be included in the formulae as percentages (i.e. 5 per cent. will be included in the formula as 5 and not
as 0.05). A negative result obtained by subtracting D from B shall be taken as zero. The resulting figures shall be rounded to four decimal places. 

  

	7.	 If requested by the Administrative Agent, each Reference Bank shall, as soon as practicable after publication by the Financial Services Authority,
supply to the Administrative Agent, the rate of 

  

 2 

	 	 
charge payable by that Reference Bank to the Financial Services Authority pursuant to the Fees Rules in respect of the relevant financial year of the Financial Services Authority (calculated for
this purpose by that Reference Bank as being the average of the Fee Tariffs applicable to that Reference Bank for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of that Reference Bank.

  

	8.	Each Lender shall supply any information required by the Administrative Agent for the purpose of calculating its Associated Costs Rate. In particular, but without
limitation, each Lender shall supply the following information on or prior to the date on which it becomes a Lender: 

  

	 	(i)	the jurisdiction of its Facility Office; and 

  

	 	(j)	any other information that the Administrative Agent may reasonably require for such purpose. 

Each Lender shall promptly notify the Administrative Agent of any change to the information provided by it pursuant to this paragraph. 

 

	9.	The percentages of each Lender for the purpose of A and C above and the rates of charge of each Reference Bank for the purpose of E above shall be determined by the
Administrative Agent based upon the information supplied to it pursuant to paragraphs 7 and 8 above and on the assumption that, unless a Lender notifies the Administrative Agent to the contrary, each Lender’s obligations in relation to cash
ratio deposits and Special Deposits are the same as those of a typical bank from its jurisdiction of incorporation with a Facility Office in the same jurisdiction as its Facility Office. 

 

	10.	The Administrative Agent shall have no liability to any person if such determination results in an Associated Costs Rate which over or under compensates any Lender and
shall be entitled to assume that the information provided by any Lender or Reference Bank pursuant to paragraphs 3, 7 and 8 above is true and correct in all respects. 

 

	11.	The Administrative Agent shall distribute the additional amounts received as a result of the Mandatory Cost to the Lenders on the basis of the Associated Costs Rate for
each Lender based on the information provided by each Lender and each Reference Bank pursuant to paragraphs 3, 7 and 8 above. 

  

	12.	Any determination by the Administrative Agent pursuant to this Schedule in relation to a formula, the Mandatory Cost, an Associated Costs Rate or any amount payable to
a Lender shall, in the absence of manifest error, be conclusive and binding on all parties hereto. 

  

	13.	The Administrative Agent may from time to time, after consultation with the Company and the relevant Lenders, determine and notify to all parties hereto any amendments
which are required to be made to this Schedule in order to comply with any change in law, regulation or any requirements from time to time imposed by the Bank of England, the Financial Services Authority or the European Central Bank (or, in any
case, any other authority which replaces all or any of its functions) and any such determination shall, in the absence of manifest error, be conclusive and binding on all parties hereto. 

 

 3 

 EXHIBIT A 

FORM OF 

ASSIGNMENT AND ASSUMPTION 

This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth
below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but
not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), receipt of a copy of which is
hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby
irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of
the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all
of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including any letters of credit, guarantees, and swingline loans included in such facilities) and (ii) to the extent permitted to be
assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other
documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other
claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively
as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 

 

							
	1.	 	Assignor:	 	  
	    	
				
	2.	 	Assignee:	 	  
	    	
		 		 	[and is an Affiliate/Approved Fund of [identify
Lender]1
]
			
	3.	 	Borrowers:	 	Central Garden & Pet Company and certain Subsidiary Borrowers

 

	1
	Select as applicable. 

 CH1 5333644v.4

							
			
	4.	 	Administrative Agent:	 	JPMorgan Chase Bank, National Association, as the administrative agent under the Credit Agreement
			
	5.	 	Credit Agreement:	 	The Amended and Restated Credit Agreement dated as of June 25, 2010 among Central Garden & Pet Company, the Subsidiary Borrowers from time to time parties thereto,
the Lenders parties thereto, JPMorgan Chase Bank, National Association, as Administrative Agent, and the other agents parties thereto.
				
	6.	 	Assigned Interest:	 		    	

  

						
	 Aggregate Amount of

Commitment/ Loans for all

Lenders
	  	Amount of 
Revolving
Commitment/
Loans Assigned	  	Percentage Assigned 
of
Revolving
Commitment/Loans2

	 $
	  	$	 	  	%
	 $
	  	$	 	  	%
	 $
	  	$	 	  	%

 Effective Date:
            , 20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER
THEREFOR.] 
 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Title:
	
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Title:

  

	2
	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

			
	[Consented to
and]3 Accepted:
	
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Administrative Agent and Issuing Bank
		
	By:	 	  

		 	Title:
	
	[Consented
to:]4

	
	CENTRAL GARDEN & PET COMPANY
		
	By:	 	  

		 	Title:

  

	3
	 To be added only if the consent of the Administrative Agent and/or the Issuing Bank is required by the terms of the Credit Agreement.

  

	4
	 To be added only if the consent of the Company is required by the terms of the Credit Agreement. 

 ANNEX I 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 

1. Representations and Warranties. 

1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned
Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and
to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document,
(ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Company, any of its Subsidiaries or Affiliates or any other
Person obligated in respect of any Loan Document or (iv) the performance or observance by the Company, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 

1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the
Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder
and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to
Section 5.01 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the
basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (v) if it is a Foreign Lender, attached to the Assignment and Assumption is any documentation required
to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor 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 decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their
terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 
 2.
Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have
accrued to but excluding the 

 
Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date. 

3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and
their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and
Assumption by facsimile shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York.

 EXHIBIT B-1 

FORM OF 
 OPINION
OF LOAN PARTIES’ COUNSEL 
 [Attached] 

 EXHIBIT B-2 

FORM OF 
 OPINION
OF LOAN PARTIES’ LOCAL U.S. COUNSEL 
 [Attached] 

 

 1 

 EXHIBIT C 

FORM OF 

COMMITMENT AND ACCEPTANCE 

Dated [            ] 

Reference is made to the Amended and Restated Credit Agreement dated as of June 25, 2010 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”) among Central Garden & Pet Company (the “Company”), the Subsidiary Borrowers from time to time party thereto, the financial institutions party
thereto (the “Lenders”), and JPMorgan Chase Bank, National Association in its capacity as contractual representative for the Lenders (the “Administrative Agent”). Terms defined in the Credit Agreement are used
herein with the same meaning. 
 Pursuant to Section 2.20 of the Credit Agreement, the Company has requested
[an [additional] tranche of Incremental Term Loans in the amount of $            ] [and] [an increase in the Aggregate Revolving Commitment
from $             to $            ]. Such [tranche of Incremental Term
Loans] [and] [increase in the Aggregate Revolving Commitment] is to become effective on the date (the “Effective Date”) which is the later of
(i)             ,              and (ii) the date on which the conditions precedent set forth in
Section 2.20 in respect of such increase have been satisfied. In connection with such requested [tranche of Incremental Term Loans] [and] [increase in the Aggregate Revolving Commitment],
the Company, the Administrative Agent and              (the “Accepting Bank”) hereby agree as follows: 

1. Effective as of the Effective Date, [the Accepting Bank shall become a party to the Credit Agreement as a Lender and
shall have all of the rights and obligations of a Lender thereunder and shall thereupon have a [Term Loan] [and] [Revolving] Commitment under and for purposes of the Credit Agreement in an amount equal to the] [the [Term Loan]
[and] [Revolving] Commitment of the Accepting Bank under the Credit Agreement shall be increased from $             to the] amount set forth opposite the Accepting
Bank’s name on the signature page hereof. 
 [2. The Accepting Bank hereby (i) confirms that it has
received a copy of the Credit Agreement, together with copies of the financial statements and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Commitment and Acceptance
Agreement; (ii) agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under the Credit Agreement; (iii) appoints and authorizes the Administrative Agent to take such action as contractual representative on its 

 

 1 

 
behalf and to exercise such powers under the Credit Agreement as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto;
and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender.] 

3. The Company hereby represents and warrants that as of the date hereof and as of the Effective Date, (a) all representations and
warranties shall be true and correct in all material respects as though made on such date, other than representations given as of a particular date, in which case they shall be true and correct as of that date and (b) no event shall have
occurred and then be continuing which constitutes a Default or an Event of Default. 
 4. THIS COMMITMENT AND ACCEPTANCE
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 5. This Commitment
and Acceptance Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. 

 

 2 

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

					
		 	CENTRAL GARDEN & PET COMPANY,
		 	as the Company
			
		 	By:	 	  

		 	Title:	 	  

		
		 	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,
		 	as Administrative Agent
			
		 	By:	 	  

		 	Title:	 	  

		
	 [TERM LOAN][REVOLVING]

COMMITMENT
	 	ACCEPTING BANK
		
	 $
	 	[BANK]
			
		 	By:	 	  

		 	Title:	 	  

  

 3 

 EXHIBIT D 

FORM OF 
 WRITTEN
MONEY TRANSFER INSTRUCTION 
 To JPMorgan Chase Bank, National Association, 

as Administrative Agent under the 
 Credit
Agreement described below. 
  

			
	 Re:
	  	Amended and Restated Credit Agreement, dated as of June 25, 2010 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), by and among Central Garden & Pet Company (the “Company”), the Subsidiary Borrowers from time to time party thereto, the Lenders from time to time party thereto and JPMorgan Chase Bank,
National Association, as administrative agent for the Lenders (the “Administrative Agent”). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned thereto in the Credit
Agreement.

 The Administrative Agent is specifically authorized and directed to act upon the following standing
money transfer instructions with respect to the proceeds of Loans or other extensions of credit from time to time until receipt by the Administrative Agent of a specific written revocation of such instructions by the Company, provided,
however, that the Administrative Agent may otherwise transfer funds as hereafter directed in writing by the Company in accordance with Section 9.01 of the Credit Agreement or based on any telephonic notice made in accordance with
Section 2.08 of the Credit Agreement. 
  

			
	Customer/Account Name	 	  

 

			
	Transfer Funds To	 	
		 	  

 

			
	For Account No.	 	  

 

			
	Reference/Attention To	 	  

 

					
	CENTRAL GARDEN & PET COMPANY	  	Date
		
	  
	  	  

	(Please Print)	  	Signature
			
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION	  	Date	 	  

		
	  
	  	  

	(Please Print)	  	Signature

  

 1 

 EXHIBIT E 

LIST OF CLOSING DOCUMENTS 

[Attached] 
  

 1 

 EXHIBIT F-1 

FORM OF 

BORROWING SUBSIDIARY AGREEMENT 

BORROWING SUBSIDIARY AGREEMENT dated as of
[            ], among Central Garden & Pet Company, a Delaware corporation (the “Company”), [Name of Subsidiary
Borrower], a [            ] (the “New Borrowing Subsidiary”), and JPMorgan Chase Bank, National Association as Administrative
Agent (the “Administrative Agent”). 
 Reference is hereby made to the Amended and Restated Credit Agreement
dated as of June 25, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Company, the Subsidiary Borrowers from time to time party thereto, the Lenders from time
to time party thereto and JPMorgan Chase Bank, National Association, as Administrative Agent. Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. Under the Credit
Agreement, the Lenders have agreed, upon the terms and subject to the conditions therein set forth, to make Loans to certain Subsidiary Borrowers (collectively with the Company, the “Borrowers”), and the Company and the New
Borrowing Subsidiary desire that the New Borrowing Subsidiary become a Subsidiary Borrower. In addition, the New Borrowing Subsidiary hereby authorizes the Company to act on its behalf as and to the extent provided for in Article II of the
Credit Agreement. [Notwithstanding the preceding sentence, the New Borrowing Subsidiary hereby designates the following officers as being authorized to request Borrowings under the Credit Agreement on behalf of the New Subsidiary
Borrower and sign this Borrowing Subsidiary Agreement and the other Loan Documents to which the New Borrowing Subsidiary is, or may from time to time become, a party:
[            ].] 
 Each
of the Company and the New Borrowing Subsidiary represents and warrants that the representations and warranties of the Company in the Credit Agreement relating to the New Borrowing Subsidiary and this Agreement are true and correct in all material
respects on and as of the date hereof, other than representations given as of a particular date, in which case they shall be true and correct as of that date. [The Company and the New Borrowing Subsidiary further represent and warrant
that the execution, delivery and performance by the New Borrowing Subsidiary of the transactions contemplated under this Agreement and the use of any of the proceeds raised in connection with this Agreement will not contravene or conflict with the
provisions of section 151 of the Companies Act 1985 of England and Wales (as
amended).]5 [INSERT OTHER
PROVISIONS REASONABLY REQUESTED BY ADMINISTRATIVE 
  

	5
	To be included only if a New Borrowing Subsidiary will be a Borrower organized under the laws of England and Wales. 

 
AGENT OR ITS COUNSELS] The Company agrees that the Guarantee of the Company contained in the Credit Agreement will apply to the Obligations of the New Borrowing Subsidiary. Upon
execution of this Agreement by each of the Company, the New Borrowing Subsidiary and the Administrative Agent, the New Borrowing Subsidiary shall be a party to the Credit Agreement and shall constitute a “Subsidiary Borrower” for all
purposes thereof, and the New Borrowing Subsidiary hereby agrees to be bound by all provisions of the Credit Agreement. 
 This
Agreement shall be governed by and construed in accordance with the laws of the State of New York. 
 [Signature
Page Follows] 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their authorized officers as of the date first appearing above. 
  

			
	CENTRAL GARDEN & PET COMPANY
		
	By:	 	  

		 	Name:
		 	Title:
	
	[NAME OF NEW BORROWING SUBSIDIARY]
		
	By:	 	  

		 	Name:
		 	Title:
	
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Administrative Agent
		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT F-2 

FORM OF 

BORROWING SUBSIDIARY TERMINATION 

JPMorgan Chase Bank, National Association 
 as
Administrative Agent 
 for the Lenders referred to below 

10 South Dearborn Street 
 Chicago, Illinois
60603 
 Attention: [            ] 

[Date] 

Ladies and Gentlemen: 
 The
undersigned, Central Garden & Pet Company (the “Company”), refers to the Amended and Restated Credit Agreement dated as of June 25, 2010 (as amended, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among the Company, the Subsidiary Borrowers from time to time party thereto and JPMorgan Chase Bank, National Association, as Administrative Agent. Capitalized terms used and not otherwise defined herein shall
have the meanings assigned to such terms in the Credit Agreement. 
 The Company hereby terminates the status of
[            ] (the “Terminated Borrowing Subsidiary”) as a Subsidiary Borrower under the Credit Agreement. [The Company
represents and warrants that no Loans made to or Letters of Credit issued for the account of the Terminated Borrowing Subsidiary are outstanding as of the date hereof and that all amounts payable by the Terminated Borrowing Subsidiary in respect of
interest and/or fees (and, to the extent notified by the Administrative Agent or any Lender, any other amounts payable under the Credit Agreement) pursuant to the Credit Agreement have been paid in full on or prior to the date hereof.]
[The Company acknowledges that the Terminated Borrowing Subsidiary shall continue to be a Borrower until such time as all Loans made to and Letters of Credit issued for the account of the Terminated Borrowing Subsidiary shall have been
prepaid and all amounts payable by the Terminated Borrowing Subsidiary in respect of interest and/or fees (and, to the extent notified by the Administrative Agent or any Lender, any other amounts payable under the Credit Agreement) pursuant to the
Credit Agreement shall have been paid in full, provided that the Terminated Borrowing Subsidiary shall not have the right to make further Borrowings or request the issuance of any Letters of Credit under the Credit Agreement.]

 [Signature Page Follows] 

 This instrument shall be construed in accordance with and governed by the laws of the State
of New York. 
  

			
	
	Very truly yours,
	
	CENTRAL GARDEN & PET COMPANY
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	 Copy to:
	 	JPMorgan Chase Bank, National Association
		 	10 South Dearborn Street
		 	Chicago, Illinois 60603

 EXHIBIT G 

FORM OF 
 PLEDGE
AND SECURITY AGREEMENT (U.S.) 
 [Attached] 

 EXECUTION COPY 

AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT 

THIS AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT (as the same may be amended, restated, supplemented or otherwise modified from
time to time, this “Security Agreement”) is entered into as of June 25, 2010 by and among CENTRAL GARDEN & PET COMPANY (the “Company”), the Subsidiaries of the Company identified on the signature pages
hereto (the “Initial Subsidiary Grantors”), and any additional Subsidiaries of the Company, whether now existing or hereafter formed or acquired which become parties to this Security Agreement from time to time by executing a
Security Agreement Supplement hereto in substantially the form of Annex I (such additional Subsidiaries, together with the Company and the Initial Subsidiary Grantors, the “Grantors”), in favor of JPMORGAN CHASE BANK,
NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”), for the benefit of the Holders of Secured Obligations under the Credit Agreement defined below. 

PRELIMINARY STATEMENT 

WHEREAS, the Company, certain Subsidiaries of the Company parties thereto as borrowers (together with the Company, the
“Borrowers”), the financial institutions party thereto (collectively, the “Lenders”), and the Administrative Agent have entered into that certain Credit Agreement dated as of February 28, 2006 (as amended,
restated, supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement”); 

WHEREAS, in connection with the Existing Credit Agreement, the Grantors have entered into that certain Pledge and Security Agreement,
dated as of February 28, 2006 among the Grantors and the Administrative Agent (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Existing Pledge and Security Agreement”) to secure their
obligations to the Holders of Secured Obligations pursuant to the terms of the Existing Pledge and Security Agreement; 

WHEREAS, the Grantors, other than the Company, have guaranteed the repayment of the Secured Obligations pursuant to that certain Guaranty
dated as of February 28, 2006 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Existing Guaranty”); 

WHEREAS, the Borrowers, the Lenders and the Administrative Agent have agreed to amend and restate the Existing Credit Agreement pursuant
to the certain Amended and Restated Credit Agreement dated as of the date hereof (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), which Credit Agreement provides,
subject to the terms and conditions thereof, for extensions of credit and other financial accommodations to be made by the Lenders to or for the benefit of the Borrowers; 

WHEREAS, the parties hereto wish to amend and restate the Existing Pledge and Security Agreement in its entirety; 

 

 CH1 5335463v.8 

 WHEREAS, in connection with the Credit Agreement, the Grantors, other than the Company, have
agreed to amend and restate the Existing Guaranty to guaranty the repayment of the Secured Obligations pursuant to the certain Amended and Restated Guaranty dated as of the date hereof (as the same may be amended, restated, supplemented or otherwise
modified from time to time, the “Guaranty”); 
 WHEREAS, the Company has guaranteed the repayment of the
Secured Obligations pursuant to the terms of the Credit Agreement; 
 WHEREAS, each Grantor has agreed to grant and, to the
extent applicable, reaffirm its prior grant of, a security interest in all or substantially all of its personal property and to pledge and, to the extent applicable, reaffirm its prior pledge of, its capital stock, membership interests or
partnership interests in certain of its Subsidiaries to the Administrative Agent, for the benefit of the Holders of Secured Obligations, as security for the Secured Obligations and the “Guaranteed Obligations” (as defined in the Guaranty);
and 
 WHEREAS, the Administrative Agent and the Lenders have required, as a condition, among others, to the effectiveness of
the Credit Agreement and the other Loan Documents, that each Grantor execute and deliver this Security Agreement. 
 NOW,
THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS; AMENDMENT AND RESTATEMENT; REAFFIRMATION 

1.1. Terms Defined in Credit Agreement. All capitalized terms used herein and not otherwise defined shall have the meanings
assigned to such terms in the Credit Agreement. 
 1.2. Terms Defined in New York UCC. Terms defined in the New
York UCC which are not otherwise defined in this Security Agreement are used herein as defined in the New York UCC unless the context requires otherwise. 

1.3. Definitions of Certain Terms Used Herein. As used in this Security Agreement, in addition to the terms defined in the
Preliminary Statement, the following terms shall have the following meanings: 
 “Accounts” shall have the
meaning set forth in Article 9 of the New York UCC. 
 “Article” means a numbered article of this Security
Agreement, unless another document is specifically referenced. 
 “Chattel Paper” shall have the meaning set
forth in Article 9 of the New York UCC. 
 “Collateral” means all Accounts, Chattel Paper, Commercial Tort
Claims, Copyrights, Deposit Accounts, Documents, Equipment, Fixtures, General Intangibles, Goods, Instruments, 
  

 2 

 
Inventory, Investment Property, letters of credit, Letter-of-Credit Rights, Licenses, Patents, Inventory, Investment Property, letters of credit, Letter-of-Credit Rights, Licenses, Patents,
Pledged Deposits, Supporting Obligations, Trademarks and Other Collateral, wherever located, in which any Grantor now has or hereafter acquires any right or interest, and the proceeds (including Stock Rights), insurance proceeds and products
thereof, together with all books and records, customer lists, credit files, computer files, programs, printouts and other computer materials and records related thereto. Notwithstanding anything to the contrary contained in this definition,
Collateral shall not include (i) contractual rights to the extent and for so long as the grant of a security interest herein would violate the terms of the agreement under which such contractual rights arise or exist to the extent such
prohibition is enforceable under applicable law, (ii) rights under governmental licenses and authorizations to the extent and for so long as the grant of a security interest therein is prohibited by law, (iii) any intent-to-use trademark
or service mark application prior to the filing of a statement of use or amendment to allege use, or any other intellectual property, to the extent that applicable law or regulation prohibits the creation of a security interest or would otherwise
result in the loss of rights from the creation of such security interest or from the assignment of such rights upon the occurrence and continuance of an Event of Default and (iv) ownership interests in any corporation, partnership or limited
liability company that is not wholly-owned by one or more Grantors to the extent that and for so long as the grant of a security interest therein would violate the terms of any agreement among the shareholders, partners or member, as applicable, of
any such Person, except in the case of each of the foregoing clauses (i) through (iv) to the extent that (x) such prohibition has been waived or such other Person has otherwise consented to the creation hereunder of a security
interest in such contract or agreement, or (y) such prohibition would be rendered ineffective pursuant to Section 9-406, 9-407 or 9-408 of Article 9 of the Uniform Commercial Code, as applicable and as then in effect in any relevant
jurisdiction, or any other applicable law (including the Bankruptcy Code) or principles of equity and provided, further that immediately upon the ineffectiveness, lapse or termination of any such provision, such Grantor shall automatically be deemed
to have granted a security interest hereunder to the Administrative Agent (for the benefit of the Holders of Secured Obligations) in all of its rights, title and interest in and to such contract or agreement as if such provision had never been in
effect. 
 “Commercial Tort Claims” means the commercial tort claims, as defined in the New York UCC, of any
Grantor, including each commercial tort claim specifically described in Exhibit E. 
 “Control” shall
have the meaning set forth in Article 8 or, if applicable, in Section 9-104, 9-105, 9-106 or 9-107 of Article 9 of the UCC. 

“Copyrights” means, with respect to any Person, all of such Person’s right, title, and interest in and to the
following: (a) all copyrights, rights and interests in copyrights, works protectable by copyright, copyright registrations, and copyright applications; (b) all renewals of any of the foregoing; (c) all income, royalties, damages, and
payments now or hereafter due and/or payable under any of the foregoing, including, without limitation, damages or payments for past or future infringements for any of the foregoing; (d) the right to sue for past, present, and future
infringements of any of the foregoing; and (e) all rights corresponding to any of the foregoing throughout the world. 

“Deposit Accounts” shall have the meaning set forth in Article 9 of the New York UCC. 

 

 3 

 “Deposit Account Control Agreement” means an agreement, in form and
substance reasonably satisfactory to the Administrative Agent, among any Loan Party, a banking institution holding such Loan Party’s funds, and the Administrative Agent with respect to collection and Control of all deposits and balances held in
a deposit account maintained by any Loan Party with such banking institution. 
 “Documents” shall have the
meaning set forth in Article 9 of the New York UCC. 
 “Equipment” shall have the meaning set forth in Article
9 of the New York UCC. 
 “Exhibit” refers to a specific exhibit to this Security Agreement, unless another
document is specifically referenced. 
 “Event of Default” means an event described in Section 5.1
hereof. 
 “Fixtures” shall have the meaning set forth in Article 9 of the New York UCC. 

“General Intangibles” shall have the meaning set forth in Article 9 of the New York UCC. 

“Goods” shall have the meaning set forth in Article 9 of the New York UCC. 

“Instruments” shall have the meaning set forth in Article 9 of the New York UCC. 

“Intellectual Property” means all Patents, Trademarks, Copyrights and any other intellectual property. 

“Inventory” shall have the meaning set forth in Article 9 of the New York UCC. 

“Investment Property” shall have the meaning set forth in Article 9 of the New York UCC. 

“Letter of Credit Rights” shall have the meaning set forth in Article 9 of the New York UCC. 

“Licenses” means, with respect to any Person, all of such Person’s right, title, and interest in and to
(a) any and all licensing agreements or similar arrangements in and to its Patents, Copyrights, or Trademarks, (b) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto,
including, without limitation, damages and payments for past and future breaches thereof, and (c) all rights to sue for past, present, and future breaches thereof. 

“New York UCC” means the New York Uniform Commercial Code as in effect from time to time. 

“Other Collateral” means any property of the Grantors, not included within the defined terms Accounts, Chattel Paper,
Commercial Tort Claims, Copyrights, Deposit Accounts, Documents, Equipment, Fixtures, General Intangibles, Goods, Instruments, Inventory, 

 

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Investment Property, Letter-of-Credit Rights, Licenses, Patents, Pledged Deposits, Supporting Obligations and Trademarks, including, without limitation, all cash on hand, letters of credit, Stock
Rights or any other deposits (general or special, time or demand, provisional or final) with any bank or other financial institution, it being intended that the Collateral include all personal property of the Grantors. 

“Patents” means, with respect to any Person, all of such Person’s right, title, and interest in and to:
(a) any and all patents and patent applications; (b) all inventions and improvements described and claimed therein; (c) all reissues, divisions, continuations, renewals, extensions, and continuations-in-part thereof; (d) all
income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past and future infringements thereof; (e) all rights to sue for past,
present, and future infringements thereof; and (f) all rights corresponding to any of the foregoing throughout the world. 

“Pledged Collateral” means, with respect to each Grantor, all right, title and interest of such Grantor in, to and under
the Collateral and other assets pledged to the Administrative Agent, for the benefit of the Holders of Secured Obligations, hereunder. 

“Pledged Deposits” means all time deposits of money (other than Deposit Accounts and Instruments), whether or not
evidenced by certificates, which a Grantor may from time to time designate as pledged to the Administrative Agent or to any Holder of Secured Obligations as security for any Secured Obligations, and all rights to receive interest on said deposits.

 “Receivables” means the Accounts, Chattel Paper, Documents, Investment Property, Instruments or Pledged
Deposits, and any other rights or claims to receive money which are General Intangibles or which are otherwise included as Collateral. 

“Section” means a numbered section of this Security Agreement, unless another document is specifically referenced.

 “Security” has the meaning set forth in Article 8 of the New York UCC. 

“Securities Account” has the meaning set forth in Article 8 of the UCC. 

“Stock Rights” means any securities, dividends, instruments or other distributions and any other right or property which
any Grantor shall receive or shall become entitled to receive for any reason whatsoever with respect to, in substitution for or in exchange for any securities or other ownership interests in a corporation, partnership, joint venture or limited
liability company constituting Pledged Collateral and any securities, any right to receive securities and any right to receive earnings, in which any Grantor now has or hereafter acquires any right, issued by an issuer of such securities.

 “Supporting Obligation” shall have the meaning set forth in Article 9 of the New York UCC. 

“Trademarks” means, with respect to any Person, all of such Person’s right, title, and interest in and to the
following: (a) all trademarks (including service marks), trade names, trade 
  

 5 

 
dress, and trade styles and the registrations and applications for registration thereof and the goodwill of the business symbolized by the foregoing; (b) all licenses of the foregoing,
whether as licensee or licensor; (c) all renewals of the foregoing; (d) all income, royalties, damages, and payments now or hereafter due or payable with respect thereto, including, without limitation, damages, claims, and payments for
past and future infringements thereof; (e) all rights to sue for past, present, and future infringements of the foregoing, including the right to settle suits involving claims and demands for royalties owing; and (f) all rights
corresponding to any of the foregoing throughout the world. 
 The foregoing definitions shall be equally applicable to both the
singular and plural forms of the defined terms. 
 1.4. Amendment and Restatement. Each of the undersigned, by its
signature below, hereby (i) agrees that this Security Agreement and the transactions contemplated hereby shall not limit or diminish the obligations of such Person arising under or pursuant to the Existing Pledge and Security Agreement to the
extent not otherwise amended and restated herein, (ii) reaffirms all of its obligations under the Existing Pledge and Security Agreement to the extent not otherwise amended and restated herein, (iii) reaffirms all Liens on the Collateral
which have been granted by it in favor of the Administrative Agent (for itself and the other Holders of Secured Obligations) pursuant to the Existing Pledge and Security Agreement as more specifically described in Section 2 below, and
(iv) acknowledges and agrees that the Existing Pledge and Security Agreement and the instruments, documents and agreements executed or delivered in connection therewith to the extent not otherwise amended and restated herein or in connection
with the Credit Agreement remain in full force and effect and is hereby reaffirmed, ratified and confirmed. 
 1.5. General
Reaffirmation of Loan Documents. Each of the undersigned, by its signature below, hereby (a) acknowledges and consents to the execution and delivery of each of the instruments, documents and agreements required in connection with the Credit
Agreement, (b) agrees that the Credit Agreement and the transactions contemplated thereby shall not limit or diminish the obligations of such Person arising under or pursuant to the Collateral Documents and the other Loan Documents to which it
is a party, (c) reaffirms all of its obligations under the Loan Documents to which it is a party to the extent not otherwise amended and restated therein, (d) reaffirms all Liens on any collateral (including the Collateral) which have been
granted by it in favor of the Administrative Agent pursuant to any of the Loan Documents, and (e) acknowledges and agrees that each Loan Document executed by it to the extent not otherwise amended and restated herein or in connection with the
Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed. 
 ARTICLE II

 GRANT OF SECURITY INTEREST 

2.1. Grantor Pledge. Each of the Grantors hereby pledges, assigns and grants to the Administrative Agent, on behalf of and for the
benefit of the Holders of Secured Obligations and (to the extent specifically provided herein) their Affiliates, a security interest in all of such Grantor’s right, title and interest, whether now owned or hereafter acquired, in and to

  

 6 

 
the Collateral to secure the prompt and complete payment and performance of the Secured Obligations. For the avoidance of doubt, the grant of a security interest herein shall not be deemed to be
an assignment of intellectual property rights owned by the Grantors. Notwithstanding the foregoing, the Collateral shall not include Equity Interests of any Subsidiary exceeding the Applicable Pledge Percentage with respect thereto. 

2.2. Reaffirmation. Without limiting the foregoing, each of the Grantors hereby regrants, confirms, ratifies and reaffirms the
Liens granted to Administrative Agent, for the benefit of the Holders of Secured Obligations, pursuant to the Existing Pledge and Security Agreement in all of its right, title, and interest in all then existing and thereafter acquired or arising
Pledged Collateral (as such term is defined in the Existing Pledge and Security Agreement) in order to secure the prompt payment, performance and observance of the Secured Obligations, and confirms, ratifies and reaffirms that such Liens are
continuing and are and shall remain unimpaired and continue to constitute Liens in favor of Administrative Agent, for the benefit of the Holders of Secured Obligations, with the same force, effect and priority in effect both immediately prior to and
after entering into this Security Agreement. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Each Grantor represents and warrants to the Administrative Agent and the Holders of Secured Obligations, and each Grantor that becomes a
party to this Security Agreement pursuant to the execution of a Security Agreement Supplement in substantially the form of Annex I represents and warrants (after giving effect to supplements to each of the Exhibits hereto with respect to such
subsequent Grantor as attached to such Security Agreement Supplement), that: 
 3.1. Title, Authorization, Validity and
Enforceability. Each such Grantor has good and valid rights in or the power to transfer (and with respect to intellectual property rights, grant a security interest in) the Pledged Collateral owned by it and title to the Pledged Collateral with
respect to which it has purported to grant a security interest hereunder, free and clear of all Liens except for Liens permitted under Section 4.1.6 hereof, and has full corporate, limited liability company or partnership, as applicable,
power and authority to grant to the Administrative Agent the security interest in such Pledged Collateral pursuant hereto. The execution and delivery by each such Grantor of this Security Agreement has been duly authorized by proper corporate,
limited liability company or partnership, as applicable, proceedings, and this Security Agreement constitutes a legal, valid and binding obligation of each such Grantor and creates a security interest which is enforceable against each such Grantor
in all Pledged Collateral it now owns or hereafter acquires, except as enforceability may be limited by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization or similar laws relating to or affecting the enforcement of
creditors’ rights generally, (ii) general equitable principles (whether considered in a proceeding in equity or at law), and (iii) requirements of reasonableness, good faith and fair dealing. When financing statements have been filed
in the appropriate offices against each Grantor in the locations listed on Exhibit D, and filing made in the appropriate filing offices for intellectual property, the Administrative Agent will have a fully perfected first priority security
interest in the Pledged Collateral owned by such Grantor in which a security interest may be perfected by filing, subject only to Liens permitted under Section 4.1.6 hereof. 

 

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 3.2. Conflicting Laws and Contracts. Neither the execution and delivery by each
Grantor of this Security Agreement, the creation and perfection of the security interest in the Pledged Collateral granted hereunder, nor compliance with the terms and provisions hereof will violate (i) any law, rule, regulation, order, writ,
judgment, injunction, decree or award binding on such Grantor, or (ii) such Grantor’s charter, by-laws or other organizational or constitutional documents, or (iii) the provisions of any material indenture, instrument or agreement to
which such Grantor is a party or is subject, or by which it, or its property may be bound or affected, or conflict with or constitute a default thereunder, or result in or require the creation or imposition of any Lien in, of or on the property of
such Grantor pursuant to the terms of any such material indenture, instrument or agreement (other than any Lien of the Administrative Agent on behalf of the Holders of Secured Obligations). 

3.3. Principal Location. Each Grantor’s mailing address and the location of its place of business (if it has only one) or its
chief executive office (if it has more than one place of business), is disclosed in Exhibit A; such Grantor has no other places of business except those set forth in Exhibit A. 

3.4. Property Locations. The Inventory, Equipment and Fixtures of each Grantor are located solely at the locations of such Grantor
described in Exhibit A or in transit to or from such locations and are owned by such Grantor except for locations (i) which are leased by such Grantor as lessee and designated in Part B of Exhibit A or (ii) at which Inventory
is held in a public warehouse or is otherwise held by a bailee or on consignment by such Grantor as designated in Part C of Exhibit A, with respect to which Inventory held at locations containing Inventory having an aggregate value in excess
of $100,000, such Grantor, at the Administrative Agent’s request shall deliver bailment agreements, warehouse receipts, financing statements or other documents reasonably satisfactory to the Administrative Agent to protect the Administrative
Agent’s and the Holders of Secured Obligations’ security interest in such Inventory. 
 3.5. No Other Names;
Etc.. Within the five-year period ending as of the date such Person becomes a Grantor hereunder, such Grantor has not conducted business under any name, changed its jurisdiction of formation, merged with or into or consolidated with any other
Person, except as disclosed in Exhibit A. The name in which such Grantor has executed this Security Agreement is the exact name as it appears in such Grantor’s organizational documents, as amended, as filed with such Grantor’s
jurisdiction of organization as of the date such Person becomes a Grantor hereunder. 
 3.6. No Event of Default. No
Event of Default exists. 
 3.7. Accounts and Chattel Paper. The names of the obligors, amounts owing, due dates and
other information with respect to the Accounts and Chattel Paper owned by each Grantor are and will be correctly stated in all material respects in all records of such Grantor relating thereto and in all invoices and reports with respect thereto
furnished to the Administrative Agent by such Grantor from time to time. As of the time when each Account or each item of Chattel Paper arises, such Grantor shall be deemed to have represented and warranted that, to the best of such Grantor’s
knowledge, such Account or Chattel Paper, as the case may be, and all records relating thereto, are genuine and in all respects what they purport to be. 
  

 8 

 3.8. Filing Requirements. None of the Equipment owned by any Grantor is covered by
any certificate of title, except for vehicles and any vehicle having a value in excess of $100,000 is described in Part A of Exhibit B. None of the Pledged Collateral owned by such Grantor is of a type for which security interests or liens
may be perfected by filing under any federal statute except for (i) aircraft and any aircraft/engines, ships, railcars and other vehicles governed by federal statute having a value in excess of $500,000 is described in Part B of Exhibit
B and (ii) the Patents, Trademarks and Copyrights held by such Grantor and described in Part C of Exhibit B. 

3.9. No Financing Statements, Security Agreements. No financing statement or security agreement describing all or any portion of
the Pledged Collateral which has not lapsed or been terminated naming any Grantor as debtor has been filed or is of record in any jurisdiction except financing statements (i) naming the Administrative Agent on behalf of the Holders of Secured
Obligations as the secured party, and (ii) in respect of Liens permitted by Section 6.02 of the Credit Agreement; provided, that nothing herein shall be deemed to constitute an agreement to subordinate any of the Liens of the
Administrative Agent under the Loan Documents to any Liens otherwise permitted under Section 6.02 of the Credit Agreement. 

3.10. Federal Employer Identification Number; Jurisdiction of Organization Number; Jurisdiction of Organization. Each
Grantor’s federal employer identification number is, and if such Grantor is a registered organization, such Grantor’s jurisdiction of organization, type of organization and jurisdiction of organization identification number is listed on
Exhibit F. 
 3.11. Pledged Securities and Other Investment Property. Exhibit C sets forth a complete and
accurate list of the Instruments, Securities and other Investment Property constituting Collateral and delivered to the Administrative Agent. Each Grantor is the direct and beneficial owner of each Instrument, Security and other type of Investment
Property listed on Exhibit C as being owned by it, free and clear of any Liens, except for the security interest granted to the Administrative Agent for the benefit of the Holders of Secured Obligations hereunder or as permitted by
Section 6.02 of the Credit Agreement. Each Grantor further represents and warrants that (i) all such Instruments, Securities or other types of Investment Property which are shares of stock in a corporation or ownership interests in
a partnership or limited liability company have been (to the extent such concepts are relevant with respect to such Instrument, Security or other type of Investment Property) duly and validly issued, are fully paid and non-assessable and constitute
the percentage of the issued and outstanding shares of stock (or other equity interests) of the respective issuers thereof indicated on Exhibit C hereto, (ii) any ownership interest in a limited partnership or limited liability company
constitutes a General Intangible and shall not constitute a Security as defined in Article 8 of the UCC of the applicable jurisdiction and (iii) to the extent requested by the Administrative Agent, all such Instruments, Securities and other
Investment Property constituting Collateral held by a securities intermediary are covered by a control agreement among such Grantor, the securities intermediary and the Administrative Agent pursuant to which the Administrative Agent has Control.

 13.12. Intellectual Property. 
  

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 3.12.1 Part C of Exhibit B contains a complete and accurate listing
as of the Effective Date of all Intellectual Property of each of the Grantors, including, but not limited to the following: (i) state, U.S. and foreign trademark registrations, applications for trademark registration and common law trademarks,
(ii) U.S. and foreign patents and patents applications, together with all reissuances, continuations, continuations in part, revisions, extensions, and reexaminations thereof and (iii) U.S. and foreign copyright registrations and
applications for registration. All of the U.S. registrations, applications for registration or applications for issuance of the Intellectual Property that is material to such Grantor’s business are valid and subsisting, in good standing and are
recorded or is in the process of being recorded in the name of the applicable Grantor. 
 3.12.2 Such
Intellectual Property’s valid, subsisting, unexpired (where registered) and enforceable and has not been abandoned or adjudged invalid or unenforceable, in whole or in part except as could not be reasonably expected to result in a Material
Adverse Effect. 
 3.12.3 Each of the Grantors owns, or is licensed to use, all Trademarks, tradenames,
Copyrights, Patents and other Intellectual Property material to its business, and the use thereof by such Grantor does not, to the knowledge of such Grantor, infringe upon the rights of any other Person, except for any such infringements that,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 13.13. Deposit
Accounts and Securities Accounts. All of such Grantor’s Deposit Accounts and Securities Accounts are listed on Exhibit G. 

ARTICLE IV 

COVENANTS 

From the date of this Security Agreement and thereafter until this Security Agreement is terminated pursuant to the terms hereof, each
Grantor party hereto as of the date hereof agrees, and from and after the effective date of any Security Agreement Supplement in substantially the form of Annex I applicable to any Grantor (and after giving effect to supplements to each of
the Exhibits hereto with respect to such subsequent Grantor as attached to such Security Agreement Supplement) and thereafter until this Security Agreement is terminated pursuant to the terms hereof, each such subsequent Grantor agrees that:

 4.1. General. 

4.1.1 Inspection. Each Grantor will permit the Administrative Agent or any Holder of Secured Obligations, by its
representatives and agents, upon reasonable prior notice (i) to inspect its respective Pledged Collateral, (ii) to examine and make copies of the records of such Grantor relating to its respective Pledged Collateral and (iii) to
discuss such Grantor’s respective Pledged Collateral and the related records of such Grantor with, and to be advised as to the same by, such Grantor’s officers and employees 

 

 10 

 
(and, in the case of any Receivable, with any person or entity which is or may be obligated thereon), all at such reasonable times and intervals as the Administrative Agent or such Holder of
Secured Obligations may determine, and all at such Grantor’s expense. 
 4.1.2 Taxes. Each Grantor
will pay when due all taxes, assessments and governmental charges and levies upon the Pledged Collateral owned by such Grantor, as applicable, except (i) those which are being contested in good faith by appropriate proceedings and with respect
to which adequate reserves have been set aside in accordance with GAAP and with respect to which no Lien exists, and (ii) those which by reason of the amount involved or the remedies available to the taxing authority could not reasonably be
expected to have a Material Adverse Effect. 
 4.1.3 Records and Reports; Notification of Default. Each
Grantor shall keep and maintain complete, accurate and proper books and records with respect to the Pledged Collateral owned by such Grantor and furnish to the Administrative Agent, with sufficient copies for each of the Holders of Secured
Obligations, such reports relating to its respective Pledged Collateral as the Administrative Agent shall from time to time reasonably request. Each Grantor will give prompt notice in writing to the Administrative Agent and the Lenders of the
occurrence of any Event of Default and of any other development, financial or otherwise, which might materially and adversely affect its respective Pledged Collateral. 

4.1.4 Financing Statements and Other Actions; Defense of Title. Each Grantor hereby authorizes the Administrative
Agent to file, and if requested by the Administrative Agent will execute and deliver to the Administrative Agent, all financing statements describing the Pledged Collateral owned by such Grantor and other documents and take such other actions as may
from time to time reasonably be requested by the Administrative Agent in order to maintain a first priority perfected security interest in and, if applicable, Control of, the Pledged Collateral owned by such Grantor, subject to Liens permitted under
Section 6.02 of the Credit Agreement; provided that nothing herein shall be deemed to constitute an agreement to subordinate any of the Liens of the Administrative Agent under the Loan Documents to any Liens otherwise permitted
under Section 6.02 of the Credit Agreement. Such financing statements may describe the Pledged Collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in
any other manner as the Administrative Agent may determine, in its sole discretion, is necessary, advisable or prudent to ensure that the perfection of the security interest in the Pledged Collateral granted to the Administrative Agent herein,
including, without limitation, describing, with respect to any Grantor’s financing statement, such property as “all assets” or “all personal property, whether now owned or hereafter acquired and wheresoever located, including all
accessions thereto and proceeds thereof.” Each Grantor will take any and all actions reasonably necessary to defend title to the Pledged Collateral owned by such Grantor that has not otherwise been abandoned in the ordinary course of business
against all persons and to defend the security interest of the Administrative Agent in such Pledged Collateral and the priority thereof against any Lien not expressly permitted hereunder or by the Credit Agreement. 

 

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 4.1.5 Disposition of Collateral. No Grantor will sell, lease or
otherwise dispose of the Pledged Collateral owned by such Grantor except (i) prior to the occurrence of an Event of Default, dispositions specifically permitted pursuant to Section 6.10 of the Credit Agreement, (ii) until such
time following the occurrence of an Event of Default as such Grantor receives a notice from the Administrative Agent instructing such Grantor to cease such transactions, sales or leases of Inventory in the ordinary course of business, and
(iii) until such time as such Grantor receives a notice from the Administrative Agent pursuant to Article VII, proceeds of Inventory and Accounts collected in the ordinary course of business. 

4.1.6 Liens. No Grantor will create, incur, or suffer to exist any Lien on the Pledged Collateral owned by such
Grantor except Liens permitted pursuant to Section 6.02 of the Credit Agreement, provided, that nothing herein shall be deemed to constitute an agreement to subordinate any of the Liens of the Administrative Agent under the Loan
Documents to any Liens otherwise permitted under Section 6.02 of the Credit Agreement. 
 4.1.7
Change in Corporate Existence, Type or Jurisdiction of Organization, Location, Name. Each Grantor will: 
  

	 	(i)	preserve its existence and corporate structure as in effect on the Effective Date, or, with respect to Grantors that become subject hereto pursuant to an Annex I
hereto, the date of such Annex I hereto; 

  

	 	(ii)	not change its jurisdiction of organization without the prior written consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed);

  

	 	(iii)	not maintain its place of business (if it has only one) or its chief executive office (if it has more than one place of business) at a location other than a location
specified on Exhibit A without the prior written consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed); and 

  

	 	(iv)	not (i) have any Inventory, Equipment or Fixtures or proceeds or products thereof having an aggregate value in excess of $100,000 (other than Inventory and
proceeds thereof disposed of as permitted by Section 4.1.5) at a location other than a location specified in Exhibit A, (ii) change its name or taxpayer identification number or (iii) change its mailing address,

 unless, in each such case, such Grantor shall have given the Administrative Agent not less than 30 days’ prior written
notice of such event or occurrence and the Administrative Agent shall have either (x) determined that such event or occurrence will not adversely affect the validity, perfection or priority of the Administrative Agent’s security interest
in the Pledged Collateral, or (y) taken such steps (with the cooperation of such Grantor to the extent necessary or advisable) as are reasonably necessary or advisable to properly maintain the validity, perfection and priority of the
Administrative Agent’s security interest in the Pledged Collateral owned by such Grantor. 
 4.1.8 Other
Financing Statements. No Grantor will suffer to exist or authorize the filing of any financing statement naming it as debtor covering all or any portion of the 

 

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Pledged Collateral owned by such Grantor, except any financing statement authorized under Section 4.1.4 hereof. Each Grantor acknowledges that it is not authorized to file any financing statement
or amendment or termination statement with respect to any financing statement filed in connection herewith without the prior written consent of the Administrative Agent, subject to such Grantor’s rights under Section 9-509(d)(2) of the
UCC. 
 4.2. Receivables. 

4.2.1 Certain Agreements on Receivables. During the occurrence and continuation of an Event of Default, no Grantor
will make or agree to make any discount, credit, rebate or other reduction in the original amount owing on a Receivable or accept in satisfaction of a Receivable less than the original amount thereof. Prior to the occurrence and continuation of an
Event of Default, any Grantor may reduce the amount of Accounts arising from the sale of Inventory or the rendering of services in accordance with its present policies and in the ordinary course of business and as otherwise permitted under the
Credit Agreement. 
 4.2.2 Collection of Receivables. Except as otherwise provided in this Security
Agreement, each Grantor will collect and enforce, at such Grantor’s sole expense, all amounts due or hereafter due to such Grantor under the Receivables owned by such Grantor in accordance with its present policies and in the ordinary course of
business and as otherwise permitted under the Credit Agreement. 
 4.2.3 Delivery of Invoices. Each
Grantor will deliver to the Administrative Agent immediately upon its request after the occurrence and during the continuance of an Event of Default duplicate invoices with respect to each Account owned by such Grantor bearing such language of
assignment as the Administrative Agent shall specify. 
 4.2.4 Disclosure of Counterclaims on Receivables.
If (i) any discount, credit or agreement to make a rebate or to otherwise reduce the amount owing on a Receivable evidencing an obligation in excess of $100,000 owned by such Grantor exists or (ii) to the knowledge of such Grantor, any
dispute, setoff, claim, counterclaim or defense exists or has been asserted or threatened with respect to a Receivable evidencing an obligation in excess of $100,000, such Grantor will disclose such fact to the Administrative Agent in writing in
connection with the inspection by the Administrative Agent of any record of such Grantor relating to such Receivable and in connection with any invoice or report furnished by such Grantor to the Administrative Agent relating to such Receivable.

 4.3. Inventory and Equipment. 

4.3.1 Maintenance of Goods. Each Grantor will do all things reasonably necessary to maintain, preserve, protect and
keep the Inventory and the Equipment owned by such Grantor in good repair, working order and saleable condition (ordinary wear and tear excepted) and make all reasonably necessary and proper repairs, renewals and replacements so that its business
carried on in connection therewith may be properly 
  

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conducted at all times, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

4.3.2 Titled Vehicles. Each Grantor will give the Administrative Agent notice of its acquisition of any vehicle
covered by a certificate of title having a value in excess of $100,000 and will deliver to the Administrative Agent, upon request, the original of any vehicle title certificate and do all things necessary to have the Lien of the Administrative Agent
noted on any such certificate. 
 4.4. Chattel Paper, Documents and Pledged Deposits. Each Grantor will (i) deliver
to the Administrative Agent promptly upon execution of this Security Agreement the originals of all Chattel Paper evidencing an obligation in excess of $100,000 constituting Pledged Collateral (if any then exist), (ii) hold in trust for the
Administrative Agent upon receipt and immediately thereafter deliver to the Administrative Agent any Chattel Paper evidencing an obligation in excess of $100,000 constituting Pledged Collateral, (iii) upon the designation of any Pledged
Deposits (as set forth in the definition thereof), deliver to the Administrative Agent such Pledged Deposits which are evidenced by certificates included in the Pledged Collateral endorsed in blank, marked with such legends and assigned as the
Administrative Agent shall specify, and (iv) upon the Administrative Agent’s request, after the occurrence and during the continuance of an Event of Default, deliver to the Administrative Agent (and thereafter hold in trust for the
Administrative Agent upon receipt and immediately deliver to the Administrative Agent) any Document evidencing or constituting Pledged Collateral. No Grantor shall withdraw all or any portion of any Pledged Deposit or fail to rollover said Pledged
Deposit without the prior written consent of the Administrative Agent. 
 4.5. Securities and Instruments. Each Grantor
will (i) deliver to the Administrative Agent immediately upon execution of this Security Agreement the originals of all Securities and Instruments constituting Pledged Collateral (if any then exist) and (ii) hold in trust for the
Administrative Agent upon receipt and immediately thereafter deliver to the Administrative Agent any Securities and Instruments constituting Pledged Collateral. 

4.6. Uncertificated Securities and Certain Other Investment Property. Each Grantor will permit the Administrative Agent from time
to time to cause the appropriate issuers (and, if held with a securities intermediary, such securities intermediary) of uncertificated securities or other types of Investment Property not represented by certificates which are Pledged Collateral
owned by such Grantor to mark their books and records with the numbers and face amounts of all such uncertificated securities or other types of Investment Property not represented by certificates and all rollovers and replacements therefor to
reflect the Lien of the Administrative Agent granted pursuant to this Security Agreement. Each Grantor will, upon request of the Administrative Agent, use all commercially reasonable efforts, with respect to Investment Property constituting Pledged
Collateral owned by such Grantor held with a financial intermediary, to cause such financial intermediary to enter into a control agreement with the Administrative Agent in form and substance reasonably satisfactory to the Administrative Agent.

 4.7. Stock and Other Ownership Interests. 

 

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 4.7.1 Changes in Capital Structure of Issuers. Except as permitted in
the Credit Agreement, no Grantor will (i) permit or suffer any issuer of privately held corporate securities or other ownership interests in a corporation, partnership, joint venture or limited liability company constituting Pledged Collateral
owned by such Grantor to dissolve, liquidate, retire any of its capital stock or other Instruments or Securities evidencing ownership, reduce its capital or merge or consolidate with any other entity, or (ii) vote any of the Instruments,
Securities or other Investment Property in favor of any of the foregoing except to the extent permitted under the Credit Agreement. 

4.7.2 Issuance of Additional Securities. No Grantor will permit or suffer the issuer of privately held corporate
securities or other ownership interests in a corporation, partnership, joint venture or limited liability company constituting Pledged Collateral to issue any such securities or other ownership interests, any right to receive the same or any right
to receive earnings, except to such Grantor. 
 4.7.3 Registration of Pledged Securities and other Investment
Property. Each Grantor will permit any registerable Pledged Collateral owned by such Grantor to be registered in the name of the Administrative Agent or its nominee at any time at the option of the Required Lenders following the occurrence and
during the continuance of an Event of Default and without any further consent of such Grantor. 
 4.7.4
Exercise of Rights in Pledged Securities and other Investment Property. Each Grantor will permit the Administrative Agent or its nominee at any time after the occurrence and continuance of an Event of Default, without notice, to exercise or
refrain from exercising any and all voting and other consensual rights pertaining to the Pledged Collateral owned by such Grantor or any part thereof, and to receive all dividends and interest in respect of such Pledged Collateral. Unless and until
an Event of Default shall have occurred and be continuing, (i) each Grantor shall be entitled to exercise all voting and other consensual rights pertaining to the Pledged Collateral for any purpose consistent with the terms of this Agreement,
the Credit Agreement and the other Loan Documents; provided, however, that no Grantor will be entitled to exercise any such right if the result thereof could materially and adversely affect the rights and remedies of the Administrative
Agent or Holders of Secured Obligations under this Agreement or the Credit Agreement or any other Loan Document or the ability to exercise the same, and (ii) each Grantor shall be entitled to receive and retain all dividends or interest in
respect of such Pledged Collateral to the extent and only to the extent that such dividends or interest are not prohibited by the terms and conditions of the Credit Agreement, the other Loan Documents and applicable laws; other than any dividends or
interest resulting from a subdivision, combination or reclassification or received in exchange for Pledged Collateral, or in redemption thereof, or as a result of any merger, consolidation, acquisition or other exchange of assets. 

4.7.5 Interests in Limited Liability Companies and Limited Partnerships. Each Grantor agrees that no ownership
interests in a limited liability company or a limited partnership which are included within the Pledged Collateral owned by such Grantor shall at any time constitute a Security under Article 8 of the UCC of the applicable jurisdiction. 

 

 15 

 4.8. Deposit Accounts. Each Grantor will (i) upon the Administrative
Agent’s request, cause each bank or other financial institution in which it maintains (a) a Deposit Account to enter into a control agreement with the Administrative Agent, in form and substance reasonably satisfactory to the
Administrative Agent in order to give the Administrative Agent Control of the Deposit Account to the extent it does not already possess such Control or to further evidence such Control; provided, that within ten (10) Business Days of
Effective Date (or such longer period as may be consented to by the Administrative Agent), the applicable Grantors shall cause to be delivered (1) an amended and restated control agreement with respect to the Deposit Accounts identified on
Exhibit G maintained at Bank of America, N.A. and (2) a new control agreement with respect to the Deposit Account identified on Exhibit G maintained at JPMorgan Chase Bank, N.A., or (b) other deposits (general or special,
time or demand, provisional or final) to be notified of the security interest granted to the Administrative Agent hereunder and cause each such bank or other financial institution to acknowledge such notification in writing and (ii) after the
occurrence and during the continuance of an Event of Default and upon the Administrative Agent’s request, deliver to each such bank or other financial institution a letter, in form and substance reasonably acceptable to the Administrative
Agent, transferring ownership of the Deposit Account to the Administrative Agent or transferring exclusive dominion and control over each such other deposit to the Administrative Agent until such time as no Event of Default exists. In the case of
deposits maintained with Lenders, the terms of such letter shall be subject to the provisions of the Credit Agreement regarding setoffs. 

4.9. Letter-of-Credit Rights. Each Grantor will, upon the Administrative Agent’s request, cause each issuer of a letter of
credit, to consent to the assignment of proceeds of the letter of credit in order to give the Administrative Agent Control of the letter-of-credit rights to such letter of credit. 

4.10. Federal, State or Municipal Claims. Each Grantor will notify the Administrative Agent of any Pledged Collateral owned by
such Grantor which constitutes a claim against the United States government or any state or local government or any instrumentality or agency thereof, the assignment of which claim is restricted by federal, state or municipal law. 

4.11. Intellectual Property. 

4.11.1 If, after the date hereof, any Grantor obtains rights to, or applies for or seeks registration of, any new Patent,
Trademark or Copyright in addition to the Patents, Trademarks and Copyrights described in Part C of Exhibit B, which are all of such Grantor’s Patents, Trademarks and Copyrights as of the Effective Date, then such Grantor shall give the
Administrative Agent notice of such newly acquired or registered Patent, Trademark or Copyright, as part of each compliance certificate provided to the Administrative Agent pursuant to the Credit Agreement. Each Grantor agrees promptly upon request
by the Administrative Agent to execute and deliver to the Administrative Agent any supplement to this Security Agreement or any other document reasonably requested by the Administrative Agent to evidence a security interest in such intellectual
property in a form appropriate for recording in the applicable federal office. Each Grantor also hereby authorizes the Administrative Agent to modify this Security 

 

 16 

 
Agreement unilaterally (i) by amending Part C of Exhibit B to include any future Patents, Trademarks and/or Copyrights of which the Administrative Agent receives notification from
such Grantor pursuant hereto and (ii) by recording, in addition to and not in substitution for this Security Agreement, a duplicate original of this Security Agreement containing in Part C of Exhibit B a description of such future
Patents, Trademarks and/or Copyrights. 
 4.12. Commercial Tort Claims. If, after the date hereof, any Grantor identifies
the existence of a commercial tort claim belonging to such Grantor that has arisen in the course of such Grantor’s business in addition to the commercial tort claims described in Exhibit E, which are all of such Grantor’s commercial
tort claims as of the Effective Date, then such Grantor shall give the Administrative Agent notice thereof not less frequently than quarterly. Each Grantor agrees promptly upon written request by the Administrative Agent to execute and deliver to
the Administrative Agent any supplement to this Security Agreement or any other document reasonably requested by the Administrative Agent to evidence the grant of a security interest therein in favor of the Administrative Agent. 

4.13. Grantors’ Obligations. Within thirty (30) days from the Effective Date, or within such other longer period of time
as consented to by the Administrative Agent in its sole discretion, the Grantors shall take such actions and make such filings as are necessary to remove and release any and all security interests that are currently of record in the United States
Copyright Office and the United States Patent and Trademark Office in connection with terminated obligations of the Grantors. 

4.14. Updating of Exhibits to the Security Agreement. Each Grantor will provide to the Administrative Agent, concurrently with the
delivery of the certificate of a Financial Officer of the Borrower as required by Section 5.01(c) of the Credit Agreement, updated versions of the Exhibits to this Security Agreement; provided that this obligation shall in no way limit
the obligation of any Grantor to provide earlier notice of the information set forth in such Exhibit to the extent required by the terms of this Agreement. For the avoidance of doubt, such updated Exhibits shall be provided by each Grantor to the
Administrative Agent for informational purposes only and the receipt of such updated Exhibits by the Administrative Agent shall not be understood to permit any action prohibited hereunder or constitute a waiver of any provision contained herein;
provided that updated Exhibits provided to the Administrative Agent pursuant to this Section or otherwise shall be deemed to revise the representations and warranties set forth in Article III from and after the date of delivery. 

ARTICLE V 

DEFAULT 

5.1. The occurrence of any “Event of Default” under the Credit Agreement shall constitute an Event of Default hereunder.

 5.2. Acceleration and Remedies. 

 

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 5.2.1 Upon the acceleration of the Secured Obligations under the Credit
Agreement pursuant to Article VII thereof, all of the Secured Obligations under the Credit Agreement and, to the extent provided for under the Swap Agreements and the Banking Services Agreements evidencing the same, the Swap Obligations and
the Banking Services Obligations, shall immediately become due and payable without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived, and the Administrative Agent may, with the concurrence or at the
direction of the Required Lenders (or, if required pursuant to the terms of the Credit Agreement, with the concurrence or at the direction of each of the Lenders), exercise any or all of the following rights and remedies: 

 

	 	(i)	Those rights and remedies provided in this Security Agreement, the Credit Agreement, or any other Loan Document; provided that this clause (i) shall
not be understood to limit any rights or remedies available to the Administrative Agent and the Holders of Secured Obligations prior to an Event of Default. 

 

	 	(ii)	Those rights and remedies available to a secured party under the New York UCC (whether or not the New York UCC applies to the affected Pledged Collateral) or under any
other applicable law (including, without limitation, any law governing the exercise of a bank’s right of setoff or bankers’ lien) when a debtor is in default under a security agreement. 

 

	 	(iii)	Give notice of sole control or any other instruction under any Deposit Account Control Agreement or other control agreement with any securities intermediary and take
any action therein with respect to such Collateral. 

  

	 	(iv)	Without notice except as specifically provided in Section 8.1 hereof or elsewhere herein, sell, lease, assign, grant an option or options to purchase or
otherwise dispose of, deliver, or realize upon, the Pledged Collateral or any part thereof in one or more parcels at public or private sale or sales (which sales may be adjourned or continued from time to time with or without notice and may take
place at any Grantor’s premises of elsewhere), for cash, on credit or for future delivery without assumption of any credit risk, and upon such other terms as the Administrative Agent may deem commercially reasonable. 

 

	 	(v)	Concurrently with written notice to the applicable Grantor, transfer and register in its name or in the name of its nominee the whole or any part of the Pledged
Collateral, to exchange certificates or instruments representing or evidencing Pledged Collateral for certificates or instruments of smaller or larger denominations, to exercise the voting and all other rights as a holder with respect thereto, to
collect and receive all cash dividends, interest, principal and other distributions made thereon and to otherwise act with respect to the Pledged Collateral as though the Administrative Agent was the outright owner thereof. 

5.2.2 The Administrative Agent, on behalf of the Holders of Secured Obligations, may comply with any applicable state or
federal law requirements in connection with a disposition of the Pledged Collateral, and such compliance will not be 

 

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considered to adversely affect the commercial reasonableness of any sale of the Pledged Collateral. 

5.2.3 The Administrative Agent shall have the right upon any such public sale or sales and, to the extent permitted by
law, upon any such private sale or sales, to purchase for the benefit of the Administrative Agent and the other Holders of Secured Obligations, the whole or any part of the Pledged Collateral so sold, free of any right of equity redemption, which
equity redemption the Grantor hereby expressly releases. 
 5.2.4 Until the Administrative Agent is able to
effect a sale, lease, or other disposition of Pledged Collateral, the Administrative Agent shall have the right to hold or use Pledged Collateral, or any part thereof, to the extent that it deems appropriate for the purpose of preserving Pledged
Collateral or its value or for any other purpose deemed appropriate by the Administrative Agent. The Administrative Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession of Pledged Collateral and to enforce any
of the Administrative Agent’s remedies (for the benefit of the Administrative Agent and other Holders of Secured Obligations), with respect to such appointment without prior notice or hearing as to such appointment. 

5.2.5 Notwithstanding the foregoing, neither the Administrative Agent nor the Holders of Secured Obligations shall be
required to (i) make any demand upon, or pursue or exhaust any of their rights or remedies against, any Grantor, any other obligor, guarantor, pledgor or any other Person with respect to the payment of the Secured Obligations or to pursue or
exhaust any of their rights or remedies with respect to any Collateral therefor or any direct or indirect guarantee thereof, (ii) marshal the Pledged Collateral or any guarantee of the Secured Obligations or to resort to the Pledged Collateral
or any such guarantee in any particular order or (iii) effect a public sale of any of the Pledged Collateral. 

5.2.6 Each Grantor recognizes that the Administrative Agent may be unable to effect a public sale of any or all the
Instruments, Securities or other Investment Property constituting Pledged Collateral and may be compelled to resort to one or more private sales thereof in accordance with Section 5.2.1 above. Each Grantor also acknowledges that any
private sale may result in prices and other terms less favorable to the seller than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially
unreasonable manner solely by virtue of such sale being private. The Administrative Agent shall be under no obligation to delay a sale of any of the Instruments, Securities or other Investment Property constituting Pledged Collateral for the period
of time necessary to permit any Grantor or the issuer of the Pledged Collateral to register such securities for public sale under the Securities Act of 1933, as amended, or under applicable state securities laws, even if the applicable Grantor and
the issuer would agree to do so. 
 5.3. Grantors’ Obligations Upon Default. Upon the request of the Administrative
Agent after the occurrence and during the continuance of an Event of Default, each Grantor will: 
 5.3.1
Assembly of Pledged Collateral. Assemble and make available to the Administrative Agent its respective Pledged Collateral and all records relating thereto at any place or places specified by the Administrative Agent. 

 

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 5.3.2 Secured Party Access. Permit the Administrative Agent, by the
Administrative Agent’s representatives and agents, to enter any premises where all or any part of its respective Pledged Collateral, or the books and records relating thereto, or both, are located, to take possession of all or any part of the
Pledged Collateral, or the books and records relating thereto, and to remove all or any part of the Pledged Collateral, or the books and records relating thereto, or both, and to conduct sales of the Pledged Collateral, without any obligation to pay
the Grantor for such use and occupancy. 
 5.3.3 Filing. Prepare and file, or cause an issuer of any
Instrument, Security or other Investment Property constituting Pledged Collateral to prepare and file, with the Securities and Exchange Commission or any other applicable government agency, registration statements, a prospectus and such other
documentation in connection with such Pledged Collateral as the Administrative Agent may request, all in form and substance satisfactory to the Administrative Agent, and furnish to the Administrative Agent, or cause an issuer such Pledged Collateral
to furnish to the Administrative Agent, any information regarding such Pledged Collateral in such detail as the Administrative Agent may specify. 

5.3.4 Other Actions. Take, or cause an issuer of any Instrument, Security or other Investment Property constituting
Pledged Collateral to take, any and all actions necessary to register or qualify such Pledged Collateral to enable the Administrative Agent to consummate a public sale or other disposition of such Pledged Collateral. 

5.4. License. The Administrative Agent is hereby granted a license or other right to use, exercisable only following the
occurrence and during the continuance of an Event of Default, without charge, each Grantor’s labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks, customer lists and advertising matter,
or any property of a similar nature, as it pertains to the Pledged Collateral, in completing production of, advertising for sale, and selling any Pledged Collateral, and, following the occurrence and during the continuance of an Event of Default,
such Grantor’s rights under all licenses and all franchise agreements shall inure to the Administrative Agent’s benefit. In addition, each Grantor hereby irrevocably agrees that the Administrative Agent may, following the occurrence and
during the continuance of an Event of Default, sell any of such Grantor’s Inventory directly to any person, including without limitation persons who have previously purchased such Grantor’s Inventory from such Grantor and in connection
with any such sale or other enforcement of the Administrative Agent’s rights under this Security Agreement, may sell Inventory which bears any trademark owned by or licensed to such Grantor and any Inventory that is covered by any copyright
owned by or licensed to such Grantor and the Administrative Agent may finish any work in process and affix any trademark owned by or licensed to such Grantor and sell such Inventory as provided herein. 

 

 20 

 ARTICLE VI 

WAIVERS, AMENDMENTS AND REMEDIES 

No delay or omission of the Administrative Agent or any Holder of Secured Obligations to exercise any right or remedy granted under this
Security Agreement shall impair such right or remedy or be construed to be a waiver of any Event of Default or an acquiescence therein, and any single or partial exercise of any such right or remedy shall not preclude any other or further exercise
thereof or the exercise of any other right or remedy. No waiver, amendment or other variation of the terms, conditions or provisions of this Security Agreement whatsoever shall be valid unless in writing signed by the Administrative Agent and each
Grantor, and then only to the extent in such writing specifically set forth; provided that the addition of any Subsidiary of the Company as a Grantor hereunder by execution of a Security Agreement Supplement in the form of Annex I
(with such modifications as shall be acceptable to the Administrative Agent) shall not require receipt of any consent from or execution of any documentation by any other Grantor party hereto. All rights and remedies contained in this Security
Agreement or by law afforded shall be cumulative and all shall be available to the Administrative Agent and the Holders of Secured Obligations until the Secured Obligations have been paid in full. 

ARTICLE VII 

PROCEEDS; COLLECTION OF RECEIVABLES 

7.1. Lockboxes and Account Control Agreements. Upon request of the Administrative Agent, each Grantor shall execute and deliver to
the Administrative Agent irrevocable lockbox and account control agreements in the form provided by or otherwise reasonably acceptable to the Administrative Agent, which agreements shall be accompanied by an acknowledgment by the bank where the
lockbox and applicable deposit account is located of the Lien of the Administrative Agent granted hereunder and of irrevocable instructions to wire all amounts collected therein to a special collateral account at the Administrative Agent.

 7.2. Collection of Receivables. The Administrative Agent may at any time after the occurrence and during the
continuance of an Event of Default, by giving each Grantor written notice, elect to require that the Receivables be paid directly to the Administrative Agent for the benefit of the Holders of Secured Obligations. In such event, each Grantor shall,
and shall permit the Administrative Agent to, promptly notify the account debtors or obligors under the Receivables owned by such Grantor of the Administrative Agent’s interest therein and direct such account debtors or obligors to make payment
of all amounts then or thereafter due under such Receivables directly to the Administrative Agent. Upon receipt of any such notice from the Administrative Agent, each Grantor shall thereafter hold in trust for the Administrative Agent, on behalf of
the Holders of Secured Obligations, all amounts and proceeds received by it with respect to the Receivables and Other Collateral and immediately and at all times thereafter deliver to the Administrative Agent all such amounts and proceeds in the
same form as so received, whether by cash, check, draft or otherwise, with any necessary endorsements. The Administrative Agent shall hold and apply funds so received as provided by the terms of Sections 7.3 and 7.4 hereof. 

 

 21 

 7.3. Special Collateral Account. The Administrative Agent may require all cash
proceeds of such Grantor’s Pledged Collateral to be deposited in a special non-interest bearing cash collateral account with the Administrative Agent and held there as security for the Secured Obligations. No Grantor shall have any control
whatsoever over said cash collateral account. If no Event of Default has occurred or is continuing, the Administrative Agent shall from time to time deposit the collected balances in said cash collateral account into the applicable Grantor’s
general operating account with the Administrative Agent. If any Event of Default has occurred and is continuing, the Administrative Agent may (and shall, at the direction of the Required Lenders), from time to time, apply the collected balances in
said cash collateral account to the payment of the Secured Obligations whether or not the Secured Obligations shall then be due. 

7.4. Application of Proceeds. The proceeds of the Pledged Collateral shall be applied by the Administrative Agent to payment of
the Secured Obligations as provided under Section 2.18 of the Credit Agreement 
 ARTICLE VIII 

GENERAL PROVISIONS 

8.1. Notice of Disposition of Pledged Collateral; Condition of Pledged Collateral. Each Grantor hereby waives notice of the time
and place of any public sale or the time after which any private sale or other disposition of all or any part of the Pledged Collateral may be made. To the extent such notice may not be waived under applicable law, any notice made shall be deemed
reasonable if sent to the Company, as designee for the other Grantors, addressed as set forth in Article IX, at least ten (10) days prior to (i) the date of any such public sale or (ii) the time after which any such private
sale or other disposition may be made. The Administrative Agent shall have no obligation to clean-up or otherwise prepare the Pledged Collateral for sale. 

8.2. Limitation on Administrative Agent’s and other Holders of Secured Obligations Duty with Respect to the Collateral. The
Administrative Agent shall have no obligation to clean-up or otherwise prepare the Collateral for sale. The Administrative Agent and each other Holder of Secured Obligations shall use reasonable care with respect to the Collateral in its possession
or under its control. Neither the Administrative Agent nor any other Holder of Secured Obligations shall have any other duty as to any Collateral in its possession or control or in the possession or control of any agent or nominee of the
Administrative Agent or such other Holder of Secured Obligations, or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto. To the extent that applicable law imposes duties on the
Administrative Agent to exercise remedies in a commercially reasonable manner, each Grantor acknowledges and agrees that it is commercially reasonable for the Administrative Agent (i) to fail to incur expenses deemed significant by the
Administrative Agent to prepare Collateral for disposition or otherwise to transform raw material or work in process into finished goods or other finished products for disposition, (ii) to fail to obtain third party consents for access to
Collateral to be disposed of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed of, (iii) to fail to exercise
collection remedies against account debtors or other Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral, (iv) to exercise collection remedies against account debtors and other Persons

  

 22 

 
obligated on Collateral directly or through the use of collection agencies and other collection specialists, (v) to advertise dispositions of Collateral through publications or media of
general circulation, whether or not the Collateral is of a specialized nature, (vi) to contact other Persons, whether or not in the same business as such Grantor, for expressions of interest in acquiring all or any portion of such Collateral,
(vii) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether or not the Collateral is of a specialized nature, (viii) to dispose of Collateral by utilizing internet sites that provide for the
auction of assets of the types included in the Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather than retail markets, (x) to disclaim
disposition warranties, such as title, possession or quiet enjoyment, (xi) to purchase insurance or credit enhancements to insure the Administrative Agent against risks of loss, collection or disposition of Collateral or to provide to the
Administrative Agent a guaranteed return from the collection or disposition of Collateral, or (xii) to the extent deemed appropriate by the Administrative Agent, to obtain the services of other brokers, investment bankers, consultants and other
professionals to assist the Administrative Agent in the collection or disposition of any of the Collateral. Each Grantor acknowledges that the purpose of this Section 8.2 is to provide non-exhaustive indications of what actions or
omissions by the Administrative Agent would be commercially reasonable in the Administrative Agent’s exercise of remedies against the Collateral and that other actions or omissions by the Administrative Agent shall not be deemed commercially
unreasonable solely on account of not being indicated in this Section 8.2. Without limitation upon the foregoing, nothing contained in this Section 8.2 shall be construed to grant any rights to any Grantor or to impose any
duties on the Administrative Agent that would not have been granted or imposed by this Security Agreement or by applicable law in the absence of this Section 8.2. 

8.3. Compromises and Collection of Pledged Collateral. Each Grantor and the Administrative Agent recognize that setoffs,
counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in
litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to a Receivable. In view of the foregoing, each Grantor agrees that the Administrative Agent may at any time and from time to time,
if an Event of Default has occurred and is continuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Administrative Agent in its sole discretion shall determine or abandon any Receivable,
and any such action by the Administrative Agent shall be commercially reasonable so long as the Administrative Agent acts in good faith based on information known to it at the time it takes any such action. 

8.4. Secured Party Performance of Grantors’ Obligations. Without having any obligation to do so, the Administrative Agent may
perform or pay any obligation which any Grantor has agreed to perform or pay in this Security Agreement and such Grantor shall reimburse the Administrative Agent for any reasonable amounts paid by the Administrative Agent pursuant to this
Section 8.4. Each Grantor’s obligation to reimburse the Administrative Agent pursuant to the preceding sentence shall be a Secured Obligation payable within ten (10) days after demand. 

8.5. Authorization for Secured Party to Take Certain Action; Proxy. 

 

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 8.5.1 Each Grantor irrevocably authorizes the Administrative Agent at any
time and from time to time in the sole discretion of the Administrative Agent and appoints the Administrative Agent as its attorney in fact (i) to execute on behalf of such Grantor as debtor and to file financing statements necessary or
desirable in the Administrative Agent’s sole discretion to perfect and to maintain the perfection and priority of the Administrative Agent’s security interest in the Pledged Collateral, (ii) to endorse and collect any cash proceeds of
the Pledged Collateral, (iii) to file a carbon, photographic or other reproduction of this Security Agreement or any financing statement with respect to the Pledged Collateral as a financing statement and to file any other financing statement
or amendment of a financing statement (which does not add new collateral or add a debtor) in such offices as the Administrative Agent in its sole discretion deems reasonably necessary or desirable to perfect and to maintain the perfection and
priority of the Administrative Agent’s security interest in the Pledged Collateral, (iv) to contact and enter into one or more agreements with the issuers of uncertificated securities which are Pledged Collateral owned by such Grantor and
which are Securities or with financial intermediaries holding other Investment Property as may be necessary or advisable to give the Administrative Agent Control over such Securities or other Investment Property, (v) subject to the terms of
Section 4.1.5 hereof, to enforce payment of the Instruments, Accounts and Receivables in the name of the Administrative Agent or such Grantor, (vi) to apply the proceeds of any Pledged Collateral received by the Administrative Agent
to the Secured Obligations as provided in Article VII and (vii) to discharge past due taxes, assessments, charges, fees or Liens on the Pledged Collateral (except for such Liens as are specifically permitted hereunder or under any other
Loan Document), and each Grantor agrees to reimburse the Administrative Agent on demand for any reasonable payment made or any reasonable expense incurred by the Administrative Agent in connection therewith; provided that this authorization
shall not relieve any Grantor of any of its obligations under this Security Agreement or under the Credit Agreement. 

8.5.2 EACH GRANTOR HEREBY IRREVOCABLY CONSTITUTES AND APPOINTS THE ADMINISTRATIVE AGENT AS THE PROXY AND ATTORNEY IN FACT
OF SUCH GRANTOR WITH RESPECT TO THE PLEDGED COLLATERAL OWNED BY SUCH GRANTOR, INCLUDING THE RIGHT TO VOTE ANY INSTRUMENTS, SECURITIES OR OTHER INVESTMENT PROPERTY CONSTITUTING PLEDGED COLLATERAL IN ACCORDANCE WITH THE TERMS HEREOF, WITH FULL POWER
OF SUBSTITUTION TO DO SO. IN ADDITION TO THE RIGHT TO VOTE ANY SUCH PLEDGED COLLATERAL AFTER AN EVENT OF DEFAULT, THE APPOINTMENT OF THE ADMINISTRATIVE AGENT AS PROXY AND ATTORNEY-IN-FACT SHALL INCLUDE THE RIGHT TO EXERCISE ALL OTHER RIGHTS, POWERS,
PRIVILEGES AND REMEDIES TO WHICH A HOLDER OF SUCH PLEDGED COLLATERAL WOULD BE ENTITLED (INCLUDING GIVING OR WITHHOLDING WRITTEN CONSENTS OF SHAREHOLDERS, CALLING SPECIAL MEETINGS OF SHAREHOLDERS AND VOTING AT SUCH MEETINGS). SUCH PROXY SHALL BE
EFFECTIVE, AUTOMATICALLY AND WITHOUT THE NECESSITY OF ANY ACTION (INCLUDING ANY TRANSFER OF ANY SUCH 
  

 24 

 
PLEDGED COLLATERAL ON THE RECORD BOOKS OF THE ISSUER THEREOF) BY ANY PERSON (INCLUDING THE ISSUER OF SUCH PLEDGED COLLATERAL OR ANY OFFICER OR THE ADMINISTRATIVE AGENT THEREOF), UPON THE
OCCURRENCE OF AN EVENT OF DEFAULT. THE APPOINTMENT OF THE ADMINISTRATIVE AGENT AS PROXY AND ATTORNEY-IN-FACT IN THIS SECURITY AGREEMENT IS COUPLED WITH AN INTEREST AND SHALL BE IRREVOCABLE UNTIL THE DATE ON WHICH THIS SECURITY AGREEMENT IS
TERMINATED IN ACCORDANCE WITH SECTION 8.14. 
 8.6. Specific Performance of Certain Covenants. Each Grantor
acknowledges and agrees that a breach of any of the covenants contained in Sections 4.1.5, 4.1.6, 4.4, 4.5, 5.3, or 8.8 or in Article VII hereof will cause irreparable injury to the Administrative
Agent and the Holders of Secured Obligations, that the Administrative Agent and Holders of Secured Obligations have no adequate remedy at law in respect of such breaches and therefore agrees, without limiting the right of the Administrative Agent or
the Holders of Secured Obligations to seek and obtain specific performance of other obligations of the Grantors contained in this Security Agreement, that the covenants of the Grantors contained in the Sections referred to in this
Section 8.6 shall be specifically enforceable against the Grantors. 
 8.7. Use and Possession of Certain
Premises. Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent shall be entitled to occupy and use any premises owned or leased by any Grantor where any of such Grantor’s Pledged Collateral or any
records relating to such Grantor’s Pledged Collateral are located until the Secured Obligations are paid or such Grantor’s Pledged Collateral is removed therefrom, whichever first occurs, without any obligation to pay any Grantor for such
use and occupancy. 
 8.8. Dispositions Not Authorized. No Grantor is authorized to sell or otherwise dispose of its
respective Pledged Collateral except as set forth in Section 4.1.5 hereof and notwithstanding any course of dealing between such Grantor and the Administrative Agent or other conduct of the Administrative Agent, no authorization to sell
or otherwise dispose of such Grantor’s Pledged Collateral (except as set forth in Section 4.1.5 hereof) shall be binding upon the Administrative Agent or the Holders of Secured Obligations unless such authorization is in writing
signed by the Administrative Agent with the consent or at the direction of the Required Lenders (or, if required pursuant to the terms of the Credit Agreement, with the consent or at the direction of each of the Lenders). 

8.9. Reinstatement. This Security Agreement shall remain in full force and effect and continue to be effective should any petition
be filed by or against any Grantor for liquidation or reorganization, should any Grantor become insolvent or make an assignment for the benefit of any creditor or creditors or should a receiver or trustee be appointed for all or any significant part
of any Grantor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Secured Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in
amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment or performance had not been made.
In the event that any payment, or any part thereof, is rescinded, reduced, 
  

 25 

 
restored or returned, the Secured Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

8.10. Benefit of Agreement. The terms and provisions of this Security Agreement shall be binding upon and inure to the benefit of
the Grantors, the Administrative Agent and the Holders of Secured Obligations and their respective successors and assigns (including all persons who become bound as a debtor to this Security Agreement), except that no Grantor shall have the right to
assign its rights or delegate its obligations under this Security Agreement or any interest herein, without the prior written consent of the Administrative Agent. No sales of participations, assignments, transfers, or other dispositions of any
agreement governing the Secured Obligations or any portion thereof or interest therein shall in any manner impair the Lien granted to the Administrative Agent, for the benefit of the Administrative Agent and the other Holders of Secured Obligations,
hereunder. 
 8.11. Survival of Representations. All representations and warranties of the Grantors contained in this
Security Agreement shall survive the execution and delivery of this Security Agreement. 
 8.12. Taxes and Expenses. Any
taxes (including income taxes) payable or ruled payable by Federal or State authority in respect of this Security Agreement shall be paid by the Grantors, together with interest and penalties, if any. Each Grantor shall reimburse the Administrative
Agent for any and all reasonable, documented out-of-pocket expenses and internal charges (including reasonable attorneys’ (including in-house attorneys), auditors’ and accountants’ fees) paid or incurred by the Administrative Agent in
connection with the preparation, execution, delivery, administration, collection and enforcement of this Security Agreement and in the audit, analysis, administration, collection, preservation or sale of the Pledged Collateral (including the
expenses and charges associated with any periodic or special audit of the Pledged Collateral). Any and all out-of-pocket costs and expenses incurred by the Grantors in the performance of actions required pursuant to the terms hereof shall be borne
solely by the Grantors. 
 8.13. Headings. The title of and section headings in this Security Agreement are for
convenience of reference only, and shall not govern the interpretation of any of the terms and provisions of this Security Agreement. 

8.14. Termination. This Security Agreement shall continue in effect (notwithstanding the fact that from time to time there may be
no Secured Obligations outstanding) until (i) any and all commitments to extend credit under the Loan Documents have terminated, the Credit Agreement has terminated pursuant to its express terms and (ii) all of the Secured Obligations
(other than Unliquidated Obligations) have been indefeasibly paid in cash and performed in full (or with respect to any outstanding Letters of Credit, a cash deposit or backup Letter of Credit has been delivered to the Administrative Agent as
required by the Credit Agreement) and no commitments (including the Commitments) of the Administrative Agent or the Holders of Secured Obligations which would give rise to any Secured Obligations are outstanding. 

 

 26 

 18.15. Entire Agreement. This Security Agreement embodies the entire agreement and
understanding between the Grantors and the Administrative Agent relating to the Pledged Collateral and supersedes all prior agreements and understandings among the Grantors and the Administrative Agent relating to the Pledged Collateral. 

18.16. Governing Law; Jurisdiction; Waiver of Jury Trial. 

8.16.1 THIS SECURITY AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW
YORK. 
 8.16.2 Each Grantor hereby irrevocably and unconditionally submits, for itself and its property, to
the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or
proceeding arising out of or relating to this Security Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and each Grantor 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 Grantor 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 Security Agreement or any other Loan Document shall affect any right that the Administrative Agent, the Issuing Bank or any Lender may otherwise have
to bring any action or proceeding relating to this Security Agreement or any other Loan Document against any Grantor or its properties in the courts of any jurisdiction. 

8.16.3 Each Grantor hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do
so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Security Agreement or any other Loan Document in any court referred to in Section 8.16.2.
Each Grantor 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. 

8.16.4 Each party to this Security Agreement irrevocably consents to service of process in the manner provided for notices
in Article IX of this Security Agreement, and each of the Grantors hereby appoints the Company as its agent for service of process. Nothing in this Security Agreement or any other Loan Document will affect the right of any party to this Security
Agreement to serve process in any other manner permitted by law. 
 8.16.5 WAIVER OF JURY TRIAL. EACH
GRANTOR HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR ANY OTHER LOAN

  

 27 

 
DOCUMENT (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH GRANTOR (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER GRANTOR HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER GRANTOR WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER GRANTORS HAVE BEEN INDUCED TO ENTER INTO THIS SECURITY AGREEMENT AND THE OTHER LOAN
DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 8.17. Indemnity. Each
Grantor hereby agrees, jointly with the other Grantors and severally, to indemnify the Administrative Agent and the Holders of Secured Obligations, and their respective successors, assigns, agents and employees, from and against any and all
liabilities, damages, penalties, suits, costs, and expenses of any kind and nature (including, without limitation, all expenses of litigation or preparation therefor whether or not the Administrative Agent or any Holder of Secured Obligations is a
party thereto) imposed on, incurred by or asserted against the Administrative Agent or the Holders of Secured Obligations, or their respective successors, assigns, agents and employees, in any way relating to or arising out of this Security
Agreement or any other Loan Document, or the manufacture, purchase, acceptance, rejection, ownership, delivery, lease, possession, use, operation, condition, sale, return or other disposition of any Pledged Collateral (including, without limitation,
latent and other defects, whether or not discoverable by the Administrative Agent or the Holders of Secured Obligations or any Grantor, and any claim for patent, trademark or copyright infringement) other than to the extent such liabilities,
damages, penalties, suits, costs, and 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 any such indemnified party. 

8.18. Subordination of Intercompany Indebtedness. Each Grantor agrees that any and all claims of such Grantor against any other
Grantor (each an “Obligor”) with respect to any “Intercompany Indebtedness” (as hereinafter defined), any endorser, obligor or any other guarantor of all or any part of the Secured Obligations, or against any of its
properties shall be subordinate and subject in right of payment to the prior payment, in full and in cash, of all Secured Obligations; provided that, and not in contravention of the foregoing, so long as no Event of Default has occurred and
is continuing, such Grantor may make loans to and receive payments in the ordinary course of business with respect to such Intercompany Indebtedness from each such Obligor to the extent not prohibited by the terms of this Security Agreement and the
other Loan Documents. Notwithstanding any right of any Grantor to ask, demand, sue for, take or receive any payment from any Obligor, all rights, liens and security interests of such Grantor, whether now or hereafter arising and howsoever existing,
in any assets of any other Obligor shall be and are subordinated to the rights of the Holders of Secured Obligations and the Administrative Agent in those assets. No Grantor shall have any right to possession of any such asset or to foreclose upon
any such asset, whether by judicial action or otherwise, unless and until this Security Agreement has terminated in accordance with Section 8.14. If all or any part of the assets of any Obligor, or the proceeds thereof, are subject to
any distribution, division or application to the creditors of such Obligor, whether partial or complete, voluntary or involuntary, and whether by reason of liquidation, bankruptcy, arrangement, receivership,

  

 28 

 
assignment for the benefit of creditors or any other action or proceeding, or if the business of any such Obligor is dissolved or if substantially all of the assets of any such Obligor are sold,
then, and in any such event (such events being herein referred to as an “Insolvency Event”), any payment or distribution of any kind or character, either in cash, securities or other property, which shall be payable or deliverable
upon or with respect to any indebtedness of any Obligor to any Grantor (“Intercompany Indebtedness”) shall be paid or delivered directly to the Administrative Agent for application on any of the Secured Obligations, due or to become
due, until such Secured Obligations (other than Unliquidated Obligations) shall have first been fully paid and satisfied (in cash). Should any payment, distribution, security or instrument or proceeds thereof be received by the applicable Grantor
upon or with respect to the Intercompany Indebtedness after any Insolvency Event and prior to the termination of this Security Agreement in accordance with Section 8.14, such Grantor shall receive and hold the same in trust, as trustee,
for the benefit of the Holders of Secured Obligations and shall forthwith deliver the same to the Administrative Agent, for the benefit of the Holders of Secured Obligations, in precisely the form received (except for the endorsement or assignment
of such Grantor where necessary), for application to any of the Secured Obligations, due or not due, and, until so delivered, the same shall be held in trust by such Grantor as the property of the Holders of Secured Obligations. If any such Grantor
fails to make any such endorsement or assignment to the Administrative Agent, the Administrative Agent or any of its officers or employees is irrevocably authorized to make the same. Each Grantor agrees that until the termination of this Security
Agreement in accordance with Section 8.14, no Grantor will assign or transfer to any Person (other than the Administrative Agent, the Company or another Grantor) any claim any such Grantor has or may have against any Obligor. 

8.19. Severability. Any provision in this Security Agreement that is held to be inoperative, unenforceable, or invalid in any
jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to
this end the provisions of this Security Agreement are declared to be severable. 
 8.20. Counterparts. This Security
Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed
counterpart of a signature page of this Security Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Security Agreement. 

ARTICLE IX 

NOTICES 

All notices, requests and other communications to any party hereunder shall be given in the manner prescribed in Section 9.01
of the Credit Agreement with respect to the Administrative Agent at its notice address therein and, with respect to any Grantor, in the care of the Company at the address of the Company set forth in the Credit Agreement, or such other address or
telecopy number as such party may hereafter specify for such purpose in accordance with the provisions of Section 9.01 of the Credit Agreement. 
  

 29 

 ARTICLE X 

THE ADMINISTRATIVE AGENT 

JPMorgan Chase Bank, National Association has been appointed Administrative Agent for the Holders of Secured Obligations hereunder
pursuant to Article VIII of the Credit Agreement. It is expressly understood and agreed by the parties to this Security Agreement that any authority conferred upon the Administrative Agent hereunder is subject to the terms of the delegation
of authority made by the Holders of Secured Obligations to the Administrative Agent pursuant to the Credit Agreement, and that the Administrative Agent has agreed to act (and any successor Administrative Agent shall act) as such hereunder only on
the express conditions contained in such Article VIII. Any successor Administrative Agent appointed pursuant to Article VIII of the Credit Agreement shall be entitled to all the rights, interests and benefits of the Administrative
Agent hereunder. 
 [SIGNATURE PAGES TO FOLLOW] 
  

 30 

 IN WITNESS WHEREOF, each Grantor and the Administrative Agent have executed this Security
Agreement as of the date first above written. 
  

			
	 CENTRAL GARDEN & PET COMPANY

	 ALL-GLASS AQUARIUM CO., INC.

	 B2E BIOTECH, LLC

	 B2E CORPORATION

	 FARNAM COMPANIES, INC.

	 FOUR PAWS PRODUCTS, LTD.

	 CEDAR WORKS, LLC

	 GRANT LABORATORIES, INC.

	 GRO TEC, INC.

	 GULFSTREAM HOME & GARDEN, INC.

	 INTERPET USA, LLC

	 KAYTEE PRODUCTS INCORPORATED

	 MATSON, LLC

	 MATTHEWS REDWOOD AND NURSERY SUPPLY, INC.

	 NEW ENGLAND POTTERY, LLC

	 PENNINGTON SEED, INC.

	 PENNINGTON SEED, INC. OF NEBRASKA

	 PETS INTERNATIONAL, LTD.

	 SEEDS WEST, INC.

	 T.F.H. PUBLICATIONS, INC.

	 WELLMARK INTERNATIONAL

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 Signature Page to 

Amended and Restated Pledge and Security Agreement 

 Acknowledged and Agreed to as of the date first written above: 

 

			
	 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,
as the Administrative Agent

		
	 By:
	 	
 

			
	 Name:
	 	
	 Title:
	 	

 Signature Page to 

Amended and Restated Pledge and Security Agreement 

 EXHIBIT A 

(See Sections 3.3, 3.4, 3.5 and 4.1.7 of Security Agreement) 

A. LEGAL NAME AND PRINCIPAL PLACE OF
BUSINESS1 

 

	1
	 Principal place of business (if any Grantor has only one place of business) or chief executive office (if any Grantor has more than one place of
business) and mailing address. 

 EXHIBIT A 

 B. PROPERTIES LEASED BY THE
GRANTORS2
 
  

	2
	Grantors to include the name of the landlord upon the request of the Administrative Agent. 

 

 EXHIBIT A 

 C. PROPERTIES OWNED BY THE GRANTORS 

 

 EXHIBIT A 

 D. PUBLIC WAREHOUSES OR OTHER
LOCATIONS3
 
  

	3
	Public warehouses or other locations pursuant to Bailment or Consignment Arrangements. Grantors to include the name of the warehouse operator or other bailee or
consigee. 

  

 EXHIBIT A 

 EXHIBIT B 

(See Section 3.9 of Security Agreement) 

A. Vehicles subject to certificates of title: 
  

			
	 Description
	  	 Title Number and State Where Issued

	  	  	  

 B. Aircraft/engines, ships, railcars and other vehicles governed by federal
statute: 
  

			
	 Description
	  	 Registration Number

	  	  	  

 C. Patents, copyrights and trademarks protected under
federal law:
1
 
  

	1
	For (i) trademarks, show the trademark itself, the registration date and the registration number; (ii) trademark applications, show the trademark applied for,
the application filing date and the serial number of the application; (iii) patents, show the patent number, issue date and a brief description of the subject matter of the patent; and (iv) patent applications, show the serial number of
the application, the application filing date and a brief description of the subject matter of the patent applied for. Any licensing agreements for patents or trademarks should be described on a separate schedule. 

 

 EXHIBIT B 

 EXHIBIT C 

(See Section 3.11 of Security Agreement) 

LIST OF PLEDGED SECURITIES 

A. STOCKS: 
 B.
BONDS: 
  

									
	 Issuer
	  	 Number
	  	 Face Amount
	  	 Coupon Rate
	  	 Maturity

	  	  	  	  	  	  	  	  	  

 C. GOVERNMENT SECURITIES: 

 

											
	 Issuer
	  	 Number
	  	 Type
	  	 Face Amount
	  	 Coupon Rate
	  	 Maturity

	  	  	  	  	  	  	  	  	  	  	  

 D. OTHER SECURITIES OR OTHER INVESTMENT PROPERTY 

(CERTIFICATED AND UNCERTIFICATED): 
  

					
	 Issuer
	  	 Description of Collateral
	  	 Percentage Ownership Interest

	  	  	  	  	  

  

 EXHIBIT C 

 EXHIBIT D 

(See Section 3.1 of Security Agreement) 

UCC FINANCING STATEMENT FILING LOCATIONS 
  

			
	 Debtor
	  	 Jurisdiction

		
	 Central Garden & Pet Company
	  	Delaware
	 All-Glass Aquarium Co., Inc.
	  	Wisconsin
	 B2E Corporation
	  	New York
	 B2E Biotech, LLC
	  	Delaware
	 Cedar Works, LLC
	  	Ohio
	 Farnam Companies, Inc.
	  	Arizona
	 Four Paws Products, Ltd.
	  	New York
	 Grant Laboratories, Inc.
	  	California
	 Gro Tec, Inc.
	  	Georgia
	 Gulfstream Home & Garden, Inc.
	  	Florida
	 Interpet USA, LLC
	  	Delaware
	 Kaytee Products Incorporated
	  	Wisconsin
	 Matson, LLC
	  	Washington
	 Matthews Redwood and Nursery Supply, Inc.
	  	California
	 New England Pottery, LLC
	  	Delaware
	 Pennington Seed, Inc.
	  	Delaware
	 Pennington Seed, Inc. of Nebraska
	  	Nebraska
	 Pets International, Ltd.
	  	Illinois
	 Seeds West, Inc.
	  	Arizona
	 T.F.H. Publications, Inc.
	  	Delaware
	 Wellmark International
	  	California

  

 EXHIBIT D 

 EXHIBIT E 

(See Definition of “Commercial Tort Claims” and Section 4.12 of Security Agreement) 

COMMERCIAL TORT CLAIMS 
  

 EXHIBIT E 

 EXHIBIT F 

(See Section 3.10 of Security Agreement) 

GRANTORS 
  

 EXHIBIT F 

 EXHIBIT G 

(See Section 3.13 of Security Agreement) 

DEPOSIT ACCOUNTS 
  

							
	 Name of Grantor
	  	 Name of Institution
	  	 Account Number
	  	 Description of

Deposit Account

				
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  

 SECURITIES ACCOUNTS 

 

							
	 Name of Grantor
	  	 Name of Institution
	  	 Account Number
	  	 Description of

Securities Account

				
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  

  

 EXHIBIT G 

 ANNEX I TO AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT 

Reference is hereby made to the Amended and Restated Pledge and Security Agreement (as amended, restated, supplemented or otherwise
modified from time to time, the “Security Agreement”), dated as of June 25, 2010 by and among Central Garden & Pet Company (the “Company”), and certain Subsidiaries of the Company which become parties
to the Security Agreement from time to time, including, without limitation, those that become party thereto by executing a Security Agreement Supplement in substantially the form hereof (such Subsidiaries, including the undersigned, together with
the Company, the “Grantors”), in favor of JPMorgan Chase Bank, National Association, as Administrative Agent (the “Administrative Agent”), for the benefit of the Holders of Secured Obligations under the Credit
Agreement. Each capitalized terms used herein and not defined herein shall have the meanings given to it in the Security Agreement. 

By its execution below, the undersigned, [NAME OF NEW GRANTOR], a
[                                        ]
[corporation] [partnership] [limited liability company] agrees to become, and does hereby become, a Grantor under the Security Agreement and agrees to be bound by such Security Agreement as if originally a party thereto. By its execution below, the
undersigned represents and warrants as to itself that all of the representations and warranties contained in the Security Agreement are true and correct in all respects as of the date hereof. [NAME OF NEW GRANTOR] represents and warrants that the
supplements to the Exhibits to the Security Agreement attached hereto are true and correct in all respects and such supplements set forth all information required to be scheduled under the Security Agreement. [NAME OF NEW GRANTOR] shall take all
steps necessary to perfect, in favor of the Administrative Agent, a first-priority security interest in and lien against [NAME OF NEW GRANTOR]’s Pledged Collateral, including, without limitation, delivering all certificated Securities to the
Administrative Agent, and taking all steps necessary to properly perfect the Administrative Agent’s interest in any uncertificated equity or membership interests. 

IN WITNESS WHEREOF, [NAME OF NEW GRANTOR], a
[                    ] [corporation] [partnership] [limited liability company] has executed and delivered this Annex I counterpart to
the Security Agreement as of this      day of                     ,
        . 
  

			
	[NAME OF NEW GRANTOR]
		
	By:	 	  

	Title:	 	  

 EXHIBIT H 

FORM OF 

SUBSIDIARY GUARANTY (U.S.) 

[Attached] 

 EXECUTION COPY 

AMENDED AND RESTATED GUARANTY 

THIS AMENDED AND RESTATED GUARANTY (as the same may be amended, restated, supplemented or otherwise modified from time to time, this
“Guaranty”) is made as of June 25, 2010 by each of the undersigned (the “Initial Guarantors” and those additional Subsidiaries of the Company which become parties to this Guaranty by executing a supplement
hereto in the form attached as Annex I, the “Guarantors”) in favor of JPMorgan Chase Bank, National Association, as Administrative Agent (the “Administrative Agent”), for the ratable benefit of the Holders of
Secured Obligations, under the Credit Agreement described below. Unless otherwise defined herein, capitalized terms used herein and not defined herein shall have the meanings ascribed to such terms in the Credit Agreement. 

W I T N E S S E T H : 

WHEREAS, Central Garden & Pet Company, a Delaware corporation (the “Company”), certain Subsidiaries of the
Company parties thereto as borrowers (together with the Company, the “Borrowers”), the financial institutions party thereto (collectively, the “Lenders”), and the Administrative Agent have entered into that certain
Credit Agreement dated as of February 28, 2006 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement”); 

WHEREAS, in connection with the Existing Credit Agreement the Initial Guarantors entered into that certain Guaranty, dated as of
February 28, 2006 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Existing Guaranty”), in favor of the Administrative Agent, for the benefit of the Lenders, to guaranty the repayment of
the Secured Obligations under the Existing Credit Agreement; 
 WHEREAS, the Borrowers, the Lenders and the Administrative Agent
have agreed to amend and restate the Existing Credit Agreement pursuant to the certain Amended and Restated Credit Agreement dated as of the date hereof (as the same may be amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), which Credit Agreement provides, subject to the terms and conditions thereof, for extensions of credit and other financial accommodations to be made by the Lenders to or for the benefit of the Borrowers;

 WHEREAS, it is a condition precedent to the extensions of credit by the Lenders under the Credit Agreement that each of the
Guarantors (constituting all of the Subsidiaries of the Company required to execute this Guaranty pursuant to Section 5.09 of the Credit Agreement) execute and deliver this Guaranty, whereby each of the Guarantors, without limitation and
with full recourse, shall guarantee the payment when due of all Secured Obligations, including, without limitation, all principal, interest, letter of credit reimbursement obligations and other amounts that shall be at any time payable by the
Borrowers under the Credit Agreement or the other Loan Documents; and 
 WHEREAS, in consideration of the direct and indirect
financial and other support and benefits that one or more of the Borrowers have provided, and such direct and indirect financial 

 

 CH1 5340213v.6 

 
and other support and benefits as one or more of the Borrowers may in the future provide, to the Guarantors, and in consideration of the increased ability of each Guarantor that is a Subsidiary
of any Borrower to receive funds through contributions to capital, and for each Guarantor to receive funds through intercompany advances or otherwise, from funds provided to the Borrowers pursuant to the Credit Agreement and the flexibility provided
by the Credit Agreement for each Guarantor to do so which significantly facilitates the business operations of the Borrowers and each Guarantor and in order to induce the Lenders and the Administrative Agent to enter into the Credit Agreement, and
to make the Loans and the other financial accommodations to the Borrowers and to issue the Letters of Credit described in the Credit Agreement, each of the Guarantors is willing to guarantee the Secured Obligations under the Credit Agreement and the
other Loan Documents; 
 WHEREAS, it is the intention of the parties hereto that this Guaranty be merely an amendment and
restatement of the Existing Guaranty and not constitute a novation of the obligations thereunder. 
 NOW, THEREFORE, in
consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

SECTION 1. Representations, Warranties and Covenants. Each of the Guarantors represents and warrants to each Lender and the
Administrative Agent as of the date of this Guaranty, giving effect to the consummation of the transactions contemplated by the Loan Documents on the Effective Date, and thereafter on each date as required by Section 4.02 of the Credit
Agreement that: 
 (a) It (i) is a corporation, partnership or limited liability company duly incorporated or organized, as
the case may be, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization, (ii) is duly qualified to do business as a foreign entity and is in good standing (to the extent such concept is
applicable) under the laws of each jurisdiction where the business conducted by it makes such qualification necessary, and (iii) has all requisite corporate, partnership or limited liability power and authority, as the case may be, to own,
operate and encumber its property and to conduct its business in each jurisdiction in which its business is conducted or proposed to be conducted, except to the extent failure to do so could not reasonably be expected to result in a Material Adverse
Effect. 
 (b) It has the requisite corporate, limited liability company or partnership, as applicable, power and authority and
legal right to execute and deliver this Guaranty and to perform its obligations hereunder. The execution and delivery by it of this Guaranty and the performance by each of its obligations hereunder have been duly authorized by proper corporate,
limited liability company or partnership proceedings, including any required shareholder, member or partner approval, and this Guaranty constitutes a legal, valid and binding obligation of such Guarantor, enforceable against such Guarantor, in
accordance with its terms, except as enforceability may be limited by (i) bankruptcy, insolvency, fraudulent conveyances, reorganization or similar laws relating to or affecting the enforcement of creditors’ rights generally,
(ii) general equitable principles (whether considered in a proceeding in equity or at law), and (iii) requirements of reasonableness, good faith and fair dealing. 

 

 2 

 (c) Neither the execution and delivery by it of this Guaranty, nor the consummation by it of
the transactions herein contemplated, nor compliance by it with the terms and provisions hereof, will (i) conflict with the charter or other organizational documents of such Guarantor, (ii) conflict with, result in a breach of or
constitute (with or without notice or lapse of time or both) a default under any law, rule, regulation, order, writ, judgment, injunction, decree or award (including, without limitation, any environmental property transfer laws or regulations)
applicable to such Guarantor or any provisions of any indenture, instrument or agreement to which any of the Borrowers, such Guarantor or any of such Guarantor’s Subsidiaries is party or is subject or by which it or its property is bound or
affected, or require termination of any such indenture, instrument or agreement, (iii) result in the creation or imposition of any Lien whatsoever upon any of the property or assets of such Guarantor, other than Liens permitted or created by
the Loan Documents, or (iv) require any approval of such Guarantor’s board of directors, shareholders, members, partners or unitholders except such as have been obtained. The execution, delivery and performance by such Guarantor of each of
the Loan Documents to which such Guarantor is a party do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by any Governmental Authority, including under any environmental property
transfer act or environmental laws or regulations, except filings, consents or notices which have been obtained or made and are in full force and effect. 

(d) It has no Indebtedness other than Indebtedness permitted under Section 6.01 of the Credit Agreement. 

In addition to the foregoing, each of the Guarantors covenants that, so long as any Lender has any Commitment or Letter of Credit
outstanding under the Credit Agreement or any amount payable under the Credit Agreement or any other Secured Obligations shall remain unpaid, it will, and, if necessary, will cause each of the Borrowers to, fully comply with those covenants and
agreements of such Borrower applicable to such Guarantor set forth in the Credit Agreement. 
 SECTION 2. The Guaranty.
Each of the Guarantors hereby unconditionally guarantees, jointly and severally with the other Guarantors, the full and punctual payment and performance when due (whether at stated maturity, upon acceleration or otherwise) of the Secured
Obligations, including, without limitation, (i) the principal of and interest on each Loan made to any Borrower pursuant to the Credit Agreement, (ii) obligations owing under or in connection with Letters of Credit, (iii) all other
amounts payable by any Borrower under the Credit Agreement and the other Loan Documents, including, without limitation, all Swap Obligations and all Banking Services Obligations, and (iv) the punctual and faithful performance, keeping,
observance, and fulfillment by any Borrower of all of the agreements, conditions, covenants, and obligations of such Borrower contained in the Loan Documents (all of the foregoing being referred to collectively as the “Guaranteed
Obligations”). Upon the failure by any Borrower or any other guarantor, as applicable, to pay punctually any such amount or perform such obligation, subject to any applicable grace or notice and cure period, each of the Guarantors agrees
that it shall forthwith on demand pay such amount or perform such obligation at the place and in the manner specified in the Credit Agreement, any Swap Agreement, any Banking Services Agreement or the relevant other Loan Document, as the case may
be. Each of the Guarantors hereby agrees that this Guaranty is an absolute, irrevocable and unconditional guaranty of payment and is not a guaranty of collection. 

 

 3 

 SECTION 3. Guaranty Unconditional. The obligations of each of the Guarantors
hereunder shall be unconditional and absolute and, without limiting the generality of the foregoing, shall not be released, discharged or otherwise affected by: 

(i) any extension, renewal, settlement, acceleration of maturity, indulgence, compromise, waiver or release of or with
respect to the Guaranteed Obligations or any part thereof or any agreement relating thereto, or with respect to any obligation of any other guarantor of any of the Guaranteed Obligations, whether (in any such case) by operation of law or otherwise,
or any failure or omission to enforce any right, power or remedy with respect to the Guaranteed Obligations or any part thereof or any agreement relating thereto, or with respect to any obligation of any other guarantor of any of the Guaranteed
Obligations; 
 (ii) any modification or amendment of or supplement to the Credit Agreement, any Swap Agreement,
any Banking Services Agreement or any other Loan Document, including, without limitation, any such amendment which may increase the amount of, or the interest rates applicable to, any of the Guaranteed Obligations guaranteed hereby; 

(iii) any release, surrender, compromise, settlement, waiver, subordination or modification, with or without
consideration, of, or application of proceeds from, any collateral securing the Guaranteed Obligations or any part thereof, any other guaranties with respect to the Guaranteed Obligations or any part thereof, or any other obligation of any person or
entity with respect to the Guaranteed Obligations or any part thereof, or any nonperfection or invalidity of any direct or indirect security for the Guaranteed Obligations; 

(iv) any change in the corporate, partnership, limited liability company or other existence, structure or ownership of any
Borrower or any other guarantor of any of the Guaranteed Obligations, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting such Borrower or any other guarantor of the Guaranteed Obligations, or any of their respective
assets or any resulting release or discharge of any obligation of such Borrower or any other guarantor of any of the Guaranteed Obligations; 

(v) the existence of any claim, setoff or other rights which the Guarantors may have at any time against any Borrower, any
other guarantor of any of the Guaranteed Obligations, the Administrative Agent, any Holder of Secured Obligations or any other Person, whether in connection herewith or in connection with any unrelated transactions, provided that nothing
herein shall prevent the assertion of any such claim by separate suit or compulsory counterclaim; 
 (vi) the
enforceability or validity of the Guaranteed Obligations or any part thereof or the genuineness, enforceability or validity of any agreement relating thereto or 

 

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with respect to any collateral securing the Guaranteed Obligations or any part thereof, or any other invalidity or unenforceability relating to or against any Borrower or any other guarantor of
any of the Guaranteed Obligations, for any reason related to the Credit Agreement, any Swap Agreement, any Banking Services Agreement or any other Loan Document, or any provision of applicable law or regulation purporting to prohibit the payment by
such Borrower or any other guarantor of the Guaranteed Obligations, of any of the Guaranteed Obligations; 

(vii) the failure of the Administrative Agent to take any steps to perfect and maintain any security interest in, or to
preserve any rights to, any security or collateral for the Guaranteed Obligations, if any; 
 (viii) the election
by, or on behalf of, any one or more of the Holders of Secured Obligations, in any proceeding instituted under Chapter 11 of Title 11 of the United States Code (11 U.S.C. 101 et seq.) (the “Bankruptcy Code”), of the application of
Section 1111(b)(2) of the Bankruptcy Code; 
 (ix) any borrowing or grant of a security interest by any
Borrower, as debtor-in-possession, under Section 364 of the Bankruptcy Code; 
 (x) the disallowance, under
Section 502 of the Bankruptcy Code, of all or any portion of the claims of the Holders of Secured Obligations or the Administrative Agent for repayment of all or any part of the Guaranteed Obligations; 

(xi) the failure of any other guarantor to sign or become party to this Guaranty or any amendment, change, or
reaffirmation hereof; or 
 (xii) any other act or omission to act or delay of any kind by any Borrower, any
other guarantor of the Guaranteed Obligations, the Administrative Agent, any Holder of Secured Obligations or any other Person or any other circumstance whatsoever which might, but for the provisions of this Section 3, constitute a legal
or equitable discharge of any Guarantor’s obligations hereunder. 
 SECTION 4. Discharge Only Upon Payment In Full;
Reinstatement In Certain Circumstances. Each of the Guarantors’ obligations hereunder shall remain in full force and effect until all Guaranteed Obligations shall have been paid in full in cash (other than Unliquidated Obligations) and the
Commitments and all Letters of Credit issued under the Credit Agreement shall have terminated or expired or, in the case of all Letters of Credit, unless cash collateral shall have been pledged to the Administrative Agent in a manner consistent with
Section 2.06 of the Credit Agreement, at which time, subject to all the foregoing conditions, the guarantees made hereunder shall be terminated. If at any time any payment of the principal of or interest on any Loan, Secured Obligation or any
other amount payable by any Borrower or any other party under the Credit Agreement, any Swap Agreement, any Banking Services Agreement or any other Loan Document is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy
or reorganization of any Borrower or otherwise, each of the Guarantors’ obligations hereunder with respect to such payment shall be reinstated to the extent of such 

 

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rescission, restoration or return. In connection with the foregoing, the Administrative Agent shall execute and deliver to such Guarantor or such Guarantor’s designee, at such
Guarantor’s expense, any documents or instruments which such Guarantor shall reasonably request from time to time to evidence such termination and release. 

SECTION 5. General Waivers; Additional Waivers. 

(a) General Waivers. Each of the Guarantors irrevocably waives acceptance hereof, presentment, demand or action on delinquency,
protest, the benefit of any statutes of limitations and, to the fullest extent permitted by law, any notice not provided for herein or under the other Loan Documents, as well as any requirement that at any time any action be taken by any Person
against any Borrower, any other guarantor of the Guaranteed Obligations, or any other Person. 
 (b) Additional Waivers.
Notwithstanding anything herein to the contrary, each of the Guarantors hereby absolutely, unconditionally, knowingly, and expressly waives, to the fullest extent permitted by law: 

(i) any right it may have to revoke this Guaranty as to future indebtedness or notice of acceptance hereof; 

(ii) (1) notice of any Loans, Letters of Credit or other financial accommodations made or extended under the Loan
Documents or the creation or existence of any Guaranteed Obligations; (2) notice of the amount of the Guaranteed Obligations, subject, however, to each Guarantor’s right to make inquiry of the Administrative Agent and the Holders of
Secured Obligations to ascertain the amount of the Guaranteed Obligations at any reasonable time; (3) notice of any adverse change in the financial condition of any Borrower or of any other fact that might increase such Guarantor’s risk
hereunder; (4) notice of presentment for payment, demand, protest, and notice thereof as to any instruments among the Loan Documents; (5) notice of any Event of Default; and (6) all other notices (except if such notice is specifically
required to be given to such Guarantor hereunder or under the Loan Documents) and demands to which each Guarantor might otherwise be entitled; 

(iii) its right, if any, to require the Administrative Agent and the other Holders of Secured Obligations to
institute suit against, or to exhaust any rights and remedies which the Administrative Agent and the other Holders of Secured Obligations has or may have against, the other Guarantors or any third party, or against any collateral provided by the
other Guarantors, or any third party; and each Guarantor further waives any defense arising by reason of any disability or other defense (other than the defense that the Guaranteed Obligations shall have been fully and finally performed and
indefeasibly paid in full in cash) of the other Guarantors or by reason of the cessation from any cause whatsoever of the liability of the other Guarantors in respect thereof; 

(iv) (a) any rights to assert against the Administrative Agent and the other Holders of Secured Obligations any
defense (legal or equitable), set-off, counterclaim, or claim which such Guarantor may now or at any time hereafter have against the other 

 

 6 

 
Guarantors or any other party liable to the Administrative Agent and the other Holders of Secured Obligations; (b) any defense, set-off, counterclaim, or claim, of any kind or nature,
arising directly or indirectly from the present or future lack of perfection, sufficiency, validity, or enforceability of the Guaranteed Obligations or any security therefor; (c) any defense such Guarantor has to performance hereunder, and any
right such Guarantor has to be exonerated (whether provided by Sections 2799, 2808, 2809, 2810, 2815, 2819, 2820, 2821, 2822, 2825, 2839, 2845, 2848, 2849 or 2850 of the California Civil Code or otherwise), arising by reason of: (1) the
impairment or suspension of the Administrative Agent’s and the other Holders of Secured Obligations’ rights or remedies against any other guarantor of the Guaranteed Obligations; (2) the alteration by the Administrative Agent and the
other Holders of Secured Obligations of the Guaranteed Obligations; (3) any discharge of the other Guarantors’ obligations to the Administrative Agent and the other Holders of Secured Obligations by operation of law as a result of the
Administrative Agent’s and the other Holders of Secured Obligations’ intervention or omission; or (4) the acceptance by the Administrative Agent and the other Holders of Secured Obligations of anything in partial satisfaction of the
Guaranteed Obligations; and (d) the benefit of any statute of limitations affecting such Guarantor’s liability hereunder or the enforcement thereof, and any act which shall defer or delay the operation of any statute of limitations
applicable to the Guaranteed Obligations shall similarly operate to defer or delay the operation of such statute of limitations applicable to such Guarantor’s liability hereunder; 

(v) (A) any defense arising by reason of or deriving from (1) an election of remedies by the Administrative
Agent and the Holders of Secured Obligations or (B) any election by the Administrative Agent and the Holders of Secured Obligations under Section 1111(b) of the Bankruptcy Code to limit the amount of, or any collateral securing, its claim
against the Guarantors; 
 (vi) pursuant to California Civil Code Section 2856, all rights and defenses
arising out of an election of remedies by the creditor, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for a guaranteed obligation, has destroyed such Guarantor’s rights of subrogation and
reimbursement against any other guarantor of the Guaranteed Obligations; 
 (vii) the benefits of
Section 2815 of the California Civil Code (or any similar law in any other jurisdiction) purporting to allow a guarantor to revoke a continuing guaranty with respect to any transactions occurring after the date of the guaranty; and 

(viii) its right, under Sections 2845 or 2850 of the California Civil Code, or otherwise, to require the Administrative
Agent and the other Holders of Secured Obligations to institute suit against, or to exhaust any rights and remedies which the Administrative Agent and the other Holders of Secured Obligations has or may have against any other guarantor of the
Guaranteed Obligations or any third party, or against any collateral provided by any other guarantor of the Guaranteed Obligations, or any third party; and each Guarantor further waives any defense arising by reason of any disability or other
defense (other than the defense that the Guaranteed Obligations shall 
  

 7 

 
have been fully and finally performed and indefeasibly paid) of any other guarantor of the Guaranteed Obligations or by reason of the cessation from any cause whatsoever of the liability of such
other guarantors in respect thereof. 
 WITHOUT LIMITING THE GENERALITY OF ANY OTHER WAIVER OR OTHER PROVISION SET FORTH IN THIS GUARANTY, EACH
GUARANTOR HEREBY ABSOLUTELY, KNOWINGLY, UNCONDITIONALLY, AND EXPRESSLY WAIVES AND AGREES NOT TO ASSERT ANY AND ALL BENEFITS OR DEFENSES ARISING DIRECTLY OR INDIRECTLY UNDER ANY ONE OR MORE OF CALIFORNIA CIVIL CODE SECTIONS 2799, 2808, 2809, 2810,
2815, 2819, 2820, 2821, 2822, 2825, 2839, 2845, 2848, 2849, AND 2850, AND CALIFORNIA UNIFORM COMMERCIAL CODE SECTIONS 3116, 3118, 3119, 3419, 3605. 

In accordance with Section 13 below, this Guaranty shall be construed in accordance with and governed by the law of the state of New York.
This section and other referenced provisions of California law are included solely out of an abundance of caution, and shall not be construed to mean that any of the referenced provisions of California law are in any way applicable to this Guaranty
or to any of the Secured Obligations. 
 SECTION 6. Subordination of Subrogation. Until the Guaranteed Obligations have
been fully and finally performed and indefeasibly paid in full in cash (other than Unliquidated Obligations), the Guarantors (i) shall have no right of subrogation with respect to such Guaranteed Obligations and (ii) waive any right to
enforce any remedy which the Issuing Bank, any of the Holders of Secured Obligations or the Administrative Agent now have or may hereafter have against any Borrower, any endorser or any guarantor of all or any part of the Secured Obligations or any
other Person, and until such time the Guarantors waive any benefit of, and any right to participate in, any security or collateral given to the Holders of Secured Obligations, the Issuing Bank and the Administrative Agent to secure the payment or
performance of all or any part of the Guaranteed Obligations or any other liability of any Borrower to the Holders of Secured Obligations, the Issuing Bank or the Administrative Agent. Should any Guarantor have the right, notwithstanding the
foregoing, to exercise its subrogation rights, each Guarantor hereby expressly and irrevocably (A) subordinates any and all rights at law or in equity to subrogation, reimbursement, exoneration, contribution, indemnification or set off that
such Guarantor may have to the payment in full in cash of the Guaranteed Obligations until the Guaranteed Obligations are indefeasibly paid in full in cash (other than Unliquidated Obligations) and (B) waives any and all defenses available to a
surety, guarantor or accommodation co-obligor until the Guaranteed Obligations are indefeasibly paid in full in cash (other than Unliquidated Obligations). Each Guarantor acknowledges and agrees that this subordination is intended to benefit the
Administrative Agent and the Holders of Secured Obligations and shall not limit or otherwise affect such Guarantor’s liability hereunder or the enforceability of this Guaranty, and that the Administrative Agent, the Holders of Secured
Obligations and their respective successors and assigns are intended third party beneficiaries of the waivers and agreements set forth in this Section 6. 

SECTION 7. Contribution with Respect to Guaranteed Obligations. 

 

 8 

 (a) To the extent that any Guarantor shall make a payment under this Guaranty (a
“Guarantor Payment”) which, taking into account all other Guarantor Payments then previously or concurrently made by any other Guarantor, exceeds the amount which otherwise would have been paid by or attributable to such Guarantor
if each Guarantor had paid the aggregate Guaranteed Obligations satisfied by such Guarantor Payment in the same proportion as such Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Guarantor
Payment) bore to the aggregate Allocable Amounts of each of the Guarantors as determined immediately prior to the making of such Guarantor Payment, then, following indefeasible payment in full in cash of the Guarantor Payment and the
Guaranteed Obligations (other than Unliquidated Obligations), and all Commitments and Letters of Credit have terminated or expired or, in the case of all Letters of Credit, unless cash collateral shall have been pledged to the Administrative Agent
in a manner consistent with Section 2.06 of the Credit Agreement, and the Credit Agreement, the Swap Agreements and the Banking Services Agreements have terminated, such Guarantor shall be entitled to receive contribution and indemnification
payments from, and be reimbursed by, each other Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment. Notwithstanding any other provision
of this Guaranty, the amount guaranteed by each Guarantor hereunder shall be limited to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or under any
applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of any Guarantor’s obligations hereunder pursuant to the preceding
sentence, it is the intention of the parties hereto that any rights of subrogation or contribution which such Guarantor may have under this Guaranty, any other agreement or applicable law shall be taken into account. 

(b) As of any date of determination, the “Allocable Amount” of any Guarantor shall be equal to the excess of the fair
saleable value of the property of such Guarantor over the total liabilities of such Guarantor (including the maximum amount reasonably expected to become due in respect of contingent liabilities, calculated, without duplication, assuming each other
Guarantor that is also liable for such contingent liability pays its ratable share thereof), giving effect to all payments made by other Guarantors as of such date in a manner to maximize the amount of such contributions. 

(c) This Section 7 is intended only to define the relative rights of the Guarantors, and nothing set forth in this
Section 7 is intended to or shall impair the obligations of the Guarantors, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance with the terms of this Guaranty. 

(d) The parties hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets of the Guarantor
or Guarantors to which such contribution and indemnification is owing. 
 (e) The rights of the indemnifying Guarantors against
other Guarantors under this Section 7 shall be exercisable upon the full and indefeasible payment of the Guaranteed Obligations in cash (other than Unliquidated Obligations) and the termination or expiry (or in the case of all

  

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Letters of Credit unless cash collateral shall have been pledged to the Administrative Agent in a manner consistent with Section 2.06 of the Credit Agreement) in accordance with the
requirements set forth in the Credit Agreement, of the Commitments and all Letters of Credit issued under the Credit Agreement and the termination of the Credit Agreement, the Swap Agreements and the Banking Services Agreements. 

SECTION 8. Stay of Acceleration. If acceleration of the time for payment of any amount payable by any Borrower under the Credit
Agreement, any counterparty to any Swap Agreement, any Banking Services Agreement or any other Loan Document is stayed upon the insolvency, bankruptcy or reorganization of such Borrower or any of its Affiliates, all such amounts otherwise subject to
acceleration under the terms of the Credit Agreement, any Swap Agreement, any Banking Services Agreement or any other Loan Document shall nonetheless be payable by each of the Guarantors hereunder forthwith on demand by the Administrative Agent.

 SECTION 9. Notices. All notices, requests and other communications to any party hereunder shall be given in the manner
prescribed in Section 9.01 of the Credit Agreement with respect to the Administrative Agent at its notice address therein and, with respect to any Guarantor, in the care of the Company at the address of the Company set forth in the Credit
Agreement, or such other address or telecopy number as such party may hereafter specify for such purpose by notice to the Administrative Agent in accordance with the provisions of Section 9.01 of the Credit Agreement. 

SECTION 10. No Waivers. No failure or delay by the Administrative Agent or any Holder of Secured Obligations in exercising any
right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies
provided in this Guaranty, the Credit Agreement, any Swap Agreement, any Banking Services Agreement and the other Loan Documents shall be cumulative and not exclusive of any rights or remedies provided by law. 

SECTION 11. Successors and Assigns. This Guaranty is for the benefit of the Administrative Agent and the Holders of Secured Obligations
and their respective successors and permitted assigns; provided, that no Guarantor shall have any right to assign its rights or obligations hereunder without the consent of the Administrative Agent, and any such assignment in violation of this
Section 11 shall be null and void; and in the event of an assignment of any amounts payable under the Credit Agreement, any Swap Agreement, any Banking Services Agreement or the other Loan Documents in accordance with the respective
terms thereof, the rights hereunder, to the extent applicable to the indebtedness so assigned, may be transferred with such indebtedness. This Guaranty shall be binding upon each of the Guarantors and their respective successors and assigns.

  

 10 

 SECTION 12. Changes in Writing. Other than in connection with the addition of additional
Subsidiaries, which become parties hereto by executing a supplement hereto in the form attached as Annex I, neither this Guaranty nor any provision hereof may be changed, waived, discharged or terminated orally, but only in writing signed by each of
the Guarantors and the Administrative Agent. 
 SECTION 13. Governing Law; Jurisdiction. 

(a) THIS GUARANTY SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 

(b) Each Guarantor hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the
Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this
Guaranty or any other Loan Document, or for recognition or enforcement of any judgment, and each Guarantor 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 Guarantor 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 Guaranty or any other Loan Document shall affect any right that the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Guaranty or
any other Loan Document against any Guarantor or its properties in the courts of any jurisdiction. 
 (c) Each Guarantor hereby
irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Guaranty
or any other Loan Document in any court referred to in paragraph (b) of this Section. Each Guarantor hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or
proceeding in any such court. 
 (d) Each party to this Guaranty irrevocably consents to service of process in the manner
provided for notices in Section 9 of this Guaranty, and each of the Guarantors hereby appoints the Company as its agent for service of process. Nothing in this Guaranty or any other Loan Document will affect the right of any party to
this Guaranty to serve process in any other manner permitted by law. 
 SECTION 14. WAIVER OF JURY TRIAL. EACH
GUARANTOR HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT (WHETHER BASED
ON CONTRACT, TORT OR ANY OTHER THEORY). EACH GUARANTOR (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY 

 

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OTHER GUARANTOR HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER GUARANTOR WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER GUARANTORS HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 15. No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Guaranty. In
the event an ambiguity or question of intent or interpretation arises, this Guaranty shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the
authorship of any provisions of this Guaranty. 
 SECTION 16. Taxes, Expenses of Enforcement, Etc. 

(a) Taxes. 

(i) Any and all payments by or on account of any obligation of each Guarantor hereunder shall be made free and clear of
and without deduction for all Indemnified or Other Taxes. If any Guarantor shall be required by law to deduct any Indemnified or Other Taxes from or in respect of any sum payable hereunder to any Lender, the Issuing Bank, the Administrative Agent or
any other Holder of Secured Obligations, then (a) 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 16(a))
such Lender, the Issuing Bank, the Administrative Agent or such other Holder of Secured Obligations (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (b) such Guarantor shall make
such deductions and (c) such Guarantor shall pay the full amount deducted to the relevant authority in accordance with applicable law. 

(ii) In addition, each Guarantor shall pay any Other Taxes related to such Guarantor and imposed on or incurred by the
Administrative Agent, a Lender or the Issuing Bank to the relevant Governmental Authority in accordance with applicable law. 

(iii) The relevant Guarantor shall indemnify the Administrative Agent, the Issuing Bank, each Lender and any other Holder
of Secured Obligations, within ten (10) days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent, the Issuing Bank, such Lender or such other Holder of Secured Obligations,
as the case may be, on or with respect to any payment by or on account of any obligation of any Guarantor hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this
Section 16(a)) and any penalties, interest and reasonable and documented 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 the applicable Guarantor by a Lender or the Issuing Bank, or by the 

 

 12 

 
Administrative Agent on its own behalf or on behalf of a Lender or the Issuing Bank, shall be conclusive absent manifest error. 

(iv) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by any Guarantor to a Governmental
Authority, such Guarantor 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. 
 (v) By accepting the benefits hereof, each
Foreign Lender agrees that it will comply with Section 2.17(e) of the Credit Agreement. 
 (b) Expenses of
Enforcement, Etc. Subject to the terms of the Credit Agreement, after the occurrence and during the continuance of an Event of Default, the Lenders shall have the right at any time to direct the Administrative Agent to commence enforcement
proceedings with respect to the Guaranteed Obligations. The Guarantors agree to reimburse the Administrative Agent and the Holders of Secured Obligations for any documented costs and out-of-pocket expenses (including reasonable attorneys’ fees
and time charges of attorneys for the Administrative Agent and the Holders of Secured Obligations, which attorneys may be employees of the Administrative Agent or the Holders of Secured Obligations) paid or incurred by the Administrative Agent or
any Holders of Secured Obligations in connection with the collection and enforcement of amounts due under the Loan Documents, including, without limitation, this Guaranty. The Administrative Agent agrees to distribute payments received from any of
the Guarantors hereunder to the Holders of Secured Obligations on a pro rata basis for application in accordance with the terms of the Credit Agreement. 

SECTION 17. Setoff. At any time after all or any part of the Guaranteed Obligations have become due and payable (by acceleration or
otherwise), each Holder of Secured Obligations, the Administrative Agent may, without notice to any Guarantor and regardless of the acceptance of any security or collateral for the payment hereof, set off and apply toward the payment of all or any
part of the Guaranteed Obligations any and all deposits (general or special, time or demand, provisional or final and in whatever currency denominated at any time held) and other obligations at any time owing by such Holder of Secured Obligations or
the Administrative Agent or any of their Affiliates to or for the credit or the account of any Guarantor against any of and all the Guaranteed Obligations, irrespective of whether or not such Holder of Secured Obligations or the Administrative Agent
shall have made any demand under this Guaranty and although such obligations may be unmatured. The rights of each Holder of Secured Obligations or the Administrative Agent under this Section 17 are in addition to other rights and remedies
(including other rights of setoff) which such Holder of Secured Obligations or the Administrative Agent may have. 
 SECTION
18. Financial Information. Each Guarantor hereby assumes responsibility for keeping itself informed of the financial condition of each of the Borrowers, the other Guarantors and any and all endorsers and/or other guarantors of all or any part of
the Guaranteed Obligations, and of all other circumstances bearing upon the risk of nonpayment of 
  

 13 

 
the Guaranteed Obligations, or any part thereof, that diligent inquiry would reveal, and each Guarantor hereby agrees that none of the Holders of Secured Obligations or the Administrative Agent
shall have any duty to advise such Guarantor of information known to any of them regarding such condition or any such circumstances. In the event any Holder of Secured Obligations or the Administrative Agent, in its sole discretion, undertakes at
any time or from time to time to provide any such information to a Guarantor, such Holder of Secured Obligations or the Administrative Agent shall be under no obligation (i) to undertake any investigation not a part of its regular business
routine, (ii) to disclose any information which such Holder of Secured Obligations or the Administrative Agent, pursuant to accepted or reasonable commercial finance or banking practices, wishes to maintain confidential, (iii) to make any
other or future disclosures of such information or any other information to such Guarantor or (iv) to provide any such information to any other Guarantor. 

SECTION 19. Severability. Wherever possible, each provision of this Guaranty shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Guaranty shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder
of such provision or the remaining provisions of this Guaranty. 
 SECTION 20. Merger. This Guaranty represents the final
agreement of each of the Guarantors with respect to the matters contained herein and may not be contradicted by evidence of prior or contemporaneous agreements, or subsequent oral agreements, between each such Guarantor and any Holder of Secured
Obligations or the Administrative Agent. 
 SECTION 21. Headings. Section headings in this Guaranty are for convenience
of reference only and shall not govern the interpretation of any provision of this Guaranty. 
 SECTION 22. Amendment and
Restatement; No Novation of Existing Guaranty. This Guaranty amends and restates in its entirety the Existing Guaranty and this Guaranty is in no way intended to constitute a novation of any obligations owed by the Guarantors to the
Administrative Agent under the Existing Guaranty, all of which are hereby reaffirmed, ratified and confirmed. 
 SECTION 23.
General Reaffirmation of Loan Documents. Each of the undersigned, by its signature below, hereby (a) acknowledges and consents to the execution and delivery of each of the instruments, documents and agreements required in connection with
the Credit Agreement, (b) agrees that the Credit Agreement and the transactions contemplated thereby shall not limit or diminish the obligations of such Person arising under or pursuant to the Collateral Documents and the other Loan Documents
to which it is a party, (c) reaffirms all of its obligations under the Loan Documents to which it is a party to the extent not otherwise amended and restated herein or in connection with the Credit Agreement, (d) reaffirms all Liens on any
collateral (including the Collateral) which have been granted by it in favor of the Administrative Agent pursuant to any of the Loan Documents, and (e) acknowledges and agrees that each Loan Document executed by it to the extent not otherwise
amended and restated herein or in connection with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed. 

[SIGNATURE PAGES TO FOLLOW] 
  

 14 

 IN WITNESS WHEREOF, each Initial Guarantor has caused this Guaranty to be duly executed by
its authorized officer as of the day and year first above written. 
  

			
	 ALL-GLASS AQUARIUM CO., INC.

	 B2E BIOTECH, LLC

	 B2E CORPORATION

	 FARNAM COMPANIES, INC.

	 FOUR PAWS PRODUCTS, LTD.

	 CEDAR WORKS, LLC

	 GRANT LABORATORIES, INC.

	 GRO TEC, INC.

	 GULFSTREAM HOME & GARDEN, INC.

	 INTERPET USA, LLC

	 KAYTEE PRODUCTS INCORPORATED

	 MATSON, LLC

	 MATTHEWS REDWOOD AND NURSERY SUPPLY, INC.

	 NEW ENGLAND POTTERY, LLC

	 PENNINGTON SEED, INC.

	 PENNINGTON SEED, INC. OF NEBRASKA

	 PETS INTERNATIONAL, LTD.

	 SEEDS WEST, INC.

	 T.F.H. PUBLICATIONS, INC.

	 WELLMARK INTERNATIONAL

		
	By:	 	  

	Name:
	Title:

  

 Signature Page to 

Amended and Restated Guaranty 

			
	Acknowledged and Agreed to as of the date first above written:

			
	
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Administrative Agent
		
	By:	 	  

	Name:
	Title:

  

 Signature Page to 

Amended and Restated Guaranty 

 ANNEX I TO AMENDED AND RESTATED GUARANTY 

Reference is hereby made to the Amended and Restated Guaranty (as the same may be amended, restated, supplemented or otherwise modified
from time to time, the “Guaranty”), dated as of June 25, 2010, made by and among [INITIAL GUARANTORS TO COME] (each an “Initial Guarantor”, and together with any additional Subsidiaries of the Company which
become parties to the Guaranty by executing supplements thereto substantially similar in form and substance hereto, the “Guarantors”) in favor of the Administrative Agent, for the ratable benefit of the Holders of Secured
Obligations, under the Credit Agreement. Each capitalized term used herein and not defined herein shall have the meaning given to it in the Guaranty. 

By its execution below, the undersigned, [NAME OF NEW GUARANTOR], a
[                    ] [corporation] [partnership] [limited liability company], agrees to become, and does hereby become, a Guarantor under
the Guaranty and agrees to be bound by such Guaranty as if originally a party thereto. By its execution below, the undersigned represents and warrants as to itself that all of the representations and warranties contained in Section 1 of
the Guaranty are true and correct in all respects as of the date hereof. 
 IN WITNESS WHEREOF, [NAME OF NEW GUARANTOR], a
[corporation] [partnership] [limited liability company] has executed and delivered this Annex I counterpart to the Guaranty as of this      day of
                    , 20    . 

 

			
	[NAME OF NEW GUARANTOR]
		
	By:	 	  

	Name:
	Title:

 EXHIBIT I 

FORM OF 

COMPLIANCE CERTIFICATE 
  

			
	 To:
	  	The JPMorgan Chase Bank, National Association, as administrative agent and the Lenders under the Credit Agreement described below

This Compliance Certificate (this “Certificate”) is furnished pursuant to that certain Amended and Restated Credit
Agreement, dated as of June 25, 2010 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Central Garden & Pet Company (the
“Company”), the Subsidiary Borrowers from time to time party thereto (collectively with the Company, the “Borrowers”), the Lenders from time to time party thereto (the “Lenders”) and JPMorgan Chase
Bank, National Association, as administrative agent (the “Administrative Agent”). Unless otherwise defined herein, capitalized terms used in this Certificate have the meaning ascribed thereto in the Credit Agreement. 

THE UNDERSIGNED HEREBY CERTIFIES THAT: 

1. I am the duly elected [chief financial officer] [principal accounting officer] [treasurer] [controller] of the Company. 

2. I have reviewed the terms of the Credit Agreement, and I have made, or have caused to be made under my supervision, a detailed review
of the transactions and conditions of the Company and its Subsidiaries during the accounting period covered by the attached financial statements. 

3. The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or event which
constitutes a Default or Event of Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this Certificate, except as set forth below. 

4. Schedule I hereto sets forth the financial data and computations evidencing the Company’s compliance with certain
covenants of the Credit Agreement, all of which data and computations are true, complete and correct and in conformity with GAAP. 

5. Schedule II hereto attaches the various financial statements which are required under the Credit Agreement. 

6. Schedule III hereto attaches updates (if any) to the information contained in the Exhibits to the Pledge and Security
Agreement, the Patent Security Agreement, the Trademark Security Agreement and the Copyright Security Agreement, as applicable. 

 7. Schedule IV hereto attaches all relevant certificates and/or endorsements with
respect to any new insurance policies or renewals of existing insurance policies, all as required by Section 5.05 of the Credit Agreement (if any). 

8. The information set forth herein is accurate as of the fiscal [quarter] [quarter and year] ended
                         , 20    , and the financial statements delivered herewith
fairly present in all material respects the financial condition and results of operations of the Company and its consolidated Subsidiaries on a consolidated basis at the dates indicated and the results of their operations and cash flows for the
periods ending on the date indicated in accordance with GAAP, consistently applied[, subject to normal year-end audit adjustments and the absence of
footnotes]10. 

Described below are the exceptions, if any, to paragraph 3 by listing, in detail, the nature of the condition or event, the period during
which it has existed and the action which the Company has taken, is taking, or proposes to take with respect to each such condition or event: 
  

			
	  
  

 
  

The foregoing certifications, together with the computations set forth on Schedule I hereto and the financial statements delivered
with this Certificate in support hereof, are made and delivered this      day of                     ,
20    . 
  

			
	CENTRAL GARDEN & PET COMPANY
		
	By:	 	  

	Name:
	Title:

  

	10
	Bracketed language to be retained for Compliance Certificates delivered for the first three fiscal quarters each year. 

 SCHEDULE I TO COMPLIANCE CERTIFICATE 

The computations set forth in this Schedule I are designed to facilitate the calculation of financial covenants and certain other provisions in
the Credit Agreement relating to the information set forth in the Company’s consolidated financial statements delivered with this Certificate. The computations set forth in this Schedule I have been made in accordance with GAAP. The use
of abbreviated terminology and/or descriptions in the computations below are not in any way intended to override or eliminate the more detailed descriptions for such computations set forth in the relevant provisions of the Credit Agreement, all of
which shall be deemed to control. In addition, the failure to identify any specific provisions or terms of the Credit Agreement in this Schedule I does not in any way affect their applicability during the periods covered by such financial
statements or otherwise, which shall in all cases be governed by the Credit Agreement. 
  

						
	I. FINANCIAL COVENANTS
		
	 A. Consolidated EBITDA for the most

recently ended 4 fiscal quarters
	  		
			
		  	With reference to any period:	  		
			
		  	(a) Consolidated Net Income for such period,	  	   $	                    
			
		  	plus, without duplication and to the extent deducted from revenues in determining Consolidated Net Income,	  		
			
		  	(b) Consolidated Interest Expense,	  	+ $	                    
			
		  	(c) expenses for income taxes paid or accrued,	  	+ $	                    
			
		  	(d) the aggregate depreciation, depletion, amortization and other non-cash charges (including write-offs and write-downs), impairments and expenses, excluding any such amount
that represents an accrual or reserve for a cash expenditure for a future period, less any non-cash items increasing Consolidated Net Income,	  	+ $	                    
			
		  	(e) in connection with acquisitions (x) all restructuring costs, facilities relocation costs and acquisition integration costs and fees, including cash severance payments,
and (y) any expenses or charges related to any equity offering with respect to Equity Interests of the Company (other than Disqualified Stock), Permitted Investment, acquisition, disposition, recapitalization or the incurrence of Indebtedness
permitted under the Credit Agreement, including a permitted refinancing thereof, and any amendment or modification to the terms of any such transaction (the aggregate amount of all “Cash Add-Backs” (as defined in the Credit Agreement) plus
the aggregate amount of “Excluded Cash Subtractions” as defined in the Credit Agreement) shall not exceed $30,000,000 in any fiscal year of the Company),	  	+ $	                    

						
		  	(f) the amount of any expense related to minority interests,	  	+ $	                    
			
		  	(g) the amount of any earn-out payments, contingent consideration or deferred purchase price of any kind in conjunction with Permitted Acquisitions,	  	+ $	                    
			
		  	minus, without duplication and to the extent included in determining Consolidated Net Income,	  		
			
		  	(h) any non-cash gains, excluding any gains that represent the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior period (other than reversals
of accruals or reserves that have been previously added back to Consolidated Net Income in calculating Consolidated EBITDA in accordance with the definition thereof),	  	– $	                    
			
		  	(i) the amount of any subsequent cash payments in respect of any non-cash charges described in Item I.A.(d) deducted in arriving at Consolidated EBITDA for any
period,	  	– $	                    
			
		  	(j) the amount of any subsequent cash payments in respect of any non-cash charges described in Item I.A.(e) deducted in arriving at Consolidated EBITDA for any period (provided
that such cash payments shall not be required to be subtracted under this Item I.A.(j) for so long as the aggregate amount of all “Cash Add-Backs” (as defined in the Credit Agreement) plus the aggregate amount of “Excluded Cash
Subtractions” as defined in the Credit Agreement) shall not exceed $30,000,000 in any fiscal year of the Company),	  		
			
		  	(k) Consolidated
EBITDA11 (sum of Item I.A.(a) through Item
I.A.(j)).	  	= $	                    
		
	 B. Consolidated Interest Expense for

the most recently ended 4 fiscal quarters
	  		
			
		  	With reference to any period, the sum of:	  		
			
		  	(a) the aggregate of all cash and non-cash interest expense with respect to all outstanding Indebtedness of the Company and its	  	   $	                    

 

	11
	Consolidated EBITDA for any period of four (4) consecutive fiscal quarters during which an acquisition (and/or a disposition) shall have been made by the Company
or any Subsidiary shall be calculated after giving pro forma effect (calculated in a manner reasonably acceptable to the Administrative Agent) to such acquisition (and/or a disposition), as if such acquisition (and/or a disposition) occurred on the
first day of such four (4) fiscal quarter period. 

						
		  	Subsidiaries, including the net costs or benefits associated with interest rate Swap Agreements, for such period determined on a consolidated basis in conformity with GAAP, but
excluding amortization or write-off of debt issuance costs, deferred financing or liquidity fees, commissions, fees and expenses,	  		
			
		  	(b) the consolidated interest expense of the Company and its Subsidiaries that was capitalized during such period,	  	+ $	                    
			
		  	(c) the interest component of Capital Lease Obligations paid, accrued and/or scheduled to be paid or accrued by the Company and its Subsidiaries during such period as determined
on a consolidated basis in accordance with GAAP,	  	+ $	                    
			
		  	(d) dividends declared and paid in cash or Disqualified Stock in respect of Disqualified Stock, excluding dividends payable in an Equity Interest other than Disqualified Stock,
	  	+ $	                    
			
		  	(e) interest accruing on any Indebtedness of any other Person (other than a Subsidiary) to the extent such Indebtedness is guaranteed by (or secured by the assets of) the Company
or its Subsidiary and such Indebtedness is accelerated or any payment is actually made in respect of such Guarantee,	  	+ $	                    
			
		  	(f) the interest component of all Attributable Receivable Indebtedness of the Company and its Subsidiaries for such period,	  	+ $	                    
			
		  	(g) Consolidated Interest
Expense12 (sum of Item I.B.(a) through Item
I.B.(f)).	  	= $	                    
		
	 C. Consolidated Total Indebtedness as

of the last day of any fiscal quarter
	  		
			
		  	With respect to the Company and its Subsidiaries, without duplication:	  		
			
		  	(a) all obligations for borrowed money,	  	   $	                    
			
		  	(b) all obligations evidenced by bonds, debentures, notes or similar instruments,	  	+ $	                    

 

	12
	In the event that the Company or any Subsidiary shall have completed an acquisition (and/or a disposition) since the beginning of the relevant period, Consolidated
Interest Expense shall be calculated for such period after giving pro forma effect (calculated in a manner reasonably acceptable to the Administrative Agent) as if such acquisition (and/or disposition), and any related incurrence or repayment of
Indebtedness, had occurred at the beginning of such period. 

					
	 	  	(c) all Capital Lease Obligations,	  	+ $                    
			
		  	(d) all obligations issued or assumed as the deferred purchase price of property, all conditional sale obligations and all obligations under any title retention agreement (but
excluding trade accounts payable and other accrued liabilities arising in the ordinary course of business),	  	+ $                    
			
		  	(e) all obligations for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction,	  	+ $                    
			
		  	(f) all Off-Balance Sheet Liabilities,	  	+ $                    
			
		  	(g) all Attributable Receivables Indebtedness,	  	+ $                    
			
		  	(h) guarantees and other contingent obligations in respect of Indebtedness referred to in any other clause of Item I.C.,	  	+ $                    
			
		  	(i) all obligations of any other Person of the type referred to elsewhere in the definition of Indebtedness [set forth in the Credit Agreement] which are secured by any Lien on
any property or asset of such Person, the amount of such obligation being deemed to be the lesser of the fair market value of such property or asset and the amount of the obligation so secured,	  	+ $                    
			
		  	(j) all obligations under interest rate or currency Swap Agreements,	  	+ $                    
			
		  	(k) all contingent or non-contingent obligations of such Person under any earn-out provision to the extent such obligations would be considered a liability of such Person in
accordance with GAAP,	  	+ $                    
			
		  	(l) all Disqualified Stock with the amount of Indebtedness represented by such Disqualified Stock being equal to the greater of its voluntary or involuntary liquidation
preference and its maximum fixed repurchase price, but excluding accrued dividends, if any,	  	+ $                    
			
		  	(m) Consolidated Total Indebtedness (sum of Item I.C.(a) through Item I.C.(l)).	  	= $                    
	
	 D. Consolidated Senior Secured

Indebtedness as of the last day of any
 fiscal
quarter

			
		  	With respect to the Company and its Subsidiaries, without duplication and only to the extent that each such Item is secured by Liens on any property or assets of the Company or
any of its Subsidiaries (including, without limitation, the Secured	  	

					
		  	Obligations), the payment of which has not been made expressly subordinated to payment of the Secured Obligations:	  	
			
		  	(a) all obligations for borrowed money	  	   $                    
			
		  	(b) all obligations evidenced by bonds, debentures, notes or similar instruments	  	+ $                    
			
		  	(c) all Capital Lease Obligations	  	+ $                    
			
		  	(d) all obligations issued or assumed as the deferred purchase price of property, all conditional sale obligations and all obligations under any title retention agreement (but
excluding trade accounts payable and other accrued liabilities arising in the ordinary course of business)	  	+ $                    
			
		  	(e) all obligations for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction	  	+ $                    
			
		  	(f) all Off-Balance Sheet Liabilities	  	+ $                    
			
		  	(g) all Attributable Receivables Indebtedness	  	+ $                    
			
		  	(h) guarantees and other contingent obligations in respect of Indebtedness referred to in any other clause of Item I.D.	  	+ $                    
			
		  	(i) all obligations of any other Person of the type referred to elsewhere in the definition of Indebtedness [set forth in the Credit Agreement] which are secured by any Lien on
any property or asset of such Person, the amount of such obligation being deemed to be the lesser of the fair market value of such property or asset and the amount of the obligation so secured	  	+ $                    
			
		  	(j) all obligations under interest rate or currency Swap Agreements	  	+ $                    
			
		  	(k) all contingent or non-contingent obligations of such Person under any earn-out provision to the extent such obligations would be considered a liability of such Person in
accordance with GAAP	  	
			
		  	(l) all Disqualified Stock with the amount of Indebtedness represented by such Disqualified Stock being equal to the greater of its voluntary or involuntary liquidation
preference and its maximum fixed repurchase price, but excluding accrued dividends, if any	  	+ $                    
			
		  	(m) Consolidated Senior Secured Indebtedness (sum of Item I.D.(a) through Item I.D.(l))	  	= $                    

					
	E. Interest Coverage Ratio (Section 6.15(a))	  	
			
		  	(a) Consolidated EBITDA for the four (4) most recently completed fiscal quarters	  	$                    
			
		  	(b) Consolidated Interest Expense for the four (4) most recently completed fiscal quarters	  	$                    
			
		  	(c) Interest Coverage Ratio (ratio of Item I.E.(a) to Item I.E.(b))	  	             to 1.00
			
		  	(d) Minimum Interest Coverage Ratio	  	     2.75 to 1.00
		
	 F. Maximum Senior Secured Leverage Ratio

(Section 6.15(b))
	  	
			
		  	(a) Consolidated Senior Secured Indebtedness as of the last day of the applicable quarter	  	$                    
			
		  	(b) Consolidated EBITDA for the four (4) most recently completed fiscal quarters	  	$                    
			
		  	(c) Leverage Ratio (ratio of Item I.F.(a) to Item I.F.(b))	  	             to 1.00
			
		  	(d) Maximum Senior Secured Leverage Ratio	  	             to 
1.0013
		
	G. Total Leverage Ratio	  	
			
		  	(a) Consolidated Total Indebtedness as of the last day of the applicable quarter	  	$                    
			
		  	(b) Consolidated EBITDA for the four (4) most recently completed fiscal quarters	  	$                    
			
		  	(c) Leverage Ratio (ratio of Item I.G.(a) to Item I.G.(b))	  	             to 1.00
		
	II. CERTAIN NEGATIVE COVENANTS	  	
		
	 A. Certain Indebtedness Baskets (Sections 

6.01(e), (f) and (i))
	  	
			
		  	(a) amount of Indebtedness of the Company or any Subsidiary incurred pursuant to Section 6.01(e) to finance the acquisition, construction or improvement of any fixed or
capital assets,	  	$                    

 

	13
	Maximum Senior Secured Leverage Ratio as of the end of any fiscal quarter is the level prescribed in Section 6.15(b). 

					
		  	including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the
acquisition thereof; provided that such Indebtedness is incurred prior to or within 180 days after such acquisition or the completion of such construction or improvement (not to exceed $20,000,000)	  	
			
		  	(b) amount of Indebtedness of the Company or any Subsidiary incurred pursuant Section 6.01(f) with respect to Permitted Receivables Facilities (not to exceed $100,000,000)
	  	$                    
			
		  	(c) amount of Indebtedness incurred pursuant to Section 6.01(i) of the Credit Agreement at any time outstanding (not to exceed an amount equal to 15% of Consolidated Net
Worth)	  	$                    
			
		  	15% of Consolidated Net Worth	  	$                    
			
		  	(d) amount of Indebtedness incurred pursuant to Section 6.01(i) of the Credit Agreement by Subsidiaries that are not Loan Parties (not to exceed $40,000,000 minus
the amount of intercompany Indebtedness incurred by such Subsidiaries pursuant to Section 6.01(c) of the Credit Agreement)	  	$                    
		
	B. Liens (Sections 6.02(j), (l) and (n))	  	
			
		  	(a) aggregate value of all inventory or other goods in transit and proceeds thereof securing obligations in respect of bankers’ acceptances issued or created to facilitate
the purchase, shipment or storage of such inventory or other goods in the ordinary course of business being secured by Liens pursuant to Section 6.02(j) (not to exceed $20,000,000 at any time)	  	$                    
			
		  	(b) aggregate value of all intellectual property license agreements entered into by any Subsidiary, as licensee, in the ordinary course of such Subsidiary’s business being
secured by Liens pursuant to Section 6.02(l) (not to exceed $10,000,000 at any time)	  	$                    
			
		  	(c) aggregate principal amount of Indebtedness being secured by Liens pursuant to Section 6.02(n) (not to exceed $50,000,000)	  	$                    
	
	C. Investments, Loans or Advances (Section 6.04(c) (ii) and (o))
			
		  	(a) aggregate amount of loans and advances to employees and officers of the Loan Parties (including to fund such person’s purchase of Equity Interests of the Company
pursuant to compensatory plans but excluding payroll, travel and similar loans and advances to employees and officers of the Company and its Subsidiaries for bona fide business purposes incurred in the ordinary course of business and consistent with
past practice)	  	$                    

									
		  	approved by the board of directors in good faith (not to exceed $1,000,000 at any time outstanding)	  	
			
		  	(b) aggregate amount of loans, advances or capital contributions by any Loan Party to a Subsidiary which is not a Loan Party made and remaining outstanding pursuant
to Section 6.04(i) (not to exceed $25,000,000 during the term of the Credit Agreement)	  	      $                    
			
		  	(c) aggregate amount of investments, loans or advances made pursuant to Section 6.04(o) (not to exceed during the term of the Credit Agreement the greater
of (x) $75,000,000 and (y) 7.5% of total consolidated assets of the Loan Parties, determined in accordance with GAAP and as set forth on the Company’s most recently available internal consolidated balance sheet as of such
date)	  	      $                    
			
		  	7.5% of total consolidated assets of the Loan Parties, determined in accordance with GAAP and as set forth on the Company’s most recently available internal
consolidated balance sheet as of such date	  	      $                    
		
	D. Restricted Payments (Section 6.06)	  	
			
		  	(a) aggregate amount of Restricted Payments made pursuant to Section 6.06(d) (such amount not to cause the Permitted Payment Usage to exceed the Permitted
Payment Amount)	  	      $                    
			
		  	(b) Permitted Payment Amount	  	
				
		  		  	At any time, the sum of:	  	
					
		  		  		  	(i) $200,000,000,	  	      $200,000,000
					
		  		  		  	(ii) 50% of the cumulative Consolidated Net Income of the Company for each fiscal quarter ending on and after June 26, 2010, treated as a single accounting period (or if the
cumulative Consolidated Net Income for such period shall be a loss, minus 100% of such loss),	  	+/- $                    
					
		  		  		  	(iii) 100% of the aggregate net cash proceeds, and the fair market value of property other than cash, that would constitute Marketable Securities or a Permitted Business received
by the Company from any Person (other than a Subsidiary of the Company) from the issuance and sale subsequent to the Effective Date of Equity Interest of the Company (other than Disqualified Stock),	  	  + $                    
					
		  		  		  	(iv) in the event that the Company issues or assumes any Indebtedness permitted under the Credit Agreement that by its terms is convertible into or exchangeable for	  	  + $                    

											
		  		  		  		  	Equity Interests other than Disqualified Stock (“Convertible Debt”), the amount by which Indebtedness is reduced on the Company’s balance sheet upon the
conversion of such Convertible Debt into Equity Interests other than Disqualified Stock (less the amount of any cash or the fair value of any other property, distributed by the Company upon such conversion) (such amount not to exceed the net cash
proceeds received by the Company or any Subsidiary from the sale of such Indebtedness),	  	
						
		  		  		  		  	(v) Permitted Payment Amount (sum of Item II.D.(b)(i) through Item II.D.(b)(iv)).	  	= $                    
				
		  		  	(c) Permitted Payment Usage	  	
					
		  		  		  	At any time, the sum of:	  	
						
		  		  		  		  	(i) the aggregate amount of Restricted Payments made subsequent to the Effective Date (other than Permitted Payments made pursuant to clauses (b), (c), (d), (e) and (g) of
the definition of “Permitted Payments”)	  	   $                    
						
		  		  		  		  	(ii) the sum of all investments, loans or advances made subsequent to the Effective Date pursuant to Section 6.04(p)	  	+ $                    
						
		  		  		  		  	(iii) the aggregate amount of all voluntary prepayments in respect of Subordinated Indebtedness made subsequent to the Effective Date pursuant to clause (ii) of Section
6.12	  	+ $                    
						
		  		  		  		  	(iv) Permitted Payment Usage (sum of Item II.D.(c)(i) through Item II.D.(c)(iii))	  	= $                    
				
		  		  	(d) Does Item II.B.(c) exceed Item II.B.(b)?	  	Yes/No
		
	E. Asset Sales (Section 6.10(d))	  	
				
		  		  	(a) aggregate amount of sales, transfers, leases or other dispositions of assets for fair value pursuant to Section 6.10(d) (not to exceed 40% of Consolidated
Total Assets during the term of the Credit Agreement)	  	   $                    
				
		  		  	40% of Consolidated Total Assets	  	   $                    
		
	F. Operating Leases (Section 6.11)	  	
				
		  		  	(a) aggregate amount of Operating Lease Obligations of the	  	   $                    

					
		  	Company and its Subsidiaries (not to exceed $60,000,000 at any one time outstanding)	  	
		
	G. Capital Expenditures (Section 6.13)	  	
			
		  	(a) Amount that the Company or any Subsidiary has expended or is committed to expend for Capital Expenditures during the current fiscal year (not to exceed $75,000,000
plus up to $10,000,000 carry-over from prior fiscal
year14)	  	$                    
		
	 III. MATERIAL SUBSIDIARY AND SUBSIDIARY

GUARANTOR CLASSIFICATION
	  	
		
	A. Material Subsidiaries	  	
			
		  	(a) 10% of the Company’s Consolidated EBITDA for the most recently ended four fiscal quarters	  	$                    
			
		  	(b) 10% of the Company’s Consolidated Total Assets as of the end of the most recently ended fiscal quarter	  	$                    
			
		  	(c) Identify on Exhibit A hereto: (i) each Subsidiary Borrower, if any, (ii) each Subsidiary of the Company which is responsible for a portion of the Company’s
Consolidated EBITDA in excess of the amount set forth in Item III.A.(a) or (iii) each Subsidiary of the Company, the total assets (examined on a consolidated basis with its respective Subsidiaries) of which exceed the amount set forth in Item
III.A.(b)	  	
			
		  	(d) Indicate whether each Subsidiary listed on Exhibit A hereto pursuant to Item III.A.(c), is a Subsidiary
Guarantor15	  	
		
	B. Additional Guarantors	  	
			
		  	(a) 10.0% of the Company’s Consolidated EBITDA for the most recently ended four fiscal quarters	  	$                    
			
		  	(b) that portion of the Company’s Consolidated EBITDA for the most recently ended four fiscal quarters represented by the EBITDA of the Subsidiaries which are not Subsidiary
Guarantors	  	$                    
			
		  	(c) Does Item III.B.(b) exceed Item III.B.(a)?	  	Yes/No

  

	14
	Such amount to be increased pursuant to the terms of Section 6.13, as applicable. 

	15
	Subsidiary Guarantors shall exclude any Affected Foreign Subsidiary or any Receivables Entity. 

						
		 	(d) 10.0% of the Company’s Consolidated Total Assets as of the end of the most recently ended fiscal quarter	  	   $	                    
			
		 	(e) that portion of the Company’s Consolidated Total Assets as of the end of the most recently ended fiscal quarter represented by the aggregate assets of the Subsidiaries
which are not Subsidiary Guarantors	  	   $	                    
			
		 	(f) Does Item III.B.(e) exceed Item III.B.(d)?	  	 	Yes/No
			
		 	(g) If the answer indicated in either of Item III.B.(c) or Item III.B(f) is “Yes”, indicate on Exhibit B hereto additional Subsidiaries that shall become Subsidiary
Guarantors in accordance with Section 6.14 of the Credit Agreement, in each case such that, after giving effect to such additional Subsidiary Guarantors, the calculations set forth in this Item III.B. would result in the answers set
forth in Items III.B.(c) and III.B(f) “No”	  		
			
		 	(h) Identify on Exhibit B hereto any Subsidiary of the Company which has provided a guaranty in connection with any other Indebtedness of a Borrower (including, without
limitation the obligations under any Senior Subordinated Note Indenture and/or any Senior Subordinated Notes) but which is not currently a Subsidiary Guarantor	  		

 Exhibit A to Schedule I of Compliance Certificate 

Material Subsidiaries 
  

			
	 Material Subsidiaries
	  	 Subsidiary Guarantor (Yes/No)

 Exhibit B to Schedule I of Compliance Certificate 

Subsidiaries of the Company which have provided a guaranty in connection with any other 

Indebtedness of a Borrower but which is not currently a Subsidiary Guarantor 

 SCHEDULE II TO COMPLIANCE CERTIFICATE 

Financial Statements Required to be Delivered Pursuant to the Credit Agreement 

[attached] 

 SCHEDULE III TO COMPLIANCE CERTIFICATE 

Updates to Schedules to the Pledge and Security Agreement, the Patent Security Agreement, the 

Trademark Security Agreement and the Copyright Security Agreement, as applicable 

[attached] 

 SCHEDULE IV TO COMPLIANCE CERTIFICATE 

Certificates and/or Endorsements with respect to any New Insurance Policies or Renewals of 

Existing Insurance PoliciesAmended and Restated Agreement of Limited Partnership

 Exhibit 10.1 

AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 

OF 

HUDSON PACIFIC PROPERTIES, L.P. 

a Maryland limited partnership 
  

 
 THE SECURITIES
EVIDENCED HEREBY HAVE NOT BEEN REGISTERED 
 UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR

 THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, 

TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH 

REGISTRATION, UNLESS IN THE OPINION OF COUNSEL SATISFACTORY TO THE 

PARTNERSHIP THE PROPOSED SALE, TRANSFER OR OTHER DISPOSITION MAY BE 

EFFECTED WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND UNDER 

APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS. 

dated as of June 29, 2010 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	 ARTICLE 1 DEFINED TERMS
	  	1
		
	 ARTICLE 2 ORGANIZATIONAL MATTERS
	  	22
			
	 Section 2.1
	  	Formation	  	22
	 Section 2.2
	  	Name	  	22
	 Section 2.3
	  	Principal Office and Resident Agent; Principal Executive Office	  	23
	 Section 2.4
	  	Power of Attorney.	  	23
	 Section 2.5
	  	Term	  	24
		
	 ARTICLE 3 PURPOSE
	  	24
			
	 Section 3.1
	  	Purpose and Business	  	24
	 Section 3.2
	  	Powers	  	25
	 Section 3.3
	  	Partnership Only for Purposes Specified	  	25
	 Section 3.4
	  	Representations and Warranties by the Partners	  	25
		
	 ARTICLE 4 CAPITAL CONTRIBUTIONS
	  	28
			
	 Section 4.1
	  	Capital Contributions of the Partners	  	28
	 Section 4.2
	  	Issuances of Additional Partnership Interests	  	28
	 Section 4.3
	  	Additional Funds and Capital Contributions	  	30
	 Section 4.4
	  	Stock Option Plans	  	31
	 Section 4.5
	  	Dividend Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan	  	32
	 Section 4.6
	  	No Interest; No Return	  	33
	 Section 4.7
	  	Conversion or Redemption of Capital Shares	  	33
	 Section 4.8
	  	Other Contribution Provisions	  	33
		
	 ARTICLE 5 DISTRIBUTIONS
	  	34
			
	 Section 5.1
	  	Requirement and Characterization of Distributions	  	34
	 Section 5.2
	  	Distributions in Kind	  	34
	 Section 5.3
	  	Amounts Withheld	  	34
	 Section 5.4
	  	Distributions Upon Liquidation	  	35
	 Section 5.5
	  	Distributions to Reflect Additional Partnership Units	  	35
	 Section 5.6
	  	Restricted Distributions	  	35
		
	 ARTICLE 6 ALLOCATIONS
	  	35
			
	 Section 6.1
	  	Timing and Amount of Allocations of Net Income and Net Loss	  	35
	 Section 6.2
	  	Allocations of Net Income and Net Loss	  	35
	 Section 6.3
	  	Additional Allocation Provisions	  	38
	 Section 6.4
	  	Tax Allocations.	  	40

  

 i 

					
	 ARTICLE 7 MANAGEMENT AND OPERATIONS OF BUSINESS
	  	40
			
	 Section 7.1
	  	Management	  	40
	 Section 7.2
	  	Certificate of Limited Partnership	  	44
	 Section 7.3
	  	Restrictions on General Partner’s Authority	  	44
	 Section 7.4
	  	Reimbursement of the General Partner	  	47
	 Section 7.5
	  	Outside Activities of the General Partner	  	47
	 Section 7.6
	  	Transactions with Affiliates	  	48
	 Section 7.7
	  	Indemnification	  	49
	 Section 7.8
	  	Liability of the General Partner	  	51
	 Section 7.9
	  	Other Matters Concerning the General Partner	  	53
	 Section 7.10
	  	Title to Partnership Assets	  	53
	 Section 7.11
	  	Reliance by Third Parties	  	54
		
	 ARTICLE 8 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS
	  	54
			
	 Section 8.1
	  	Limitation of Liability	  	54
	 Section 8.2
	  	Management of Business	  	54
	 Section 8.3
	  	Outside Activities of Limited Partners	  	55
	 Section 8.4
	  	Return of Capital	  	55
	 Section 8.5
	  	Rights of Limited Partners Relating to the Partnership	  	55
	 Section 8.6
	  	Partnership Right to Call Limited Partner Interests	  	56
	 Section 8.7
	  	Rights as Objecting Partner	  	57
		
	 ARTICLE 9 BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	57
			
	 Section 9.1
	  	Records and Accounting	  	57
	 Section 9.2
	  	Partnership Year	  	57
	 Section 9.3
	  	Reports	  	58
		
	 ARTICLE 10 TAX MATTERS
	  	58
			
	 Section 10.1
	  	Preparation of Tax Returns	  	58
	 Section 10.2
	  	Tax Elections	  	58
	 Section 10.3
	  	Tax Matters Partner	  	59
	 Section 10.4
	  	Withholding	  	60
	 Section 10.5
	  	Organizational Expenses	  	60
		
	 ARTICLE 11 PARTNER TRANSFERS AND WITHDRAWALS
	  	60
			
	 Section 11.1
	  	Transfer	  	60
	 Section 11.2
	  	Transfer of General Partner’s Partnership Interest	  	61
	 Section 11.3
	  	Limited Partners’ Rights to Transfer	  	62
	 Section 11.4
	  	Admission of Substituted Limited Partners	  	65
	 Section 11.5
	  	Assignees	  	65
	 Section 11.6
	  	General Provisions	  	66

  

 ii 

					
	 ARTICLE 12 ADMISSION OF PARTNERS
	  	67
			
	 Section 12.1
	  	Admission of Successor General Partner	  	67
	 Section 12.2
	  	Admission of Additional Limited Partners	  	68
	 Section 12.3
	  	Amendment of Agreement and Certificate of Limited Partnership	  	69
	 Section 12.4
	  	Limit on Number of Partners	  	69
	 Section 12.5
	  	Admission	  	69
		
	 ARTICLE 13 DISSOLUTION, LIQUIDATION AND TERMINATION
	  	69
			
	 Section 13.1
	  	Dissolution	  	69
	 Section 13.2
	  	Winding Up	  	70
	 Section 13.3
	  	Deemed Contribution and Distribution	  	72
	 Section 13.4
	  	Rights of Holders	  	72
	 Section 13.5
	  	Notice of Dissolution	  	72
	 Section 13.6
	  	Cancellation of Certificate of Limited Partnership	  	72
	 Section 13.7
	  	Reasonable Time for Winding-Up	  	72
		
	 ARTICLE 14 PROCEDURES FOR ACTIONS AND CONSENTS OF PARTNERS; AMENDMENTS; MEETINGS
	  	73
			
	 Section 14.1
	  	Procedures for Actions and Consents of Partners	  	73
	 Section 14.2
	  	Amendments	  	73
	 Section 14.3
	  	Meetings of the Partners	  	73
		
	 ARTICLE 15 GENERAL PROVISIONS
	  	74
			
	 Section 15.1
	  	Redemption Rights of Qualifying Parties	  	74
	 Section 15.2
	  	Addresses and Notice	  	78
	 Section 15.3
	  	Titles and Captions	  	78
	 Section 15.4
	  	Pronouns and Plurals	  	79
	 Section 15.5
	  	Further Action	  	79
	 Section 15.6
	  	Binding Effect	  	79
	 Section 15.7
	  	Waiver	  	79
	 Section 15.8
	  	Counterparts	  	79
	 Section 15.9
	  	Applicable Law; Consent to Jurisdiction; Waiver of Jury Trial	  	79
	 Section 15.10
	  	Entire Agreement	  	80
	 Section 15.11
	  	Invalidity of Provisions	  	80
	 Section 15.12
	  	Limitation to Preserve REIT Status	  	80
	 Section 15.13
	  	No Partition	  	81
	 Section 15.14
	  	No Third-Party Rights Created Hereby	  	81
	 Section 15.15
	  	No Rights as Stockholders	  	82
		
	 ARTICLE 16 SERIES A PREFERRED UNITS
	  	82
			
	 Section 16.1
	  	Designation and Number	  	82
	 Section 16.2
	  	Rank	  	82
	 Section 16.3
	  	Distributions	  	82
	 Section 16.4
	  	Liquidation Preference	  	83
	 Section 16.5
	  	Redemption of Series A Preferred Units	  	84

  

 iii 

					
	 Section 16.6
	  	Conversion	  	89
	 Section 16.7
	  	Voting Rights	  	91
	 Section 16.8
	  	Provisions Effective After General Partner Fundamental Change	  	92
	 Section 16.9
	  	Amendments	  	94
	 Section 16.10
	  	Exclusion of Other Rights	  	94

  

 iv 

 Exhibits List 

 

					
	 Exhibit A
	  	PARTNERS AND PARTNERSHIP UNITS	  	A-1
			
	 Exhibit B
	  	EXAMPLES REGARDING ADJUSTMENT FACTOR	  	B-1
			
	 Exhibit C
	  	COMMON NOTICE OF REDEMPTION	  	C-1
			
	 Exhibit D
	  	SERIES A NOTICE OF REDEMPTION	  	D-1
			
	 Exhibit E
	  	SERIES A NOTICE OF CONVERSION	  	E-1

  

 v 

 AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 

OF HUDSON PACIFIC PROPERTIES, L.P. 

THIS AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF HUDSON PACIFIC PROPERTIES, L.P., dated as of June 29, 2010, is made
and entered into by and among, HUDSON PACIFIC PROPERTIES, INC., a Maryland corporation, as the General Partner and the Persons whose names are set forth on Exhibit A attached hereto, as limited partners, and any Additional Limited Partner
that is admitted from time to time to the Partnership and listed on Exhibit A attached hereto. 
 WHEREAS, a Certificate
of Limited Partnership of the Partnership was filed with the State Department of Assessments and Taxation of Maryland on January 15, 2010 (the “Formation Date”) and the initial general partner and limited partners of the
Partnership entered into an original agreement of limited partnership of the Partnership effective as of January 15, 2010 (the “Original Partnership Agreement”); and 

WHEREAS, the Partners (as hereinafter defined) now desire to amend and restate the Original Partnership Agreement and admit the Persons
whose names are set forth on Exhibit A attached hereto as limited partners of the Partnership by entering into this Agreement (as hereinafter defined); 

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE 1

 DEFINED TERMS 

The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in
this Agreement: 
 “Act” means the Maryland Revised Uniform Limited Partnership Act, Title 10 of the
Corporations and Associations Article of the Annotated Code of Maryland, as it may be amended from time to time, and any successor to such statute. 

“Actions” has the meaning set forth in Section 7.7 hereof. 

“Additional Funds” has the meaning set forth in Section 4.3.A hereof. 

“Additional Limited Partner” means a Person who is admitted to the Partnership as a limited partner pursuant to
the Act and Section 4.2 and Section 12.2 hereof and who is shown as such on the books and records of the Partnership. 

“Adjusted Capital Account” means, with respect to any Partner, the balance in such Partner’s Capital Account
as of the end of the relevant Partnership Year or other applicable period, after giving effect to the following adjustments: 

(i) increase such Capital Account by any amounts that such Partner is obligated to restore pursuant to this Agreement upon
liquidation of such Partner’s Partnership Interest or that such Person is deemed to be obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(c) or the penultimate sentence of each of Regulations
Sections 1.704-2(g)(1) and 1.704-2(i)(5); and 
  

 1 

 (ii) decrease such Capital Account by the items described in Regulations
Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 
 The foregoing definition of “Adjusted Capital Account” is
intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

“Adjusted Capital Account Deficit” means, with respect to any Partner, the deficit balance, if any, in such
Partner’s Adjusted Capital Account as of the end of the relevant Partnership Year or other applicable period. 

“Adjusted Leverage Ratio” has the meaning set forth in Section 16.8.C hereof. 

“Adjusted Net Income” means for each Partnership Year or other applicable period, an amount equal to the
Partnership’s Net Income or Net Loss for such year or other period, computed without regard to the items set forth below; provided, that if the Adjusted Net Income for such year or other period is a negative number (i.e., a net
loss), then the Adjusted Net Income for that year or other period shall be treated as if it were zero: 
 (a) Depreciation; and

 (b) Net gain or loss realized in connection with the actual or hypothetical sale of any or all of the assets of the
Partnership, including but not limited to net gain or loss treated as realized in connection with an adjustment to the Gross Asset Value of the Partnership’s assets as set forth in the definition of “Gross Asset Value.” 

“Adjustment Factor” means 1.0; provided, however, that in the event that: 

(i) the General Partner (a) declares or pays a dividend on its outstanding REIT Shares in REIT Shares or makes a distribution to all
holders of its outstanding REIT Shares in REIT Shares, (b) splits or subdivides its outstanding REIT Shares or (c) effects a reverse stock split or otherwise combines its outstanding REIT Shares into a smaller number of REIT Shares, the
Adjustment Factor shall be adjusted by multiplying the Adjustment Factor previously in effect by a fraction, (1) the numerator of which shall be the number of REIT Shares issued and outstanding on the record date for such dividend,
distribution, split, subdivision, reverse split or combination (assuming for such purposes that such dividend, distribution, split, subdivision, reverse split or combination has occurred as of such time) and (2) the denominator of which shall
be the actual number of REIT Shares (determined without the above assumption) issued and outstanding on the record date for such dividend, distribution, split, subdivision, reverse split or combination; 

 

 2 

 (ii) the General Partner distributes any rights, options or warrants to all holders of its
REIT Shares to subscribe for or to purchase or to otherwise acquire REIT Shares, or other securities or rights convertible into, exchangeable for or exercisable for REIT Shares (other than REIT Shares issuable pursuant to a Qualified DRIP / COPP),
at a price per share less than the Value of a REIT Share on the record date for such distribution (each a “Distributed Right”), then, as of the distribution date of such Distributed Rights or, if later, the time such
Distributed Rights become exercisable, the Adjustment Factor shall be adjusted by multiplying the Adjustment Factor previously in effect by a fraction (a) the numerator of which shall be the number of REIT Shares issued and outstanding on the
record date (or, if later, the date such Distributed Rights become exercisable) plus the maximum number of REIT Shares purchasable under such Distributed Rights and (b) the denominator of which shall be the number of REIT Shares issued and
outstanding on the record date (or, if later, the date such Distributed Rights become exercisable) plus a fraction (1) the numerator of which is the maximum number of REIT Shares purchasable under such Distributed Rights times the minimum
purchase price per REIT Share under such Distributed Rights and (2) the denominator of which is the Value of a REIT Share as of the record date (or, if later, the date such Distributed Rights become exercisable); provided,
however, that, if any such Distributed Rights expire or become no longer exercisable, then the Adjustment Factor shall be adjusted, effective retroactive to the date of distribution of the Distributed Rights, to reflect a reduced
maximum number of REIT Shares or any change in the minimum purchase price for the purposes of the above fraction; and 
 (iii)
the General Partner shall, by dividend or otherwise, distribute to all holders of its REIT Shares evidences of its indebtedness or assets (including securities, but excluding any dividend or distribution referred to in subsection (i) or
(ii) above), which evidences of indebtedness or assets relate to assets not received by the General Partner pursuant to a pro rata distribution by the Partnership, then the Adjustment Factor shall be adjusted to equal the amount determined by
multiplying the Adjustment Factor in effect immediately prior to the close of business as of the record date by a fraction (a) the numerator of which shall be such Value of a REIT Share as of the record date and (b) the denominator of
which shall be the Value of a REIT Share as of the record date less the then fair market value (as determined by the General Partner, whose determination shall be conclusive) of the portion of the evidences of indebtedness or assets so distributed
applicable to one REIT Share. 
 Notwithstanding the foregoing, no adjustments to the Adjustment Factor will be made for any
class of Limited Partnership Interests to the extent that the Partnership makes or effects any correlative distribution or payment to all of the Limited Partners of such class, or effects any correlative split or reverse split in respect of its
Limited Partnership Interests. Any adjustments to the Adjustment Factor shall become effective immediately after such event, retroactive to the record date, if any, for such event. For illustrative purposes, examples of adjustments to the Adjustment
Factor are set forth on Exhibit B attached hereto. 
 “Affiliate” means, with respect to any
Person, any Person directly or indirectly controlling or controlled by or under common control with such Person. For the purposes of this definition, “control” when used with respect to any Person means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled”
have meanings correlative to the foregoing. 
  

 3 

 “Agreement” means this Amended and Restated Limited Partnership
Agreement of Hudson Pacific Properties, L.P., as now or hereafter amended, restated, modified, supplemented or replaced. 

“Applicable Percentage” means, as applicable, (i) the proportion of a Common Tendering Party’s Tendered
Common Units that will be acquired by the General Partner for REIT Shares in accordance with Section 15.1 to the Tendering Party’s Tendered Common Units, or (ii) the proportion of a Series A Tendering Party’s Tendered Series A
Units that will be acquired by the General Partner for REIT Shares in accordance with Section 16.5 to the Tendering Party’s Tendered Series A Units. 

“Applicable Rate” means 6.25% per annum. 

“Appraisal” means, with respect to any assets, the written opinion of an independent third party experienced in
the valuation of similar assets, selected by the General Partner in good faith. Such opinion may be in the form of an opinion by such independent third party that the value for such property or asset as set by the General Partner is fair, from a
financial point of view, to the Partnership. 
 “Assignee” means a Person to whom one or more
Partnership Units have been Transferred in a manner permitted under this Agreement, but who has not become a Substituted Limited Partner, and who has the rights set forth in Section 11.5 hereof. 

“Available Cash” means, with respect to any period for which such calculation is being made, 

(i) the sum, without duplication, of: 

(1) the Partnership’s Net Income or Net Loss (as the case may be) for such period, 

(2) Depreciation and all other noncash charges to the extent deducted in determining Net Income or Net Loss for such
period, 
 (3) the amount of any reduction in reserves of the Partnership referred to in clause (ii)(6) below
(including, without limitation, reductions resulting because the General Partner determines such amounts are no longer necessary), 

(4) the excess, if any, of the net cash proceeds from the sale, exchange, disposition, financing or refinancing of
Partnership property for such period over the gain (or loss, as the case may be) recognized from such sale, exchange, disposition, financing or refinancing during such period (excluding Terminating Capital Transactions), and 

(5) all other cash received (including amounts previously accrued as Net Income and amounts of deferred income) or any net
amounts borrowed by the Partnership for such period that was not included in determining Net Income or Net Loss for such period; 
  

 4 

 (ii) less the sum, without duplication, of: 

(1) all principal debt payments made during such period by the Partnership, 

(2) capital expenditures made by the Partnership during such period, 

(3) investments in any entity (including loans made thereto) to the extent that such investments are not otherwise
described in clause (ii)(1) or clause (ii)(2) above, 
 (4) all other expenditures and payments not deducted
in determining Net Income or Net Loss for such period (including amounts paid in respect of expenses previously accrued), 

(5) any amount included in determining Net Income or Net Loss for such period that was not received by the Partnership
during such period, 
 (6) the amount of any increase in reserves (including, without limitation, working capital
reserves) established during such period that the General Partner determines are necessary or appropriate in its sole and absolute discretion, 

(7) any amount distributed or paid in redemption of any Limited Partner Interest or Partnership Units, including, without
limitation, any Common Unit Cash Amount or Series A Cash Amount paid, and 
 (8) the amount of any working
capital accounts and other cash or similar balances which the General Partner determines to be necessary or appropriate in its sole and absolute discretion. 

Notwithstanding the foregoing, Available Cash shall not include (a) any cash received or reductions in reserves, or take into account any
disbursements made, or reserves established, after dissolution and the commencement of the liquidation and winding up of the Partnership or (b) any Capital Contributions, whenever received or any payments, expenditures or investments made with
such Capital Contributions. 
 “Board of Directors” means the Board of Directors of the General Partner.

 “Business Combination” has the meaning set forth in Section 16.6.C(1) hereto. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in The City of New
York, New York or Los Angeles, California are authorized by law to close. 
 “Capital Account” means,
with respect to any Partner, the capital account maintained by the General Partner for such Partner on the Partnership’s books and records in accordance with the following provisions: 

(i) To each Partner’s Capital Account, there shall be added such Partner’s Capital Contributions, such Partner’s
distributive share of Net Income and any items in the nature of income or gain that are specially allocated pursuant to Section 6.3 hereof, and the amount of any Partnership liabilities assumed by such Partner or that are secured by any
property distributed to such Partner. 
  

 5 

 (ii) From each Partner’s Capital Account, there shall be subtracted the amount of cash
and the Gross Asset Value of any Partnership property distributed to such Partner pursuant to any provision of this Agreement, such Partner’s distributive share of Net Losses and any items in the nature of expenses or losses that are specially
allocated pursuant to Section 6.3 hereof, and the amount of any liabilities of such Partner assumed by the Partnership or that are secured by any property contributed by such Partner to the Partnership. 

(iii) In the event any interest in the Partnership is Transferred in accordance with the terms of this Agreement (which Transfer does not
result in the termination of the Partnership for Federal income tax purposes), the transferee shall succeed to the Capital Account of the transferor to the extent that it relates to the Transferred interest. 

(iv) In determining the amount of any liability for purposes of subsections (i) and (ii) hereof, there shall be taken into
account Code Section 752(c) and any other applicable provisions of the Code and Regulations. 
 (v) The provisions of
this Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations promulgated under Section 704 of the Code, and shall be interpreted and applied in a manner consistent with such Regulations. If the General
Partner shall determine that it is necessary or prudent to modify the manner in which the Capital Accounts are maintained in order to comply with such Regulations, the General Partner may make such modification, provided that such modification is
not likely to have any material effect on the amounts distributable to any Partner pursuant to Article 13 hereof upon the dissolution of the Partnership. The General Partner may, in its sole discretion, (a) make any adjustments that are
necessary or appropriate to maintain equality between the Capital Accounts of the Partners and the amount of Partnership capital reflected on the Partnership’s balance sheet, as computed for book purposes, in accordance with Regulations
Section 1.704-1(b)(2)(iv)(q) and (b) make any appropriate modifications in the event that unanticipated events might otherwise cause this Agreement not to comply with Regulations Section 1.704-1(b) or Section 1.704-2.

 “Capital Contribution” means, with respect to any Partner, the amount of money and the initial Gross
Asset Value of any Contributed Property that such Partner contributes or is deemed to contribute to the Partnership pursuant to Article 4 hereof. 

“Capital Share” means a share of any class or series of stock of the General Partner now or hereafter authorized
other than a REIT Share. 
 “Certificate” means the Certificate of Limited Partnership of the
Partnership filed with the SDAT, as amended from time to time in accordance with the terms hereof and the Act. 

“Charity” means an entity described in Section 501(c)(3) of the Code or any trust all the beneficiaries of
which are such entities. 
  

 6 

 “Charter” means the charter of the General Partner, within the
meaning of Section 1-101(e) of the Maryland General Corporation Law. 
 “Closing Price” has the
meaning set forth in the definition of “Value.” 
 “Code” means the Internal Revenue Code of
1986, as amended and in effect from time to time or any successor statute thereto, as interpreted by the applicable Regulations thereunder. Any reference herein to a specific section or sections of the Code shall be deemed to include a reference to
any corresponding provision of future law. 
 “Common Limited Partner” means any Limited Partner that is
a Holder of Common Units, including any Substituted Common Limited Partner, in its capacity as such. 
 “Common
Redemption” has the meaning set forth in Section 15.1.A hereof. 
 “Common Redemption
Right” has the meaning set forth in Section 15.1.A hereto. 
 “Common Tendering Party”
has the meaning set forth in Section 15.1.A hereof. 
 “Common Unit” means a fractional, undivided
share of the Partnership Interests of all Partners issued pursuant to Sections 4.1 and 4.2 hereof, but does not include any Preferred Unit or any other Partnership Unit specified in a Partnership Unit Designation as being other than a Common
Unit; provided, however, that the General Partner Interest and the Limited Partner Interests shall have the differences in rights and privileges as specified in this Agreement. 

“Common Unit Cash Amount” means an amount of cash equal to the product of (i) the Value of a REIT Share and
(ii) the Common Unit REIT Shares Amount determined as of the applicable Valuation Date. 
 “Common Unit Notice
of Redemption” means the Common Unit Notice of Redemption substantially in the form of Exhibit C attached to this Agreement. 

“Common Unit REIT Shares Amount” means a number of REIT Shares equal to the product of (a) the number of
Tendered Common Units and (b) the Adjustment Factor; provided, however, that, in the event that the General Partner issues to all holders of REIT Shares as of a certain record date rights, options, warrants or
convertible or exchangeable securities entitling the General Partner’s stockholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the “Rights”), with the record date for
such Rights issuance falling within the period starting on the date of the Common Unit Notice of Redemption and ending on the day immediately preceding the Specified Redemption Date, which Rights will not be distributed before the relevant Specified
Redemption Date, then the Common Unit REIT Shares Amount shall also include such Rights that a holder of that number of REIT Shares would be entitled to receive, expressed, where relevant hereunder, in a number of REIT Shares determined by the
General Partner in good faith. 
 “Consent” means the consent to, approval of, or vote in favor of a
proposed action by a Partner given in accordance with Article 14 hereof. 
  

 7 

 “Consent of the Common Limited Partners” means the Consent of a
Majority in Interest of the Common Limited Partners, which Consent shall be obtained prior to the taking of any action for which it is required by this Agreement and, except as otherwise provided in this Agreement, may be given or withheld by each
Common Limited Partner in its sole and absolute discretion. 
 “Consent of the Limited Partners” means
the Consent of a Majority in Interest of the Limited Partners, which Consent shall be obtained prior to the taking of any action for which it is required by this Agreement and, except as otherwise provided in this Agreement, may be given or withheld
by each Limited Partner in its sole and absolute discretion. 
 “Consent of the Partners” means the
Consent of the General Partner and the Consent of a Majority in Interest of the Partners, which Consent shall be obtained prior to the taking of any action for which it is required by this Agreement and, except as otherwise provided in this
Agreement, may be given or withheld by the General Partner or the Limited Partners in their sole and absolute discretion; provided, however, that if any such action affects only certain classes or series of Partnership
Units, “Consent of the Partners” means the Consent of the General Partner and the Consent of a Majority in Interest of the affected classes or series of Partnership Units. 

“Consent of the Series A Limited Partners” means the Consent of a Majority in Interest of the Series A Limited
Partners, which Consent shall be obtained prior to the taking of any action for which it is required by this Agreement and, except as otherwise provided in this Agreement, may be given or withheld by each Series A Limited Partner in its sole and
absolute discretion. 
 “Contributed Property” means each Property or other asset, in such form as may
be permitted by the Act, but excluding cash, contributed or deemed contributed to the Partnership (or deemed contributed by the Partnership to a “new” partnership pursuant to Code Section 708). 

“Controlled Entity” means, as to any Partner, (a) any corporation more than fifty percent (50%) of the
outstanding voting stock of which is owned by such Partner or such Partner’s Family Members or Affiliates, (b) any trust, whether or not revocable, of which such Partner or such Partner’s Family Members or Affiliates are the sole
beneficiaries, (c) any partnership of which such Partner or its Affiliates are the managing partners and in which such Partner, such Partner’s Family Members or Affiliates hold partnership interests representing at least twenty-five
percent (25%) of such partnership’s capital and profits and (d) any limited liability company of which such Partner or its Affiliates are the managers and in which such Partner, such Partner’s Family Members or Affiliates hold
membership interests representing at least twenty-five percent (25%) of such limited liability company’s capital and profits. 

“Cut-Off Date” means (i) in the case of a Common Unit Notice of Redemption, the fifth (5th) Business
Day after the General Partner’s receipt of such notice, or (ii) in the case of a Series A Notice of Redemption, the tenth (10th) Business Day after the General Partner’s receipt of such notice. 

 

 8 

 “Debt” means, as to any Person, as of any date of determination:
(i) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services; (ii) all amounts owed by such Person to banks or other Persons in respect of reimbursement obligations under letters of
credit, surety bonds and other similar instruments guaranteeing payment or other performance of obligations by such Person; (iii) all indebtedness for borrowed money or for the deferred purchase price of property or services secured by any lien
on any property owned by such Person, to the extent attributable to such Person’s interest in such property, even though such Person has not assumed or become liable for the payment thereof; and (iv) lease obligations of such Person that,
in accordance with generally accepted accounting principles, should be capitalized. 
 “Depreciation”
means, for each Partnership Year or other applicable period, an amount equal to the Federal income tax depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the
Gross Asset Value of an asset differs from its adjusted basis for Federal income tax purposes at the beginning of such year or other period, Depreciation shall be an amount that bears the same ratio to such beginning Gross Asset Value as the Federal
income tax depreciation, amortization or other cost recovery deduction for such year or other period bears to such beginning adjusted tax basis; provided, however, that if the Federal income tax depreciation, amortization
or other cost recovery deduction for such year or other period is zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the General Partner. 

“Disregarded Entity” means, with respect to any Person, (i) any “qualified REIT subsidiary”
(within the meaning of Code Section 856(i)(2)) of such Person, (ii) any entity treated as a disregarded entity for Federal income tax purposes with respect to such Person, or (iii) any grantor trust if the sole owner of the assets of
such trust for Federal income tax purposes is such Person. 
 “Distributed Right” has the meaning set
forth in the definition of “Adjustment Factor.” 
 “Equity Requirement” has the meaning set
forth in Section 16.8.B hereof. 
 “ERISA” means the Employee Retirement Income Security Act of
1974, as amended. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations of the SEC promulgated thereunder and any successor statute thereto. 
 “Event” has the
meaning set forth in Section 16.7.B(3). 
 “Family Members” means, as to a Person that is an
individual, such Person’s spouse, ancestors, descendants (whether by blood or by adoption or step-descendants by marriage), brothers and sisters, nieces and nephews and inter vivos or testamentary trusts of which only such Person and his
or her spouse, ancestors, descendants (whether by blood or by adoption or step-descendants by marriage), brothers and sisters and nieces and nephews are beneficiaries. 

“50% Leverage Ratio” has the meaning set forth in Section 16.8.C(1) hereof. 

“Final Adjustment” has the meaning set forth in Section 10.3.B(2) hereof. 

 

 9 

 “Flow-Through Partners” has the meaning set forth in
Section 3.4.C hereof. 
 “Flow-Through Entity” has the meaning set forth in Section 3.4.C
hereof. 
 “Formation Date” has the meaning set forth in the Recitals hereof. 

“Fourteen-Month Period” means (a) as to an Original Limited Partner or any successor-in-interest of an
Original Limited Partner that is a Qualifying Common Party, a fourteen-month period ending on the day before the first fourteen-month anniversary of the date of this Agreement and (b) as to any other Qualifying Common Party, a fourteen-month
period ending on the day before the first fourteen-month anniversary of such Qualifying Common Party’s first becoming a Holder of Common Units; provided, however, that the General Partner may, in its sole and
absolute discretion, by written agreement with a Qualifying Common Party, shorten or lengthen the first Fourteen-Month Period to a period of shorter or longer than fourteen (14) months with respect to a Qualifying Common Party other than an
Original Limited Partner or a successor-in-interest of an Original Limited Partner. 
 “Funding Debt”
means any Debt incurred by or on behalf of the General Partner for the purpose of providing funds to the Partnership. 

“General Partner” means Hudson Pacific Properties, Inc. and its successors and assigns, in each case, that is
admitted from time to time to the Partnership as a general partner pursuant to the Act and this Agreement and is listed as a general partner on Exhibit A, as such Exhibit A may be amended from time to time, in such Person’s
capacity as a general partner of the Partnership. 
 “General Partner Affiliate” means any Affiliates of
the General Partner, each of which shall be designated as a “General Partner Affiliate” on Exhibit A attached hereto, as amended from time to time, and shown as such in the books and records of the Partnership. 

“General Partner Fundamental Change” means a Termination Transaction as a result of which no class of stock of
the General Partner continues to be Publicly Traded and/or the Common Units are no longer exchangeable at the General Partner’s election for any Publicly Traded stock of the General Partner. 

“General Partner Interest” means the entire Partnership Interest held by a General Partner hereof, which
Partnership Interest may be expressed as a number of Common Units, Preferred Units or any other Partnership Units. 

“General Partner Loan” has the meaning set forth in Section 4.3.D hereof. 

“Gross Asset Value” means, with respect to any asset, the asset’s adjusted basis for Federal income tax
purposes, except as follows: 
 (a) The initial Gross Asset Value of any asset contributed by a Partner to the Partnership shall
be the gross fair market value of such asset on the date of contribution, as determined by the General Partner and agreed to by the contributing Person. 
  

 10 

 (b) The Gross Asset Values of all Partnership assets immediately prior to the occurrence of
any event described in clauses (i) through (v) below shall be adjusted to equal their respective gross fair market values, as determined by the General Partner using such reasonable method of valuation as it may adopt, as of the following
times: 
 (i) the acquisition of an additional interest in the Partnership (other than in connection with the execution of this
Agreement but including, without limitation, acquisitions pursuant to Section 4.2 hereof or contributions or deemed contributions by the General Partner pursuant to Section 4.2 hereof) by a new or existing Partner in exchange for more than
a de minimis Capital Contribution, if the General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; 

(ii) the distribution by the Partnership to a Partner of more than a de minimis amount of Partnership property as consideration
for an interest in the Partnership if the General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; 

(iii) the liquidation of the Partnership within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g); 

(iv) the grant of an interest in the Partnership (other than a de minimis interest) as consideration for the provision of
services to or for the benefit of the Partnership by an existing Partner acting in a partner capacity, or by a new Partner acting in a partner capacity or in anticipation of becoming a Partner of the Partnership, if the General Partner reasonably
determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; and 

(v) at such other times as the General Partner shall reasonably determine necessary or advisable in order to comply with Regulations
Sections 1.704-1(b) and 1.704-2, including, without limitation, if the General Partner so determines, upon the conversion of any Series A Preferred Units into Common Units, provided that in connection with such adjustment, the Gross Asset
Value of the Partnership’s assets shall be determined by taking into account the Value of REIT Shares used for purposes of such conversion. 

(c) The Gross Asset Value of any Partnership asset distributed to a Partner shall be the gross fair market value of such asset on the
date of distribution, as determined by the distributee and the General Partner; provided, however, that if the distributee is the General Partner or if the distributee and the General Partner cannot agree on such a
determination, such gross fair market value shall be determined by Appraisal. 
 (d) The Gross Asset Values of Partnership
assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in
determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset Values shall not be adjusted pursuant to this subsection (d) to the extent that the General
Partner reasonably determines that an adjustment pursuant to subsection (b) above is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subsection (d). 

 

 11 

 (e) If the Gross Asset Value of a Partnership asset has been determined or adjusted pursuant
to subsection (a), subsection (b) or subsection (d) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Net Income and Net Losses.

 “Hart-Scott-Rodino Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

 “Holder” means either (a) a Partner or (b) an Assignee owning a Partnership Unit.

 “Incapacity” or “Incapacitated” means: (i) as to any Partner who is an
individual, death, total physical disability or entry by a court of competent jurisdiction adjudicating such Partner incompetent to manage his or her person or his or her estate; (ii) as to any Partner that is a corporation or limited liability
company, the filing of a certificate of dissolution, or its equivalent, for the corporation or the revocation of its charter; (iii) as to any Partner that is a partnership, the dissolution and commencement of winding up of the partnership;
(iv) as to any Partner that is an estate, the distribution by the fiduciary of the estate’s entire interest in the Partnership; (v) as to any trustee of a trust that is a Partner, the termination of the trust (but not the substitution
of a new trustee); or (vi) as to any Partner, the bankruptcy of such Partner. For purposes of this definition, bankruptcy of a Partner shall be deemed to have occurred when (a) the Partner commences a voluntary proceeding seeking
liquidation, reorganization or other relief of or against such Partner under any bankruptcy, insolvency or other similar law now or hereafter in effect, (b) the Partner is adjudged as bankrupt or insolvent, or a final and non-appealable order
for relief under any bankruptcy, insolvency or similar law now or hereafter in effect has been entered against the Partner, (c) the Partner executes and delivers a general assignment for the benefit of the Partner’s creditors, (d) the
Partner files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the Partner in any proceeding of the nature described in clause (b) above, (e) the Partner seeks, consents to or
acquiesces in the appointment of a trustee, receiver or liquidator for the Partner or for all or any substantial part of the Partner’s properties, (f) any proceeding seeking liquidation, reorganization or other relief under any bankruptcy,
insolvency or other similar law now or hereafter in effect has not been dismissed within one hundred twenty (120) days after the commencement thereof, (g) the appointment without the Partner’s consent or acquiescence of a trustee,
receiver or liquidator has not been vacated or stayed within ninety (90) days of such appointment, or (h) an appointment referred to in clause (g) above is not vacated within ninety (90) days after the expiration of any such
stay. 
 “Indemnitee” means (i) any Person subject to a claim or demand, or made a party or
threatened to be made a party to a proceeding, by reason of its status as (a) the General Partner or (b) a director of the General Partner or an officer or employee of the Partnership or the General Partner and (ii) such other Persons
(including Affiliates of the General Partner or the Partnership) as the General Partner may designate from time to time (whether before or after the event giving rise to potential liability), in its sole and absolute discretion. 

 

 12 

 “IRS” means the United States Internal Revenue Service. 

“Junior Units” means any Partnership Unit representing any class or series of Partnership Interest ranking, as to
distributions, or rights upon voluntary or involuntary liquidation, dissolution or winding-up of the Partnership, junior to Series A Preferred Units. 

“Legal Requirements” has the meaning set forth in Section 7.3.C(6) hereof. 

“Leverage Ratio” has the meaning set forth in Section 16.8.C(4) hereof. 

“Limited Partner” means any Person that is admitted from time to time to the Partnership as a limited partner
pursuant to the Act and this Agreement and is listed as a limited partner on Exhibit A attached hereto, as such Exhibit A may be amended from time to time, including any Substituted Limited Partner or Additional Limited Partner, in
such Person’s capacity as a limited partner of the Partnership. Limited Partners may be Common Limited Partners, Series A Limited Partners or any other class or group of Partners that is designated or defined herein. 

“Limited Partner Interest” means a Partnership Interest of a Limited Partner in the Partnership representing a
fractional part of the Partnership Interests of all Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to
comply with the terms and provisions of this Agreement. A Limited Partner Interest may be expressed as a number of Common Units, Preferred Units or other Partnership Units. 

“Liquidating Event” has the meaning set forth in Section 13.1 hereof. 

“Liquidator” has the meaning set forth in Section 13.2.A hereof. 

“Majority in Interest of the Common Limited Partners” means Common Limited Partners (other than any Common
Limited Partner fifty percent (50%) or more of whose equity is owned, directly or indirectly, by the General Partner) holding in the aggregate Percentage Interests that are greater than fifty percent (50%) of the aggregate Percentage
Interests of all such Common Limited Partners entitled to Consent to or withhold Consent from a proposed action. 

“Majority in Interest of the Limited Partners” means Limited Partners (other than any Limited Partner fifty
percent (50%) or more of whose equity is owned, directly or indirectly, by the General Partner) holding in the aggregate Percentage Interests that are greater than fifty percent (50%) of the aggregate Percentage Interests of all such
Limited Partners entitled to Consent to or withhold Consent from a proposed action. For purposes of calculating Percentage Interests in connection with this definition, the Series A Limited Partners will be deemed to have effected a Series A
Conversion immediately prior to the record date for the applicable vote or Consent. 
 “Majority in Interest of the
Partners” means Partners holding in the aggregate Percentage Interests that are greater than fifty percent (50%) of the aggregate Percentage Interests of all Partners entitled to Consent to or withhold Consent from a proposed
action. For purposes of calculating Percentage Interests in connection with this definition, the Series A Limited Partners will be deemed to have effected a Series A Conversion immediately prior to the record date for the applicable vote or Consent.

  

 13 

 “Majority in Interest of the Series A Limited Partners” means Series
A Limited Partners (other than any Series A Limited Partner fifty percent (50%) or more of whose equity is owned, directly or indirectly, by the General Partner) holding in the aggregate Percentage Interests that are greater than fifty percent
(50%) of the aggregate Percentage Interests of all such Series A Limited Partners entitled to Consent to or withhold Consent from a proposed action. 

“Market Price” has the meaning set forth in the definition of “Value.” 

“Maryland Courts” has the meaning set forth in Section 15.9.B hereof. 

“Maximum Leverage Restriction” has the meaning set forth in Section 16.8.C(4) hereof. 

“Net Income” or “Net Loss” means, for each Partnership Year or other applicable period,
an amount equal to the Partnership’s taxable income or loss for such year or other period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated
separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: 

(a) Any income of the Partnership that is exempt from Federal income tax and not otherwise taken into account in computing Net Income (or
Net Loss) pursuant to this definition of “Net Income” or “Net Loss” shall be added to (or subtracted from, as the case may be) such taxable income (or loss); 

(b) Any expenditure of the Partnership described in Code Section 705(a)(2)(B) or treated as a Code
Section 705(a)(2)(B) expenditure pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income (or Net Loss) pursuant to this definition of “Net Income” or “Net
Loss,” shall be subtracted from (or added to, as the case may be) such taxable income (or loss); 
 (c) In the event the
Gross Asset Value of any Partnership asset is adjusted pursuant to subsection (b) or subsection (c) of the definition of “Gross Asset Value,” the amount of such adjustment shall be taken into account as gain or loss from the
disposition of such asset for purposes of computing Net Income or Net Loss; 
 (d) Gain or loss resulting from any disposition
of property with respect to which gain or loss is recognized for Federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs
from its Gross Asset Value; 
 (e) In lieu of the depreciation, amortization and other cost recovery deductions that would
otherwise be taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such Partnership Year or other applicable period; 

 

 14 

 (f) To the extent that an adjustment to the adjusted tax basis of any Partnership asset
pursuant to Code Section 734(b) or Code Section 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a distribution other than in
liquidation of a Partner’s interest in the Partnership, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the
disposition of the asset and shall be taken into account for purposes of computing Net Income or Net Loss; 
 (g)
Notwithstanding any other provision of this definition of “Net Income” or “Net Loss,” any item that is specially allocated pursuant to Article 6 hereof shall not be taken into account in computing Net Income or Net Loss. The
amounts of the items of Partnership income, gain, loss or deduction available to be specially allocated pursuant to Article 6 hereof shall be determined by applying rules analogous to those set forth in this definition of “Net Income” or
“Net Loss;” and 
 (h) To the extent any Adjusted Net Income is or will be allocated for a Partnership Year or other
applicable period, the terms Net Income and Net Loss for that year or other period shall refer to the remaining items of Net Income or Net Loss, as applicable. 

“New Securities” means (i) any rights, options, warrants or convertible or exchangeable securities having
the right to subscribe for or purchase REIT Shares or Preferred Shares, excluding grants under the Stock Option Plans, or (ii) any Debt issued by the General Partner that provides any of the rights described in clause (i). 

“Nonrecourse Deductions” has the meaning set forth in Regulations Section 1.704-2(b)(1), and the amount of
Nonrecourse Deductions for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(c). 

“Nonrecourse Liability” has the meaning set forth in Regulations Sections 1.704-2(b)(3) and 1.752-1(a)(2).

 “Optionee” means a Person to whom a stock option is granted under any Stock Option Plan. 

“Original Limited Partner” means any Person that is a Limited Partner as of the date of the closing of the
issuance of REIT Shares pursuant to the initial public offering of the General Partner. 
 “Ownership
Limit” means the applicable restriction or restrictions on the ownership and transfer of stock of the General Partner imposed under the Charter. 

“Partner” means the General Partner or a Limited Partner, and “Partners” means the General Partner and
the Limited Partners. 
 “Partner Minimum Gain” means an amount, with respect to each Partner
Nonrecourse Debt, equal to the Partnership Minimum Gain that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i)(3). 

 

 15 

 “Partner Nonrecourse Debt” has the meaning set forth in Regulations
Section 1.704-2(b)(4). 
 “Partner Nonrecourse Deductions” has the meaning set forth in Regulations
Section 1.704-2(i)(1), and the amount of Partner Nonrecourse Deductions with respect to a Partner Nonrecourse Debt for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(i)(2). 

“Partnership” means the limited partnership formed and continued under the Act and pursuant to this Agreement,
and any successor thereto. 
 “Partnership Employee” means an employee or other service provider of the
Partnership or an employee of a Subsidiary of the Partnership, if any, acting in such capacity. 
 “Partnership
Equivalent Units” shall have the meaning set forth in 4.7.A hereof. 
 “Partnership
Interest” means an ownership interest in the Partnership held by either a Limited Partner or a General Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this
Agreement, together with all obligations of such Person to comply with the terms and provisions of this Agreement. There may be one or more classes or series of Partnership Interests. A Partnership Interest may be expressed as a number of Common
Units, Preferred Units or other Partnership Units. The Partnership Interests represented by the Common Units and the Series A Preferred Units and each such type of Unit is a separate class of Partnership Interest for purposes of this Agreement.

 “Partnership Minimum Gain” has the meaning set forth in Regulations Section 1.704-2(b)(2), and
the amount of Partnership Minimum Gain, as well as any net increase or decrease in Partnership Minimum Gain, for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(d). 

“Partnership Record Date” means the record date established by the General Partner for the distribution of
Available Cash pursuant to Section 5.1 hereof, which record date shall generally be the same as the record date established by the General Partner for a distribution to its stockholders of some or all of its portion of such distribution.

 “Partnership Series A Redemption Right” shall have the meaning set forth in Section 16.5.B
hereof. 
 “Partnership Unit” means a Common Unit, a Preferred Unit, a Performance Unit or any other
partnership unit or fractional, undivided share of the Partnership Interests that the General Partner has authorized pursuant to Section 4.1, Section 4.2 or Section 4.3 hereof. 

“Partnership Unit Designation” shall have the meaning set forth in Section 4.2.A hereof. 

“Partnership Year” has the meaning set forth in Section 9.2 hereof. 

 

 16 

 “Percentage Interest” means, with respect to each Partner, the
fraction, expressed as a percentage, the numerator of which is the aggregate number of Partnership Units of all classes and series, or the aggregate number of Partnership Units of any specified class or series or specified group of classes and/or
series, as applicable, held by such Partner and the denominator of which is the total number of Partnership Units of all classes and series, or the total number of Partnership Units of such specified class or series or specified group of classes
and/or series, as applicable, held by all Partners. 
 “Performance Unit” has the meaning set forth in
Section 4.2.B hereof. 
 “Permitted Transfer” has the meaning set forth in Section 11.3.A
hereof. 
 “Person” means an individual or a corporation, partnership, trust, unincorporated
organization, association, limited liability company or other entity. 
 “Pledge” has the meaning set
forth in Section 11.3.A hereof. 
 “Preferred Unit” means a fractional, undivided share of the
Partnership Interests that the General Partner has authorized pursuant to Section 4.1 or Section 4.2 or Section 4.3 hereof that has distribution rights, or rights upon liquidation, winding up and dissolution, that are superior or
prior to the Common Units. Preferred Units shall include, but not be limited to, Series A Preferred Units. 

“Preferred Share” means a share of preferred stock of the General Partner of any class or series now or hereafter
authorized that has dividend rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the REIT Shares. 

“Properties” means any assets and property of the Partnership such as, but not limited to, interests in real
property and personal property, including, without limitation, fee interests, interests in ground leases, easements and rights of way, interests in limited liability companies, joint ventures or partnerships, interests in mortgages, and Debt
instruments as the Partnership may hold from time to time and “Property” means any one such asset or property. 

“Publicly Traded” means having common equity securities listed or admitted to trading on any U.S. national
securities exchange. 
 “Qualified DRIP/ COPP” means a dividend reinvestment plan or a cash option
purchase plan of the General Partner that permits participants to acquire REIT Shares using the proceeds of dividends paid by the General Partner or cash of the participant, respectively; provided, however, that if such
shares are offered at a discount, such discount must (i) be designed to pass along to the stockholders of the General Partner the savings enjoyed by the General Partner in connection with the avoidance of stock issuance costs, and (ii) not
exceed 5% of the value of a REIT Share as computed under the terms of such plan. 
 “Qualified
Transferee” means an “accredited investor” as defined in Rule 501 promulgated under the Securities Act. 
  

 17 

 “Qualifying Common Party” means (a) a Common Limited Partner,
(b) an Assignee of a Common Limited Partner, or (c) a Person, including a lending institution as the pledgee of a Pledge, who is the transferee of a Common Limited Partner Interest in a Permitted Transfer; provided,
however, that a Qualifying Common Party shall not include the General Partner. 
 “Qualifying Series A
Party” means (a) a Series A Limited Partner, (b) an Assignee of a Series A Limited Partner, or (c) a Person, including a lending institution as the pledgee of a Pledge, who is the transferee of a Series A Limited Partner
Interest in a Permitted Transfer; provided, however, that a Qualifying Series A Party shall not include the General Partner. 

“Redemption” means a Common Redemption or a Special Redemption. 

“Registered REIT Share” means any REIT Share issued by the General Partner pursuant to an effective registration
statement under the Securities Act. 
 “Regulations” means the income tax regulations under the Code,
whether such regulations are in proposed, temporary or final form, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“Regulatory Allocations” has the meaning set forth in Section 6.3.A(viii) hereof. 

“REIT” means a real estate investment trust qualifying under Code Section 856. 

“REIT Partner” means (a) the General Partner or any Affiliate of the General Partner to the extent such
Person has in place an election to qualify as a REIT and, (b) any Disregarded Entity with respect to any such Person. 

“REIT Payment” has the meaning set forth in Section 15.12 hereof. 

“REIT Requirements” has the meaning set forth in Section 5.1 hereof. 

“REIT Share” means a share of common stock of the General Partner, $0.01 par value per share (but shall not
include any series or class of the General Partner’s common stock classified after the date of this Agreement). 

“Related Party” means, with respect to any Person, any other Person to whom ownership of shares of the General
Partner’s stock by the first such Person would be attributed under Code Section 544 (as modified by Code Section 856(h)(1)(B)) or Code Section 318 (as modified by Code Section 856(d)(5)). 

“Rights” has the meaning set forth in the definition of “Common Unit REIT Shares Amount.” 

“Safe Harbors” shall have the meaning set forth in Section 11.3.C hereof. 

“SDAT” means the State Department of Assessments and Taxation of Maryland. 

“SEC” means the Securities and Exchange Commission. 

 

 18 

 “Securities Act” means the Securities Act of 1933, as amended, and
the rules and regulations of the SEC promulgated thereunder. 
 “Series A Cash Amount” means an amount
per Series A Preferred Unit equal to, as applicable, (i) in the case of a Tendered Preferred Unit, the Series A Preference thereon plus any accrued distributions that have not been paid on or prior to the applicable Specified Series A
Redemption Date, or (ii) in the case of a Series A Preferred Unit tendered for conversion pursuant to Section 16.6.A(1), the Series A Preference thereon plus any accrued distributions that have not been paid on or prior to the applicable
Series A Conversion Date. 
 “Series A Conversion” shall have the meaning set forth in
Section 16.6.A(1). 
 “Series A Conversion Amount” means a number of whole Common Units equal to
the quotient of (a) the product of (x) the number of Series A Preferred Units tendered for conversion pursuant to Section 16.6, multiplied by (y) the Series A Cash Amount, divided by (b) the product of
(x) the Value of a REIT Share as of the applicable Valuation Date, multiplied by (y) the Adjustment Factor. If the foregoing would result in the issuance of a fractional Common Unit, the General Partner shall pay a cash amount in
lieu of issuing such fractional Common Unit in accordance with Section 16.6.A.2. 
 “Series A Conversion
Date” has the meaning set forth in Section 16.6.B(3) hereof. 
 “Series A Conversion
Right” has the meaning set forth in Section 16.6.A(1) hereof. 
 “Series A Converting
Party” has the meaning set forth in Section 16.6.B(1) hereof. 
 “Series A Limited
Partner” means Limited Partner that is the holder of Series A Preferred Units, including any Substituted Series A Limited Partner, in its capacity as such. 

“Series A Notice of Conversion” means the Series A Notice of Conversion substantially in the form of Exhibit
E attached to this Agreement. 
 “Series A Notice of Redemption” means the Series A Notice of
Redemption substantially in the form of Exhibit D attached to this Agreement. 
 “Series A Percentage
Interest” means, as to a Series A Limited Partner, the percentage determined by dividing the Series A Preferred Units owned by such Series A Limited Partner by the total number of Series A Preferred Units then outstanding, both as
specified on Exhibit A attached hereto, as such Exhibit A may be modified from time to time. 
 “Series
A Preference” means $25.00 per Series A Preferred Unit. 
 “Series A Preferred Unit” means
the Partnership’s 6.25% Series A Cumulative Redeemable Convertible Partnership Units, with the rights, priorities and preferences set forth herein. 

“Series A Preferred Unit Distribution Payment Date” has the meaning set forth in Section 16.3.A hereof.

  

 19 

 “Series A Priority Return” means an amount equal to 6.25% per
annum, determined on the basis of a 360-day year consisting of twelve 30-day months (and for any period shorter than a full quarterly period for which distributions are computed, the amount of the distribution payable will be computed based on the
ratio of the actual number of days elapsed in such period to ninety (90) days), cumulative to the extent not distributed for any given distribution period pursuant to Section 16.3 hereof, of the Series A Preference, commencing on the date
of issuance of such Series A Preferred Units. 
 “Series A Redemption” shall have the meaning set forth
in Section 16.5.A(1) hereof. 
 “Series A Redemption Right” shall have the meaning set forth in
Section 16.5.A(1) hereof. 
 “Series A REIT Shares Amount” means a number of whole Registered REIT
Shares equal to the product of (a) the number of Tendered Series A Units, multiplied by (b) the quotient of (x) the Series A Cash Amount, divided by (y) the Value of a REIT Share as of the applicable Valuation Date;
provided, however, that, in the event that the General Partner issues to all holders of REIT Shares as of a certain record date Rights, with the record date for such Rights issuance falling within the period starting on
the date of the Series A Notice of Redemption and ending on the day immediately preceding the Specified Series A Redemption Date, which Rights will not be distributed before the relevant Specified Series A Redemption Date, then the Series A REIT
Shares Amount shall also include such Rights that a holder of that number of REIT Shares would be entitled to receive, expressed, where relevant hereunder, in a number of REIT Shares determined by the General Partner in good faith. If the foregoing
would result in the issuance of a fractional REIT Share, the General Partner shall pay a cash amount in lieu of issuing such fractional REIT Share in accordance with Section 16.5.A.7(vi). 

“Series A Tendering Party” has the meaning set forth in Section 16.5 hereof. 

“Special Redemption” has the meaning set forth in Section 15.1.A hereof. 

“Specified Redemption Date” means the tenth (10th) Business Day after the receipt by the General Partner of
a Common Unit Notice of Redemption; provided, however, that no Specified Redemption Date shall occur during the first Fourteen-Month Period (except pursuant to a Special Redemption). 

“Specified Series A Redemption Date” shall have the meaning set forth in Section 16.5.A(1) hereof.

 “Stock Option Plans” means any stock option plan now or hereafter adopted by the Partnership or the
General Partner. 
 “Subsidiary” means, with respect to any Person, any corporation or other entity of
which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person; provided, however, that, with respect to the
Partnership, “Subsidiary” means solely a partnership or limited liability company (taxed, for Federal income tax purposes, as a partnership or as a Disregarded Entity and not as an association or publicly traded partnership taxable as a
corporation) of which the Partnership is a 
  

 20 

 
member or any “taxable REIT subsidiary” of the General Partner in which the Partnership owns shares of stock, unless the ownership of shares of stock of a corporation or other entity
(other than a “taxable REIT subsidiary”) will not jeopardize the General Partner’s status as a REIT or any General Partner Affiliate’s status as a “qualified REIT subsidiary” (within the meaning of Code
Section 856(i)(2)), in which event the term “Subsidiary” shall include such corporation or other entity. 

“Substituted Common Limited Partner” means a Person who is admitted as a Common Limited Partner to the
Partnership pursuant to the Act and Section 11.4 hereof. 
 “Substituted Limited Partner” means
(i) a Substituted Common Limited Partner, (ii) a Substituted Series A Limited Partner or (iii) a Person who is admitted as a Limited Partner to the Partnership pursuant to the Act and any Partnership Unit Designation. 

“Substituted Series A Limited Partner” means a Person who is admitted as a Series A Limited Partner pursuant to
the Act and Section 11.4 hereof. 
 “Surviving Partnership” has the meaning set forth in
Section 11.2.B(ii) hereof. 
 “Tax Items” has the meaning set forth in Section 6.4.A hereof.

 “Tendered Common Units” has the meaning set forth in Section 15.1.A hereof. 

“Tendered Series A Units” has the meaning set forth in Section 16.5.A(1) hereof. 

“Termination Transaction” has the meaning set forth in Section 11.2.B hereof. 

“Terminating Capital Transaction” means any sale or other disposition of all or substantially all of the assets
of the Partnership or a related series of transactions that, taken together, result in the sale or other disposition of all or substantially all of the assets of the Partnership, in any case, not in the ordinary course of the Partnership’s
business. 
 “Transfer” means any sale, assignment, bequest, conveyance, devise, gift (outright or in
trust), Pledge, encumbrance, hypothecation, mortgage, exchange, transfer or other disposition or act of alienation, whether voluntary, involuntary or by operation of law; provided, however, that when the term is used in
Article 11 hereof, “Transfer” does not include (a) any Common Redemption or Series A Redemption by the Partnership, any Series A Conversion, or acquisition of Tendered Common Units or Tendered Series A Units by the General
Partner, pursuant to Section 15.1 or Section 16.5 hereof, as applicable, or (b) any redemption of Partnership Units pursuant to any Partnership Unit Designation. The terms “Transferred” and “Transferring” have
correlative meanings. 
 “Valuation Date” means the date of receipt by the General Partner of (i) a
Common Unit Notice of Redemption pursuant to Section 15.1 herein, (ii) a Series A Notice of Redemption pursuant to Section 16.5 herein, (iii) a Series A Notice of Conversion pursuant to Section 16.6 herein or (iv) such
other date as specified herein; provided, in each case, that if such date is not a Business Day, then the Valuation Date shall be the immediately preceding Business Day. 

 

 21 

 “Value” means, on any Valuation Date with respect to a REIT Share,
the average of the daily Market Prices for ten (10) consecutive trading days immediately preceding the Valuation Date (except that the Market Price for the trading day immediately preceding the date of exercise of a stock option under any Stock
Option Plans shall be substituted for such average of daily market prices for purposes of Section 4.4 hereof). The term “Market Price” on any date means, with respect to any class or series of outstanding REIT Shares, the Closing
Price for such REIT Shares on such date. The “Closing Price” on any date means the last sale price for such REIT Shares, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices,
regular way, for such REIT Shares, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or, if such REIT Shares are not listed
or admitted to trading on the New York Stock Exchange, as reported on the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which such REIT Shares are listed or
admitted to trading or, if such REIT Shares are not listed or admitted to trading on any national securities exchange, the last quoted price, or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as
reported by the National Association of Securities Dealers, Inc. Automated Quotation System or, if such system is no longer in use, the principal other automated quotation system that may then be in use or, if such REIT Shares are not quoted by any
such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in such REIT Shares selected by the Board of Directors or, in the event that no trading price is available for such REIT
Shares, the fair market value of the REIT Shares, as determined in good faith by the Board of Directors. 
 In the event that
the Common Unit REIT Shares Amount or the Series A REIT Shares Amount includes Rights that a holder of REIT Shares would be entitled to receive, then the Value of such Rights shall be determined by the General Partner acting in good faith on the
basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. 
 ARTICLE 2 

 ORGANIZATIONAL MATTERS 

Section 2.1 Formation. The Partnership is a limited partnership heretofore formed and continued pursuant to the provisions of
the Act and upon the terms and subject to the conditions set forth in this Agreement. Except as expressly provided herein to the contrary, the rights and obligations of the Partners and the administration and termination of the Partnership shall be
governed by the Act. The Partnership Interest of each Partner shall be personal property for all purposes. 
 Section 2.2
Name. The name of the Partnership is “Hudson Pacific Properties, L.P.” The Partnership’s business may be conducted under any other name or names deemed advisable by the General Partner, including the name of the General Partner
or any Affiliate thereof; provided, however, that the name of the General Partner (or any Subsidiary thereof) may not include the name (or any derivative thereof) of any Limited Partner without such Limited Partner’s prior written
consent. The words “Limited Partnership,” “L.P.,” “Ltd.” or similar words or letters shall be included in the Partnership’s name where necessary for the purposes of complying with the laws of any jurisdiction that
so requires. The General Partner in its sole and absolute discretion may change the name of the Partnership at any time and from time to time and shall notify the Partners of such change in the next regular communication to the Partners. 

 

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 Section 2.3 Principal Office and Resident Agent; Principal Executive Office. The
address of the principal office of the Partnership in the State of Maryland is located at c/o The Corporation Trust Incorporated, 351 West Camden Street, Baltimore, MD 21201, or such other place within the State of Maryland as the General Partner
may from time to time designate, and the resident agent of the Partnership in the State of Maryland is The Corporation Trust Incorporated, 351 West Camden Street, Baltimore, MD 21201, or such other resident of the State of Maryland as the General
Partner may from time to time designate. The principal executive office of the Partnership is located at 11601 Wilshire Blvd, Suite 1600, Los Angeles, California 90025 or such other place as the General Partner may from time to time designate by
notice to the Limited Partners. The Partnership may maintain offices at such other place or places within or outside the State of Maryland as the General Partner deems advisable. 

Section 2.4 Power of Attorney. 

A. Each Limited Partner and Assignee hereby irrevocably constitutes and appoints the General Partner, any Liquidator, and authorized
officers and attorneys-in-fact of each, and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and stead to: 

(1) execute, swear to, seal, acknowledge, deliver, file and record in the appropriate public offices: (a) all certificates,
documents and other instruments (including, without limitation, this Agreement and the Certificate and all amendments, supplements or restatements thereof) that the General Partner or the Liquidator deems appropriate or necessary to form, qualify or
continue the existence or qualification of the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability to the extent provided by applicable law) in the State of Maryland and in all other
jurisdictions in which the Partnership may conduct business or own property; (b) all instruments that the General Partner or any Liquidator deems appropriate or necessary to reflect any amendment, change, modification or restatement of this
Agreement in accordance with its terms; (c) all conveyances and other instruments or documents that the General Partner or the Liquidator deems appropriate or necessary to reflect the dissolution and liquidation of the Partnership pursuant to
the terms of this Agreement, including, without limitation, a certificate of cancellation; (d) all conveyances and other instruments or documents that the General Partner or the Liquidator deems appropriate or necessary to reflect the
distribution or exchange of assets of the Partnership pursuant to the terms of this Agreement; (e) all instruments relating to the admission, acceptance, withdrawal, removal or substitution of any Partner pursuant to the terms of this Agreement
or the Capital Contribution of any Partner; and (f) all certificates, documents and other instruments relating to the determination, in accordance with the terms hereof, of the rights, preferences and privileges relating to Partnership
Interests; and 
 (2) execute, swear to, acknowledge and file all ballots, consents, approvals, waivers, certificates and other
instruments appropriate or necessary, in the sole and absolute discretion of the General Partner or any Liquidator, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action that is made or given by the
Partners hereunder or is consistent with the terms of this Agreement. 
  

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 Nothing contained herein shall be construed as authorizing the General Partner or any Liquidator to amend
this Agreement except in accordance with Section 14.2 hereof or as may be otherwise expressly provided for in this Agreement. 

B. The foregoing power of attorney is hereby declared to be irrevocable and a special power coupled with an interest, in recognition of
the fact that each of the Limited Partners and Assignees will be relying upon the power of the General Partner or the Liquidator to act as contemplated by this Agreement in any filing or other action by it on behalf of the Partnership, and it shall
survive and not be affected by the subsequent Incapacity of any Limited Partner or Assignee and the Transfer of all or any portion of such Person’s Partnership Units or Partnership Interest (as the case may be) and shall extend to such
Person’s heirs, successors, assigns and personal representatives. Each such Limited Partner and Assignee hereby agrees to be bound by any representation made by the General Partner or the Liquidator, acting in good faith pursuant to such power
of attorney; and each such Limited Partner and Assignee hereby waives any and all defenses that may be available to contest, negate or disaffirm the action of the General Partner or the Liquidator, taken in good faith under such power of attorney.
Each Limited Partner and Assignee shall execute and deliver to the General Partner or the Liquidator, within fifteen (15) days after receipt of the General Partner’s or the Liquidator’s request therefor, such further designation,
powers of attorney and other instruments as the General Partner or the Liquidator (as the case may be) deems necessary to effectuate this Agreement and the purposes of the Partnership. Notwithstanding anything else set forth in this
Section 2.4.B, no Limited Partner shall incur any personal liability for any action of the General Partner or the Liquidator taken under such power of attorney. 

Section 2.5 Term. The term of the Partnership commenced on January 15, 2010, the date that the original Certificate was
filed with the SDAT in accordance with the Act, and shall continue indefinitely unless the Partnership is dissolved sooner pursuant to the provisions of Article 13 hereof or as otherwise provided by law. 

ARTICLE 3 

PURPOSE 

Section 3.1 Purpose and Business. The purpose and nature of the Partnership is to conduct any business, enterprise or
activity permitted by or under the Act, including, without limitation, (i) to conduct the business of ownership, construction, reconstruction, development, redevelopment, alteration, improvement, maintenance, operation, sale, leasing, transfer,
encumbrance, conveyance and exchange of the Properties, (ii) to acquire and invest in any securities and/or loans relating to the Properties, (iii) to enter into any partnership, joint venture, business trust arrangement, limited liability
company or other similar arrangement to engage in any business permitted by or under the Act, or to own interests in any entity engaged in any business permitted by or under the Act, (iv) to conduct the business of providing property and asset
management and brokerage services, whether directly or through one or more partnerships, joint ventures, Subsidiaries, business trusts, limited liability companies or similar arrangements, and (v) to do anything necessary or incidental to the
foregoing. 
  

 24 

 Section 3.2 Powers. 

A. The Partnership shall be empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or
convenient for the furtherance and accomplishment of the purposes and business described herein and for the protection and benefit of the Partnership including, without limitation, full power and authority, directly or through its ownership interest
in other entities, to enter into, perform and carry out contracts of any kind, to borrow and lend money and to issue evidence of indebtedness, whether or not secured by mortgage, deed of trust, pledge or other lien, acquire, own, manage, improve and
develop real property and lease, sell, transfer and dispose of real property. 
 B. Notwithstanding any other provision in this
Agreement, the Partnership shall not take, or to refrain from taking, any action that, in the judgment of the General Partner, in its sole and absolute discretion, (i) could adversely affect the ability of the General Partner to continue to
qualify as a REIT, (ii) could subject the General Partner to any taxes under Code Section 857 or Code Section 4981 or any other related or successor provision under the Code, or (iii) could violate any law or regulation of any
governmental body or agency having jurisdiction over the General Partner, its securities or the Partnership, unless, in any such case, such action (or inaction) under clause (i), clause (ii), or clause (iii) above shall have been specifically
consented to by the General Partner which consent may be given or withheld in its sole and absolute discretion. 

Section 3.3 Partnership Only for Purposes Specified. The Partnership shall be a limited partnership only for the purposes
specified in Section 3.1 hereof, and this Agreement shall not be deemed to create a company, venture or partnership between or among the Partners or any other Persons with respect to any activities whatsoever other than the activities within
the purposes of the Partnership as specified in Section 3.1 hereof. Except as otherwise provided in this Agreement, no Partner shall have any authority to act for, bind, commit or assume any obligation or responsibility on behalf of the
Partnership, its properties or any other Partner. No Partner, in its capacity as a Partner under this Agreement, shall be responsible or liable for any indebtedness or obligation of another Partner, nor shall the Partnership be responsible or liable
for any indebtedness or obligation of any Partner, incurred either before or after the execution and delivery of this Agreement by such Partner, except as to those responsibilities, liabilities, indebtedness or obligations incurred pursuant to and
as limited by the terms of this Agreement and the Act. 
 Section 3.4 Representations and Warranties by the
Partners. 
 A. Each Partner that is an individual (including, without limitation, each Additional Limited Partner or
Substituted Limited Partner as a condition to becoming an Additional Limited Partner or a Substituted Limited Partner) represents and warrants to, and covenants with (severally, and not jointly or jointly and severally with any other Person), each
other Partner that (i) the consummation of the transactions contemplated by this Agreement to be performed by such Partner will not result in a breach or violation of, or a default under, any material agreement by which such Partner or any of
such Partner’s property is bound, or any statute, regulation, order or other law to which such Partner is subject, (ii) if five percent (5%) or more (by value) of the Partnership’s interests are or will be owned by such Partner
within the meaning of Code Section 7704(d)(3), 
  

 25 

 
such Partner does not, and for so long as it is a Partner will not, own, directly or indirectly, (a) stock of any corporation that is a tenant of (I) the General Partner or any
Disregarded Entity with respect to the General Partner, (II) the Partnership or (III) any partnership, venture or limited liability company of which the General Partner, any Disregarded Entity with respect to the General Partner, or the Partnership
is a direct or indirect member or (b) an interest in the assets or net profits of any non-corporate tenant of (I) the General Partner or any Disregarded Entity with respect to the General Partner, (II) the Partnership or (III) any
partnership, venture, or limited liability company of which the General Partner, any Disregarded Entity with respect to the General Partner, or the Partnership is a direct or indirect member, (iii) such Partner has the legal capacity to enter
into this Agreement and perform such Partner’s obligations hereunder, and (iv) this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms, as such enforceability may be limited by bankruptcy,
insolvency, reorganization, fraudulent conveyance, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity and the discretion of the court before which any proceeding therefor may
be brought. Notwithstanding the foregoing, a Partner that is an individual shall not be subject to the ownership restrictions set forth in clause (ii) of the immediately preceding sentence to the extent such Partner obtains the written consent
of the General Partner prior to violating any such restrictions, which consent the General Partner may give or withhold in its sole and absolute discretion. Each Partner that is an individual shall also represent and warrant to the
Partnership that such Partner is neither a “foreign person” within the meaning of Code Section 1445(f) nor a foreign partner within the meaning of Code Section 1446(e). 

B. Each Partner that is not an individual (including, without limitation, each Additional Limited Partner or Substituted Limited Partner
as a condition to becoming an Additional Limited Partner or a Substituted Limited Partner) represents and warrants to, and covenants with (severally, and not jointly or jointly and severally with any other Person), each other Partner that
(i) the consummation of the transactions contemplated by this Agreement to be performed by it have been duly authorized by all necessary action, including, without limitation, that of its general partner(s), committee(s), trustee(s),
beneficiaries, directors and/or stockholder(s) (as the case may be) as required, (ii) the consummation of such transactions shall not result in a breach or violation of, or a default under, its partnership or operating agreement, trust
agreement, charter or bylaws (as the case may be) any material agreement by which such Partner or any of such Partner’s properties or any of its partners, members, beneficiaries, trustees or stockholders (as the case may be) is or are bound, or
any statute, regulation, order or other law to which such Partner or any of its partners, members, trustees, beneficiaries or stockholders (as the case may be) is or are subject, (iii) if five percent (5%) or more (by value) of the
Partnership’s interests are or will be owned by such Partner within the meaning of Code Section 7704(d)(3), such Partner does not, and for so long as it is a Partner will not, own, directly or indirectly, (a) stock of any corporation
that is a tenant of (I) the General Partner or any Disregarded Entity with respect to the General Partner, (II) the Partnership or (III) any partnership, venture or limited liability company of which the General Partner, any General Partner,
any Disregarded Entity with respect to the General Partner, or the Partnership is a direct or indirect member or (b) an interest in the assets or net profits of any non-corporate tenant of (I) the General Partner, or any Disregarded Entity
with respect to the General Partner, (II) the Partnership or (III) any partnership, venture or limited liability company for which the General Partner, any General Partner, any Disregarded Entity with respect to the General Partner, or the

  

 26 

 
Partnership is a direct or indirect member, and (iv) this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms, as such enforceability may be limited
by bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity and the discretion of the court before which any
proceeding therefor may be brought. Notwithstanding the foregoing, a Partner that is not an individual shall not be subject to the ownership restrictions set forth in clause (iii) of the immediately preceding sentence to the extent such Partner
obtains the written consent of the General Partner prior to violating any such restrictions, which consent the General Partner may give or withhold in its sole and absolute discretion. Each Partner that is not an individual shall also represent and
warrant to the Partnership that such Partner is neither a “foreign person” within the meaning of Code Section 1445(f) nor a foreign partner within the meaning of Code Section 1446(e). 

C. Each Partner (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as a condition to becoming
an Additional Limited Partner or Substituted Limited Partner) represents, warrants and agrees that (i) it has acquired and continues to hold its interest in the Partnership for its own account for investment purposes only and not for the
purpose of, or with a view toward, the resale or distribution of all or any part thereof in violation of applicable laws, and not with a view toward selling or otherwise distributing such interest or any part thereof at any particular time or under
any predetermined circumstances in violation of applicable laws, (ii) it is a sophisticated investor, able and accustomed to handling sophisticated financial matters for itself, particularly real estate investments, and that it has a
sufficiently high net worth that it does not anticipate a need for the funds that it has invested in the Partnership in what it understands to be a highly speculative and illiquid investment, and (iii) without the consent of the General
Partner, which consent may be given or withheld in the General Partner’s sole discretion, it shall not take any action that would cause (a) the Partnership at any time to have more than 100 partners, including for these purposes as
partners those Persons (“Flow-Through Partners”) indirectly owning an interest in the Partnership through an entity treated as a partnership, Disregarded Entity or S corporation (each such entity, a “Flow-Through
Entity”), but only if substantially all of the value of such Person’s interest in the Flow-Through Entity is attributable to the Flow-Through Entity’s interest (direct or indirect) in the Partnership; or (b) the
Partnership Interest initially issued by the Partnership to such Partner or its predecessors to be held by more than three (3) partners, including as partners any Flow-Through Partners. 

D. The representations and warranties contained in Sections 3.4.A, 3.4.B and 3.4.C hereof shall survive the execution and delivery
of this Agreement by each Partner (and, in the case of an Additional Limited Partner or a Substituted Limited Partner, the admission of such Additional Limited Partner or Substituted Limited Partner as a Limited Partner in the Partnership) and the
dissolution, liquidation and termination of the Partnership. 
 E. Each Partner (including, without limitation, each Additional
Limited Partner or Substituted Limited Partner as a condition to becoming an Additional Limited Partner or Substituted Limited Partner) hereby acknowledges that no representations as to potential profit, cash flows, funds from operations or yield,
if any, in respect of the Partnership or the General Partner have been made by any Partner or any employee or representative or Affiliate of any Partner, and that projections and any other information, including, without limitation, financial and
descriptive information and documentation, that may have been in any manner submitted to such Partner shall not constitute any representation or warranty of any kind or nature, express or implied. 

 

 27 

 F. Notwithstanding the foregoing, the General Partner may, in its sole and absolute
discretion, permit the modification of any of the representations and warranties contained in Sections 3.4.A, 3.4.B and 3.4.C above as applicable to any Partner (including, without limitation any Additional Limited Partner or Substituted
Limited Partner or any transferee of either), provided that such representations and warranties, as modified, shall be set forth in either (i) a Partnership Unit Designation applicable to the Partnership Units held by such Partner or
(ii) a separate writing addressed to the Partnership and the General Partner. 
 ARTICLE 4 

CAPITAL CONTRIBUTIONS 

Section 4.1 Capital Contributions of the Partners. The Partners have heretofore made Capital Contributions to the
Partnership. Each Partner owns Partnership Units in the amount set forth for such Partner on Exhibit A, as the same may be amended from time to time by the General Partner to the extent necessary to reflect accurately sales, exchanges or
other Transfers, redemptions, Capital Contributions, the issuance of additional Partnership Units, or similar events having an effect on a Partner’s ownership of Partnership Units. Except as provided by law or in Section 4.2, 4.3, or 10.4
hereof, the Partners shall have no obligation or, except with the prior written consent of the General Partner, right to make any additional Capital Contributions or loans to the Partnership. 

Section 4.2 Issuances of Additional Partnership Interests. Subject to Section 16.7, in the case of Series A Preferred
Units, and/or the rights of any Holder of other Partnership Units set forth in a Partnership Unit Designation: 
 A.
General. The General Partner is hereby authorized to cause the Partnership to issue additional Partnership Interests, in the form of Partnership Units, for any Partnership purpose, at any time or from time to time, to the Partners (including
the General Partner) or to other Persons, and to admit such Persons as Additional Limited Partners, for such consideration and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all
without the approval of any Limited Partner or any other Person. Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to issue Partnership Units: (i) upon the conversion, redemption or exchange of
any Debt, Partnership Units, or other securities issued by the Partnership; (ii) for less than fair market value, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the
Partnership, and (iii) in connection with any merger of any other Person into the Partnership. Any additional Partnership Interests may be issued in one or more classes, or one or more series of any of such classes, with such designations,
preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to distributions, qualifications or terms or conditions of redemption (including, without limitation, terms that may be senior or otherwise entitled to
preference over existing Partnership Units) as shall be determined by the General Partner, in its sole and absolute discretion without the approval of any Limited Partner or any other Person, and set forth in a written document thereafter attached
to 
  

 28 

 
and made an exhibit to this Agreement, which exhibit shall be an amendment to this Agreement and shall be incorporated herein by this reference (each, a “Partnership Unit
Designation”). Without limiting the generality of the foregoing, the General Partner shall have authority to specify: (a) the allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series
of Partnership Interests; (b) the right of each such class or series of Partnership Interests to share (on a pari passu, junior or preferred basis) in Partnership distributions; (c) the rights of each such class or series of
Partnership Interests upon dissolution and liquidation of the Partnership; (d) the voting rights, if any, of each such class or series of Partnership Interests; and (e) the conversion, redemption or exchange rights applicable to each such
class or series of Partnership Interests. Upon the issuance of any additional Partnership Interest, the General Partner shall amend Exhibit A and the books and records of the Partnership as appropriate to reflect such issuance. 

B. Issuances of Performance Units. Without limiting the generality of the foregoing, the General Partner is hereby authorized to
create one or more classes or series of additional Partnership Interests, in the form of Partnership Units (each such class or series of Partnership Interests is referred to as “Performance Units”), for issuance at any time
or from time to time to directors, officers or employees of the General Partner or any Affiliate of the foregoing, and to admit such Persons as Additional Limited Partners or General Partners, for such consideration and on such terms and conditions
as shall be established by the General Partner, all without approval of any Limited Partner or any other Person. The General Partner shall determine, in its sole and absolute discretion without the approval of any Limited Partner or any other
Person, and set forth in a Partnership Unit Designation, the designations, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to dividends or distributions, qualifications or terms or conditions of
redemption of any class or series of Performance Units (including, without limitation, the extent to which the value or number of each such class or series of Performance Units is subject to adjustment based on the financial performance of the
General Partner). Upon the issuance of any class or series of Performance Units, the General Partner shall amend the Partnership Agreement, including Exhibit A and the books and records of the Partnership as appropriate to reflect such
issuance. 
 C. Issuances to the General Partner. No additional Partnership Units shall be issued to the General Partner
unless (i) the additional Partnership Units are issued to all Partners in proportion to their respective Percentage Interests, (ii) (a) the additional Partnership Units are (x) Common Units issued in connection with an issuance
of REIT Shares, or (y) Partnership Equivalent Units (other than Common Units) issued in connection with an issuance of Preferred Shares, New Securities or other interests in the General Partner (other than REIT Shares), and (b) the General
Partner contributes to the Partnership the cash proceeds or other consideration received in connection with the issuance of such REIT Shares, Preferred Shares, New Securities or other interests in the General Partner, (iii) the additional
Partnership Units are issued upon the conversion, redemption or exchange of Debt, Partnership Units or other securities issued by the Partnership, or (iv) the additional Partnership Units are issued pursuant to Section 4.3.B,
Section 4.3.E, Section 4.4 or Section 4.5. 
 D. No Preemptive Rights. Except as specified in
Section 4.2.C(i) hereof, no Person, including, without limitation, any Partner or Assignee, shall have any preemptive, preferential, participation or similar right or rights to subscribe for or acquire any Partnership Interest. 

 

 29 

 Section 4.3 Additional Funds and Capital Contributions. 

A. General. The General Partner may, at any time and from time to time, determine that the Partnership requires additional funds
(“Additional Funds”) for the acquisition or development of additional Properties, for the redemption of Partnership Units or for such other purposes as the General Partner may determine, in its sole and absolute discretion.
Additional Funds may be obtained by the Partnership, at the election of the General Partner, in any manner provided in, and in accordance with, the terms of this Section 4.3 without the approval of any Limited Partner or any other Person.

 B. Additional Capital Contributions. The General Partner, on behalf of the Partnership, may obtain any Additional
Funds by accepting Capital Contributions from any Partners or other Persons. In connection with any such Capital Contribution (of cash or property), the General Partner is hereby authorized to cause the Partnership from time to time to issue
additional Partnership Units (as set forth in Section 4.2 above) in consideration therefor and the Percentage Interests of the General Partner and the Limited Partners shall be adjusted to reflect the issuance of such additional Partnership
Units. 
 C. Loans by Third Parties. The General Partner, on behalf of the Partnership, may obtain any Additional Funds
by causing the Partnership to incur Debt to any Person (other than the General Partner) upon such terms as the General Partner determines appropriate, including making such Debt convertible, redeemable or exchangeable for Partnership Units or REIT
Shares; provided, however, that the Partnership shall not incur any such Debt if any Partner (or any Affiliate, partner, member, stockholder, principal, director, officer, adviser, beneficiary or trustee of any Partner)
would be personally liable for the repayment of such Debt (unless such Partner or other affected Person otherwise agrees in writing). 

D. General Partner Loans. The General Partner, on behalf of the Partnership, may obtain any Additional Funds by causing the
Partnership to incur Debt to the General Partner (a “General Partner Loan”) if (i) such Debt is, to the extent permitted by law, on substantially the same terms and conditions (including interest rate, repayment
schedule, and conversion, redemption, repurchase and exchange rights) as Funding Debt incurred by the General Partner, the net proceeds of which are loaned to the Partnership to provide such Additional Funds, or (ii) such Debt is on terms and
conditions no less favorable to the Partnership than would be available to the Partnership from any third party; provided, however, that the Partnership shall not incur any such Debt if (a) any Partner (or any
Affiliate, partner, member, stockholder, principal, director, officer, adviser, beneficiary or trustee of any Partner) would be personally liable for the repayment of such Debt (unless such Partner or other affected Person otherwise agrees in
writing) or (b) a breach or violation of, or default under, the terms of such Debt would be deemed to occur by virtue of the Transfer of any Partnership Units or Partnership Interest held by any Person other than the General Partner.

 E. Issuance of Securities by the General Partner. The General Partner shall not issue any additional REIT Shares,
Capital Shares or New Securities unless the General Partner contributes the cash proceeds or other consideration received from the issuance of such additional REIT Shares, Capital Shares or New Securities (as the case may be) and from the exercise
of the rights contained in any such additional Capital Shares or New Securities to the 
  

 30 

 
Partnership in exchange for (x) in the case of an issuance of REIT Shares, Common Units, or (y) in the case of an issuance of Capital Shares or New Securities, Partnership Equivalent
Units; provided, however, that notwithstanding the foregoing, the General Partner may issue REIT Shares, Capital Shares or New Securities (a) pursuant to Section 4.4 or Section 15.1.B hereof,
(b) pursuant to a dividend or distribution (including any stock split) of REIT Shares, Capital Shares or New Securities to all of the holders of REIT Shares, Capital Shares or New Securities (as the case may be), (c) upon a conversion,
redemption or exchange of Capital Shares, (d) upon a conversion, redemption, exchange or exercise of New Securities, or (e) in connection with an acquisition of Partnership Units or a property or other asset to be owned, directly or
indirectly, by the General Partner if the General Partner determines that such acquisition is in the best interests of the Partnership; and provided, further, that in the event that the General Partner issues REIT Shares,
Capital Shares or New Securities pursuant to the foregoing clauses (c) or (d), the General Partner shall contribute to the Partnership the cash proceeds or other consideration received from such issuance (or property acquired with such
proceeds). In the event of any issuance of additional REIT Shares, Capital Shares or New Securities by the General Partner, and the contribution to the Partnership, by the General Partner, of the cash proceeds or other consideration received from
such issuance (or property acquired with such proceeds), if the cash proceeds actually received by the General Partner are less than the gross proceeds of such issuance as a result of any underwriter’s discount or other expenses paid or
incurred in connection with such issuance, then the General Partner shall be deemed to have made a Capital Contribution to the Partnership in the amount equal to the sum of the cash proceeds of such issuance plus the amount of such
underwriter’s discount and other expenses paid by the General Partner (which discount and expense shall be treated as an expense for the benefit of the Partnership for purposes of Section 7.4). 

Section 4.4 Stock Option Plans. 

A. Options Granted to Persons other than Partnership Employees. If at any time or from time to time, in connection with any Stock
Option Plan, a stock option granted for stock in the General Partner to a Person other than a Partnership Employee is duly exercised: 

(1) The General Partner, shall, as soon as practicable after such exercise, make a Capital Contribution to the Partnership in an amount
equal to the exercise price paid to the General Partner by such exercising party in connection with the exercise of such stock option. 

(2) Notwithstanding the amount of the Capital Contribution actually made pursuant to Section 4.4.A(1) hereof, the General
Partner shall be deemed to have contributed to the Partnership as a Capital Contribution, in lieu of the Capital Contribution actually made and in consideration of an additional Limited Partner Interest (expressed in and as additional Common Units),
an amount equal to the Value of a REIT Share as of the date of exercise multiplied by the number of REIT Shares then being issued in connection with the exercise of such stock option. 

(3) An equitable Percentage Interest adjustment shall be made in which the General Partner shall be treated as having made a cash
contribution equal to the amount described in Section 4.4.A(2) hereof. 
  

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 B. Options Granted to Partnership Employees. If at any time or from time to time, in
connection with any Stock Option Plan, a stock option granted for stock in the General Partner to a Partnership Employee is duly exercised: 

(1) The General Partner shall sell to the Optionee, and the Optionee shall purchase from the General Partner, for a cash price per share
equal to the Value of a REIT Share at the time of the exercise, the number of REIT Shares equal to (a) the exercise price payable by the Optionee in connection with the exercise of such stock option divided by (b) the Value of a REIT Share
at the time of such exercise. 
 (2) The General Partner shall sell to the Partnership (or if the Optionee is an employee or
other service provider of a Partnership Subsidiary, the General Partner shall sell to such Partnership Subsidiary), and the Partnership (or such subsidiary, as applicable) shall purchase from the General Partner, a number of REIT Shares equal to
(a) the number of REIT Shares as to which such stock option is being exercised less (b) the number of REIT Shares sold pursuant to Section 4.4.B(1) hereof. The purchase price per REIT Share for such sale of REIT Shares to the
Partnership (or such subsidiary) shall be the Value of a REIT Share as of the date of exercise of such stock option. 
 (3) The
Partnership shall transfer to the Optionee (or if the Optionee is an employee or other service provider of a Partnership Subsidiary, the Partnership Subsidiary shall transfer to the Optionee) at no additional cost, as additional compensation, the
number of REIT Shares described in Section 4.4.B(2) hereof. 
 (4) The General Partner shall, as soon as practicable after
such exercise, make a Capital Contribution to the Partnership of an amount equal to all proceeds received (from whatever source, but excluding any payment in respect of payroll taxes or other withholdings) by the General Partner in connection with
the exercise of such stock option. An equitable Percentage Interest adjustment shall be made as a result of such contribution. 

C. Future Stock Incentive Plans. Nothing in this Agreement shall be construed or applied to preclude or restrain the General
Partner from adopting, modifying or terminating stock incentive plans for the benefit of employees, directors or other business associates of the General Partner, the Partnership or any of their Affiliates. The Partners acknowledge and agree that,
in the event that any such plan is adopted, modified or terminated by the General Partner, amendments to this Section 4.4 may become necessary or advisable and that any approval or Consent to any such amendments requested by the General Partner
shall be deemed granted by the Limited Partners. 
 Section 4.5 Dividend Reinvestment Plan, Cash Option Purchase Plan,
Stock Incentive Plan or Other Plan. Except as may otherwise be provided in this Article 4, all amounts received or deemed received by the General Partner in respect of any dividend reinvestment plan, cash option purchase plan, stock
incentive or other stock or subscription plan or agreement, either (a) shall be utilized by the General Partner to effect open market purchases of REIT Shares, or (b) if the General Partner elects instead to issue new REIT Shares with
respect to such amounts, shall be contributed by the General Partner to the Partnership in exchange for additional Common Units. Upon such contribution, the Partnership will issue to the General Partner a number of Common Units equal in value to the
product of (i) the Value as of the date of issuance of each REIT Share so issued by the General Partner multiplied by (ii) the number of REIT Shares so issued. 
  

 32 

 Section 4.6 No Interest; No Return. No Partner shall be entitled to interest on
its Capital Contribution or on such Partner’s Capital Account. Except as provided herein or by law, no Partner shall have any right to demand or receive the return of its Capital Contribution from the Partnership. 

Section 4.7 Conversion or Redemption of Capital Shares. 

A. Conversion of Capital Shares. If, at any time, any of the Capital Shares are converted into REIT Shares, in whole or in part,
then a number of Partnership Units with preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption that are substantially the same
as the preferences, conversion and other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption of such Capital Shares (“Partnership Equivalent Units”)
equal to the number of Capital Shares so converted shall automatically be converted into a number of Common Units equal to (i) the number of REIT Shares issued upon such conversion divided by (ii) the Adjustment Factor then in effect, and
the Percentage Interests of the General Partner and the Limited Partners shall be adjusted to reflect such conversion. 
 B.
Redemption of Capital Shares or REIT Shares. If, at any time, any Capital Shares are redeemed (whether by exercise of a put or call, automatically or by means of another arrangement) by the General Partner for cash, the Partnership shall,
immediately prior to such redemption of Capital Shares, redeem an equal number of Partnership Equivalent Units held by the General Partner upon the same terms and for the same price per Partnership Equivalent Unit as such Capital Shares are
redeemed. If, at any time, any REIT Shares are redeemed or otherwise repurchased by the General Partner for cash pursuant to Article VI of the Charter, the Partnership shall, immediately prior to such redemption of REIT Shares, redeem an equal
number of Common Units held by the General Partner upon the same terms and for the same price per Common Unit as such REIT Shares are redeemed. 

Section 4.8 Other Contribution Provisions. In the event that any Partner is admitted to the Partnership and is given a
Capital Account in exchange for services rendered to the Partnership, such transaction shall be treated by the Partnership and the affected Partner as if the Partnership had compensated such partner in cash and such Partner had contributed the cash
that the Partner would have received to the capital of the Partnership. In addition, with the consent of the General Partner, one or more Partners may enter into contribution agreements with the Partnership which have the effect of providing a
guarantee of certain obligations of the Partnership (and/or a wholly owned Subsidiary of the Partnership). 
  

 33 

 ARTICLE 5 

DISTRIBUTIONS 

Section 5.1 Requirement and Characterization of Distributions. Subject to the terms of Section 16.3 and/or the rights of
any Holder of any Partnership Interest set forth in a Partnership Unit Designation, the General Partner shall cause the Partnership to distribute quarterly all, or such portion as the General Partner may in its sole and absolute discretion
determine, of Available Cash generated by the Partnership during such quarter to the Holders on the Partnership Record Date with respect to such quarter: 

(i) First, with respect to any Partnership Units that are entitled to any preference in distribution, in accordance with the
rights of such class(es) of Partnership Units (and, within such class(es), among the Holders pro rata in proportion to their respective Percentage Interests in each class of Partnership Units held on such Partnership Record Date); and 

(ii) Second, with respect to any Partnership Units that are not entitled to any preference in distribution, in accordance with the
rights of such class of Partnership Units, as applicable (and, within such class, among the Holders pro rata in proportion to their respective Percentage Interests in such class of Partnership Units held on such Partnership Record Date). 

Distributions payable with respect to any Partnership Units that were not outstanding during the entire quarterly period in respect of
which any distribution is made, other than any Partnership Units issued to the General Partner in connection with the issuance of REIT Shares by the General Partner, shall be prorated based on the portion of the period that such Partnership Units
were outstanding. Notwithstanding the foregoing, the General Partner, in its sole and absolute discretion, may cause the Partnership to distribute Available Cash to the Holders on a more or less frequent basis than quarterly and provide for an
appropriate record date. The General Partner shall make such reasonable efforts, as determined by it in its sole and absolute discretion and consistent with the General Partner’s qualification as a REIT, to cause the Partnership to distribute
sufficient amounts to enable the General Partner, for so long as the General Partner has determined to qualify as a REIT, to pay stockholder dividends that will (a) satisfy the requirements for qualifying as a REIT under the Code and
Regulations (the “REIT Requirements”) and (b) except to the extent otherwise determined by the General Partner, eliminate any Federal income or excise tax liability of the General Partner. 

Section 5.2 Distributions in Kind. Except as expressly provided herein, no right is given to any Holder to demand and receive
property other than cash as provided in this Agreement. The General Partner may determine, in its sole and absolute discretion, to make a distribution in kind of Partnership assets to the Holders, and such assets shall be distributed in such a
fashion as to ensure that the fair market value is distributed and allocated in accordance with Articles 5, 6 and 10 hereof; provided, however, that the General Partner shall not make a distribution in kind to any Holder
unless the Holder has been given 90 days prior written notice of such distribution. 
 Section 5.3 Amounts Withheld.
All amounts withheld pursuant to the Code or any provisions of any state, local or non-United States tax law and Section 10.4 hereof with respect to any allocation, payment or distribution to any Holder shall be treated as amounts paid or
distributed to such Holder pursuant to Section 5.1 hereof for all purposes under this Agreement. 
  

 34 

 Section 5.4 Distributions Upon Liquidation. Notwithstanding the other provisions
of this Article 5, net proceeds from a Terminating Capital Transaction, and any other cash received or reductions in reserves made after commencement of the liquidation of the Partnership, shall be distributed to the Holders in accordance with
Section 13.2 hereof. 
 Section 5.5 Distributions to Reflect Additional Partnership Units. In the event that
the Partnership issues additional Partnership Units pursuant to the provisions of Article 4 hereof, the General Partner is hereby authorized to make such revisions to Articles 5, 6 and 12 hereof as it determines are necessary or desirable
to reflect the issuance of such additional Partnership Units, including, without limitation, making preferential distributions to certain classes of Partnership Units. 

Section 5.6 Restricted Distributions. Notwithstanding any provision to the contrary contained in this Agreement, neither the
Partnership nor the General Partner, on behalf of the Partnership, shall make a distribution to any Holder if such distribution would violate the Act or other applicable law. 

ARTICLE 6 

ALLOCATIONS 

Section 6.1 Timing and Amount of Allocations of Net Income and Net Loss. Net Income and Net Loss of the Partnership shall be
determined and allocated with respect to each Partnership Year as of the end of each such year, provided, that the General Partner may in its discretion allocate Net Income and Net Loss for a shorter period as of the end of such period
(and, for purposes of this Article 6, references to the term “Partnership Year” may include such shorter periods). Except to the extent otherwise provided in this Article 6, and subject to Section 11.6.C hereof, an allocation to
a Holder of a share of Net Income or Net Loss shall be treated as an allocation of the same share of each item of income, gain, loss or deduction that is taken into account in computing Net Income or Net Loss. 

Section 6.2 Allocations of Net Income and Net Loss. 

A. In General. Except as otherwise provided in this Article 6 and Section 11.6.C, Net Income and Net Loss allocable with
respect to a class of Partnership Interests shall be allocated to each of the Holders holding such class of Partnership Interests in accordance with their respective Percentage Interest of such class. 

B. Net Income. Except as provided in Sections 6.2.E, 6.2.F and 6.3, Net Income (or in the case of clause (iv) below, Adjusted
Net Income) for any Partnership Year shall be allocated in the following manner and order of priority: 
 (i) First, 100%
to the General Partner in an amount equal to the remainder, if any, of the cumulative Net Losses allocated to the General Partner pursuant to clause (iv) in Section 6.2.C for all prior Partnership Years minus the cumulative Net
Income allocated to the General Partner pursuant to this clause (i) for all prior Partnership Years; 
  

 35 

 (ii) Second, 100% to each Holder in an amount equal to the remainder, if any, of the
cumulative Net Losses allocated to each such Holder pursuant to clause (iii) in Section 6.2.C for all prior Partnership Years minus the cumulative Net Income allocated to such Holder pursuant to this clause (ii) for all prior
Partnership Years; 
 (iii) Third, 100% to the Holders of Series A Preferred Units in an amount equal to the remainder,
if any, of the cumulative Net Losses allocated to such Holder pursuant to clause (ii) in Section 6.2.C for all prior Partnership Years minus the cumulative Net Income allocated to such Holders pursuant to this clause (iii) for
all prior Partnership Years; 
 (iv) Fourth, 100% of the Adjusted Net Income (or Net Income to the extent there is
insufficient Adjusted Net Income) to the Holders of Series A Preferred Units in an amount equal to the sum of an amount equal to the cumulative Series A Priority Return to the last day of the current Partnership Year or to the date of redemption or
conversion, to the extent Series A Preferred Units are redeemed or converted during such year, over the cumulative Adjusted Net Income (or Net Income) allocated to the Holders of such units pursuant to this clause (iv) for all prior Partnership
Years 
 (v) Fifth, 100% to the Holders of Common Units in an amount equal to the remainder, if any, of the cumulative
Net Losses allocated to each such Holder pursuant to clause (i) in Section 6.2.C for all prior Partnership Years minus the cumulative Net Income allocated to each Holder pursuant to this clause (v) for all prior Partnership
Years; and 
 (vi) Sixth, 100% to the Holders of Common Units in accordance with their respective Percentage Interests in
the Common Units. 
 To the extent the allocations of Net Income set forth above in any paragraph of this Section 6.2.B are not sufficient
to entirely satisfy the allocation set forth in such paragraph, such allocation shall be made in proportion to the total amount that would have been allocated pursuant to such paragraph without regard to such shortfall. 

C. Net Loss. Except as provided in Sections 6.2.E, 6.2.F and 6.3, Net Losses for any Partnership Year shall be allocated in the
following manner and order of priority: 
 (i) First, 100% to the Holders of Common Units in accordance with their
respective Percentage Interests in the Common Units (to the extent consistent with this clause (i)) until the Adjusted Capital Account (ignoring for this purpose any amounts a Holder is obligated to contribute to the capital of the Partnership or is
deemed obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(c)(2) and ignoring the portion of any such Holder’s Capital Account attributable to Series A Preferred Units) of all such Holders is zero; 

(ii) Second, 100% to the Holders of Series A Preferred Units, pro rata to each such Holder’s Adjusted Capital Account
(ignoring for this purpose any amounts a Holder is obligated to contribute to the capital of the Partnership or is deemed obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(c)(2)), until the Adjusted Capital Account (as so
modified) of each such Holder is zero; 
  

 36 

 (iii) Third, 100% to the Holders (other than the General Partner) to the extent of,
and in proportion to, the positive balance (if any) in their Adjusted Capital Accounts; and 
 (iv) Fourth, 100% to the
General Partner. 
 D. Allocations to Reflect Issuance of Additional Partnership Interests. In the event that the
Partnership issues additional Partnership Interests to the General Partner or any Additional Limited Partner pursuant to Section 4.2 or 4.3, the General Partner shall make such revisions to this Section 6.2 or to Section 12.2.C or
13.2.A as it determines are necessary to reflect the terms of the issuance of such additional Partnership Interests, including making preferential allocations to certain classes of Partnership Interests, subject to Article 16 below and the terms of
any Partnership Unit Designation with respect to Partnership Interests then outstanding. 
 E. Special Allocations Regarding
Preferred Units. Subject to Sections 6.2.F and 6.3, if any Preferred Units are redeemed pursuant to Section 4.7.B hereof (treating a full liquidation of the General Partner’s General Partner Interest for purposes of this
Section 6.2.E as including a redemption of any then outstanding Preferred Units pursuant to Section 4.7.B hereof) or Section 16.5, for the Partnership Year that includes such redemption (and, if necessary, for subsequent Partnership
Years) (a) gross income and gain (in such relative proportions as the General Partner in its discretion shall determine) shall be allocated to the holder(s) of such Preferred Units to the extent that the redemption amounts paid or payable with
respect to the Preferred Units so redeemed (or treated as redeemed) exceeds the aggregate Capital Account balances allocable to the Preferred Units so redeemed (or treated as redeemed) and (b) deductions and losses (in such relative proportions
as the General Partner in its discretion shall determine) shall be allocated to the holder(s) of such Preferred Units to the extent that the aggregate Capital Account balances allocable to the Preferred Units so redeemed (or treated as redeemed)
exceeds the redemption amount paid or payable with respect to the Preferred Units so redeemed (or treated as redeemed). 
 F.
Special Allocations Upon Liquidation. Notwithstanding any provision in this Article 6 to the contrary but subject to Section 6.3, in the event that the Partnership disposes of all or substantially all of its assets in a transaction that
will lead to a liquidation of the Partnership pursuant to Article 13 hereof, then any Net Income or Net Loss realized in connection with such transaction and thereafter (and, in the discretion of the General Partner, constituent items of income,
gain, loss and deduction) shall be specially allocated for such Partnership Year (and to the extent permitted by Section 761(c) of the Code, for the immediately preceding Partnership Year) among the Holders as required so as to cause
liquidating distributions pursuant to Section 13.2.A hereof to be made in the same amounts and proportions as would have resulted had such distributions instead been made pursuant to Article 5 hereof. 

G. Offsetting Allocations. Notwithstanding the provisions of Sections 6.1, 6.2.B and 6.2.C, but subject to Sections 6.3 and 6.4,
in the event Net Income or items thereof are being allocated to a Partner to offset prior Net Loss or items thereof which have been allocated to such Partner, the General Partner shall attempt to allocate such offsetting Net Income or items thereof
which are of the same or similar character (including without limitation Section 704(b) book items versus tax items) to the original allocations with respect to such Partner. 

 

 37 

 Section 6.3 Additional Allocation Provisions. Notwithstanding the foregoing
provisions of this Article 6: 
 A. Regulatory Allocations. 

(i) Minimum Gain Chargeback. Except as otherwise provided in Regulations Section 1.704-2(f), notwithstanding the provisions of
Section 6.2 hereof, or any other provision of this Article 6, if there is a net decrease in Partnership Minimum Gain during any Partnership Year, each Holder shall be specially allocated items of Partnership income and gain for such year
(and, if necessary, subsequent years) in an amount equal to such Holder’s share of the net decrease in Partnership Minimum Gain, as determined under Regulations Section 1.704-2(g). Allocations pursuant to the previous sentence shall be
made in proportion to the respective amounts required to be allocated to each Holder pursuant thereto. The items to be allocated shall be determined in accordance with Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2). This
Section 6.3.A(i) is intended to qualify as a “minimum gain chargeback” within the meaning of Regulations Section 1.704-2(f) and shall be interpreted consistently therewith. 

(ii) Partner Minimum Gain Chargeback. Except as otherwise provided in Regulations Section 1.704-2(i)(4) or in
Section 6.3.A(i) hereof, if there is a net decrease in Partner Minimum Gain attributable to a Partner Nonrecourse Debt during any Partnership Year, each Holder who has a share of the Partner Minimum Gain attributable to such Partner
Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Holder’s
share of the net decrease in Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the
respective amounts required to be allocated to each Holder pursuant thereto. The items to be so allocated shall be determined in accordance with Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2). This Section 6.3.A(ii) is intended
to qualify as a “chargeback of partner nonrecourse debt minimum gain” within the meaning of Regulations Section 1.704-2(i) and shall be interpreted consistently therewith. 

(iii) Nonrecourse Deductions and Partner Nonrecourse Deductions. Any Nonrecourse Deductions for any Partnership Year shall be
specially allocated to the Holders in accordance with their respective Percentage Interests with respect to Common Units. Any Partner Nonrecourse Deductions for any Partnership Year shall be specially allocated to the Holder(s) who bears the
economic risk of loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable, in accordance with Regulations Section 1.704-2(i). 

(iv) Qualified Income Offset. If any Holder unexpectedly receives an adjustment, allocation or distribution described in
Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Partnership income and gain shall be specially allocated, in accordance with Regulations Section 1.704-1(b)(2)(ii)(d), to such Holder in an amount and manner sufficient
to eliminate, to the extent required by such Regulations, the Adjusted Capital Account Deficit of such Holder as quickly as possible; provided, that an allocation pursuant to this Section 6.3.A(iv) shall be made if and only
to the extent that such Holder would have an 
  

 38 

 
Adjusted Capital Account Deficit after all other allocations provided in this Article 6 have been tentatively made as if this Section 6.3.A(iv) were not in the Agreement. It is
intended that this Section 6.3.A(iv) qualify and be construed as a “qualified income offset” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

(v) Gross Income Allocation. In the event that any Holder has a deficit Capital Account at the end of any Partnership Year that is
in excess of the sum of (1) the amount (if any) that such Holder is obligated to restore to the Partnership upon complete liquidation of such Holder’s Partnership Interest (including, the Holder’s interest in outstanding Preferred
Units and other Partnership Units) and (2) the amount that such Holder is deemed to be obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(c) or the penultimate sentences of Regulations
Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Holder shall be specially allocated items of Partnership income and gain in the amount of such excess to eliminate such deficit as quickly as possible; provided, that an allocation
pursuant to this Section 6.3.A(v) shall be made if and only to the extent that such Holder would have a deficit Capital Account in excess of such sum after all other allocations provided in this Article 6 have been tentatively made as
if this Section 6.3.A(v) and Section 6.3.A(iv) hereof were not in the Agreement. 
 (vi) Limitation on
Allocation of Net Loss. To the extent that any allocation of Net Loss would cause or increase an Adjusted Capital Account Deficit as to any Holder, such allocation of Net Loss shall be reallocated (x) first, among the other Holders of
Common Units in accordance with their respective Percentage Interests with respect to Common Units and (y) thereafter, among the Holders of other classes of Partnership Units as determined by the General Partner, subject to the limitations of
this Section 6.3.A(vi). 
 (vii) Section 754 Adjustment. To the extent that an adjustment to the adjusted tax
basis of any Partnership asset pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into
account in determining Capital Accounts as the result of a distribution to a Holder in complete liquidation of its interest in the Partnership, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the
adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss shall be specially allocated to the Holders in accordance with their interests in the Partnership in the event that Regulations
Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Holder(s) to whom such distribution was made in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies. 

(viii) Curative Allocations. The allocations set forth in Sections 6.3.A(i), (ii), (iii), (iv), (v), (vi) and
(vii) hereof (the “Regulatory Allocations”) are intended to comply with certain regulatory requirements, including the requirements of Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding the provisions
of Sections 6.1 and 6.2 hereof, the Regulatory Allocations shall be taken into account in allocating other items of income, gain, loss and deduction among the Holders so that to the extent possible without violating the requirements giving rise
to the Regulatory Allocations, the net amount of such allocations of other items and the Regulatory Allocations to each Holder shall be equal to the net amount that would have been allocated to each such Holder if the Regulatory Allocations had not
occurred. 
  

 39 

 B. Allocation of Excess Nonrecourse Liabilities. For purposes of determining a
Holder’s proportional share of the “excess nonrecourse liabilities” of the Partnership within the meaning of Regulations Section 1.752-3(a)(3), each Holder’s respective interest in Partnership profits shall be equal to such
Holder’s Percentage Interest with respect to Common Units, except as otherwise determined by the General Partner. 

Section 6.4 Tax Allocations. 

A. In General. Except as otherwise provided in this Section 6.4, for income tax purposes under the Code and the Regulations,
each Partnership item of income, gain, loss and deduction (collectively, “Tax Items”) shall be allocated among the Holders in the same manner as its correlative item of “book” income, gain, loss or deduction is
allocated pursuant to Sections 6.2 and 6.3 hereof. 
 B. Section 704(c) Allocations. Notwithstanding
Section 6.4.A hereof, Tax Items with respect to Property that is contributed to the Partnership with a Gross Asset Value that varies from its basis in the hands of the contributing Partner immediately preceding the date of contribution shall be
allocated among the Holders for income tax purposes pursuant to Regulations promulgated under Code Section 704(c) so as to take into account such variation. The Partnership shall account for such variation under any method approved under
Code Section 704(c) and the applicable Regulations as chosen by the General Partner. In the event that the Gross Asset Value of any Partnership asset is adjusted pursuant to subsection (b) of the definition of “Gross Asset
Value” (provided in Article 1 hereof), subsequent allocations of Tax Items with respect to such asset shall take account of the variation, if any, between the adjusted basis of such asset and its Gross Asset Value in the same manner as
under Code Section 704(c) and the applicable Regulations and using the method chosen by the General Partner. Allocations pursuant to this Section 6.4.B are solely for purposes of Federal, state and local income taxes and shall not
affect, or in any way be taken into account in computing, any Partner’s Capital Account or share of Net Income, Net Loss, or any other items or distributions pursuant to any provision of this Agreement. 

ARTICLE 7 

MANAGEMENT AND OPERATIONS OF BUSINESS 

Section 7.1 Management. 

A. Except as otherwise expressly provided in this Agreement, all management powers over the business and affairs of the Partnership are
and shall be exclusively vested in the General Partner, and no Limited Partner shall have any right or obligation to participate in or exercise control or management power over the business and affairs of the Partnership, or any liability in
connection with the General Partner’s exercise of such control and management power. The General Partner may not be removed by the Partners, with or without cause, except with the consent of the General Partner. 

In addition to the powers now or hereafter granted a general partner of a limited partnership under applicable law or that are granted to
the General Partner under any other provision of this Agreement, the General Partner, subject to the other provisions hereof including, 

 

 40 

 
without limitation, Section 3.1, Section 3.2, and Section 7.3, shall have full and exclusive power and authority, without the consent or approval of any Limited Partner, to do all
things deemed necessary or desirable by it to conduct the business of the Partnership, to exercise or direct the exercise of all of the powers of the Partnership under the Act and this Agreement and to effectuate the purposes set forth in
Section 3.1 hereof, including, without limitation: 
 (1) the making of any expenditures, the lending or borrowing of money
or selling of assets (including, without limitation, making prepayments on loans and borrowing money to permit the Partnership to make distributions to the Holders in such amounts as will permit the General Partner (so long as the General Partner
qualifies as a REIT) to prevent the imposition of any Federal income tax on the General Partner (including, for this purpose, any excise tax pursuant to Code Section 4981) and to make distributions to its stockholders sufficient to permit the
General Partner to maintain REIT status or otherwise to satisfy the REIT Requirements), the assumption or guarantee of, or other contracting for, indebtedness and other liabilities, the issuance of evidences of indebtedness (including the securing
of same by deed to secure debt, mortgage, deed of trust or other lien or encumbrance on the Partnership’s assets) and the incurring of any obligations that the General Partner deems necessary for the conduct of the activities of the
Partnership; 
 (2) the making of tax, regulatory and other filings, or rendering of periodic or other reports to governmental
or other agencies having jurisdiction over the business or assets of the Partnership; 
 (3) the taking of any and all acts
necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” taxable as a corporation under Code Section 7704; 

(4) subject to Section 11.2 and Section 16.7 hereof, the acquisition, sale, transfer, exchange or other disposition of any, all
or substantially all of the assets (including the goodwill) of the Partnership (including, but not limited to, the exercise or grant of any conversion, option, privilege or subscription right or any other right available in connection with any
assets at any time held by the Partnership) or the merger, consolidation, reorganization or other combination of the Partnership with or into another entity; 

(5) the mortgage, pledge, encumbrance or hypothecation of any assets of the Partnership, the assignment of any assets of the Partnership
in trust for creditors or on the promise of the assignee to pay the debts of the Partnership, the use of the assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with the terms of this Agreement and on
any terms that the General Partner sees fit, including, without limitation, the financing of the operations and activities of the General Partner, the Partnership or any of the Partnership’s Subsidiaries, the lending of funds to other Persons
(including, without limitation, the General Partner and/or the Partnership’s Subsidiaries) and the repayment of obligations of the Partnership, its Subsidiaries and any other Person in which the Partnership has an equity investment, and the
making of capital contributions to and equity investments in the Partnership’s Subsidiaries; 
  

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 (6) the management, operation, leasing, landscaping, repair, alteration, demolition,
replacement or improvement of any Property; 
 (7) the negotiation, execution and performance of any contracts, including leases
(including ground leases), easements, management agreements, rights of way and other property-related agreements, conveyances or other instruments that the General Partner considers useful or necessary to the conduct of the Partnership’s
operations or the implementation of the General Partner’s powers under this Agreement, including contracting with contractors, developers, consultants, governmental authorities, accountants, legal counsel, other professional advisors and other
agents and the payment of their expenses and compensation, as applicable, out of the Partnership’s assets; 
 (8) the
distribution of Partnership cash or other Partnership assets in accordance with this Agreement, the holding, management, investment and reinvestment of cash and other assets of the Partnership, and the collection and receipt of revenues, rents and
income of the Partnership; 
 (9) the selection and dismissal of employees of the Partnership (if any) or the General Partner
(including, without limitation, employees having titles or offices such as “president,” “vice president,” “secretary” and “treasurer”), and agents, outside attorneys, accountants, consultants and contractors
of the Partnership or the General Partner and the determination of their compensation and other terms of employment or hiring; 

(10) the maintenance of such insurance (including, without limitation, directors and officers insurance) for the benefit of the
Partnership and the Partners (including, without limitation, the General Partner) as the General Partner deems necessary or appropriate; 

(11) the formation of, or acquisition of an interest in, and the contribution of property to, any further limited or general
partnerships, limited liability companies, joint ventures or other relationships that it deems desirable (including, without limitation, the acquisition of interests in, and the contributions of property to, any Subsidiary and any other Person in
which the General Partner has an equity investment from time to time); provided, however, that, as long as the General Partner has determined to continue to qualify as a REIT, the Partnership will not engage in any such
formation, acquisition or contribution that would cause the General Partner to fail to qualify as a REIT; 
 (12) the control of
any matters affecting the rights and obligations of the Partnership, including the settlement, compromise, submission to arbitration or any other form of dispute resolution, or abandonment, of any claim, cause of action, liability, debt or damages,
due or owing to or from the Partnership, the commencement or defense of suits, legal proceedings, administrative proceedings, arbitrations or other forms of dispute resolution, and the representation of the Partnership in all suits or legal
proceedings, administrative proceedings, arbitrations or other forms of dispute resolution, the incurring of legal expense, and the indemnification of any Person against liabilities and contingencies to the extent permitted by law; 

 

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 (13) the undertaking of any action in connection with the Partnership’s direct or
indirect investment in any Subsidiary or any other Person (including, without limitation, the contribution or loan of funds by the Partnership to such Persons); 

(14) the determination of the fair market value of any Partnership property distributed in kind using such reasonable method of valuation
as the General Partner may adopt; provided, however, that such methods are otherwise consistent with the requirements of this Agreement; 

(15) the enforcement of any rights against any Partner pursuant to representations, warranties, covenants and indemnities relating to
such Partner’s contribution of property or assets to the Partnership; 
 (16) the exercise, directly or indirectly, through
any attorney-in-fact acting under a general or limited power of attorney, of any right, including the right to vote, appurtenant to any asset or investment held by the Partnership; 

(17) the exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of or in connection with any
Subsidiary of the Partnership or any other Person in which the Partnership has a direct or indirect interest, or jointly with any such Subsidiary or other Person; 

(18) the exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of any Person in which the
Partnership does not have an interest, pursuant to contractual or other arrangements with such Person; 
 (19) the making,
execution and delivery of any and all deeds, leases, notes, deeds to secure debt, mortgages, deeds of trust, security agreements, conveyances, contracts, guarantees, warranties, indemnities, waivers, releases, confessions of judgment or any other
legal instruments or agreements in writing necessary or appropriate in the judgment of the General Partner for the accomplishment of any of the powers of the General Partner enumerated in this Agreement; 

(20) the issuance of additional Partnership Units in connection with Capital Contributions by Additional Limited Partners and additional
Capital Contributions by Partners pursuant to Article 4 hereof; 
 (21) an election to dissolve the Partnership pursuant to
Section 13.1.B hereof; 
 (22) the distribution of cash to acquire Common Units held by a Common Limited Partner in
connection with a Common Redemption under Section 15.1 hereof; 
 (23) the distribution of cash to acquire Series A
Preferred Units held by a Series A Limited Partner in connection with a Series A Redemption under Section 16.5 hereof; and 

(24) an election to acquire Tendered Common Units or Tendered Series A Units in exchange for REIT Shares. 

 

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 B. Each of the Limited Partners agrees that, except as provided in Section 7.3 hereof,
the General Partner is authorized to execute, deliver and perform the above-mentioned agreements and transactions on behalf of the Partnership without any further act, approval or vote of the Partners or any other Persons, notwithstanding any other
provision of the Act or any applicable law, rule or regulation. 
 C. At all times from and after the date hereof, the General
Partner may cause the Partnership to obtain and maintain (i) casualty, liability and other insurance on the Properties of the Partnership and (ii) liability insurance for the Indemnitees hereunder. 

D. At all times from and after the date hereof, the General Partner may cause the Partnership to establish and maintain working capital
and other reserves in such amounts as the General Partner, in its sole and absolute discretion, deems appropriate and reasonable from time to time. 

E. In exercising its authority under this Agreement and subject to Section 7.8.B, the General Partner may, but shall be under no
obligation to, take into account the tax consequences to any Partner of any action taken (or not taken) by it. The General Partner and the Partnership shall not have liability to a Limited Partner under any circumstances as a result of any tax
liability incurred by such Limited Partner as a result of an action (or inaction) by the General Partner pursuant to its authority under this Agreement. 

Section 7.2 Certificate of Limited Partnership. To the extent that such action is determined by the General Partner to be
reasonable and necessary or appropriate, the General Partner shall file amendments to and restatements of the Certificate and do all the things to maintain the Partnership as a limited partnership (or a partnership in which the limited partners have
limited liability) under the laws of the State of Maryland and each other state, the District of Columbia or any other jurisdiction, in which the Partnership may elect to do business or own property. Subject to the terms of Section 8.5.A
hereof, the General Partner shall not be required, before or after filing, to deliver or mail a copy of the Certificate or any amendment thereto to any Limited Partner. The General Partner shall use all reasonable efforts to cause to be filed such
other certificates or documents as may be reasonable and necessary or appropriate for the formation, continuation, qualification and operation of a limited partnership (or a partnership in which the limited partners have limited liability to the
extent provided by applicable law) in the State of Maryland and any other state, or the District of Columbia or other jurisdiction, in which the Partnership may elect to do business or own property. 

Section 7.3 Restrictions on General Partner’s Authority. 

A. Proscriptions. The General Partner may not take any action in contravention of this Agreement, including, without limitation:

 (1) take any action that would make it impossible to carry on the ordinary business of the Partnership, except as otherwise
provided in this Agreement; 
 (2) possess Partnership property, or assign any rights in specific Partnership property, for
other than a Partnership purpose except as otherwise provided in this Agreement, including, without limitation, Section 7.10; 
  

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 (3) admit a Person as a Partner, except as otherwise provided in this Agreement; 

(4) perform any act that would subject a Limited Partner to liability as a general partner in any jurisdiction or any other liability
except as provided herein or under the Act; or 
 (5) enter into any contract, mortgage, loan or other agreement that expressly
prohibits or restricts, or that has the effect of prohibiting or restricting, (a) the General Partner or the Partnership from performing its specific obligations under Section 15.1 or Section 16.5.A hereof in full, (b) a Common
Limited Partner from exercising its rights under Section 15.1 hereof to effect a Common Redemption in full or (c) a Series A Limited Partner from exercising its rights under (x) Section 16.5.A hereof to effect a Series A
Redemption in full or (y) under Section 16.6 hereof to effect a Series A Conversion, except, in the case of any of clauses (a), (b) or (c), with the written consent of any Limited Partner affected by the prohibition or restriction.

 B. Actions Requiring Consent of the Partners. Except as provided in Section 7.3.C hereof, the General Partner
shall not, without the prior Consent of the Partners, amend, modify or terminate this Agreement. 
 C. Amendments without
Consent. Notwithstanding Sections 7.3.B and 14.2 hereof but subject to the terms of any Partnership Unit Designation with respect to Partnership Interests then outstanding, the General Partner shall have the power, without the Consent of
the Partners, to amend this Agreement as may be required to facilitate or implement any of the following purposes: 
 (1) to add
to the obligations of the General Partner or surrender any right or power granted to the General Partner or any Affiliate of the General Partner for the benefit of the Limited Partners; 

(2) to reflect the admission, substitution or withdrawal of Partners, the Transfer of any Partnership Interest or the termination of the
Partnership in accordance with this Agreement, and to amend Exhibit A in connection with such admission, substitution, withdrawal or Transfer; 

(3) to reflect a change that is of an inconsequential nature or does not adversely affect the Limited Partners in any material respect,
or to cure any ambiguity, correct or supplement any provision in this Agreement not inconsistent with law or with other provisions, or make other changes with respect to matters arising under this Agreement that will not be inconsistent with law or
with the provisions of this Agreement; 
 (4) subject to Section 16.7, to set forth or amend the designations, preferences,
conversion or other rights, voting powers, restrictions, limitations as to distributions, qualifications or terms or conditions of redemption of the Holders of any additional Partnership Interests issued pursuant to Article 4; 

 

 45 

 (5) to reflect the termination of the class of Series A Preferred Units if and from the time
that all of the Series A Preferred Units shall no longer be, or be deemed to be, outstanding for any purpose; 
 (6) to satisfy
any requirements, conditions or guidelines contained in any order, directive, opinion, ruling or regulation of a Federal or state agency or contained in Federal or state law (collectively, “Legal Requirements”); 

(7) (a) to reflect such changes as are reasonably necessary for the General Partner to maintain its status as a REIT or to satisfy
the REIT Requirements or (b) to reflect the Transfer of all or any part of a Partnership Interest among the General Partner and any Disregarded Entity with respect to the General Partner; 

(8) to modify either or both of the manner in which items of Net Income or Net Loss are allocated pursuant to Article 6 or the
manner in which Capital Accounts are adjusted, computed, or maintained (but in each case only to the extent otherwise provided in this Agreement); or 

(9) the issuance of additional Partnership Interests in accordance with Section 4.2. 

The General Partner will provide reasonably prompt advance written notice to the Limited Partners whenever the General Partner proposes to take any of
the foregoing actions under this Section 7.3.C. 
 D. Actions Requiring Consent of Affected Partners.
Notwithstanding Sections 7.3.B, 7.3.C and 14.2 hereof, this Agreement shall not be amended, and no action may be taken by the General Partner, without the consent of each Partner adversely affected thereby, if such amendment or action would:
(i) convert a Limited Partner Interest in the Partnership into a General Partner Interest (except as a result of the General Partner acquiring such Partnership Interest); (ii) modify the limited liability of a Limited Partner;
(iii) alter the rights of any Partner to receive the distributions to which such Partner is entitled, pursuant to Article 5, Section 13.2.A, or Article 16 hereof, or alter the allocations specified in Article 6 hereof (except, in
any case, as permitted pursuant to Sections 4.2, 7.3.C and Article 6 hereof); (iv) alter or modify the redemption rights, conversion rights, Common Unit Cash Amount or Common Unit REIT Shares Amount as set forth in Section 15.1,
Section 16.5 and Section 16.6 hereof, or amend or modify any related definitions; (v) alter or modify Section 11.2 hereof; (vi) remove, alter or amend the powers and restrictions related to REIT Requirements or permitting
the General Partner to avoid paying tax under Code Sections 857 or 4981 contained in Sections 3.1, 3.2, 7.1 and 7.3; (vii) reduce any Limited Partner’s rights to indemnification; (viii) create any liability of any Limited
Partner not already provided in this Agreement; or (ix) amend this Section 7.3.D. Further, no amendment may alter the restrictions on the General Partner’s authority set forth elsewhere in this Agreement without the consent specified
therein. Any such amendment or action consented to by any Partner shall be effective as to that Partner, notwithstanding the absence of such consent by any other Partner. 
  

 46 

 Section 7.4 Reimbursement of the General Partner. 

A. The General Partner shall not be compensated for its services as General Partner of the Partnership except as provided in this
Agreement (including the provisions of Articles 5 and 6 hereof regarding distributions, payments and allocations to which the General Partner may be entitled in its capacity as the General Partner). 

B. Subject to Sections 7.4.C and 15.12 hereof, the Partnership shall be liable for, and shall reimburse the General Partner on a
monthly basis, or such other basis as the General Partner may determine in its sole and absolute discretion, for all sums expended in connection with the Partnership’s business, including, without limitation, (i) expenses relating to the
ownership of interests in and management and operation of, or for the benefit of, the Partnership, (ii) compensation of officers and employees, including, without limitation, payments under future compensation plans, of the General Partner or
the Partnership that may provide for stock units, or phantom stock, pursuant to which employees of the General Partner or the Partnership will receive payments based upon dividends on or the value of REIT Shares, (iii) director or manager fees
and expenses of the General Partner or its Affiliates, and (iv) all costs and expenses of the General Partner being a public company, including costs of filings with the SEC, reports and other distributions to its stockholders;
provided, however, that the amount of any reimbursement shall be reduced by any interest earned by the General Partner with respect to bank accounts or other instruments or accounts held by it on behalf of the Partnership
as permitted pursuant to Section 7.3 hereof; and, provided, further, that the General Partner shall not be reimbursed for expenses it incurs relating to the organization of the Partnership and the General Partner or the
initial public offering. Such reimbursements shall be in addition to any reimbursement of the General Partner as a result of indemnification pursuant to Section 7.7 hereof. 

C. To the extent practicable, Partnership expenses shall be billed directly to and paid by the Partnership and, subject to
Section 15.12 hereof, if and to the extent any reimbursements to the General Partner or any of its Affiliates by the Partnership pursuant to this Section 7.4 constitute gross income to such Person (as opposed to the repayment of advances
made by such Person on behalf of the Partnership), such amounts shall be treated as “guaranteed payments” within the meaning of Code Section 707(c) and shall not be treated as distributions for purposes of computing the
Partners’ Capital Accounts. 
 Section 7.5 Outside Activities of the General Partner. The General Partner shall
not, directly or indirectly, enter into or conduct any business, other than in connection with, (a) the ownership, acquisition and disposition of Partnership Interests as the General Partner, (b) the management of the business of the
Partnership, (c) the operation of the General Partner as a reporting company with a class (or classes) of securities registered under the Exchange Act, (d) its operations as a REIT, (e) the offering, sale, syndication, private
placement or public offering of stock, bonds, securities or other interests related to the Partnership or its assets or activities or the activities of the General Partner in its capacity as general partner of the Partnership, (f) financing or
refinancing of any type related to the Partnership or its assets or activities, and (g) such activities as are incidental thereto; provided, however, that, except as otherwise provided herein, any funds raised by the
General Partner pursuant to the preceding clauses (e) and (g) shall be made available to the Partnership, whether as Capital Contributions, loans or otherwise, as appropriate; and, provided, further, that the
General Partner may, in its sole and absolute discretion, from time to time hold or acquire assets in its own name or 
  

 47 

 
otherwise other than through the Partnership so long as the General Partner takes commercially reasonable measures to ensure that the economic benefits and burdens of such Property are otherwise
vested in the Partnership, whether through assignment, mortgage loan or otherwise or, if it is not commercially reasonable to vest such economic interests in the Partnership, the Partners shall negotiate in good faith to amend this Agreement,
including, without limitation, the definition of “Adjustment Factor,” to reflect such activities and the direct ownership of assets by the General Partner. Nothing contained herein shall be deemed to prohibit the General Partner from
executing guarantees of Partnership debt. The General Partner and all Disregarded Entities with respect to the General Partner, taken as a group, shall not own any assets or take title to assets (other than temporarily in connection with an
acquisition prior to contributing such assets to the Partnership) other than (i) interests in Disregarded Entities with respect to the General Partner, (ii) Partnership Interests as the General Partner and (iii) such cash and cash
equivalents, bank accounts or similar instruments or accounts as such group deems reasonably necessary, taking into account Section 7.1.D hereof and the requirements necessary for the General Partner to qualify as a REIT and for the General
Partner to carry out its responsibilities contemplated under this Agreement and the Charter. Any Limited Partner Interests acquired by the General Partner, whether pursuant to the exercise by a Limited Partner of its right to Redemption, or
otherwise, shall be automatically converted into a General Partner Interest comprised of an identical number of Partnership Units with the same terms as the class or series so acquired. 

Section 7.6 Transactions with Affiliates. 

A. The Partnership may lend or contribute funds to, and borrow funds from, Persons in which the Partnership has an equity investment, and
such Persons may borrow funds from, and lend or contribute funds to, the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner. The foregoing authority shall not create any right or benefit in
favor of any Person. 
 B. Except as provided in Section 7.5 hereof and subject to Section 3.1 hereof, the Partnership
may transfer assets to joint ventures, limited liability companies, partnerships, corporations, business trusts or other business entities in which it is or thereby becomes a participant upon such terms and subject to such conditions consistent with
this Agreement and applicable law as the General Partner, believes, in good faith, to be advisable. 
 C. Except as expressly
permitted by this Agreement, neither the General Partner nor any of its Affiliates may sell, transfer or convey any property to, or purchase any property from, the Partnership, directly or indirectly, except pursuant to transactions that are
determined by the General Partner in good faith to be fair and reasonable. 
 D. The General Partner in its sole and absolute
discretion and without the approval of the Partners or any of them or any other Persons, may propose and adopt (on behalf of the Partnership) employee benefit plans funded by the Partnership for the benefit of employees of the General Partner, the
Partnership, Subsidiaries of the Partnership or any Affiliate of any of them in respect of services performed, directly or indirectly, for the benefit of the General Partner, the Partnership or any of the Partnership’s Subsidiaries. 

 

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 Section 7.7 Indemnification. 

A. To the fullest extent permitted by applicable law, the Partnership shall indemnify each Indemnitee from and against any and all losses,
claims, damages, liabilities, joint or several, expenses (including, without limitation, reasonable attorney’s fees and other reasonable legal fees and expenses), judgments, fines, settlements and other amounts arising from any and all claims,
demands, actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations of the Partnership (“Actions”) as set forth in this Agreement in which such Indemnitee may be involved,
or is threatened to be involved, as a party or otherwise; provided, however, that the Partnership shall not indemnify an Indemnitee (i) if the act or omission of the Indemnitee was material to the matter giving rise
to the Action and either was committed in bad faith or was the result of active and deliberate dishonesty; (ii) in the case of any criminal proceeding, if the Indemnitee had reasonable cause to believe that the act or omission was unlawful; or
(iii) for any transaction for which such Indemnitee actually received an improper personal benefit in money, property or services or otherwise, in violation or breach of any provision of this Agreement; and provided,
further, that (x) no payments pursuant to this Agreement shall be made by the Partnership to indemnify or advance funds to any Indemnitee with respect to any Action initiated or brought voluntarily by such Indemnitee (and not by
way of defense) unless (I) approved or authorized by the General Partner or (II) incurred to establish or enforce such Indemnitee’s right to indemnification under this Agreement, and (y) the Partnership shall not be liable for any
expenses incurred by an Indemnitee in connection with one or more Actions or claims brought by the Partnership or involving such Indemnitee if such Indemnitee is found liable to the Partnership on any portion of any claim in any such Action.

 Without limitation, the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant to a loan guaranty or otherwise, for
any indebtedness of the Partnership or any Subsidiary of the Partnership (including, without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership has assumed or taken subject to), and the General Partner is hereby
authorized and empowered, on behalf of the Partnership, to enter into one or more indemnity agreements consistent with the provisions of this Section 7.7 in favor of any Indemnitee having or potentially having liability for any such
indebtedness. It is the intention of this Section 7.7.A that the Partnership shall indemnify each Indemnitee to the fullest extent permitted by law and this Agreement. The termination of any proceeding by judgment, order or settlement does not
create a presumption that the Indemnitee did not meet the requisite standard of conduct set forth in this Section 7.7.A. The termination of any proceeding by conviction of an Indemnitee or upon a plea of nolo contendere or its equivalent
by an Indemnitee, or an entry of an order of probation against an Indemnitee prior to judgment, does not create a presumption that such Indemnitee acted in a manner contrary to that specified in this Section 7.7.A with respect to the subject
matter of such proceeding. Any indemnification pursuant to this Section 7.7 shall be made only out of the assets of the Partnership, and neither the General Partner nor any other Holder shall have any obligation to contribute to the capital of
the Partnership or otherwise provide funds to enable the Partnership to fund its obligations under this Section 7.7. 
 B.
To the fullest extent permitted by law, expenses incurred by an Indemnitee who is a party to a proceeding or otherwise subject to or the focus of or is involved in any Action shall be paid or reimbursed by the Partnership as incurred by the
Indemnitee in advance of the final disposition of the Action upon receipt by the Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by
the Partnership as authorized in Section 7.7.A has been met, and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has not been met.

  

 49 

 C. The indemnification provided by this Section 7.7 shall be in addition to any other
rights to which an Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity and shall
inure to the benefit of the heirs, successors, assigns and administrators of the Indemnitee unless otherwise provided in a written agreement with such Indemnitee or in the writing pursuant to which such Indemnitee is indemnified. 

D. The Partnership may, but shall not be obligated to, purchase and maintain insurance, on behalf of any of the Indemnitees and such
other Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of whether the Partnership
would have the power to indemnify such Person against such liability under the provisions of this Agreement. 
 E. Any
liabilities which an Indemnitee incurs as a result of acting on behalf of the Partnership or the General Partner (whether as a fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any
related trust or funding mechanism (whether such liabilities are in the form of excise taxes assessed by the IRS, penalties assessed by the U.S. Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant
or beneficiary of such plan, trust or other funding mechanism, or otherwise) shall be treated as liabilities or judgments or fines under this Section 7.7, unless such liabilities arise as a result of (i) an act or omission of such
Indemnitee that was material to the matter giving rise to the Action and either was committed in bad faith or was the result of active and deliberate dishonesty; (ii) in the case of any criminal proceeding, an act or omission that such
Indemnitee had reasonable cause to believe was unlawful, or (iii) any transaction in which such Indemnitee actually received an improper personal benefit in money, property or services or otherwise, in violation or breach of any provision of
this Agreement or applicable law. 
 F. Notwithstanding anything to the contrary in this Agreement, in no event may an
Indemnitee subject any of the Holders to personal liability by reason of the indemnification provisions set forth in this Agreement, and any such indemnification shall be satisfied solely out of the assets of the Partnership. 

G. An Indemnitee shall not be denied indemnification in whole or in part under this Section 7.7 because the Indemnitee had an
interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 

H. The provisions of this Section 7.7 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators
and shall not be deemed to create any rights for the benefit of any other Persons. Any amendment, modification or repeal of this Section 7.7 or any 

 

 50 

 
provision hereof shall be prospective only and shall not in any way affect the limitations on the Partnership’s liability to any Indemnitee under this Section 7.7 as in effect
immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be
asserted. 
 I. It is the intent of the parties that any amounts paid by the Partnership to the General Partner pursuant to this
Section 7.7 shall be treated as “guaranteed payments” within the meaning of Code Section 707(c) and shall not be treated as distributions for purposes of computing the Partners’ Capital Accounts. 

J. The Partnership shall indemnify each Limited Partner and its Affiliates, their respective directors, officers, stockholders and any
other individual acting on its or their behalf, from and against any costs (including costs of defense) incurred by it as a result of any litigation or other proceeding in which any Limited Partner is named as a defendant or any claim threatened or
asserted against any Limited Partner, in either case which relates to the operations of the Partnership or any obligation assumed by the Partnership, unless such costs are the result of intentional harm or gross negligence on the part of, or a
breach of this Agreement by, such Limited Partner; provided, however, that no Partner shall have any personal liability with respect to the foregoing indemnification, any such indemnification to be satisfied solely out of
the assets of the Partnership. 
 K. Any obligation or liability whatsoever of the General Partner which may arise at any time
under this Agreement or any other instrument, transaction, or undertaking contemplated hereby shall be satisfied, if at all, out of the assets of the General Partner or the Partnership only. No such obligation or liability shall be personally
binding upon, nor shall resort for the enforcement thereof be had to, any of the General Partner’s directors, stockholders, officers, employees, or agents, regardless of whether such obligation or liability is in the nature of contract, tort or
otherwise. 
 Section 7.8 Liability of the General Partner. 

A. Notwithstanding anything to the contrary set forth in this Agreement, neither the General Partner nor any of its directors or officers
shall be liable or accountable in damages or otherwise to the Partnership, any Partners, or any Assignees for losses sustained, liabilities incurred or benefits not derived as a result of errors in judgment or mistakes of fact or law or of any act
or omission if the General Partner or such director or officer acted in good faith. 
 B. The Limited Partners agree that:
(i) the General Partner is acting for the benefit of the Partnership, the Limited Partners and the General Partner’s stockholders collectively; (ii) the General Partner is under no obligation not to give priority to the separate
interests of the General Partner or the stockholders of the General Partner, and any action or failure to act on the part of the General Partner or its directors that gives priority to the separate interests of the General Partner or its
stockholders that does not result in a violation of the contract rights of the Limited Partners under this Agreement does not violate the duty of loyalty owed by the General Partner to the Partnership and/or its partners; and (iii) the General
Partner shall not be liable to the Partnership or to any Partner for monetary damages for losses sustained, liabilities incurred or benefits not derived by the Partnership or any Limited Partner in connection with such decisions, except for
liability for the General Partner’s intentional harm or gross negligence. 
  

 51 

 C. Subject to its obligations and duties as General Partner set forth in the Act and this
Agreement, the General Partner may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its employees or agents. The General Partner shall not be
responsible for any misconduct or negligence on the part of any such agent appointed by it in good faith. 
 D. Any amendment,
modification or repeal of this Section 7.8 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner’s and its officers’ and directors’ liability to the Partnership
and the Limited Partners under this Section 7.8 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment,
modification or repeal, regardless of when such claims may arise or be asserted. 
 E. Notwithstanding anything herein to the
contrary, except for liability for intentional harm or gross negligence, or pursuant to any express indemnities given to the Partnership by any Partner pursuant to any other written instrument, no Partner shall have any personal liability
whatsoever, to the Partnership or to the other Partners, or for the debts or liabilities of the Partnership or the Partnership’s obligations hereunder, and the full recourse of the other Partner(s) shall be limited to the interest of that
Partner in the Partnership. Without limitation of the foregoing, and except for liability for intentional harm or gross negligence, or pursuant to any such express indemnity, no property or assets of any Partner, other than its interest in the
Partnership, shall be subject to levy, execution or other enforcement procedures for the satisfaction of any judgment (or other judicial process) in favor of any other Partner(s) and arising out of, or in connection with, this Agreement. This
Agreement is executed by the officers of the General Partner solely as officers of the same and not in their own individual capacities. 

F. To the extent that, under applicable law, the General Partner has duties (including fiduciary duties) and liabilities relating thereto
to the Partnership or the Limited Partners, the General Partner shall not be liable to the Partnership or to any other Partner for its good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they
restrict or modify the duties and liabilities of the General Partner under the Act or otherwise existing under applicable law, are agreed by the Partners to replace such other duties and liabilities of such General Partner. 

G. Whenever in this Agreement the General Partner is permitted or required to make a decision in its “sole and absolute
discretion,” “sole discretion” or “discretion” or under a grant of similar authority or latitude, the General Partner shall be entitled to consider only such interests and factors as it desires, including its own interests,
and shall have no duty or obligation to give any consideration to any interest or factors affecting the Partnership or the Partners or any of them, or (ii) in its “good faith” or under another expressed standard, the General Partner
shall act under such express standard and shall not be subject to any other or different standards imposed by this Agreement or any other agreement contemplated herein or by relevant provisions of law or in equity or otherwise. If any question
should arise with respect to the operation of the Partnership, which is not otherwise specifically provided for in this Agreement 

 

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or the Act, or with respect to the interpretation of this Agreement, the General Partner is hereby authorized to make a final determination with respect to any such question and to interpret this
Agreement in such a manner as it shall deem, in its sole discretion, to be fair and equitable, and its determination and interpretations so made shall be final and binding on all parties. The General Partner’s “sole and absolute
discretion,” “sole discretion” and “discretion” under this Agreement shall be exercised in good faith. 

Section 7.9 Other Matters Concerning the General Partner. 

A. The General Partner may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, bond, debenture or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties. 

B. The General Partner may consult with legal counsel, accountants, appraisers, management consultants, investment bankers, architects,
engineers, environmental consultants and other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the opinion of such Persons as to matters that the General Partner reasonably believes to be within
such Person’s professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such opinion. 

C. The General Partner shall have the right, in respect of any of its powers or obligations hereunder, to act through any of its duly
authorized officers or agents and a duly appointed attorney or attorneys-in-fact (including, without limitation, officers and directors of the General Partner). Each such attorney shall, to the extent provided by the General Partner in the power of
attorney, have full power and authority to do and perform all and every act and duty that is permitted or required to be done by the General Partner hereunder. 

D. Notwithstanding any other provision of this Agreement or any non-mandatory provision of the Act, any action of the General Partner on
behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to protect the ability
of the General Partner to continue to qualify as a REIT, (ii) for the General Partner otherwise to satisfy the REIT Requirements, (iii) for the General Partner to avoid incurring any taxes under Code Section 857 or Code
Section 4981, or (iv) for any General Partner Affiliate to continue to qualify as a “qualified REIT subsidiary” (within the meaning of Code Section 856(i)(2)), is expressly authorized under this Agreement and is deemed
approved by all of the Limited Partners. 
 Section 7.10 Title to Partnership Assets. Title to Partnership assets,
whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively with other Partners or Persons, shall have any ownership interest in such
Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or more nominees, as the General Partner may determine, including Affiliates of the
General Partner; provided, that in all cases the General Partner shall use its reasonable efforts to cause beneficial title to such assets to be vested, directly or indirectly, in the Partnership as 

 

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soon as practicable and beneficial to the Partnership and the General Partner; and provided, further, that the General Partner hereby declares and warrants that
(i) any Partnership assets for which legal title is held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner or such nominee or Affiliate for the use and benefit of the
Partnership in accordance with the provisions of this Agreement and (ii) the General Partner shall use its reasonable efforts to cause beneficial title to such assets to be vested, directly or indirectly, in the Partnership as soon as
practicable and beneficial to the Partnership and the General Partner. All Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is
held. 
 Section 7.11 Reliance by Third Parties. Notwithstanding anything to the contrary in this Agreement, any
Person dealing with the Partnership shall be entitled to assume that the General Partner has full power and authority, without the consent or approval of any other Partner, or Person, to encumber, sell or otherwise use in any manner any and all
assets of the Partnership and to enter into any contracts on behalf of the Partnership, and take any and all actions on behalf of the Partnership, and such Person shall be entitled to deal with the General Partner as if it were the
Partnership’s sole party in interest, both legally and beneficially. Each Limited Partner hereby waives any and all defenses or other remedies that may be available against such Person to contest, negate or disaffirm any action of the General
Partner in connection with any such dealing. In no event shall any Person dealing with the General Partner or its representatives be obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the necessity or
expediency of any act or action of the General Partner or its representatives. Each and every certificate, document or other instrument executed on behalf of the Partnership by the General Partner or its representatives shall be conclusive evidence
in favor of any and every Person relying thereon or claiming thereunder that (i) at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full force and effect, (ii) the Person executing
and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Partnership and (iii) such certificate, document or instrument was duly executed and delivered in accordance with the
terms and provisions of this Agreement and is binding upon the Partnership. 
 ARTICLE 8 

RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS 

Section 8.1 Limitation of Liability. No Limited Partner shall have any liability under this Agreement except as expressly
provided in this Agreement (including, without limitation, Section 10.4 hereof) or under the Act. 
 Section 8.2
Management of Business. No Limited Partner or Assignee (other than the General Partner, any of its Affiliates or any officer, director, member, employee, partner, agent or trustee of the General Partner, the Partnership or any of their
Affiliates, in their capacity as such) shall take part in, or have any liability in respect of, the operations, management or control (within the meaning of the Act) of the Partnership’s business, transact any business in the Partnership’s
name or have the power to sign documents for or otherwise bind the Partnership. The transaction of any such business by the General Partner, any of its Affiliates or any officer, director, member, employee, partner, agent, representative, or trustee
of the General Partner, the Partnership or any of their Affiliates, in their capacity as such, shall not affect, impair or eliminate the limitations on the liability of the Limited Partners or Assignees under this Agreement. 

 

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 Section 8.3 Outside Activities of Limited Partners. Subject to any agreements
entered into pursuant to Section 7.6 hereof and any other agreements entered into by a Limited Partner or any of its Affiliates with the General Partner, the Partnership or a Subsidiary (including, without limitation, any employment agreement),
any Limited Partner and any Assignee, officer, director, employee, agent, trustee, Affiliate, member or stockholder of any Limited Partner shall be entitled to and may have business interests and engage in business activities in addition to those
relating to the Partnership, including business interests and activities that are in direct or indirect competition with the Partnership or that are enhanced by the activities of the Partnership. Neither the Partnership nor any Partner shall have
any rights by virtue of this Agreement in any business ventures of any Limited Partner or Assignee. Subject to such agreements, none of the Limited Partners nor any other Person shall have any rights by virtue of this Agreement or the partnership
relationship established hereby in any business ventures of any other Person (other than the General Partner), and such Person shall have no obligation pursuant to this Agreement, subject to Section 7.6 hereof and any other agreements entered
into by a Limited Partner or its Affiliates with the General Partner, the Partnership or a Subsidiary, to offer any interest in any such business ventures to the Partnership, any Limited Partner, or any such other Person, even if such opportunity is
of a character that, if presented to the Partnership, any Limited Partner or such other Person, could be taken by such Person. In deciding whether to take any actions in such capacity, the Limited Partners and their respective Affiliates shall be
under no obligation to consider the separate interests of the Partnership or Subsidiary Entities and to the maximum extent permitted by applicable law shall have no fiduciary duties or similar obligations to the Partnership or any other Partners, or
to any Subsidiary Entities, and shall not be liable for monetary damages for losses sustained, liabilities incurred or benefits not derived by the other Partners in connection with such acts except for liability for intentional harm or gross
negligence. 
 Section 8.4 Return of Capital. Except pursuant to the rights of Common Redemption and Series A
Redemption set forth in Section 15.1 and Section 16.5 hereof, respectively, no Limited Partner shall be entitled to the withdrawal or return of its Capital Contribution, except to the extent of distributions made pursuant to this Agreement
or upon termination of the Partnership as provided herein. Except to the extent provided in Articles 5 and 6 hereof or otherwise expressly provided in this Agreement, no Limited Partner or Assignee shall have priority over any other Limited
Partner or Assignee either as to the return of Capital Contributions or as to profits, losses or distributions. 

Section 8.5 Rights of Limited Partners Relating to the Partnership. 

A. In addition to other rights provided by this Agreement or by the Act, and except as limited by Section 8.5.C hereof, (i) the
General Partner shall deliver to each Limited Partner a copy of any information mailed to all of the common stockholders of the General Partner as soon as practicable after such mailing and (ii) each Limited Partner shall have the right, for a
purpose reasonably related to such Limited Partner’s interest as a limited partner in the Partnership, upon written demand with a statement of the purpose of such demand and at the Partnership’s expense: 

(1) to obtain a copy of the most recent annual and quarterly reports of the General Partner; 

 

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 (2) to obtain a copy of the Partnership’s Federal, state and local income tax returns
for each Partnership Year; 
 (3) to obtain a current list of the name and last known business, residence or mailing address of
each Partner; 
 (4) to obtain a copy of this Agreement and the Certificate and all amendments thereto, together with executed
copies of all powers of attorney pursuant to which this Agreement, the Certificate and all amendments thereto have been executed; and 

(5) to obtain true and full information regarding the amount of cash and a description and statement of any other property or services
contributed by each Partner and which each Partner has agreed to contribute in the future, and the date on which each became a Partner. 

B. The Partnership shall notify any Limited Partner that is a Qualifying Common Party or Qualifying Series A Party, on request, of the
then current Adjustment Factor and any change made to the Adjustment Factor shall be set forth in the quarterly report required by Section 9.3.B hereof immediately following the date such change becomes effective. 

C. Notwithstanding any other provision of this Section 8.5, the General Partner may keep confidential from the Limited Partners (or
any of them), for such period of time as the General Partner determines in its sole and absolute discretion to be reasonable, any information that (i) the General Partner believes to be in the nature of trade secrets or other information the
disclosure of which the General Partner in good faith believes is not in the best interests of the Partnership or the General Partner or (ii) the Partnership or the General Partner is required by law or by agreement to keep confidential.

 D. Upon written request by any Limited Partner, the General Partner shall cause the ownership of Partnership Units by such
Limited Partner to be evidenced by a certificate for units substantially the form as the General Partner may determine with respect to any class of Partnership Units issued from time to time under this Agreement. Any officer of the General Partner
may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued by the Partnership alleged to have been lost, destroyed, stolen or mutilated, upon the making of an affidavit of that fact by
the person claiming the certificate to be lost, destroyed, stolen or mutilated. Unless otherwise determined by an officer of the General Partner, the owner of such lost, destroyed, stolen or mutilated certificate or certificates, or his or her legal
representative, shall be required, as a condition precedent to the issuance of a new certificate or certificates, to give the Partnership a bond in such sums as the General Partner may direct as indemnity against any claim that may be made against
the Partnership. 
 Section 8.6 Partnership Right to Call Limited Partner Interests. Notwithstanding any other
provision of this Agreement, on and after the date on which the aggregate Percentage Interests of the Limited Partners are less than one percent (1%) (treating Series A Preferred Units as converted to Common Units), the Partnership shall have
the right, but not the obligation, from 
  

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time to time and at any time to redeem any and all outstanding Limited Partner Interests by treating any Limited Partner as a Common Tendering Party or Series A Tendering Party, as applicable,
who has delivered a Common Unit Notice of Redemption or Series A Notice of Redemption for the amount of Common Units or Series A Preferred Units to be specified by the General Partner, in its sole and absolute discretion, by notice to such Limited
Partner that the Partnership has elected to exercise its rights under this Section 8.6. Such notice given by the General Partner to a Limited Partner pursuant to this Section 8.6 shall be treated as if it were a Common Unit Notice of
Redemption or Series A Unit Notice Redemption delivered to the General Partner by such Limited Partner. For purposes of this Section 8.6, (a) any Limited Partner (whether or not otherwise a Qualifying Common Party or Qualifying Series A
Party) may, in the General Partner’s sole and absolute discretion, be treated as a Qualifying Common Party or Qualifying Series A Party that is a Common Tendering Party or Series A Tendering Party, as applicable, and (b) the provisions of
Sections 15.1.F(2), 15.1.F(3), 16.5.A(7)(ii) and 16.5.A(7)(iii) hereof shall not apply, but the remainder of Section 15.1 or 16.5 hereof shall apply, mutatis mutandis. 

Section 8.7 Rights as Objecting Partner No Limited Partner and no Holder of a Partnership Interest shall be entitled to
exercise any of the rights of an objecting stockholder provided for under Title 3, Subtitle 2 of the Maryland General Corporation Law or any successor statute in connection with a merger of the Partnership. 

ARTICLE 9 

BOOKS, RECORDS, ACCOUNTING AND REPORTS 

Section 9.1 Records and Accounting. 

A. The General Partner shall keep or cause to be kept at the principal place of business of the Partnership any records and documents
required to be maintained by the Act and other books and records deemed by the General Partner to be appropriate with respect to the Partnership’s business, including, without limitation, all books and records necessary to provide to the
Limited Partners any information, lists and copies of documents required to be provided pursuant to Section 8.5.A, Section 9.3 or Article 13 hereof. Any records maintained by or on behalf of the Partnership in the regular course of
its business may be kept on any information storage device, provided, that the records so maintained are convertible into clearly legible written form within a reasonable period of time. 

B. The books of the Partnership shall be maintained, for financial and tax reporting purposes, on an accrual basis in accordance with
generally accepted accounting principles, or on such other basis as the General Partner determines to be necessary or appropriate. To the extent permitted by sound accounting practices and principles, the Partnership and the General Partner may
operate with integrated or consolidated accounting records, operations and principles. 
 Section 9.2 Partnership
Year. For purposes of this Agreement, “Partnership Year” means the fiscal year of the Partnership, which shall be the calendar year unless otherwise required by the Code. 

 

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 Section 9.3 Reports. 

A. As soon as practicable, but in no event later than one hundred five (105) days after the close of each Partnership Year, the
General Partner shall cause to be mailed to each Limited Partner of record as of the close of the Partnership Year, financial statements of the Partnership, or of the General Partner if such statements are prepared solely on a consolidated basis
with the General Partner, for such Partnership Year, presented in accordance with generally accepted accounting principles, such statements to be audited by a nationally recognized firm of independent public accountants selected by the General
Partner. 
 B. As soon as practicable, but in no event later than sixty (60) days after the close of each calendar quarter
(except the last calendar quarter of each year), the General Partner shall cause to be mailed to each Limited Partner of record as of the last day of the calendar quarter, a report containing unaudited financial statements of the Partnership for
such calendar quarter, or of the General Partner if such statements are prepared solely on a consolidated basis with the General Partner, and such other information as may be required by applicable law or regulation or as the General Partner
determines to be appropriate. 
 C. The General Partner shall have satisfied its obligations under Section 9.3.A and
Section 9.3.B by posting or making available the reports required by this Section 9.3 on the website maintained from time to time by the Partnership or the General Partner, provided, that such reports are able to be printed
or downloaded from such website. 
 D. At the request of any Limited Partner, the General Partner shall provide access to the
books, records and workpapers upon which the reports required by this Section 9.3 are based, to the extent required by the Act. 

ARTICLE 10 

TAX MATTERS 

Section 10.1 Preparation of Tax Returns. The General Partner shall arrange for the preparation and timely filing of all
returns with respect to Partnership income, gains, deductions, losses and other items required of the Partnership for Federal and state income tax purposes and shall use all reasonable efforts to furnish, within ninety (90) days of the close of
each taxable year, the tax information reasonably required by Limited Partners for Federal and state income tax and any other tax reporting purposes. The Limited Partners shall promptly provide the General Partner with such information relating to
the Contributed Properties as is readily available to the Limited Partners, including tax basis and other relevant information, as may be reasonably requested by the General Partner from time to time. 

Section 10.2 Tax Elections. Except as otherwise provided herein, the General Partner shall, in its sole and absolute
discretion, determine whether to make any available election pursuant to the Code, including, but not limited to, the election under Code Section 754. The General Partner shall have the right to seek to revoke any such election (including,
without limitation, any election under Code Section 754) upon the General Partner’s determination in its sole and absolute discretion that such revocation is in the best interests of the Partners. 

 

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 Section 10.3 Tax Matters Partner. 

A. The General Partner shall be the “tax matters partner” of the Partnership for Federal income tax purposes. The tax matters
partner shall receive no compensation for its services. All third-party costs and expenses incurred by the tax matters partner in performing its duties as such (including legal and accounting fees and expenses) shall be borne by the Partnership in
addition to any reimbursement pursuant to Section 7.4 hereof. Nothing herein shall be construed to restrict the Partnership from engaging an accounting firm to assist the tax matters partner in discharging its duties hereunder. 

B. The tax matters partner is authorized, but not required: 

(1) to enter into any settlement with the IRS with respect to any administrative or judicial proceedings for the adjustment of
Partnership items required to be taken into account by a Partner for income tax purposes (such administrative proceedings being referred to as a “tax audit” and such judicial proceedings being referred to as “judicial review”),
and in the settlement agreement the tax matters partner may expressly state that such agreement shall bind all Partners, except that such settlement agreement shall not bind any Partner (i) who (within the time prescribed pursuant to the Code
and Regulations) files a statement with the IRS providing that the tax matters partner shall not have the authority to enter into a settlement agreement on behalf of such Partner (as the case may be) or (ii) who is a “notice partner”
(as defined in Code Section 6231) or a member of a “notice group” (as defined in Code Section 6223(b)(2)); 

(2) in the event that a notice of a final administrative adjustment at the Partnership level of any item required to be taken into
account by a Partner for tax purposes (a “Final Adjustment”) is mailed to the tax matters partner, to seek judicial review of such Final Adjustment, including the filing of a petition for readjustment with the United States
Tax Court or the United States Claims Court, or the filing of a complaint for refund with the District Court of the United States for the district in which the Partnership’s principal place of business is located; 

(3) to intervene in any action brought by any other Partner for judicial review of a Final Adjustment; 

(4) to file a request for an administrative adjustment with the IRS at any time and, if any part of such request is not allowed by the
IRS, to file an appropriate pleading (petition or complaint) for judicial review with respect to such request; 
 (5) to enter
into an agreement with the IRS to extend the period for assessing any tax that is attributable to any item required to be taken into account by a Partner for tax purposes, or an item affected by such item; and 

(6) to take any other action on behalf of the Partners or any of them in connection with any tax audit or judicial review proceeding to
the extent permitted by applicable law or regulations. 
  

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 The taking of any action and the incurring of any expense by the tax matters partner in connection with any
such proceeding, except to the extent required by law, is a matter in the sole and absolute discretion of the tax matters partner and the provisions relating to indemnification of the General Partner set forth in Section 7.7 hereof shall be
fully applicable to the tax matters partner in its capacity as such. 
 Section 10.4 Withholding. Each Limited
Partner hereby authorizes the Partnership to withhold from or pay on behalf of or with respect to such Limited Partner any amount of Federal, state, local or foreign taxes that the General Partner determines the Partnership is required to withhold
or pay with respect to any amount distributable or allocable to such Limited Partner pursuant to this Agreement, including, without limitation, any taxes required to be withheld or paid by the Partnership pursuant to Code Section 1441, Code
Section 1442, Code Section 1445 or Code Section 1446. Any amount withheld with respect to a Limited Partner pursuant to this Section 10.4 shall be treated as paid or distributed, as applicable, to such Limited Partner for all
purposes under this Agreement. Any amount paid on behalf of or with respect to a Limited Partner, in excess of any such withheld amount, shall constitute a loan by the Partnership to such Limited Partner, which loan shall be repaid by such Limited
Partner within thirty (30) days after the affected Limited Partner receives written notice from the General Partner that such payment must be made; provided, that the Limited Partner shall not be required to repay such deemed loan
if either (i) the Partnership withholds such payment from a distribution that would otherwise be made to the Limited Partner or (ii) the General Partner determines, in its sole and absolute discretion, that such payment may be satisfied
out of the Available Cash of the Partnership that would, but for such payment, be distributed to the Limited Partner. Any amounts payable by a Limited Partner hereunder shall bear interest at the base rate on corporate loans at large United States
money center commercial banks, as published from time to time in the Wall Street Journal (but not higher than the maximum lawful rate) from the date such amount is due (i.e., thirty (30) days after the Limited Partner receives written notice of
such amount) until such amount is paid in full. 
 Section 10.5 Organizational Expenses. The General Partner may
cause the Partnership to elect to deduct expenses, if any, incurred by it in organizing the Partnership ratably over a 180-month period as provided in Section 709 of the Code. 

ARTICLE 11 

PARTNER TRANSFERS AND WITHDRAWALS 

Section 11.1 Transfer. 

A. No part of the interest of a Partner shall be subject to the claims of any creditor, to any spouse for alimony or support, or to legal
process, and may not be voluntarily or involuntarily alienated or encumbered except as may be specifically provided for in this Agreement. 

B. No Partnership Interest shall be Transferred, in whole or in part, except in accordance with the terms and conditions set forth in
this Article 11. Any Transfer or purported Transfer of a Partnership Interest not made in accordance with this Article 11 shall be null and void ab initio. 

 

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 C. No Transfer of any Partnership Interest may be made to a lender to the Partnership or any
Person who is related (within the meaning of Section 1.752-4(b) of the Regulations) to any lender to the Partnership whose loan constitutes a Nonrecourse Liability, without the consent of the General Partner in its sole and absolute
discretion; provided, however, that as a condition to such consent, the lender may be required to enter into an arrangement with the Partnership and the General Partner to redeem or exchange for the Common Unit REIT
Shares Amount or Series A REIT Shares Amount, as applicable, any Partnership Units in which a security interest is held by such lender simultaneously with the time at which such lender would be deemed to be a partner in the Partnership for purposes
of allocating liabilities to such lender under Section 752 of the Code (provided, that for purpose of calculating the Common Unit REIT Shares Amount or Series A REIT Shares Amount, as applicable, in this Section 11.1.C,
“Tendered Common Units” or “Tendered Series A Units,” as applicable, shall mean all such Partnership Units in which a security interest is held by such lender). 

Section 11.2 Transfer of General Partner’s Partnership Interest. 

A. Except as provided in this Section 11.2 and subject to Section 16.7 below and the rights of any Holder of any Partnership
Interest set forth in a Partnership Unit Designation, the General Partner shall not voluntarily withdraw from the Partnership and shall not Transfer all or any portion of its interest in the Partnership (whether by sale, disposition, statutory
merger or consolidation, liquidation or otherwise) without the Consent of the Common Limited Partners, which may be given or withheld by each such Common Limited Partner in its sole and absolute discretion. It is a condition to any Transfer of a
Partnership Interest of a General Partner otherwise permitted hereunder (including any Transfer permitted pursuant to Section 11.2.B) that: (i) the transferee is admitted as a General Partner pursuant to Section 12.1 hereof;
(ii) the transferee assumes, by operation of law or express agreement, all of the obligations of the transferor General Partner under this Agreement with respect to such Transferred Partnership Interest; and (iii) the transferee has
executed such instruments as may be necessary to effectuate such admission and to confirm the agreement of such transferee to be bound by all the terms and provisions of this Agreement with respect to the Partnership Interest so acquired and the
admission of such transferee as a General Partner. 
 B. Certain Transactions of the General Partner. Subject to
Section 16.7 below and the rights of any Holder of any Partnership Interest set forth in a Partnership Unit Designation, the General Partner may not (a) merge, consolidate or otherwise combine its assets with another entity, (b) sell
all or substantially all of its assets not in the ordinary course of the Partnership’s business or (c) reclassify, recapitalize or change any outstanding shares of the General Partner’s stock or other outstanding equity interests
other than in connection with a stock split, reverse stock split, stock dividend change in par value, increase in authorized shares, designation or issuance of new classes of equity securities or any event that does not require the approval of the
General Partner’s stockholders (each, a “Termination Transaction”) unless: 
 (i) the Termination
Transaction has been approved by the Consent of the Partners and, in connection with such Termination Transaction, all of the Common Limited Partners will receive, or will have the right to elect to receive, for each Partnership Unit an amount of
cash, securities or other property equal to the product of the Adjustment Factor and the greatest amount of cash, securities or other property paid to a holder of one REIT Share in 

 

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consideration of one REIT Share pursuant to the terms of such Termination Transaction; provided, that if, in connection with such Termination Transaction, a purchase, tender or
exchange offer shall have been made to and accepted by the holders of the outstanding REIT Shares, each holder of Partnership Units shall receive, or shall have the right to elect to receive, the greatest amount of cash, securities or other property
which such holder of Partnership Units would have received had it exercised its right to redemption pursuant to Article 15 hereof and received REIT Shares in exchange for its Partnership Units immediately prior to the expiration of such
purchase, tender or exchange offer and had thereupon accepted such purchase, tender or exchange offer and then such Termination Transaction shall have been consummated; or 

(ii) all of the following conditions are met: (w) substantially all of the assets directly or indirectly owned by the surviving
entity are owned directly or indirectly by the Partnership or another limited partnership or limited liability company which is the survivor of a merger, consolidation or combination of assets with the Partnership (in each case, the
“Surviving Partnership”); (x) the Common Limited Partners own a percentage interest of the Surviving Partnership based on the relative fair market value of the net assets of the Partnership and the other net assets of
the Surviving Partnership immediately prior to the consummation of such transaction; (y) the rights, preferences and privileges of Common Limited Partners in the Surviving Partnership are at least as favorable as those in effect immediately
prior to the consummation of such transaction and as those applicable to any other limited partners or non-managing members of the Surviving Partnership (other than the Series A Limited Partners or holders of other Preferred Units); and (z) the
rights of the Common Limited Partners include at least one of the following: (a) the right to redeem their interests in the Surviving Partnership for the consideration available to such persons pursuant to Section 11.2.B(i) or (b) the
right to redeem their interests in the Surviving Partnership for cash on terms equivalent to those in effect with respect to their Common Units immediately prior to the consummation of such transaction, or, if the ultimate controlling person of the
Surviving Partnership has publicly traded common equity securities, such common equity securities, with an exchange ratio based on the determination of relative fair market value of such securities and the REIT Shares. 

C. In connection with any transaction permitted by Section 11.2.B hereof, the relative fair market values shall be reasonably
determined by the General Partner as of the time of such transaction and, to the extent applicable, shall be no less favorable to the Limited Partners than the relative values reflected in the terms of such transaction. 

Section 11.3 Limited Partners’ Rights to Transfer. 

A. General. Prior to the end of the first Fourteen-Month Period, no Limited Partner shall Transfer all or any portion of its
Partnership Interest to any transferee without the consent of the General Partner, which consent may be withheld in its sole and absolute discretion; provided, however, that any Limited Partner may, at any time, without
the consent of the General Partner, (i) Transfer all or part of its Partnership Interest to any Family Member, any Charity, any Controlled Entity or any Affiliate, or, in the case of an Original Limited Partner, to such Original Limited
Partner’s shareholders, members, partners or beneficiaries, as the case may be, or (ii) pledge (a “Pledge”) all or any portion of its Partnership Interest to a lending institution that is not an Affiliate of such
Limited Partner as collateral or security for a bona fide loan or other extension of credit, and, except as provided in Section 11.1.C, Transfer such pledged 

 

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Partnership Interest to such lending institution in connection with the exercise of remedies under such loan or extension of credit (any Transfer or Pledge permitted by this proviso is
hereinafter referred to as a “Permitted Transfer”). After such first Fourteen-Month Period, each Limited Partner, and each transferee of Partnership Units or Assignee pursuant to a Permitted Transfer, shall have the right to
Transfer all or any portion of its Partnership Interest to any Person without the consent of the General Partner, subject to the provisions of Sections 11.1.C and 11.4 hereof and to satisfaction of each of the following conditions (in addition
to the right of such Limited Partner or permitted transferee thereof to continue to make Permitted Transfers without the need to satisfy clauses (i) through (v) below): 

(i) General Partner Right of First Refusal. The transferring Partner (or the Partner’s estate in the event of the
Partner’s death) shall give written notice of the proposed Transfer to the General Partner, which notice shall state (i) the identity and address of the proposed transferee and (ii) the amount and type of consideration proposed to be
received for the Transferred Partnership Units. The General Partner shall have ten (10) Business Days upon which to give the Transferring Partner notice of its election to acquire the Partnership Units on the terms set forth in such notice. If
it so elects, it shall purchase the Partnership Units on such terms within ten (10) Business Days after giving notice of such election; provided, however, that such closing may be deferred for up to forty-five
(45) days to the extent necessary to effect compliance with the Hart-Scott-Rodino Antitrust Act, if applicable, and any other applicable requirements of law. If it does not so elect, the Transferring Partner may Transfer such Partnership Units
to a third party, on terms no more favorable to the transferee than the proposed terms, subject to the other conditions of this Section 11.3. 

(ii) Qualified Transferee. Any Transfer of a Partnership Interest shall be made only to a Qualified Transferee. 

(iii) Opinion of Counsel. The Transferor shall deliver or cause to be delivered to the General Partner an opinion of counsel
reasonably satisfactory to it to the effect that the proposed Transfer may be effected without registration under the Securities Act and will not otherwise violate the registration provisions of the Securities Act and the regulations promulgated
thereunder or violate any state securities laws or regulations applicable to the Partnership or the Partnership Interests Transferred; provided, however, that the General Partner may, in its sole discretion, waive this
condition upon the request of the Transferor. If, in the opinion of such counsel, such Transfer would require the filing of a registration statement under the Securities Act or would otherwise violate any Federal or state securities laws or
regulations applicable to the Partnership or the Partnership Units, the General Partner may prohibit any Transfer otherwise permitted under this Section 11.3 by a Limited Partner of Partnership Interests. 

(iv) Minimum Transfer Restriction. Any Transferring Partner must Transfer not less than the lesser of (i) five hundred
(500) Partnership Units or (ii) all of the remaining Partnership Units owned by such Transferring Partner, unless, in each case, otherwise agreed to by the General Partner in its sole and absolute discretion; provided,
however, that, for purposes of determining compliance with the foregoing restriction, all Partnership Units owned by Affiliates of a Limited Partner shall be considered to be owned by such Limited Partner. 

 

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 (v) Exception for Permitted Transfers. The conditions of
Sections 11.3.A(i) through 11.3.A(iv) hereof shall not apply in the case of a Permitted Transfer. 
 It is a condition to any Transfer
otherwise permitted hereunder (whether or not such Transfer is a Permitted Transfer or effected during or after the first Fourteen-Month Period) that the transferee assumes by operation of law or express agreement all of the obligations of the
transferor Limited Partner under this Agreement with respect to such Transferred Partnership Interest, and no such Transfer (other than pursuant to a statutory merger or consolidation wherein all obligations and liabilities of the transferor Partner
are assumed by a successor corporation by operation of law) shall relieve the transferor Partner of its obligations under this Agreement without the approval of the General Partner, in its sole and absolute discretion. Notwithstanding the foregoing,
any transferee of any Transferred Partnership Interest shall be subject to any and all restrictions on ownership or transfer of stock of the General Partner contained in the Charter that may limit or restrict such transferee’s ability to
exercise its redemption rights, including, without limitation, the Ownership Limit. Any transferee, whether or not admitted as a Substituted Limited Partner, shall take subject to the obligations of the transferor hereunder. Unless admitted as a
Substituted Limited Partner, no transferee, whether by a voluntary Transfer, by operation of law or otherwise, shall have any rights hereunder, other than the rights of an Assignee as provided in Section 11.5 hereof. 

B. Incapacity. If a Limited Partner is subject to Incapacity, the executor, administrator, trustee, committee, guardian,
conservator or receiver of such Limited Partner’s estate shall have all the rights of a Limited Partner, but not more rights than those enjoyed by other Limited Partners, for the purpose of settling or managing the estate, and such power as the
Incapacitated Limited Partner possessed to Transfer all or any part of its interest in the Partnership. The Incapacity of a Limited Partner, in and of itself, shall not dissolve or terminate the Partnership. 

C. Adverse Tax Consequences. Notwithstanding anything to the contrary in this Agreement, the General Partner shall have the
authority (but shall not be required) to take any steps it determines are necessary or appropriate in its sole and absolute discretion to prevent the Partnership from being taxable as a corporation for Federal income tax purposes. In furtherance of
the foregoing, except with the consent of the General Partner, which may be given or withheld in its sole and absolute discretion, no Transfer by a Limited Partner of its Partnership Interests (including any redemption, any other acquisition of
Partnership Units by the General Partner or any acquisition of Partnership Units by the Partnership) may be made to or by any Person if such Transfer could (i) result in the Partnership being treated as an association taxable as a corporation;
(ii) result in a termination of the Partnership under Code Section 708; (iii) be treated as effectuated through an “established securities market” or a “secondary market (or the substantial equivalent thereof)”
within the meaning of Code Section 7704 and the Regulations promulgated thereunder, or (iv) result in the Partnership being unable to qualify for one or more of the “safe harbors” set forth in Regulations Section 1.7704-1
(or such other guidance subsequently published by the IRS setting forth safe harbors under which interests will not be treated as “readily tradable on a secondary market (or the substantial equivalent thereof)” within the meaning of
Section 7704 of the Code) (the “Safe Harbors”). 
  

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 D. Restrictions Not Applicable to Redemptions or Conversions. The provisions of this
Section 11.3 (other than Section 11.3.C) shall not apply to the redemption of Common Units pursuant to Section 15.1, the redemption or conversion of Series A Units pursuant to Section 16.5 or 16.6 or the redemption or conversion
of any other Partnership Units pursuant to the terms of any Partnership Unit Designation. 
 Section 11.4 Admission of
Substituted Limited Partners. 
 A. No Limited Partner shall have the right to substitute a transferee (including any
transferees pursuant to Transfers permitted by Section 11.3 hereof) as a Limited Partner in its place. A transferee of the Partnership Interest of a Limited Partner may be admitted as a Substituted Limited Partner only with the consent of the
General Partner, which consent may be given or withheld by the General Partner in its sole and absolute discretion. The failure or refusal by the General Partner to permit a transferee of any such interests to become a Substituted Limited Partner
shall not give rise to any cause of action against the Partnership or the General Partner. Subject to the foregoing, an Assignee shall not be admitted as a Substituted Limited Partner until and unless it furnishes to the General Partner
(i) evidence of acceptance, in form and substance satisfactory to the General Partner, of all the terms, conditions and applicable obligations of this Agreement, (ii) a counterpart signature page to this Agreement executed by such Assignee
and (iii) such other documents and instruments as may be required or advisable, in the sole and absolute discretion of the General Partner, to effect such Assignee’s admission as a Substituted Limited Partner. 

B. Concurrently with, and as evidence of, the admission of a Substituted Limited Partner, the General Partner shall amend Exhibit
A and the books and records of the Partnership to reflect the name, address and number and class and/or series of Partnership Units of such Substituted Limited Partner and to eliminate or adjust, if necessary, the name, address and number of
Partnership Units of the predecessor of such Substituted Limited Partner. 
 C. A transferee who has been admitted as a
Substituted Common Limited Partner in accordance with this Article 11 shall have all the rights and powers and be subject to all the restrictions and liabilities of a Common Limited Partner under this Agreement. 

D. A transferee who has been admitted as a Substituted Series A Limited Partner in accordance with this Article 11 shall have all
the rights and powers and be subject to all the restrictions and liabilities of a Series A Limited Partner under this Agreement. 

Section 11.5 Assignees. If the General Partner, in its sole and absolute discretion, does not consent to the admission of any
permitted transferee under Section 11.3 hereof as a Substituted Limited Partner, as described in Section 11.4 hereof, or in the event that any Interest is deemed to be Transferred notwithstanding the restrictions set forth in this Article
11, such transferee shall be considered an Assignee for purposes of this Agreement. An Assignee shall be entitled to all the rights of an assignee of a limited partnership interest under the Act, including the right to receive distributions from the
Partnership and the share of Net Income, Net Losses and other items of income, gain, loss, deduction and credit of the Partnership attributable to the Partnership Units assigned to such transferee and the rights to Transfer the Partnership Units
provided in this Article 11, but shall not be deemed to be a holder of Partnership Units for any 
  

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other purpose under this Agreement (other than as expressly provided in Section 15.1, Section 16.5 and Section 16.6 hereof), and shall not be entitled to effect a Consent or vote
with respect to such Partnership Units on any matter presented to the Limited Partners for approval (such right to Consent or vote, to the extent provided in this Agreement or under the Act, fully remaining with the transferor Limited Partner). In
the event that any such transferee desires to make a further Transfer of any such Partnership Units, such Transfer shall be subject to all the provisions of this Article 11 to the same extent and in the same manner as any Limited Partner
desiring to make a Transfer of Partnership Units. 
 Section 11.6 General Provisions. 

A. No Limited Partner may withdraw from the Partnership other than as a result of (i) a permitted Transfer of all of such Limited
Partner’s Partnership Units in accordance with this Article 11, with respect to which the transferee becomes a Substituted Limited Partner, or (ii) pursuant to a redemption (or acquisition by the General Partner) of all of its
Partnership Units pursuant to a redemption under Section 15.1 hereof and/or pursuant to any Partnership Unit Designation. 

B. Any Limited Partner who shall Transfer all of its Partnership Units in a Transfer (i) permitted pursuant to this Article 11
where such transferee was admitted as a Substituted Limited Partner, (ii) pursuant to the exercise of its rights to effect a redemption of all of its Partnership Units pursuant to Sections 15.1 or 16.5 hereof and/or pursuant to any
Partnership Unit Designation or (iii) to the General Partner, whether or not pursuant to Section 15.1.B hereof, shall cease to be a Limited Partner. 

C. If any Partnership Unit is Transferred in compliance with the provisions of this Article 11, or is redeemed by the Partnership,
or acquired by the General Partner pursuant to Section 15.1 or 16.5 hereof, on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items of income, gain, loss, deduction and
credit attributable to such Partnership Unit for such Partnership Year shall be allocated to the transferor Partner, the Common Tendering Party or the Series A Tendering Party (as the case may be) and, in the case of a Transfer other than a
redemption, to the transferee Partner, by taking into account their varying interests during the Partnership Year in accordance with Code Section 706(d), using the “interim closing of the books” method or another permissible method
selected by the General Partner. Solely for purposes of making such allocations, unless the General Partner decides to use another method permitted under the Code, each of such items for the calendar month in which a Transfer occurs shall be
allocated to the transferee Partner and none of such items for the calendar month in which a Transfer or a redemption occurs shall be allocated to the transferor Partner, or the Common Tendering Party or Series A Tendering Party (as the case may
be), if such Transfer occurs on or before the fifteenth (15th) day of the month, otherwise such items shall be allocated to the transferor. All distributions of Available Cash attributable to such Partnership Unit with respect to which the
Partnership Record Date is before the date of such Transfer, assignment or redemption shall be made to the transferor Partner or the Common Tendering Party or Series A Tendering Party (as the case may be) and, in the case of a Transfer other than a
redemption, all distributions of Available Cash thereafter attributable to such Partnership Unit shall be made to the transferee Partner. 
  

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 D. Notwithstanding anything to the contrary in this Agreement and in addition to any other
restrictions on Transfer herein contained, in no event may any Transfer of a Partnership Interest by any Partner (including any redemption, any acquisition of Partnership Units by the General Partner or any other acquisition of Partnership Units by
the Partnership) be made: (i) to any person or entity who lacks the legal right, power or capacity to own a Partnership Interest; (ii) in violation of applicable law; (iii) except with the consent of the General Partner, which may be
given or withheld in its sole and absolute discretion, of any component portion of a Partnership Interest, such as the Capital Account, or rights to distributions, separate and apart from all other components of a Partnership Interest; (iv) in
the event that such Transfer could cause either the General Partner or any General Partner Affiliate to cease to comply with the REIT Requirements or to cease to qualify as a “qualified REIT subsidiary” (within the meaning of Code
Section 856(i)(2)); (v) except with the consent of the General Partner, which may be given or withheld in its sole and absolute discretion, if such Transfer could, based on the advice of counsel to the Partnership or the General Partner,
cause a termination of the Partnership for Federal or state income tax purposes (except as a result of the redemption (or acquisition by the General Partner) of all Partnership Units held by all Limited Partners); (vi) if such Transfer could,
based on the advice of legal counsel to the Partnership, cause the Partnership to cease to be classified as a partnership for Federal income tax purposes (except as a result of the redemption (or acquisition by the General Partner) of all
Partnership Units held by all Limited Partners); (vii) if such Transfer would cause the Partnership to become, with respect to any employee benefit plan subject to Title I of ERISA, a “party-in-interest” (as defined in ERISA
Section 3(14)) or a “disqualified person” (as defined in Code Section 4975(c)); (viii) if such Transfer could, based on the advice of counsel to the Partnership or the General Partner, cause any portion of the assets of the
Partnership to constitute assets of any employee benefit plan pursuant to Department of Labor Regulations Section 2510.3-101; (ix) if such Transfer requires the registration of such Partnership Interest pursuant to any applicable Federal
or state securities laws; (x) except with the consent of the General Partner, which may be given or withheld in its sole and absolute discretion, if such Transfer (1) could be treated as effectuated through an “established securities
market” or a “secondary market” (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code and the Regulations promulgated thereunder, (2) could cause the Partnership to become a “publicly
traded partnership,” as such term is defined in Sections 469(k)(2) or 7704(b) of the Code, (3) could be in violation of Section 3.4.C(iii), or (4) could cause the Partnership to fail one or more of the Safe Harbors;
(xi) if such Transfer causes the Partnership (as opposed to the General Partner) to become a reporting company under the Exchange Act; or (xii) if such Transfer subjects the Partnership to regulation under the Investment Company Act of
1940, the Investment Advisors Act of 1940 or ERISA, each as amended. 
 E. Transfers pursuant to this Article 11 may only
be made on the first day of a fiscal quarter of the Partnership, unless the General Partner otherwise agrees. 
 ARTICLE 12

 ADMISSION OF PARTNERS 

Section 12.1 Admission of Successor General Partner. A successor to all of the General Partner’s General Partner
Interest pursuant to Section 11.2 hereof who is proposed to be admitted as a successor General Partner shall be admitted to the Partnership as the General 
  

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Partner, effective immediately upon such Transfer. Any such successor shall carry on the business of the Partnership without dissolution. In each case, the admission shall be subject to the
successor General Partner executing and delivering to the Partnership an acceptance of all of the terms and conditions of this Agreement and such other documents or instruments as may be required to effect the admission. Upon any such Transfer, the
transferee shall become the successor General Partner for all purposes herein, and shall be vested with the powers and rights of the transferor General Partner, and shall be liable for all obligations and responsible for all duties of the General
Partner. Upon any such Transfer and the admission of any such transferee as a successor General Partner, the transferor shall be relieved of its obligations under this Agreement and shall cease to be a general partner of the Partnership without the
separate Consent of the Common Limited Partners or the consent or approval of any other Partners. Concurrently with, and as evidence of, the admission of such a successor General Partner, the General Partner shall amend Exhibit A and the
books and records of the Partnership to reflect the name, address and number and class and/or series of Partnership Units of such successor General Partner. 

Section 12.2 Admission of Additional Limited Partners. 

A. After the admission to the Partnership of the Original Limited Partners, a Person (other than an existing Partner) who makes a Capital
Contribution to the Partnership in exchange for Partnership Units and in accordance with this Agreement shall be admitted to the Partnership as an Additional Limited Partner only upon furnishing to the General Partner (i) evidence of
acceptance, in form and substance satisfactory to the General Partner, of all of the terms and conditions of this Agreement, including, without limitation, the power of attorney granted in Section 2.4 hereof, (ii) a counterpart signature
page to this Agreement executed by such Person and (iii) such other documents or instruments as may be required in the sole and absolute discretion of the General Partner in order to effect such Person’s admission as an Additional Limited
Partner. Concurrently with, and as evidence of, the admission of an Additional Limited Partner, the General Partner shall amend Exhibit A and the books and records of the Partnership to reflect the name, address and number and class and/or
series of Partnership Units of such Additional Limited Partner. 
 B. Notwithstanding anything to the contrary in this
Section 12.2, no Person shall be admitted as an Additional Limited Partner without the consent of the General Partner, which consent may be given or withheld in the General Partner’s sole and absolute discretion. The admission of any
Person as an Additional Limited Partner shall become effective on the date upon which the name of such Person is recorded on the books and records of the Partnership, following the consent of the General Partner to such admission and the
satisfaction of all the conditions set forth in Section 12.2.A. 
 C. If any Additional Limited Partner is admitted to the
Partnership on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items of income, gain, loss, deduction and credit allocable among Holders for such Partnership Year shall be
allocated among such Additional Limited Partner and all other Holders by taking into account their varying interests during the Partnership Year in accordance with Code Section 706(d), using the “interim closing of the books” method
or another permissible method selected by the General Partner. Solely for purposes of making such allocations, each of 

 

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such items for the calendar month in which an admission of any Additional Limited Partner occurs shall be allocated among all the Holders including such Additional Limited Partner, in accordance
with the principles described in Section 11.6.C hereof. All distributions of Available Cash with respect to which the Partnership Record Date is before the date of such admission shall be made solely to Partners and Assignees other than the
Additional Limited Partner, and all distributions of Available Cash thereafter shall be made to all the Partners and Assignees including such Additional Limited Partner. 

D. Any Additional Limited Partner admitted to the Partnership that is an Affiliate of the General Partner shall be deemed to be a
“General Partner Affiliate” hereunder and shall be reflected as such on Exhibit A and the books and records of the Partnership. 

Section 12.3 Amendment of Agreement and Certificate of Limited Partnership. For the admission to the Partnership of any
Partner, the General Partner shall take all steps necessary and appropriate under the Act to amend the records of the Partnership and, if necessary, to prepare as soon as practical an amendment of this Agreement (including an amendment of Exhibit
A) and, if required by law, shall prepare and file an amendment to the Certificate and may for this purpose exercise the power of attorney granted pursuant to Section 2.4 hereof. 

Section 12.4 Limit on Number of Partners. Unless otherwise permitted by the General Partner in its sole and absolute
discretion, no Person shall be admitted to the Partnership as an Additional Limited Partner if the effect of such admission would be to cause the Partnership to have a number of Partners that would cause the Partnership to become a reporting company
under the Exchange Act. 
 Section 12.5 Admission. A Person shall be admitted to the Partnership as a limited
partner of the Partnership or a general partner of the Partnership only upon strict compliance, and not upon substantial compliance, with the requirements set forth in this Agreement for admission to the Partnership as a Limited Partner or a General
Partner. 
 ARTICLE 13 

DISSOLUTION, LIQUIDATION AND TERMINATION 

Section 13.1 Dissolution. The Partnership shall not be dissolved by the admission of Substituted Limited Partners or
Additional Limited Partners, or by the admission of a successor General Partner in accordance with the terms of this Agreement. Upon the withdrawal of the General Partner, any successor General Partner shall continue the business of the Partnership
without dissolution. However, the Partnership shall dissolve, and its affairs shall be wound up, upon the first to occur of any of the following (each a “Liquidating Event”): 

A. an event of withdrawal as defined in Section 10-402(2) – (9) of the Act (including, without limitation, bankruptcy), or
the withdrawal in violation of this Agreement, of the last remaining General Partner unless, within ninety (90) days after the withdrawal, a Majority in Interest of the Limited Partners remaining agree in writing, in their sole and absolute
discretion, to continue the business of the Partnership and to the appointment, effective as of the date of withdrawal, of a successor General Partner; 
  

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 B. an election to dissolve the Partnership made by the General Partner in its sole and
absolute discretion, with or without the Consent of the Partners; 
 C. entry of a decree of judicial dissolution of the
Partnership pursuant to the provisions of the Act; 
 D. any sale or other disposition of all or substantially all of the assets
of the Partnership not in the ordinary course of the Partnership’s business or a related series of transactions that, taken together, result in the sale or other disposition of all or substantially all of the assets of the Partnership not in
the ordinary course of the Partnership’s business; or 
 E. the redemption or other acquisition by the Partnership or the
General Partner of all Partnership Units other than Partnership Units held by the General Partner. 
 Section 13.2
Winding Up. 
 A. Upon the occurrence of a Liquidating Event, the Partnership shall continue solely for the purposes of
winding up its affairs in an orderly manner, liquidating its assets and satisfying the claims of its creditors and the Holders. After the occurrence of a Liquidating Event, no Holder shall take any action that is inconsistent with, or not necessary
to or appropriate for, the winding up of the Partnership’s business and affairs. The General Partner (or, in the event that there is no remaining General Partner or the General Partner has dissolved, become bankrupt within the meaning of the
Act or ceased to operate, any Person elected by a Majority in Interest of the Limited Partners (the General Partner or such other Person being referred to herein as the “Liquidator”)) shall be responsible for overseeing the
winding up and dissolution of the Partnership and shall take full account of the Partnership’s liabilities and property, and the Partnership property shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and
the proceeds therefrom (which may, to the extent determined by the General Partner, include shares of stock in the General Partner) shall be applied and distributed in the following order: 

(1) First, to the satisfaction of all of the Partnership’s debts and liabilities to creditors other than the Holders (whether
by payment or the making of reasonable provision for payment thereof); 
 (2) Second, to the satisfaction of all of the
Partnership’s debts and liabilities to the General Partner (whether by payment or the making of reasonable provision for payment thereof), including, but not limited to, amounts due as reimbursements under Section 7.4 hereof; 

(3) Third, to the satisfaction of all of the Partnership’s debts and liabilities to the other Holders (whether by payment or
the making of reasonable provision for payment thereof); and 
 (4) Fourth, to the Partners in accordance with their
positive Capital Account balances, determined after taking into account all Capital Account adjustments for all prior periods and the Partnership taxable year during which the liquidation occurs (other than those made as a result of the liquidating
distribution set forth in this Section 13.2.A(4)). 
  

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 The General Partner shall not receive any additional compensation for any services performed pursuant to
this Article 13, other than reimbursement of its expenses as set forth in Section 7.4. 
 B. Notwithstanding the
provisions of Section 13.2.A hereof that require liquidation of the assets of the Partnership, but subject to the order of priorities set forth therein, if prior to or upon dissolution of the Partnership, the Liquidator determines that an
immediate sale of part or all of the Partnership’s assets would be impractical or would cause undue loss to the Holders, the Liquidator may, in its sole and absolute discretion, defer for a reasonable time the liquidation of any assets except
those necessary to satisfy liabilities of the Partnership (including to those Holders as creditors) and/or distribute to the Holders, in lieu of cash, as tenants in common and in accordance with the provisions of Section 13.2.A hereof,
undivided interests in such Partnership assets as the Liquidator deems not suitable for liquidation. Any such distributions in kind shall be made only if, in the good faith judgment of the Liquidator, such distributions in kind are in the best
interest of the Holders, and shall be subject to such conditions relating to the disposition and management of such properties as the Liquidator deems reasonable and equitable and to any agreements governing the operation of such properties at such
time. The Liquidator shall determine the fair market value of any property distributed in kind using such reasonable method of valuation as it may adopt. 

C. If any Holder has a deficit balance in its Capital Account (after giving effect to all contributions, distributions and allocations
for all taxable years, including the year during which such liquidation occurs), except as otherwise agreed to by such Holder, such Holder shall have no obligation to make any contribution to the capital of the Partnership with respect to such
deficit, and such deficit shall not be considered a debt owed to the Partnership or to any other Person for any purpose whatsoever. 

D. In the sole and absolute discretion of the General Partner or the Liquidator, a pro rata portion of the distributions that would
otherwise be made to the Holders pursuant to this Article 13 may be: 
 (1) distributed to a trust established for the
benefit of the General Partner and the Holders for the purpose of liquidating Partnership assets, collecting amounts owed to the Partnership, and paying any contingent or unforeseen liabilities or obligations of the Partnership or of the General
Partner arising out of or in connection with the Partnership and/or Partnership activities. The assets of any such trust shall be distributed to the Holders, from time to time, in the reasonable discretion of the General Partner, in the same
proportions and amounts as would otherwise have been distributed to the Holders pursuant to this Agreement; or 
 (2) withheld
or escrowed to provide a reasonable reserve for Partnership liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Partnership, provided that such withheld or escrowed amounts shall be
distributed to the Holders in the manner and order of priority set forth in Section 13.2.A hereof as soon as practicable. 

E. In the event of the liquidation of the Partnership in accordance with the terms of this Agreement, the Liquidator may sell Partnership
property. The liquidation of the Partnership shall not be deemed finally terminated until the Partnership shall have received cash payments in 

 

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full with respect to obligations such as notes, purchase money mortgages, installment sale contracts or other similar receivables received by the Partnership in connection with the sale of
Partnership assets and all obligations of the Partnership have been satisfied or assumed by the General Partner. The Liquidator shall continue to act to enforce all of the rights of the Partnership pursuant to any such obligations until paid in
full or otherwise discharged or settled. 
 Section 13.3 Deemed Contribution and Distribution. Notwithstanding any
other provision of this Article 13, in the event that the Partnership is liquidated within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), but no Liquidating Event has occurred, the Partnership’s Property shall not be
liquidated, the Partnership’s liabilities shall not be paid or discharged and the Partnership’s affairs shall not be wound up. Instead, for Federal income tax purposes the Partnership shall be deemed to have contributed all of its assets
and liabilities to a new partnership in exchange for an interest in the new partnership; and immediately thereafter, distributed Partnership Units to the Partners in the new partnership in accordance with their respective Capital Accounts in
liquidation of the Partnership, and the new partnership is deemed to continue the business of the Partnership. Nothing in this Section 13.3 shall be deemed to have constituted a Transfer to an Assignee as a Substituted Limited Partner without
compliance with the provisions of Section 11.4 or Section 13.3 hereof. 
 Section 13.4 Rights of Holders.
Except as otherwise provided in this Agreement (including Section 16.4 below) and subject to the rights of any Holder of any Partnership Interest set forth in a Partnership Unit Designation, (a) each Holder shall look solely to the assets
of the Partnership for the return of its Capital Contribution, (b) no Holder shall have the right or power to demand or receive property other than cash from the Partnership and (c) no Holder shall have priority over any other Holder as to
the return of its Capital Contributions, distributions or allocations. 
 Section 13.5 Notice of Dissolution. In the
event that a Liquidating Event occurs or an event occurs that would, but for an election or objection by one or more Partners pursuant to Section 13.1 hereof, result in a dissolution of the Partnership, the General Partner shall, within thirty
(30) days thereafter, provide written notice thereof to each Holder and, in the General Partner’s sole and absolute discretion or as required by the Act, to all other parties with whom the Partnership regularly conducts business (as
determined in the sole and absolute discretion of the General Partner), and the General Partner may, or, if required by the Act, shall, publish notice thereof in a newspaper of general circulation in each place in which the Partnership regularly
conducts business (as determined in the sole and absolute discretion of the General Partner). 
 Section 13.6
Cancellation of Certificate of Limited Partnership. Upon the completion of the liquidation of the Partnership cash and property as provided in Section 13.2 hereof, the Partnership shall be terminated, a certificate of cancellation shall
be filed with the SDAT, all qualifications of the Partnership as a foreign limited partnership or association in jurisdictions other than the State of Maryland shall be cancelled, and such other actions as may be necessary to terminate the
Partnership shall be taken. 
 Section 13.7 Reasonable Time for Winding-Up. A reasonable time shall be allowed for
the orderly winding-up of the business and affairs of the Partnership and the liquidation of its assets pursuant to Section 13.2 hereof, in order to minimize any losses otherwise attendant upon such winding-up, and the provisions of this
Agreement shall remain in effect between and among the Partners during the period of liquidation. 
  

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 ARTICLE 14 

PROCEDURES FOR ACTIONS AND CONSENTS 

OF PARTNERS; AMENDMENTS; MEETINGS 

Section 14.1 Procedures for Actions and Consents of Partners. The actions requiring consent or approval of Partners pursuant
to this Agreement, including Sections 7.3 and 16.7 hereof, or otherwise pursuant to applicable law, are subject to the procedures set forth in this Article 14. 

Section 14.2 Amendments. Amendments to this Agreement may be proposed by the General Partner or by Limited Partners holding
twenty-five percent (25%) or more of the Partnership Interests held by Limited Partners (for this purpose, treating Common Units and Series A Preferred Units as fungible) and, except as set forth in Section 7.3.C and subject to
Sections 7.3.D and 16.7, shall be approved by the Consent of the Partners. Following such proposal, the General Partner shall submit to the Partners holding Partnership Interests entitled to vote thereon any proposed amendment that, pursuant to
the terms of this Agreement, requires the consent, approval or vote of such Partners. The General Partner shall seek the written consent, approval or vote of the Partners on any such proposed amendment or shall call a meeting to vote thereon and to
transact any other business that the General Partner may deem appropriate. For purposes of obtaining a written Consent, the General Partner may require a response within a reasonable specified time, but not less than fifteen (15) days, and
failure to respond in such time period shall constitute a Consent that is consistent with the General Partner’s recommendation (if the General Partner shall have made a recommendation) with respect to the proposal; provided,
however, that an action shall become effective at such time as requisite Consents are received even if prior to such specified time. 

Section 14.3 Meetings of the Partners. 

A. Meetings of the Partners may be called by the General Partner at any time in its own discretion, and shall be called by the General
Partner upon its receipt of a written request by Limited Partners holding twenty-five percent (25%) or more of the Partnership Interests held by Limited Partners (for this purpose, treating Common Units and Series A Preferred Units as
fungible). The call shall state the nature of the business to be transacted. Notice of any such meeting shall be given to all Partners entitled to act at the meeting not less than seven (7) days nor more than sixty (60) days prior to the
date of such meeting. Partners may vote in person or by proxy at such meeting. Whenever the vote, consent or approval of Partners is permitted or required under this Agreement, such vote, consent or approval may be given at a meeting of Partners or
may be given in accordance with the procedure prescribed in Section 14.3.B hereof. 
 B. Any action required or permitted
to be taken at a meeting of the Partners may be taken without a meeting with the written Consent of the Partners, or such other applicable percentage or Consent as is expressly required by this Agreement for action on the matter in question,
entitled to act on such matter at such a meeting. Such consent may be in one instrument or in several instruments, and shall have the same force and effect as a vote of the applicable percentage of Partners entitled to act at the meeting. Such
consent shall be filed with the General Partner. An action so taken shall be deemed to have been taken at a meeting held on the effective date so certified. 
  

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 C. Each Partner entitled to act at the meeting may authorize any Person or Persons to act
for it by proxy on all matters in which a Partner is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. Each proxy must be signed by the Partner or its attorney-in-fact. No proxy shall be valid
after the expiration of eleven (11) months from the date thereof unless otherwise provided in the proxy (or there is receipt of a proxy authorizing a later date). Every proxy shall be revocable at the pleasure of the Partner executing it, such
revocation to be effective upon the Partnership’s receipt of written notice of such revocation from the Partner executing such proxy, unless such proxy states that it is irrevocable and is coupled with an interest. 

D. The General Partner may fix, in advance, a record date for determining the Partners entitled to vote at any meeting of the Partners or
consent to any matter. Such date shall not be before the close of business on the day the record date is fixed and shall be not more than ninety days nor less than five days before the date on which such meeting is to be held or consent to be given.
If no record date is fixed, the record date for the determination of Partners entitled to notice of or to vote at a meeting of the Partners shall be at the close of business on the day on which the notice of the meeting is sent, and the record date
for any action taken by the Partners without a meeting shall be the effective date of such Partner action. When a determination of the Partners entitled to vote at any meeting of the Partners has been made as provided in this section, such
determination shall apply to any adjournment thereof. 
 E. Each meeting of Partners shall be conducted by the General Partner
or such other Person as the General Partner may appoint pursuant to such rules for the conduct of the meeting as the General Partner or such other Person deems appropriate in its sole and absolute discretion. Without limitation, meetings of Partners
may be conducted in the same manner as meetings of the General Partner’s stockholders and may be held at the same time as, and as part of, the meetings of the General Partner’s stockholders. 

ARTICLE 15 

GENERAL PROVISIONS 

Section 15.1 Redemption Rights of Qualifying Parties. 

A. After the expiration of the applicable Fourteen-Month Period, a Qualifying Common Party shall have the right (subject to the terms and
conditions set forth herein) (the “Common Redemption Right”) to require the Partnership to redeem all or a portion of the Common Units held by a Common Tendering Party (Common Units that have in fact been tendered for
redemption being hereafter referred to as “Tendered Common Units”) in exchange (a “Common Redemption”) for the Common Unit Cash Amount payable on the Specified Redemption Date. The Partnership may, in
the General Partner’s sole and absolute discretion, redeem Tendered Common Units at the request of the Qualifying Common Party prior to the end of the applicable Fourteen-Month Period (subject to the terms and conditions set forth herein) (a
“Special Redemption”); provided, however, that the General Partner first receives a legal opinion 

 

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to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Common Redemption shall be exercised pursuant to a Common Unit Notice of Redemption delivered to
the General Partner by the Qualifying Common Party when exercising the Redemption right (the “Common Tendering Party”). The Partnership’s obligation to effect a Common Redemption, however, shall not arise or be binding
against the Partnership until the earlier of (i) the date the General Partner notifies the Common Tendering Party that it declines to acquire some or all of the Tendered Common Units under Section 15.1.B hereof following receipt of a
Common Unit Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Common Redemption, the Common Unit Cash Amount shall be delivered as a certified or bank check payable to the Common Tendering Party or, in
the General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the tenth (10th) Business Day following the date on which the General Partner receives a Common Unit Notice of Redemption from
the Common Tendering Party. 
 B. Notwithstanding the provisions of Section 15.1.A hereof, on or before the close of
business on the Cut-Off Date, the General Partner may, in its sole and absolute discretion but subject to the Ownership Limit, elect to acquire some or all of the Tendered Common Units from the Common Tendering Party in exchange for REIT Shares. If
the General Partner elects to acquire some or all of the Tendered Common Units pursuant to this Section 15.1.B, the General Partner shall give written notice thereof to the Common Tendering Party on or before the close of business on the
Cut-Off Date. If the General Partner elects to acquire any of the Tendered Common Units for REIT Shares, the General Partner shall issue and deliver such REIT Shares to the Common Tendering Party pursuant to the terms of this Section 15.1.B, in
which case (1) the General Partner shall assume directly the obligation with respect thereto and shall satisfy the Common Tendering Party’s exercise of its Common Redemption Right with respect to such Tendered Common Units and
(2) such transaction shall be treated, for Federal income tax purposes, as a transfer by the Common Tendering Party of such Tendered Common Units to the General Partner in exchange for the Common Unit REIT Shares Amount. If the General Partner
so elects, on the Specified Redemption Date, the Common Tendering Party shall sell such number of the Tendered Common Units to the General Partner in exchange for a number of REIT Shares equal to the product of the Common Unit REIT Shares Amount and
the Applicable Percentage. The Common Tendering Party shall submit (i) such information, certification or affidavit as the General Partner may reasonably require in connection with the application of the Ownership Limit to any such acquisition
and (ii) such written representations and investment letters as reasonably necessary, in the General Partner’s view, to effect compliance with the Securities Act. In the event of a purchase of the Tendered Common Units by the General
Partner pursuant to this Section 15.1.B, the Common Tendering Party shall no longer have the right to cause the Partnership to effect a Redemption of such Tendered Common Units and, upon notice to the Common Tendering Party by the General
Partner, given on or before the close of business on the Cut-Off Date, that the General Partner has elected to acquire some or all of the Tendered Common Units pursuant to this Section 15.1.B, the obligation of the Partnership to effect a
Redemption of the Tendered Common Units as to which the General Partner’s notice relates shall not accrue or arise. A number of REIT Shares equal to the product of the Common Unit REIT Shares Amount and the Applicable Percentage shall be
delivered by the General Partner as duly authorized, validly issued, fully paid and non-assessable REIT Shares and, if applicable, Rights, free of any pledge, lien, encumbrance or restriction, other than the Ownership Limit and, to the extent
applicable, the Securities Act and relevant state securities or “blue sky” laws. Neither any 
  

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Common Tendering Party whose Tendered Common Units are acquired by the General Partner pursuant to this Section 15.1.B, any Partner, any Assignee nor any other interested Person shall have
any right to require or cause the General Partner to register, qualify or list any REIT Shares owned or held by such Person, whether or not such REIT Shares are issued pursuant to this Section 15.1.B, with the SEC, with any state securities
commissioner, department or agency, under the Securities Act or the Exchange Act or with any stock exchange; provided, however, that this limitation shall not be in derogation of any registration or similar rights granted
pursuant to any other written agreement between the General Partner and any such Person. Notwithstanding any delay in such delivery, the Common Tendering Party shall be deemed the owner of such REIT Shares and Rights for all purposes, including,
without limitation, rights to vote or consent, receive dividends, and exercise rights, as of the Specified Redemption Date. REIT Shares issued upon an acquisition of the Tendered Common Units by the General Partner pursuant to this
Section 15.1.B may contain such legends regarding restrictions under the Securities Act and applicable state securities laws as the General Partner in good faith determines to be necessary or advisable in order to ensure compliance with such
laws. 
 C. Notwithstanding the provisions of Section 15.1.A and 15.1.B hereof, the Common Tendering Parties shall have no
rights under this Agreement that would otherwise be prohibited by the Ownership Limit. To the extent that any attempted Redemption or acquisition of the Tendered Common Units by the General Partner pursuant to Section 15.1.B hereof would be in
violation of this Section 15.1.C, it shall be null and void ab initio, and the Common Tendering Party shall not acquire any rights or economic interests in REIT Shares otherwise issuable by the General Partner under Section 15.1.B
hereof or cash otherwise payable under Section 15.1.A hereof. 
 D. If the General Partner does not elect to acquire the
Tendered Common Units pursuant to Section 15.1.B hereof: 
 (1) The Partnership may elect to raise funds for the payment of
the Common Unit Cash Amount either (a) by requiring that the General Partner contribute to the Partnership funds from the proceeds of a registered public offering by the General Partner of REIT Shares sufficient to purchase the Tendered Common
Units or (b) from any other sources (including, but not limited to, the sale of any Property and the incurrence of additional Debt) available to the Partnership. Any proceeds from a public offering that are in excess of the Common Unit Cash
Amount shall be for the sole benefit of the General Partner. The General Partner shall make a Capital Contribution of any such amounts to the Partnership for an additional General Partner Interest. Any such contribution shall entitle the General
Partner to an equitable Percentage Interest adjustment. 
 (2) If the Common Unit Cash Amount is not paid on or before the
Specified Redemption Date, interest shall accrue with respect to the Common Unit Cash Amount from the day after the Specified Redemption Date to and including the date on which the Common Unit Cash Amount is paid at a rate equal to the base rate on
corporate loans at large United States money center commercial banks, as published from time to time in the Wall Street Journal (but not higher than the maximum lawful rate). 

 

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 E. Notwithstanding the provisions of Section 15.1.B hereof, the General Partner shall
not, under any circumstances, elect to acquire any Tendered Common Units in exchange for REIT Shares if such exchange would be prohibited under the Charter. 

F. Notwithstanding anything herein to the contrary (but subject to Section 15.1.C hereof), with respect to any Redemption (or any
tender of Common Units for Redemption if the Tendered Common Units are acquired by the General Partner pursuant to Section 15.1.B hereof) pursuant to this Section 15.1: 

(1) All Common Units acquired by the General Partner pursuant to Section 15.1.B hereof shall automatically, and without further
action required, be converted into and deemed to be a General Partner Interest comprised of the same number of Common Units. 

(2) Subject to the Ownership Limit, no Common Tendering Party may effect a Redemption for less than one thousand (1,000) Common
Units or, if such Common Tendering Party holds (as a Common Limited Partner or, economically, as an Assignee) less than one thousand (1,000) Common Units, all of the Common Units held by such Common Tendering Party, unless, in each case,
otherwise agreed to by the General Partner in its sole and absolute discretion. 
 (3) If (i) a Common Tendering Party
surrenders its Tendered Common Units during the period after the Partnership Record Date with respect to a distribution and before the record date established by the General Partner for a distribution to its stockholders of some or all of its
portion of such Partnership distribution, and (ii) the General Partner elects to acquire any of such Tendered Common Units in exchange for REIT Shares pursuant to Section 15.1.B, such Common Tendering Party shall pay to the General Partner
on the Specified Redemption Date an amount in cash equal to the portion of the Partnership distribution in respect of the Tendered Common Units exchanged for REIT Shares, insofar as such distribution relates to the same period for which such Common
Tendering Party would receive a distribution in respect of such REIT Shares. 
 (4) The consummation of such Redemption (or an
acquisition of Tendered Common Units by the General Partner pursuant to Section 15.1.B hereof, as the case may be) shall be subject to the expiration or termination of the applicable waiting period, if any, under the Hart-Scott-Rodino Act.

 (5) The Common Tendering Party shall continue to own (subject, in the case of an Assignee, to the provisions of
Section 11.5 hereof) all Common Units subject to any Redemption, and be treated as a Common Limited Partner or an Assignee, as applicable, with respect to such Common Units for all purposes of this Agreement, until such Common Units are
either paid for by the Partnership pursuant to Section 15.1.A hereof or transferred to the General Partner and paid for, by the issuance of the REIT Shares, pursuant to Section 15.1.B hereof on the Specified Redemption Date. Until a
Specified Redemption Date and an acquisition of the Tendered Common Units by the General Partner pursuant to Section 15.1.B hereof, the Common Tendering Party shall have no rights as a stockholder of the General Partner with respect to the REIT
Shares issuable in connection with such acquisition. 
  

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 G. In connection with an exercise of the Common Redemption Right pursuant to this
Section 15.1, except as otherwise agreed by the General Partner, in its sole and absolute discretion, the Common Tendering Party shall submit the following to the General Partner, in addition to the Common Unit Notice of Redemption: 

(1) A written affidavit, dated the same date as the Common Unit Notice of Redemption, (a) disclosing the actual and constructive
ownership, as determined for purposes of Code Sections 856(a)(6) and 856(h), of REIT Shares by (i) such Common Tendering Party and (ii) to the best of their knowledge any Related Party and (b) representing that, after giving
effect to the Redemption or an acquisition of the Tendered Common Units by the General Partner pursuant to Section 15.1.B hereof, neither the Common Tendering Party nor to the best of their knowledge any Related Party will own REIT Shares in
violation of the Ownership Limit; 
 (2) A written representation that neither the Common Tendering Party nor to the best of
their knowledge any Related Party has any intention to acquire any additional REIT Shares prior to the closing of the Redemption or an acquisition of the Tendered Common Units by the General Partner pursuant to Section 15.1.B hereof on the
Specified Redemption Date; and 
 (3) An undertaking to certify, at and as a condition to the closing of (i) the Redemption
or (ii) the acquisition of the Tendered Common Units by the General Partner pursuant to Section 15.1.B hereof on the Specified Redemption Date, that either (a) the actual and constructive ownership of REIT Shares by the Common
Tendering Party and to the best of their knowledge any Related Party remain unchanged from that disclosed in the affidavit required by Section 15.1.G(1) or (b) after giving effect to the Redemption or an acquisition of the Tendered
Common Units by the General Partner pursuant to Section 15.1.B hereof, neither the Common Tendering Party nor to the best of their knowledge any Related Party shall own REIT Shares in violation of the Ownership Limit. 

(4) In connection with any Special Redemption, the General Partner shall have the right to receive an opinion of counsel reasonably
satisfactory to it to the effect that the proposed Special Redemption will not cause the Partnership or the General Partner to violate any Federal or state securities laws or regulations applicable to the Special Redemption, the issuance and sale of
the Tendered Common Units to the Common Tendering Party or the issuance and sale of REIT Shares to the Common Tendering Party pursuant to Section 15.1.B of this Agreement. 

Section 15.2 Addresses and Notice. Any notice, demand, request or report required or permitted to be given or made to a
Partner or Assignee under this Agreement shall be in writing and shall be deemed given or made when delivered in person or when sent by first class United States mail or by other means of written or electronic communication (including by telecopy,
facsimile, electronic mail or commercial courier service) to the Partner, or Assignee at the address set forth in Exhibit A or Exhibit B (as applicable) or such other address of which the Partner shall notify the General Partner in
accordance with this Section 15.2. 
 Section 15.3 Titles and Captions. All article or section titles or
captions in this Agreement are for convenience only. They shall not be deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof. Except as specifically provided otherwise, references
to “Articles” or “Sections” are to Articles and Sections of this Agreement. 
  

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 Section 15.4 Pronouns and Plurals. Whenever the context may require, any
pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 

Section 15.5 Further Action. The parties shall execute and deliver all documents, provide all information and take or refrain
from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 
 Section 15.6 Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns. 

Section 15.7 Waiver. 

A. No failure or delay by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement
or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition. 

B. The restrictions, conditions and other limitations on the rights and benefits of the Limited Partners contained in this Agreement, and
the duties, covenants and other requirements of performance or notice by the Limited Partners, are for the benefit of the Partnership and, except for an obligation to pay money to the Partnership, may be waived or relinquished by the General
Partner, in its sole and absolute discretion, on behalf of the Partnership in one or more instances from time to time and at any time; provided, however, that any such waiver or relinquishment may not be made if it would
have the effect of (i) creating liability for any other Limited Partner, (ii) causing the Partnership to cease to qualify as a limited partnership, (iii) reducing the amount of cash otherwise distributable to the Limited Partners
(other than any such reduction that affects all of the Limited Partners holding the same class or series of Partnership Units on a uniform or pro rata basis, if approved by a Majority in Interest of the Partners holding such class or series of
Partnership Units), (iv) resulting in the classification of the Partnership as an association or publicly traded partnership taxable as a corporation or (v) violating the Securities Act, the Exchange Act or any state “blue sky”
or other securities laws; and provided, further, that any waiver relating to compliance with the Ownership Limit or other restrictions in the Charter shall be made and shall be effective only as provided in the Charter.

 Section 15.8 Counterparts. This Agreement may be executed in counterparts, all of which together shall constitute
one agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing its signature hereto.

 Section 15.9 Applicable Law; Consent to Jurisdiction; Waiver of Jury Trial. 

A. This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Maryland, without regard to
the principles of conflicts of law. In the event of a conflict between any provision of this Agreement and any non-mandatory provision of the Act, the provisions of this Agreement shall control and take precedence. 

 

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 B. Each Partner hereby (i) submits to the non-exclusive jurisdiction of any state or
federal court sitting in the State of Maryland (collectively, the “Maryland Courts”), with respect to any dispute arising out of this Agreement or any transaction contemplated hereby to the extent such courts would have
subject matter jurisdiction with respect to such dispute, (ii) irrevocably waives, and agrees not to assert by way of motion, defense, or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of any of
the Maryland Courts, that its property is exempt or immune from attachment or execution, that the action is brought in an inconvenient forum, or that the venue of the action is improper, (iii) agrees that notice or the service of process in any
action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby shall be properly served or delivered if delivered to such Partner at such Partner’s last known address as set forth in the
Partnership’s books and records, and (iv) irrevocably waives any and all right to trial by jury in any legal proceeding arising out of or related to this Agreement or the transactions contemplated hereby. 

Section 15.10 Entire Agreement. This Agreement contains all of the understandings and agreements between and among the
Partners with respect to the subject matter of this Agreement and the rights, interests and obligations of the Partners with respect to the Partnership. Notwithstanding the immediately preceding sentence, the Partners hereby acknowledge and agree
that the General Partner, without the approval of any Limited Partner, may enter into side letters or similar written agreements with Limited Partners that are not Affiliates of the General Partner, executed contemporaneously with the admission of
such Limited Partner to the Partnership, affecting the terms hereof, as negotiated with such Limited Partner and which the General Partner in its sole discretion deems necessary, desirable or appropriate. The parties hereto agree that any terms,
conditions or provisions contained in such side letters or similar written agreements with a Limited Partner shall govern with respect to such Limited Partner notwithstanding the provisions of this Agreement. 

Section 15.11 Invalidity of Provisions. If any provision of this Agreement is or becomes invalid, illegal or unenforceable in
any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby. 

Section 15.12 Limitation to Preserve REIT Status. Notwithstanding anything else in this Agreement, to the extent that the
amount to be paid, credited, distributed or reimbursed by the Partnership to any REIT Partner or its officers, directors, employees or agents, whether as a reimbursement, fee, expense or indemnity (a “REIT Payment”), would
constitute gross income to the REIT Partner for purposes of Code Section 856(c)(2) or Code Section 856(c)(3), then, notwithstanding any other provision of this Agreement, the amount of such REIT Payments, as selected by the General Partner
in its discretion from among items of potential distribution, reimbursement, fees, expenses and indemnities, shall be reduced for any Partnership Year so that the REIT Payments, as so reduced, for or with respect to such REIT Partner shall not
exceed the lesser of: 
 (i) an amount equal to the excess, if any, of (a) four and nine-tenths percent (4.9%) of the
REIT Partner’s total gross income (but excluding the amount of any REIT Payments) for the Partnership Year that is described in subsections (A) through (I) of Code Section 856(c)(2) over (b) the amount of gross income
(within the meaning of Code Section 856(c)(2)) derived by the REIT Partner from sources other than those described in subsections (A) through (I) of Code Section 856(c)(2) (but not including the amount of any REIT Payments); or

  

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 (ii) an amount equal to the excess, if any, of (a) twenty-four percent (24%) of
the REIT Partner’s total gross income (but excluding the amount of any REIT Payments) for the Partnership Year that is described in subsections (A) through (I) of Code Section 856(c)(3) over (b) the amount of gross income
(within the meaning of Code Section 856(c)(3)) derived by the REIT Partner from sources other than those described in subsections (A) through (I) of Code Section 856(c)(3) (but not including the amount of any REIT Payments);

 provided, however, that REIT Payments in excess of the amounts set forth in clauses (i) and (ii) above may be
made if the General Partner, as a condition precedent, obtains an opinion of tax counsel that the receipt of such excess amounts should not adversely affect the REIT Partner’s ability to qualify as a REIT. To the extent that REIT Payments may
not be made in a Partnership Year as a consequence of the limitations set forth in this Section 15.12, such REIT Payments shall carry over and shall be treated as arising in the following Partnership Year if such carry over does not adversely
affect the REIT Partner’s ability to qualify as a REIT, provided, however, that any such REIT Payment shall not be carried over more than three Partnership Years, and any such remaining payments shall no longer be due and
payable. The purpose of the limitations contained in this Section 15.12 is to prevent any REIT Partner from failing to qualify as a REIT under the Code by reason of such REIT Partner’s share of items, including distributions,
reimbursements, fees, expenses or indemnities, receivable directly or indirectly from the Partnership, and this Section 15.12 shall be interpreted and applied to effectuate such purpose. 

Section 15.13 No Partition. No Partner nor any successor-in-interest to a Partner shall have the right while this
Agreement remains in effect to have any property of the Partnership partitioned, or to file a complaint or institute any proceeding at law or in equity to have such property of the Partnership partitioned, and each Partner, on behalf of itself and
its successors and assigns hereby waives any such right. It is the intention of the Partners that the rights of the parties hereto and their successors-in-interest to Partnership property, as among themselves, shall be governed by the terms of this
Agreement, and that the rights of the Partners and their respective successors-in-interest shall be subject to the limitations and restrictions as set forth in this Agreement. 

Section 15.14 No Third-Party Rights Created Hereby. The provisions of this Agreement are solely for the purpose of defining
the interests of the Holders, inter se; and no other person, firm or entity (i.e., a party who is not a signatory hereto or a permitted successor to such signatory hereto including, without limitation, a creditor of the Partnership or any
Partner or other third party having dealings with the Partnership) shall have any right, power, title or interest by way of subrogation or otherwise, in and to the rights, powers, title and provisions of this Agreement. No creditor or other third
party having dealings with the Partnership shall have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans to the Partnership or to pursue any other right or remedy hereunder or at law or in equity. None
of the rights or obligations of the Partners herein set forth to make Capital Contributions or loans 
  

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to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may any such rights or obligations be sold, transferred or assigned by the
Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or any of the Partners. 

Section 15.15 No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the
Holders of Partnership Units any rights whatsoever as stockholders of the General Partner, including without limitation any right to receive dividends or other distributions made to stockholders of the General Partner or to vote or to consent or
receive notice as stockholders in respect of any meeting of stockholders for the election of directors of the General Partner or any other matter. 

ARTICLE 16 

SERIES A PREFERRED UNITS 

Section 16.1 Designation and Number. 

A series of Partnership Units in the Partnership designated as the “Series A Cumulative Redeemable Convertible Preferred Units”
(the “Series A Preferred Units”) is hereby established. The number of Series A Preferred Units shall be 499,010. 

Section 16.2 Rank. 

Notwithstanding any provision of the Agreement (except Section 13.2.A(4)), including any amendments made thereto after the date
hereof, and unless the Consent of the Series A Limited Partners is obtained, the parties hereto intend that the Series A Preferred Units shall, with respect to rights to the payment of distributions in accordance with Section 16.3 and the
distribution of assets upon voluntary or involuntary liquidation, dissolution or winding up of the General Partner, rank senior to all Junior Units; provided, however, that to the extent there is any conflict between this Section 16.2 and
Section 13.2.A(4), Section 13.2.A(4) shall govern. 
 Section 16.3 Distributions. 

A. Payment of Distributions. In accordance with Section 5.1, Holders of Series A Units shall be entitled to receive, when, as
and if declared by the Partnership acting through the General Partner, out of Available Cash, cumulative preferential cash distributions in an amount equal to the Series A Priority Return. Such distributions shall be cumulative, shall accrue from
the original date of issuance of such Series A Preferred Units and will be payable (i) quarterly (such quarterly periods for purposes of payment and accrual will be the quarterly periods ending on the dates specified in this sentence and not
calendar quarters) in arrears, on or before the last calendar day of March, June, September and December of each year, commencing on the first of such dates to occur after the original date of issuance, and, (ii) in the event of a redemption or
conversion of Series A Preferred Units, and solely with respect to the redeemed or converted Series A Preferred Units, as applicable, on the redemption or conversion date (each, a “Series A Preferred Unit Distribution Payment
Date”). If any date on which distributions are to be made on the Series A Preferred Units is not a Business Day, then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day
(and without any interest or other payment in respect of any such delay). 
  

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 B. Distributions Cumulative. Distributions on the Series A Preferred Units that are
due but unpaid will accumulate and compound quarterly, on the applicable Series A Preferred Unit Distribution Payment Date after each calendar quarter, at the Applicable Rate, whether or not there is sufficient Available Cash for such distributions
and whether or not such distributions are authorized. 
 C. Priority as to Distributions. If any Series A Preferred Units
are outstanding, if and so long as the Partnership is in arrears with regard to the payment of any distributions for any past quarterly period upon any outstanding Series A Preferred Units or has failed to pay when due the Series A Cash Amount or
deliver when due Registered REIT Shares upon the redemption of any Tendered Series A Preferred Units, (A) no distributions shall be authorized and paid or set apart for payment, nor shall any other distribution be authorized or made, upon any
Junior Units unless distributions sufficient to make up such arrearage shall have been or contemporaneously are authorized and paid or authorized and a sum sufficient for the payment thereof is set apart for payment or such Tendered Series A
Preferred Units are redeemed, as applicable, and (B) no Junior Units shall be redeemed, purchased or otherwise acquired for any consideration (nor any moneys be paid to or made available for a sinking fund for the redemption of any such Junior
Units) by the Partnership or the General Partner or any of its Affiliates (except, in each case, for (x) the redemption of Common Units or Partnership Equivalent Units from the General Partner pursuant to Section 4.7.B, (y) any
acquisition by the General Partner of Tendered Common Units in exchange for REIT Shares in accordance with Section 15.1 or (z) by conversion into or exchange for Junior Units or REIT Shares with no cash distributed in connection
therewith). 
 Section 16.4 Liquidation Preference. 

A. The parties hereto intend that, upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the
Partnership, before any distribution or payment shall be made whether in cash or in kind to any current or future Junior Unit Holder in respect of its Junior Units and notwithstanding anything in this Agreement to the contrary (except
Section 13.2.A(4)), the Holders of Series A Units shall be entitled to receive and be paid in cash out of the assets of the Partnership legally available for distribution to the Partners pursuant to this Agreement an amount equal to the Series
A Preference of the outstanding Series A Preferred Units plus any accrued and unpaid Series A Priority Return. 
 B. In the
event that, upon any such voluntary or involuntary liquidation, dissolution or winding up of the Partnership, the legally available assets of the Partnership are insufficient to pay the full amount of the Series A Preference on all outstanding
Series A Preferred Units plus any accrued and unpaid Series A Priority Return, then such assets shall be allocated among the Series A Limited Partners in proportion to the Series A Percentage Interests. 

C. After the payment to the Holders of Series A Preferred Units of full preferential amounts provided for in this Section 16.4, the
Holders of Series A Preferred Units as such shall have no right or claim to any of the remaining assets of the General Partner. 
  

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 D. Notwithstanding anything to the contrary in this Section 16.4, to the extent there
is any conflict between the provisions of this Section 16.4 and Section 13.2.A(4), Section 13.2.A(4) shall govern. 

Section 16.5 Redemption of Series A Preferred Units. 

A. Redemption at Series A Limited Partners’ Option. 

(1) After the 3-year anniversary of the date of this Agreement, each Qualifying Series A Party shall have the right (subject to the terms
and conditions set forth in this Section 16.5) (the “Series A Redemption Right”) to require the Partnership to redeem all or a portion of the Series A Preferred Units held by such Series A Tendering Party (Preferred
Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Series A Units”) in exchange (a “Series A Redemption”) for an amount per unit equal to the Series A
Preference thereon plus any accrued distributions that have not been paid on or prior to the applicable Specified Series A Redemption Date (the “Series A Cash Amount”). Any Series A Redemption shall be exercised pursuant to a
Series A Notice of Redemption delivered to the General Partner by the Qualifying Series A Party (the “Series A Tendering Party”) at least thirty (30) Business Days prior to the last day of the calendar quarter in which
the Series A Tendering Party is exercising its Series A Redemption Right. The Partnership’s obligation to effect a Series A Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the
General Partner notifies the Series A Tendering Party that it declines to acquire some or all of the Tendered Series A Units under Section 16.5.A.2 hereof following receipt of a Series A Notice of Redemption and (ii) the Business Day
following the Cut-Off Date. In the event of a Series A Redemption, the Series A Cash Amount shall be delivered as a certified or bank check payable to the Series A Tendering Party or, in the General Partner’s sole and absolute discretion, in
immediately available funds, in each case, on or before 5:00 p.m. Pacific time on the last Business Day of such calendar quarter (the “Specified Series A Redemption Date”), after giving effect to the distributions paid on
such date. A Qualifying Series A Party may exercise the Series A Redemption Right once per calendar quarter with respect to part or all of the Series A Preferred Units that it owns, as selected by the Qualifying Series A Party. Notwithstanding
anything to the contrary contained in this Section 16.5, the Partnership, in its sole discretion, may redeem the Tendered Series A Units set forth in a Series A Notice of Redemption at any time after receipt of such notice. The General Partner
shall use commercially reasonable efforts to ensure that any amounts paid in redemption of Tendered Series A Units under this Agreement shall be paid out of any Available Cash remaining after any accrued but previously unpaid amounts described in
Section 16.3 shall have been distributed to all of the Series A Limited Partners entitled to such amounts. 
 (2)
Notwithstanding the provisions of Section 16.5.A.1 hereof, on or before the close of business on the Cut-Off Date, the General Partner may, in its sole and absolute discretion but subject to the Ownership Limit, elect to acquire some or all of
the Tendered Series A Units from the Series A Tendering Party in exchange for Registered REIT Shares. If the General Partner elects to acquire some or all of the Tendered Series A Units pursuant to this Section 16.5.A.2, the General Partner
shall give written notice thereof to the Series A Tendering Party on or before the close of business on the Cut-Off Date. If the General Partner elects to acquire any of the Tendered Series A Units for Registered REIT Shares, the General Partner

  

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shall issue and deliver such Registered REIT Shares to the Series A Tendering Party pursuant to the terms of this Section 16.5.A.2, in which case (1) the General Partner shall assume
directly the obligation with respect thereto and shall satisfy the Series A Tendering Party’s exercise of its Series A Redemption Right with respect to such Tendered Series A Units and (2) such transaction shall be treated, for Federal
income tax purposes, as a transfer by the Series A Tendering Party of such Tendered Series A Units to the General Partner in exchange for the Series A REIT Shares Amount. If the General Partner so elects, on the Specified Series A Redemption Date,
the Series A Tendering Party shall sell such number of the Tendered Series A Units to the General Partner in exchange for a number of Registered REIT Shares equal to the product of the Series A REIT Shares Amount and the Applicable Percentage. The
Series A Tendering Party shall submit (i) such information, certification or affidavit as the General Partner may reasonably require in connection with the application of the Ownership Limit to any such acquisition and (ii) such written
representations and investment letters as reasonably necessary, in the General Partner’s view, to effect compliance with the Securities Act (including the requirements of any form of registration statement used to issue such Registered REIT
Shares). In the event of a purchase of the Tendered Series A Units by the General Partner pursuant to this Section 16.5.A.2, the Series A Tendering Party shall no longer have the right to cause the Partnership to effect a Series A Redemption of
such Tendered Series A Units and, upon notice to the Series A Tendering Party by the General Partner, given on or before the close of business on the Cut-Off Date, that the General Partner has elected to acquire some or all of the Tendered Series A
Units pursuant to this Section 16.5.A.2, the obligation of the Partnership to effect a Series A Redemption of the Tendered Series A Units as to which the General Partner’s notice relates shall not accrue or arise. A number of Registered
REIT Shares equal to the product of the Applicable Percentage and the Series A REIT Shares Amount, if applicable, shall be delivered by the General Partner as duly authorized, validly issued, fully paid and non-assessable Registered REIT Shares and,
if applicable, Rights, free of any pledge, lien, encumbrance or restriction, other than the Ownership Limit. Apart from the requirement that any REIT Shares issued pursuant to this Section 16.5.A.2 must be Registered REIT Shares, neither any
Series A Tendering Party whose Tendered Series A Units are acquired by the General Partner pursuant to this Section 16.5.A.2, any Partner, any Assignee nor any other interested Person shall have any right to require or cause the General Partner
to register, qualify or list any REIT Shares owned or held by such Person, whether or not such REIT Shares are issued pursuant to this Section 16.5.A.2, with the SEC, with any state securities commissioner, department or agency, under the
Securities Act or the Exchange Act or with any stock exchange; provided, however, that this limitation shall not be in derogation of any registration or similar rights granted pursuant to any other written agreement
between the General Partner and any such Person. Subject to Section 16.5.A.5 below, but otherwise notwithstanding any other delay in such delivery, the Series A Tendering Party shall be deemed the owner of such REIT Shares and Rights for all
purposes, including, without limitation, rights to vote or consent, receive dividends, and exercise rights, as of the Specified Series A Redemption Date. 

(3) Notwithstanding the provisions of Section 16.5.A.1 and 16.5.A.2 hereof, the Series A Tendering Parties shall have no rights
under this Agreement that would otherwise be prohibited by the Ownership Limit. To the extent that any attempted Series A Redemption or acquisition of the Tendered Series A Units by the General Partner pursuant to Section 16.5.A.2 hereof would
be in violation of this Section 16.5.A.3, it shall be null and void ab initio, and the Series A Tendering Party shall not acquire any rights or economic interests in REIT Shares otherwise issuable by the General Partner under
Section 16.5.A.2 hereof or cash otherwise payable under Section 16.5.A.1 hereof. 
  

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 (4) If the General Partner does not elect to acquire the Tendered Series A Units pursuant to
Section 16.5.A.2 hereof: 
 (i) The Partnership may elect to raise funds for the payment of the Series A Cash Amount
either (a) by requiring that the General Partner contribute to the Partnership funds from the proceeds of a registered public offering by the General Partner of REIT Shares sufficient to purchase the Tendered Series A Units or (b) from any
other sources (including, but not limited to, the sale of any Property and the incurrence of additional Debt) available to the Partnership. Any proceeds from a public offering that are in excess of the Series A Cash Amount shall be for the sole
benefit of the General Partner. The General Partner shall make a Capital Contribution of any such amounts to the Partnership for an additional General Partner Interest. Any such contribution shall entitle the General Partner to an equitable
Percentage Interest adjustment. 
 (ii) If the Series A Cash Amount is not paid on or before the Specified Series A Redemption
Date, interest shall accrue with respect to the Series A Cash Amount from the day after the Specified Series A Redemption Date to and including the date on which the Series A Cash Amount is paid at a rate equal to the greater of (x) the base
rate on corporate loans at large United States money center commercial banks, as published from time to time in the Wall Street Journal (but not higher than the maximum lawful rate) and (y) the Applicable Rate. 

(5) Notwithstanding anything to the contrary in this Section 16.5.A: 

(i) If (x) the Board of Directors determines that the filing of a registration statement covering the issuance of Registered REIT
Shares or the use of any related prospectus would be materially detrimental to the General Partner because such action would require the disclosure of material information that the General Partner has a bona fide business purpose for preserving as
confidential or the disclosure of which would materially impede the General Partner’s ability to consummate a significant transaction or (y) as of an applicable Specified Series A Redemption Date a registration statement under the
Securities Act is not then effective, then in either case the General Partner shall be entitled to delay the Specified Series A Redemption Date for a period of up to forty-five (45) consecutive days by delivering written notice thereof to the
Series A Tendering Party not less than five (5) Business Days prior to the then-applicable Specified Series A Redemption Date; provided, however, that (A) the General Partner shall not be entitled to exercise
such right with respect to a particular Qualifying Series A Party more than two (2) times in any twenty-four month period, (B) more than once with respect to any particular Preferred Tendered Units or (C) less than 30 days after a
Specified Series A Redemption Date that was delayed in respect of a particular Qualifying Series A Party pursuant to this paragraph. 

(ii) If the General Partner is unable to deliver Registered REIT Shares on the Specified Series A Redemption Date (after giving effect
to any delay thereto in accordance with the foregoing), then the General Partner shall be required to purchase for cash on the Specified Series A Redemption Date any Tendered Series A Units that it had previously

  

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elected to acquire for Registered REIT Shares, such purchase price to be based upon the Series A Cash Amount used in calculating the applicable Series A REIT Shares Amount. If such purchase price
is not paid on or before the Specified Redemption Date (after giving effect to any delay thereto in accordance with the foregoing), such purchase price shall accrue interest in a manner consistent with Section 16.5.A.4(ii), mutatis
mutandis. 
 (6) Notwithstanding the provisions of Section 16.5.A.2 hereof, the General Partner shall not, under any
circumstances, elect to acquire any Tendered Series A Units in exchange for Registered REIT Shares if such exchange would be prohibited under the Charter. 

(7) Notwithstanding anything herein to the contrary (but subject to Section 16.5.A.3 hereof), with respect to any Series A
Redemption (or any tender of Series A Preferred Units for redemption if the Tendered Series A Units are acquired by the General Partner pursuant to Section 16.5.A.2 hereof) pursuant to this Section 16.5: 

(i) All Series A Preferred Units acquired by the General Partner pursuant to Section 16.5.A.2 hereof shall automatically, and
without further action required, be converted into and deemed to be a General Partner Interest comprised of a number of Common Units equal to the number REIT Shares issued in respect of such acquisition. 

(ii) Subject to the Ownership Limit, no Series A Tendering Party may effect a Series A Redemption for less than one thousand
(1,000) Series A Preferred Units or, if such Series A Tendering Party holds (as a Series A Limited Partner or, economically, as an Assignee) less than one thousand (1,000) Series A Preferred Units, all of the Series A Preferred Units held
by such Series A Tendering Party, unless, in each case, otherwise agreed to by the General Partner in its sole and absolute discretion. 

(iii) If (a) a Series A Tendering Party surrenders its Tendered Series A Units during the period after the Partnership Record Date
with respect to a distribution and before the record date established by the General Partner for a distribution to its stockholders of some or all of its portion of such Partnership distribution, and (b) the General Partner elects to acquire
any of such Tendered Series A Units in exchange for Registered REIT Shares pursuant to Section 16.5.A.2, such Series A Tendering Party shall pay to the General Partner on the Specified Series A Redemption Date an amount in cash equal to the
portion of the Partnership distribution in respect of the Tendered Series A Units exchanged for Registered REIT Shares, insofar as such distribution relates to the same period for which such Series A Tendering Party would receive a distribution in
respect of such Registered REIT Shares. 
 (iv) The consummation of such Series A Redemption (or an acquisition of Tendered
Series A Units by the General Partner pursuant to Section 16.5.A.2 hereof, as the case may be) shall be subject to the expiration or termination of the applicable waiting period, if any, under the Hart-Scott-Rodino Act. 

(v) The Series A Tendering Party shall continue to own (subject, in the case of an Assignee, to the provisions of
Section 11.5 hereof) all Series A Preferred Units subject to any Series A Redemption, and be treated as a Series A Limited Partner or an Assignee, as applicable, with respect to such Series A Preferred Units for all purposes of this
Agreement, until 
  

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such Preferred Units are either paid for by the Partnership pursuant to Section 16.5.A.1 hereof or transferred to the General Partner and paid for, by the issuance of the Registered REIT
Shares or otherwise, on the Specified Series A Redemption Date. Until a Specified Series A Redemption Date and an acquisition of the Tendered Series A Units by the General Partner pursuant to Section 16.5.A.2 hereof, the Series A Tendering
Party shall have no rights as a stockholder of the General Partner with respect to the Registered REIT Shares issuable in connection with such acquisition. 

(vi) No fractional Registered REIT Shares shall be issued upon the redemption of any Tendered Series A Units. If the redemption of any
Tendered Series A Units otherwise would result in the issuance of a fractional Registered REIT Shares, the General Partner shall pay a cash amount in lieu of issuing such fractional Registered REIT Shares in an amount equal to such fractional
interest multiplied by the Value of a REIT Share used in determining the Series A REIT Shares Amount. 
 (8) In connection with
an exercise of redemption rights pursuant to this Section 16.5, except as otherwise agreed by the General Partner, in its sole and absolute discretion, the Series A Tendering Party shall submit the following to the General Partner, in addition
to the Series A Notice of Redemption: 
 (i) A written affidavit, dated the same date as the Series A Notice of Redemption,
(a) disclosing the actual and constructive ownership, as determined for purposes of Code Sections 856(a)(6) and 856(h), of REIT Shares by (i) such Series A Tendering Party and (ii) to the best of their knowledge any Related Party and
(b) representing that, after giving effect to the Series A Redemption or an acquisition of the Tendered Series A Units by the General Partner pursuant to Section 16.5.A.2 hereof, neither the Series A Tendering Party nor to the best of
their knowledge any Related Party will own REIT Shares in violation of the Ownership Limit; 
 (ii) A written representation
that neither the Series A Tendering Party nor to the best of their knowledge any Related Party has any intention to acquire any additional REIT Shares prior to the closing of the Series A Redemption or an acquisition of the Tendered Series A Units
by the General Partner pursuant to Section 16.5.A.2 hereof on the Specified Series A Redemption Date; and 
 (iii) An
undertaking to certify, at and as a condition to the closing of (i) the Series A Redemption or (ii) the acquisition of the Tendered Series A Units by the General Partner pursuant to Section 16.5.A.2 hereof on the Specified Series A
Redemption Date, that either (a) the actual and constructive ownership of REIT Shares by the Series A Tendering Party and to the best of their knowledge any Related Party remain unchanged from that disclosed in the affidavit required by
Section 16.5.A(8)(i) or (b) after giving effect to the Series A Redemption or an acquisition of the Tendered Series A Units by the General Partner pursuant to Section 16.5.A.2 hereof, neither the Series A Tendering Party nor to the
best of their knowledge any Related Party shall own REIT Shares in violation of the Ownership Limit. 
  

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 B. Redemption at Partnership’s Option. In connection with or after any General
Partner Fundamental Change, the Partnership shall have the right, in its sole discretion (the “Partnership Series A Redemption Right”), to redeem all or any portion of the Series A Preferred Units held by any Holder thereof
at a redemption price, to be paid in cash, per unit equal to the Series A Cash Amount. The Partnership Series A Redemption Right shall be exercised pursuant to a notice of redemption delivered to the applicable Holder by the General Partner
(i) if in connection with a General Partner Fundamental Change, at least five (5) Business Days, but not more than forty-five (45) Business Days, prior to the consummation of the applicable General Partner Fundamental Change or
(ii) if after a General Partner Fundamental Change, at least thirty (30) Business Days prior to the date set forth in the notice of redemption on which the Partnership will exercise its Partnership Series A Redemption Right. In the case of
a notice of redemption delivered in connection with a General Partner Fundamental Change, such notice of redemption may be conditioned on the consummation of such General Partner Fundamental Change; any other exercise of the Partnership Series A
Redemption Right shall be irrevocable. Such Preferred Unit Redemption shall occur on the date specified in the notice of redemption, which shall in no event be prior to the consummation of a General Partner Fundamental Change. For the sake of
clarity, the General Partner may exercise the Partnership Series A Redemption Right from time to time after the consummation of any General Partner Fundamental Change. The General Partner shall use commercially reasonable efforts to ensure that any
amounts paid in redemption of Series A Preferred Units under this Agreement shall be paid out of any Available Cash remaining after any accrued but previously unpaid amounts described in Section 16.3 shall have been distributed to all of the
Series A Limited Partners entitled to such amounts. 
 C. Redemption Generally. Each Series A Limited Partner or other
Holder of Series A Preferred Units covenants and agrees with the General Partner that all Partnership Units delivered for redemption shall be delivered to the Partnership free and clear of all liens and, notwithstanding anything herein contained to
the contrary, the Partnership shall not be under any obligation to acquire Partnership Units which are or may be subject to any liens. Each Series A Limited Partner and other Holder of Series A Preferred Units further agrees that, in the event any
state or local property transfer tax is payable as a result of the transfer of its Partnership Units to the Partnership, such Series A Limited Partner or Holder shall assume and pay such transfer tax. 

Section 16.6 Conversion. 

A. Series A Conversion Right. 

(1) After the 3-year anniversary of the date of this Agreement and from time to time thereafter, each Qualifying Series A Party shall have
the right to convert all or any portion of its Series A Preferred Units to Common Units (a “Series A Conversion”), subject to the terms and provisions of this Section 16.6 (the “Series A Conversion
Right”). Upon a Qualifying Series A Party’s election to exercise the Series A Conversion Right, the Series A Preferred Units for which the Series A Conversion Right is exercised shall be converted into a number of Common Units
equal to the Series A Conversion Amount. Notwithstanding anything to the contrary in this Agreement, the General Partner may, at its option, elect to pay on the applicable Series A Conversion Date all or any portion of any distributions accrued on
the Series A Preferred Units tendered for conversion through the Series A Conversion Date, in which event the Series A Cash Amount used in determining the Series A Conversion Amount shall not include the amount of such distributions. 

 

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 (2) No fractional Common Units shall be issued upon the conversion of any Series A Preferred
Units. If the conversion of any Series A Preferred Units otherwise would result in the issuance of a fractional Common Unit, the General Partner shall pay a cash amount in lieu of issuing such fractional Common Unit in an amount equal to
(a) such fractional interest multiplied by (b) the product of (x) the Value of a REIT Share used in determining the Series A Conversion Amount and (y) the Adjustment Factor used in determining the Series A Conversion
Amount. 
 (3) The Series A Converting Party shall continue to own (subject, in the case of an Assignee, to the provisions of
Section 11.5 hereof) all Series A Preferred Units subject to any Series A Conversion, and be treated as a Series A Limited Partner or an Assignee, as applicable, with respect to such Series A Preferred Units for all purposes of this Agreement,
until such Series A Preferred Units have been converted into Common Units on the applicable Series A Conversion Date. Until such conversion on such Series A Conversion Date, the Series A Converting Party shall have no rights as a Limited Partner
with respect to the Common Units issuable in connection with such conversion. 
 B. Series A Conversion Right Procedures.

 (1) Any Series A Conversion shall be exercised pursuant to a Series A Notice of Conversion delivered to the General Partner by
the applicable Qualifying Series A Party (the “Series A Converting Party”). 
 (2) As promptly as
practicable after the receipt of the Series A Notice of Conversion, the General Partner shall issue and shall deliver or cause to be issued and delivered to such Holder (A) a number of Common Units equal to the Series A Conversion Amount, such
Common Units to be duly authorized and validly issued in accordance with this Agreement and free of any pledge, lien, encumbrance or restriction, other than as set forth in this Agreement or under the Securities Act and relevant state securities or
“blue sky” laws, (B) payment of accrued distributions through the Series A Conversion Date if the General Partner elects to pay such distributions pursuant to Section 16.6.A.1 and (C) cash for any fractional Common Unit in
accordance with Section 16.6.A.2. 
 (3) Each Series A Conversion shall be deemed to have been made at the close of
business on the date that the General Partner receives the Series A Notice of Conversion or, if such date is not a Business Day, the close of business on the next Business Day (the “Series A Conversion Date”), so that the
rights of the Holder thereof as to the Series A Preferred Units being converted shall cease except for the right to receive the Common Units and, if applicable, the other items set forth in Section 16.6.B.2, and the Qualifying Series A Party
entitled to receive Common Units shall be treated for all purposes as having become the Holder of those Common Units at that time. If such Holder was a Series A Limited Partner prior to such Series A Conversion, then such Series A Limited Partner
shall thereafter be a Limited Partner in respect of such Common Units. If such Holder was an Assignee prior to such Series A Conversion, then such Assignee shall thereafter be an Assignee in respect of such Common Units. 

 

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 (4) No Series A Converting Party may effect a Series A Conversion for less than one thousand
(1,000) Series A Preferred Units or, if such Series A Converting Party holds (as a Series A Limited Partner or, economically, as an Assignee) less than one thousand (1,000) Series A Preferred Units, all of the Series A Preferred Units held
by such Series A Converting Party, unless, in each case, otherwise agreed to by the General Partner in its sole and absolute discretion. 

C. Effect of Business Combinations. 

(1) In the case of any (i) any recapitalization, reclassification or change of outstanding Common Units (other than changes resulting
from a subdivision or combination), (ii) a consolidation, merger or combination involving the Partnership, (iii) a sale, conveyance or lease to another corporation or entity of all or substantially all of the Partnership’s property
and assets (other than to one or more of the General Partner’s subsidiaries) or (iv) an exchange of substantially all Common Units for securities of another entity (each of the foregoing, a “Business Combination”),
in each case, as a result of which Holders of Common Units are entitled to receive securities, other property or assets (including cash or any combination thereof) with respect to or in exchange for Common Units, a Qualifying Series A Party shall be
entitled thereafter to convert its Series A Preferred Units into the kind and amount of securities or other property or assets (including cash or any combination thereof) which the Qualifying Series A Party would have owned or been entitled to
receive upon such Business Combination as if such Qualifying Series A Party had converted its Series A Preferred Units immediately prior to the consummation thereof. In the event that Holders of Common Units have the opportunity to elect the form of
consideration to be received in such Business Combination, the General Partner shall make adequate provision whereby each Holder of Series A Preferred Units shall have a reasonable opportunity to determine the form of consideration into which all of
such Holder’s Series A Preferred Units shall be convertible from and after the effective date of such Business Combination. 

(2) The General Partner shall provide notice of the opportunity to determine the form of such consideration by posting such notice to the
General Partner’s transfer agent. If the effective date of a Business Combination is delayed beyond the initially anticipated effective date, the Holders of Series A Preferred Units shall be given the opportunity to make subsequent similar
determinations in regard to such delayed effective date. None of the foregoing provisions shall affect the right of a Qualifying Series A Party to convert its Series A Preferred Units into Common Units prior to the effective date of such Business
Combination. 
 Section 16.7 Voting Rights. 

A. General. Except as required by any non-waivable provision of the law of the State of Maryland or as expressly set forth Sections
7.3.B, 7.3.D, 13.1.A, 14.2, 15.7.B and this Section 16.7, the Series A Limited Partners shall have no voting rights whatsoever on any matter relating to the Partnership, whether under the Act, at law, in equity or otherwise, and the Consent of
the Series A Limited Partners shall not be required for the taking of any action by the Partnership or the General Partner, regardless of the effect that such action may have upon the rights, preferences or privileges of the Series A Preferred
Units. 
 B. Additional Consent Rights. So long as any Series A Preferred Units remain outstanding, the Consent of the
Series A Limited Partners will be required to: 
 (1) Authorize, designate or issue any class or series of Partnership Interests
ranking pari passu with or senior to the Series A Preferred Units with respect to payment of dividends or the distribution of assets upon liquidation, dissolution or winding up of the affairs of the Partnership; 

 

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 (2) Increase the authorized or issued amount of Series A Preferred Units; 

(3) Amend, alter or repeal the provisions of this Article 16, whether by merger, consolidation, transfer or conveyance of all or
substantially all of the Partnership’s assets or otherwise (an “Event”), so as to materially and adversely affect any right, preference or privilege of the Series A Preferred Units; provided,
however, that, with respect to any Event (and subject to clause (4) immediately below, if applicable), so long as the Series A Preferred Units remain outstanding with the terms thereof materially unchanged, taking into account
that, upon the occurrence of an Event, the Partnership may not be the surviving entity and the surviving entity may not be a limited partnership, the occurrence of such Event shall not be deemed to materially and adversely affect such rights,
preferences or privileges of Series A Preferred Units, and in such case no Consent of the Series A Limited Partners shall be required with respect to the occurrence of any such Event; or 

(4) Effect any General Partner Fundamental Change, provided, however, that, with respect to any General
Partner Fundamental Change (and subject to clause (3) immediately above, if applicable), so long as the provisions of Section 16.8, or substantially identical provisions thereto set forth in the organizational documents of any Surviving
Partnership, shall be effective after the consummation of such General Partner Fundamental Change, no Consent of the Series A Limited Partners shall be required with respect to such General Partner Fundamental Change. 

Section 16.8 Provisions Effective After General Partner Fundamental Change. 

The following provisions shall become effective only upon consummation of a General Partner Fundamental Change, and then only and for so long as any
Series A Preferred Units shall remain outstanding: 
 A. Minimum Tax Distributions. From and after the date a General
Partner Fundamental Change is consummated, if the amount distributed to each Series A Limited Partner pursuant to Section 5.1 and Section 16.3 with respect to any Partnership Year is less than an amount equal to (i) the amount of
taxable income allocated to such Series A Limited Partner pursuant to Article 6 multiplied by (ii) 40%, then the Partnership shall make distributions not later than the Series A Preferred Unit Distribution Payment Date in March of the year
following the Partnership Year to which such distributions relate in an amount equal to the product of clause (i) and (ii) above reduced by the aggregate amount of distributions made to such Series A Limited Partner under Section 5.1
and Section 16.3 with respect to such Partnership Year. Distributions required by this Section 16.8.A shall be made without regard to the availability of Available Cash. If the Partnership does not have sufficient Available Cash to fund
the distribution required by this Section 16.8.A, the General Partner shall, subject to the other limitations of this Agreement, take such action as may be necessary to create sufficient funds to permit such distribution. Any distributions made
pursuant to this Section 16.8.A shall be treated as having been made by the Partnership pursuant to Section 5.1 and Section 16.3 for all purposes hereunder. 
  

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 B. Minimum Equity Requirement. From and after the date a General Partner Fundamental
Change is consummated, so long as any Series A Preferred Units are thereafter outstanding, at any time and from time to time, the General Partner, in its capacity as general partner and/or as a limited partner of the Partnership, and its Affiliates
shall own an aggregate of at least 33% of the equity in the Partnership through the ownership of Junior Units (the “Equity Requirement”), with the equity in the Partnership being valued based on the excess of the Gross Asset
Value over Indebtedness and taking into account the Series A Preference as equity. If any Series A Preferred Unit owned by a Qualifying Series A Party is redeemed pursuant to Section 16.5, the General Partner will have the right to reduce its
ownership of the equity in the Partnership to a minimum of 33% of such equity based upon the criteria set forth in the preceding sentence after such redemption, by making distributions (in cash or in-kind) to redeem a portion of its Junior Units, so
long as such distributions are in compliance with Section 5.1 and Section 16.3 and the first sentence of this Section 16.8.B. 

C. Leverage Restrictions. From and after the date a General Partner Fundamental Change is consummated, so long as any Series A
Preferred Units are thereafter outstanding: 
 (1) The Partnership shall not incur additional Indebtedness if its Leverage Ratio
exceeds 50% (the “50% Leverage Ratio”). 
 (2) The Partnership’s Leverage Ratio shall not exceed
60% at any time; provided, however, that if the Partnership’s Leverage Ratio exceeds 60%, it shall have a period of 180 days to cause its Leverage Ratio to fall below 60%. 

(3) Notwithstanding the foregoing, (i) in the event of any redemption or conversion of any Series A Preferred Units pursuant to
Sections 16.5 or 16.6 of this Agreement, whether such redemption or conversion occurs before or after the consummation of the General Partner Fundamental Change pursuant to which this Section 16.8.C becomes effective, the Partnership shall have
the right to increase its Indebtedness by an amount equal to the amount by which the aggregate Series A Preference has been reduced relative to the amount thereof as of the original issuance date of the Series A Preferred Units, so long as the
Adjusted Leverage Ratio does not, as a result of such incurrence of Indebtedness, exceed 83%, and (ii) the Partnership shall have the right to increase its Indebtedness above the 50% Leverage Ratio to the extent, and only to the extent,
necessary to satisfy the Partnership’s obligations to provide opportunities to Series A Limited Partners to guaranty Partnership Indebtedness or otherwise provide debt protection pursuant to agreements between the Partnership and the various
Series A Limited Partners (but only if such obligation is not able to be satisfied through guaranties of the Partnership’s Indebtedness that would not require the Partnership to increase its Indebtedness above the amount that would violate the
50% Leverage Ratio). 
 (4) As used in this Article 16, (i) “Leverage Ratio” means the ratio of the
sum of the total Indebtedness of the Partnership and its consolidated Subsidiaries to the Partnership’s and its consolidated Subsidiaries’ Gross Asset Value, (ii) “Adjusted Leverage Ratio” means the
ratio of (x) the sum of the total Indebtedness of the Partnership and its consolidated Subsidiaries 
  

 93 

 
plus the Series A Preference with respect to all of the then-outstanding Series A Preferred Units to (y) the Partnership’s and its consolidated Subsidiaries’ Gross Asset Value, and
(iii) “Maximum Leverage Restriction” means the restrictions on the Partnership’s Leverage Ratio and Adjusted Leverage Ratio set forth in this Section 16.8.C. 

D. Certain Remedies For Violations by the General Partner. If the Partnership is in violation of the Maximum Leverage Restriction
following the cure period set forth in Section 16.8.C.3 above, or the General Partner is in violation of the Equity Requirement, Series A Limited Partners holding at least 10% of the then-outstanding Series A Preferred Units shall have the
right to demand specific performance, including the right to demand the contribution of additional equity to the Partnership by the General Partner. No amounts may be distributed to the General Partner or any of its Affiliates pursuant to
Section 5.1 and Section 16.3 during any period in which the General Partner is in violation of the Equity Requirement. 

E. Provision of Certain Financial Information. From and after the date a General Partner Fundamental Change is consummated, so
long as any Series A Preferred Units are thereafter outstanding, the Partnership shall provide quarterly unaudited financial statements and annual audited financial statements prepared by a nationally recognized independent accounting firm to the
Series A Limited Partners which shall be in such detail as to allow the Series A Limited Partners to determine compliance with the Equity Requirement and the Maximum Leverage Restriction. The Partnership shall arrange for a nationally recognized
independent accounting firm to compile financial data necessary to support compliance with the Equity Requirement and the Maximum Leverage Restriction and shall include the results of such accounting firm’s review in the annual financial
reports delivered to the Series A Limited Partners. Additionally, the General Partner will certify to the Series A Limited Partners on a quarterly basis that it is in compliance with the Equity Requirement and that the Partnership is not in
violation of the Maximum Leverage Restriction. 
 F. Termination. This Section 16.8 shall terminate immediately
after such time as no Series A Preferred Units shall remain outstanding. Upon any such termination, this Section 16.8 shall be null, void and shall not affect in any way whatsoever the business or operations of the Partnership, the
interpretation of this Agreement or the rights or obligations of any Person. 
 Section 16.9 Amendments.
Notwithstanding anything to the contrary in this Agreement, all or any portion of this Article 16 may be amended with the Consent of the Series A Limited Partners and without the consent or approval of any other Partners. 

Section 16.10 Exclusion of Other Rights. The Series A Limited Partners shall have no preferences, conversion or other rights,
voting powers, restrictions, rights or limitations as to distributions, qualifications or terms or conditions of redemption other than as expressly set forth in this Agreement and any agreement or side letter entered into by the Partnership and any
direct or indirect owner of the General Partner relating to the rights of the Series A Limited Partners on or after the date hereof, including, without limitation, any preferences, conversion or other rights, voting powers, restrictions, rights or
limitations as to distributions, qualifications or terms or conditions of redemption provided to the Common Limited Partners and not expressly provided to the Series A Limited Partners. 

 

 94 

 [Remainder of Page Left Blank Intentionally] 

 

 95 

 IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

  

			
	GENERAL PARTNER:
	
	 HUDSON PACIFIC PROPERTIES, INC.,

a Maryland corporation

		
	By:	 	 /s/ Mark Lammas

	Name:	 	Mark Lammas
	Its:	 	CFO
	
	LIMITED PARTNER:
	
	  

	Name:	 	Victor J. Coleman
	
	LIMITED PARTNER:
	
	  

	Name:	 	Howard S. Stern

  

 96 

 IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

  

			
	GENERAL PARTNER:
	
	 HUDSON PACIFIC PROPERTIES, INC.,

a Maryland corporation

		
	By:	 	 /s/ Mark Lammas

	Name:	 	Mark Lammas
	Its:	 	CFO
	
	LIMITED PARTNER:
	
	FARALLON CAPITAL PARTNERS, L.P.
	
	By:   Farallon Partners, L.L.C., its General Partner
		
	By:	 	  

	Name:	 	
	Its:	 	

  

 97 

 IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

  

			
	GENERAL PARTNER:
	
	 HUDSON PACIFIC PROPERTIES, INC.,

a Maryland corporation

		
	By:	 	 /s/ Mark Lammas

	Name:	 	Mark Lammas
	Its:	 	CFO
	
	LIMITED PARTNER:
	
	GLENBOROUGH FUND XIV, L.P.
		
	By:	 	Glenborough Acquisition, LLC,
		 	its General Partner
		
	By:	 	  

	Name:	 	
	Its:	 	

  

 98 

 IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

  

			
	GENERAL PARTNER:
	
	 HUDSON PACIFIC PROPERTIES, INC.,

a Maryland corporation

		
	By:	 	 /s/ Mark Lammas

	Name:	 	Mark Lammas
	Its:	 	CFO
	
	LIMITED PARTNERS:
		
	By:	 	  

	Name:	 	
		
	By:	 	  

	Name:	 	
		
	By:	 	  

	Name:	 	
		
	By:	 	  

	Name:	 	
		
	By:	 	  

	Name:	 	
		
	By:	 	  

	Name:	 	
		
	By:	 	  

	Name:	 	
		
	By:	 	  

	Name:	 	
		
	By:	 	  

	Name:	 	
		
	By:	 	  

	Name:	 	
		
	By:	 	  

	Name:	 	
		
	By:	 	  

	Name:	 	

  

 99 

 EXHIBIT A 

PARTNERS AND PARTNERSHIP UNITS 

[Unit Ledger] 
  

 A-1 

 EXHIBIT B 

EXAMPLES REGARDING ADJUSTMENT FACTOR 

For purposes of the following examples, it is assumed that (a) the Adjustment Factor in effect on
[                    ] is 1.0 and (b) on
[                    ] (the “Partnership Record Date” for purposes of these examples), prior to the events described in the
examples, there are 100 REIT Shares issued and outstanding. 
 Example 1 

On the Partnership Record Date, the General Partner declares a dividend on its outstanding REIT Shares in REIT Shares. The amount of the dividend is one
REIT Share paid in respect of each REIT Share owned. Pursuant to Paragraph (i) of the definition of “Adjustment Factor,” the Adjustment Factor shall be adjusted on the Partnership Record Date, effective immediately after the stock
dividend is declared, as follows: 
 1.0 * 200/100 = 2.0 

Accordingly, the Adjustment Factor after the stock dividend is declared is 2.0. 

Example 2 
 On the Partnership Record
Date, the General Partner distributes options to purchase REIT Shares to all holders of its REIT Shares. The amount of the distribution is one option to acquire one REIT Share in respect of each REIT Share owned. The strike price is $4.00 a share.
The Value of a REIT Share on the Partnership Record Date is $5.00 per share. Pursuant to Paragraph (ii) of the definition of “Adjustment Factor,” the Adjustment Factor shall be adjusted on the Partnership Record Date, effective
immediately after the options are distributed, as follows: 
 1.0 * (100 + 100)/(100 + [100 * $4.00/$5.00]) = 1.1111 

Accordingly, the Adjustment Factor after the options are distributed is 1.1111. If the options expire or become no longer exercisable, then the
retroactive adjustment specified in Paragraph (ii) of the definition of “Adjustment Factor” shall apply. 
 Example 3 

 On the Partnership Record Date, the General Partner distributes assets to all holders of its REIT Shares. The amount of the distribution is
one asset with a fair market value (as determined by the General Partner) of $1.00 in respect of each REIT Share owned. It is also assumed that the assets do not relate to assets received by the General Partner pursuant to a pro rata distribution by
the Partnership. The Value of a REIT Share on the Partnership Record Date is $5.00 a share. Pursuant to Paragraph (iii) of the definition of “Adjustment Factor,” the Adjustment Factor shall be adjusted on the Partnership Record Date,
effective immediately after the assets are distributed, as follows: 
 1.0 * $5.00/($5.00 - $1.00) = 1.25 

Accordingly, the Adjustment Factor after the assets are distributed is 1.25. 

 

 B-1 

 EXHIBIT C 

COMMON UNIT NOTICE OF REDEMPTION 
  

	To:        Hudson	Pacific Properties, Inc. 

  

	
	
	  

	
	  
	
	  

 The
undersigned Common Limited Partner or Assignee hereby irrevocably tenders for redemption [    ] Common Units in Hudson Pacific Properties, L.P. in accordance with the terms of the Amended and Restated Agreement of Limited
Partnership of Hudson Pacific Properties, L.P., dated as of June 29, 2010 as amended (the “Agreement”), and the Common Redemption Right referred to therein. The undersigned Common Limited Partner or Assignee: 

(a) undertakes (i) to surrender such Common Units and any certificate therefor at the closing of the Common
Redemption and (ii) to furnish to the General Partner, prior to the Specified Redemption Date, the documentation, instruments and information required under Section 15.1.G of the Agreement; 

(b) directs that the certified check representing the Common Unit Cash Amount, or the Common Unit REIT Shares Amount, as
applicable, deliverable upon the closing of such Redemption be delivered to the address specified below; 
 (c)
represents, warrants, certifies and agrees that: 
 (i) the undersigned Common Limited Partner or Assignee is a
Qualifying Common Party, 
 (ii) the undersigned Common Limited Partner or Assignee has, and at the closing of
the Common Redemption will have, good, marketable and unencumbered title to such Common Units, free and clear of the rights or interests of any other person or entity, 

(iii) the undersigned Common Limited Partner or Assignee has, and at the closing of the Common Redemption will have, the
full right, power and authority to tender and surrender such Common Units as provided herein, and 
 (iv) the
undersigned Common Limited Partner or Assignee has obtained the consent or approval of all persons and entities, if any, having the right to consent to or approve such tender and surrender; and 

(d) acknowledges that he will continue to own such Common Units until and unless either (1) such Common Units are
acquired by the General Partner pursuant to Section 15.1.B of the Agreement or (2) such redemption transaction closes. 
  

 C-1 

 All capitalized terms used herein and not otherwise defined shall have the same meaning
ascribed to them respectively in the Agreement. 
  

							
	Dated:                     	 		 		 	Name of Common Limited Partner or Assignee:
				
		 		 		 	  

		 		 		 	  
  

		 		 		 	(Signature of Common Limited Partner or Assignee)
				
		 		 		 	  

		 		 		 	(Street Address)
				
		 		 		 	  

		 		 		 	(City)        (State)            (Zip Code)
				
		 		 		 	Signature Guaranteed by:
				
		 		 		 	  

	Issue Check Payable to:	 		 		 	  
  

				
	 Please insert social security

or identifying number:
	 		 		 	  

  

 C-2 

 EXHIBIT D 

SERIES A NOTICE OF REDEMPTION 
  

	To:        Hudson	Pacific Properties, Inc. 

  

	
	
	  

	
	  
	
	  

 The
undersigned Series A Limited Partner or Assignee hereby irrevocably tenders for redemption [    ] Series A Preferred Units in Hudson Pacific Properties, L.P. in accordance with the terms of the Amended and Restated Agreement of
Limited Partnership of Hudson Pacific Properties, L.P., dated as of June 29, 2010 as amended (the “Agreement”), and the Series A Redemption Right referred to therein. The undersigned Common Limited Partner or Assignee:

 (a) undertakes (i) to surrender such Series A Preferred Units and any certificate therefor at the closing
of the Series A Redemption and (ii) to furnish to the General Partner, prior to the Specified Series A Redemption Date, the documentation, instruments and information required under Section 16.5.A(8) of the Agreement; 

(b) directs that the certified check representing the Series A Cash Amount, or the Series A REIT Shares Amount, as
applicable, deliverable upon the closing of such Redemption be delivered to the address specified below; 
 (c)
represents, warrants, certifies and agrees that: 
 (i) the undersigned Series A Limited Partner or Assignee is a
Qualifying Series A Party, 
 (ii) the undersigned Series A Limited Partner or Assignee has, and at the closing
of the Series A Redemption will have, good, marketable and unencumbered title to such Series A Preferred Units, free and clear of the rights or interests of any other person or entity, 

(iii) the undersigned Series A Limited Partner or Assignee has, and at the closing of the Series A Redemption will have,
the full right, power and authority to tender and surrender such Series A Preferred Units as provided herein, and 

(iv) the undersigned Series A Limited Partner or Assignee has obtained the consent or approval of all persons and
entities, if any, having the right to consent to or approve such tender and surrender; and 
 (d) acknowledges
that he will continue to own such Series A Preferred Units until and unless either (1) such Series A Preferred Units are acquired by the General Partner pursuant to Section 16.5.A.2 of the Agreement or (2) such redemption transaction
closes. 
  

 D-1 

 All capitalized terms used herein and not otherwise defined shall have the same meaning
ascribed to them respectively in the Agreement. 
  

							
	Dated:                     	 		 		 	Name of Series A Limited Partner or Assignee:
				
		 		 		 	  

		 		 		 	  
  

		 		 		 	(Signature of Series A Limited Partner or Assignee)
				
		 		 		 	  

		 		 		 	(Street Address)
				
		 		 		 	  

		 		 		 	(City)        (State)            (Zip Code)
				
		 		 		 	Signature Guaranteed by:
				
		 		 		 	  

				
	Issue Check Payable to:	 		 		 	  
  

				
	 Please insert social security

or identifying number:
	 		 		 	  
  

 

 D-2 

 EXHIBIT E 

SERIES A NOTICE OF CONVERSION 
  

	To:        Hudson	Pacific Properties, Inc. 

  

	
	
	  

	
	  
	
	  

 The
undersigned Series A Limited Partner or Assignee hereby irrevocably exercises its right to convert [    ] Series A Preferred Units in Hudson Pacific Properties, L.P. to Common Units in accordance with the terms of the Amended and
Restated Agreement of Limited Partnership of Hudson Pacific Properties, L.P., dated as of June 29, 2010 as amended (the “Agreement”), and the Series A Conversion Right referred to therein. The undersigned Series A
Limited Partner or Assignee: 
 (a) undertakes (i) to surrender such Series A Preferred Units and any
certificate therefor at the closing of the Series A Conversion; 
 (b) directs that the Common Units and any
certificate therefor and any payment made pursuant to Section 16.6.A(2) of the Agreement, deliverable upon the closing of such Series A Conversion be delivered to the address specified below; 

(c) represents, warrants, certifies and agrees that: 

(i) the undersigned Series A Limited Partner or Assignee is a Qualifying Series A Party, 

(ii) the undersigned Common Limited Partner or Assignee has, and at the closing of the Series A Conversion will have,
good, marketable and unencumbered title to such Series A Preferred Units, free and clear of the rights or interests of any other person or entity, 

(iii) the undersigned Series A Limited Partner or Assignee has, and at the closing of the Series A Conversion will have,
the full right, power and authority to tender and surrender such Series A Preferred Units as provided herein, and 

(iv) the undersigned Series A Limited Partner or Assignee has obtained the consent or approval of all persons and
entities, if any, having the right to consent to or approve such tender and surrender; and 
 (d) acknowledges
that he will continue to own such Series A Preferred Units until and unless such conversion transaction closes. 
  

 E-1 

 All capitalized terms used herein and not otherwise defined shall have the same meaning
ascribed to them respectively in the Agreement. 
  

							
	Dated:                     	 		 		 	Name of Series A Limited Partner or Assignee:
				
		 		 		 	  

		 		 		 	  
  

		 		 		 	(Signature of Series A Limited Partner or Assignee)
				
		 		 		 	  

		 		 		 	(Street Address)
				
		 		 		 	  

		 		 		 	(City)        (State)            (Zip Code)
				
		 		 		 	Signature Guaranteed by:
				
		 		 		 	  

				
	Issue Common Units (and Check Payable, if applicable) to:	 		 		 	  

	 Please insert social security

or identifying number:
	 		 		 	  

  

 E-2

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